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The annual accounts are prepared in compliance with the provisions of the Norwegian Accounting Act and good accounting practice, with the modifications necessitated by the unique nature of Norsk Tipping as set out in the Norwegian Gaming Act of 28.8.1992 no. 103 (Gaming Act).

Norsk Tipping AS is subject to the provisions of the Gaming Act, which states that a publicly owned limited company shall act as a gaming company. The Ministry of Culture and Equality determines the company’s articles of association, appoints the Board and issues instructions to the Board. The Board is charged with ensuring that the company is operated in line with its objectives and guidelines. The Board is responsible for adequate organisation and management of the company, which includes ensuring that matters including registration and asset management are subject to satisfactory control. The articles of association set out the Ministry of Culture and Equality’s right to issue instructions outside the ambit of ordinary governance through the general meeting.

Norsk Tipping’s subsidiaries are of no relevance when assessing the Group’s financial position or performance. For this reason, and pursuant to section 3-8 of the Accounting Act, consolidated accounts are not prepared.

Use of estimates
The senior management team has used estimates and assumptions that have influenced the income statement and the valuation of assets and liabilities. Service life assumptions first and foremost affect valuations of fixed assets and intangible assets and the associated depreciation. Valuations have also been made of any unsecured assets and liabilities on the balance sheet date in connection with closure of the annual accounts in line with good accounting practice. The senior management team is unaware of any material uncertainty associated with the accounts and capitalised assets.

Transactions in foreign currencies are translated based on the exchange rate on the date of the transaction. Monetary items in foreign currencies are translated to Norwegian kroner using the exchange rate on the balance sheet date. The effects of changes in exchange rates are recognised in the income statement on a continuous basis under other financial items.

Operating revenue, prizes, and commissions
The term ‘gaming revenue’ refers to the gross stakes risked by players. In the case of gaming terminals (Belago and Multix) and online gaming, players will normally play multiple times during a single gaming session and reuse any prizes as stakes. For accounting purposes, each individual game, involving a stake followed by a draw with possible payment of a prize, is regarded as a separate transaction regardless of the number of gaming sessions.

The recognition of gaming revenue and related prizes and commissions in the accounts does not fully correspond with the calendar year, rather it is adjusted to conform to the subdivision of the year into numbered weeks. In 2022, gaming-related revenue and expenses were from 52 gaming periods/weeks. Gaming stakes and the associated anticipated prizes for multi-week games are accrued for each of the relevant gaming periods/weeks. Commissions are distributed on the same basis.

Revenue from other sales is recognised once delivery has taken place and most of the risk and return has been transferred.

The company is exempt from tax.

Classification and valuation of balance sheet items
Current assets and current liabilities include items that fall due for payment within a year of the date of acquisition, as well as items linked to goods circulation. Other items are classified as non-current assets/non-current liabilities.

Current assets are valued at the lower of acquisition cost and fair value. Current liabilities are capitalised at their nominal value on the date they are incurred.

Non-current assets are valued at acquisition cost, less depreciation, and write-downs. Non-current liabilities are capitalised at their nominal value on the date they are incurred.

Research and development
The company complies with the exemption rule set out in the provisions of section 5-6 of the Accounting Act when recognising expenses related to basic research and development. The company’s activities in this area are very limited.

Fixed assets and intangible assets
Fixed assets are capitalised and depreciated on a straight-line basis over their expected service life. Direct maintenance of fixed assets is expensed on an ongoing basis as operating expenses, while upgrades or improvements are capitalised and depreciated over the expected service life. If the fair value of an asset is less than its book value, the asset is written down to its fair value. The fair value is the higher of net sales value and utility value. The term ‘utility value’ is understood to mean the net present value of future cash flows that the asset is expected to generate, either directly or as a prerequisite for the company’s other cash flow items.

The company’s development activities involving its own development of software, gaming concepts, distribution channels and systems are valued in line with Norwegian Accounting Standard 19 – Intangible assets. Development activities that meet the criteria are capitalised and depreciated over their expected service life.

Subsidiaries/associated companies
Subsidiaries and associated companies are valued using the cost method in the company’s accounts. Investments are valued at the shares’ acquisition cost unless a write-down has been deemed necessary. Investments are written down to fair value when the reasons behind a fall in value cannot be assumed to be temporary in nature and good accounting practice necessitates it. Write-downs are reversed when the basis for the write-down no longer exists.

Dividends, group contributions and other disbursements from subsidiaries and affiliated companies are recognised as income in the same year they are approved by the companies’ general meetings.

