ANNUAL REPORT 2022
AIDER KONSERN
REPORT FROM THE
BOARD OF DIRECTORS
REPORT FROM THE BOARD OF DIRECTORS 2022
FOR AIDER KONSERN AS
Aider Konsern AS is a holding company for companies that provide accounting,
advisory services and related IT-services. The company's address is Karenlyst allé
11, 0278 Oslo.
The company mainly invests in other companies that provide accounting and
technology services to customers who outsource all or part of their finance function.
Comments related to the financial statement
Aider Konsern AS had an annual result of TNOK 33 221 (compared to last year of
TNOK 12 188) and a balance of TNOK 776 091 (compared to last year of TNOK
254 291). The equity ratio was 12.2% (compared to last year of 24.2%).
The group had an annual result of TNOK 2 472 (compared to last year of 13 765)
and a balance of TNOK 1 108 541 (compared to last year 566 904). Revenue was
TNOK 517 180 (compared to last year of 318 495). The equity ratio was 25.6%
(49.8% in 2021).
Underlying operations have been good throughout the year, but processes related
to acquisitions and integrations, as well as bond issuance have resulted in one-off
costs that have negatively affected the result. Furthermore, the margins in the
accounting practice are much higher in Q1 and Q2 compared to Q3 and Q4. Since
the acquisitions are accounted for from the time of purchase, reported margins are
consequently lower than the underlying margins from the operations.
The year 2022 has been game changing for Aider. Aider counts 652 people end of
2022 compared to 320 end of 2021 and has a clearly strengthen brand due to key
acquisitions like PwC Accounting and diligent market and recruitment activities.
There was substantial costs related to M&A and post merger activities. Cost related
to special items are at NOK 4,8 million up from NOK 1,6 million in 2021. There was
also an one time cost increase in the organization related to post merger activities
that are not accounted for as special items. Consequently, management is very
happy to deliver a proforma EBITDA margin according to guiding, even with M&A
activities well above plan.
Net financial items have had a significant increase from NOK -10.3 million to NOK
-32.8 million in 2022 for the group, mainly due to interests from the bond obligation.
The cash flow from operating activities for the group in 2022 is NOK 8.7 million, and
Cash flow from investments are NOK – 298.3 million. The cash flow from financing
activities are supported by the obligation issued in May 2022 and are NOK 369.4
million.
Bond reporting
In relation with the bond, the Group must have MNOK 20 free liquidity at any time.
Aider complies with this covenant requirement.
Plans and guiding for 2023
Aider's vision reads:
“Redefining the accounting industry by
building a competence powerhouse of back-office services."
Aider is a vision- and value-driven company. The vision guides all priorities Aider
makes.
Aider will continue to grow in 2023 both through M&A activities and organically.
Revenues are expected to surpass NOK 800 million in 2023. Management will not
execute any M&A activities unless it is clear that there is a cultural fit with the
company in process. Management foresee that there will be need for financing the
growth through a bond tap issue during Q1 or Q2.
Post merger activities will continue into 2023 with further one-off cost consequences.
However, there are also synergies to be realized, for instance through automation/AI
on inbound invoice processing, better purchasing power, and a well renown brand.
Aider will continue to invest in developing advisory services and strengthening the
tech offering.
Acquisitions completed in 2022:
Aider completed 10 acquisitions in 2022, with Nitschke & Borgting Økonomibyrå AS
have accounting effect from 2023:
Acquired company Date
Employees
Revenue
PwC
Accounting AS 01.03.22
100
130 000 000
Conto
AS 01.05.22
8
9 000 000
Regnskapskontoret Hamar AS
01.05.22
6
7 000 000
Uberg
Regnskap & Rådgivning 05.10.22
1
2 000 000
Hamar Økonomitjenester
14.11.22
3
3 700 000
Sum AS
25.11.22
70
67 000 000
Loftesnes Regnskap AS
08.12.22
5
5 500 000
Exakt
Regnskap AS 09.12.22
11
14 000 000
Concepta
Partner AS 29.12.22
17
23 000 000
Nitschke & Borgting Økonomibyrå AS
03.01.23
13
22 000 000
Total
234
283 200 000
Organic growth
Organic growth is a strategic focus area for the Aider management. Being attractive
to new customers and new talent is essential for long-term success. 2022 has been
a formidable in this respect, with an organic growth of 16,4 % for the year.
Aider has throughout 2022 strengthened its recruitment capabilities, both internally
as well as externally. This has greatly paid off, and Aider was able to hire 170
people in 2022, of which 43 was student hires of master and bachelor candidates.
Aider counts 652 people end of 2022 compared to 320 end of 2021.
Aider is experiencing a significant influx of customers. We see a shift in the market,
where increasingly larger companies are contacting Aider for our services. Many of
these companies do not currently have outsourcing to external accounting firms and
are therefore an exciting new segment that is opening up. This is also supported by
industry surveys which show that the market is growing rapidly and that it is
particularly the large, professional accounting firms who absorbs much of the
growth.
Aider also grows organically by opening new offices in new locations from scratch.
We have very good track record with this from establishing the Lillehammer office
1.1.2021. This office now counts 12 employees. Growth here has been
entirely organic. Aider will continue with this strategy. In 2022, three more offices
have been started organically:
• Sarpsborg
• Lillestrøm
• Stjørdal
With the opening of the office in Sarpsborg, we have also started a new region –
Aider Østfold AS from 01.08.2022. With two acquisitions during the year this region
now has a revenue of about NOK 45 million and is competing to become the largest
accounting firm in the region.
The Lillestrøm and Stjørdal offices are also a great success and is already counting
20 and 6 people respectively, including hired people about to start the next
months.
Starting-up new offices are expected to take 4-6 months before being fully
operational and profitable. So, it can be expected that these newly added offices will
experience profitable grow throughout 2023.
Central risks and uncertainties
All accounting firms are subject to regulations on risk management and internal
control. The board has a focus on this work in relation to risk assessment and
follow-up on risk-reducing measures.
The board does not perceive the risk picture to have changed significantly in 2021
and has particularly focused on the following risk areas:
• Growth risk
• ICT risk
• Money laundering risk
Growth risk
Aider is growing rapidly, both organically and through acquisitions. This means that
there is a continuous influx of people into the organization who are not familiar with
the company's quality procedures and guidelines. Aider therefore focuses on on-
boarding new companies and individuals, including through:
• Further developed methodology and documentation for acquisition processes
• A national and regional quality organization has been established
• The head of quality reports to the board and ensures that quality work is well
illuminated in the board's discussions
• For acquisitions, a cross-functional project team is set up to ensure all aspects of on-
boarding including the implementation of quality procedures
• Significant investment has been made in training programs for new hires, including
national meetings, written procedures, online courses, and more.
• A personal mentor is appointed to help clarify questions for all new hires
ICT risk
Aider delivers important technology to our customers. This is an area where major
changes are taking place. This makes monitoring ICT risk an important part of Aider's
risk work.
To handle this, Aider has built up a strong tech team of about 50 people where ICT
risk work is also managed to ensure good expertise and coordination.
Aider has chosen not to do IT operations itself, but through partners. This means that
we share risk, expertise, and control measures with subcontractors related to
operational activities.
Money laundering risk
The board feels that the Financial Supervisory Authority's expectations in the field of
money laundering are increasing. The board has taken this into account through
several measures. Among other things, adjustments have been made to the quality
systems to make it easier to collect documentation and assessments in one place.
Like last year, the board had separate sessions where statements/reports from the
Financial Supervisory Authority were reviewed for learning and adjustment of our own
routines.
In December 2021, when reviewing the Anti-Money Laundering procedures, the board
decided that the Regional Quality Managers should also be Compliance Managers in
relation to Anti-Money Laundering. This has been implemented in 2022. The board
also supported the Anti-Money Laundering Manager's summary that assessments
made in the business-oriented risk assessment are carried over to each customer,
and that points with elevated risk are followed up.
Financial risk
At the end of 2022, the group had a long-term loan of MNOK 488.2. In addition, the
group has established a revolving credit facility of MNOK 45 to secure liquidity and
increase flexibility in daily operations. In addition, the companies in the group are
organized in a group account arrangement to ensure liquidity for each company. The
revolving credit facility was drawn by MNOK 8 in the group as of December 31, 2022.
Cash flow from operations covers the short-term obligations and is continuously
monitored by the board.
In April 2022, Aider chose to refinance loans and provide liquidity through a bond loan
of MNOK 500 with a total drawdown option of MNOK 1,750. This provides greater
flexibility for investments.
The Board's assessment is that the company and the group are well capitalized and
have a good liquidity situation, both as of December 31, 2022 and after the issuance
of the bond loan.
