Page 68 - Mantena Annual Report 2021

Mantena AS
NOTE 18 - EVENTS AFTER THE BALANCE SHEET DATE
The financial statements for 2021 have been drawn up on the assumption of a going concern. The company has budgeted for a positive operating profit for 2022.
The coronavirus pandemic and the far-reaching infection control measures ordered by the authorities led to an extraordinary situation in 2021 too, which is continuing to some extent into 2022.
Mantena’s customers have been affected by fewer passengers and hence reduced traffic volumes. In Norway, the State has provided support schemes to Mantena’s customers in Norway. Less of this support was provided in 2021 than in 2020. In Sweden, there is a complex picture, where Mantena’s customers do not have support schemes in some contracts, and receive
a guaranteed gross income in others. Mantena’s assessment is that customers have the liquidity and ability to pay Mantena’s trade accounts receivables in 2022 too.
Changed customer behaviour has resulted in somewhat less demand for Mantena’s maintenance services, and there will be temporary lay-offs in some contracts in 2022.
Mantena follows the authorities’ recommendations. A number of measures have been implemented to prevent infection,
NOTE 19 - LOSSES ON CONTRACTS
A total of MNOK 88 (MNOK 0) has been posted to expenses
for future losses on contracts related to train maintenance tenders in Norway and Sweden. This is a net expense for future contracts, taking into account of reversals of earlier loss provisions. These are long-term contracts and small changes in assumptions can produce a big change in values. There is high
NOTE 20 - SALES REVENUE
Norway Sweden Finland Denmark
maintain production and contribute to corporate social responsibility. Shift arrangements have been adjusted to reduce contact between employees. Administrative staff have worked from home for much of the period. Good compliance with the infection control measures has made it possible to maintain production. Very little infection has been recorded among employees, and individual cases have been handled in accordance with the corporate governance document.
Mantena has not been eligible for any public support schemes, and has therefore not received any such funding.
The coronavirus pandemic and the far-reaching infection control measures ordered by the authorities place demands on the Group’s services and restructuring. The consequences of the coronavirus pandemic for Mantena are expected to continue until the national vaccination programme has been completed with the expected effect. Until then, appropriate infection control measures and production changes will be maintained.
Because of the war in Ukraine, there is uncertainty in relation to deliveries of some components. We are working to find alterna- tive suppliers. High prices for electricity and metals will increase the price of parts for maintenance. High electricity prices incur significantly higher costs in the workshops.
risk and a large outcome space. The cost estimate is the most significant parameter, and the uncertainty is high. A change of +/- 1% in costs each year would translate into around MNOK 4 in value. The bulk of the payment flows are expected to occur in the next three years.
1,174,822 1,299,718 72,443 39,924 50 50 50 50
Sales revenue by geographic market
2021
2020
Total
1,247,365
1,339,742
68 Annual Report 2021