Sales agent receivables, trade receivables and other receivables are recognised on the balance sheet at their nominal value less provisions for expected losses. Provisions for losses are made on the basis of individual valuations of the individual receivables. An unspecified provision is also made to cover expected losses on other trade receivables.

The company has defined benefit pension plans that are valued at the present value of their future pension benefits which, for accounting purposes, are regarded as earned on the balance sheet date. Pension assets are valued at fair value.

Changes to defined benefit pension liabilities resulting from changes to pension plans are distributed over the estimated average remaining accrual period.

The company uses the corridor method to recognise the effects of pension assumptions. The cumulative effect of changes in estimates and financial and actuarial assumptions (actuarial gains and losses) equal to less than 10 per cent of the greater of pension liabilities and pension assets at the start of the year are not included. If, at the start of the year, the cumulative effect exceeds 10 per cent, the excess amount is recognised over the estimated average remaining accrual period. Net pension expenses for the period are classified as payroll and personnel expenses.

Statement of cash flow
The cash flow statement is prepared using the indirect method. Cash and cash equivalents include cash, bank deposits and other short-term, liquid investments.

Value Added Tax
Norsk Tipping AS’s ordinary activities are exempt from value added tax pursuant to section 5(b), paragraph one no. 6, of the Value Added Tax Act.  As a general rule, expenses and investments are inclusive of VAT.

The company’s operations are divided into gaming product categories based on the fundamental characteristics of the games in question.

Gaming revenue per product category

Gaming revenue20222021
Sports games4 9074 809
Lotteries11 59311 118
Soft instants2 2602 138
Casino games27 94325 676
Total gaming revenue46 70243 741

Net gaming revenue per product category (stakes less prizes)

Net gaming revenue20222021
Sports games1 0501 121
Lotteries5 7745 532
Soft instants864812
Casino games1 3011 204
Total net gaming revenue8 9898 669

The gaming revenue was from calendar weeks 1-52 in 2021 (3.1.2022 - 1.1.2023).

The company’s activities are targeted at the Norwegian market. There are no natural geographically defined market segments.

Payroll and personnel expenses

Salaries and fees375334
Employer’s national insurance contributions5954
Pension expenses6459
Other social expenses105
Benefits in kind88

Remuneration of executive personnel

and fees
Pension expensesTotal
Thor Gjerrmund EriksenCEO from 1.9.2022920121431 075
Åsne HavnelidCEO until 31.8.20222 972245123 508
Stein Willy AndreassenDirector of Finance and Cooperate Governance1 624203301 974
Tonje SagstuenDirector of Responsibility, Society and Communication1 809434212 273
Per Ove SkomakerstuenDirector of IT Operations1 598105082 116
Per Kristian MengshoelDirector of Innovation and Development1 378333641 775
Thorbjørn UnnebergDirector of Customer Experience1 985593092 353

Åsne Havnelid moved to a new position as a special adviser on 1.9.2022 with the same salary conditions as in her position as CEO.

The company has no bonus schemes for either managers or other employees.

The company had total of 433 full-time equivalents in 2022, compared with 431 in 2021.

The total remuneration paid to board members in 2022 was NOK 1 644 000.

For further information, please see the remuneration report.

Fixed assets

Amounts in NOK millionsArtVehiclesMachinery,
equipment and
Acquisition cost as at 1.1.2022111 9644972 463
Year’s disposals--00
Year’s additions-473885
Acquisition cost as at 31.12.2022112 0125342 548
Accumulated depreciation and write-downs-11 8013862 188
Book value as at 31.12.20221-211149360
Annual depreciation--642589
Depreciation schedule (straight-line)None5 years3-6 years10-25 years

The company has expensed some minor leases for cars, office machinery and equipment.

Intangible assets

Amounts in NOK millionsIT- infra-
Games and
game apps
Acquisition cost as at 1.1.202230818033012830
Year’s disposals-
Year’s additions-----
Acquisition cost as at 31.12.202230818033012830
Accumulated depreciation and write-downs29818033012820
Book value as at 31.12.202210---10
Annual depreciation1652-23
Depreciation schedule (straight-line) 5 years3-7 years5-7 years3 years

Intangible assets relate to development projects carried out under the company’s direction. The projects involve the development of new solutions or modifications of solutions purchased from external suppliers.

The total income from capitalised assets is expected to at least offset the cost of production. Expenses related to salaries and other personnel expenses for employees involved in development work are not capitalised since the company has no reliable means of measuring them.