Events after the balance sheet date:
There have been no significant events after the balance sheet date.
Continuing operations:
The financial statements for 2022 have been prepared on the assumption of
continuing operations. It is hereby confirmed that the assumption of continuing
operations is valid.
Research and development activities
The company has undertaken several development projects in its service areas of IT,
accounting, and payroll production, including robotic projects and customer
applications. A total of NOK 5.7 million was capitalized as of December 31, 2022.
Directors' liability insurance
The company has director's liability insurance at group level, which also covers the
board of Aider Konsern AS.
Statement of Social Responsibility
Working environment
The sickness absence rate in the group was approximately 4.9% throughout 2022.
This is considered acceptable, but active efforts to keep sickness absence down are
an ongoing measure at Aider.
There have been no reported or occurring work-related accidents or injuries, neither
to personnel nor materials.
Flexibility with regard to workplace has been practiced so that all employees have had
the opportunity to work from home during periods where it has been most
appropriate.
Gender equality
At the end of the year, the group had 652 employees, of whom 415 were women
(61.5%). The proportion of women in management positions is 61.5%. Management
positions are defined as positions with specific responsibility for a service area or
department.
There is no discrimination in pay or other ways between genders. Equal work and
responsibilities should be remunerated equally at Aider.
In 2022, individuals with diversity competence were hired to focus on diversity and
equality. The basis for the Aider approach on diversity is our “People first” culture
where people is the starting point for all decisions and priorities. Also, Aider is aiming
to recognize people as unique individuals and not treated as a part of a group.
Measures to prevent discrimination, etc.
The group has established reporting procedures to detect unwanted incidents and
prevent discrimination, among other things. Recruitment processes always involve
several people to ensure that multiple candidates are evaluated and any personal
biases are eliminated. Finally, calibration of salary and promotion to leadership
positions is done at office level, regional level, and/or national level to more easily
detect any systematic imbalances in remuneration, opportunities for promotion, etc.
From 2022, we have also implemented ongoing employee surveys where we also
focus on diversity and inclusion.
Environmental impact
Moving toward a more sustainable future is a necessity, and Aider takes this
responsibility seriously. In order to help track the Group’s ESG metrics the board has
chosen to prepare an updated ESG report for 2022 for the Aider group based on the
NSRS framework. This report will be published openly on Aiders web pages.
Being a professional services firm, the environmental impact of the company and
group’s core business is rather low. Aider does, however, recognize the opportunity
and responsibility of helping businesses create profitability in new and circular
business models, and ensuring a competitive sustainable transition.
The Group has committed to Accounting Norway’s Sustainability Council (Regnskap
Norge Bærekraftsforum), and has committed to the following:
• Build up and maintain own competence and capacity in matters of sustainability
• Converse about sustainability with all relevant customers to identify risks
and opportunities
• Help customers set prioritized goals for a sustainable transition
• Help customers achieve their prioritized goals for a sustainable transition.
The Transparency Act and responsible sourcing
Aider is committed to making sure we contribute positively to local and civil society.
While we have always put quality and safety highly when choosing our suppliers, this
year we have conducted more rigorous due diligence assessments in accordance with
the OECD Guidelines in order to get a better overview of any risks in our supply
chain, and to comply with the transparency act.
This due diligence covers a wide array of topics including practices related to Human
Rights, Labour, Environment, anti-corruption and more. We used the software
provider Factlines to conduct this assessment, and have been scored as a low-risk
supplier ourselves, as well as having a low-risk supply chain overall. We have not
identified any significant risks, but there are some identified lesser risks regarding
non-codified ethical standards which we will follow up during the autumn.
Further information regarding this work will be published on:
www.aider.no/apenhetsloven by 30.06.
Statement on the annual accounts and appropriation of profit
The board of Aider Konsern AS proposes that the year's profit of NOK 33 220 576 be
transferred to other equity.
Amended financial statement
The board of Aider Konsern AS signed the original financial statement 28.04.2023.
However, the following information has been amended to the report after initial
signing:
• ESEF-file has been published and added in the audit report
• Elaboration on the Corporate Social Responsibility reporting in the board of
directors' report.
Electronically signed______ Electronically signed_____
Andreas Vik Bjørnar Fjeld
Chairman of the board/CEO Board member
Electronically signed_____
Knut Grotli
Board member
Oslo, 26.06.2023
Consolidated financial
statement 2022
INCOME STATEMENT
(Amount in NOK 1000)
Note
2022
2021
Operating income
Revenue
3
508 965
317 115
Other income
8 214
1 380
Total operating income
517 180
318 495
Cost of goods sold
-
54 834
-
47 715
Personell
expenses 4 -
356 333
-
198 888
Amortizations and depreciations
5,6,7 -
22 716
-
12 301
Other expenses
8,9,10 -
45 979
-
29 601
Total
operating expenses -
479 863
-
288 505
Operating profit
37 317
29 990
Financial items
Other
interest income 11
3 429
72
Other
financial income 11
66
54
Result
from associated companies 11,12 -
71
-
108
Other
interest expense 11 -
34 482
-
10 263
Other
financial expense 11 -
1 768
-
12
Net financial items
-
32 824
-
10 257
Profit before tax
4 493
19 733
Income taxes
13 -
2 020
-
5 968
Profit for the period
2 472
13 765
Profit attributable to Aider shareholders
14
13
11 882
Profit attributable to non
-controlling interests
2 459
1 883
Total
2 472
13 765
Earnings per share in NOK
Continuing operations
-
Ordinary
2
14
-
Diluted
2
14
Discontinued operations
0
0
Other comprehensive income
Profit for the period
2 472
13 765
Items that may not be reclassified to the income statement
0
0
Items that may be reclassified to the income statement
0
0
Total comprehensive income
2 472
13 765
13
11 882
-controlling interests
2 459
1 883
Income statement
Aider konsern
ASSETS
(Amount in NOK 1000)
Note 2022 2021
Non
-current assets
Intangible assets
Research and development
7
19 635
11 541
Deferred tax assets
13
5 742
2 222
Goodwill
7,15
781 330
424 382
Total intangible assets
806 708
438 146
Tangible assets
Right
-of-use assets 5
76 599
47 088
Property, plant and equipment
6
7 896
4 539
Total tangible assets
84 495
51 628
Non
-current financial assets
Investment in associated companies
12
-
1 010
Investment in shares
3 512
-
Loan to group companies
-
-
Other long
-term receivables
612
120
Total non
-current financial assets
4 124
1 130
Total non
-current assets
895 327
490 903
Current assets
Accounts receivables
10
85 184
46 330
Other short
-term receivables 16
24 226
5 613
Cash and Cash equivalents
17
103 805
24 058
Total current assets
213 215
76 001
Total assets
1 108 541
566 904
Balance sheet
Aider konsern
EQUITY AND LIABILITIES
(Amount in NOK 1000)
Note 2022 2021
E
QUITY
Paid
-in capital
Share capital
14
1 000
1 000
Share premium
281 783
281 794
Total paid
-in capital
282 783
282 794
Other equity
Uncovered loss
-382 -396
Minority
865 37
Total equity
283 266
282 436
LIABILITIES
Provisions
Deferred tax
13
3 189
176
Other
provisions
2 377
-
Total provisions
5 566
176
Non
-current liabilities
Interest bearing debt
18
488 183
99 876
Lease liabilities
5
62 703
38 091
Total non
-current liabilities
550 886
137 967
Current liabilities
Liabilities to group companies
19
39 001
25 891
Accounts payables
42 205
12 426
Tax payable
13
6 710
6 503
Lease
liabiities 5
16 087
10 312
Public duties payable
52 743
26 538
Debt
to credit institutions 18
8 028
-
Other current liabilities
16
104 048 64 656
Total current liabilities
268 823
146 326
Total liabilities
825 275
284 468
Total equity and liabilities
1 108 541
566 904
Balance sheet
Aider konsern
Electronically signed______ Electronically signed_____
Andreas Vik Bjørnar Fjeld
Chairman of the board/CEO Board member
Electronically signed_____
Knut Grotli
Board member
-
-
(Amount in NOK 1000)
Share
capital
Share
premium
Other
equity
Uncovered
loss
Minority
Total
Equity 1 January 2021
1 000
281 794
-
-12 240
-
270 554
Result for the period
11 882
1 883
13 765
Transaction with minority
-
37
37
0
Dividend to minority
-
1 883
-
1 883
Equity 31 December 2021
1 000
281 794
-
-396
37
282 436
Result for the period
13 2 459 2 472
Establishment
of
companies
-
11
-6
-17
Transaction with minority
739 739
Dividend to minority
-
2 365
-
2 365
Equity 31 December 2022
1 000
281 783
-
-383
865
283 266
Statement of equity
Aider konsern
(Amount in NOK 1000)
2022 2021
Operating activities
Profit for the period before tax
4 493
19 733
Tax paid
-
6 063
-
451
Depreciation and amortization
22 716
12 301
Change in group loans
13 110
-
Change in accounts receivables
-
16 500
-
11 009
Change in accounts payables
20 479
3 787
Change in other accrual items
-
29 556
68 747
Cash flow from operating activities
8 679
93 108
Investment activities
Net expenditure on property, plant and
equipment
-
11 035
-
11 020
Investment in
shares -
310 596
-
65 832
Cash received in acquisitions
23 323
15 468
Net change in group account
-25 891
Cash flow from investment activities
-
298 309
-
87 275
Financing activities
Proceeds from the issuance of new long
-term
liabilities
500 000
16 850
Repayment of long
-term liabilities -
136 594
-
14 273
Draft
on credit facility
8 028
-
Proceeds from equity
-
-
Payment of dividend
-
2 058
-
245
Cash flow from financing activities
369 377
2 332
Net change in cash and cash equivalents
79 747
8 164
Cash and cash equivalents at the start of the
period
24 058
15 894
Cash and cash equivalents at the end of the
period
103 805
24 058
Cash flow statement
Aider konsern
-
Notes to consolidated
financial statement
Aider konsern
Note 1 – Accounting principles
General information
Aider Konsern (the group) consists of Aider Konsern AS (the company) and its subsidiaries. The head office is
located at Karenslyst allé 11, 0278 Oslo.
