{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "CAR": "http://carbn.no/2022-12-31", "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://carbn.no/2022-12-31/Carbon TransitionASA-2022-12-31.xsd" ] }, "facts": { "f5934": { "value": "7258000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f5938": { "value": "15816000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f5955": { "value": "-13447000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f5959": { "value": "8404000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f5975": { "value": "666000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f5980": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherGainsLosses", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f5996": { "value": "399000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6000": { "value": "10381000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6010": { "value": "2417000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6014": { "value": "6633000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SellingGeneralAndAdministrativeExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6023": { "value": "3983000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6027": { "value": "7312000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AmortisationExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6037": { "value": "12618000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6041": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReversalOfImpairmentLossRecognisedInProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6050": { "value": "559000", "decimals": -3, "dimensions": { "concept": "CAR:DepreciationExpenseAndImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6054": { "value": "7029000", "decimals": -3, "dimensions": { "concept": "CAR:DepreciationExpenseAndImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6071": { "value": "-264000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6075": { "value": "-7136000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6083": { "value": "0", "decimals": -3, "dimensions": { "concept": "CAR:GainOnDebtReconstruction", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6087": { "value": "24667000", "decimals": -3, "dimensions": { "concept": "CAR:GainOnDebtReconstruction", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6095": { "value": "51000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6100": { "value": "2000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6108": { "value": "81000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6112": { "value": "2610000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6120": { "value": "-69000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6124": { "value": "-836000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6132": { "value": "-362000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6136": { "value": "14087000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6144": { "value": "-1758000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6148": { "value": "152000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6157": { "value": "1396000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6161": { "value": "13935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6177": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6181": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6191": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6195": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6206": { "value": "1396000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6210": { "value": "13935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6235": { "value": "0.01", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f6243": { "value": "0.11", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f6253": { "value": "0.01", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f6261": { "value": "0.11", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f6312": { "value": "37491000", "decimals": -3, "dimensions": { "concept": "CAR:MultiClientLibrary", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6316": { "value": "28856000", "decimals": -3, "dimensions": { "concept": "CAR:MultiClientLibrary", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6325": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6329": { "value": "3423000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6338": { "value": "6821000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6342": { "value": "18268000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6350": { "value": "3029000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6354": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6362": { "value": "47342000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6366": { "value": "50548000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6390": { "value": "3238000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6394": { "value": "222000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6403": { "value": "2197000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Cash", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6407": { "value": "4005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Cash", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6415": { "value": "5435000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6419": { "value": "4227000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6427": { "value": "52777000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6431": { "value": "54775000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6564": { "value": "79909000", "decimals": -3, "dimensions": { "concept": "CAR:IssuedCapitalAndAdditionalPaidInCapital", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6568": { "value": "79909000", "decimals": -3, "dimensions": { "concept": "CAR:IssuedCapitalAndAdditionalPaidInCapital", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6578": { "value": "489000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6582": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TreasuryShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6591": { "value": "-31769000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6595": { "value": "-33200000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6604": { "value": "47652000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6608": { "value": "46709000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6635": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6639": { "value": "896000", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6649": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6653": { "value": "896000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6680": { "value": "88000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6685": { "value": "333000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6695": { "value": "2282000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6699": { "value": "2362000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6709": { "value": "2755000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6713": { "value": "4475000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6722": { "value": "5125000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6726": { "value": "7170000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6744": { "value": "5125000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6748": { "value": "8065000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6767": { "value": "52777000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6771": { "value": "54775000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6821": { "value": "28739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f6825": { "value": "51170000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f6829": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f6833": { "value": "-33611000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f6837": { "value": "411000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "f6842": { "value": "46709000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6855": { "value": "1396000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f6861": { "value": "1396000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6874": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f6880": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6890": { "value": "489000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f6894": { "value": "-24000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f6901": { "value": "464000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6915": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "f6920": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6928": { "value": "28739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f6932": { "value": "51170000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f6936": { "value": "-489000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f6940": { "value": "-32191000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f6944": { "value": "422000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "f6949": { "value": "47652000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f6994": { "value": "840000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f6999": { "value": "38453000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f7005": { "value": "-47546000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f7009": { "value": "400000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "f7014": { "value": "-7852000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7027": { "value": "13935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f7033": { "value": "13935000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7046": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f7052": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7059": { "value": "22800000", "decimals": -3, "dimensions": { "concept": "CAR:IssueOfEquityCash", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f7063": { "value": "961000", "decimals": -3, "dimensions": { "concept": "CAR:IssueOfEquityCash", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f7074": { "value": "23760000", "decimals": -3, "dimensions": { "concept": "CAR:IssueOfEquityCash", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7083": { "value": "2163000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f7093": { "value": "2163000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShareIssueRelatedCost", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7100": { "value": "5099000", "decimals": -3, "dimensions": { "concept": "CAR:IssueOfEquityThroughConversionOfDebt", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f7104": { "value": "13920000", "decimals": -3, "dimensions": { "concept": "CAR:IssueOfEquityThroughConversionOfDebt", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f7114": { "value": "19019000", "decimals": -3, "dimensions": { "concept": "CAR:IssueOfEquityThroughConversionOfDebt", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7128": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "f7133": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7141": { "value": "28739000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f7145": { "value": "51170000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "f7149": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f7153": { "value": "-33611000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f7157": { "value": "411000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "f7162": { "value": "46709000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7207": { "value": "-362000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7211": { "value": "14087000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7219": { "value": "-264000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7224": { "value": "147000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7234": { "value": "-8076000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7238": { "value": "14341000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7247": { "value": "-13447000", "decimals": -3, "dimensions": { "concept": "CAR:AdjustmentsForGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7251": { "value": "8404000", "decimals": -3, "dimensions": { "concept": "CAR:AdjustmentsForGainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7260": { "value": "666000", "decimals": -3, "dimensions": { "concept": "CAR:AdjustmentsForOtherGainsLosses", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7264": { "value": "0", "decimals": -3, "dimensions": { "concept": "CAR:AdjustmentsForOtherGainsLosses", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7272": { "value": "0", "decimals": -3, "dimensions": { "concept": "CAR:AdjustmentsForGainOnDebtReconstruction", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7276": { "value": "24667000", "decimals": -3, "dimensions": { "concept": "CAR:AdjustmentsForGainOnDebtReconstruction", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7286": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7290": { "value": "-67000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7298": { "value": "69000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7303": { "value": "1730000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForInterestExpense", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7312": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7317": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7326": { "value": "0", "decimals": -3, "dimensions": { "concept": "CAR:PaymentsForDebtReconstructionClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7330": { "value": "5077000", "decimals": -3, "dimensions": { "concept": "CAR:PaymentsForDebtReconstructionClassifiedAsOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7338": { "value": "3576000", "decimals": -3, "dimensions": { "concept": "CAR:IncreaseDecreaseInOtherWorkingCapital", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7342": { "value": "1451000", "decimals": -3, "dimensions": { "concept": "CAR:IncreaseDecreaseInOtherWorkingCapital", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7351": { "value": "1112000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7355": { "value": "-9645000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7381": { "value": "500000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7386": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7395": { "value": "-2000000", "decimals": -3, "dimensions": { "concept": "CAR:CashReceivedPaidFromInvestmentClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7399": { "value": "-9864000", "decimals": -3, "dimensions": { "concept": "CAR:CashReceivedPaidFromInvestmentClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7409": { "value": "-1500000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7413": { "value": "-9864000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7440": { "value": "896000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7444": { "value": "2295000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7456": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7460": { "value": "73000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7469": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7473": { "value": "21597000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7482": { "value": "464000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7486": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7494": { "value": "0", "decimals": -3, "dimensions": { "concept": "CAR:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7498": { "value": "1000", "decimals": -3, "dimensions": { "concept": "CAR:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7506": { "value": "59000", "decimals": -3, "dimensions": { "concept": "CAR:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7510": { "value": "1587000", "decimals": -3, "dimensions": { "concept": "CAR:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7519": { "value": "-1419000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7523": { "value": "17641000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7540": { "value": "-1807000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7544": { "value": "-1868000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7553": { "value": "4005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7557": { "value": "5873000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2021-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7566": { "value": "2197000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f7570": { "value": "4005000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "s7_notes__6__6": { "value": "5.6. Notes to the consolidated financial statement Note 1 General information about the Company and basis for presentation General information Carbon Group comprises Carbon Transition ASA (referred to as the \u201cCompany\u201d or the \u201cParent\u201d) and its subsidiaries (together referred to as the \u201cGroup\u201d or \u201cCarbon\u201d). Carbon Transition ASA is a public limited investment company incorporated in Norway. The Company is listed on EURONEXT EXPAND OSLO and traded under the ticker CARBN. The Company\u2019s registered main office is at Askekroken 11, 0277 Oslo, Norway. . Carbon Transition is an investment company. Carbon comprises an OBN multi-client company and an investment arm. The Group may invest broadly in listed companies as well as companies expected to be listed in the near term. Carbon has a legacy seismic business operating under the name Axxis Geo Solutions. Under Axxis Geo Solutions, the Company manages a seismic OBN multi-client data library with assets in Norway and Egypt. Basis of Preparation The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (\u00abIFRS\u00bb) as adopted by the European Union (\u201cEU\u201d), their interpretations adopted by the International Accounting Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of 31 December 2021. The notes are an integral part of the consolidated financial statements. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets financial instruments that have been measured at fair value. The financial statements of the subsidiaries have been prepared for the same reporting year as the Company, using consistent accounting policies. The consolidated financial statements are presented in thousands of USD. The consolidated financial statements of the Group were authorized by the Board of Directors on 30 March 2023. The consolidated financial statements will be presented for approval at the Annual General Meeting on 24 May 2023. Until this date the Board of Directors has the authority to amend the financial statements. In accordance with the Accounting Act \u00a7 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. The board of directors and management believe that the Company has sufficient working capital for continued operation. Note 2.0 Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements comprise the Company and its subsidiaries. Subsidiaries are all entities over which the Company has control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Company gains control until the date the Company ceases to control the subsidiary. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full consolidation. Presentation and functional currency The Group presents its consolidated financial reports in USD. The Functional currency is USD for the Group and its subsidiaries. Foreign Currency Transactions in foreign currencies are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities in non-functional currencies are translated into functional currency spot rate of exchange ruling at the date of the balance sheet. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in non-functional currencies are recognized in the income statement. Revenue recognition Within the seismic segment the company previously operated two business models. In 2022 all revenue relates to multi-client late sales. In 2021 the company earned revenue from both multi-client late sales and contract seismic surveys. For accounting policy information for contract seismic surveys, see the annual report for 2021. Multi-client revenue (late sales) Multi-client is the granting of licenses to the Group\u2019s multi-client library. In the contracts the customer gets a non-exclusive right to use the data from a specific survey. The company owns multi-client libraries together with other parties, and are entitled to a defined portion of future revenues, The license payment is fixed and is required when the license is granted. The late sale revenue is recognized when a valid licensing agreement is signed, and the multi-client library data made accessible to the customer. Investment in financial assets at fair value through profit or loss Financial assets at fair value through profit and loss for the Group are equity instruments and convertible loan. Financial assets are classified at initial recognition, and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group indulges in investment in financial assets as part of its core business. The Group\u2019s non-current financial investments are characterized in addition to the Groups intention of sale, that this sale could typically be expected to occur within a two-year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence on the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealized and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. 42 In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied. Property, plant and equipment Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment loss. The Group sold all of their seismic node equipment in March 2022. Leases The Company has elected to apply the recognition exemption to lease contracts with a duration of less than 12 months, or that relate to assets with an underlying low value. Lease payments associated with short-term leases and leases of low-value assets are expensed on a straight-line basis. Other short-term leases less than 12 months and payments of these leases are charged to the income statement on a straight-line basis over the period of the lease. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets with defined useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method are reviewed at least every financial year end. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Multi-client library The multi-client library consists of geophysical data to be licensed to customers on a non-exclusive basis. Directly attributable costs associated with the production and development of multi-client projects such as data acquisition and processing, and direct project costs are capitalized. Cost directly attributable to data acquisition and processing include vessel costs, payroll and related costs for crew, project management, agent, other related project costs, hardware/software costs and mobilization costs when relocating a vessel to the survey areas. The multi-client library are amortized from the date the processed data are ready to be transferred to customers, using straight line amortization. Each project is evaluated individually for lifetime and the estimates are revised at least annually. Before the library is completed, the Group test for impairment at least annually. To ensure that value in use above net book value, the Group will perform an additional impairment test after each significant sale is recognized, as each customer will only acquire the full data-set once. Taxes a) Current income tax Current income tax assets and liabilities for the current and prior periods are measured using the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Withholding taxes are included in the tax expense to the extent that a tax credit is available in the income tax in the home state. Current income tax relating to items recognized directly in equity or other comprehensive is recognized in equity or other comprehensive income and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. b) Deferred tax Deferred tax is provided for using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Employee benefits - Pension obligations The Company operates a defined contribution plan. The net pension cost for the period is presented as an employee expense in the line selling, general and administrative cost (SG&A). Share based payment The Group has an option plan for employees and one member of the Board. The fair value of options granted under the plan is recognized as an employee benefit expense with a corresponding increase in equity. 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 period, the Group revises its estimates of the number of options that are expected to vest, based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit and loss, with a corresponding adjustment to equity. Provisions Provisions are recognized when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Trade receivables Trade receivables sale of goods and services are held to collect contractual cash flows. They are initially recognized at the transaction price from sale of goods or services and are subsequent measured with a provision for expected credit loss. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. The Group\u2019s impairment model for trade receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased amount determined by evaluating a range of possible outcomes; the time value of money and reasonable available information related to past events, current conditions, and forecasts of future economic conditions. The Group uses an impairment model with the following characteristics: The receivables are organized based on the credit risk of the customers. The primary portfolio is the receivables where invoicing is done to customers with a high credit rating, typically large listed or state-owned oil companies. This portfolio has a low risk of default and therefore no impairment loss is initially recognized based on the expectation of all the accounts being paid. Further, an individual assessment is performed on specific customer receivables, typically if a customer is in known financial distress or has declared bankruptcy. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Financial liabilities Financial liabilities represent a contractual obligation to deliver cash in the future. Financial liabilities, except for derivatives, are initially recognized at fair value net of transaction costs directly attributable to the transaction and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment or when the Group is legally released from the primary responsibility for the liability. Financial instruments at amortized cost Financial assets and liabilities in this category are initially recognized as fair value, and subsequently carried at amortized cost, using the effective interest method less any allowance for impairment. This category includes accounts receivable, accounts payable and loans and other borrowings. Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents Cash and cash equivalents include cash at hand, deposits held at call with banks with original maturities of three months or less. Note 2.1 New Financial Reporting Standards Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been adopted early 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. Note 2.2 Key accounting estimates and judgement The Group makes estimates and assumptions concerning the future. The resulting accounting estimates could deviate from the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below. Fair value measurement of financial assets When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using various valuation techniques. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Market price changes may occur that could negatively impact the fair value of investments after year end. Impairment of intangible assets The Group uses the discounted cash flow method to estimate the present value of the multi-client library, project Utsira incl the reprocessing and project Egypt, based on expectations of future multi-client late sales according to the cash flow prognosis used by management for 2022. There are two uncertainties when it comes to the timing of the late sales and also the size of the lates sales. The management has weighted these uncertainly with probability in their discounted cash flow calculations. The WACC used in the calculation is comparable to peers. The IFRS value of multi-client survey Utsira was not impaired in 2022 or 2021. However, in March 2022 the Group\u2019s Norwegian multi-client library in the North-Sea, Utsira was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. Further in December 2022, due to a new reprocessing agreement of the Utsira survey 47 was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late. Note 2.3 Court protected reconstruction in 2021 The Company filed for court protected reconstruction on 16 February 2021. This filing provided protection from bankruptcy and allowed for continued operation under court protection. A reconstruction plan was subsequently put forth, whereafter 106 out of 110 creditors voted in favor of the plan by the deadline of 27 April 2021. In nominal amounts, this represented in excess of 98% of claims eligible to vote. In addition, the Group obtained acceptance for voluntary debt settlement from the major creditors in the Group companies in the US and Egypt. On 30 April 2021, the District Court of Ringerike, Asker and B\u00e6rum confirmed the reconstruction proposal, subject to an appeal period which expired 1 June 2021. An Extraordinary General Meeting on 21 May approved, subject to the reconstruction proposal and the forced debt settlement becoming legally binding, that the Company pay approximately USD 6 million in cash and issue approximately 424 million shares to its creditors (the \"Conversion Shares\"). The court ruling became legally binding on 1 June 2021 and the Company paid and settled all Conversion Shares in June 2021. Gain on Cash Gain on Debt Equity equity Capital Equity and LiabilitiesPaymentsForgivenessConversionconversion IncreaseNet effectEquityShare capital and other paid in capital - - 25 495(6 476)15 547 34 566Other reserves - 18 172 - 6 476 - 24 648Total equity - 18 172 25 495 - 15 547 59 214LiabilitiesInterest bearing debt current(2 888) (13 029) (19 017) - - (34 934)Trade payables(908) (4 631) (5 446) - - (10 985)Other current liabilities(1 215) (532) (1 032) - - (2 779)Total liabilities(5 011) (18 192) (25 495) - - (48 698)Gain from reconstruction in income 18 191 6 476 24 667statementAs a part of the reconstruction, creditors were paid cash dividends or debt was converted to equity. The gain of USD 18.2 million is from the creditors with cash dividends where the remaining amount was booked as gain on debt forgiveness The other gain of USD 6.5 million is from creditors with debt converted to equity and afterwards fair value adjustment to the share price the day the debt was converted at NOK 0.373 per share, compared to share price of NOK 0.50 offered in the converting settlement. Both these transactions resulted in a total net gain of USD 24.7 million in the statement of comprehensive income. Note 3 Segment reporting The Group operates two segments, Axxis and Investments, based on the two different revenue streams. The Group has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library. The investment segment was new from 2021. The Group has a strategy to invest in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors. The segment reporting is based on the same accounting principles as the financial statements. Operating expenses are allocated to the segments based on the use of resources and assets. Unallocated items include revenue and expenses related to salaries for office personnel and other office expenses. Share based payment cost and capitalized cost of obtaining contracts has not been allocated to segments. USD thousands Segment reporting Unallocated Total Axxis Investment Income statement 2022 2022 2022 2022 Total revenue 7 258 - - 7 258 Changes in fair value of investments - (13 447) - (13 447) Other gains (losses) 666 - - 666 Cost of sales (399) - - (399) Selling, general and administrative expenses (413) (6) (1 998) (2 417) Amortization multi-client (3 983) - - (3 983) Write-up multi-client (reversal of impairment) 12 618 - - 12 618 Depreciation & impairment (548) - (11) (559) Operating profit (loss) (EBIT) Segment 15 198 (13 453) (2 009) (264) The ocean-bottom seismic contract node on a rope business was divested in March 2022 through an earnout agreement with Magseis Fairfield. USD thousands Segment reporting Unallocated Total Axxis Investment Geographical markets 2022 2022 2022 2022 Norway 6 328 - - 6 328 Egypt 1 596 - - 1 596 Total revenue 7 924 - - 7 924 The geographical split is based on where the multi-client late sales occur. USD thousands Segment reporting Unallocated Total Axxis Investment Major customers 2022 2022 2022 2022 Customer 1 2 522 - - 2 522 Customer 2 1 764 - - 1 764 Customer 3 1 596 - - 1 596 Customer 4 1 368 - - 1 368 Total revenue 7 250 - - 7 250 USD thousands Segment reporting Unallocated Total Axxis Investment Income statement 2021 2021 2021 2021 Total revenue 15 816 - - 15 816 Changes in fair value of investments - 8 404 - 8 404 Cost of sales (10 381) - - (10 381) Selling, general and administrative expenses (909) (4) (5 720) (6 633) Amortization multi-client (7 312) - - (7 312) Depreciation & impairment (6 965) - (64) (7 029) Operating profit (loss) (EBIT) Segment (9 751) 8 400 (5 785) (7 136) Vessel and equipment are only utilized in the Axxis segment, and the major part of depreciation relates to this segment. USD thousands Segment reporting Unallocated Total Axxis Investment Geographical markets 2021 2021 2021 2021 Norway 5 669 - - 5 669 UK 8 983 - - 8 983 Total revenue 14 653 - - 14 653 50 The geographical split is based on where the seismic surveys have been performed and the late sales occur. USD thousands Segment reporting Unallocated Total Axxis Investment Major customers 2021 2021 2021 2021 Customer 1 8 983 - - 8 983 Customer 2 2 124 - - 2 124 Customer 3 2 042 - - 2 042 Customer 4 1 369 - - 1 369 Total revenue 14 519 - - 14 519 Note 4 Revenue and cost from contract with clients USD thousands Axxis Investment Total Income statement 2022 2022 2022 Other income 8 - 8 Multi-client projects late sales 7 250 - 7 250 Total revenue from contracts 7 258 - 7 258 with customers At a point in time 7 258 - 7 258 Total revenues from contracts 7 258 - 7 258 with customers USD thousands Axxis Investment Total Other gains (losses) 2022 2022 2022 Sale of node assets - earnout model 666 - 666 Total gain (losses) 666 - 666 The ocean-bottom seismic contract node on a rope business was divested in March 2022 through an earnout agreement with Magseis Fairfield. The net gain is from the sales of the seismic node business to Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The Group has used a probability weighted cash flow and discounted with a WACC of 9.15%.Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 is just above the low case of USD 3.0 million. This NPV has been offset by the sales net book value of the nodes sold at the time of divestment with a loss of USD 2.3 million, which resulted in a gain of USD 0.7 million. USD thousands Axxis Investment Total Income statement 2021 2021 2021 Contracts for seismic acquisition 9 117 - 9 117 Multi-client projects pre-funding - - - Multi-client projects late sales 5 535 - 5 535 Total revenue from contracts 14 653 - 14 653 with customers At a point in time 5 535 - 5 535 Over time 9 117 - 9 117 Total revenues from contracts 14 653 - 14 653 with customers Cost to fulfill contracts and cost to obtain contracts USD thousands Axxis Investment Total Income statement 2021 2021 2021 Contract assets Assets recognized for cost to fulfill a - - - contract in the balance 01.01.21 Assets recognized for costs to fulfill a contract (mobilization costs) 1 938 - 1 938 Amortization of assets recognized for cost to fulfill a contract (mobilization costs) (1 938) - (1 938) Total contract assets - - - Assets related to cost to fulfill and cost to obtain contracts is presented as other current assets in the balance. USD thousands Axxis Investment Total Other income 2021 2021 2021 Covid-19 compensation 1 163 - 1 163 Total other income 1 163 - 1 163 Note 5 Cost of sales USD thousands Cost of sales 2022 2021 Vessel cost (1) (3 786) Crew & project management (216) (2 165) Seismic, source and node equipment (56) (3 618) Agent related expenses (127) (1 632) Mobilization amortization - (1 938) Mobilization cost capitalized - 1 938 Reversal of cost previous period - 821 Total cost of sales (399) (10 381) Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53 Note 7 Tax USD thousands 2022 2021 Specification of tax expense (income) for the year Current income tax (including withholding tax) - 90 Change in deferred tax - - Changes from previous years (1 758) 62 Total tax expense (income) (1 758) 152 Changes from previous year is related to change in accrual for corporate income tax in Egypt, where the taxes have not been settled. Reconciliation of actual against expected tax expense (income) at the income tax rate of 22% Profit (loss) before tax (362) 14 087 22% tax (80) 3 099 Tax effect from: Non taxable income - restructuring - 152 Withholding tax and corporate tax abroad 83 246 (1 Permanent differences (1 519) 909) Currency effect (708) (424) Difference in tax rate in foreign activities 5 (8) Changes from previous years (1 758) (1 Not booked deferred tax asset 2 219 004) Calculated tax expense (income) (1 758) 152 Effective tax rate for the Company 485,37 (1,08) USD thousands 31.12.2022 31.12.2021 Temporary differences Non current assets (6 387) (6 044) Trade receivables - - Other accruals - - Financial lease - - Accumulated loss carried forward (42 780) (57 223) Temporary differences at 31.12. (49 167) (63 267) Deferred tax assets (liabilities) 10 817 13 919 Per December 2022 the management evaluated the deferred tax assets to be uncertain when to be utilized. The same evaluation was performed per December 2021. The loss carried forward is in Norway and there are no time limits for use of the losses. Note 8 Bank deposits, cash in hand USD thousands 31.12.2022 31.12.2021 Bank deposits 2 156 3 919 Restricted bank deposits 42 86 Total bank deposits 2 197 4 005 Restricted bank deposits relate to employee withholding tax. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The account can be used to settle employee withholding tax. Note 9 Other current assets USD thousands 31.12.2022 31.12.2021 Prepayments 82 197 Accrued income 3 153 - Other current receivables 3 25 Total other current assets 3 238 222 Note 10 Property, plant and equipment Seismic and Projects Total node in Computer Lease tangible USD thousands Vessel equipment progress equipment asset assets 2022 Cost at 01.01.22 - 11 388 - 364 305 12 057 Additions - - - - - - Disposal - (10 000) - - - (10 000) Cost at 31.12.22 - 1 388 - 364 305 2 057 Accumulated depreciation 01.01.22 (0) (7 976) - (353) (305) (8 633) Depreciation - (548) - (11) - (560) Disposal (0) 7 136 - - - 7 136 Accumulated depreciation at 31.12.22 (0) (1 388) - (364) (305) (2 057) Carrying amount at 01.01.22 (0) 3 412 - 11 0 3 423 Carrying amount at 31.12.22 (0) 0 - (0) 0 (0) 3-10 2-5 Economic lifetime years 3-5 years 3-10 years years Seismic and Projects Total node in Computer Lease tangible USD thousands Vessel equipment progress equipment asset assets 2021 Cost at 01.01.21 8 171 17 372 29 364 489 26 425 Additions - - - - - - Disposal (5 459) (5 171) (29) - (184) (10 843) Impairment (2 711) (813) - - - (3 524) Cost at 31.12.21 - 11 388 - 364 305 12 057 Accumulated depreciation 01.01.21 (4 717) (9 259) - (235) (420) (14 631) Depreciation (351) (2 967) - (117) (69) (3 505) Disposal 5 067 4 251 - - 184 9 502 Impairment - - - - - - Accumulated depreciation at 31.12.21 (0) (7 976) - (353) (305) (8 633) Carrying amount at 01.01.21 3 454 8 114 29 128 69 11 794 Carrying amount at 31.12.21 (0) 3 412 - 11 0 3 423 3-10 2-5 Economic lifetime years 3-5 years 3-10 years years 56 The climate risk for stranded equipment is evaluated as low, since the Group has sold the node seismic equipment in March 2022. The book value of assets is zero at the end of 2022. Note 11 Intangible assets USD thousands 31.12.2022 31.12.2021 Cost as of 01.01 92 881 92 881 Capitalized costs - - Cost as of 31.12 92 881 92 881 Accumulated amortization and impairment as of 01.01 (64 025) (56 713) Amortization for the period (3 983) (7 312) Write-up (reversal of impairment) 12 618 - Accumulated amortization and impairment as of 31.12 (55 390) (64 025) Carrying value at 01.01 28 856 36 168 Carrying value at 31.12 37 491 28 856 In March 2022 the Group's Norwegian multi-client library Utsira in the North Sea was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. In December 2022, a reprocessing agreement for the Utsira project was signed with reprocessing from CGG and with pre-funding from two major oil companies. Due to this new reprocessing agreement the Utsira was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late sales. Fair value less cost of disposal is used to determine this amount. Fair value less costs to sell is the arm's length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate. The Group used the same discounted rate as the WACC in the fair value calculation of 10.10%. The company has no fully amortized intangible assets that are still in use per 31 December 2022. TGS had a pledge as collateral in the multi-client project Utsira in 2021 until March 2022 when the interest-bearing debt to TGS was repaid. The Group's Egyptian multi-client library in the Suez has a cap of late sales and deviate from the WACC used for Utsira. The multi-client segment consists of multiple seismic data surveys that comprise the segment. As of 31 December 2022, the Group owns two multiclient surveys, each considered a separate CGU and impairment tested separately. The multi-client survey of Utsira has so far been amortized from the date the processed data was ready to be transferred to customers in Q3 2020 with a lifetime of 4 years. From January 2022 the lifetime was changed from 4 to 10 years, with the remaining year of 8.5 from January 2022. The multi-client survey in Egypt finalized processing per September 2022, and amortization started in Q3 2022 with a lifetime of 4 years. According to IFRS the multi-client library should be tested for impairment if the circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The Group performs quarterly testing for impairment where the sales estimate is updated for each quarterly evaluation. The industry is known for uncertainty of when the late sales will happen, rather than the size of the late sales. For financial purposes the Group used sales estimates weighted in addition to worst, low, mid and high probability where the next two years was estimated in detail. The WACC used for calculated NPV (Net Present Value) of Utsira is 10,10 % similar to comparable companies. Together, the weighted sales expectations and the WACC comprise the key input factors to the Group's impairment testing of multi-client library. WACC used for MCL Egypt is 12.44% due to higher country risk. A decrease in the company's sales expectations exceeding 1,5% would result in an impairment in the multi-client library. Similarly, an increase in WACC to 10,7% would result in an impairment in the multi-client library. The Group does not consider climate risk to have a significant impact on the estimates for the multi-client values per December 2022. Note 12 Investments USD thousands Non-current assets 31.12.2022 31.12.2021 Listed securities CO2 Capsol AS 4 246 10 228 Dolphin Drilling AS 2 245 - Listed securities 6 491 10 228 Unlisted securities Arbaflame AS 330 3 403 Power By BritishVolt Limited - Common shares - 3 175 - Options - 1 462 - 4 637 Unlisted securities 330 8 040 Total non-current assets 6 821 18 268 CO2 Capsol AS The investment in CO2 Capsol is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 11.50 (NOK 24.795 in 2021) per share. The Group held 3,636,363 shares with a total value of USD 41.8 million (USD 10.3 million). The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in CO2 Capsol stock price is equal to an increase of USD 212 thousand and USD 511 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in CO2 Capsol is equal to a decrease of USD 212 thousand and USD 511 thousand, respectively. Dolphin Drilling AS The investment in Dolphin Drilling AS is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 12.868 per share. The Group held 1.714.568 shares with a total value of USD 2.2 million. The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in Dolphin Drilling stock price is equal to an increase of USD 112 thousand and USD 225 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Dolpin Drilling is equal to a decrease of USD USD 112 thousand and USD 225 thousand, respectively. Power By BritishVolt Limited The investment in Britishvolt is measured based on Level 3 inputs. The company is not listed, and the management has based fair value on analysis from financial advisors and information from the company. The Group is currently valuing Britishvolt at GBP 0.0 per share, which is based on the fact that the Company is under administration. The estimated fair value of the Group\u2019s investment in Power by Britishvolt Limited is USD zero (NOK zero) at the end of December 2022 No sensitivity is prepared for Britishvolt since the value is written down to zero as of December 2022. Arbaflame AS The investment in Arbaflame is measured based on level 3 inputs. The company is not listed, and management has therefore evaluated all available information and news from the company after the investment was made. Arbaflame had an equity private placement in November 2022 at NOK 0.83 per share and the Group use this value. Based on this valuation, the estimated fair value of the Group\u2019s investment in Arbaflame was USD 0.3 million (NOK 3.3 million) at the end of December 2022. Sensitivity: A 5% and 10% increase in Arbaflame stock price is equal to an increase of USD 17 thousand and USD 33 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Arbaflame is equal to a decrease of USD 17 thousand and USD 33 thousand, respectively. The Group does not consider climate risk to have a significant