Intangible assets2315
Fixed assets8990
Total depreciation112105

Other operating expenses

Amounts in NOK millions20222021
Operation of installations and equipment473445
Costs relating to the Norwegian Gaming Authority4444
Consultancy services and fees130121
Distribution and shipping expenses4238
Printed matter and office supplies3428
TV production3232
Other expenses4668
Sponsorship and promotion120118
ID and payment solutions227193
Total other operating expenses1 4031 349


Revisor, beløp i tusen kr20222021
Ordinær revisjon472441
Andre attestasjonstjenester052
Andre tjenester1065

Financial income

Amounts in NOK millio20222021
Interest income415
Other financial income00
Financial income subsidiaries and associated companies99
Capital gains124
Total financial income6217

Financial expenses

Amounts in NOK millions20222021
Interest expenses11
Other financial expenses00
Capital losses221
Total financial expenses322

The company operates accounts in NOK and EUR. Balances in currency accounts are normally limited to the amounts required in connection with day-to-day operations. Prize transactions in games offered in cooperation with other regulated gaming companies (Vikinglotto and Eurojackpot) are conducted in EUR and mean that the company can at times hold large reserves of EUR.
In accordance with the company’s articles of association, surplus liquidity in excess of 2.5 per cent of the net gaming revenue in the preceding year is transferred each month to the company’s sight deposits with the Treasury in Norges Bank. The interest terms for these deposits follow the government’s sight deposit rate.
The company has no forward foreign exchange contracts.

Investments in subsidiaries and associated companies

Cost price of
Norske Spill AS2009Hamar100 %100 %11
Total subsidiaries11
Associated companies
Buypass AS2006/2009/2011Oslo50 %50 %3232
Lotteries Entertainment Innovation Alliance AS2018Hamar20 %20 %11
Total associated companies3434

Pursuant to section 3-8, paragraph two, of the Accounting Act, the subsidiary has not been consolidated into Norsk Tipping AS’s accounts. The reason for excluding the companies from consolidation is that they are of no relevance when assessing the Group’s financial position or performance.

The annual accounts for Norske Spill AS have not been reported.

The annual accounts for Buypass have not been reported, but provisional accounts for Buypass AS show surplus funds of NOK 24 million and equity of NOK 171 million. Dividends totalling NOK 9 million were recognised as income in 2022.

The company Lotteries Entertainment Innovation Alliance AS was established as a joint venture in cooperation with four other state-owned gaming enterprises. In 2022, the company reported surplus funds of NOK 839 000 and equity of NOK 13.8 million.

Other non-current receivables

Amounts in NOK millions20222021
Long-term loans to employees *810
Other receivables3429

* The company offers mortgages to employees on the same terms and conditions as the Norwegian Public Service Pension Fund (SPK).

Norsk Tipping AS settles receivables with its sales agents in arrears on a weekly basis by means of automatic deductions. Receivables are generally secured by means of deposits and guarantees provided by the sales agents. The draw follows the days of the week and the balance at the end of the year will vary because of this.

Other receivables include prepaid and accrued expenses and other trade receivables due for payment in less than a year after the end of the accounting year.

Other receivables

Amounts in NOK millions20222021
Trade receivables00
Prepaid expenses6842
Personal loans/salary advances *66
Other current receivables4948

* Personal loans/salary advances for employees have a term to maturity of up to 4 years. Interest rate gains are taxed as such.

The item cash and cash equivalents includes tax withholding funds amounting to NOK 25 million.

Surplus liquidity is transferred only a monthly basis to the company’s sight deposits with the Treasury in Norges Bank. These are classified as bank deposits.

The balance of the sight deposits with the Treasury as at 31.12.2022 was NOK 5 564 million.

Norsk Tipping’s share capital consists of three shares, each with a nominal value of NOK 50 000.

The Ministry of Culture and Equality owns 100 per cent of the shares in the name of the Norwegian state.

The company has an investment fund in line with the Gaming Act and guidelines issued by the Ministry of Culture and Equality.

The investment fund is included in retained earnings in line with other equity.


Amounts in NOK millionsShare
equity fund
Equity as at 31.12.20210,151509326485
Year’s change in equity
Added from the year’s surplus funds6 5826 582
Year’s transfers to surplus funds recipients-6 582-6 582
Net change in the accounting year00
Equity as at 31.12.20220,151509326485

Norsk Tipping AS has both funded and unfunded pension schemes. The funded pension plans are administered by SPK, see the detailed description of the arrangement below. The unfunded pension plans involve retirement pension agreements with current and former holders of executive positions with salaries above 12G, as well as two other pension agreements for former senior employees.