Aider Konsern's consolidated statements for 2022 were authorized for issue by the board of directors on april
28th, 2023.
Basis for preparation
Aider Konsern AS's consolidated financial statements are prepared in accordance with International Financial
Reporting Standards (IFRS) as adopted by the EU and mandatory for accounting periods beginning on or after
January 1, 2021, and with Norwegian disclosure requirements under the Norwegian Accounting Act as of
December 31, 2022.
The consolidated financial statements are based on the principles of historical cost accounting, except for the
following accounting items:
• Financial instruments at fair value through profit or loss and financial instruments through other
comprehensive income and expenses
• The consolidated financial statements have been prepared using consistent accounting principles for similar
transactions and events under otherwise similar circumstances.
Financial instruments at fair value through profit or loss and financial instruments through other comprehensive
income and expenses
Changes in accounting policies and notes
No changes in IFRSs relevant to the 2022 financial statements have been made in the current year.
Consolidation principles
The consolidated financial statements comprise the financial statements of the parent company and its
subsidiaries as of December 31, 2022. An entity is considered to be controlled by the group when the group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect
those returns through its power over the entity. Therefore, the group controls an entity in which it has invested
if, and only if, the group:
• has power over the entity
• is exposed to, or has rights to, variable returns from its involvement with the entity
• has the ability to use its power over the entity to affect its returns.
If the group has a majority of the voting rights in an entity, the entity is presumptively a subsidiary in the group.
To support this presumption and where the group does not hold the majority of the voting rights, the group
considers all relevant facts and circumstances to evaluate whether the group controls the entity in which it has
invested. This includes, among other things, ownership percentage, voting percentage, ownership structure
and relative strength, as well as options controlled by the group and shareholder agreements or other
agreements. See note 9 for a more detailed description of the group's assessments related to the control
concept.
Assessments are made for each investment.
The group performs a reassessment of whether it controls or does not control an entity when facts and
circumstances indicate that there are changes in one or more of the control elements.
The acquisition method is used in accounting for business combinations, see note 15. Subsidiaries are
consolidated from the date the group obtains control and are deconsolidated when control ceases.
The result, as well as each component of other comprehensive income and expenses, is attributed to the
group and to non-controlling interests, even if this results in a loss for the non-controlling interests. If
necessary, the subsidiaries' financial statements are adjusted to comply with the group's accounting policies.
Intra-group transactions and balances, as well as gains and losses arising from transactions between the
companies, are eliminated. Non-controlling ownership interests are presented on a separate line within the
equity section of the consolidated balance sheet.
Change in ownership percentage without loss of control
Changes in ownership percentages in subsidiaries that do not result in loss of control are recognized as equity
transactions. The consideration is recognized at fair value, and the difference between the consideration and
the carrying value of non-controlling interests is recognized against the controlling owners' equity.
Loss of control
In the event of a change in ownership percentage that results in loss of control, the consideration is measured
at fair value. The carrying values of the assets (including goodwill) and liabilities in the subsidiary and non-
controlling interests are deducted at the time control is lost. The fair value of the consideration received, less
the carrying values of the liabilities in the subsidiary and non-controlling interests at the time control is lost, is
recognized. Any remaining ownership interest is measured at fair value, and any gain or loss is recognized in
the income statement at the time control ceases.
Associated companies and joint ventures
The group had investments in associated companies and joint ventures.
Associated companies are entities over which the group has significant influence, but not control or joint
control, over the financial and operational management.
A joint venture is a jointly controlled arrangement in which the parties that jointly control the arrangement have
rights to the arrangement's net assets. Joint control is the contractual agreement to share control over an
arrangement, which only exists when decisions about relevant activities require unanimity among the parties
sharing control.
The evaluation elements used to determine whether the group has joint control or significant influence over a
company are similar to the evaluations of control of subsidiary companies. For further description of the
group's evaluations related to degree of influence and joint control, as well as classification of jointly controlled
arrangement, see note 8.
Associated companies and jointly controlled entities are recognized using the equity method from the point at
which significant influence or joint control is obtained and until such influence ceases. At initial recognition,
associate companies and jointly controlled entities are measured at cost. The group's share of the results in
associate companies and jointly controlled entities is recognized in the carrying amount of the units, while the
group's share of the results is recognized in the group's income statement. Goodwill related to the associate
company and jointly controlled entity is included in the carrying amount of the investment and is not individually
tested for impairment.
The group's share of income from investments in associate companies and jointly controlled entities is
presented on separate lines in the income statement. Changes in other income and expenses in these
investments are included in the group's other income and expenses. Similarly, the group's share of
contributions directly to equity in the underlying investment is presented in the group's equity statement.
Unrealized gains related to transactions with associate companies and jointly controlled entities
are eliminated with the group's share in the entity.
When there are indications of impairment, an impairment test is conducted on the carrying amount
of the investment. Any impairment loss is recognized in the income share from the associate
company or jointly controlled entity in the financial statements.
When the group's share of losses exceeds its investment in an associated company, the carrying amount of
the group's investment is reduced to zero and further losses are not recognized, unless the group has a legal
or constructive obligation to make additional contributions. If an investment ceases to be an associated
company or joint venture such that the equity method ceases to apply, the remaining investment is measured
at fair value. If the equity method does not cease, for example upon a transition from an associated company
to a joint venture, the remaining investment is not remeasured.
Business combinations
The acquisition method is used for accounting for business combinations.
Acquired assets and liabilities in connection with business combinations are measured at fair value at the
acquisition date. The company is consolidated from the point at which the group gains control and is excluded
from consolidation when control ceases. Costs related to acquisitions are expensed as they are incurred. Non-
controlling interests are calculated based on the non-controlling interests' share of identifiable assets and
liabilities or at fair value. The choice of method is made for each individual business combination.
Goodwill is calculated as the sum of the consideration and the accounting value of non-controlling interests
and the fair value of previously owned equity interests, less the net value of identifiable assets and liabilities
calculated at the time of acquisition. Goodwill is not amortized but is tested for impairment at least annually.
Goodwill is allocated to the cash-generating units that are expected to benefit from the
acquisition synergies, regardless of whether other assets and liabilities in the acquisition are attributed to these
cash-generating units. If the fair value of the net assets in the business combination exceeds the consideration
(negative goodwill), the difference is recognized as income immediately at the acquisition date.
Use of estimates
The management has used estimates and assumptions that have affected assets, liabilities, revenues,
expenses, and disclosure of potential obligations. This applies in particular to depreciation of fixed assets,
impairment of goodwill, valuations related to acquisitions, and pension obligations. Future events may cause
the estimates to change. Estimates and their underlying assumptions are assessed on an ongoing basis and
are based on best judgment and historical experience. Changes in accounting estimates are recognized in the
period in which the changes occur. If the changes also relate to future periods, the effect is distributed over the
current and future periods.
Assessments
In the preparation of the annual financial statements, management has made certain significant judgments
based on critical estimates related to the application of accounting principles. The following notes cover the
company's assessments:
• Control over a company, note 12
• Lease agreements, note 5
• Revenue from contracts with customers, note 3
• Financial instruments, note 21.