impact on the estimates for the fair value of investments per December 2022. Note 13 Interest bearing debt and cash flow information USD 896 725 Nibor + 10% Term Loan (TGS) The TGS loan was fully repaid during the first quarter of 2022 and the security at the same time was resolved. The TGS loan was classified as non-current liabilities as of 31 December 2021. The TGS loan was secured by the Utsira multi-client survey as well as the shares in the company Axxis Multi Client AS. Liabilities arising from financing activities Interest bearing Lease USD thousands debt liabilities Total 01.01.2022 896 - 896 Repayment of interest-bearing debt (896) - (896) Payment of lease liabilities - - Other - - - Reclassification - - - 31.12.2022 - - - Liabilities arising from financing activities Interest bearing Lease USD thousands debt liabilities Total 01.01.2021 33 906 73 33 979 Repayment of interest-bearing debt (2 295) - (2 295) Payment of lease liabilities (73) Other* (30 716) - (30 716) Reclassification - - - 31.12.2021 896 - 896 * Mainly related to debt forgiveness related to the reconstruction process. Note 14 Financial risk management The Group changed name to Carbon Transition ASA during 2021 following the restructuring in June 2021. The Group has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library. The investment segment was new from 2021. The Group has a strategy to invest in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors. The Group is exposed to market specific and general economic cycles and macro-economic fluctuations, since changes in the general economic situation affect the demand for products and services provided by companies the Group invests in. The performance of the business operating under the name Axxis Geo Solutions is also dependent on production and development spending by oil and gas companies. Historically, in times of low oil prices, demand for seismic data has been significantly reduced. Capital Management For the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group manages its capital structure and adjusts considering changes in economic conditions. To maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, repay or issue new debt. The Group\u2019s capital management, among other things, aims to ensure that it fulfils if any borrowings that define capital structure requirements. Any breaches in meeting the financial terms if any would permit the borrower to immediately call borrowings. Market risk - price risk For information regarding market risk- price risk see note 12. Financing risk The Group fully repaid the TGS loan during 2022 and ended in December 2022 with zero external debt. During 2021 the Company successfully completed a legal court reconstruction and almost all debt was settled. There was only debt to TGS in the Group per year-end 2021. The purpose of these financial instruments was to ensure that the Group has financial flexibility for investments that were necessary for the Group's operations. In addition, the Group has items such as trade receivables, trade payables etc. which is directly related regular business operations. The Group does not use financial instruments for hedging purposes. Risk management procedures have been established by the Board and handled by the CFO. The Group is exposed to financial risk linked to interest rate risk, liquidity risk, currency risk and credit risk. The Group's management has a continuous assessment to identify and evaluate financial risks and sets guidelines for how to handle them. The Group does not have any financial derivatives in 2022 or 2021. (i) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group is mainly exposed to credit risk related to trade receivables and other current receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Current and expected future customers are oil and gas companies with sound credit ratings. Also, for other companies in the industry, historic credit losses have been negligible. Because the expected credit loss has been negligible. Because the expected credit loss is a clearly immaterial amount, no provision has been made. 62 Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due without special agreement in advance. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. All trade receivable was fully paid during 2022 and 2021, and therefore no provision for losses. (ii) Market risk - interest rate The Group does not use financial instruments to hedge interest rate risk. Trade and other receivables and trade and other payables are interest free and with a term of less than one year, so there is no significant interest rate risk associated with these financial assets and liabilities. The Group has no debt as per December 2022. The Group's sensitivity to potential changes in interest rates with an increase in 50 basis points would increase interest expense for 2021 with USD 38 thousands. (iii) Liquidity risk Liquidity risk is the risk that the Company is not able to meet its payment obligations. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Group's strategy for managing liquidity risk is to always have sufficient liquidity in order to meet its financial liabilities at maturity, both under normal and exceptional circumstances, without risking unacceptable losses or at the expense of the Group`s reputation. The Group may need access to long-term funding. There can be no assurance that available funding sources are accessible when needed nor can there be any assurance that the Group will be able to raise new equity on favorable terms and in amounts necessary to conduct its on-going and future operations, should this be required. Furthermore, there can be no assurance that the Group will be able to obtain additional shareholder funding. Failure to access necessary liquidity could require the Group to scale back its operations or could have other materially adverse consequences for its business and its ability to meet its obligations. The table below provides an overview of the maturity profile of all financial liabilities. For bank loans the stated amount includes estimated interest payments. In cases where the counterparty may claim earlier redemption, the amount is placed in the earliest period and the payment may be required from the counterparty. 2022 Remaining Term 0-3 3-6 6-9 9-12 USD thousands months months months months 1-2 years Total Trade payables 88 - - - - 88 Other current 5 037 liabilities 634 - - 4 403 - Total 723 - - 4 403 - 5 125 (iv) Market risk - foreign exchange rates The Group operates internationally and is exposed to foreign exchange risk, primarily from the NOK and EGP. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant group entity. The Group is exposed to currency risk as a large part of the group\u2019s expenses are denominated in NOK. Profit after tax for the Group is also affected by changes in exchange rates, as expenses and payables are converted to USD. The NOK denominated payables are expected to be repaid with receipts from US dollar denominated sales. The foreign currency exposure of these loans has not been hedged. The table below shows the Group's sensitivity to potential changes in exchange rates. The calculation considers the currency translation of all consolidated foreign subsidiaries. The calculation in the table shows the effect on consolidated profit / loss on the average exchange rate. Change in exchange USD thousands rate Effect on profit Effect on USD/NOK before tax OCI 2022 + 10 % (21) - - 10 % 25 - 2021 + 10 % 1 486 - - 10 % (1 816) - The Group`s operations in foreign countries expose it to risks related to foreign currency movements. Currency exchange rates fluctuate due to several factors, and these include international balance of payments, economic and financial conditions, government intervention, speculation, and other factors. Changes in currency exchange rates relative to the USD may affect the USD valued assets and liabilities of the Group \u2013 primarily the tax exposure in USD and NOK. Changes in currency may also affect the Group\u2019s local expenses when operating abroad. The Group\u2019s expenses are primarily in USD and NOK. As such, the Group\u2019s earnings are exposed to fluctuations in the foreign currency market. Note 15 Categories of financial instruments USD thousands ASSETS 31.12.2022 31.12.2021 Financial assets at amortized cost Bank deposits, cash in hand 2 197 4 005 Financial assets at fair value through profit and loss Investments 6 821 18 268 Financial assets 3 029 - Total financial assets 12 048 22 273 LIABILITIES 31.12.2022 31.12.2021 Financial liabilities at amortized cost Interest-bearing non-current liabilities - 896 Trade payables 88 333 Other current liabilities 5 037 6 837 Total financial liabilities 5 125 8 065 The Group's exposure to various risks associated with financial instruments is discussed in note 14 Financial risk management. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. Fair value Due to the short-term nature of bank deposits, cash in hand, trade receivables and other current receivables, their carrying amount is considered to be the same as their fair value. Interest bearing loans are recognized initially at fair value less transaction costs. The TGS loan was settled during the first quarter of 2022. Subsequent to initial recognition, interest bearing loans are measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of profit or loss when the liabilities are derecognized as well as through the amortization process. The carrying value of borrowing is less amortized cost. The carrying amount of trade and other payables is considered to be approximately the same as their fair values, due to their short-term nature. Due to the court reconstruction in June 2021 all interest-bearing debt except the TGS loan was settled during 2021. Financial assets are from the ocean-bottom seismic contract node on a rope business that was divested in March 2022 through an earnout agreement with Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. This is level 3-inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). An entity shall include in the transaction price some or all of an amount of variable consideration estimated only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Group used best estimates and discounted to net present value. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The group has used a probability weighted cash flow and discounted with a WACC of 9.15%.. Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 of USD 3.0 million is just above the low case. The Group does not hold any financial derivatives. Note 16 Leases and commitments Leases For the Group only office rental comes under the classification of leases. As of 31 December 2022, and 2021, the Group has no lease liabilities. The reason is that the commitment related to office rent expires in September 2023. Commitments: As of December 2022, the Group had commitments related to office rent for the Oslo office until September 2023. As of December 2021, the Group had commitments related to office rent for the Oslo Office until September 2022 and for the Houston office until April 2022. The cost for short term leases of office rent for 2022 was USD 0.1 million and USD 0.1 million for 2021. The cost for short term leases of seismic equipment was zero in 2022 and USD 2.4 million in 2021. The cost for short-term leases of vessels was zero in 2022 and USD 2.8 million in 2021. Note 17 Other current liabilities USD thousands 31.12.2022 31.12.2021 Holiday pay owed 68 146 Egyptian tax * 2 121 3 923 Other accrued costs 127 672 VAT settlement 440 (267) Total other current liabilities 2 755 4 475 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP. The Group expects the Egyptian tax to be reduced, but since the taxes is not settled as of December 2022, the Group has decided to keep same tax level in EGP as for 2021. However, due to currency exchange development in Egypt EGP vs USD, the amount in USD is reduced. Note 18 Share capital and shareholder information The Company's share capital per 31.12.2022 include Share Capital Par Value the following: Number of shares in NOK per share Ordinary shares (one share = one vote) 239 760 117 239 760 117 1,00 The Company has one class of shares, all shares provide equal rights, including the right to any dividends in line with 2021. Each of the shares carries one vote in line with 2021. Carbon Transition ASA has in September 2022 purchased own share with 5 263 157 shares at USD 0.5 million. The subsidiaries directly or indirectly do not own shares or treasury shares in the Company. Changes in number of shares Shares Number of shares 01.01.2022 239 760 117 Own shares 31.12.2022 5 263 157 Number of shares 31.12.2022 234 496 960 Paid/proposed dividend The board has decided not to propose any dividend for 2022 or 2021. 67 The major shareholders in Carbon Transition ASA 31 December 2022 were as follows: Ownership Shareholders Total shares share Voting share INVESTERINGSFONDET VIKING AS 28 000 000 11,7% 11,7% TIGERSTADEN AS 16 250 000 6,8% 6,8% F2 FUNDS AS 11 848 719 4,9% 4,9% ALDEN AS 11 265 384 4,7% 4,7% F1 FUNDS AS 10 642 170 4,4% 4,4% DNB BANK ASA 9 300 000 3,9% 3,9% BECK ASSET MANAGEMENT AS 9 012 307 3,8% 3,8% GINNY INVEST AS 7 250 230 3,0% 3,0% BALLISTA AS 6 323 231 2,6% 2,6% URTIVEN AS 6 300 000 2,6% 2,6% Q CAPITAL AS 5 869 230 2,4% 2,4% PHILIP HOLDING AS 5 750 230 2,4% 2,4% CARBON TRANSITION ASA 5 263 157 2,2% 2,2% REDBACK AS 5 000 000 2,1% 2,1% TTC INVEST AS 4 000 000 1,7% 1,7% Nordnet Bank AB 3 472 800 1,4% 1,4% SIX SIS AG 3 451 756 1,4% 1,4% LIVERMORE INVEST AS 3 092 249 1,3% 1,3% KING KONG INVEST AS 3 000 000 1,3% 1,3% NORDNET LIVSFORSIKRING AS 2 975 849 1,2% 1,2% Total 20 largest shareholders 158 067 312 65,9% 65,9% Total other shareholders 81 692 805 34,1% 34,1% Total number of shares 239 760 117 100,0% 100,0% The major shareholders in Carbon Transition ASA 31 December 2021 were as follows: Ownership Shareholders Total shares share Voting share INVESTERINGSFONDET VIKING AS 28 000 000 11,7% 11,7% MIDDELBORG INVEST AS 14 538 461 6,1% 6,1% TIGERSTADEN AS 13 760 459 5,7% 5,7% ALDEN AS 11 265 384 4,7% 4,7% SPAREBANK 1 MARKETS AS 11 180 000 4,7% 4,7% F2 FUNDS AS 9 250 000 3,9% 3,9% BECK ASSET MANAGEMENT AS 9 012 307 3,8% 3,8% F1 FUNDS AS 8 427 223 3,5% 3,5% URTIVEN AS 8 230 770 3,4% 3,4% GINNY INVEST AS 6 250 230 2,6% 2,6% DNB BANK ASA 6 225 280 2,6% 2,6% PHILIP HOLDING AS 5 750 230 2,4% 2,4% Q CAPITAL AS 5 619 230 2,3% 2,3% REDBACK AS 5 000 000 2,1% 2,1% TTC INVEST AS 4 000 000 1,7% 1,7% Nordnet Bank AB 3 758 002 1,6% 1,6% LIVERMORE INVEST AS 3 079 615 1,3% 1,3% Skandinaviska Enskilda Banken AB 2 500 000 1,0% 1,0% NORDNET LIVSFORSIKRING AS 2 089 077 0,9% 0,9% CITADELL AS 2 000 000 0,8% 0,8% Total 20 largest shareholders 159 936 268 66,7% 66,7% Total other shareholders 79 823 849 33,3% 33,3% Total number of shares 239 760 117 100,0% 100,0% Shares owned or controlled by members of the Board of Directors, Chief Executive Officer and Other Executive Officers 31 December 2022 were as follows: Number Ownership of Board of Directors Position Total shares share Voting share options Torstein Sanness Board member 285 000 0,0 % 0,0 % 800 000 Share and options owned by management 31 December 2022 were as follows: Executive Number of Number of management Position shares options Nils Haugestad Interim CEO and CFO (Interim CEO from Interim CEO 9.12.2021) and CFO - - 69 Shares owned or controlled by members of the Board of Directors, Chief Executive Officer and Other Executive Officers 31 December 2021 were as follows: Number Ownership of Board of Directors Position Total shares share Voting share options Gisle Gr\u00f8nlie Chairman 134 000 0,0 % 0,0 % 800 000 Torstein Sanness Board member 285 000 0,0 % 0,0 % 800 000 Share and options owned by management 31 December 2021 were as follows: Executive Number of Number of management Position shares options Nils Haugestad Interim CEO and CFO (Interim CEO from Interim CEO 9.12.2021) and CFO - - EVP Richard Dunlop Operations 14 423 10 640 Note 19 Related parties The ultimate Parent of the Group is Carbon Transition ASA. The Group transactions and balances with other Group companies in 2022 were related to consultancy fees from companies representing some of the largest shareholders. There were no transactions with related parties in 2021. Transactions with related parties USD thousands 2022 2021 Consultancy services: Citadell AS controlled by Fredrik Sneve 68 - Middelborg AS controlled by Lars Eriksen 70 - Balances with related parties USD thousands 31.12.2022 31.12.2021 Account payables / Other current liabilities: Citadell AS 5 30 Middelborg AS 5 26 As of 1st July 2021, an agreement related to consultancy services was entered with Citadell AS and Middelborg AS representing some of the largest shareholders of the Parent company, in addition to participate in the nomination committee from 23 June 2021. The payment related the consultancy services started in 2022. The agreement to deliver consultancy services with these companies was cancelled by end of January 2023. Note 20 Personnel expenses and board remunerations USD thousands 2022 2021 Wages and salaries 842 2 462 Social Security costs 176 340 Pension costs 89 150 Other remuneration 34 539 Share based payment expense (refer to note 21) 11 11 Refund salary (20) (33) Total personnel expense 1 132 3 469 Number of man-years at 31.12 2022 2021 Group companies in Norway 3,5 7 Group companies abroad 0 2 The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair of the Board or other related parties. Key management personnel compensation USD thousands 2022 2021 Base salary 337 1 223 Pension 19 60 Other Benefits 12 34 Number of options held - 10 640 For detailed information about executive officers and board of Directors compensation, see the remuneration report 2022. 71 See note 18 for shares held by the executive officers and Board of Directors. Note 21 Share based payments programs The Group has a share-based payment scheme for employees and one member of the Board. The options granted gives the holder right to purchase a defined number of shares at a predetermined price if the vesting conditions are met. The exercise price has been set to fair value of the shares at grant date. Set out below are summaries of options granted under the scheme: 2022 2021 Average Average exercise exercise price per price per share share option Number of option Number of (NOK) options (NOK) options As at 01.01 3,4538 1 625 667 10,1400 405 079 Granted during the year - - 1,8000 1 600 000 Adjusted during the year - - 106,5452 (231 012) Terminated during the year 4,2227 (822 867) 9,2401 (148 400) As at 31.12 2,6657 802 800 3,4538 1 625 667 Vested 31.12 3,4260 402 800 106,5450 25 667 Exercisable 31.12 402 800 25 667 2022 2021 Share based payment cost (revenue) recognized in the period USD thousand 10 11 Share options outstanding at the end of the year have the following expiry date: Share Share options 31 options 31 Exercise December December Grant date Expiry date price 2022 2021 30.09.2021 30.09.2028 1,70 400 000 800 000 30.09.2021 30.09.2028 1,90 400 000 800 000 15.09.2017 15.09.2022 69,61 - 12 600 27.09.2018 27.09.2023 112,75 - 10 267 01.05.2019 01.05.2024 250,00 2 800 2 800 Total number of options 802 800 1 625 667 Outstanding instruments overview Weighted Average Weighted remaining Weighted Vested Average Strike Number of contractual Average instruments Strike Price instruments life Strike Price 31.12.2021 Price Outstanding instruments Vested instruments 1,70 400 000 4,50 1,70 400 000 1,70 1,90 400 000 5,50 1,90 - - 250,00 2 800 2,09 250,00 2 800 250,00 802 800 402 800 The exercise price for the grants was fair value at the grant date. The options can be exercised by buying shares as settlement where one options give right to one share. For the 2021 grant, 25% of the options will be vested 30.03.2022, 30.09.22, 30.03.2023 and 30.09.2023. The fair value at grant date was 0.22 NOK/option. The fair value has been estimated using the Black-Scholes option pricing model. When calculating fair value at grant date, the Group has assumed a volatility of 47.31% from comparable peers in the oil and gas services for both grants, 0 expected dividends, and a risk-free interest rate of 1,011% for the 2021 grant. Note 22 Auditors fee USD thousands Expensed audit fee (excluding VAT) 2022 2021 Statutory audit 128 260 Tax advice (incl. technical assistance with tax return) 63 8 Other attestation services 28 30 Total auditors fee 219 299 The auditor of the Group and the Norwegian entities is PricewaterhouseCoopers (PwC). Ernst & Young Egypt (EY) is the auditor for the subsidiary Axxis Geo Solutions Egypt LLC. Note 23 Subsidiaries and associated companies The Group comprise of the same legal entities as of 31 December 2022. Subsidiary of Carbon Voting Transition ASA: Jurisdiction rights % Neptune Seismic AS Norway 100% Axxis Geo Solution Inc. USA 100% Axxis Multi Client AS Norway 100% Axxis Production AS Norway 100% Carbon Transition Investment AS Norway 100% Axxis Geo Solutions Egypt LLC* Egypt 100% * Axxis Production AS owns 99% and Axxis Geo Solutions ASA owns 1% of the shares in the company. Note 24 Earnings per shares Basic earnings per share is calculated by dividing the net profit or loss attributable to shareholders of the Parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share include the weighted average number for ordinary shares that would be issued on the conversion of all the diluted potential ordinary shares into ordinary shares. The options described in note 21, are not included in the number of dilutive shares for 2022 or 2021 due to the options is out of money. Basic earnings (loss) per weighted average number of shares 2022 2021 Profit (loss) attributable to the ordinary equity holders of the company 1 396 13 935 Average number of outstanding shares 234 496 960 131 501 057 Basic earnings (loss) per weighted average share (USD) 0,01 0,11 Diluted earnings (loss) per share 2022 2021 Profit (loss) attributable to the ordinary equity holders of the company 1 396 13 935 Average number of outstanding shares 234 496 960 131 501 057 Diluted earnings (loss) per share (USD) 0,01 0,11 Note 25 Climate risk The Group does face risks related to both transition risk (market-related, technological, and changes in regulatory requirements), and in physical risk (extreme weather) as a result of climate change. The risks are assessed to be a medium to long term risk. For consolidated accounts for fiscal year 2022, climate related considerations did not materially affect the Group\u2019s estimates and assumptions. Note 26 Events after reporting period On 17 January 2023, the Group announced a new Utsira multi-client late sale of USD 0.5 million (net to the Carbon Transition). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__11": { "value": "Carbon Transition ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "Carbon Transition ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "Carbon Transition ASA", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__12": { "value": "public limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__14": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__13": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__15": { "value": "Askekroken 11, 0277 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__16": { "value": "Carbon Transition is an investment company", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__17": { "value": "Norway and Egypt", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__18": { "value": "Basis of Preparation The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (\u00abIFRS\u00bb) as adopted by the European Union (\u201cEU\u201d), their interpretations adopted by the International Accounting Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of 31 December 2021. The notes are an integral part of the consolidated financial statements. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets financial instruments that have been measured at fair value. The financial statements of the subsidiaries have been prepared for the same reporting year as the Company, using consistent accounting policies. The consolidated financial statements are presented in thousands of USD. The consolidated financial statements of the Group were authorized by the Board of Directors on 30 March 2023. The consolidated financial statements will be presented for approval at the Annual General Meeting on 24 May 2023. Until this date the Board of Directors has the authority to amend the financial statements. In accordance with the Accounting Act \u00a7 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. The board of directors and management believe that the Company has sufficient working capital for continued operation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__19": { "value": "The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (\u00abIFRS\u00bb) as adopted by the European Union (\u201cEU\u201d), their interpretations adopted by the International Accounting Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of 31 December 2021.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__23": { "value": "Principles of Consolidation The consolidated financial statements comprise the Company and its subsidiaries. Subsidiaries are all entities over which the Company has control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Company gains control until the date the Company ceases to control the subsidiary. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "Principles of Consolidation The consolidated financial statements comprise the Company and its subsidiaries. Subsidiaries are all entities over which the Company has control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Company gains control until the date the Company ceases to control the subsidiary. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__24": { "value": "Presentation and functional currency The Group presents its consolidated financial reports in USD. The Functional currency is USD for the Group and its subsidiaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__25": { "value": "Foreign Currency Transactions in foreign currencies are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities in non-functional currencies are translated into functional currency spot rate of exchange ruling at the date of the balance sheet. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in non-functional currencies are recognized in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__26": { "value": "Revenue recognition Within the seismic segment the company previously operated two business models. In 2022 all revenue relates to multi-client late sales. In 2021 the company earned revenue from both multi-client late sales and contract seismic surveys. For accounting policy information for contract seismic surveys, see the annual report for 2021. Multi-client revenue (late sales) Multi-client is the granting of licenses to the Group\u2019s multi-client library. In the contracts the customer gets a non-exclusive right to use the data from a specific survey. The company owns multi-client libraries together with other parties, and are entitled to a defined portion of future revenues, The license payment is fixed and is required when the license is granted. The late sale revenue is recognized when a valid licensing agreement is signed, and the multi-client library data made accessible to the customer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__28": { "value": "Investment in financial assets at fair value through profit or loss Financial assets at fair value through profit and loss for the Group are equity instruments and convertible loan. Financial assets are classified at initial recognition, and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group indulges in investment in financial assets as part of its core business. The Group\u2019s non-current financial investments are characterized in addition to the Groups intention of sale, that this sale could typically be expected to occur within a two-year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence on the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealized and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. 42 In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__27": { "value": "Investment in financial assets at fair value through profit or loss Financial assets at fair value through profit and loss for the Group are equity instruments and convertible loan. Financial assets are classified at initial recognition, and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group indulges in investment in financial assets as part of its core business. The Group\u2019s non-current financial investments are characterized in addition to the Groups intention of sale, that this sale could typically be expected to occur within a two-year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence on the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealized and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. 42 In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__30": { "value": "Property, plant and equipment Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment loss. The Group sold all of their seismic node equipment in March 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__29": { "value": "Property, plant and equipment Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment loss. The Group sold all of their seismic node equipment in March 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__31": { "value": "Leases The Company has elected to apply the recognition exemption to lease contracts with a duration of less than 12 months, or that relate to assets with an underlying low value. Lease payments associated with short-term leases and leases of low-value assets are expensed on a straight-line basis. Other short-term leases less than 12 months and payments of these leases are charged to the income statement on a straight-line basis over the period of the lease.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__32": { "value": "Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets with defined useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method are reviewed at least every financial year end. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__33-1": { "value": "The multi-client library consists of geophysical data to be licensed to customers on a non-exclusive basis. Directly attributable costs associated with the production and development of multi-client projects such as data acquisition and processing, and direct project costs are capitalized. Cost directly attributable to data acquisition and processing include vessel costs, payroll and related costs for crew, project management, agent, other related project costs, hardware/software costs and mobilization costs when relocating a vessel to the survey areas. The multi-client library are amortized from the date the processed data are ready to be transferred to customers, using straight line amortization. Each project is evaluated individually for lifetime and the estimates are revised at least annually. Before the library is completed, the Group test for impairment at least annually. To ensure that value in use above net book value, the Group will perform an additional impairment test after each significant sale is recognized, as each customer will only acquire the full data-set once.In March 2022 the Group's Norwegian multi-client library Utsira in the North Sea was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. In December 2022, a reprocessing agreement for the Utsira project was signed with reprocessing from CGG and with pre-funding from two major oil companies. Due to this new reprocessing agreement the Utsira was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late sales. Fair value less cost of disposal is used to determine this amount. Fair value less costs to sell is the arm's length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate. The Group used the same discounted rate as the WACC in the fair value calculation of 10.10%. The company has no fully amortized intangible assets that are still in use per 31 December 2022. TGS had a pledge as collateral in the multi-client project Utsira in 2021 until March 2022 when the interest-bearing debt to TGS was repaid. The Group's Egyptian multi-client library in the Suez has a cap of late sales and deviate from the WACC used for Utsira. The multi-client segment consists of multiple seismic data surveys that comprise the segment. As of 31 December 2022, the Group owns two multiclient surveys, each considered a separate CGU and impairment tested separately. The multi-client survey of Utsira has so far been amortized from the date the processed data was ready to be transferred to customers in Q3 2020 with a lifetime of 4 years. From January 2022 the lifetime was changed from 4 to 10 years, with the remaining year of 8.5 from January 2022. The multi-client survey in Egypt finalized processing per September 2022, and amortization started in Q3 2022 with a lifetime of 4 years. According to IFRS the multi-client library should be tested for impairment if the circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The Group performs quarterly testing for impairment where the sales estimate is updated for each quarterly evaluation. The industry is known for uncertainty of when the late sales will happen, rather than the size of the late sales. For financial purposes the Group used sales estimates weighted in addition to worst, low, mid and high probability where the next two years was estimated in detail. The WACC used for calculated NPV (Net Present Value) of Utsira is 10,10 % similar to comparable companies. Together, the weighted sales expectations and the WACC comprise the key input factors to the Group's impairment testing of multi-client library. WACC used for MCL Egypt is 12.44% due to higher country risk. A decrease in the company's sales expectations exceeding 1,5% would result in an impairment in the multi-client library. Similarly, an increase in WACC to 10,7% would result in an impairment in the multi-client library. The Group does not consider climate risk to have a significant impact on the estimates for the multi-client values per December 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__34": { "value": "Current income tax Current income tax assets and liabilities for the current and prior periods are measured using the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Withholding taxes are included in the tax expense to the extent that a tax credit is available in the income tax in the home state. Current income tax relating to items recognized directly in equity or other comprehensive is recognized in equity or other comprehensive income and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__35": { "value": "Deferred tax Deferred tax is provided for using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax relating to items recognized directly in equity is recognized in equity and not in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__36-1": { "value": "Employee benefits - Pension obligations The Company operates a defined contribution plan. The net pension cost for the period is presented as an employee expense in the line selling, general and administrative cost (SG&A).The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair of the Board or other related parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__37-1": { "value": "Share based payment The Group has an option plan for employees and one member of the Board. The fair value of options granted under the plan is recognized as an employee benefit expense with a corresponding increase in equity. 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 period, the Group revises its estimates of the number of options that are expected to vest, based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit and loss, with a corresponding adjustment to equity.The exercise price for the grants was fair value at the grant date. The options can be exercised by buying shares as settlement where one options give right to one share. For the 2021 grant, 25% of the options will be vested 30.03.2022, 30.09.22, 30.03.2023 and 30.09.2023. The fair value at grant date was 0.22 NOK/option. The fair value has been estimated using the Black-Scholes option pricing model. When calculating fair value at grant date, the Group has assumed a volatility of 47.31% from comparable peers in the oil and gas services for both grants, 0 expected dividends, and a risk-free interest rate of 1,011% for the 2021 grant.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__38": { "value": "Provisions are recognized when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__39": { "value": "Trade receivables Trade receivables sale of goods and services are held to collect contractual cash flows. They are initially recognized at the transaction price from sale of goods or services and are subsequent measured with a provision for expected credit loss. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. The Group\u2019s impairment model for trade receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased amount determined by evaluating a range of possible outcomes; the time value of money and reasonable available information related to past events, current conditions, and forecasts of future economic conditions. The Group uses an impairment model with the following characteristics: The receivables are organized based on the credit risk of the customers. The primary portfolio is the receivables where invoicing is done to customers with a high credit rating, typically large listed or state-owned oil companies. This portfolio has a low risk of default and therefore no impairment loss is initially recognized based on the expectation of all the accounts being paid. Further, an individual assessment is performed on specific customer receivables, typically if a customer is in known financial distress or has declared bankruptcy. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__41": { "value": "Financial liabilities Financial liabilities represent a contractual obligation to deliver cash in the future. Financial liabilities, except for derivatives, are initially recognized at fair value net of transaction costs directly attributable to the transaction and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment or when the Group is legally released from the primary responsibility for the liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__40": { "value": "Financial liabilities Financial liabilities represent a contractual obligation to deliver cash in the future. Financial liabilities, except for derivatives, are initially recognized at fair value net of transaction costs directly attributable to the transaction and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment or when the Group is legally released from the primary responsibility for the liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__42": { "value": "Financial instruments at amortized cost Financial assets and liabilities in this category are initially recognized as fair value, and subsequently carried at amortized cost, using the effective interest method less any allowance for impairment. This category includes accounts receivable, accounts payable and loans and other borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__43": { "value": "Cash flow statement The cash flow statement is presented using the indirect method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__44": { "value": "Cash and cash equivalents Cash and cash equivalents include cash at hand, deposits held at call with banks with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__47": { "value": "Note 2.1 New Financial Reporting Standards Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been adopted early 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:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__46": { "value": "Note 2.1 New Financial Reporting Standards Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2022 reporting periods and have not been adopted early 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:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__48": { "value": "Note 2.2 Key accounting estimates and judgement The Group makes estimates and assumptions concerning the future. The resulting accounting estimates could deviate from the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below. Fair value measurement of financial assets When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using various valuation techniques. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Market price changes may occur that could negatively impact the fair value of investments after year end. Impairment of intangible assets The Group uses the discounted cash flow method to estimate the present value of the multi-client library, project Utsira incl the reprocessing and project Egypt, based on expectations of future multi-client late sales according to the cash flow prognosis used by management for 2022. There are two uncertainties when it comes to the timing of the late sales and also the size of the lates sales. The management has weighted these uncertainly with probability in their discounted cash flow calculations. The WACC used in the calculation is comparable to peers. The IFRS value of multi-client survey Utsira was not impaired in 2022 or 2021. However, in March 2022 the Group\u2019s Norwegian multi-client library in the North-Sea, Utsira was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. Further in December 2022, due to a new reprocessing agreement of the Utsira survey 47 was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__49-1": { "value": "Fair value measurement of financial assets When the fair values of financial assets and financial liabilities recorded in the statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using various valuation techniques. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions relating to these factors could affect the reported fair value of financial instruments. Market price changes may occur that could negatively impact the fair value of investments after year end.Note 15 Categories of financial instruments USD thousands ASSETS 31.12.2022 31.12.2021 Financial assets at amortized cost Bank deposits, cash in hand 2 197 4 005 Financial assets at fair value through profit and loss Investments 6 821 18 268 Financial assets 3 029 - Total financial assets 12 048 22 273 LIABILITIES 31.12.2022 31.12.2021 Financial liabilities at amortized cost Interest-bearing non-current liabilities - 896 Trade payables 88 333 Other current liabilities 5 037 6 837 Total financial liabilities 5 125 8 065 The Group's exposure to various risks associated with financial instruments is discussed in note 14 Financial risk management. The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets mentioned above. Fair value Due to the short-term nature of bank deposits, cash in hand, trade receivables and other current receivables, their carrying amount is considered to be the same as their fair value. Interest bearing loans are recognized initially at fair value less transaction costs. The TGS loan was settled during the first quarter of 2022. Subsequent to initial recognition, interest bearing loans are measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of profit or loss when the liabilities are derecognized as well as through the amortization process. The carrying value of borrowing is less amortized cost. The carrying amount of trade and other payables is considered to be approximately the same as their fair values, due to their short-term nature. Due to the court reconstruction in June 2021 all interest-bearing debt except the TGS loan was settled during 2021. Financial assets are from the ocean-bottom seismic contract node on a rope business that was divested in March 2022 through an earnout agreement with Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. This is level 3-inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). An entity shall include in the transaction price some or all of an amount of variable consideration estimated only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Group used best estimates and discounted to net present value. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The group has used a probability weighted cash flow and discounted with a WACC of 9.15%.. Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 of USD 3.0 million is just above the low case. The Group does not hold any financial derivatives.