Note 11 Fixed and intangible assets Amounts in NOK million intangible assets Right-of-use assets Refitting of office premisses Fixtures and office equipment Other Total Cost as at 1 January 2021 328.1 19.4 0.7 3.7 0.2 352.1 Additions 72.9 - 0.2 0.2 - 73.2 Disposals - - - - - - Cost as at 31 December 2021 401.0 19.4 0.9 3.9 0.2 425.3 Accumulated depreciation and write-offs as at 1 January 2021 -173.9 -7.7 -0.4 -2.5 - -184.5 Depreciation -72.9 -3.9 -0.2 -0.6 - -77.3 Write-offs - - - - - - Accumulated depreciation and write-offs as at 31 December 2021 -247.5 -11.6 -0.5 -3.1 - -262.5 Book value as at 31 December 2021 153.5 7.8 0.4 0.7 0.2 162.6 - - - - 0 0 Cost as at 1 January 2022 401.0 19.4 0.9 3.9 0.2 425.3 Additions 57.6 0.8 0.1 0.1 - 58.7 Disposals - - - - - - Cost as at 31 December 2022 458.6 20.2 1.0 4.0 0.2 484.0 Accumulated depreciation and write-offs as at 1 January 2022 -247.5 -11.6 -0.5 -3.1 - -262.5 Depreciation -74.2 -4.3 -0.2 -0.4 - -79.1 Write-offs -91.0 -1.8 - - - -92.7 Accumulated depreciation and write-offs as at 31 December 2022 -413.3 -17.6 -0.7 -3.4 - -435.0 Book value as at 31 December 2022 45.3 2.5 0.3 0.4 0.2 48.8 Depreciation period 3 – 5 years See below See below 3-5 year No depr. Intangible assets and fixed assets are depreciated on a straight-line basis over lifetime. Intangible assets mainly consist of acquired and in-house developed IT systems and IT rights. Right-of-use assets and refitting of office premises are related to the Bank’s lease agreements and is depreciated over the lease term. See note 12 for information regarding lease agreements. The Bank launched a series of strategic initiatives in the beginning of 2022 aimed at improving throughput and efficiency. Simplifying technology was one of the strategic initiatives now being implemented with the dual goals of enhancing scalability and lowering costs. The Bank has begun to transfer its activities to a more efficient IT platform which will eventually result in a significant reduction in the cost of its IT infrastructure. The completion of the process is expected within 12 months. As a result of the structural changes being made to the IT platform, the Bank had a write- down of NOK 91.0 million related to impairment intangible assets. The impairment is related to IT systems the Bank has either phased out or will be phasing out during 2023. Further, NOK 1.8 million of rights-of-use assets was written down due to change of office premises in 2023, see also note 12 regarding lease agreements. 66 Notes to the financial statements
RkJQdWJsaXNoZXIy NTYyMDE=