Currency
The presentation currency of the group is NOK, which is also the functional currency of the parent company.
Companies with a different functional currency are translated to the balance sheet date exchange rate for
balance sheet items, including goodwill, and to the transactional exchange rate for income statement items.
Monthly average rates are used as an approximation of the transactional exchange rate. Translation
differences are recognized in other income and expenses. Upon loss of control, significant influence or joint
control, accumulated translation differences related to investments attributable to controlling interests are
recognized in profit or loss. Upon partial disposal of subsidiaries (not loss of control), the proportional share of
accumulated translation differences is attributed to non-controlling interests.
Revenue
Revenues consist primarily of accounting services, sales of system services, and other financial advice.
Revenue from contracts with customers is recognized when control over a good or service is transferred to the
customer, and in the amount that reflects what the Group expects to receive for the good or service. The
Group has concluded that it is a principal in its revenue streams because it controls the goods and services
before they are transferred to the customer.
Segments
For management reporting purposes, the Group is organized into different business areas based on their
activities, and the Group consists of 3 reporting segments. Further information about the different segments
and related financial information is presented in Note 3.
Tax
The tax expense in the income statement includes both the current payable tax and changes in deferred tax.
Deferred tax is calculated at 22% based on temporary differences between accounting and tax values, as well
as tax loss carryforwards at the end of the accounting year. Tax-increasing and tax-decreasing temporary
differences that reverse or may reverse in the same period are offset and netted. Net deferred tax assets are
recognized to the extent it is probable that they can be utilized. An asset for deferred tax is recognized when it
is probable that the company will have sufficient taxable profits in future periods to utilize the tax benefit. The
companies recognize previously unrecognized asset for deferred tax to the extent it has become probable that
the company can utilize the deferred tax benefit. Similarly, the company will reduce the asset for deferred tax
to the extent it no longer considers it probable that it can utilize the deferred tax benefit.
Deferred tax assets and liabilities are measured based on the expected future tax rate for the companies in the
group where temporary differences have arisen. Deferred tax assets and liabilities are measured at nominal
value and classified as long-term liabilities (non-current assets) in the balance sheet. Payable tax and assets
or liabilities for deferred tax are recognized directly against equity to the extent that the tax items relate to
items recognized directly against equity.
Leases
Leased operating assets are accounted for under IFRS 16 and classified as property, plant and equipment in
the financial statements. The corresponding liability is included as long-term debt.
Lease payments are split between interest expense and principal repayment.
Classification of assets and liabilities
The Group distinguishes between current assets and non-current assets when presenting assets in the
balance sheet. Similarly, short-term and long-term liabilities are distinguished.
The Group classifies an asset as a current asset when it:
• expects to realize the asset or intends to sell or consume it in the Group's ordinary operating cycle
• primarily holds the asset for trading
• expects to realize the asset within twelve months after the reporting period
• The asset is in the form of cash or a cash equivalent, unless the asset is subject to a restriction that
prevents it from being exchanged or used to settle a liability for at least twelve months after the reporting
period.
All other assets are classified as fixed assets, including deferred tax assets.
The group classifies liabilities as short-term when the obligation:
• Is expected to be settled in the entity's ordinary operating cycle
• Primarily holds the obligation for sale
• Falls due for settlement within twelve months after the reporting period
Or
• The group does not have an unconditional right to defer settlement of the obligation for at least twelve
months after the reporting period.
All other liabilities are classified as long-term debt, including deferred tax liabilities.
Fixed assets
Property, plant, and equipment intended for production, delivery of goods, or administrative purposes and with
a durable lifespan are classified as tangible fixed assets. These assets are measured at acquisition cost, less
accumulated depreciation and impairment losses. When sold or disposed of, the carrying amount is deducted
and any loss (gain) is recognized in the income statement.
The acquisition cost of tangible fixed assets includes purchase price, taxes, and expenses directly related to
preparing the asset for use. Expenses incurred after the asset is put into use, such as ongoing maintenance,
are recognized as operating expenses, while upgrades or improvements are added to the asset's cost and
depreciated along with it. The depreciation period and method are reviewed annually. The residual value is
estimated at each year-end, and changes in the estimate are recognized as an estimate change. Significant
assets consisting of substantial components with different useful lives are decomposed with different
depreciation periods for the various components.
Immaterial assets
Individually acquired intangible assets are recognized in the balance sheet at cost. Intangible assets acquired
through business combinations are recognized in the consolidated financial statements at fair value. In
subsequent reporting periods, intangible assets are measured at cost, reduced by any accumulated
depreciation and impairment. Internally generated intangible assets, except capitalized development costs, are
not recognized in the balance sheet but are expensed as incurred. Intangible assets with a definite useful life
are depreciated over their economic life and are tested for impairment when there are indications of
impairment.
Goodwill and other indefinite-lived intangible assets are not depreciated but are tested for impairment if there
are indications of impairment, at least annually, either individually or as part of a cash-generating unit.
For indefinite-lived intangible assets, an annual assessment is made as to whether the assumption of indefinite
life can be supported. If not, the change is treated prospectively as a change to a definite life.
Gain or loss on disposal of intangible assets is calculated as the difference between net sales proceeds and
carrying amount. Gain is recognized as "other operating income" and loss as "other operating expenses".
Research and development
Expenses related to research and development are capitalized to the extent that one can identify a future
economic benefit related to the development of an identifiable intangible asset and where the acquisition cost
can be reliably measured. Otherwise, such expenses are expensed as incurred. Capitalized research and
development costs are depreciated on a straight-line basis over the economic life.
Write-down of non-financial assets
The group evaluates at each reporting date whether there are indications that an asset has declined in value. If
such indications exist, the asset's recoverable amount is estimated. The recoverable amount is considered as
the higher of fair value less costs to sell and value in use, and is calculated for an individual asset, unless the
asset does not generate cash inflows that are largely independent of cash inflows from other assets or groups
of assets.
An asset has declined in value when its carrying amount exceeds its recoverable amount, and in such cases,
the asset is written down to its recoverable amount. The reduction is a loss on impairment, which is recognized
in profit or loss. The group evaluates at each reporting date whether there are indications that an impairment
loss recognized for an asset other than goodwill in prior years no longer exists or has decreased. If such
indications exist, the recoverable amount of this asset is estimated, and the previously recognized impairment
loss is reversed up to a maximum amount that does not exceed the carrying amount that would have been
determined (net of depreciation) had no impairment loss been recognized in prior years.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset for one entity and a financial liability or
an equity instrument for another entity.
Financial assets
The group's financial assets are: trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition depends on the characteristics of the contractual cash
flows of the asset and the business model that the group uses in managing its financial assets. With the
exception of trade receivables that do not have a significant financing element, the group recognizes a
financial asset at fair value plus transaction costs, if the financial asset is not measured at fair value with value
changes through other income and expenses. The group classifies its financial assets as follows:
Financial assets measured at amortized cost
Financial assets measured at fair value with value changes through other income and expenses with
reclassification of cumulative gains and losses to profit and loss
Equity instruments measured at fair value with value changes through other income and expenses without
reclassification of cumulative gains and losses to profit and loss
Derivatives measured at fair value through profit or loss (not designated as hedging instruments)
Financial assets measured to amortized cost
The company measures financial assets at amortized cost if the following conditions are met:
• The financial asset is held in a business model where the objective is to collect contractual cash flows, and
• The contractual terms of the financial asset give rise to cash flows that are solely payments of principal and
interest on specified dates.
Subsequent measurement of financial assets measured at amortized cost is done using the effective interest
rate method and is subject to impairment losses.
Gains and losses are recognized in profit or loss when the asset is derecognized, modified, or impaired.
The company's financial assets measured at amortized cost include trade receivables and other short-term
deposits.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or a part of a group of similar financial
assets) is derecognized (removed from the consolidated balance sheet of the group) when:
• The contractual right to receive cash flows from the financial asset expires, or
• The group has transferred the contractual right to receive the cash flows from the financial asset, or has
retained the contractual right to receive the cash flows from a financial asset but has assumed an obligation
to pay them to another party; and either:
• The group has transferred substantially all risks and benefits associated with the asset, or
• The group has neither transferred nor retained substantially all risks and benefits associated with the asset
but has transferred control of the asset.
Financial liabilities
Financial liabilities are, at initial recognition, classified as loans and obligations. Loans and obligations are
recognized at fair value adjusted for directly attributable transaction costs.