The company has also on occasion entered into supplementary agreements concerning pensions funded through operations with some employees who left following organisational changes.
Norwegian Public Service Pension Fund (SPK)
Description of the arrangement:
Norsk Tipping AS has a group pension scheme for its employees in the Norwegian Public Service Pension Fund (SPK). The pension scheme provides benefits in line with the Norwegian Public Service Pension Fund Act. The benefits cover retirement, disability, spouse, and child pensions. In addition, the calculation applies to benefits from the age of 62 under the early retirement arrangement (AFP) for public sector employees. The pension benefits are coordinated with the national insurance scheme’s benefits. The company’s premium contributions are expensed under payroll and personnel expenses as they are incurred.

Premiums are set and pension liabilities calculated based on actuarial principles as part of the SPK arrangement. The arrangement is not fund based, rather it is based on the simulated administration of pension assets (‘notional assets’) as if the 65 per cent of the assets were invested in government bonds and 35 per cent on returns corresponding to the Government Pension Fund Global. Pension payments are guaranteed by the State (section 1 of the Norwegian Public Service Pension Fund Act). The pension scheme cannot be moved in the same way as a private pension scheme and this calculation assumes that the arrangement will be continued by SPK. The simulation is based on the bonds being held until maturity. The pension assets are valued at their book value.

Funded pension plans

Pension expenses

Amounts in NOK millions20222021
Present value of year’s pensionable earnings5346
Interest expense from pension liabilities2114
Return on pension assets-21-14
Employees’ pension contributions-7-6
Administrative expenses11
Net pension expenses before amortisation4841
Recognised effect of estimate deviations1811
Accrued employer’s national insurance contributions 1108
Net pension expenses funded pension schemes7660
No. of active employees included in the calculation445450

1 Employer’s national insurance contributions are net defined benefit pension liabilities multiplied by the current percentage for employer’s national insurance contributions. Net actuarial gains and losses not recognised on the balance sheet include employer’s national insurance contributions.

Pension liabilities

Amounts in NOK millions31.12.202231.12.2021
Calculated pension liabilities1 0921 128
Employer’s national insurance contributions5369
Pension assets (at market value)-717-642
Net accrued pension liabilities428554
Unrecognised effect of estimate deviations-285-420
Net pension liabilities143134

Financial assumptions

Discount rate3,00 %1,90 %
Expected return on fund assets4,70 %3,10 %
Expected wage adjustment3,50 %2,75 %
Expected G adjustment3,25 %2,50 %

The financial assumptions are based on NRS(V) Pension assumptions (January 2023).

Common assumptions used within insurance have been used as actuarial assumptions for demographic factors and departures. The calculations are based on the mortality assumptions in K2013.

Unfunded pension schemes and pensions funded through operations

As mentioned in note 2, the company has unfunded pension plans, as well as agreements involving pensions funded through operations with some employees linked to their leaving the company. The agreements concerning pensions funded through operations provide entitlement to 66 per cent of salary from the age of 67.

Amounts in NOK millionsUnfunded agreements
over 12G
Pensions funded
through operations
Provisions as at 01.01610,6
New provisions/expenses in the period124
Paid out in 202221
Liabilities as at 31.126023

Provisions/expenses in the period were charged in full to the accounts for 2022.

Total pension liabilities

Total pension liabilities20222021
Unfunded pension plans over 12G60 61
Funded pension plans (SPK)143134
Pensions funded through operations231
Total pension liabilities226197

Inter-company balances with subsidiaries and associated companies

Amounts in NOK millions20222021
Current liabilities to intragroup companies00
Current liabilities (accounts payable) to associated companies2818
Current receivables from intragroup companies00
Current receivables from associated companies00

Transaksjoner med nærstående parter

Purchase of goods and services20222021
Buypass AS (associated company)252211
Lotteries Entertainment Innovation Alliance AS1610

Purchases of goods and services from Buypass AS relate to ID and payment services linked to games.

Lotteries Entertainment Innovation Alliance AS delivers games and platform services.

The service has been put out to tender in line with the Public Procurement Act.

Other current liabilities

Amounts in NOK millions20222021
Deposits sales agents2629
Bonus pots linked to games193188
Unpaid holiday pay3736
Liabilities linked to players’ accounts399384

Residual surplus funds and distribution match the year’s distribution of surplus funds less advance payments/distribution to surplus funds recipients based on earned surplus funds for the year.

Advance payments and distribution to surplus funds recipients

Advance payments and distribution to surplus funds recipients20222021
Health and rehabilitation purposes124117
The Bingo Operators’ surplus funds for good causes2313
Grassroots Share recipients498493
Sports purposes841804
Cultural purposes2625
Total1 5121 453

Residual surplus funds payable

Residual surplus funds payable20222021
Year’s distribution of surplus funds6 5826 286
Advance payments 1 5121 453
Total5 0704 833