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__50-1": { "value": "Impairment of intangible assets The Group uses the discounted cash flow method to estimate the present value of the multi-client library, project Utsira incl the reprocessing and project Egypt, based on expectations of future multi-client late sales according to the cash flow prognosis used by management for 2022. There are two uncertainties when it comes to the timing of the late sales and also the size of the lates sales. The management has weighted these uncertainly with probability in their discounted cash flow calculations. The WACC used in the calculation is comparable to peers. The IFRS value of multi-client survey Utsira was not impaired in 2022 or 2021. However, in March 2022 the Group\u2019s Norwegian multi-client library in the North-Sea, Utsira was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. Further in December 2022, due to a new reprocessing agreement of the Utsira survey 47 was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late.Note 11 Intangible assets USD thousands 31.12.2022 31.12.2021 Cost as of 01.01 92 881 92 881 Capitalized costs - - Cost as of 31.12 92 881 92 881 Accumulated amortization and impairment as of 01.01 (64 025) (56 713) Amortization for the period (3 983) (7 312) Write-up (reversal of impairment) 12 618 - Accumulated amortization and impairment as of 31.12 (55 390) (64 025) Carrying value at 01.01 28 856 36 168 Carrying value at 31.12 37 491 28 856 In March 2022 the Group's Norwegian multi-client library Utsira in the North Sea was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. In December 2022, a reprocessing agreement for the Utsira project was signed with reprocessing from CGG and with pre-funding from two major oil companies. Due to this new reprocessing agreement the Utsira was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late sales. Fair value less cost of disposal is used to determine this amount. Fair value less costs to sell is the arm's length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate. The Group used the same discounted rate as the WACC in the fair value calculation of 10.10%. The company has no fully amortized intangible assets that are still in use per 31 December 2022. TGS had a pledge as collateral in the multi-client project Utsira in 2021 until March 2022 when the interest-bearing debt to TGS was repaid. The Group's Egyptian multi-client library in the Suez has a cap of late sales and deviate from the WACC used for Utsira. The multi-client segment consists of multiple seismic data surveys that comprise the segment. As of 31 December 2022, the Group owns two multiclient surveys, each considered a separate CGU and impairment tested separately. The multi-client survey of Utsira has so far been amortized from the date the processed data was ready to be transferred to customers in Q3 2020 with a lifetime of 4 years. From January 2022 the lifetime was changed from 4 to 10 years, with the remaining year of 8.5 from January 2022. The multi-client survey in Egypt finalized processing per September 2022, and amortization started in Q3 2022 with a lifetime of 4 years. According to IFRS the multi-client library should be tested for impairment if the circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The Group performs quarterly testing for impairment where the sales estimate is updated for each quarterly evaluation. The industry is known for uncertainty of when the late sales will happen, rather than the size of the late sales. For financial purposes the Group used sales estimates weighted in addition to worst, low, mid and high probability where the next two years was estimated in detail. The WACC used for calculated NPV (Net Present Value) of Utsira is 10,10 % similar to comparable companies. Together, the weighted sales expectations and the WACC comprise the key input factors to the Group's impairment testing of multi-client library. WACC used for MCL Egypt is 12.44% due to higher country risk. A decrease in the company's sales expectations exceeding 1,5% would result in an impairment in the multi-client library. Similarly, an increase in WACC to 10,7% would result in an impairment in the multi-client library. The Group does not consider climate risk to have a significant impact on the estimates for the multi-client values per December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__51": { "value": "2.3 Court protected reconstruction in 2021 The Company filed for court protected reconstruction on 16 February 2021. This filing provided protection from bankruptcy and allowed for continued operation under court protection. A reconstruction plan was subsequently put forth, whereafter 106 out of 110 creditors voted in favor of the plan by the deadline of 27 April 2021. In nominal amounts, this represented in excess of 98% of claims eligible to vote. In addition, the Group obtained acceptance for voluntary debt settlement from the major creditors in the Group companies in the US and Egypt. On 30 April 2021, the District Court of Ringerike, Asker and B\u00e6rum confirmed the reconstruction proposal, subject to an appeal period which expired 1 June 2021. An Extraordinary General Meeting on 21 May approved, subject to the reconstruction proposal and the forced debt settlement becoming legally binding, that the Company pay approximately USD 6 million in cash and issue approximately 424 million shares to its creditors (the \"Conversion Shares\"). The court ruling became legally binding on 1 June 2021 and the Company paid and settled all Conversion Shares in June 2021. Gain on Cash Gain on Debt Equity equity Capital Equity and LiabilitiesPaymentsForgivenessConversionconversion IncreaseNet effectEquityShare capital and other paid in capital - - 25 495(6 476)15 547 34 566Other reserves - 18 172 - 6 476 - 24 648Total equity - 18 172 25 495 - 15 547 59 214LiabilitiesInterest bearing debt current(2 888) (13 029) (19 017) - - (34 934)Trade payables(908) (4 631) (5 446) - - (10 985)Other current liabilities(1 215) (532) (1 032) - - (2 779)Total liabilities(5 011) (18 192) (25 495) - - (48 698)Gain from reconstruction in income 18 191 6 476 24 667statementAs a part of the reconstruction, creditors were paid cash dividends or debt was converted to equity. The gain of USD 18.2 million is from the creditors with cash dividends where the remaining amount was booked as gain on debt forgiveness The other gain of USD 6.5 million is from creditors with debt converted to equity and afterwards fair value adjustment to the share price the day the debt was converted at NOK 0.373 per share, compared to share price of NOK 0.50 offered in the converting settlement. Both these transactions resulted in a total net gain of USD 24.7 million in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__52": { "value": "Note 3 Segment reporting The Group operates two segments, Axxis and Investments, based on the two different revenue streams. The Group has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library. The investment segment was new from 2021. The Group has a strategy to invest in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors. The segment reporting is based on the same accounting principles as the financial statements. Operating expenses are allocated to the segments based on the use of resources and assets. Unallocated items include revenue and expenses related to salaries for office personnel and other office expenses. Share based payment cost and capitalized cost of obtaining contracts has not been allocated to segments. USD thousands Segment reporting Unallocated Total Axxis Investment Income statement 2022 2022 2022 2022 Total revenue 7 258 - - 7 258 Changes in fair value of investments - (13 447) - (13 447) Other gains (losses) 666 - - 666 Cost of sales (399) - - (399) Selling, general and administrative expenses (413) (6) (1 998) (2 417) Amortization multi-client (3 983) - - (3 983) Write-up multi-client (reversal of impairment) 12 618 - - 12 618 Depreciation & impairment (548) - (11) (559) Operating profit (loss) (EBIT) Segment 15 198 (13 453) (2 009) (264) The ocean-bottom seismic contract node on a rope business was divested in March 2022 through an earnout agreement with Magseis Fairfield. USD thousands Segment reporting Unallocated Total Axxis Investment Geographical markets 2022 2022 2022 2022 Norway 6 328 - - 6 328 Egypt 1 596 - - 1 596 Total revenue 7 924 - - 7 924 The geographical split is based on where the multi-client late sales occur. USD thousands Segment reporting Unallocated Total Axxis Investment Major customers 2022 2022 2022 2022 Customer 1 2 522 - - 2 522 Customer 2 1 764 - - 1 764 Customer 3 1 596 - - 1 596 Customer 4 1 368 - - 1 368 Total revenue 7 250 - - 7 250 USD thousands Segment reporting Unallocated Total Axxis Investment Income statement 2021 2021 2021 2021 Total revenue 15 816 - - 15 816 Changes in fair value of investments - 8 404 - 8 404 Cost of sales (10 381) - - (10 381) Selling, general and administrative expenses (909) (4) (5 720) (6 633) Amortization multi-client (7 312) - - (7 312) Depreciation & impairment (6 965) - (64) (7 029) Operating profit (loss) (EBIT) Segment (9 751) 8 400 (5 785) (7 136) Vessel and equipment are only utilized in the Axxis segment, and the major part of depreciation relates to this segment. USD thousands Segment reporting Unallocated Total Axxis Investment Geographical markets 2021 2021 2021 2021 Norway 5 669 - - 5 669 UK 8 983 - - 8 983 Total revenue 14 653 - - 14 653 50 The geographical split is based on where the seismic surveys have been performed and the late sales occur. USD thousands Segment reporting Unallocated Total Axxis Investment Major customers 2021 2021 2021 2021 Customer 1 8 983 - - 8 983 Customer 2 2 124 - - 2 124 Customer 3 2 042 - - 2 042 Customer 4 1 369 - - 1 369 Total revenue 14 519 - - 14 519", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__53": { "value": "The Group operates two segments, Axxis and Investments, based on the two different revenue streams. The Group has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library. The investment segment was new from 2021. The Group has a strategy to invest in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors. The segment reporting is based on the same accounting principles as the financial statements. Operating expenses are allocated to the segments based on the use of resources and assets. Unallocated items include revenue and expenses related to salaries for office personnel and other office expenses. Share based payment cost and capitalized cost of obtaining contracts has not been allocated to segments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__7-1": { "value": "The Group operates two segments, Axxis and Investments, based on the two different revenue streams. The Group has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library. The investment segment was new from 2021. The Group has a strategy to invest in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors. The segment reporting is based on the same accounting principles as the financial statements. Operating expenses are allocated to the segments based on the use of resources and assets. Unallocated items include revenue and expenses related to salaries for office personnel and other office expenses. Share based payment cost and capitalized cost of obtaining contracts has not been allocated to segments.Restricted bank deposits relate to employee withholding tax. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The account can be used to settle employee withholding tax. In March 2022 the Group's Norwegian multi-client library Utsira in the North Sea was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. In December 2022, a reprocessing agreement for the Utsira project was signed with reprocessing from CGG and with pre-funding from two major oil companies. Due to this new reprocessing agreement the Utsira was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late sales. Fair value less cost of disposal is used to determine this amount. Fair value less costs to sell is the arm's length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate. The Group used the same discounted rate as the WACC in the fair value calculation of 10.10%. The company has no fully amortized intangible assets that are still in use per 31 December 2022. TGS had a pledge as collateral in the multi-client project Utsira in 2021 until March 2022 when the interest-bearing debt to TGS was repaid. The Group's Egyptian multi-client library in the Suez has a cap of late sales and deviate from the WACC used for Utsira. The multi-client segment consists of multiple seismic data surveys that comprise the segment. As of 31 December 2022, the Group owns two multiclient surveys, each considered a separate CGU and impairment tested separately. The multi-client survey of Utsira has so far been amortized from the date the processed data was ready to be transferred to customers in Q3 2020 with a lifetime of 4 years. From January 2022 the lifetime was changed from 4 to 10 years, with the remaining year of 8.5 from January 2022. The multi-client survey in Egypt finalized processing per September 2022, and amortization started in Q3 2022 with a lifetime of 4 years. According to IFRS the multi-client library should be tested for impairment if the circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The Group performs quarterly testing for impairment where the sales estimate is updated for each quarterly evaluation. The industry is known for uncertainty of when the late sales will happen, rather than the size of the late sales. For financial purposes the Group used sales estimates weighted in addition to worst, low, mid and high probability where the next two years was estimated in detail. The WACC used for calculated NPV (Net Present Value) of Utsira is 10,10 % similar to comparable companies. Together, the weighted sales expectations and the WACC comprise the key input factors to the Group's impairment testing of multi-client library. WACC used for MCL Egypt is 12.44% due to higher country risk. A decrease in the company's sales expectations exceeding 1,5% would result in an impairment in the multi-client library. Similarly, an increase in WACC to 10,7% would result in an impairment in the multi-client library. The Group does not consider climate risk to have a significant impact on the estimates for the multi-client values per December 2022. CO2 Capsol AS The investment in CO2 Capsol is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 11.50 (NOK 24.795 in 2021) per share. The Group held 3,636,363 shares with a total value of USD 41.8 million (USD 10.3 million). The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in CO2 Capsol stock price is equal to an increase of USD 212 thousand and USD 511 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in CO2 Capsol is equal to a decrease of USD 212 thousand and USD 511 thousand, respectively. Dolphin Drilling AS The investment in Dolphin Drilling AS is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 12.868 per share. The Group held 1.714.568 shares with a total value of USD 2.2 million. The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in Dolphin Drilling stock price is equal to an increase of USD 112 thousand and USD 225 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Dolpin Drilling is equal to a decrease of USD USD 112 thousand and USD 225 thousand, respectively. Power By BritishVolt Limited The investment in Britishvolt is measured based on Level 3 inputs. The company is not listed, and the management has based fair value on analysis from financial advisors and information from the company. The Group is currently valuing Britishvolt at GBP 0.0 per share, which is based on the fact that the Company is under administration. The estimated fair value of the Group\u2019s investment in Power by Britishvolt Limited is USD zero (NOK zero) at the end of December 2022 No sensitivity is prepared for Britishvolt since the value is written down to zero as of December 2022. Arbaflame AS The investment in Arbaflame is measured based on level 3 inputs. The company is not listed, and management has therefore evaluated all available information and news from the company after the investment was made. Arbaflame had an equity private placement in November 2022 at NOK 0.83 per share and the Group use this value. Based on this valuation, the estimated fair value of the Group\u2019s investment in Arbaflame was USD 0.3 million (NOK 3.3 million) at the end of December 2022. Sensitivity: A 5% and 10% increase in Arbaflame stock price is equal to an increase of USD 17 thousand and USD 33 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Arbaflame is equal to a decrease of USD 17 thousand and USD 33 thousand, respectively. The Group does not consider climate risk to have a significant impact on the estimates for the fair value of investments per December 2022.USD 896 725 Nibor + 10% Term Loan (TGS) The TGS loan was fully repaid during the first quarter of 2022 and the security at the same time was resolved. The TGS loan was classified as non-current liabilities as of 31 December 2021. The TGS loan was secured by the Utsira multi-client survey as well as the shares in the company Axxis Multi Client AS.Due to the short-term nature of bank deposits, cash in hand, trade receivables and other current receivables, their carrying amount is considered to be the same as their fair value. Interest bearing loans are recognized initially at fair value less transaction costs. The TGS loan was settled during the first quarter of 2022. Subsequent to initial recognition, interest bearing loans are measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of profit or loss when the liabilities are derecognized as well as through the amortization process. The carrying value of borrowing is less amortized cost. The carrying amount of trade and other payables is considered to be approximately the same as their fair values, due to their short-term nature. Due to the court reconstruction in June 2021 all interest-bearing debt except the TGS loan was settled during 2021. Financial assets are from the ocean-bottom seismic contract node on a rope business that was divested in March 2022 through an earnout agreement with Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. This is level 3-inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). An entity shall include in the transaction price some or all of an amount of variable consideration estimated only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Group used best estimates and discounted to net present value. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The group has used a probability weighted cash flow and discounted with a WACC of 9.15%.. Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 of USD 3.0 million is just above the low case. The Group does not hold any financial derivatives.The Company has one class of shares, all shares provide equal rights, including the right to any dividends in line with 2021. Each of the shares carries one vote in line with 2021. Carbon Transition ASA has in September 2022 purchased own share with 5 263 157 shares at USD 0.5 million. The subsidiaries directly or indirectly do not own shares or treasury shares in the Company.The Group transactions and balances with other Group companies in 2022 were related to consultancy fees from companies representing some of the largest shareholders. There were no transactions with related parties in 2021.The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair of the Board or other related parties.The exercise price for the grants was fair value at the grant date. The options can be exercised by buying shares as settlement where one options give right to one share. For the 2021 grant, 25% of the options will be vested 30.03.2022, 30.09.22, 30.03.2023 and 30.09.2023. The fair value at grant date was 0.22 NOK/option. The fair value has been estimated using the Black-Scholes option pricing model. When calculating fair value at grant date, the Group has assumed a volatility of 47.31% from comparable peers in the oil and gas services for both grants, 0 expected dividends, and a risk-free interest rate of 1,011% for the 2021 grant.Basic earnings per share is calculated by dividing the net profit or loss attributable to shareholders of the Parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share include the weighted average number for ordinary shares that would be issued on the conversion of all the diluted potential ordinary shares into ordinary shares. The options described in note 21, are not included in the number of dilutive shares for 2022 or 2021 due to the options is out of money.Note 2.0 Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements comprise the Company and its subsidiaries. Subsidiaries are all entities over which the Company has control. Assets, liabilities, income, and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Company gains control until the date the Company ceases to control the subsidiary. All intra-group assets and liabilities, equity, income, expenses, and cash flows relating to transactions between members of the Group are eliminated in full consolidation. Presentation and functional currency The Group presents its consolidated financial reports in USD. The Functional currency is USD for the Group and its subsidiaries. Foreign Currency Transactions in foreign currencies are translated using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities in non-functional currencies are translated into functional currency spot rate of exchange ruling at the date of the balance sheet. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in non-functional currencies are recognized in the income statement. Revenue recognition Within the seismic segment the company previously operated two business models. In 2022 all revenue relates to multi-client late sales. In 2021 the company earned revenue from both multi-client late sales and contract seismic surveys. For accounting policy information for contract seismic surveys, see the annual report for 2021. Multi-client revenue (late sales) Multi-client is the granting of licenses to the Group\u2019s multi-client library. In the contracts the customer gets a non-exclusive right to use the data from a specific survey. The company owns multi-client libraries together with other parties, and are entitled to a defined portion of future revenues, The license payment is fixed and is required when the license is granted. The late sale revenue is recognized when a valid licensing agreement is signed, and the multi-client library data made accessible to the customer. Investment in financial assets at fair value through profit or loss Financial assets at fair value through profit and loss for the Group are equity instruments and convertible loan. Financial assets are classified at initial recognition, and subsequently measured at amortized cost, fair value through other comprehensive income (OCI), or at fair value through profit or loss, whereas the latter acquired principally for the purpose of generating a profit from fluctuation in prices is the most crucial for the Group. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. The Group indulges in investment in financial assets as part of its core business. The Group\u2019s non-current financial investments are characterized in addition to the Groups intention of sale, that this sale could typically be expected to occur within a two-year time frame. The non-current financial investments are therefore treated at fair value through profit or loss. All such instruments are classified as non-current financial investments, unless the Group exercises significant influence on the investment, in which case the investment will be classified as associate. Current investments are considered part of a held for trading portfolio if they are acquired for the purpose of selling or repurchasing in the near term. These investments are subsequently measured at fair value in the statement of financial position with net changes in fair value recognized in the statement of profit and loss. Investments subsequently measured at fair value over profit and loss in accordance with the fair value hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices). Level 3: Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Net unrealized and realized gain/losses on the portfolio of investments is classified as operating income, while net unrealized and realized losses is classified as operating expenses. 