Loans and liabilities
After initial recognition, interest-bearing loans will be measured at amortized cost using the effective interest
rate method. Gains and losses are recognized in the income statement when the liability is derecognized.
Amortized cost is calculated by taking into account any discount or premium on purchase, or costs and fees
that are an integral part of the effective interest rate. The effective interest rate is presented as finance costs in
the income statement. Liabilities are measured at their nominal amount if the effect of discounting is
insignificant.
Derecognition of financial liabilities
A financial liability is derecognized when the liability is settled, cancelled or expired. When an existing financial
liability is replaced with a new liability from the same lender where the terms are substantially modified, or the
terms of an existing liability are materially modified, the original liability is derecognized and a new liability is
recognized. The difference in the carrying amount is recognized in profit or loss
Measurement of fair value
Fair value of financial instruments traded in active markets is determined at the end of the reporting period by
reference to quoted market prices or dealer prices (bid prices for long positions and ask prices for short
positions) without deduction of transaction costs.
For financial instruments not traded in an active market, fair value is determined using an appropriate valuation
method. Such valuation methods include the use of recently executed arm's length market transactions
between knowledgeable and willing parties, if available, reference to the current fair value of another
instrument that is substantially the same, discounted cash flow calculations, or other valuation models.
Cash and cash equivalents
Cash and cash equivalents include cash, bank deposits, and other short-term, highly liquid investments. The
cash flow statement has been prepared using the indirect method.
Events after the balance sheet date
New information after the balance sheet date regarding the company's financial position on the balance sheet
date has been taken into account in the financial statements. Events after the balance sheet date that do not
affect the company's financial position on the balance sheet date, but that will affect the company's financial
position in the future, are disclosed if they are significant.
Note 2 – General information
Aider Konsern AS is a holding company for companies who provides accounting and advisory services.
The company invests primarily in companies who delivers accounting- and technologi driven services for
clients outsourcing all or part of their business administration processes.
Note 3 – Revenue
By segment
(Amount in NOK 1000)
2022
2021
Payroll
- and accounting services
436 913
266 029
IT services
66 888
50 772
Other income
5 164
314
Total
508 965
317 115
Geographical information
Norway
508 965
317 115
Total
508 965
317 115
Note 4 – Payroll costs, number of employees, allowances, loans to
employees
(Amount in NOK 1000)
2022
2021
Salaries
2
89 420
157 593
Social
security tax
42 537
23 023
Pension
costs
10 744
9 154
Other
benefits
13 632
9 117
Total
personell expenses
356 333
198 888
Average
number of man-years
484
271
Pension obligations
The companies in the Group have entered into pension schemes that meet the requirements of the Mandatory
Occupational Pensions Act.
Salary to Management
(Amount in NOK 1000)
2022
2021
CEO
Salary
1 957
1 822
O
ther benefits
2
5
Total
1 959
1 827
The CEO is
employed in Aider Oslo AS. There have not been given any loans/securities to the CEO,
Board
of Directors or other related parties
Note 5 – Leases
(Amount in NOK 1000)
Offices Equipment Total
Acquisition cost beginning of period
56 235
4 276
60 511
Addition
of right-of-use assets
49 054
633
49 688
Disposals
-
5 044
0
-
5 044
Acquisition
cost end of period
100 244
4 910
105 154
Accumulated depreciation and impairment beginning of
period
11 752
1 671
13 423
Depreciation
13 993
1 140
15 133
Impairment
losses in the period
0
0
0
Disposals
- - -
Accumulated depreciation and impairment end of period
25 745
2 810
28 555
Carrying amount of right
-of-use assets at end of
period
74 499
2 100
76 599
Period
of rent
74 months
40 months
Remaining
period of rent
74 months
40 months
Lease
liabilities
Less than 1 year
15 002
1 086
16 088
1-
5 years
45 208
1 066
46 273
More
than 5 years
16 367
63
16 430
Total
76 577
2 214
78 791
The Group have entered into operational lease agreements for offices, equipment and other facilities. The
lease agreements do not contain restrictions on the Groups dividend policy or financing options,
Note 6 – Property, plant and equipment
(Amount in NOK 1000)
Equipment and
moveables Total
Acquisition cost 1 January 2022
9 528
9 528
Additions
3 600
3 600
Additions through acquisitions
1 504
1 504
D
isposals
-
-
Acquisition cost end of period
14 632
14 632
Accumulated
depreciation and write-downs
6 736
6 736
Carrying
amount end of period
7 896
7 896
Depreciation
in current period
1 814
1 814
Depreciation rates
20-
33%
Note 7 – Intangible assets
Research and development relates to solutions for automatisation of incoming invoices for accounting systems
and development of quality system. The cost occured are identifiable, can easily isolate and will have clear
economic benefits in the future.
Goodwill have arised from the transactions where Aider Konsern merged with the sister companies TET
Gruppen AS and Aider AS with subsidiaries in 2020, as well as companies in note 12 and 15. Goodwill in
these transactions are related to personell, knowledge of operations as an accounting firm and regulatory
requirements as well as relationships.
Goodwill is tested for impairment, through valuation of the group before and after acquisition, where no
indication of impairment are uncovered.
(Amount in NOK 1000)
Research &
Development
Goodwill Total
Acquisition cost 1 January 2022
26 276
424 382
450 658
Additions through acquisitions
7 435
356 948
364 383
Additions
2 543
-
2 543
D
isposals
-
-
Acquisition cost end of period
36 254
781 330
817 584
Accumulated
depreciation and write-downs
16 618
-
16 618
Carrying
amount end of period
19 635
781 330
800 966
Depreciation
in current period
5 770
-
5 770
Economic
lifetime 3-5
years
Not
applicable
Note 8 – Specification of other operating costs
(Amount in NOK 1000)
2022
2021
Audit, accounting and legal assistance
1 955
1 054
Office
expenses
7 270
5 789
IT
equipment
12 571
12 649
Course
fees
3 021
341
Advertising and sales
costs
5 402
3 211
Loss
on receivables
3 224
1 227
Other operating
expenses
12 536
5 291
Total other operating costs
45 979
29 601
Note 9 – Audit expenses
Expensed fees to auditor
(Amount in NOK 1000)
2022
2021
Expensed
fees to the auditors are the following:
Ordinary
audit
897
658
Other services
62
60
Total
959
719
(Amount in NOK 1000)
2022
2021
Accounts receivables at face value
90 943
50 545
Provision
for losses -
5 758
-
4 215
Accounts
receivables
85 184
46 330
Changes
in provision for losses
2 860
1 316
Realised
losses -
215
474
Expensed
losses on receivables
2 645
1 791
Note 10 – Accounts receivables
Note 11 – Spesification of financial items
(Amount in NOK 1000)
2022
2021
Financial income
Interest income from bank accounts
3 429
72
Agio
26
3
Other financial income
40
51
Total financial income
3
496
125
Financial cost
Interest expenses
34 482
10 263
Result
from associated companies
71
108
Other
financial expenses
1 768
12
Total financial costs
36 320
10 382
Net financial items
-
32 824
-
10 257
Note 12 – Investments in subsidiaries and associated companies
Subsidiaries are companies over which the Group has control. Control is defined as the power to govern
the financial and operating policies of another entity to obtain benefits from its activities. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from
the date on which control ceases.
(Amount in NOK 1000)
Office
Owner-
ship
Voting
share
Equity pr
31.12.22
Profit/loss
2022
Aider Oslo AS
Karenslyst allé 11, 0278 Oslo
68 %
100 %
1 567
11 619
Aider Nord AS
Dronningens
gate 18, 8006
Bodø
100 %
100 %
55
-
268
Aider
Innlandet AS
Karenslyst allé 11, 0278 Oslo
64 %
94 %
100
-
954
Aider Innlandet Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
29
-1
Aider Oslo Team AS
Karenslyst allé 11, 0278 Oslo
22 %
100 %
38
2 642
Aider Vestfold Team AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
23
-1
Aider Sør Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
24
0
Aider Bergen Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
30
0
Aider Østfold Teams
Karenslyst allé 11, 0278 Oslo
100 %
100 %
30
-1
Aider Midt
-Norge AS
Stiklestadveien 3, 7041
Trondheim
70 %
100 %
50
-
6 298
Aider Midt
-Norge Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
30
0
Aider Tech AS
Infanterivegen
16, 3734
Skien
100 %
100 %
3 220
-
1 647
Aider Vestviken AS
Træleborgveien 9, 3112
Tønsberg
100 %
100 %
100
-
7 449
Causa Nord AS
C.M.
