Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2022-12-31 | 2767400000 | vEUR |
| ifrs-full:Assets | 2021-12-31 | 2553400000 | vEUR |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 2079000000 | vEUR |
| ifrs-full:Revenue | 2021-01-01 | 2021-12-31 | 1827900000 | vEUR |
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<mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx2" xml:lang="en">www.nkt.com/sustainability-report-2022</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
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<mrv:CorporateGovernanceReport contextRef="ctx2" xml:lang="en"><table width="100%"><tr><td colspan="1">Dette er til corporate governancelink</td></tr><tr><td colspan="1">investors.nkt.com/corporate-governance/ statutory-reports</td></tr></table></mrv:CorporateGovernanceReport>
<mrv:CorporateGovernanceReport contextRef="ctx2" xml:lang="en"><table width="100%"><tr><td colspan="1">Dette er til corporate governancelink</td></tr><tr><td colspan="1">investors.nkt.com/corporate-governance/ statutory-reports</td></tr></table></mrv:CorporateGovernanceReport>
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rsrapport</gsd:InformationOnTypeOfSubmittedReport>
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<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx2" xml:lang="en">Grundlag for konklusion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
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<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx2" id="fact1098" xml:lang="en">Group Managementâs statement The Board of Directors and the Executive Man- agement have today considered and adopted the Annual Report of NKT A/S for the financial year 1 January â 31 December 2022. The Annual Report has been prepared in ac- cordance with International Financial Reporting Standards which have been adopted by the EU, Danish disclosure requirements for listed compa- nies and, with the file nkt-2022-12-31-en.zip, in all material respects, in compliance with the ESEF Regulation. In our opinion the consolidated financial state- ments and the Companyâs financial statements give a true and fair view of the Groupâs and the Companyâs assets, liabilities and financial posi- tion at 31 December 2022 and of the results of the Groupâs and the Companyâs operations and cash flow for the financial year 1 January â 31 December 2022. We also find that the Managementâs review provides a fair statement of developments in the activities and financial situation of the Group, financial results for the period, the general finan- cial position of the Group, and a description of major risks and elements of uncertainty faced by the Group. We recommend that the Annual Report be ap- proved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx65" id="fact1929" xml:lang="en">Alexander Kara</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx68" id="fact1934" xml:lang="en">René Svendsen-Tune</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx69" id="fact1935" xml:lang="en">Nebahat Albayrak</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
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<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx72" id="fact1938" xml:lang="en">Christian Dyhr*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx75" id="fact1941" xml:lang="en">Jens Maaløe</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx73" id="fact1939" xml:lang="en">Stig Nissen Knudsen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx76" id="fact1942" xml:lang="en">Andreas Nauen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx74" id="fact1940" xml:lang="en">Karla Lindahl</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx77" id="fact1943" xml:lang="en">Pernille Blume Simonsen*</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<sob:PlaceOfSignatureOfStatement contextRef="ctx2" id="fact1127" xml:lang="en">Brøndby</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx2" id="fact1128">2023-02-22</sob:DateOfApprovalOfAnnualReport>
<arr:IndependentAuditorsReportsAudit contextRef="ctx2" id="fact1129" xml:lang="en">Independent auditorâs report</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact1130" xml:lang="en">To the shareholders of NKT A/S Report on the consolidated financial statements and the parent financial statements</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx2" id="fact1161" xml:lang="en">Basis for opinion We conducted our audit in accordance with In- ternational Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the âAudi- torâs responsibilities for the audit of the consoli- dated financial statements and the parent finan- cial statementsâ section of this auditorâs report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountantsâ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these require- ments and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, we have not provided any prohibited non-audit services as referred to in Article 5(1) of Regulation (EU) No 537/2014. We were appointed auditors of NKT A/S for the first time on 21.03.2013 for the financial year 2013. We have been reappointed annually by decision of the general meeting for a total contig- uous engagement period of 10 years up to and including the financial year 2022.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx2" id="fact1134" xml:lang="en">Opinion We have audited the consolidated financial statements and the parent financial statements of NKT A/S for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including a sum- mary of significant accounting policies, for the Group as well as for the Parent. The consolidat- ed financial statements and the parent financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial state- ments and the parent financial statements give a true and fair view of the Groupâs and the Parentâs financial position at 31.12.2022, and of the results of their operations and cash flows for the finan- cial year 01.01.2022 - 31.12.2022 in accordance with International Financial Reporting Standards as adopted by the EU and additional require- ments of the Danish Financial Statements Act. Our opinion is consistent with our audit book comments issued to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx2" id="fact1190" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most signifi- cance in our audit of