42 In cases where an investment changes classification between associate and non-current financial investment either way, the investment is derecognized and recognized in its new classification based on its fair value as of time of derecognition/recognition. The highest level achievable according to the IFRS fair-value hierarchy will be applied. Property, plant and equipment Property, plant, and equipment are stated at historical cost less accumulated depreciation and any accumulated impairment loss. The Group sold all of their seismic node equipment in March 2022. Leases The Company has elected to apply the recognition exemption to lease contracts with a duration of less than 12 months, or that relate to assets with an underlying low value. Lease payments associated with short-term leases and leases of low-value assets are expensed on a straight-line basis. Other short-term leases less than 12 months and payments of these leases are charged to the income statement on a straight-line basis over the period of the lease. Intangible assets Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intangible assets with defined useful lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and method are reviewed at least every financial year end. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. Multi-client library The multi-client library consists of geophysical data to be licensed to customers on a non-exclusive basis. Directly attributable costs associated with the production and development of multi-client projects such as data acquisition and processing, and direct project costs are capitalized. Cost directly attributable to data acquisition and processing include vessel costs, payroll and related costs for crew, project management, agent, other related project costs, hardware/software costs and mobilization costs when relocating a vessel to the survey areas. The multi-client library are amortized from the date the processed data are ready to be transferred to customers, using straight line amortization. Each project is evaluated individually for lifetime and the estimates are revised at least annually. Before the library is completed, the Group test for impairment at least annually. To ensure that value in use above net book value, the Group will perform an additional impairment test after each significant sale is recognized, as each customer will only acquire the full data-set once. Taxes a) Current income tax Current income tax assets and liabilities for the current and prior periods are measured using the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Withholding taxes are included in the tax expense to the extent that a tax credit is available in the income tax in the home state. Current income tax relating to items recognized directly in equity or other comprehensive is recognized in equity or other comprehensive income and not in the income statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. b) Deferred tax Deferred tax is provided for using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply when the related deferred tax asset is realized, or the deferred tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Employee benefits - Pension obligations The Company operates a defined contribution plan. The net pension cost for the period is presented as an employee expense in the line selling, general and administrative cost (SG&A). Share based payment The Group has an option plan for employees and one member of the Board. The fair value of options granted under the plan is recognized as an employee benefit expense with a corresponding increase in equity. 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 period, the Group revises its estimates of the number of options that are expected to vest, based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit and loss, with a corresponding adjustment to equity. Provisions Provisions are recognized when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Trade receivables Trade receivables sale of goods and services are held to collect contractual cash flows. They are initially recognized at the transaction price from sale of goods or services and are subsequent measured with a provision for expected credit loss. Impairment losses are measured at lifetime expected credit losses in accordance with IFRS 9. The Group\u2019s impairment model for trade receivable, contract assets and other current assets is a simplified approach based on lifetime expected credit losses (ECL). Impairment is based on an estimate of the probability of default for the financial assets reflecting an unbiased amount determined by evaluating a range of possible outcomes; the time value of money and reasonable available information related to past events, current conditions, and forecasts of future economic conditions. The Group uses an impairment model with the following characteristics: The receivables are organized based on the credit risk of the customers. The primary portfolio is the receivables where invoicing is done to customers with a high credit rating, typically large listed or state-owned oil companies. This portfolio has a low risk of default and therefore no impairment loss is initially recognized based on the expectation of all the accounts being paid. Further, an individual assessment is performed on specific customer receivables, typically if a customer is in known financial distress or has declared bankruptcy. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Financial liabilities Financial liabilities represent a contractual obligation to deliver cash in the future. Financial liabilities, except for derivatives, are initially recognized at fair value net of transaction costs directly attributable to the transaction and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment or when the Group is legally released from the primary responsibility for the liability. Financial instruments at amortized cost Financial assets and liabilities in this category are initially recognized as fair value, and subsequently carried at amortized cost, using the effective interest method less any allowance for impairment. This category includes accounts receivable, accounts payable and loans and other borrowings. Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents Cash and cash equivalents include cash at hand, deposits held at call with banks with original maturities of three months or less.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__55": { "value": "Note 4 Revenue and cost from contract with clients USD thousands Axxis Investment Total Income statement 2022 2022 2022 Other income 8 - 8 Multi-client projects late sales 7 250 - 7 250 Total revenue from contracts 7 258 - 7 258 with customers At a point in time 7 258 - 7 258 Total revenues from contracts 7 258 - 7 258 with customers USD thousands Axxis Investment Total Other gains (losses) 2022 2022 2022 Sale of node assets - earnout model 666 - 666 Total gain (losses) 666 - 666 The ocean-bottom seismic contract node on a rope business was divested in March 2022 through an earnout agreement with Magseis Fairfield. The net gain is from the sales of the seismic node business to Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The Group has used a probability weighted cash flow and discounted with a WACC of 9.15%.Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 is just above the low case of USD 3.0 million. This NPV has been offset by the sales net book value of the nodes sold at the time of divestment with a loss of USD 2.3 million, which resulted in a gain of USD 0.7 million. USD thousands Axxis Investment Total Income statement 2021 2021 2021 Contracts for seismic acquisition 9 117 - 9 117 Multi-client projects pre-funding - - - Multi-client projects late sales 5 535 - 5 535 Total revenue from contracts 14 653 - 14 653 with customers At a point in time 5 535 - 5 535 Over time 9 117 - 9 117 Total revenues from contracts 14 653 - 14 653 with customers Cost to fulfill contracts and cost to obtain contracts USD thousands Axxis Investment Total Income statement 2021 2021 2021 Contract assets Assets recognized for cost to fulfill a - - - contract in the balance 01.01.21 Assets recognized for costs to fulfill a contract (mobilization costs) 1 938 - 1 938 Amortization of assets recognized for cost to fulfill a contract (mobilization costs) (1 938) - (1 938) Total contract assets - - - Assets related to cost to fulfill and cost to obtain contracts is presented as other current assets in the balance. USD thousands Axxis Investment Total Other income 2021 2021 2021 Covid-19 compensation 1 163 - 1 163 Total other income 1 163 - 1 163", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__54": { "value": "Note 4 Revenue and cost from contract with clients USD thousands Axxis Investment Total Income statement 2022 2022 2022 Other income 8 - 8 Multi-client projects late sales 7 250 - 7 250 Total revenue from contracts 7 258 - 7 258 with customers At a point in time 7 258 - 7 258 Total revenues from contracts 7 258 - 7 258 with customers USD thousands Axxis Investment Total Other gains (losses) 2022 2022 2022 Sale of node assets - earnout model 666 - 666 Total gain (losses) 666 - 666 The ocean-bottom seismic contract node on a rope business was divested in March 2022 through an earnout agreement with Magseis Fairfield. The net gain is from the sales of the seismic node business to Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The Group has used a probability weighted cash flow and discounted with a WACC of 9.15%.Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 is just above the low case of USD 3.0 million. This NPV has been offset by the sales net book value of the nodes sold at the time of divestment with a loss of USD 2.3 million, which resulted in a gain of USD 0.7 million. USD thousands Axxis Investment Total Income statement 2021 2021 2021 Contracts for seismic acquisition 9 117 - 9 117 Multi-client projects pre-funding - - - Multi-client projects late sales 5 535 - 5 535 Total revenue from contracts 14 653 - 14 653 with customers At a point in time 5 535 - 5 535 Over time 9 117 - 9 117 Total revenues from contracts 14 653 - 14 653 with customers Cost to fulfill contracts and cost to obtain contracts USD thousands Axxis Investment Total Income statement 2021 2021 2021 Contract assets Assets recognized for cost to fulfill a - - - contract in the balance 01.01.21 Assets recognized for costs to fulfill a contract (mobilization costs) 1 938 - 1 938 Amortization of assets recognized for cost to fulfill a contract (mobilization costs) (1 938) - (1 938) Total contract assets - - - Assets related to cost to fulfill and cost to obtain contracts is presented as other current assets in the balance. USD thousands Axxis Investment Total Other income 2021 2021 2021 Covid-19 compensation 1 163 - 1 163 Total other income 1 163 - 1 163", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__57": { "value": "USD thousands Axxis Investment Total Other income 2021 2021 2021 Covid-19 compensation 1 163 - 1 163 Total other income 1 163 - 1 163", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__56": { "value": "USD thousands Axxis Investment Total Other income 2021 2021 2021 Covid-19 compensation 1 163 - 1 163 Total other income 1 163 - 1 163", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__58": { "value": "Note 5 Cost of sales USD thousands Cost of sales 2022 2021 Vessel cost (1) (3 786) Crew & project management (216) (2 165) Seismic, source and node equipment (56) (3 618) Agent related expenses (127) (1 632) Mobilization amortization - (1 938) Mobilization cost capitalized - 1 938 Reversal of cost previous period - 821 Total cost of sales (399) (10 381)", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__61": { "value": "Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__60": { "value": "Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__59": { "value": "Note 6 Financial items USD thousands Gain on debt restructuring 2022 2021 Gain on debt restructuring - 24 062 Total gain on restructuring - 24 062 Financial income 2022 2021 Interest income 7 2 Other financial income 45 - Total financial income 51 2 Financial expenses 2022 2021 Interest expense (69) (1 483) Interest expense suppliers - (246) Other financial expenses (12) (880) Total financial expenses (81) (2 610) Currency exchange gain (loss) 2022 2021 Exchange gains 1 404 1 928 Exchange losses (1 472) (2 765) Total exchange gain (loss) (69) (836) 53", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__66": { "value": "Note 7 Tax USD thousands 2022 2021 Specification of tax expense (income) for the year Current income tax (including withholding tax) - 90 Change in deferred tax - - Changes from previous years (1 758) 62 Total tax expense (income) (1 758) 152 Changes from previous year is related to change in accrual for corporate income tax in Egypt, where the taxes have not been settled. Reconciliation of actual against expected tax expense (income) at the income tax rate of 22% Profit (loss) before tax (362) 14 087 22% tax (80) 3 099 Tax effect from: Non taxable income - restructuring - 152 Withholding tax and corporate tax abroad 83 246 (1 Permanent differences (1 519) 909) Currency effect (708) (424) Difference in tax rate in foreign activities 5 (8) Changes from previous years (1 758) (1 Not booked deferred tax asset 2 219 004) Calculated tax expense (income) (1 758) 152 Effective tax rate for the Company 485,37 (1,08) USD thousands 31.12.2022 31.12.2021 Temporary differences Non current assets (6 387) (6 044) Trade receivables - - Other accruals - - Financial lease - - Accumulated loss carried forward (42 780) (57 223) Temporary differences at 31.12. (49 167) (63 267) Deferred tax assets (liabilities) 10 817 13 919 Per December 2022 the management evaluated the deferred tax assets to be uncertain when to be utilized. The same evaluation was performed per December 2021. The loss carried forward is in Norway and there are no time limits for use of the losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__65": { "value": "Note 7 Tax USD thousands 2022 2021 Specification of tax expense (income) for the year Current income tax (including withholding tax) - 90 Change in deferred tax - - Changes from previous years (1 758) 62 Total tax expense (income) (1 758) 152 Changes from previous year is related to change in accrual for corporate income tax in Egypt, where the taxes have not been settled. Reconciliation of actual against expected tax expense (income) at the income tax rate of 22% Profit (loss) before tax (362) 14 087 22% tax (80) 3 099 Tax effect from: Non taxable income - restructuring - 152 Withholding tax and corporate tax abroad 83 246 (1 Permanent differences (1 519) 909) Currency effect (708) (424) Difference in tax rate in foreign activities 5 (8) Changes from previous years (1 758) (1 Not booked deferred tax asset 2 219 004) Calculated tax expense (income) (1 758) 152 Effective tax rate for the Company 485,37 (1,08) USD thousands 31.12.2022 31.12.2021 Temporary differences Non current assets (6 387) (6 044) Trade receivables - - Other accruals - - Financial lease - - Accumulated loss carried forward (42 780) (57 223) Temporary differences at 31.12. (49 167) (63 267) Deferred tax assets (liabilities) 10 817 13 919 Per December 2022 the management evaluated the deferred tax assets to be uncertain when to be utilized. The same evaluation was performed per December 2021. The loss carried forward is in Norway and there are no time limits for use of the losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__68": { "value": "Note 8 Bank deposits, cash in hand USD thousands 31.12.2022 31.12.2021 Bank deposits 2 156 3 919 Restricted bank deposits 42 86 Total bank deposits 2 197 4 005 Restricted bank deposits relate to employee withholding tax. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The account can be used to settle employee withholding tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__67": { "value": "Note 8 Bank deposits, cash in hand USD thousands 31.12.2022 31.12.2021 Bank deposits 2 156 3 919 Restricted bank deposits 42 86 Total bank deposits 2 197 4 005 Restricted bank deposits relate to employee withholding tax. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The account can be used to settle employee withholding tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__69": { "value": "Restricted bank deposits relate to employee withholding tax. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The account can be used to settle employee withholding tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__71": { "value": "Note 9 Other current assets USD thousands 31.12.2022 31.12.2021 Prepayments 82 197 Accrued income 3 153 - Other current receivables 3 25 Total other current assets 3 238 222 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__70-1": { "value": "Note 9 Other current assets USD thousands 31.12.2022 31.12.2021 Prepayments 82 197 Accrued income 3 153 - Other current receivables 3 25 Total other current assets 3 238 222 Note 12 Investments USD thousands Non-current assets 31.12.2022 31.12.2021 Listed securities CO2 Capsol AS 4 246 10 228 Dolphin Drilling AS 2 245 - Listed securities 6 491 10 228 Unlisted securities Arbaflame AS 330 3 403 Power By BritishVolt Limited - Common shares - 3 175 - Options - 1 462 - 4 637 Unlisted securities 330 8 040 Total non-current assets 6 821 18 268 CO2 Capsol AS The investment in CO2 Capsol is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 11.50 (NOK 24.795 in 2021) per share. The Group held 3,636,363 shares with a total value of USD 41.8 million (USD 10.3 million). The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in CO2 Capsol stock price is equal to an increase of USD 212 thousand and USD 511 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in CO2 Capsol is equal to a decrease of USD 212 thousand and USD 511 thousand, respectively. Dolphin Drilling AS The investment in Dolphin Drilling AS is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 12.868 per share. The Group held 1.714.568 shares with a total value of USD 2.2 million. The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in Dolphin Drilling stock price is equal to an increase of USD 112 thousand and USD 225 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Dolpin Drilling is equal to a decrease of USD USD 112 thousand and USD 225 thousand, respectively. Power By BritishVolt Limited The investment in Britishvolt is measured based on Level 3 inputs. The company is not listed, and the management has based fair value on analysis from financial advisors and information from the company. The Group is currently valuing Britishvolt at GBP 0.0 per share, which is based on the fact that the Company is under administration. The estimated fair value of the Group\u2019s investment in Power by Britishvolt Limited is USD zero (NOK zero) at the end of December 2022 No sensitivity is prepared for Britishvolt since the value is written down to zero as of December 2022. Arbaflame AS The investment in Arbaflame is measured based on level 3 inputs. The company is not listed, and management has therefore evaluated all available information and news from the company after the investment was made. Arbaflame had an equity private placement in November 2022 at NOK 0.83 per share and the Group use this value. Based on this valuation, the estimated fair value of the Group\u2019s investment in Arbaflame was USD 0.3 million (NOK 3.3 million) at the end of December 2022. Sensitivity: A 5% and 10% increase in Arbaflame stock price is equal to an increase of USD 17 thousand and USD 33 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Arbaflame is equal to a decrease of USD 17 thousand and USD 33 thousand, respectively. The Group does not consider climate risk to have a significant impact on the estimates for the fair value of investments per December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__73": { "value": "Note 10 Property, plant and equipment Seismic and Projects Total node in Computer Lease tangible USD thousands Vessel equipment progress equipment asset assets 2022 Cost at 01.01.22 - 11 388 - 364 305 12 057 Additions - - - - - - Disposal - (10 000) - - - (10 000) Cost at 31.12.22 - 1 388 - 364 305 2 057 Accumulated depreciation 01.01.22 (0) (7 976) - (353) (305) (8 633) Depreciation - (548) - (11) - (560) Disposal (0) 7 136 - - - 7 136 Accumulated depreciation at 31.12.22 (0) (1 388) - (364) (305) (2 057) Carrying amount at 01.01.22 (0) 3 412 - 11 0 3 423 Carrying amount at 31.12.22 (0) 0 - (0) 0 (0) 3-10 2-5 Economic lifetime years 3-5 years 3-10 years years Seismic and Projects Total node in Computer Lease tangible USD thousands Vessel equipment progress equipment asset assets 2021 Cost at 01.01.21 8 171 17 372 29 364 489 26 425 Additions - - - - - - Disposal (5 459) (5 171) (29) - (184) (10 843) Impairment (2 711) (813) - - - (3 524) Cost at 31.12.21 - 11 388 - 364 305 12 057 Accumulated depreciation 01.01.21 (4 717) (9 259) - (235) (420) (14 631) Depreciation (351) (2 967) - (117) (69) (3 505) Disposal 5 067 4 251 - - 184 9 502 Impairment - - - - - - Accumulated depreciation at 31.12.21 (0) (7 976) - (353) (305) (8 633) Carrying amount at 01.01.21 3 454 8 114 29 128 69 11 794 Carrying amount at 31.12.21 (0) 3 412 - 11 0 3 423 3-10 2-5 Economic lifetime years 3-5 years 3-10 years years 56 The climate risk for stranded equipment is evaluated as low, since the Group has sold the node seismic equipment in March 2022. The book value of assets is zero at the end of 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__72": { "value": "Note 10 Property, plant and equipment Seismic and Projects Total node in Computer Lease tangible USD thousands Vessel equipment progress equipment asset assets 2022 Cost at 01.01.22 - 11 388 - 364 305 12 057 Additions - - - - - - Disposal - (10 000) - - - (10 000) Cost at 31.12.22 - 1 388 - 364 305 2 057 Accumulated depreciation 01.01.22 (0) (7 976) - (353) (305) (8 633) Depreciation - (548) - (11) - (560) Disposal (0) 7 136 - - - 7 136 Accumulated depreciation at 31.12.22 (0) (1 388) - (364) (305) (2 057) Carrying amount at 01.01.22 (0) 3 412 - 11 0 3 423 Carrying amount at 31.12.22 (0) 0 - (0) 0 (0) 3-10 2-5 Economic lifetime years 3-5 years 3-10 years years Seismic and Projects Total node in Computer Lease tangible USD thousands Vessel equipment progress equipment asset assets 2021 Cost at 01.01.21 8 171 17 372 29 364 489 26 425 Additions - - - - - - Disposal (5 459) (5 171) (29) - (184) (10 843) Impairment (2 711) (813) - - - (3 524) Cost at 31.12.21 - 11 388 - 364 305 12 057 Accumulated depreciation 01.01.21 (4 717) (9 259) - (235) (420) (14 631) Depreciation (351) (2 967) - (117) (69) (3 505) Disposal 5 067 4 251 - - 184 9 502 Impairment - - - - - - Accumulated depreciation at 31.12.21 (0) (7 976) - (353) (305) (8 633) Carrying amount at 01.01.21 3 454 8 114 29 128 69 11 794 Carrying amount at 31.12.21 (0) 3 412 - 11 0 3 423 3-10 2-5 Economic lifetime years 3-5 years 3-10 years years 56 The climate risk for stranded equipment is evaluated as low, since the Group has sold the node seismic equipment in March 2022. The book value of assets is zero at the end of 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__76": { "value": "Note 11 Intangible assets USD thousands 31.12.2022 31.12.2021 Cost as of 01.01 92 881 92 881 Capitalized costs - - Cost as of 31.12 92 881 92 881 Accumulated amortization and impairment as of 01.01 (64 025) (56 713) Amortization for the period (3 983) (7 312) Write-up (reversal of impairment) 12 618 - Accumulated amortization and impairment as of 31.12 (55 390) (64 025) Carrying value at 01.01 28 856 36 168 Carrying value at 31.12 37 491 28 856 In March 2022 the Group's Norwegian multi-client library Utsira in the North Sea