Havigs gate 21, 8656
Mosjøen
100 %
100 %
56
324
Aider
Østfold AS
Kalnesveien
5, 1712
Grålum
100 %
100 %
30
635
Aider Bergen AS
Johan Berentsens vei 109,
5163 Laksevåg
100 %
100 %
3 992
718
Aider
Fredrikstad AS
Aspelundveien
4, 16 24
Gressvik
100 %
100 %
2 448
1 298
Aider Accounting AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
3 714
8 281
Tet Innfordring AS
Infanterivegen
16, 3734
Skien
100 %
100 %
1 365
302
Loftesnes Rekneskap AS
Fjørevegen
10, 6851
Sogndal
100 %
100 %
689
481
Aider Sørvest AS
Travbaneveien
3, 4031
Stavanger
100 %
100 %
660
3 685
Aider Rakkestad AS
Strømfossveien
63, 1890
Rakkestad
100 %
100 %
3 446
3 258
Grasp Labs AS
Infanterivegen
16, 3734
Skien
60 %
60 %
2 380
401
Hamar Økonomitjenester AS
Stangevegen
111, 2321
Hamar
100 %
100 %
179
471
Aider
Sørlandet AS
Vestre
Strandgate 67, 4612
Kristiansand S
100 %
100 %
11
-
13
Aider
Sørøst AS
Hydroparken
295, 3660
Rjukan
100 %
100 %
9 433
12 812
Note 13 – Tax
(Amount in NOK 1000)
2022
2021
This years tax expense
Payable tax
6 710
5 709
Correction from last year
128
-
257
Change
in deferred tax/tax asset -
4 817
516
Total
tax expense
2 020
5 968
Taxable
income
Profit
before tax
4 493
19 733
Permanent
differences
39 658
12 655
Changes
in temporary differences -
12 819
-
158
Use
of tax loss carried forward -
834
-
2 869
Total
taxable income
30 498
29 361
P
ayable tax in the balance sheet
Payable tax on this years result
6 710
6 503
Total payable tax
6 710
6 503
Temporary differences
Tangible assets
3 041
-
514
Receivables
-
3 649
-
3 057
Other provisions
9 854
-
5 323
Total
9 247
-
8 894
Tax loss carried forward
-
18 529
-
779
Off
balance sheet deferred tax assets -
2 325
370
Basis for
calculating deferred tax/tax assets -
11 607
-
9 303
Net
tax assets/deferred tax -
2 556
-
2 047
Deferred
tax
3 189
176
Tax
assets
5 742
2 222
Share capital
Number
outstanding
Face Value
Carrying
value
Ordinary
shares
1 000 000
1
1 000 000
Total
1 000 000
1 000 000
The share capital is owned by the following shareholders:
Shareholders
: Number of
shares
Ownership
Aider
Holding AS
1 000 000
100%
Total
number of shares
1 000 000
100%
Note 14 – Share capital, shareholder information
Note 15 – Business combinations
Aider Konsern acquired all of the shares in the following companies:
- PWC Accounting AS aquired 1st of March 2022
- Conto AS acquired 1st of May 2022
- Regnskapskontoret Hamar AS acquired 1st of May 2022
- Uberg Råd og Regnskap AS acquired 5th of October
- Hamar Økonomitjenester AS acquired 14th of November
- SUM AS acquired 25th of November 2022
- Loftesens Rekneskap AS acquired 8th of December.2022
- Exact Regnksapsbyrå AS acquired 9th of December 2022
- A further 30% of Grasp Labs was acquired 4th of October, giving Aider an ownership of 60%
The result in the consolidated statements reflects the period where Aider Konsern controlled the shares.
Fair value recognized on
acquisition
(Amount in NOK 1000)
31.12.2022 31.12.2021
Assets
Property, plants and equipment
14 967
7 773
Cash and cash equivalents
23 323
15 468
Deferred tax assets
258
0
Receivables
58 149
11 801
Total
96 697
35 042
Liabilities
Accounts payables
1 588
786
Other current liabilities
51 417
15 061
Public duties payable
20 555
4 371
Deferred tax
5 405
737
Liabilities
78 964
20 955
Net identifiable assets and liabilities at fair value
17 733
14 088
Goodwill
356 948
51 791
Purchase price
374 680
65 878
Share issued, at fair value*
56 431
26 549
Cash
310 596
39 330
Transaction
costs
7 653
-
Total consideration
374 680
65 878
Paid in cash
310 596
39 330
Cash received
23 323
15 468
Net decrease/(increase) in cash
287 273
23 861
*Shares are issued in the parent company Aider Holding AS.
Note 17 – Bank deposits
The Group have per 31.12.22 TNOK 21 604 in restricted bank deposits:
(Amount in NOK 1000)
31.12.2022
31.12.2021
Aider Oslo AS
3 965
2 687
Aider Nord AS
110
83
Aider Innlandet AS
504
430
Aider
Midt-Norge AS
993
394
Aider Tech AS
1 815
874
Aider
Vestviken AS
2 146
1 687
Prokurist AS
0
170
Causa Nord AS
56
310
Aider Østfold AS
115
0
Aider Bergen AS
246
237
Aider Fredrikstad AS
372
0
Aider Accounting AS
4 894
0
Tet Innfordring AS
64
102
Loftesnes
Rekneskap AS
132
0
Aider Sørvest AS
1 920
0
Aider Rakkestad AS
483
0
Grasp Labs AS
347
0
Hamar
Økonomitjenester AS
88
0
Vingman
AS
0
636
Aider
Sør AS
3 354
2 305
Total
21 604
9 917
Note 16 – Short term receivables and debt
(Amount in NOK 1000)
31.12.2022
31.12.2021
Prepaid costs
13 763
3 518
SkatteFUNN
1 675
0
Other short term receivables
8 788
2 095
Total other short term receivables
24 226
5
613
Dividend to minority
2 365
1 883
Accrued
costs
29
3 270
A
ccrued payroll costs
52 256
29 247
Debt in relation to acquisitions
45 255
29 800
O
ther short term debt
4 142
4
55
Total other short term debt
104 048
6
4 656
Note 18 – Long-term interest bearing debt
(Amount in NOK 1000)
Currency Maturity
Maturity
over
five
years
Bond
NOK 20.05.2026
487 450
Bond terms:
Aider Konsern have issued a bond on MNOK 500. The bond have an interest of 6% + NIBOR and principal
shall be paid in full on the maturity date.
Bond covenant – free liquidity
In relation with the bond, the Group must have MNOK 20 free liquidity at any time in. Aider complies with this
covenant requirement:
Item
31.12.22
Cash and cash equivalents
1
03 805
Restricted
cash related to payroll -
21 604
Overdraft
facility
31 972
Free
liquidity
114 172
Over
-/under coverage
94 172
Debt
Leverage 31.12.22
Interest bearing debt
488 184
Lease
liabilities
78 791
Overdraft
facility
8 028
Total
interest bearing liabilities
575 003
Cash and cash
equivalents
103 805
Net
interest bearing debt
471 198
EBITDA LTM*
94 154
Net
interest bearing debt to EBITDA
5.0
In ordrer for Aider Konsern to tap on the bond according to the term sheet, the covenant must be
below 4.75.
*EBITDA LTM is proforma EBITDA last twelve months included allowed one-off adjustments (special items) under terms of
agreement for the bond.
The special items that are adjusted are the following in 2022:
Item
31.12.22
Integration of new offices and aqcuired companies
3 045
Work related to issuance of Bond
1 794
Total
4 839
Net interest bearing debt to EBITDA:
Nordic Trustee AS had at the end of 2022 lien of MNOK 3 500 on factoring, equipment as well as
lien in the receivables in the subsidiaries
Long-term debt with maturity over five years after reporting date
Note 20 – Use of estimates and assumptions
Management has used estimates and assumptions that have affected assets, liabilities, income, costs and
information on potential liabilities. This particularly applies to the assessment of intangible assets. Future
events may cause the estimates to change. Estimates and the underlying assumptions are assessed on an
ongoing basis. Changes in accounting estimates are accounted for in the period in which the changes occur.
Estimates and assessments are continuously assessed based on experience and factors that are considered
reasonable under given conditions. Important estimates and assumptions that there is a significant risk of
significantly affecting the book values of assets and liabilities during the next financial year are specified below.
Important and critical assessments in the application of the company's accounting principles are also specified.
Valuations of intangible assets
The most important estimates and assumptions for which there is a significant risk of significantly affecting the
book values of assets and liabilities during the next financial year are related to the valuation of intangible
assets. Intangible assets related to software, development and licenses, and are amortized over an expected
life estimated at years. The assets that are subject to depreciation are assessed annually for possible
impairment. Recoverable amounts for cash-generating units are determined based on valuation of fair value
less sales costs or by estimation of value in use. For further discussion of assessments of intangible assets,
see note 7.