the consolidated financial statements and the parent financial statements for the financial year 01.01.2022 - 31.12.2022. These matters were addressed in the context of our audit of the consolidated financial statements and the parent financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of construction contracts Refer to notes 1.3, 2.1 and 4.3 in the consolidat- ed financial statements. Significant judgements are required by Man- agement in determining stage of completion and estimating profit on each project, including assessment of provisions for specific project risks. Minor changes in the stage of completion and specific project risks can have a significant impact on the valuation and recognition of con- struction contracts and revenue for the year. Accordingly, the valuation of construction con- tracts especially relating to high voltage offshore contracts (Solutions) is considered to be a key audit matter. How the matter was addressed in our audit Based on our risk assessment, we have as- sessed and tested the relevant internal controls for construction contracts primarily relating to contract acceptance, change orders, monitor- ing of project development, costs incurred and estimation of costs to complete and assessment of specific project risks. We obtained from Management an overview of the Groupâs construction contracts at 31 December 2022 relating to high voltage offshore contracts covering both in progress contracts as of year-end and contracts completed during the year. Based on assessed project risks and mate- riality, we selected a sample of contracts where we obtained the underlying contracts, including change orders, original budget and any changes made to original budgets, including estimates of costs to complete, project reports and overview of the risk register and corresponding risk provi- sion, where deemed relevant by us. For the selected contracts, we assessed and challenged Managementâs assumptions for determining stage of completion with due con- sideration to its assessment of project risks and risk provisions and estimated profit/loss through interviews with project controllers, project man- agement, legal department and management representatives as well as our understanding and assessment of the contract terms, associ- ated project risks, including valuation of change orders under discussion with customers and final acceptance. Additionally, we attended project steering committee meetings at which project performance, cost to complete and project risk register, including likelihood of the risk materialis- ing, were discussed and assessed in detail. For the selected completed contracts, we performed retrospective reviews of assessment of project risk and development and utilisation of risk provisions to assess the completeness and estimation accuracy of Managementâs assump- tions applied throughout the contract period. Impairment test of non-current assets Refer to notes 1.3, 3.1, 3.2, and 3.3 in the consol- idated financial statements. The recoverable amount of non-current assets in the Groupâs high voltage power cable busi- ness (Solutions) is dependent on the expected increase in operational EBITDA and that the operational EBITDA level can be sustained in the long term. The determination of recoverable amount for Solutions is based on the value-in- use derived from future free net cash flow based on budgets and the strategy for the coming years and free net cash flows from the terminal period. Significant judgement is required by Manage- ment in determining value-in-use, including cash flow projections based on financial budgets for 2023 and financial forecasts for 2024-2028, and growth rate in the terminal period and the discount rate to be applied. Accordingly, the carrying value of non-current assets for Solutions is considered to be a key audit matter. How the matter was addressed in our audit Based on our risk assessment, we have obtained and evaluated Managementâs determination of future cash flow forecasts for Solutions and the underlying process by which they were drawn up, including the mathematical accuracy of the valuation models applied and agreeing future growth, investments and margin assumptions to the latest Board approved budget for 2023 and financial forecasts for 2024-2028. We used our valuation specialists to assist us in evaluat- ing the appropriateness of key market-related assumptions in Managementâs valuation models, including discount rates and terminal growth rates. We assessed and challenged key assump- tions applied in Managementâs future forecasts of growth, investments and margins included in the cash flow forecasts. In assessing the level of headroom at Solutions level we performed downside sensitivity analyses around the key assumptions, using a range of higher discount rates, lower terminal growth rates and lower EBITDA levels. Valuation of deferred tax assets Refer to notes 1.3 and 2.5 in the consolidated financial statements. Majority of the Groupâs deferred tax assets relates to the German subsidiaries tax unit. The valuation of the German deferred tax asset is based on an assessment of the recoverable value of tax losses carried forward as well as the part of deductible temporary tax differenc- es expected to be utilised within a foreseeable future. Significant judgement is required by Man- agement in determining the recoverable value, including projections of future taxable income, based on financial budgets for 2023 and financial forecasts for 2024-2027. Accordingly, the valuation of deferred tax assets is considered to be a key audit matter. How the matter was addressed in our audit Based on our risk assessment, we have, in assessing the valuation of deferred tax assets, obtained and evaluated Managementâs ex- pectations of generating future taxable profits in the foreseeable future in Germany, and the underlying process by which they were drawn up, including the mathematical accuracy of the models, and agreeing future growth and margin assumptions to the latest Board approved budget for 2023 and financial forecasts for 2024- 2027 as well as the expected related utilisation of the deferred tax asset. We assessed and challenged the reasonableness of Managementâs determination of expected future taxable profits in the light of Managementâs plans for improving the operational results in Germany. In assessing the valuation of deferred tax assets, we performed downside sensitivity analysis around the key assumptions by using a range of lower growth rates and margins.