EFFICIENT IFRS 16 REPORTING IN A CIRCULAR ECONOMY COMPANY
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IFRS 16 Webinar Topic
In this webinar, you learn how Norsk Gjenvinning - a strategic player in the circular economy - ensures IFRS 16 compliance and prepares for the year end closing.
Financial Group Controller, Regine Vik talks to Karl Oscar Rosli and Paul Deora from House of Control about the challenges her team had.
Here are some of the questions that will be answered by Regine during the webinar:
- There are several companies within the NG group, and new companies are frequently acquired. How does Regine and her team ensure completeness in all IFRS 16 contracts for the group?
- What impact does the large number of leases in NG have on the group’s balance sheet?
- What are the key challenges for NG when it comes to IFRS 16?
- What internal controls are established to manage IFRS 16 lease contracts?
- As the year end closing is nearby, how does NG prepare for the IFRS 16 reporting?
ABOUT NORSK GJENVINNING
Norsk Gjenvinning is Norway's largest supplier of recycling and environmental services. On an annual basis, Norsk Gjenvinning handles 2.5 million tonnes of waste for over 40,000 customers. In 2021, this contributed to total operating income of NOK 7 billion and an operating profit of NOK 239 million. With over 1,860 employees, the group is the leading employer in recycling and environmental services in the Norwegian market.
Their vision is that there is no such thing as rubbish.
The group's mission is to accelerate the world's transition to an efficient circular economy. The group has a strong brand position. In Norway in 2021, Norsk Gjenvinning was ranked number 11 in Ipsos' annual reputation survey. The company ended up in first place among companies with a strong environmental profile, and fifth place for social responsibility and ethics.
The business was established in 1926 and is today controlled by the investment fund Summa Equity.
The challenges we face
Global waste generation is expected to grow by 70% by 2050, while the supply of natural resources is scarce. With a rapidly growing population, we have no choice but to reduce waste, and recover and reuse materials through a circular economy
11m tons waste generated in Norway in 202063% of the waste generated in Norway is not recovered as materials
What is the outcome?
NG is a critical part of the Nordic infrastructure and an enabler for the Nordic circular economy. Through its activities, NG ensures recycling of materials and recovery of energy in waste, which conserves resources and reduces GHG emissions, in addition to reduction of waste through reuse and waste prevention.
Who are the stakeholders?
NG serves 40k private, public and industrial customers in both ends of the value chain. Impacted stakeholders are the planet (through the conservations of resources and reduction in GHG emissions), employees (enjoying a safe workplace and strong employer brand), suppliers and sub-contractors (through partnerships and ensuring a transparent value-chain), banks and investors (financing the transition to a circular economy), as well as government and authorities (by acting as a catalyst for the circular economy and regulating/controlling the industry)
How big is the effect, and does it last?
NG manages 2.5m tons of waste per year, at a recycling and recovery rate of 98%, of which 60% is recovered as new raw materials. Through material and energy recovery, NG contributes to CO2-equivalent savings of 552k tons yearly.
If NG didn’t exist…
Without NG’s services and solutions, 2.5 million tons of waste could receive suboptimal treatment, severely increasing CO2 emissions and the need for extraction of virgin raw materials. Furthermore, national, and local authorities would lose a major contributor to a global transition to a circular economy, a leading industry innovator and a critical part of the Nordic waste management infrastructure.
Impact risk: what can go wrong?
HSEQ is a top priority for NG, due to the inherent risks related to working with heavy machinery, vehicles, and risks of fires in the processing plants. In addition, NG's activities entail a inherent risk of environmental damage in the form of air, soil, or water pollution.
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