Note 19 – Group loans
The balance include a short term debt to the parent company Aider Holding AS of MNOK 39 001.
Note 21 – Financial risk, classification of financial instruments and
measurement of fair value
The group has limited exposure to financial risks. The most important financial risks the group is exposed to
are related to credit risk and liquidity risk.
i) Credit risk
The group is mainly exposed to credit risk linked to trade receivables and other short-term receivables, as
well as fluctuation in NIBOR-rates related to the interest on the obligation debt.
There is no significant credit risk linked to a single counterparty or several counterparties that can be
perceived as a group due to similarities in credit risk.
ii) Liquidity risk
Liquidity risk is the risk that the group will not be able to service its financial obligations as they fall due. The
group's strategy for managing liquidity risk is to always have sufficient liquid funds, so that financial
obligations can be met when due, also in the event of extraordinary events, without risking unacceptable
losses or the group's reputation. A group account arrangement has also been implemented to secure
payments across the companies in the group.
Classification of financial instruments
Aider Group
The group's financial assets consist of receivables, obligation debt and bank deposits which are fully
assessed at amortized cost. All the group's financial obligations are assessed at amortized cost.
Principles for calculating fair value
Financial instruments in the parent company and group accounts consist of cash, accounts receivable, long-
term and short-term debt. All are assessed at face value, which represents fair value.
Note 22 – Amended financial statements
The board of Aider Konsern AS signed the original financial statement 28.04.2023. However, the following
information has been amended to the report after initial signing:
• ESEF-file has been published and added in the audit report
• Elaboration on the Corporate Social Responsibility reporting in the board of directors' report.
Parent company account
Aider Konsern AS
INCOME STATEMENT
(Amount in NOK 1000)
Note
2022
2021
Operating income
Revenue
1
21 651
12 531
Other income
1
20 871
-
Total operating income
42 521
12 531
Cost of goods sold
1 -
4 246
-
1 933
Amortizations and depreciations
2 -
1 264
-
202
Other expenses
3
21 223
15 383
Total
operating expenses
26 733
17 517
Operating profit
15 788
-
4 987
Financial items
Other
interest income
2 067
-
Other
financial income
1
-
Income from
subsidiaries 1
53 396
22 950
Other
interest expense
31 440
5 614
Other
financial expense
1 759
6
Net financial items
22 266
17 330
Profit before tax
38 054
12 343
Income taxes
4
4 833
154
Profit for the period
33 221
12 188
5
33 221
12 188
33 188
12 188
Income statement
Aider konsern AS
ASSETS
(Amount in NOK 1000)
Note 2022 2021
Non
-current assets
Intangible assets
Research and development
2
5 683
2 154
Total intangible assets
5
683
2 154
Non
-current financial assets
Investments in
subsidiaries 1,6
602 905
225 941
Investment in
associated companies 6
-
1 330
Investments in shares
3 512
-
Total non
-current financial assets
606 416
227 271
Total non
-current assets
612 100
229 425
Current assets
Accounts receivables
1
1
230
Other short
-term receivables
6 652
1 009
Receivables from
group companies 1
94 435
23 617
Cash and Cash equivalents
7
62 902
10
Total current assets
163 991
24 866
Total assets
776 091
254 291
Balance sheet
Aider konsern AS
EQUITY AND LIABILITIES
(Amount in NOK 1000)
Note 2022 2021
E
QUITY
Paid
-in capital
Share capital
8
1 000
1 000
Share premium
44 566
44 566
Total paid
-in capital
45 566
45 566
Other equity
49 187
15 966
Total equity
94 753
61 532
LIABILITIES
Provisions
Deferred tax
4
3 135
-
Total provisions
3
135
-
Non
-current liabilities
Interest bearing debt
9
485 606
94 332
Total non
-current liabilities
485 606
94 332
Current liabilities
Liabilities to group companies
1
121 503
63 875
Accounts payables
994
4 339
Tax payable
4
4 161
156
Public duties payable
-
-
Debt
to credit institutions
8 028
-
Other current liabilities
1
58 628
30 057
Total current liabilities
192 598
98 427
Total liabilities
681 338
192 759
Total equity and liabilities
776 091
254 291
Balance sheet
Aider konsern AS
Electronically signed______ Electronically signed_____
Andreas Vik Bjørnar Fjeld
Chairman of the board/CEO Board member
Electronically signed_____
Knut Grotli
Board member
(Amount in NOK 1000)
2022 2021
Operating activities
Profit for the period before tax
38 054
12 343
Tax paid
-
156
-
225
Depreciation and amortization
1 264
202
Change in accounts receivables
229
-
230
Change in accounts payables
7 753
1 844
Change in other accrual items
9 404
106 381
Cash flow from operating activities
56 329
120 315
Investment activities
Net expenditure on property, plant and
equipment
-
4 794
-
2 012
Investment in
shares -
377 603
-
66 586
Net change in group account
-
17 468
-
63 099
Cash flow from investment activities
-
399 862
-131 697
Financing activities
Proceeds from the issuance of new long
-term
liabilities
500 000
1 436
Repayment of long
-term liabilities -
136 569
-
Proceeds from equity
-
-
Overdraft
on credit facility
8 028
-
Group contributions
34 966
8 539
Cash flow from financing activities
406 425
9 975
Net change in cash and cash equivalents
62 893
-
1 407
Cash and cash equivalents at the start of the
period
10
1 416
Cash and cash equivalents at the end of the
period
62 902
10
Cash flow statement
Aider konsern AS
Notes to financial
statement
Aider konsern AS
Accounting principles
The annual accounts have been prepared in conformity with the provisions of the Accounting Act and good
accounting practice.
Use of estimates
In the preparation of the annual accounts estimates and assumptions have been made that have affected the
profit and loss account and the valuation of assets and liabilities, and uncertain assets and liabilities on the
balance sheet date in accordance with generally accepted accounting practice. Areas which to a large extent
contain such subjective evaluations, a high degree of complexity, or areas where the assumptions and
estimates are material for the annual accounts, are described in the notes.
Revenues
Income from the sale of goods is recognised on the date of delivery. Services are posted as income as they
are delivered. Income from the sale of services and long-term manufacturing projects (construction contracts)
are posted to the profit and loss account in line with the project’s degree of completion, when the outcome of
the transaction can be estimated in a reliable manner. When the transaction’s outcome cannot be estimated
reliably, only income corresponding to a projects’ incurred costs can be posted as revenue. At the time when
it is identified that the project will give a negative result, the estimated loss on the contract is posted in full to
the profit and loss account.
Tax
The tax charge in the profit and loss account consists of tax payable for the period and the change in
deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax-increasing
temporary differences that exist between accounting and tax values, and the tax loss carried forward at the
end of the accounting year. Tax-increasing and tax-reducing temporary differences that reverse or may
reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the
balance sheet to the extent that it is likely that it can be utilised.
Classification and valuation of fixed assets
Fixed assets consist of assets intended for long-term ownership and use. Fixed assets are valued at
acquisition cost less depreciation and write-downs. Long-term liabilities are entered on the balance sheet at
the nominal amount at the time of the transaction.
Plant and equipment is capitalised and appreciated over the economic lifetime of the asset. Significant items
of plant and equipment that consist of several material components with different lifetimes are broken down in
order to establish different depreciation periods for the different components. Direct maintenance of plant and
equipment is expensed on an ongoing basis under operating costs, while additions or improvements are
added to the asset’s cost price and depreciated in line with the asset. Plant and equipment is written down to
the recoverable amount in the event of a fall in value that is not expected to be temporary. The recoverable
amount is the higher of the net sales value and the value in use. Value in use is the present value of future
cash flows related to the asset. The write-down is reversed when the basis for the write-down is no longer
present.
Research and development
Expenses on research and development are capitalised to the extent one cannot identify a future economic
benefit related to the development of an identifiable intangible asset and where the acquisition cost can be
measured reliably. In the opposite case such costs are expensed as incurred. Capitalised research and
development is depreciated on a straight line basis over its economic lifetime.
Subsidiaries and associated companies
Subsidiaries and associated companies are valued using the cost method in the company accounts. The
investment is valued at acquisition cost for the shares unless a write-down has been necessary. A write-down
to fair value is made when a fall in value is due to reasons that cannot be expected to be temporary and such
write-down must be considered as necessary in accordance with good accounting practice. Write-downs are
reversed when the basis for the write-down is no longer present.