</arr:KeyAuditMattersAudit>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx2" id="fact1371" xml:lang="en">Management's responsibilities for the consolidated financial statements and the parent financial statements Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial state- ments and the parent financial statements, Man- agement is responsible for assessing the Groupâs and the Parentâs ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate the Group or the Entity or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx2" id="fact1342" xml:lang="en">Statement on the management commentary Management is responsible for the management commentary. Our opinion on the consolidated financial state- ments and the parent financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the man- agement commentary and, in doing so, consider whether the management commentary is mate- rially inconsistent with the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or other- wise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Finan- cial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstate- ment of the management commentary.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx2" id="fact1398" xml:lang="en">Auditor's responsibilities for the audit of the consolidated financial statements and the parent financial statements Our objectives are to obtain reasonable assur- ance about whether the consolidated financial statements and the parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorâs report that includes our opinion. Rea- sonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial state- ments and these parent financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: â Identify and assess the risks of material misstatement of the consolidated financial statements and the parent financial state- ments, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, inten- tional omissions, misrepresentations, or the override of internal control. â Obtain an understanding of internal con- trol relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Groupâs and the Parentâs internal control. â Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. â Conclude on the appropriateness of Man- agementâs use of the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parentâs ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the consolidated financial state- ments and the parent financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditorâs report. However, future events or conditions may cause the Group and the Enti- ty to cease to continue as a going concern. â Evaluate the overall presentation, structure and content of the consolidated financial state- ments and the parent financial statements, including the disclosures in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and events in a manner that gives a true and fair view. â Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding inde- pendence, and to communicate with them all relationships and other matters that may reason- ably be thought to bear on our independence, and, where applicable, safeguards put in place and measures taken to eliminate threats. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditorâs report unless law or regulation precludes public dis- closure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx2" id="fact1516" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the consolidated financial statements and the parent financial statements of NKT A/S we performed procedures to express an opinion on whether the annual report of NKT A/S for the financial year 01.01.2022 - 31.12.2022 with the file name nkt-2022-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic For- mat (ESEF Regulation) which includes require- ments related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regu- lation. This responsibility includes: â The preparing of the annual report in XHTML format; â The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to ele- ments in the taxonomy, for financial informa- tion required to be tagged using judgement where necessary; â Ensuring consistency between iXBRL tagged data and the Consolidated Financial State- ments presented in human readable format; and â For such internal control as Management de- termines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. Our responsibility is to obtain reasonable assur- ance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: â Testing whether the annual report is prepared in XHTML format; â Obtaining an understanding of the companyâs iXBRL tagging process and of internal control over the tagging process; â Evaluating the completeness of the iXBRL tagging of the consolidated financial state- ments including notes; â Evaluating the appropriateness of the compa- nyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; â Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and â Reconciling the iXBRL tagged data with the audited consolidated financial statements. In our opinion, the annual report of NKT A/S for the financial year 01.01.2022 - 31.12.2022 with the file name nkt-2022-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx2" id="fact1595" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx2" id="fact1596">2023-02-22</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx78" id="fact1944" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameOfAuditFirm contextRef="ctx79" id="fact1954" xml:lang="en">Deloitte Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx78" id="fact1947" xml:lang="en">Kirsten Aaskov Mikkelsen</cmn:NameAndSurnameOfAuditor>
<cmn:NameAndSurnameOfAuditor contextRef="ctx79" id="fact1950" xml:lang="en">Niels Skannerup Vendelbo</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx78" id="fact1948" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx78" id="fact1949" xml:lang="en">mne21358</cmn:IdentificationNumberOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx79" id="fact1951" xml:lang="en">State-Authorised Public Accountant</cmn:DescriptionOfAuditor>
<cmn:IdentificationNumberOfAuditor contextRef="ctx79" id="fact1952" xml:lang="en">mne34532</cmn:IdentificationNumberOfAuditor>
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