was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. In December 2022, a reprocessing agreement for the Utsira project was signed with reprocessing from CGG and with pre-funding from two major oil companies. Due to this new reprocessing agreement the Utsira was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late sales. Fair value less cost of disposal is used to determine this amount. Fair value less costs to sell is the arm's length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate. The Group used the same discounted rate as the WACC in the fair value calculation of 10.10%. The company has no fully amortized intangible assets that are still in use per 31 December 2022. TGS had a pledge as collateral in the multi-client project Utsira in 2021 until March 2022 when the interest-bearing debt to TGS was repaid. The Group's Egyptian multi-client library in the Suez has a cap of late sales and deviate from the WACC used for Utsira. The multi-client segment consists of multiple seismic data surveys that comprise the segment. As of 31 December 2022, the Group owns two multiclient surveys, each considered a separate CGU and impairment tested separately. The multi-client survey of Utsira has so far been amortized from the date the processed data was ready to be transferred to customers in Q3 2020 with a lifetime of 4 years. From January 2022 the lifetime was changed from 4 to 10 years, with the remaining year of 8.5 from January 2022. The multi-client survey in Egypt finalized processing per September 2022, and amortization started in Q3 2022 with a lifetime of 4 years. According to IFRS the multi-client library should be tested for impairment if the circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The Group performs quarterly testing for impairment where the sales estimate is updated for each quarterly evaluation. The industry is known for uncertainty of when the late sales will happen, rather than the size of the late sales. For financial purposes the Group used sales estimates weighted in addition to worst, low, mid and high probability where the next two years was estimated in detail. The WACC used for calculated NPV (Net Present Value) of Utsira is 10,10 % similar to comparable companies. Together, the weighted sales expectations and the WACC comprise the key input factors to the Group's impairment testing of multi-client library. WACC used for MCL Egypt is 12.44% due to higher country risk. A decrease in the company's sales expectations exceeding 1,5% would result in an impairment in the multi-client library. Similarly, an increase in WACC to 10,7% would result in an impairment in the multi-client library. The Group does not consider climate risk to have a significant impact on the estimates for the multi-client values per December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__75": { "value": "Note 11 Intangible assets USD thousands 31.12.2022 31.12.2021 Cost as of 01.01 92 881 92 881 Capitalized costs - - Cost as of 31.12 92 881 92 881 Accumulated amortization and impairment as of 01.01 (64 025) (56 713) Amortization for the period (3 983) (7 312) Write-up (reversal of impairment) 12 618 - Accumulated amortization and impairment as of 31.12 (55 390) (64 025) Carrying value at 01.01 28 856 36 168 Carrying value at 31.12 37 491 28 856 In March 2022 the Group's Norwegian multi-client library Utsira in the North Sea was written up (reversal of a portion of the 2019 and 2020 impairment), which increased the value with USD 5.6 million based on expectation for future late sales. In December 2022, a reprocessing agreement for the Utsira project was signed with reprocessing from CGG and with pre-funding from two major oil companies. Due to this new reprocessing agreement the Utsira was written up (reversal of a portion of the 2019 and 2020 impairment) with USD 7.0 million based on expectation for future late sales. Fair value less cost of disposal is used to determine this amount. Fair value less costs to sell is the arm's length sale price between knowledgeable willing parties less costs of disposal. The value in use of an asset is the expected future cash flows that the asset in its current condition will produce, discounted to present value using an appropriate discount rate. The Group used the same discounted rate as the WACC in the fair value calculation of 10.10%. The company has no fully amortized intangible assets that are still in use per 31 December 2022. TGS had a pledge as collateral in the multi-client project Utsira in 2021 until March 2022 when the interest-bearing debt to TGS was repaid. The Group's Egyptian multi-client library in the Suez has a cap of late sales and deviate from the WACC used for Utsira. The multi-client segment consists of multiple seismic data surveys that comprise the segment. As of 31 December 2022, the Group owns two multiclient surveys, each considered a separate CGU and impairment tested separately. The multi-client survey of Utsira has so far been amortized from the date the processed data was ready to be transferred to customers in Q3 2020 with a lifetime of 4 years. From January 2022 the lifetime was changed from 4 to 10 years, with the remaining year of 8.5 from January 2022. The multi-client survey in Egypt finalized processing per September 2022, and amortization started in Q3 2022 with a lifetime of 4 years. According to IFRS the multi-client library should be tested for impairment if the circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. The Group performs quarterly testing for impairment where the sales estimate is updated for each quarterly evaluation. The industry is known for uncertainty of when the late sales will happen, rather than the size of the late sales. For financial purposes the Group used sales estimates weighted in addition to worst, low, mid and high probability where the next two years was estimated in detail. The WACC used for calculated NPV (Net Present Value) of Utsira is 10,10 % similar to comparable companies. Together, the weighted sales expectations and the WACC comprise the key input factors to the Group's impairment testing of multi-client library. WACC used for MCL Egypt is 12.44% due to higher country risk. A decrease in the company's sales expectations exceeding 1,5% would result in an impairment in the multi-client library. Similarly, an increase in WACC to 10,7% would result in an impairment in the multi-client library. The Group does not consider climate risk to have a significant impact on the estimates for the multi-client values per December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__79": { "value": "Note 12 Investments USD thousands Non-current assets 31.12.2022 31.12.2021 Listed securities CO2 Capsol AS 4 246 10 228 Dolphin Drilling AS 2 245 - Listed securities 6 491 10 228 Unlisted securities Arbaflame AS 330 3 403 Power By BritishVolt Limited - Common shares - 3 175 - Options - 1 462 - 4 637 Unlisted securities 330 8 040 Total non-current assets 6 821 18 268 CO2 Capsol AS The investment in CO2 Capsol is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 11.50 (NOK 24.795 in 2021) per share. The Group held 3,636,363 shares with a total value of USD 41.8 million (USD 10.3 million). The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in CO2 Capsol stock price is equal to an increase of USD 212 thousand and USD 511 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in CO2 Capsol is equal to a decrease of USD 212 thousand and USD 511 thousand, respectively. Dolphin Drilling AS The investment in Dolphin Drilling AS is valued based on Level 1 inputs, quoted prices in active markets. Year-end closing price was NOK 12.868 per share. The Group held 1.714.568 shares with a total value of USD 2.2 million. The valuation of traded shares is based on quoted prices in active markets. Market price changes subsequent to year end may have a significant impact on the overall fair value of investments. Sensitivity: A 5% and 10% increase in Dolphin Drilling stock price is equal to an increase of USD 112 thousand and USD 225 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Dolpin Drilling is equal to a decrease of USD USD 112 thousand and USD 225 thousand, respectively. Power By BritishVolt Limited The investment in Britishvolt is measured based on Level 3 inputs. The company is not listed, and the management has based fair value on analysis from financial advisors and information from the company. The Group is currently valuing Britishvolt at GBP 0.0 per share, which is based on the fact that the Company is under administration. The estimated fair value of the Group\u2019s investment in Power by Britishvolt Limited is USD zero (NOK zero) at the end of December 2022 No sensitivity is prepared for Britishvolt since the value is written down to zero as of December 2022. Arbaflame AS The investment in Arbaflame is measured based on level 3 inputs. The company is not listed, and management has therefore evaluated all available information and news from the company after the investment was made. Arbaflame had an equity private placement in November 2022 at NOK 0.83 per share and the Group use this value. Based on this valuation, the estimated fair value of the Group\u2019s investment in Arbaflame was USD 0.3 million (NOK 3.3 million) at the end of December 2022. Sensitivity: A 5% and 10% increase in Arbaflame stock price is equal to an increase of USD 17 thousand and USD 33 thousand in value, respectively. Likewise, a 5% and 10% decrease in stock price in Arbaflame is equal to a decrease of USD 17 thousand and USD 33 thousand, respectively. The Group does not consider climate risk to have a significant impact on the estimates for the fair value of investments per December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__80": { "value": "Note 13 Interest bearing debt and cash flow information USD 896 725 Nibor + 10% Term Loan (TGS) The TGS loan was fully repaid during the first quarter of 2022 and the security at the same time was resolved. The TGS loan was classified as non-current liabilities as of 31 December 2021. The TGS loan was secured by the Utsira multi-client survey as well as the shares in the company Axxis Multi Client AS. Liabilities arising from financing activities Interest bearing Lease USD thousands debt liabilities Total 01.01.2022 896 - 896 Repayment of interest-bearing debt (896) - (896) Payment of lease liabilities - - Other - - - Reclassification - - - 31.12.2022 - - - Liabilities arising from financing activities Interest bearing Lease USD thousands debt liabilities Total 01.01.2021 33 906 73 33 979 Repayment of interest-bearing debt (2 295) - (2 295) Payment of lease liabilities (73) Other* (30 716) - (30 716) Reclassification - - - 31.12.2021 896 - 896 * Mainly related to debt forgiveness related to the reconstruction process.", "dimensions": { "concept": "CAR:DisclosureOfInterestBearingDebt", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__81": { "value": "Note 14 Financial risk management The Group changed name to Carbon Transition ASA during 2021 following the restructuring in June 2021. The Group has a legacy seismic business operating under the name Axxis Geo Solutions, with a multi-client data library. The investment segment was new from 2021. The Group has a strategy to invest in listed companies as well as companies expected to be listed in the near term. Investments must meet the criteria for risk and return set by the board of directors. The Group is exposed to market specific and general economic cycles and macro-economic fluctuations, since changes in the general economic situation affect the demand for products and services provided by companies the Group invests in. The performance of the business operating under the name Axxis Geo Solutions is also dependent on production and development spending by oil and gas companies. Historically, in times of low oil prices, demand for seismic data has been significantly reduced. Capital Management For the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group manages its capital structure and adjusts considering changes in economic conditions. To maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, repay or issue new debt. The Group\u2019s capital management, among other things, aims to ensure that it fulfils if any borrowings that define capital structure requirements. Any breaches in meeting the financial terms if any would permit the borrower to immediately call borrowings. Market risk - price risk For information regarding market risk- price risk see note 12. Financing risk The Group fully repaid the TGS loan during 2022 and ended in December 2022 with zero external debt. During 2021 the Company successfully completed a legal court reconstruction and almost all debt was settled. There was only debt to TGS in the Group per year-end 2021. The purpose of these financial instruments was to ensure that the Group has financial flexibility for investments that were necessary for the Group's operations. In addition, the Group has items such as trade receivables, trade payables etc. which is directly related regular business operations. The Group does not use financial instruments for hedging purposes. Risk management procedures have been established by the Board and handled by the CFO. The Group is exposed to financial risk linked to interest rate risk, liquidity risk, currency risk and credit risk. The Group's management has a continuous assessment to identify and evaluate financial risks and sets guidelines for how to handle them. The Group does not have any financial derivatives in 2022 or 2021. (i) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group is mainly exposed to credit risk related to trade receivables and other current receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Current and expected future customers are oil and gas companies with sound credit ratings. Also, for other companies in the industry, historic credit losses have been negligible. Because the expected credit loss has been negligible. Because the expected credit loss is a clearly immaterial amount, no provision has been made. 62 Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due without special agreement in advance. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. All trade receivable was fully paid during 2022 and 2021, and therefore no provision for losses. (ii) Market risk - interest rate The Group does not use financial instruments to hedge interest rate risk. Trade and other receivables and trade and other payables are interest free and with a term of less than one year, so there is no significant interest rate risk associated with these financial assets and liabilities. The Group has no debt as per December 2022. The Group's sensitivity to potential changes in interest rates with an increase in 50 basis points would increase interest expense for 2021 with USD 38 thousands. (iii) Liquidity risk Liquidity risk is the risk that the Company is not able to meet its payment obligations. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Group's strategy for managing liquidity risk is to always have sufficient liquidity in order to meet its financial liabilities at maturity, both under normal and exceptional circumstances, without risking unacceptable losses or at the expense of the Group`s reputation. The Group may need access to long-term funding. There can be no assurance that available funding sources are accessible when needed nor can there be any assurance that the Group will be able to raise new equity on favorable terms and in amounts necessary to conduct its on-going and future operations, should this be required. Furthermore, there can be no assurance that the Group will be able to obtain additional shareholder funding. Failure to access necessary liquidity could require the Group to scale back its operations or could have other materially adverse consequences for its business and its ability to meet its obligations. The table below provides an overview of the maturity profile of all financial liabilities. For bank loans the stated amount includes estimated interest payments. In cases where the counterparty may claim earlier redemption, the amount is placed in the earliest period and the payment may be required from the counterparty. 2022 Remaining Term 0-3 3-6 6-9 9-12 USD thousands months months months months 1-2 years Total Trade payables 88 - - - - 88 Other current 5 037 liabilities 634 - - 4 403 - Total 723 - - 4 403 - 5 125 (iv) Market risk - foreign exchange rates The Group operates internationally and is exposed to foreign exchange risk, primarily from the NOK and EGP. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant group entity. The Group is exposed to currency risk as a large part of the group\u2019s expenses are denominated in NOK. Profit after tax for the Group is also affected by changes in exchange rates, as expenses and payables are converted to USD. The NOK denominated payables are expected to be repaid with receipts from US dollar denominated sales. The foreign currency exposure of these loans has not been hedged. The table below shows the Group's sensitivity to potential changes in exchange rates. The calculation considers the currency translation of all consolidated foreign subsidiaries. The calculation in the table shows the effect on consolidated profit / loss on the average exchange rate. Change in exchange USD thousands rate Effect on profit Effect on USD/NOK before tax OCI 2022 + 10 % (21) - - 10 % 25 - 2021 + 10 % 1 486 - - 10 % (1 816) - The Group`s operations in foreign countries expose it to risks related to foreign currency movements. Currency exchange rates fluctuate due to several factors, and these include international balance of payments, economic and financial conditions, government intervention, speculation, and other factors. Changes in currency exchange rates relative to the USD may affect the USD valued assets and liabilities of the Group \u2013 primarily the tax exposure in USD and NOK. Changes in currency may also affect the Group\u2019s local expenses when operating abroad. The Group\u2019s expenses are primarily in USD and NOK. As such, the Group\u2019s earnings are exposed to fluctuations in the foreign currency market.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__82": { "value": "Capital Management For the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The Group manages its capital structure and adjusts considering changes in economic conditions. To maintain or adjust the capital structure, the Group may return capital to shareholders, issue new shares, repay or issue new debt. The Group\u2019s capital management, among other things, aims to ensure that it fulfils if any borrowings that define capital structure requirements. Any breaches in meeting the financial terms if any would permit the borrower to immediately call borrowings. Market risk - price risk For information regarding market risk- price risk see note 12. Financing risk The Group fully repaid the TGS loan during 2022 and ended in December 2022 with zero external debt. During 2021 the Company successfully completed a legal court reconstruction and almost all debt was settled. There was only debt to TGS in the Group per year-end 2021. The purpose of these financial instruments was to ensure that the Group has financial flexibility for investments that were necessary for the Group's operations. In addition, the Group has items such as trade receivables, trade payables etc. which is directly related regular business operations. The Group does not use financial instruments for hedging purposes. Risk management procedures have been established by the Board and handled by the CFO. The Group is exposed to financial risk linked to interest rate risk, liquidity risk, currency risk and credit risk. The Group's management has a continuous assessment to identify and evaluate financial risks and sets guidelines for how to handle them. The Group does not have any financial derivatives in 2022 or 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__83": { "value": "(i) Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group is mainly exposed to credit risk related to trade receivables and other current receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. Current and expected future customers are oil and gas companies with sound credit ratings. Also, for other companies in the industry, historic credit losses have been negligible. Because the expected credit loss has been negligible. Because the expected credit loss is a clearly immaterial amount, no provision has been made. 62 Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due without special agreement in advance. Impairment losses on trade receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. All trade receivable was fully paid during 2022 and 2021, and therefore no provision for losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__84-1": { "value": "(ii) Market risk - interest rate The Group does not use financial instruments to hedge interest rate risk. Trade and other receivables and trade and other payables are interest free and with a term of less than one year, so there is no significant interest rate risk associated with these financial assets and liabilities. The Group has no debt as per December 2022. The Group's sensitivity to potential changes in interest rates with an increase in 50 basis points would increase interest expense for 2021 with USD 38 thousands. (iv) Market risk - foreign exchange rates The Group operates internationally and is exposed to foreign exchange risk, primarily from the NOK and EGP. Foreign exchange risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant group entity. The Group is exposed to currency risk as a large part of the group\u2019s expenses are denominated in NOK. Profit after tax for the Group is also affected by changes in exchange rates, as expenses and payables are converted to USD. The NOK denominated payables are expected to be repaid with receipts from US dollar denominated sales. The foreign currency exposure of these loans has not been hedged. The table below shows the Group's sensitivity to potential changes in exchange rates. The calculation considers the currency translation of all consolidated foreign subsidiaries. The calculation in the table shows the effect on consolidated profit / loss on the average exchange rate. Change in exchange USD thousands rate Effect on profit Effect on USD/NOK before tax OCI 2022 + 10 % (21) - - 10 % 25 - 2021 + 10 % 1 486 - - 10 % (1 816) - The Group`s operations in foreign countries expose it to risks related to foreign currency movements. Currency exchange rates fluctuate due to several factors, and these include international balance of payments, economic and financial conditions, government intervention, speculation, and other factors. Changes in currency exchange rates relative to the USD may affect the USD valued assets and liabilities of the Group \u2013 primarily the tax exposure in USD and NOK. Changes in currency may also affect the Group\u2019s local expenses when operating abroad. The Group\u2019s expenses are primarily in USD and NOK. As such, the Group\u2019s earnings are exposed to fluctuations in the foreign currency market.