Dividends, group contributions and other distributions from subsidiaries are posted to income in the sameyear
as provided for in the distributor’s accounts. To the extent that dividends/ group contributions exceed the
share of profits earned after the date of acquisition, the excess amounts represents a repayment of invested
capital, and distributions are deducted from the investment’s value in the balance sheet of the parent
company.
Goods
Goods are valued at the lower of acquisition cost and net sale value. Sale value is the estimated sale price in
ordinary operations after deduction of estimated necessary expenses for completing the sale. Acquisition cost
includes expenses incurred in acquiring goods and costs necessary to bring the goods to the present position
and are attributed using the FIFO principle.
Receivables
Receivables from customers and other receivables are entered at par value after deducting a provision for
expected losses. The provision for losses is made on the basis of an individual assessment of the respective
receivables. In addition an unspecified provision is made to cover expected losses on claims in respect of
customer receivables.
Cash flow statement
The cash flow statement has been prepared using the indirect method. Cash and cash equivalents consist of
cash, bank deposits and other short-term, liquid investments
Note 1 – Transaction with related parties
R
elated party
Affiliate
Aider
Midt-Norge AS
Subsidiary
Aider
Innlandet AS
Subsidiary
Aider Tech AS
Subsidiary
Aider Bergen AS
Subsidiary
Aider Oslo AS
Subsidiary
Aider Vestviken AS
Subsidiary
Aider Sørøst AS
Subsidiary
Aider Nord AS
Subsidiary
Tet Innfordring AS
Subsidiary
Causa Nord AS
Subsidiary
Aider Accounting AS
Subsidiary
Aider Østfold AS
Subsidiary
The
following internal transaction have found place
in 2022:
Amount
Sale
of group services
21 651
Management
fee revenue
20 871
Purchase
of consultancy work
1 728
The balance includes the following amount in
relation to transaction with related parties:
2022
2021
Other short term receivables
41 039
667
Group contribution and dividends from subsidiaries
53 396
22 950
Other short term debt
121 503
63 875
Total
158 310
87 492
Note 2 – Property, plant and equipment
(Amount in NOK 1000)
Research and
development Total
Acquisition cost 1 January 2022
4 131
4 131
Additions
4 794
4 794
D
isposals
-
-
Acquisition cost end of period
8 924
8 924
Accumulated
depreciation and write-downs 3
241
3 241
Carrying
amount end of period
5 683
5 683
Depreciation
in current period
1 264
1 264
Depreciation
rates 20-
33%
Note 3 – Remuneration and salaries
The company has no employees and are therefore not obligated to have regulatory pension.
Auditor:
The company have expensed TNOK 254 excl. VAT for auditing services.
Note 4 – Tax
(Amount in NOK 1000)
2022
2021
This years tax expense
Payable tax
1 699
1 563
Change
in deferred tax/tax asset
3 135
-2
Total
tax expense
4 833
154
Taxable
income
Profit
before tax
38 054
12 343
Permanent
differences -
15 921
-
11 805
Changes
in temporary differences -
14 411
172
Group
contributions -
3 204
-
Total
taxable income
4 519
711
P
ayable tax in the balance sheet
Payable tax on this years result
-
6 546
-
2 249
Payable
tax on Group contributions
7 540
2 405
Total payable tax
994
156
Temporary differences
Tangible assets
-
147
-
163
Other
differences
14 394
-
Total
14 248
-
163
Off
balance sheet deferred tax assets
-
163
Basis for
calculating deferred tax/tax assets
14 248
-
Net
tax assets/deferred tax
3 135
-
(Amount in NOK 1000)
Share
capital
Share
premium
Other
equity Total
Equity 31 December 2021
1 000
4
4 566
15 966
61 532
Result for the period
33 221
33 221
Equity 31 December 2022
1 000
44 566
49 187
94 753
Note 5 – Equity
Note 6 – Investments in subsidiaries and associated companies
Subsidiaries are companies over which the Group has control. Control is defined as the power to govern
the financial and operating policies of another entity to obtain benefits from its activities. Subsidiaries are
fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from
the date on which control ceases.
(Amount in NOK 1000)
Office
Owner-
ship
Voting
share
Equity pr
31.12.22
Profit/loss
2022
Aider Oslo AS
Karenslyst allé 11, 0278 Oslo
68 %
100 %
1 567
11 619
Aider Nord AS
Dronningens
gate 18, 8006
Bodø
100 %
100 %
55
-
268
Aider
Innlandet AS
Karenslyst allé 11, 0278 Oslo
64 %
94 %
100
-
954
Aider Innlandet Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
29
-1
Aider Oslo Team AS
Karenslyst allé 11, 0278 Oslo
22 %
100 %
38
2 642
Aider Vestfold Team AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
23
-1
Aider Sør Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
24
0
Aider Bergen Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
30
0
Aider Østfold Teams
Karenslyst allé 11, 0278 Oslo
100 %
100 %
30
-1
Aider Midt
-Norge AS
Stiklestadveien 3, 7041
Trondheim
70 %
100 %
50
-
6 298
Aider Midt
-Norge Teams AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
30
0
Aider Tech AS
Infanterivegen
16, 3734
Skien
100 %
100 %
3 220
-
1 647
Aider Vestviken AS
Træleborgveien 9, 3112
Tønsberg
100 %
100 %
100
-
7 449
Causa Nord AS
C.M.
Havigs gate 21, 8656
Mosjøen
100 %
100 %
56
324
Aider
Østfold AS
Kalnesveien
5, 1712
Grålum
100 %
100 %
30
635
Aider Bergen AS
Johan Berentsens vei 109,
5163 Laksevåg
100 %
100 %
3 992
718
Aider
Fredrikstad AS
Aspelundveien
4, 16 24
Gressvik
100 %
100 %
2 448
1 298
Aider Accounting AS
Karenslyst allé 11, 0278 Oslo
100 %
100 %
3 714
8 281
Tet Innfordring AS
Infanterivegen
16, 3734
Skien
100 %
100 %
1 365
302
Loftesnes Rekneskap AS
Fjørevegen
10, 6851
Sogndal
100 %
100 %
689
481
Aider Sørvest AS
Travbaneveien
3, 4031
Stavanger
100 %
100 %
660
3 685
Aider Rakkestad AS
Strømfossveien
63, 1890
Rakkestad
100 %
100 %
3 446
3 258
Grasp Labs AS
Infanterivegen
16, 3734
Skien
60 %
60 %
2 380
401
Hamar Økonomitjenester AS
Stangevegen
111, 2321
Hamar
100 %
100 %
179
471
Aider
Sørlandet AS
Vestre
Strandgate 67, 4612
Kristiansand S
100 %
100 %
11
-
13
Aider
Sørøst AS
Hydroparken
295, 3660
Rjukan
100 %
100 %
9 433
12 812
Note 7 – Bank deposits
The company has no restricted cash.
The company is the holder of the group cash pool.
Note 9 – Pawned assets and guarantees
(Amount in NOK 1000)
2022
2021
Debt secured by pawn and guarantees
O
bligation loan
485 606
-
Loan from
credit institutions
-
93 827
Total
485 606
93 827
Book
value of pawned assets
Investment in
subsidiaries
602 905
225 941
Total
602 905
225 941
Share capital
Number
outstanding
Face Value
Carrying
value
Ordinary
shares
1 000 000
1
1 000 000
Total
1 000 000
1 000 000
The share capital is owned by the following shareholders:
Shareholders
: Number of
shares
Ownership
Aider
Holding AS
1 000 000
100%
Total
number of shares
1 000 000
100%
Note 8 – Share capital, shareholder information
Nordic Trustee AS had at the end of 2022 lien of MNOK 3 500 on the shares, factoring, as well as
lien in the receivables in the subsidiaries
Note 10 – Amended financial statements
The board of Aider Konsern AS signed the original financial statement 28.04.2023. However, the following
information has been amended to the report after initial signing:
• ESEF-file has been published and added in the audit report
• Elaboration on the Corporate Social Responsibility reporting in the board of directors' report.
RESPONSABILTY
STATEMENT
RESPONSABILITIY STATEMENT
We confirm, to the best of our knowledge, that the financial statements for the
period 1 January to 31 December 2022 have been prepared in accordance with
current applicable accounting standards, and give a true and fair view of the assets,
liabilities, financial position and profit or loss of the entity and the Company taken as
a whole.
We also confirm to the best of our knowledge that the Board of Directors report
includes a true and fair review of the development and performance of
the business and the position of the entity and the Company, together with a
description of the principal risks and uncertainties facing the entity and the
Company.
Electronically signed______ Electronically signed_____
Andreas Vik Bjørnar Fjeld
Chairman of the board/CEO Board member
Electronically signed_____
Knut Grotli
Board member
Oslo, 26.06.2023
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