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__85": { "value": "(iii) Liquidity risk Liquidity risk is the risk that the Company is not able to meet its payment obligations. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Group's strategy for managing liquidity risk is to always have sufficient liquidity in order to meet its financial liabilities at maturity, both under normal and exceptional circumstances, without risking unacceptable losses or at the expense of the Group`s reputation. The Group may need access to long-term funding. There can be no assurance that available funding sources are accessible when needed nor can there be any assurance that the Group will be able to raise new equity on favorable terms and in amounts necessary to conduct its on-going and future operations, should this be required. Furthermore, there can be no assurance that the Group will be able to obtain additional shareholder funding. Failure to access necessary liquidity could require the Group to scale back its operations or could have other materially adverse consequences for its business and its ability to meet its obligations. The table below provides an overview of the maturity profile of all financial liabilities. For bank loans the stated amount includes estimated interest payments. In cases where the counterparty may claim earlier redemption, the amount is placed in the earliest period and the payment may be required from the counterparty. 2022 Remaining Term 0-3 3-6 6-9 9-12 USD thousands months months months months 1-2 years Total Trade payables 88 - - - - 88 Other current 5 037 liabilities 634 - - 4 403 - Total 723 - - 4 403 - 5 125", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__88": { "value": "Due to the short-term nature of bank deposits, cash in hand, trade receivables and other current receivables, their carrying amount is considered to be the same as their fair value. Interest bearing loans are recognized initially at fair value less transaction costs. The TGS loan was settled during the first quarter of 2022. Subsequent to initial recognition, interest bearing loans are measured at amortized cost using the effective interest method. Gains and losses are recognized in the consolidated statements of profit or loss when the liabilities are derecognized as well as through the amortization process. The carrying value of borrowing is less amortized cost. The carrying amount of trade and other payables is considered to be approximately the same as their fair values, due to their short-term nature. Due to the court reconstruction in June 2021 all interest-bearing debt except the TGS loan was settled during 2021. Financial assets are from the ocean-bottom seismic contract node on a rope business that was divested in March 2022 through an earnout agreement with Magseis Fairfield. Under the agreement, Carbon Transition received USD 0.5 million at closing and will receive earnout payments of up to a maximum of USD 12.0 million over the next three years, based on the use of the equipment. There is a minimum payment in year three of USD 1.5 million, subject to certain milestones. This is level 3-inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). An entity shall include in the transaction price some or all of an amount of variable consideration estimated only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Group used best estimates and discounted to net present value. As basis for the gain calculation, the Group has estimated total revenues, and the resulting payments to Carbon, for the three year period. The group has used a probability weighted cash flow and discounted with a WACC of 9.15%.. Two scenarios have been calculated as high and as low scenario. The NPV per 31.12.2022 of USD 3.0 million is just above the low case. The Group does not hold any financial derivatives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__89": { "value": "Note 16 Leases and commitments Leases For the Group only office rental comes under the classification of leases. As of 31 December 2022, and 2021, the Group has no lease liabilities. The reason is that the commitment related to office rent expires in September 2023. Commitments: As of December 2022, the Group had commitments related to office rent for the Oslo office until September 2023. As of December 2021, the Group had commitments related to office rent for the Oslo Office until September 2022 and for the Houston office until April 2022. The cost for short term leases of office rent for 2022 was USD 0.1 million and USD 0.1 million for 2021. The cost for short term leases of seismic equipment was zero in 2022 and USD 2.4 million in 2021. The cost for short-term leases of vessels was zero in 2022 and USD 2.8 million in 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__90": { "value": "For the Group only office rental comes under the classification of leases. As of 31 December 2022, and 2021, the Group has no lease liabilities. The reason is that the commitment related to office rent expires in September 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__95": { "value": "Note 17 Other current liabilities USD thousands 31.12.2022 31.12.2021 Holiday pay owed 68 146 Egyptian tax * 2 121 3 923 Other accrued costs 127 672 VAT settlement 440 (267) Total other current liabilities 2 755 4 475 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP. The Group expects the Egyptian tax to be reduced, but since the taxes is not settled as of December 2022, the Group has decided to keep same tax level in EGP as for 2021. However, due to currency exchange development in Egypt EGP vs USD, the amount in USD is reduced.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__94": { "value": "Note 17 Other current liabilities USD thousands 31.12.2022 31.12.2021 Holiday pay owed 68 146 Egyptian tax * 2 121 3 923 Other accrued costs 127 672 VAT settlement 440 (267) Total other current liabilities 2 755 4 475 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP. The Group expects the Egyptian tax to be reduced, but since the taxes is not settled as of December 2022, the Group has decided to keep same tax level in EGP as for 2021. However, due to currency exchange development in Egypt EGP vs USD, the amount in USD is reduced.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__93": { "value": "Note 17 Other current liabilities USD thousands 31.12.2022 31.12.2021 Holiday pay owed 68 146 Egyptian tax * 2 121 3 923 Other accrued costs 127 672 VAT settlement 440 (267) Total other current liabilities 2 755 4 475 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP. The Group expects the Egyptian tax to be reduced, but since the taxes is not settled as of December 2022, the Group has decided to keep same tax level in EGP as for 2021. However, due to currency exchange development in Egypt EGP vs USD, the amount in USD is reduced.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__92": { "value": "Note 17 Other current liabilities USD thousands 31.12.2022 31.12.2021 Holiday pay owed 68 146 Egyptian tax * 2 121 3 923 Other accrued costs 127 672 VAT settlement 440 (267) Total other current liabilities 2 755 4 475 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP. The Group expects the Egyptian tax to be reduced, but since the taxes is not settled as of December 2022, the Group has decided to keep same tax level in EGP as for 2021. However, due to currency exchange development in Egypt EGP vs USD, the amount in USD is reduced.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__91": { "value": "Note 17 Other current liabilities USD thousands 31.12.2022 31.12.2021 Holiday pay owed 68 146 Egyptian tax * 2 121 3 923 Other accrued costs 127 672 VAT settlement 440 (267) Total other current liabilities 2 755 4 475 * These taxes payables are related to Egyptian taxes for withholding and crew related tax originally in EGP. The Group expects the Egyptian tax to be reduced, but since the taxes is not settled as of December 2022, the Group has decided to keep same tax level in EGP as for 2021. However, due to currency exchange development in Egypt EGP vs USD, the amount in USD is reduced.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__96": { "value": "Note 18 Share capital and shareholder information The Company's share capital per 31.12.2022 include Share Capital Par Value the following: Number of shares in NOK per share Ordinary shares (one share = one vote) 239 760 117 239 760 117 1,00 The Company has one class of shares, all shares provide equal rights, including the right to any dividends in line with 2021. Each of the shares carries one vote in line with 2021. Carbon Transition ASA has in September 2022 purchased own share with 5 263 157 shares at USD 0.5 million. The subsidiaries directly or indirectly do not own shares or treasury shares in the Company. Changes in number of shares Shares Number of shares 01.01.2022 239 760 117 Own shares 31.12.2022 5 263 157 Number of shares 31.12.2022 234 496 960 Paid/proposed dividend The board has decided not to propose any dividend for 2022 or 2021. 67 The major shareholders in Carbon Transition ASA 31 December 2022 were as follows: Ownership Shareholders Total shares share Voting share INVESTERINGSFONDET VIKING AS 28 000 000 11,7% 11,7% TIGERSTADEN AS 16 250 000 6,8% 6,8% F2 FUNDS AS 11 848 719 4,9% 4,9% ALDEN AS 11 265 384 4,7% 4,7% F1 FUNDS AS 10 642 170 4,4% 4,4% DNB BANK ASA 9 300 000 3,9% 3,9% BECK ASSET MANAGEMENT AS 9 012 307 3,8% 3,8% GINNY INVEST AS 7 250 230 3,0% 3,0% BALLISTA AS 6 323 231 2,6% 2,6% URTIVEN AS 6 300 000 2,6% 2,6% Q CAPITAL AS 5 869 230 2,4% 2,4% PHILIP HOLDING AS 5 750 230 2,4% 2,4% CARBON TRANSITION ASA 5 263 157 2,2% 2,2% REDBACK AS 5 000 000 2,1% 2,1% TTC INVEST AS 4 000 000 1,7% 1,7% Nordnet Bank AB 3 472 800 1,4% 1,4% SIX SIS AG 3 451 756 1,4% 1,4% LIVERMORE INVEST AS 3 092 249 1,3% 1,3% KING KONG INVEST AS 3 000 000 1,3% 1,3% NORDNET LIVSFORSIKRING AS 2 975 849 1,2% 1,2% Total 20 largest shareholders 158 067 312 65,9% 65,9% Total other shareholders 81 692 805 34,1% 34,1% Total number of shares 239 760 117 100,0% 100,0% The major shareholders in Carbon Transition ASA 31 December 2021 were as follows: Ownership Shareholders Total shares share Voting share INVESTERINGSFONDET VIKING AS 28 000 000 11,7% 11,7% MIDDELBORG INVEST AS 14 538 461 6,1% 6,1% TIGERSTADEN AS 13 760 459 5,7% 5,7% ALDEN AS 11 265 384 4,7% 4,7% SPAREBANK 1 MARKETS AS 11 180 000 4,7% 4,7% F2 FUNDS AS 9 250 000 3,9% 3,9% BECK ASSET MANAGEMENT AS 9 012 307 3,8% 3,8% F1 FUNDS AS 8 427 223 3,5% 3,5% URTIVEN AS 8 230 770 3,4% 3,4% GINNY INVEST AS 6 250 230 2,6% 2,6% DNB BANK ASA 6 225 280 2,6% 2,6% PHILIP HOLDING AS 5 750 230 2,4% 2,4% Q CAPITAL AS 5 619 230 2,3% 2,3% REDBACK AS 5 000 000 2,1% 2,1% TTC INVEST AS 4 000 000 1,7% 1,7% Nordnet Bank AB 3 758 002 1,6% 1,6% LIVERMORE INVEST AS 3 079 615 1,3% 1,3% Skandinaviska Enskilda Banken AB 2 500 000 1,0% 1,0% NORDNET LIVSFORSIKRING AS 2 089 077 0,9% 0,9% CITADELL AS 2 000 000 0,8% 0,8% Total 20 largest shareholders 159 936 268 66,7% 66,7% Total other shareholders 79 823 849 33,3% 33,3% Total number of shares 239 760 117 100,0% 100,0% Shares owned or controlled by members of the Board of Directors, Chief Executive Officer and Other Executive Officers 31 December 2022 were as follows: Number Ownership of Board of Directors Position Total shares share Voting share options Torstein Sanness Board member 285 000 0,0 % 0,0 % 800 000 Share and options owned by management 31 December 2022 were as follows: Executive Number of Number of management Position shares options Nils Haugestad Interim CEO and CFO (Interim CEO from Interim CEO 9.12.2021) and CFO - - 69 Shares owned or controlled by members of the Board of Directors, Chief Executive Officer and Other Executive Officers 31 December 2021 were as follows: Number Ownership of Board of Directors Position Total shares share Voting share options Gisle Gr\u00f8nlie Chairman 134 000 0,0 % 0,0 % 800 000 Torstein Sanness Board member 285 000 0,0 % 0,0 % 800 000 Share and options owned by management 31 December 2021 were as follows: Executive Number of Number of management Position shares options Nils Haugestad Interim CEO and CFO (Interim CEO from Interim CEO 9.12.2021) and CFO - - EVP Richard Dunlop Operations 14 423 10 640", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__97": { "value": "Paid/proposed dividend The board has decided not to propose any dividend for 2022 or 2021. 67", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__98": { "value": "Note 19 Related parties The ultimate Parent of the Group is Carbon Transition ASA. The Group transactions and balances with other Group companies in 2022 were related to consultancy fees from companies representing some of the largest shareholders. There were no transactions with related parties in 2021. Transactions with related parties USD thousands 2022 2021 Consultancy services: Citadell AS controlled by Fredrik Sneve 68 - Middelborg AS controlled by Lars Eriksen 70 - Balances with related parties USD thousands 31.12.2022 31.12.2021 Account payables / Other current liabilities: Citadell AS 5 30 Middelborg AS 5 26 As of 1st July 2021, an agreement related to consultancy services was entered with Citadell AS and Middelborg AS representing some of the largest shareholders of the Parent company, in addition to participate in the nomination committee from 23 June 2021. The payment related the consultancy services started in 2022. The agreement to deliver consultancy services with these companies was cancelled by end of January 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__99": { "value": "The Group transactions and balances with other Group companies in 2022 were related to consultancy fees from companies representing some of the largest shareholders. There were no transactions with related parties in 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__102": { "value": "Note 20 Personnel expenses and board remunerations USD thousands 2022 2021 Wages and salaries 842 2 462 Social Security costs 176 340 Pension costs 89 150 Other remuneration 34 539 Share based payment expense (refer to note 21) 11 11 Refund salary (20) (33) Total personnel expense 1 132 3 469 Number of man-years at 31.12 2022 2021 Group companies in Norway 3,5 7 Group companies abroad 0 2 The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair of the Board or other related parties. Key management personnel compensation USD thousands 2022 2021 Base salary 337 1 223 Pension 19 60 Other Benefits 12 34 Number of options held - 10 640 For detailed information about executive officers and board of Directors compensation, see the remuneration report 2022. 71 See note 18 for shares held by the executive officers and Board of Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__101": { "value": "Note 20 Personnel expenses and board remunerations USD thousands 2022 2021 Wages and salaries 842 2 462 Social Security costs 176 340 Pension costs 89 150 Other remuneration 34 539 Share based payment expense (refer to note 21) 11 11 Refund salary (20) (33) Total personnel expense 1 132 3 469 Number of man-years at 31.12 2022 2021 Group companies in Norway 3,5 7 Group companies abroad 0 2 The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair of the Board or other related parties. Key management personnel compensation USD thousands 2022 2021 Base salary 337 1 223 Pension 19 60 Other Benefits 12 34 Number of options held - 10 640 For detailed information about executive officers and board of Directors compensation, see the remuneration report 2022. 71 See note 18 for shares held by the executive officers and Board of Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__100": { "value": "Note 20 Personnel expenses and board remunerations USD thousands 2022 2021 Wages and salaries 842 2 462 Social Security costs 176 340 Pension costs 89 150 Other remuneration 34 539 Share based payment expense (refer to note 21) 11 11 Refund salary (20) (33) Total personnel expense 1 132 3 469 Number of man-years at 31.12 2022 2021 Group companies in Norway 3,5 7 Group companies abroad 0 2 The Group has a defined contribution pension plan. The contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no further payment obligations once these contributions have been paid. Contributions are booked as cost on an ongoing basis. The Group meets the requirements for occupational pension scheme under the Act on Obligatory Occupational Pensions. The contribution pension scheme in Norway meets the legal requirements. The Group has not granted any loan or collateral to the Chair of the Board or other related parties. Key management personnel compensation USD thousands 2022 2021 Base salary 337 1 223 Pension 19 60 Other Benefits 12 34 Number of options held - 10 640 For detailed information about executive officers and board of Directors compensation, see the remuneration report 2022. 71 See note 18 for shares held by the executive officers and Board of Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__104": { "value": "Key management personnel compensation USD thousands 2022 2021 Base salary 337 1 223 Pension 19 60 Other Benefits 12 34 Number of options held - 10 640 For detailed information about executive officers and board of Directors compensation, see the remuneration report 2022. 71 See note 18 for shares held by the executive officers and Board of Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__105": { "value": "Note 21 Share based payments programs The Group has a share-based payment scheme for employees and one member of the Board. The options granted gives the holder right to purchase a defined number of shares at a predetermined price if the vesting conditions are met. The exercise price has been set to fair value of the shares at grant date. Set out below are summaries of options granted under the scheme: 2022 2021 Average Average exercise exercise price per price per share share option Number of option Number of (NOK) options (NOK) options As at 01.01 3,4538 1 625 667 10,1400 405 079 Granted during the year - - 1,8000 1 600 000 Adjusted during the year - - 106,5452 (231 012) Terminated during the year 4,2227 (822 867) 9,2401 (148 400) As at 31.12 2,6657 802 800 3,4538 1 625 667 Vested 31.12 3,4260 402 800 106,5450 25 667 Exercisable 31.12 402 800 25 667 2022 2021 Share based payment cost (revenue) recognized in the period USD thousand 10 11 Share options outstanding at the end of the year have the following expiry date: Share Share options 31 options 31 Exercise December December Grant date Expiry date price 2022 2021 30.09.2021 30.09.2028 1,70 400 000 800 000 30.09.2021 30.09.2028 1,90 400 000 800 000 15.09.2017 15.09.2022 69,61 - 12 600 27.09.2018 27.09.2023 112,75 - 10 267 01.05.2019 01.05.2024 250,00 2 800 2 800 Total number of options 802 800 1 625 667 Outstanding instruments overview Weighted Average Weighted remaining Weighted Vested Average Strike Number of contractual Average instruments Strike Price instruments life Strike Price 31.12.2021 Price Outstanding instruments Vested instruments 1,70 400 000 4,50 1,70 400 000 1,70 1,90 400 000 5,50 1,90 - - 250,00 2 800 2,09 250,00 2 800 250,00 802 800 402 800 The exercise price for the grants was fair value at the grant date. The options can be exercised by buying shares as settlement where one options give right to one share. For the 2021 grant, 25% of the options will be vested 30.03.2022, 30.09.22, 30.03.2023 and 30.09.2023. The fair value at grant date was 0.22 NOK/option. The fair value has been estimated using the Black-Scholes option pricing model. When calculating fair value at grant date, the Group has assumed a volatility of 47.31% from comparable peers in the oil and gas services for both grants, 0 expected dividends, and a risk-free interest rate of 1,011% for the 2021 grant.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__107": { "value": "Note 22 Auditors fee USD thousands Expensed audit fee (excluding VAT) 2022 2021 Statutory audit 128 260 Tax advice (incl. technical assistance with tax return) 63 8 Other attestation services 28 30 Total auditors fee 219 299 The auditor of the Group and the Norwegian entities is PricewaterhouseCoopers (PwC). Ernst & Young Egypt (EY) is the auditor for the subsidiary Axxis Geo Solutions Egypt LLC.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__109": { "value": "Note 23 Subsidiaries and associated companies The Group comprise of the same legal entities as of 31 December 2022. Subsidiary of Carbon Voting Transition ASA: Jurisdiction rights % Neptune Seismic AS Norway 100% Axxis Geo Solution Inc. USA 100% Axxis Multi Client AS Norway 100% Axxis Production AS Norway 100% Carbon Transition Investment AS Norway 100% Axxis Geo Solutions Egypt LLC* Egypt 100% * Axxis Production AS owns 99% and Axxis Geo Solutions ASA owns 1% of the shares in the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__108": { "value": "Note 23 Subsidiaries and associated companies The Group comprise of the same legal entities as of 31 December 2022. Subsidiary of Carbon Voting Transition ASA: Jurisdiction rights % Neptune Seismic AS Norway 100% Axxis Geo Solution Inc. USA 100% Axxis Multi Client AS Norway 100% Axxis Production AS Norway 100% Carbon Transition Investment AS Norway 100% Axxis Geo Solutions Egypt LLC* Egypt 100% * Axxis Production AS owns 99% and Axxis Geo Solutions ASA owns 1% of the shares in the company.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__110": { "value": "Note 24 Earnings per shares Basic earnings per share is calculated by dividing the net profit or loss attributable to shareholders of the Parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share include the weighted average number for ordinary shares that would be issued on the conversion of all the diluted potential ordinary shares into ordinary shares. The options described in note 21, are not included in the number of dilutive shares for 2022 or 2021 due to the options is out of money. Basic earnings (loss) per weighted average number of shares 2022 2021 Profit (loss) attributable to the ordinary equity holders of the company 1 396 13 935 Average number of outstanding shares 234 496 960 131 501 057 Basic earnings (loss) per weighted average share (USD) 0,01 0,11 Diluted earnings (loss) per share 2022 2021 Profit (loss) attributable to the ordinary equity holders of the company 1 396 13 935 Average number of outstanding shares 234 496 960 131 501 057 Diluted earnings (loss) per share (USD) 0,01 0,11", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__111": { "value": "Basic earnings per share is calculated by dividing the net profit or loss attributable to shareholders of the Parent by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share include the weighted average number for ordinary shares that would be issued on the conversion of all the diluted potential ordinary shares into ordinary shares. The options described in note 21, are not included in the number of dilutive shares for 2022 or 2021 due to the options is out of money.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s7_notes__6__112": { "value": "Note 26 Events after reporting period On 17 January 2023, the Group announced a new Utsira multi-client late sale of USD 0.5 million (net to the Carbon Transition). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXKC2G83", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }