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"entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00364": { "value": "41600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00365": { "value": "260100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00366": { "value": "-177700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00147": { "value": "132600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00148": { "value": "19000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00149": { "value": "60700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00150": { "value": "41700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00151": { "value": "193300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00152": { "value": "60700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "NOTE 01
Company information
NORBIT ASA is a limited liability company incor-
porated and domiciled in Norway, with its head-
quarters at Stiklestadveien 1, Trondheim. NORBIT
is listed on the Oslo Stock Exchange with the
ticker \u201cNORBT\u201d.
The consolidated \ufb01nancial statements of NOR-
BIT ASA for the year ended 31 December 2024,
incorporate the \ufb01nancial statements of the parent
company NORBIT ASA and its subsidiaries (col-
lectively referred to as the \u201cgroup\u201d and separately
as \u201cgroup companies\u201d). ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "NORBIT ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "NORBIT ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "NOTE 02
Basis for preparation and estimates and assumptions
STATEMENT OF COMPLIANCE
The \ufb01nancial statements have been prepared in
accordance with IFRS\u00ae Accounting Standards
as adopted by the EU, their interpretations as
adopted by the International Accounting Stand-
ards Board (IASB), and the additional require-
ments of the Norwegian Accounting Act as of 31
December 2024.
The consolidated \ufb01nancial statements for 2024
were approved and authorised for issue by the
board of directors on 10 April 2025. The consol-
idated \ufb01nancial statements will be submitted to
NORBIT\u2019s annual general meeting, to be held 6
May 2025, for \ufb01nal approval.
GOING CONCERN BASIS OF ACCOUNTING
The consolidated \ufb01nancial statements have been
prepared on the assumption of the business
being a going concern.
BASIS FOR MEASUREMENT
The consolidated \ufb01nancial statements have been
prepared on the basis of the historical cost princi-
ple, with the following modi\ufb01cations:
^
Derivative \ufb01nancial instruments are measured
at fair value
^
Fair value of share-based payments (IFRS 2),
see
note 26
.
FUNCTIONAL CURRENCY AND PRESENTATION
CURRENCY
The consolidated \ufb01nancial statements are pre-
sented in Norwegian kroner (NOK), which is the
functional currency of NORBIT ASA and the Nor-
wegian subsidiaries in the group. Foreign subsidi-
aries operate with local currency as the functional
currency.
Financial information presented in NOK has been
rounded to the nearest million with one deci-
mal, except when otherwise stated. As a result of
rounding di\ufb00erences, amounts and percentages
may not add up to the total.
The results and \ufb01nancial position of group com-
panies whose functional currency is di\ufb00erent from
the presentation currency (NOK) are translated to
NOK in the following way:
^
Balance sheet items are translated using the
exchange rates at the balance sheet date
^
Pro\ufb01t and loss items are translated at average
exchange rates for the reporting period
^
All resulting exchange di\ufb00erences are
recognised in other comprehensive income
USE OF ESTIMATESS AND JUDGMENTS
The preparation of annual \ufb01nancial statements
in conformity with IFRS requires management
to make judgements, estimates and assump-
tions that a\ufb00ect the reported amounts of assets
and liabilities, income and expenses. Although
management believes these assumptions to be
reasonable, given historical experience, actual
amounts and results could di\ufb00er from these esti-
mates. Estimates and underlying assumptions
are reviewed and assessed on an on-going basis.
Changes to accounting estimates are recognised
in the period in which the estimates are revised
and in future periods if a\ufb00ected.
Estimates and assumptions that could have a sig-
ni\ufb01cant impact on the carrying amount of assets
and liabilities within the next \ufb01nancial year are dis-
cussed below.
Impairment testing of intangible assets
In accordance with applicable accounting princi-
ples, the group considers whether there are indi-
cations of impairment on the carrying amounts for
the intangible assets. If such indications exist, an
impairment test is performed to determine whether
any intangible assets recorded in the balance sheet
should be impaired. The value in use can be signif-
icantly impacted by market conditions. Evaluating
whether an asset is impaired or if an impairment
should be reversed, requires a high degree of
judgment and may to a large extent depend upon
the selection of key future assumptions, including
determining appropriate cash-generating units,
discount rate, projecting future cash \ufb02ows and
assumptions on future market conditions. Refer-
ence is made to
note 14
for further information.
Impairment testing of goodwill
In accordance with applicable accounting prin-
ciples, the group performs impairment testing of
goodwill annually, or more frequently if any indi-
cations of impairment on the goodwill exist. The
estimated recoverable value for the cash-gen-
erating units is determined based on the higher
of its fair value less cost of disposal or value in
use. Value in use is estimated based on a pres-
ent value of the future cash \ufb02ows expected to be
derived from the cash-generating units. These
calculations require management to estimate
future cash \ufb02ows and discount rate, including
assumptions on future market conditions, all of
which involves a high degree of judgment. Refer-
ence is made to
note 14
for further information.
Loss allowance for trade receivables
NORBIT has exposure to a diversi\ufb01ed and frag-
mented customer base, of which a majority is
international. Thus, the group is exposed to credit
risk on its trade receivables. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses. This assessment involves
a high degree of judgment, particularly relating
to assessing scenario probabilities. Reference is
made to
note 5
and
17
for further information.
Warranty provisions
A provision is made for expected warranty
expenditures for the group companies. The war-
ranty period is generally 12 to 24 months, while
some clients have purchased extended warran-
ties. The level and duration of warranty provi-
sions are based on historical data. Assessing and
determining the potential warranty expenditures
requires a high degree of judgment.
Provision for obsolete inventory
The group makes provision for obsolescence
of inventory. These provisions are based on an
assessment of the age distribution of inventory
items and whether the goods are part of an active
or expired product range. A provision for obso-
lescence is made when the net realisable value
of the good is lower than the cost of the good.
These provisions are estimate-based and require
in-depth knowledge about goods and markets.
Climate risk
NORBIT considers the overall climate risk to be
low and does not expect climate-related matters
to signi\ufb01cantly impact its assets, provisions, or
future cash \ufb02ows.
Transition risk is viewed primarily as a strategic
opportunity, as NORBIT delivers solutions that
actively support the green transition \u2013 particularly
within electri\ufb01cation and digitalisation.
Liability risk is also assessed to be low, given that
the sectors in which NORBIT operates are not
highly exposed to climate-related legal or regula-
tory actions.
A more detailed analysis of physical climate risks
and transition risks is provided in the sustainabil-
ity statement under ESRS 2 IRO-1 in ESRS E1 Cli-
mate Change. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "NOTE 02
Basis for preparation and estimates and assumptions
STATEMENT OF COMPLIANCE
The \ufb01nancial statements have been prepared in
accordance with IFRS\u00ae Accounting Standards
as adopted by the EU, their interpretations as
adopted by the International Accounting Stand-
ards Board (IASB), and the additional require-
ments of the Norwegian Accounting Act as of 31
December 2024.
The consolidated \ufb01nancial statements for 2024
were approved and authorised for issue by the
board of directors on 10 April 2025. The consol-
idated \ufb01nancial statements will be submitted to
NORBIT\u2019s annual general meeting, to be held 6
May 2025, for \ufb01nal approval.
GOING CONCERN BASIS OF ACCOUNTING
The consolidated \ufb01nancial statements have been
prepared on the assumption of the business
being a going concern.
BASIS FOR MEASUREMENT
The consolidated \ufb01nancial statements have been
prepared on the basis of the historical cost princi-
ple, with the following modi\ufb01cations:
^
Derivative \ufb01nancial instruments are measured
at fair value
^
Fair value of share-based payments (IFRS 2),
see
note 26
.
FUNCTIONAL CURRENCY AND PRESENTATION
CURRENCY
The consolidated \ufb01nancial statements are pre-
sented in Norwegian kroner (NOK), which is the
functional currency of NORBIT ASA and the Nor-
wegian subsidiaries in the group. Foreign subsidi-
aries operate with local currency as the functional
currency.
Financial information presented in NOK has been
rounded to the nearest million with one deci-
mal, except when otherwise stated. As a result of
rounding di\ufb00erences, amounts and percentages
may not add up to the total.
The results and \ufb01nancial position of group com-
panies whose functional currency is di\ufb00erent from
the presentation currency (NOK) are translated to
NOK in the following way:
^
Balance sheet items are translated using the
exchange rates at the balance sheet date
^
Pro\ufb01t and loss items are translated at average
exchange rates for the reporting period
^
All resulting exchange di\ufb00erences are
recognised in other comprehensive income
USE OF ESTIMATESS AND JUDGMENTS
The preparation of annual \ufb01nancial statements
in conformity with IFRS requires management
to make judgements, estimates and assump-
tions that a\ufb00ect the reported amounts of assets
and liabilities, income and expenses. Although
management believes these assumptions to be
reasonable, given historical experience, actual
amounts and results could di\ufb00er from these esti-
mates. Estimates and underlying assumptions
are reviewed and assessed on an on-going basis.
Changes to accounting estimates are recognised
in the period in which the estimates are revised
and in future periods if a\ufb00ected.
Estimates and assumptions that could have a sig-
ni\ufb01cant impact on the carrying amount of assets
and liabilities within the next \ufb01nancial year are dis-
cussed below.
Impairment testing of intangible assets
In accordance with applicable accounting princi-
ples, the group considers whether there are indi-
cations of impairment on the carrying amounts for
the intangible assets. If such indications exist, an
impairment test is performed to determine whether
any intangible assets recorded in the balance sheet
should be impaired. The value in use can be signif-
icantly impacted by market conditions. Evaluating
whether an asset is impaired or if an impairment
should be reversed, requires a high degree of
judgment and may to a large extent depend upon
the selection of key future assumptions, including
determining appropriate cash-generating units,
discount rate, projecting future cash \ufb02ows and
assumptions on future market conditions. Refer-
ence is made to
note 14
for further information.
Impairment testing of goodwill
In accordance with applicable accounting prin-
ciples, the group performs impairment testing of
goodwill annually, or more frequently if any indi-
cations of impairment on the goodwill exist. The
estimated recoverable value for the cash-gen-
erating units is determined based on the higher
of its fair value less cost of disposal or value in
use. Value in use is estimated based on a pres-
ent value of the future cash \ufb02ows expected to be
derived from the cash-generating units. These
calculations require management to estimate
future cash \ufb02ows and discount rate, including
assumptions on future market conditions, all of
which involves a high degree of judgment. Refer-
ence is made to
note 14
for further information.
Loss allowance for trade receivables
NORBIT has exposure to a diversi\ufb01ed and frag-
mented customer base, of which a majority is
international. Thus, the group is exposed to credit
risk on its trade receivables. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses. This assessment involves
a high degree of judgment, particularly relating
to assessing scenario probabilities. Reference is
made to
note 5
and
17
for further information.
Warranty provisions
A provision is made for expected warranty
expenditures for the group companies. The war-
ranty period is generally 12 to 24 months, while
some clients have purchased extended warran-
ties. The level and duration of warranty provi-
sions are based on historical data. Assessing and
determining the potential warranty expenditures
requires a high degree of judgment.
Provision for obsolete inventory
The group makes provision for obsolescence
of inventory. These provisions are based on an
assessment of the age distribution of inventory
items and whether the goods are part of an active
or expired product range. A provision for obso-
lescence is made when the net realisable value
of the good is lower than the cost of the good.
These provisions are estimate-based and require
in-depth knowledge about goods and markets.
Climate risk
NORBIT considers the overall climate risk to be
low and does not expect climate-related matters
to signi\ufb01cantly impact its assets, provisions, or
future cash \ufb02ows.
Transition risk is viewed primarily as a strategic
opportunity, as NORBIT delivers solutions that
actively support the green transition \u2013 particularly
within electri\ufb01cation and digitalisation.
Liability risk is also assessed to be low, given that
the sectors in which NORBIT operates are not
highly exposed to climate-related legal or regula-
tory actions.
A more detailed analysis of physical climate risks
and transition risks is provided in the sustainabil-
ity statement under ESRS 2 IRO-1 in ESRS E1 Cli-
mate Change. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "STATEMENT OF COMPLIANCE
The \ufb01nancial statements have been prepared in
accordance with IFRS\u00ae Accounting Standards
as adopted by the EU, their interpretations as
adopted by the International Accounting Stand-
ards Board (IASB), and the additional require-
ments of the Norwegian Accounting Act as of 31
December 2024.
The consolidated \ufb01nancial statements for 2024
were approved and authorised for issue by the
board of directors on 10 April 2025. The consol-
idated \ufb01nancial statements will be submitted to
NORBIT\u2019s annual general meeting, to be held 6
May 2025, for \ufb01nal approval.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "GOING CONCERN BASIS OF ACCOUNTING
The consolidated \ufb01nancial statements have been
prepared on the assumption of the business
being a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "FUNCTIONAL CURRENCY AND PRESENTATION
CURRENCY
The consolidated \ufb01nancial statements are pre-
sented in Norwegian kroner (NOK), which is the
functional currency of NORBIT ASA and the Nor-
wegian subsidiaries in the group. Foreign subsidi-
aries operate with local currency as the functional
currency.
Financial information presented in NOK has been
rounded to the nearest million with one deci-
mal, except when otherwise stated. As a result of
rounding di\ufb00erences, amounts and percentages
may not add up to the total.
The results and \ufb01nancial position of group com-
panies whose functional currency is di\ufb00erent from
the presentation currency (NOK) are translated to
NOK in the following way:
^
Balance sheet items are translated using the
exchange rates at the balance sheet date
^
Pro\ufb01t and loss items are translated at average
exchange rates for the reporting period
^
All resulting exchange di\ufb00erences are
recognised in other comprehensive income", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Loss allowance for trade receivables
NORBIT has exposure to a diversi\ufb01ed and frag-
mented customer base, of which a majority is
international. Thus, the group is exposed to credit
risk on its trade receivables. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses. This assessment involves
a high degree of judgment, particularly relating
to assessing scenario probabilities. Reference is
made to
note 5
and
17
for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "NOTE 03
Significant changes and future changes to accounting policies
The group did not apply any amendments to the
standards e\ufb00ective for the current year, as these
changes did not have a material impact on the
\ufb01nancial statements. The group has chosen not
to adopt early any standards, interpretations or
amendments that have been issued but are not
yet e\ufb00ective as these changes are not expected
to have a material e\ufb00ect on the \ufb01nancial state-
ments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "NOTE 04
Accounting principles
The accounting principles presented below have
been applied consistently for the reporting period
and for the group companies presented in the
consolidated \ufb01nancial statements.
GROUP ACCOUNTING AND CONSOLIDATION
PRINCIPLES
Subsidiaries
Subsidiaries are all entities over which the group
has control. The group controls an entity when
the group is exposed to, or has rights to, variable
returns from its involvement with the entity and
has the ability to a\ufb00ect those returns through its
power over the entity. Subsidiaries are consoli-
dated from the date on which control is transferred
to the group until the date of which control ceases.
Investment in associates
Associates are all entities over which the group
has signi\ufb01cant in\ufb02uence, but which is not a sub-
sidiary nor a joint arrangement. Signi\ufb01cant in\ufb02u-
ence is the power to participate in the \ufb01nancial
and operating policy decisions of the investee,
without having control or joint control of these
policies. This is generally the case where the
group holds between 20 and 50 per cent of the
voting rights.
Investments in associates are accounted for using
the equity method of accounting, after initially
being recognised at cost. Subsequent to initial
recognition, the consolidated \ufb01nancial statements
include the group\u2019s share of the pro\ufb01t and loss
and OCI of the associate, until the date on which
signi\ufb01cant in\ufb02uence ceases to exist. Share of
pro\ufb01t or loss of the equity-accounted associate is
reported as part of net \ufb01nancial items in the con-
solidated accounts.
Dividends received from associates are pre-
sented as part of net cash \ufb02ow from operating
activities in the statement of cash \ufb02ows. Received
dividends are recognised as a reduction of the
carrying amount of the investment.
Business combinations
Business combinations are accounted for using
the acquisition method as of the acquisition date,
which is the date when control is transferred to
the group. The consideration given is measured
at the fair values of the assets transferred, the
equity instruments that have been issued, liabili-
ties assumed on the transfer of control and direct
costs relating to the actual purchase. The cost
of acquisition also includes the fair value of all
assets or liabilities that are the result of an agree-
ment on contingent consideration.
Identi\ufb01able assets acquired and liabilities and
contingent liabilities assumed in a business com-
bination are measured initially at their fair values
at the acquisition date. The costs associated with
the business combination are expensed when
they are incurred.
If the aggregate of the consideration transferred,
the carrying amount of non-controlling interests
and the fair value on the acquisition date of any
previously held ownership interests exceeds the
fair value of the acquired entity\u2019s identi\ufb01able net
assets, the di\ufb00erence is capitalised as goodwill. If
the aggregate amount is less than the company\u2019s
net assets, the di\ufb00erence is immediately recog-
nised as a bargain purchase in pro\ufb01t or loss.
Contingent consideration is classi\ufb01ed either as
equity or a \ufb01nancial liability. Amounts classi\ufb01ed as
a \ufb01nancial liability are subsequently remeasured
to fair value with changes in fair value recognised
in pro\ufb01t or loss.
Elimination of transactions upon consolidation
Intra-group balances and transactions, and any
signi\ufb01cant unrealised gains and losses or income
and expenses arising from intra-group transac-
tions, are eliminated in preparing the consolidated
\ufb01nancial statements. Unrealised gains arising
from transactions with associated and joint ven-
tures are eliminated to the extent of the group\u2019s
interest in the entity.
FOREIGN CURRENCY TRANSLATIONS AND
TRANSACTIONS
Foreign currency transactions are translated into
each group company\u2019s functional currency using
the exchange rates at the dates of the transac-
tions. Monetary assets and liabilities in foreign
currencies are translated into the group compa-
ny\u2019s functional currency using the exchange rate
on the balance sheet date. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation of mon-
etary assets and liabilities denominated in foreign
currencies other than NOK are recognised in the
income statement under net \ufb01nancial items.
Non-monetary assets and liabilities that are meas-
ured at fair value in a foreign currency are trans-
lated to the functional currency at the exchange
rates on the date the fair value is determined.
Translation di\ufb00erences on assets and liabilities
carried at fair value are reported as part of the fair
value gain or loss.
REVENUE RECOGNITION
The core principle of IFRS 15 is that an entity
should recognise revenue to depict the transfer
of promised goods or services to customers in an
amount that re\ufb02ects the consideration to which
the entity expects to be entitled in exchange for
those goods or services. The group recognises
revenue when (or as) a performance obligation
is satis\ufb01ed, that is when 'control' of the goods or
services underlying the particular performance
obligation is transferred to the customer.
The majority of revenue for the group relates to
sale of goods where the control is transferred to
the customer at a point in time, depending on the
contracted delivery terms. There is only one per-
formance obligation in each contract and no vari-
able consideration.
For the revenue that is recognised over time, the
group is using cost incurred compared to total
expected cost (cost to cost) as a measure of pro-
gress. The contracts usually consist of only one
performance obligation and there are no signi\ufb01-
cant variable components in the transaction price.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Sale of goods
The group manufactures and sells a range of elec-
tronic equipment in the industrial market. Sales
are recognised when control of the products has
transferred, being when the products are deliv-
ered to customer, the customer has full discretion
over the channel and price to sell the products,
and there is no unful\ufb01lled obligation that could
a\ufb00ect the customer\u2019s acceptance of the products.
Delivery occurs when the products have been
shipped to the speci\ufb01c location, the risks of obso-
lescence and loss have been transferred to the
customer, and either the customer has accepted
the products in accordance with the sales con-
tract, the acceptance provisions have lapsed, or
the group has objective evidence that all criteria
for acceptance have been satis\ufb01ed.
A receivable is recognised when the goods are
delivered as this is the point in time that the con-
sideration is unconditional because only the pas-
sage of time is required before the payment is due.
Sale of services
Revenue from providing services is recognised in
the accounting period in which the services are
rendered. For \ufb01xed-price contracts, revenue is
recognised based on the actual service provided
to the end of the reporting period as a proportion
of the total services to be provided, because the
customer receives and uses the bene\ufb01ts simulta-
neously. This is determined based on the actual
cost spent relative to the total expected costs.
Some contracts include multiple deliverables,
such as the sale of hardware and related instal-
lation services. Where the contracts include mul-
tiple performance obligations, the transaction
price will be allocated to each performance obli-
gation based on the stand-alone selling prices.
Where these are not directly observable, they are
estimated based on expected cost-plus margin.
If contracts include the installation of hardware,
revenue for the hardware is recognised at a point
in time when the hardware is delivered, the legal
title has passed, and the customer has accepted
the hardware.
Estimates of revenues, costs, or extent of pro-
gress toward completion are revised if circum-
stances change. Any resulting increases or
decreases in estimated revenues or costs are
re\ufb02ected in pro\ufb01t or loss in the period in which
the circumstances that give rise to the revision
become known by management.
In the case of \ufb01xed-price contracts, the cus-
tomer pays the \ufb01xed amount based on a payment
schedule. If the services rendered by the group
exceed the payment, a contract asset is recog-
nised. If the payments exceed the services ren-
dered, a contract liability is recognised.
Financing components
In contracts where the period between the trans-
fer of the promised goods or services to the cus-
tomer and payment by the customer exceeds one
year, the transaction prices are adjusted for the
time value of money.
PENSION
For de\ufb01ned contribution plans, contributions are
paid into pension insurance plans. Contributions
to de\ufb01ned contributions plans are charged to the
income statement in the period to which contribu-
tions relate.
GOVERNMENT GRANTS
Government grants are recognised where there
is reasonable assurance that the grant will be
received, and all attached conditions will be com-
plied with. Government grants are recognised at
the value of the contribution at the transaction
date. Government grants are either accounted for
as reduction of expenses, or intangible assets if
a grant is related to research and development of
capitalised assets.
FINANCIAL INCOME AND EXPENSE
Financial income and \ufb01nancial expenses comprise
interest income and expense on borrowings, for-
eign exchange gains and losses, dividend income,
gains and losses on derivatives and change in the
fair value of \ufb01nancial assets at fair value through
the income statement. Foreign currency gains
and losses are reported on a net basis.
INCOME TAX
Income tax recognised in the income statement com-
prises current and deferred tax. Income tax is recog-
nised in the income statement except to the extent
that it relates to items recognised directly in equity or
other comprehensive income.
Current income tax is the expected tax payable
on the taxable income for the year, using tax rates
enacted or substantially enacted as at the balance
sheet date, and any adjustment to the tax payable in
respect of previous years.
Deferred tax is recognised, using the liability method,
in respect of temporary di\ufb00erences between the
carrying amounts of assets and liabilities for \ufb01nan-
cial reporting and the amounts used for taxation pur-
poses. Deferred tax is not recognised for:
^
Goodwill not deductible for tax purposes
^
The initial recognition of assets and liabilities in a
transaction that is not a business combination and
that a\ufb00ect neither accounting nor taxable pro\ufb01t
^
Temporary di\ufb00erences relating to investments
in subsidiaries, if it is probably that they will not
reverse in the foreseeable future
Deferred income tax is determined using tax rates
(and laws) that have been enacted or substan-
tially enacted as at the balance sheet date and
are expected to apply when the related deferred
income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets and liabilities are o\ufb00set if:
^
There is a legally enforceable right to o\ufb00set
current tax assets and liabilities
^
They related to income taxes levied by the
same taxation authority on the same taxable
entity, or on di\ufb00erent taxable entities which
intend either to settle current tax liabilities
or assets on a net basis, or to realise the tax
assets and settle the liabilities simultaneously.
Deferred tax assets are recognised if it is proba-
ble that future taxable pro\ufb01ts will be available to
utilise the temporary di\ufb00erences.
CURRENT/NON-CURRENT CLASSIFICATION
An asset is classi\ufb01ed as current when it is
expected to be realised or is intended for sale
or consumption in the group\u2019s normal operating
cycle, it is held primarily for the purpose of being
traded, or it is expected/due to be realised or set-
tled within twelve months after balance sheet
date. Other assets are classi\ufb01ed as non-current.
A liability is classi\ufb01ed as current when it is
expected to be settled in the group\u2019s normal
operating cycle, is held primarily for the purpose
of being traded, the liability is due to be settled
within twelve months after the balance sheet
date, or if the group does not have an uncondi-
tional right to defer settlement of the liability for at
least twelve months after the reporting period. All
other liabilities are classi\ufb01ed as non-current.
PROPERTY, PLANT AND EQUIPMENT
An item of property, plant and equipment is rec-
ognised as an asset if it is probable that the future
economic bene\ufb01t associated with the assets
will \ufb02ow to the group, and its cost can be relia-
bly measured. Property, plant and equipment is
stated at historical cost less accumulated depre-
ciation and impairment losses. Historical cost
includes expenditure directly attributable to the
asset\u2019s acquisition.
When signi\ufb01cant parts of an item of property,
plant and equipment have di\ufb00erent useful lives,
major components are accounted for as separate
items.
Gains and losses on disposals are determined by
comparing proceeds with carrying amount. These
are included in the income statement. An asset\u2019s
carrying amount is written down immediately
to its recoverable amount if the asset\u2019s carrying
amount is greater than its estimated recoverable
amount.
Subsequent costs
Subsequent costs are included in the asset\u2019s car-
rying amount or recognised as a separate asset,
as appropriate, only when it is probable that
future economic bene\ufb01ts associated with the item
will \ufb02ow to the group and the cost of the item can
be measured reliably. The carrying amount of any
component accounted for as a separate asset is
derecognised when replaced. All other repairs
and maintenance are charged to the income
statement during the reporting period as incurred.
Depreciation
Depreciation is recognised in the income statement
on a straight-line basis over the estimated useful
life of each major component of an item of property,
plant and equipment, taking residual value into con-
sideration. Depreciation methods, useful lives and
residual values are reviewed at each balance sheet
date. The depreciation methods and periods used
by the group are disclosed in
note 12
.
INTANGIBLE ASSETS
Research and development
Development activities involve a plan or design for
the production of new or substantially improved
products and processes. Development expendi-
ture is capitalised only if development costs can be
measured reliably, the product and process is tech-
nically and commercially feasible, future economic
bene\ufb01ts are probable, and the group intends to and
has su\ufb03cient resources to complete development
and to use or sell the asset.
The capitalised expenditure includes cost of
materials, direct labour costs and operating
expenses that are directly attributable to develop-
ing and preparing the asset for its intended use.
Other development expenditures are recognised
in the income statement as an expense in the
period in which it occurs.
Capitalised development expenditures are recog-
nised at historic cost less accumulated amortisa-
tion and impairment losses. Acquired intangible
assets is measured following the same principle.
Amortisation is recognised in the income state-
ment on a straight-line basis over the estimated
useful lives of the intangible assets unless such
useful lives are inde\ufb01nite. Intangible assets are
amortised from the day they are available for use.
The amortisation methods and periods used by
the group are disclosed in
note 14
.
GOODWILL
Goodwill acquired in a business combination rep-
resents cost price of the acquisition in excess of
the net fair value of identi\ufb01able net assets in the
acquired entity at the time of acquisition. Goodwill
is initially recognised at cost and subsequently
measured at cost less accumulated impairment
losses.
See
note 14
and
22
for further details on
measurement of goodwill.
INVENTORY
Inventory is stated at the lower of cost and net
realisable value. Cost is determined by the \ufb01rst-in
\ufb01rst-out (FIFO) method or the weighted average
cost formula. The cost of purchased inventory
is determined after deducting rebates and dis-
counts. Net realisable value is the estimated sell-
ing price in the ordinary course of business less
the estimated costs of completion and selling
expenses.
FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.
Trade receivables
Trade receivables are amounts due from cus-
tomers for goods sold or services performed in
the ordinary course of business. They are gener-
ally due for settlement within 30-60 days and are
therefore classi\ufb01ed as current. Trade receivables
measured at fair value upon initial recognition,
and thereafter at amortised cost, less allowance
made for credit losses. The interest rate element
is disregarded if insigni\ufb01cant, which is the case for
the vast majority of the group\u2019s trade receivables.
Cash and cash equivalents
Cash and cash equivalents consist of bank depos-
its on call with \ufb01nancial institutions and other
short-term, highly liquid investments with original
maturities of less than three months.
Trade and other payables
Trade payables are recognised at the original
invoiced amount. Other payables are recognised
initially at fair value. Trade and other payables are
valued at amortised cost using the e\ufb00ective inter-
est rate method. The interest rate element is dis-
regarded if it is insigni\ufb01cant, which is the case for
most the group\u2019s trade payables.
Interest-bearing borrowings
Interest-bearing borrowings are recognised
initially at fair value, net of transaction costs
incurred. Subsequent to initial recognition, inter-
est-bearing borrowings are measured at amor-
tised cost with any di\ufb00erence between cost and
redemption value being recognised in the income
statement over the period of the borrowings on
an e\ufb00ective interest basis.
IMPAIRMENT
Impairment of non-\ufb01nancial assets
The carrying amount of the groups non-\ufb01nancial
assets (other than deferred tax assets and inven-
tory) are reviewed at the end of each reporting
period to determine whether there is any indica-
tion of impairment. If an indication of impairment
exists, the asset\u2019s recoverable amount is esti-
mated. Intangible assets with an inde\ufb01nite useful
life and intangible assets that are not yet availa-
ble for use are tested for impairment annually, or
more frequently if events or changes in circum-
stances indicate that they might be impaired.
For the purposes of impairment testing, assets
are grouped together into the smallest group of
assets that generates cash in\ufb02ows from continu-
ing use that are largely independent of the cash
in\ufb02ows from other assets or groups of assets
(cash-generating units).
An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds
its recoverable amount and recognised in the
income statement. The recoverable amount is the
higher of an asset's fair value less costs of dis-
posal and value in use. In assessing value in use,
the estimated future cash \ufb02ows are discounted to
their present value using a pre-tax discount rate
that re\ufb02ects the current market assessments of
the time value of money and the risks speci\ufb01c to
the asset.
An impairment loss on goodwill is not reversed.
For assets other than goodwill, an impairment
loss is reversed if there has been a change in
the estimates used to determine the recoverable
amount. An impairment loss is reversed only to
the extent that the asset\u2019s carrying amount does
not exceed the carrying amount, net of depreci-
ation or amortisation, calculated as if no impair-
ment loss had been recognised.
Impairment of \ufb01nancial assets
The group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. The impairment methodology applied
depends on whether there has been a signi\ufb01cant
increase in credit risk.
There are mainly trade receivables that are sub-
ject to the expected credit loss model in IFRS 9.
For trade receivables, the group applies the simpli-
\ufb01ed approach permitted by IFRS 9, which requires
expected lifetime losses to be recognised from
initial recognition of the receivables. Trade receiv-
ables are grouped based on shared credit risk
characteristics and days past due. Expected losses
are primarily calculated through an individual and
speci\ufb01c assessment of each customer / receivable.
The assessment is carried out by senior sta\ufb00 in the
group's \ufb01nance department in dialogue with the
management of the operating segments. For trade
receivables that are more than 90 days past due
date, a scenario analysis is performed. The sce-
nario analysis includes scenarios for:
(i)
the client's bankruptcy,
(ii)
the client executes debt negotiations and
(iii)
the customer pays the claim in full.
PROVISIONS
A provision is recognised when the group has a
present obligation as a result of a past event that
can be estimated reliably, and it is probable that
the group will be required to settle the obliga-
tion. If the e\ufb00ect is material, provisions are deter-
mined as the present value of expected future
cash \ufb02ows, discounted by a market based pre-tax
discount rate.
Warranty provisions are made for expected future
expenses related to delivered products and ser-
vices. The provisions are based on historic data of
incurred warranty expenses.
LEASES
The group applies IFRS 16, and its leasing agree-
ments primarily consist of rent of o\ufb03ce premises
and manufacturing equipment with various lease
terms and conditions.
Upon entering into a contract, an assessment is
made of whether an agreement contains a lease
arrangement entitling the group to control the use
of an identi\ufb01ed asset. If the lease is identi\ufb01ed as
such, assets and associated liabilities are recog-
nised at the start of the lease. The group deter-
mines the lease term as the non-cancellable term
of the lease, together with any periods covered
by an option to extend the lease if it is reasona-
bly certain to be exercised, or any period covered
by an option to terminate the lease if it is reason-
ably certain to be exercised. Lease payments for
the \ufb01rst twelve month following the balance sheet
date is classi\ufb01ed as current liabilities.
Right-of-use assets
The group recognises right-of-use asset at the
lease commencement date. The right-of-use
asset is initially measured at cost, and subse-
quently at cost less any accumulated depreci-
ation and impairment losses and adjusted for
certain remeasurements of the lease liability. The
cost of right-of-use asset includes the amount
of lease liability recognised, initial direct costs
incurred, and lease payments made at or before
the commencement date, less any lease incen-
tives received. The right-of-use asset is deprecia-
tion on a straight-line basis over the shorter of the
asset\u2019s estimated useful life and the lease term
and is subject to impairment assessment of non-\ufb01-
nancial assets.
Lease liabilities
The lease liability is initially measured at the pres-
ent value of the lease payment that are not paid
at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate can-
not be readily determined, the group\u2019s incremental
borrowing rate as the discount rate. The lease pay-
ments include \ufb01xed payments and variable lease
payments that depend on an index or rate.
The lease liability is subsequently increased
by the interest cost on the lease liability and
decreased by the lease payment made. It is
remeasured when there is a change in future
lease payments arising from a change in an index
or rate, or as appropriate, changes in the assess-
ment of whether an extension option is reasona-
bly certain to be exercised or a termination option
is reasonably certain not to be exercised.
Short-term leases and lease of low value assets
The group applies the recognition exemption to its
leases that have a lease term of 12 months or less
from the commencement date and do not contain
a purchase option. The group also applies recogni-
tion exemption to leases that are considered low-
value assets, mainly IT and o\ufb03ce equipment.
Lease payments associated with short-term
leases and low-value assets are recognised on
a straight-line basis as an expense in the income
statement.
DIVIDENDS
Dividends are recorded in the group\u2019s consoli-
dated \ufb01nancial statements in the period in which
they are approved by the general meeting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Subsidiaries
Subsidiaries are all entities over which the group
has control. The group controls an entity when
the group is exposed to, or has rights to, variable
returns from its involvement with the entity and
has the ability to a\ufb00ect those returns through its
power over the entity. Subsidiaries are consoli-
dated from the date on which control is transferred
to the group until the date of which control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Investment in associates
Associates are all entities over which the group
has signi\ufb01cant in\ufb02uence, but which is not a sub-
sidiary nor a joint arrangement. Signi\ufb01cant in\ufb02u-
ence is the power to participate in the \ufb01nancial
and operating policy decisions of the investee,
without having control or joint control of these
policies. This is generally the case where the
group holds between 20 and 50 per cent of the
voting rights.
Investments in associates are accounted for using
the equity method of accounting, after initially
being recognised at cost. Subsequent to initial
recognition, the consolidated \ufb01nancial statements
include the group\u2019s share of the pro\ufb01t and loss
and OCI of the associate, until the date on which
signi\ufb01cant in\ufb02uence ceases to exist. Share of
pro\ufb01t or loss of the equity-accounted associate is
reported as part of net \ufb01nancial items in the con-
solidated accounts.
Dividends received from associates are pre-
sented as part of net cash \ufb02ow from operating
activities in the statement of cash \ufb02ows. Received
dividends are recognised as a reduction of the
carrying amount of the investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Business combinations
Business combinations are accounted for using
the acquisition method as of the acquisition date,
which is the date when control is transferred to
the group. The consideration given is measured
at the fair values of the assets transferred, the
equity instruments that have been issued, liabili-
ties assumed on the transfer of control and direct
costs relating to the actual purchase. The cost
of acquisition also includes the fair value of all
assets or liabilities that are the result of an agree-
ment on contingent consideration.
Identi\ufb01able assets acquired and liabilities and
contingent liabilities assumed in a business com-
bination are measured initially at their fair values
at the acquisition date. The costs associated with
the business combination are expensed when
they are incurred.
If the aggregate of the consideration transferred,
the carrying amount of non-controlling interests
and the fair value on the acquisition date of any
previously held ownership interests exceeds the
fair value of the acquired entity\u2019s identi\ufb01able net
assets, the di\ufb00erence is capitalised as goodwill. If
the aggregate amount is less than the company\u2019s
net assets, the di\ufb00erence is immediately recog-
nised as a bargain purchase in pro\ufb01t or loss.
Contingent consideration is classi\ufb01ed either as
equity or a \ufb01nancial liability. Amounts classi\ufb01ed as
a \ufb01nancial liability are subsequently remeasured
to fair value with changes in fair value recognised
in pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "Elimination of transactions upon consolidation
Intra-group balances and transactions, and any
signi\ufb01cant unrealised gains and losses or income
and expenses arising from intra-group transac-
tions, are eliminated in preparing the consolidated
\ufb01nancial statements. Unrealised gains arising
from transactions with associated and joint ven-
tures are eliminated to the extent of the group\u2019s
interest in the entity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "FOREIGN CURRENCY TRANSLATIONS AND
TRANSACTIONS
Foreign currency transactions are translated into
each group company\u2019s functional currency using
the exchange rates at the dates of the transac-
tions. Monetary assets and liabilities in foreign
currencies are translated into the group compa-
ny\u2019s functional currency using the exchange rate
on the balance sheet date. Foreign exchange
gains and losses resulting from the settlement of
such transactions and from the translation of mon-
etary assets and liabilities denominated in foreign
currencies other than NOK are recognised in the
income statement under net \ufb01nancial items.
Non-monetary assets and liabilities that are meas-
ured at fair value in a foreign currency are trans-
lated to the functional currency at the exchange
rates on the date the fair value is determined.
Translation di\ufb00erences on assets and liabilities
carried at fair value are reported as part of the fair
value gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "REVENUE RECOGNITION
The core principle of IFRS 15 is that an entity
should recognise revenue to depict the transfer
of promised goods or services to customers in an
amount that re\ufb02ects the consideration to which
the entity expects to be entitled in exchange for
those goods or services. The group recognises
revenue when (or as) a performance obligation
is satis\ufb01ed, that is when 'control' of the goods or
services underlying the particular performance
obligation is transferred to the customer.
The majority of revenue for the group relates to
sale of goods where the control is transferred to
the customer at a point in time, depending on the
contracted delivery terms. There is only one per-
formance obligation in each contract and no vari-
able consideration.
For the revenue that is recognised over time, the
group is using cost incurred compared to total
expected cost (cost to cost) as a measure of pro-
gress. The contracts usually consist of only one
performance obligation and there are no signi\ufb01-
cant variable components in the transaction price.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Sale of goods
The group manufactures and sells a range of elec-
tronic equipment in the industrial market. Sales
are recognised when control of the products has
transferred, being when the products are deliv-
ered to customer, the customer has full discretion
over the channel and price to sell the products,
and there is no unful\ufb01lled obligation that could
a\ufb00ect the customer\u2019s acceptance of the products.
Delivery occurs when the products have been
shipped to the speci\ufb01c location, the risks of obso-
lescence and loss have been transferred to the
customer, and either the customer has accepted
the products in accordance with the sales con-
tract, the acceptance provisions have lapsed, or
the group has objective evidence that all criteria
for acceptance have been satis\ufb01ed.
A receivable is recognised when the goods are
delivered as this is the point in time that the con-
sideration is unconditional because only the pas-
sage of time is required before the payment is due.
Sale of services
Revenue from providing services is recognised in
the accounting period in which the services are
rendered. For \ufb01xed-price contracts, revenue is
recognised based on the actual service provided
to the end of the reporting period as a proportion
of the total services to be provided, because the
customer receives and uses the bene\ufb01ts simulta-
neously. This is determined based on the actual
cost spent relative to the total expected costs.
Some contracts include multiple deliverables,
such as the sale of hardware and related instal-
lation services. Where the contracts include mul-
tiple performance obligations, the transaction
price will be allocated to each performance obli-
gation based on the stand-alone selling prices.
Where these are not directly observable, they are
estimated based on expected cost-plus margin.
If contracts include the installation of hardware,
revenue for the hardware is recognised at a point
in time when the hardware is delivered, the legal
title has passed, and the customer has accepted
the hardware.
Estimates of revenues, costs, or extent of pro-
gress toward completion are revised if circum-
stances change. Any resulting increases or
decreases in estimated revenues or costs are
re\ufb02ected in pro\ufb01t or loss in the period in which
the circumstances that give rise to the revision
become known by management.
In the case of \ufb01xed-price contracts, the cus-
tomer pays the \ufb01xed amount based on a payment
schedule. If the services rendered by the group
exceed the payment, a contract asset is recog-
nised. If the payments exceed the services ren-
dered, a contract liability is recognised.
Financing components
In contracts where the period between the trans-
fer of the promised goods or services to the cus-
tomer and payment by the customer exceeds one
year, the transaction prices are adjusted for the
time value of money.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "PENSION
For de\ufb01ned contribution plans, contributions are
paid into pension insurance plans. Contributions
to de\ufb01ned contributions plans are charged to the
income statement in the period to which contribu-
tions relate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "GOVERNMENT GRANTS
Government grants are recognised where there
is reasonable assurance that the grant will be
received, and all attached conditions will be com-
plied with. Government grants are recognised at
the value of the contribution at the transaction
date. Government grants are either accounted for
as reduction of expenses, or intangible assets if
a grant is related to research and development of
capitalised assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "FINANCIAL INCOME AND EXPENSE
Financial income and \ufb01nancial expenses comprise
interest income and expense on borrowings, for-
eign exchange gains and losses, dividend income,
gains and losses on derivatives and change in the
fair value of \ufb01nancial assets at fair value through
the income statement. Foreign currency gains
and losses are reported on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "FINANCIAL INCOME AND EXPENSE
Financial income and \ufb01nancial expenses comprise
interest income and expense on borrowings, for-
eign exchange gains and losses, dividend income,
gains and losses on derivatives and change in the
fair value of \ufb01nancial assets at fair value through
the income statement. Foreign currency gains
and losses are reported on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "INCOME TAX
Income tax recognised in the income statement com-
prises current and deferred tax. Income tax is recog-
nised in the income statement except to the extent
that it relates to items recognised directly in equity or
other comprehensive income.
Current income tax is the expected tax payable
on the taxable income for the year, using tax rates
enacted or substantially enacted as at the balance
sheet date, and any adjustment to the tax payable in
respect of previous years.
Deferred tax is recognised, using the liability method,
in respect of temporary di\ufb00erences between the
carrying amounts of assets and liabilities for \ufb01nan-
cial reporting and the amounts used for taxation pur-
poses. Deferred tax is not recognised for:
^
Goodwill not deductible for tax purposes
^
The initial recognition of assets and liabilities in a
transaction that is not a business combination and
that a\ufb00ect neither accounting nor taxable pro\ufb01t
^
Temporary di\ufb00erences relating to investments
in subsidiaries, if it is probably that they will not
reverse in the foreseeable future
Deferred income tax is determined using tax rates
(and laws) that have been enacted or substan-
tially enacted as at the balance sheet date and
are expected to apply when the related deferred
income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets and liabilities are o\ufb00set if:
^
There is a legally enforceable right to o\ufb00set
current tax assets and liabilities
^
They related to income taxes levied by the
same taxation authority on the same taxable
entity, or on di\ufb00erent taxable entities which
intend either to settle current tax liabilities
or assets on a net basis, or to realise the tax
assets and settle the liabilities simultaneously.
Deferred tax assets are recognised if it is proba-
ble that future taxable pro\ufb01ts will be available to
utilise the temporary di\ufb00erences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "INCOME TAX
Income tax recognised in the income statement com-
prises current and deferred tax. Income tax is recog-
nised in the income statement except to the extent
that it relates to items recognised directly in equity or
other comprehensive income.
Current income tax is the expected tax payable
on the taxable income for the year, using tax rates
enacted or substantially enacted as at the balance
sheet date, and any adjustment to the tax payable in
respect of previous years.
Deferred tax is recognised, using the liability method,
in respect of temporary di\ufb00erences between the
carrying amounts of assets and liabilities for \ufb01nan-
cial reporting and the amounts used for taxation pur-
poses. Deferred tax is not recognised for:
^
Goodwill not deductible for tax purposes
^
The initial recognition of assets and liabilities in a
transaction that is not a business combination and
that a\ufb00ect neither accounting nor taxable pro\ufb01t
^
Temporary di\ufb00erences relating to investments
in subsidiaries, if it is probably that they will not
reverse in the foreseeable future
Deferred income tax is determined using tax rates
(and laws) that have been enacted or substan-
tially enacted as at the balance sheet date and
are expected to apply when the related deferred
income tax asset is realised or the deferred
income tax liability is settled.
Deferred tax assets and liabilities are o\ufb00set if:
^
There is a legally enforceable right to o\ufb00set
current tax assets and liabilities
^
They related to income taxes levied by the
same taxation authority on the same taxable
entity, or on di\ufb00erent taxable entities which
intend either to settle current tax liabilities
or assets on a net basis, or to realise the tax
assets and settle the liabilities simultaneously.
Deferred tax assets are recognised if it is proba-
ble that future taxable pro\ufb01ts will be available to
utilise the temporary di\ufb00erences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "CURRENT/NON-CURRENT CLASSIFICATION
An asset is classi\ufb01ed as current when it is
expected to be realised or is intended for sale
or consumption in the group\u2019s normal operating
cycle, it is held primarily for the purpose of being
traded, or it is expected/due to be realised or set-
tled within twelve months after balance sheet
date. Other assets are classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "CURRENT/NON-CURRENT CLASSIFICATION
An asset is classi\ufb01ed as current when it is
expected to be realised or is intended for sale
or consumption in the group\u2019s normal operating
cycle, it is held primarily for the purpose of being
traded, or it is expected/due to be realised or set-
tled within twelve months after balance sheet
date. Other assets are classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "All other liabilities are classi\ufb01ed as non-current.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "PROPERTY, PLANT AND EQUIPMENT
An item of property, plant and equipment is rec-
ognised as an asset if it is probable that the future
economic bene\ufb01t associated with the assets
will \ufb02ow to the group, and its cost can be relia-
bly measured. Property, plant and equipment is
stated at historical cost less accumulated depre-
ciation and impairment losses. Historical cost
includes expenditure directly attributable to the
asset\u2019s acquisition.
When signi\ufb01cant parts of an item of property,
plant and equipment have di\ufb00erent useful lives,
major components are accounted for as separate
items.
Gains and losses on disposals are determined by
comparing proceeds with carrying amount. These
are included in the income statement. An asset\u2019s
carrying amount is written down immediately
to its recoverable amount if the asset\u2019s carrying
amount is greater than its estimated recoverable
amount.
Subsequent costs
Subsequent costs are included in the asset\u2019s car-
rying amount or recognised as a separate asset,
as appropriate, only when it is probable that
future economic bene\ufb01ts associated with the item
will \ufb02ow to the group and the cost of the item can
be measured reliably. The carrying amount of any
component accounted for as a separate asset is
derecognised when replaced. All other repairs
and maintenance are charged to the income
statement during the reporting period as incurred.
Depreciation
Depreciation is recognised in the income statement
on a straight-line basis over the estimated useful
life of each major component of an item of property,
plant and equipment, taking residual value into con-
sideration. Depreciation methods, useful lives and
residual values are reviewed at each balance sheet
date. The depreciation methods and periods used
by the group are disclosed in
note 12
. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Depreciation
Depreciation is recognised in the income statement
on a straight-line basis over the estimated useful
life of each major component of an item of property,
plant and equipment, taking residual value into con-
sideration. Depreciation methods, useful lives and
residual values are reviewed at each balance sheet
date. The depreciation methods and periods used
by the group are disclosed in
note 12
. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "INTANGIBLE ASSETS
Research and development
Development activities involve a plan or design for
the production of new or substantially improved
products and processes. Development expendi-
ture is capitalised only if development costs can be
measured reliably, the product and process is tech-
nically and commercially feasible, future economic
bene\ufb01ts are probable, and the group intends to and
has su\ufb03cient resources to complete development
and to use or sell the asset.
The capitalised expenditure includes cost of
materials, direct labour costs and operating
expenses that are directly attributable to develop-
ing and preparing the asset for its intended use.
Other development expenditures are recognised
in the income statement as an expense in the
period in which it occurs.
Capitalised development expenditures are recog-
nised at historic cost less accumulated amortisa-
tion and impairment losses. Acquired intangible
assets is measured following the same principle.
Amortisation is recognised in the income state-
ment on a straight-line basis over the estimated
useful lives of the intangible assets unless such
useful lives are inde\ufb01nite. Intangible assets are
amortised from the day they are available for use.
The amortisation methods and periods used by
the group are disclosed in
note 14
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Research and development
Development activities involve a plan or design for
the production of new or substantially improved
products and processes. Development expendi-
ture is capitalised only if development costs can be
measured reliably, the product and process is tech-
nically and commercially feasible, future economic
bene\ufb01ts are probable, and the group intends to and
has su\ufb03cient resources to complete development
and to use or sell the asset.
The capitalised expenditure includes cost of
materials, direct labour costs and operating
expenses that are directly attributable to develop-
ing and preparing the asset for its intended use.
Other development expenditures are recognised
in the income statement as an expense in the
period in which it occurs.
Capitalised development expenditures are recog-
nised at historic cost less accumulated amortisa-
tion and impairment losses. Acquired intangible
assets is measured following the same principle.
Amortisation is recognised in the income state-
ment on a straight-line basis over the estimated
useful lives of the intangible assets unless such
useful lives are inde\ufb01nite. Intangible assets are
amortised from the day they are available for use.
The amortisation methods and periods used by
the group are disclosed in
note 14
.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "GOODWILL
Goodwill acquired in a business combination rep-
resents cost price of the acquisition in excess of
the net fair value of identi\ufb01able net assets in the
acquired entity at the time of acquisition. Goodwill
is initially recognised at cost and subsequently
measured at cost less accumulated impairment
losses.
See
note 14
and
22
for further details on
measurement of goodwill.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "INVENTORY
Inventory is stated at the lower of cost and net
realisable value. Cost is determined by the \ufb01rst-in
\ufb01rst-out (FIFO) method or the weighted average
cost formula. The cost of purchased inventory
is determined after deducting rebates and dis-
counts. Net realisable value is the estimated sell-
ing price in the ordinary course of business less
the estimated costs of completion and selling
expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The group classi\ufb01es its \ufb01nancial assets in the fol-
lowing measurement categories:
^
Those to be measured subsequently at fair
value (either through OCI or through the
income statement), and
^
Those to be measured at amortised cost
The classi\ufb01cation depends on the entity\u2019s busi-
ness model for managing the \ufb01nancial assets and
the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and
losses will either be recorded in the income state-
ment or OCI. For investments in equity instru-
ments that are not held for trading, this will
depend on whether the group has made an irrev-
ocable election at the time of initial recognition
to account for the equity investment at fair value
through other comprehensive income (FVOCI).
Regular way purchases and sales of \ufb01nancial
assets are recognised on trade-date, the date on
which the group commits to purchase or sell the
asset. Financial assets are derecognised when
the rights to receive cash \ufb02ows from the \ufb01nan-
cial assets have expired or have been transferred
and the group has transferred substantially all the
risks and rewards of ownership.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "Trade receivables
Trade receivables are amounts due from cus-
tomers for goods sold or services performed in
the ordinary course of business. They are gener-
ally due for settlement within 30-60 days and are
therefore classi\ufb01ed as current. Trade receivables
measured at fair value upon initial recognition,
and thereafter at amortised cost, less allowance
made for credit losses. The interest rate element
is disregarded if insigni\ufb01cant, which is the case for
the vast majority of the group\u2019s trade receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Cash and cash equivalents
Cash and cash equivalents consist of bank depos-
its on call with \ufb01nancial institutions and other
short-term, highly liquid investments with original
maturities of less than three months.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Trade and other payables
Trade payables are recognised at the original
invoiced amount. Other payables are recognised
initially at fair value. Trade and other payables are
valued at amortised cost using the e\ufb00ective inter-
est rate method. The interest rate element is dis-
regarded if it is insigni\ufb01cant, which is the case for
most the group\u2019s trade payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "Interest-bearing borrowings
Interest-bearing borrowings are recognised
initially at fair value, net of transaction costs
incurred. Subsequent to initial recognition, inter-
est-bearing borrowings are measured at amor-
tised cost with any di\ufb00erence between cost and
redemption value being recognised in the income
statement over the period of the borrowings on
an e\ufb00ective interest basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "IMPAIRMENT
Impairment of non-\ufb01nancial assets
The carrying amount of the groups non-\ufb01nancial
assets (other than deferred tax assets and inven-
tory) are reviewed at the end of each reporting
period to determine whether there is any indica-
tion of impairment. If an indication of impairment
exists, the asset\u2019s recoverable amount is esti-
mated. Intangible assets with an inde\ufb01nite useful
life and intangible assets that are not yet availa-
ble for use are tested for impairment annually, or
more frequently if events or changes in circum-
stances indicate that they might be impaired.
For the purposes of impairment testing, assets
are grouped together into the smallest group of
assets that generates cash in\ufb02ows from continu-
ing use that are largely independent of the cash
in\ufb02ows from other assets or groups of assets
(cash-generating units).
An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds
its recoverable amount and recognised in the
income statement. The recoverable amount is the
higher of an asset's fair value less costs of dis-
posal and value in use. In assessing value in use,
the estimated future cash \ufb02ows are discounted to
their present value using a pre-tax discount rate
that re\ufb02ects the current market assessments of
the time value of money and the risks speci\ufb01c to
the asset.
An impairment loss on goodwill is not reversed.
For assets other than goodwill, an impairment
loss is reversed if there has been a change in
the estimates used to determine the recoverable
amount. An impairment loss is reversed only to
the extent that the asset\u2019s carrying amount does
not exceed the carrying amount, net of depreci-
ation or amortisation, calculated as if no impair-
ment loss had been recognised.
Impairment of \ufb01nancial assets
The group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. The impairment methodology applied
depends on whether there has been a signi\ufb01cant
increase in credit risk.
There are mainly trade receivables that are sub-
ject to the expected credit loss model in IFRS 9.
For trade receivables, the group applies the simpli-
\ufb01ed approach permitted by IFRS 9, which requires
expected lifetime losses to be recognised from
initial recognition of the receivables. Trade receiv-
ables are grouped based on shared credit risk
characteristics and days past due. Expected losses
are primarily calculated through an individual and
speci\ufb01c assessment of each customer / receivable.
The assessment is carried out by senior sta\ufb00 in the
group's \ufb01nance department in dialogue with the
management of the operating segments. For trade
receivables that are more than 90 days past due
date, a scenario analysis is performed. The sce-
nario analysis includes scenarios for:
(i)
the client's bankruptcy,
(ii)
the client executes debt negotiations and
(iii)
the customer pays the claim in full.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "Impairment of non-\ufb01nancial assets
The carrying amount of the groups non-\ufb01nancial
assets (other than deferred tax assets and inven-
tory) are reviewed at the end of each reporting
period to determine whether there is any indica-
tion of impairment. If an indication of impairment
exists, the asset\u2019s recoverable amount is esti-
mated. Intangible assets with an inde\ufb01nite useful
life and intangible assets that are not yet availa-
ble for use are tested for impairment annually, or
more frequently if events or changes in circum-
stances indicate that they might be impaired.
For the purposes of impairment testing, assets
are grouped together into the smallest group of
assets that generates cash in\ufb02ows from continu-
ing use that are largely independent of the cash
in\ufb02ows from other assets or groups of assets
(cash-generating units).
An impairment loss is recognised for the amount
by which the asset's carrying amount exceeds
its recoverable amount and recognised in the
income statement. The recoverable amount is the
higher of an asset's fair value less costs of dis-
posal and value in use. In assessing value in use,
the estimated future cash \ufb02ows are discounted to
their present value using a pre-tax discount rate
that re\ufb02ects the current market assessments of
the time value of money and the risks speci\ufb01c to
the asset.
An impairment loss on goodwill is not reversed.
For assets other than goodwill, an impairment
loss is reversed if there has been a change in
the estimates used to determine the recoverable
amount. An impairment loss is reversed only to
the extent that the asset\u2019s carrying amount does
not exceed the carrying amount, net of depreci-
ation or amortisation, calculated as if no impair-
ment loss had been recognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Impairment of \ufb01nancial assets
The group assesses on a forward-looking basis
the expected credit losses associated with its
debt instruments carried at amortised cost and
FVOCI. The impairment methodology applied
depends on whether there has been a signi\ufb01cant
increase in credit risk.
There are mainly trade receivables that are sub-
ject to the expected credit loss model in IFRS 9.
For trade receivables, the group applies the simpli-
\ufb01ed approach permitted by IFRS 9, which requires
expected lifetime losses to be recognised from
initial recognition of the receivables. Trade receiv-
ables are grouped based on shared credit risk
characteristics and days past due. Expected losses
are primarily calculated through an individual and
speci\ufb01c assessment of each customer / receivable.
The assessment is carried out by senior sta\ufb00 in the
group's \ufb01nance department in dialogue with the
management of the operating segments. For trade
receivables that are more than 90 days past due
date, a scenario analysis is performed. The sce-
nario analysis includes scenarios for:
(i)
the client's bankruptcy,
(ii)
the client executes debt negotiations and
(iii)
the customer pays the claim in full.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "PROVISIONS
A provision is recognised when the group has a
present obligation as a result of a past event that
can be estimated reliably, and it is probable that
the group will be required to settle the obliga-
tion. If the e\ufb00ect is material, provisions are deter-
mined as the present value of expected future
cash \ufb02ows, discounted by a market based pre-tax
discount rate.
Warranty provisions are made for expected future
expenses related to delivered products and ser-
vices. The provisions are based on historic data of
incurred warranty expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "LEASES
The group applies IFRS 16, and its leasing agree-
ments primarily consist of rent of o\ufb03ce premises
and manufacturing equipment with various lease
terms and conditions.
Upon entering into a contract, an assessment is
made of whether an agreement contains a lease
arrangement entitling the group to control the use
of an identi\ufb01ed asset. If the lease is identi\ufb01ed as
such, assets and associated liabilities are recog-
nised at the start of the lease. The group deter-
mines the lease term as the non-cancellable term
of the lease, together with any periods covered
by an option to extend the lease if it is reasona-
bly certain to be exercised, or any period covered
by an option to terminate the lease if it is reason-
ably certain to be exercised. Lease payments for
the \ufb01rst twelve month following the balance sheet
date is classi\ufb01ed as current liabilities.
Right-of-use assets
The group recognises right-of-use asset at the
lease commencement date. The right-of-use
asset is initially measured at cost, and subse-
quently at cost less any accumulated depreci-
ation and impairment losses and adjusted for
certain remeasurements of the lease liability. The
cost of right-of-use asset includes the amount
of lease liability recognised, initial direct costs
incurred, and lease payments made at or before
the commencement date, less any lease incen-
tives received. The right-of-use asset is deprecia-
tion on a straight-line basis over the shorter of the
asset\u2019s estimated useful life and the lease term
and is subject to impairment assessment of non-\ufb01-
nancial assets.
Lease liabilities
The lease liability is initially measured at the pres-
ent value of the lease payment that are not paid
at the commencement date, discounted using the
interest rate implicit in the lease or, if that rate can-
not be readily determined, the group\u2019s incremental
borrowing rate as the discount rate. The lease pay-
ments include \ufb01xed payments and variable lease
payments that depend on an index or rate.
The lease liability is subsequently increased
by the interest cost on the lease liability and
decreased by the lease payment made. It is
remeasured when there is a change in future
lease payments arising from a change in an index
or rate, or as appropriate, changes in the assess-
ment of whether an extension option is reasona-
bly certain to be exercised or a termination option
is reasonably certain not to be exercised.
Short-term leases and lease of low value assets
The group applies the recognition exemption to its
leases that have a lease term of 12 months or less
from the commencement date and do not contain
a purchase option. The group also applies recogni-
tion exemption to leases that are considered low-
value assets, mainly IT and o\ufb03ce equipment.
Lease payments associated with short-term
leases and low-value assets are recognised on
a straight-line basis as an expense in the income
statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "DIVIDENDS
Dividends are recorded in the group\u2019s consoli-
dated \ufb01nancial statements in the period in which
they are approved by the general meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "NOTE 05
Financial risk and exposure
NORBIT is exposed to di\ufb00erent types of \ufb01nan-
cial risk, including interest-, currency-, credit-,
and liquidity risks. The group\u2019s \ufb01nance depart-
ment is responsible for carrying out the policies
and guidelines for \ufb01nancial risk management
approved by the Board.
INTEREST RATE RISK
The group\u2019s main interest rate risk arises from
long-term borrowings with variable rates, which
expose the group to cash \ufb02ow interest rate risk.
NORBIT has no \ufb01nancial instruments related to
hedging of interest rates.
Trade and other receivables and trade and other
payables are interest free and with a term of less
than one year, hence there is no interest rate risk
associated with these \ufb01nancial assets and liabil-
ities.
The following table shows the group's sensitiv-
ity to potential changes in interest rates. The cal-
culation takes into account all interest-bearing
\ufb01nancial instruments. The calculation in the table
shows the e\ufb00ect based on interest-bearing \ufb01nan-
cial instruments at the balance sheet date.
Interest rate exposure
\n \n
Impact on pre-tax pro\ufb01t
Impact on pre-tax pro\ufb01t
Amounts in NOK million
2024
2023
Interest rates - increase by 100 basis points
1)
(4.5)
(2.4)
Interest rates - decrease by 100 basis points
1)
4.5
2.4
1) Ceteris paribus
CURRENCY RISK
NORBIT has international operations and clients
and is exposed to currency risk through customer
contracts and purchase of products and services
in currencies other than the functional currency.
NORBIT is primarily exposed to EUR and USD cur-
rencies.
The group\u2019s exposure to foreign currency risk,
expressed in NOK million, at the end of the report-
ing period is set out in the table below.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Foreign exchange exposure:
Amounts in NOK million
31.12.2024
31.12.2023
Receivables
133.5
91.8
Payables
(93.4)
(92.6)
Overdraft facility
1)
20.5
(5.8)
Net position
60.6
(6.6)
1) NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The overdraft facility is shown net in the
consolidated \ufb01nancial statements. At 31 December 2024, the USD, EUR and GBP balance on the overdraft facility was
NOK 20.5 million (i.e. net cash).
Financial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
31.12.2024
31.12.2023
Currency
NOK
Currency
NOK
USD
(1.3)
(15.2)
(4.7)
(48.3)
EUR
6.4
75.9
4.5
50.8
GBP
0.4
5.8
(0.2)
(2.8)
HUF
(51.5)
(1.5)
(24.4)
(0.7)
SEK
(1.5)
(1.6)
(3.2)
(3.2)
JPY
(39.1)
(2.8)
(33.5)
(2.4)
Net position
60.6
(6.6)
Fluctuations in exchange rates can lead to
increased or decreased pro\ufb01t margin in contracts
with customers compared to the initial project cal-
culus. The group was a net seller of EUR and had
a largely neutral USD position during 2024.
The group rebalances the short-term (within 90
days) main currency exposures on a monthly
basis in order to have a neutral currency position
on trade receivables, trade payables and cash
deposits.
Derivatives
There were no derivatives outstanding at 31
December 2024 or per 31 December 2023.
Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.
Fair value measurement
Fair value measurements of foreign currency
contracts, if any, are based on marked to market
reports from leading Norwegian currency traders,
primarily major Norwegian banks.
CREDIT RISK
Credit risk is the risk that one party to a \ufb01nan-
cial instrument will cause a \ufb01nancial loss for the
other party by failing to discharge an obligation.
The group is exposed to credit risk related to cash
and cash equivalents, trade receivables and other
current receivables. The exposure to credit risk is
monitored on an ongoing basis within the group.
Cash and cash equivalents
Cash deposits are held with reputable banks with
strong credit-ratings. Based on their credit ratings,
management does not expect any of these \ufb01nan-
cial institutions to fail to meet their obligations.
Trade receivables
The group has inherent credit risk through the
fact that a client may not be able to meet its obli-
gations under a contract. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses which uses a lifetime
expected loss allowance for all trade receivables.
Reference is made to
note 4
and
note 17
.
LIQUIDITY RISK
Liquidity risk is the risk that the group is unable to
meet the obligations associated with its \ufb01nancial
liabilities. For NORBIT, liquidity risk is managed by
maintaining su\ufb03cient cash deposits and available
committed credit lines that the group can draw
on to meet its obligations as they occur. NOR-
BIT has a centrally managed multi-currency cash
pool arrangement where several subsidiaries are
connected. The liquidity trend is monitored fre-
quently, supported by budgets and forecasts.
As per 31 December 2024, NORBIT had NOK
743.3 million in cash and undrawn credit facilities,
providing a solid liquidity bu\ufb00er.
Maturities of \ufb01nancial liabilities
The table below provides an overview of the
maturity pro\ufb01le of all \ufb01nancial liabilities. For inter-
est-bearing borrowings the stated amount of con-
tractual cash \ufb02ows is including estimated interest
payments. Other items are stated at booked
amounts. In cases where the counterparty may
claim earlier redemption, the amount is placed in
the earliest period the payment may be required
from the counterparty.
Contractual maturities of \ufb01nancial liabilities at 31 December 2024
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2024
Trade payables
145.9
0.0
0.0
145.9
145.9
Interest-bearing borrowings
20.5
478.8
0.0
499.3
447.2
Lease liabilities
20.9
70.7
3.8
95.3
95.3
Other payables
127.2
0.0
0.0
127.2
127.2
Total
314.6
549.5
3.8
867.8
815.7
Contractual maturities of \ufb01nancial liabilities at 31 December 2023
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2023
Trade payables
174.5
0.0
0.0
174.5
174.5
Interest-bearing borrowings
110.1
131.1
0.0
241.2
211.5
Lease liabilities
17.2
33.0
4.5
54.7
54.7
Other payables
94.0
0.0
0.0
94.0
94.0
Total
395.9
164.1
4.5
564.5
534.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "CURRENCY RISK
NORBIT has international operations and clients
and is exposed to currency risk through customer
contracts and purchase of products and services
in currencies other than the functional currency.
NORBIT is primarily exposed to EUR and USD cur-
rencies.
The group\u2019s exposure to foreign currency risk,
expressed in NOK million, at the end of the report-
ing period is set out in the table below.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Foreign exchange exposure:
Amounts in NOK million
31.12.2024
31.12.2023
Receivables
133.5
91.8
Payables
(93.4)
(92.6)
Overdraft facility
1)
20.5
(5.8)
Net position
60.6
(6.6)
1) NORBIT has a multi-currency overdraft facility (EUR, USD, GBP and NOK). The overdraft facility is shown net in the
consolidated \ufb01nancial statements. At 31 December 2024, the USD, EUR and GBP balance on the overdraft facility was
NOK 20.5 million (i.e. net cash).
Financial assets and liabilities \u2013 net foreign exchange exposure by major currencies:
31.12.2024
31.12.2023
Currency
NOK
Currency
NOK
USD
(1.3)
(15.2)
(4.7)
(48.3)
EUR
6.4
75.9
4.5
50.8
GBP
0.4
5.8
(0.2)
(2.8)
HUF
(51.5)
(1.5)
(24.4)
(0.7)
SEK
(1.5)
(1.6)
(3.2)
(3.2)
JPY
(39.1)
(2.8)
(33.5)
(2.4)
Net position
60.6
(6.6)
Fluctuations in exchange rates can lead to
increased or decreased pro\ufb01t margin in contracts
with customers compared to the initial project cal-
culus. The group was a net seller of EUR and had
a largely neutral USD position during 2024.
The group rebalances the short-term (within 90
days) main currency exposures on a monthly
basis in order to have a neutral currency position
on trade receivables, trade payables and cash
deposits.
Derivatives
There were no derivatives outstanding at 31
December 2024 or per 31 December 2023.
Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.
Fair value measurement
Fair value measurements of foreign currency
contracts, if any, are based on marked to market
reports from leading Norwegian currency traders,
primarily major Norwegian banks. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Derivatives
There were no derivatives outstanding at 31
December 2024 or per 31 December 2023.
Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Classi\ufb01cation of derivatives
Derivatives, if any, are only used for economic
hedging purposes and not as speculative invest-
ments. However, the group\u2019s hedging policy
does not meet the hedge accounting criteria.
Hence, they are classi\ufb01ed as \u2018held for trading\u2019 for
accounting purposes and are accounted for at fair
value through pro\ufb01t or loss. They are presented
as current assets or liabilities to the extent they
are expected to be settled within 12 months after
the end of the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Fair value measurement
Fair value measurements of foreign currency
contracts, if any, are based on marked to market
reports from leading Norwegian currency traders,
primarily major Norwegian banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "CREDIT RISK
Credit risk is the risk that one party to a \ufb01nan-
cial instrument will cause a \ufb01nancial loss for the
other party by failing to discharge an obligation.
The group is exposed to credit risk related to cash
and cash equivalents, trade receivables and other
current receivables. The exposure to credit risk is
monitored on an ongoing basis within the group.
Cash and cash equivalents
Cash deposits are held with reputable banks with
strong credit-ratings. Based on their credit ratings,
management does not expect any of these \ufb01nan-
cial institutions to fail to meet their obligations.
Trade receivables
The group has inherent credit risk through the
fact that a client may not be able to meet its obli-
gations under a contract. The group applies
the IFRS 9 simpli\ufb01ed approach to measuring
expected credit losses which uses a lifetime
expected loss allowance for all trade receivables.
Reference is made to
note 4
and
note 17
.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "LIQUIDITY RISK
Liquidity risk is the risk that the group is unable to
meet the obligations associated with its \ufb01nancial
liabilities. For NORBIT, liquidity risk is managed by
maintaining su\ufb03cient cash deposits and available
committed credit lines that the group can draw
on to meet its obligations as they occur. NOR-
BIT has a centrally managed multi-currency cash
pool arrangement where several subsidiaries are
connected. The liquidity trend is monitored fre-
quently, supported by budgets and forecasts.
As per 31 December 2024, NORBIT had NOK
743.3 million in cash and undrawn credit facilities,
providing a solid liquidity bu\ufb00er.
Maturities of \ufb01nancial liabilities
The table below provides an overview of the
maturity pro\ufb01le of all \ufb01nancial liabilities. For inter-
est-bearing borrowings the stated amount of con-
tractual cash \ufb02ows is including estimated interest
payments. Other items are stated at booked
amounts. In cases where the counterparty may
claim earlier redemption, the amount is placed in
the earliest period the payment may be required
from the counterparty.
Contractual maturities of \ufb01nancial liabilities at 31 December 2024
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2024
Trade payables
145.9
0.0
0.0
145.9
145.9
Interest-bearing borrowings
20.5
478.8
0.0
499.3
447.2
Lease liabilities
20.9
70.7
3.8
95.3
95.3
Other payables
127.2
0.0
0.0
127.2
127.2
Total
314.6
549.5
3.8
867.8
815.7
Contractual maturities of \ufb01nancial liabilities at 31 December 2023
\n \n
Carrying
Between
Total
amount
Less than
1 year and 5
Over
contractual
(assets) /
Amounts in NOK million
1 year
years
5 years
cash \ufb02ows
liabilities
At 31 December 2023
Trade payables
174.5
0.0
0.0
174.5
174.5
Interest-bearing borrowings
110.1
131.1
0.0
241.2
211.5
Lease liabilities
17.2
33.0
4.5
54.7
54.7
Other payables
94.0
0.0
0.0
94.0
94.0
Total
395.9
164.1
4.5
564.5
534.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "NOTE 06
Segment information
Description of segments and principal activities
NORBIT ASA is organised in three operating seg-
ments: Oceans, Connectivity and Product, Innova-
tion & Realization (PIR). The operating segments
are aligned with the internal reporting and the
operating segments are components of the group
that are evaluated regularly by the management
team.
The Oceans segment delivers tailored technol-
ogy solutions to global maritime markets, and
the Connectivity segment is a leading supplier of
solutions for asset identi\ufb01cation, monitoring and
tracking. The third segment, PIR, provides R&D
products and services and contract manufactur-
ing to key customers.
Oceans encompass all NORBIT\u2019s knowledge
and competence targeting the global maritime
markets, including proprietary technology and
solutions. The business unit o\ufb00ers sub-bottom
pro\ufb01lers and ultra-compact sonars for a range
of special applications including seabed map-
ping and hydrography. The segment has further
developed proprietary solutions and software for
maritime and environmental monitoring, includ-
ing security applications. NORBIT is continuously
working on expanding its o\ufb00ering in selected
applications.
The Connectivity segment enables clients to dig-
itise their operations through data collection and
tailored sensor analysis with connectivity devices,
cloud computing and data fusions being directly
integrated into the client\u2019s business software or
as stand-alone services.
The Product Innovation and Realization segment
(PIR) o\ufb00ers R&D services and contract manu-
facturing to long-term key industrial customers
through in-house capabilities and a high degree
of robotised production. In addition, the segment
sells products based on proprietary technology,
including special instrumentation based on radar,
radio frequency and embedded signal processing
technology.
\n
\n
Financial results reportable segments
2024
Amounts in NOK million
Oceans
Connectivity
PIR
Group/ eliminations
Total
Revenues
743.9
515.7
543.1
(51.3)
1 751.4
Raw materials and change in inventories
203.7
182.8
323.9
(5.8)
704.6
Employee bene\ufb01t expenses
174.2
89.4
112.8
39.8
416.3
Operating expenses
79.7
60.1
33.0
(16.4)
156.4
EBITDA
286.2
183.3
73.4
(68.9)
474.0
EBITDA margin
38%
36%
14%
27%
Depreciation
20.9
15.7
18.2
4.5
59.3
Amortisation and impairment
46.6
33.0
1.0
(7.6)
73.1
EBIT
218.8
134.5
54.2
(65.8)
341.7
EBIT margin
29%
26%
10%
20%
Total \ufb01nancial items (not allocated)
(23.4)
Pro\ufb01t before tax
318.3
Taxes (not allocated)
(75.0)
Pro\ufb01t after tax
243.3
2023
Amounts in NOK million
Oceans
Connectivity
PIR
Group/ eliminations
Total
Revenues
599.0
540.3
411.8
(32.2)
1 518.9
Raw materials and change in inventories
175.9
208.4
233.2
(2.8)
614.7
Employee bene\ufb01t expenses
130.8
88.2
95.0
46.2
360.3
Operating expenses
81.1
58.4
31.6
(18.9)
152.2
EBITDA
211.1
185.3
52.0
(56.6)
391.8
EBITDA margin
35%
34%
13%
26%
Depreciation
21.1
8.8
16.1
2.7
48.6
Amortisation and impairment
24.3
37.2
1.2
(3.7)
59.0
EBIT
165.7
139.3
34.7
(55.6)
284.2
EBIT margin
28%
26%
8%
19%
Total \ufb01nancial items (not allocated)
(38.1)
Pro\ufb01t before tax
246.0
Taxes (not allocated)
(60.8)
Pro\ufb01t after tax
185.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "NOTE 07
Salaries, pension and social security costs
Payroll expenses
\n \n
Amounts in NOK million
2024
2023
Salaries
367.1
308.1
Pension costs
17.5
16.0
Payroll tax
55.3
45.5
Capitalised payroll expenses as development asset
(31.6)
(16.1)
Other payroll expenses
8.0
6.8
Total employee bene\ufb01t expenses
416.3
360.3
Average number of FTEs
519
498
Pension arrangements
The Norwegian group companies have pension
plans secured through collective agreements in
life insurance companies and are subject to the
Norwegian Act on Occupational Pension. The
group meets the requirement of this legislation.
The group has pension plans with de\ufb01ned con-
tribution plans. The de\ufb01ned contribution plan
means that the company has not incurred any
future obligation. After the annual grant is paid
the company has ful\ufb01lled its obligation in accord-
ance with the arrangement.
In addition, some of the Norwegian companies in
the group are members of an agreement-based
early retirement plan (AFP). The scheme provides
the employees the opportunity to retire before
the normal retirement age in Norway of 67 years.
Employees who choose retirement will retain a
lifelong bene\ufb01t from the age of 62 years. The Nor-
wegian Accounting Standards Board has issued a
statement concluding that the AFP plan is a mul-
ti-employer de\ufb01ned bene\ufb01t plan. The AFP plan
exposes the participating entities to actuarial risk
associated with employees of other entities with
the result that there is no consistent and reliable
basis for allocating the obligation, plan assets and
costs to individual participating entities. Su\ufb03cient
information is not available to use de\ufb01ned bene\ufb01t
accounting, and the AFP plan is accounted for as
a de\ufb01ned contribution plan.
The group\u2019s subsidiaries outside of Norway have
pension plans based on local practice and regu-
lations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "NOTE 08
Other operating expenses
\n \n
Amounts in NOK million
2024
2023
External services
86.8
75.9
Travel expenses
17.3
15.1
Freight
13.8
14.4
O\ufb03ce supplies
6.9
8.1
Marketing
5.9
6.6
Guarantee, service and support
5.9
5.5
Other operating expenses
19.8
26.7
Total operating expenses
156.4
152.2
Fees to the auditors
The table below summarises audit fees, as well as
fees for other audited related services incurred by
the group during 2024 and 2023.
\n \n
Amounts in NOK million
2024
2023
Audit fee - \ufb01nancial statements
1.5
1.4
Audit fee - integrated sustainability report
0.3
0.0
Other audit related services
0.2
0.4
Auditor's remuneration in other operating expenses
2.0
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Fees to the auditors
The table below summarises audit fees, as well as
fees for other audited related services incurred by
the group during 2024 and 2023.
\n \n
Amounts in NOK million
2024
2023
Audit fee - \ufb01nancial statements
1.5
1.4
Audit fee - integrated sustainability report
0.3
0.0
Other audit related services
0.2
0.4
Auditor's remuneration in other operating expenses
2.0
1.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "NOTE 09
Financial income and financial expenses
\n \n
Amounts in NOK million
2024
2023
Financial income
Financial exchange gain (net)
11.4
0.0
Interest income
23.3
1.1
Other \ufb01nancial income
3.5
2.1
Financial income
38.3
3.2
Financial expenses
Interest expenses
59.8
29.7
Financial exchange loss (net)
0.0
10.6
Other \ufb01nancial expenses
1.7
1.0
Financial expenses
61.5
41.3
Share of pro\ufb01t of associates
(0.2)
0.0
Net \ufb01nancial items
(23.4)
(38.1)
Please refer to
note 23
for further information regarding share of pro\ufb01ts from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "NOTE 09
Financial income and financial expenses
\n \n
Amounts in NOK million
2024
2023
Financial income
Financial exchange gain (net)
11.4
0.0
Interest income
23.3
1.1
Other \ufb01nancial income
3.5
2.1
Financial income
38.3
3.2
Financial expenses
Interest expenses
59.8
29.7
Financial exchange loss (net)
0.0
10.6
Other \ufb01nancial expenses
1.7
1.0
Financial expenses
61.5
41.3
Share of pro\ufb01t of associates
(0.2)
0.0
Net \ufb01nancial items
(23.4)
(38.1)
Please refer to
note 23
for further information regarding share of pro\ufb01ts from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "NOTE 09
Financial income and financial expenses
\n \n
Amounts in NOK million
2024
2023
Financial income
Financial exchange gain (net)
11.4
0.0
Interest income
23.3
1.1
Other \ufb01nancial income
3.5
2.1
Financial income
38.3
3.2
Financial expenses
Interest expenses
59.8
29.7
Financial exchange loss (net)
0.0
10.6
Other \ufb01nancial expenses
1.7
1.0
Financial expenses
61.5
41.3
Share of pro\ufb01t of associates
(0.2)
0.0
Net \ufb01nancial items
(23.4)
(38.1)
Please refer to
note 23
for further information regarding share of pro\ufb01ts from associates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "NOTE 10
Income tax
Income tax speci\ufb01cation
\n \n
Amounts in NOK million
2024
2023
Current tax
Current tax on pro\ufb01ts Norwegian companies
57.7
56.2
Current tax on pro\ufb01ts foreign companies
15.4
1.0
Adjustments for current tax of prior periods
(0.4)
1.4
Total current tax expense
72.8
58.7
Deferred income tax
Change in deferred tax
2.2
2.2
Total deferred tax expense/(bene\ufb01t)
2.2
2.2
Total income tax expense
75.0
60.8
Reconciliation between nominal and e\ufb00ective tax rates
\n \n
Amounts in NOK million
2024
2023
Pro\ufb01t before income tax expense
318.3
246.0
Expected tax calculated at Norwegian tax rate of 22%
70.0
54.1
E\ufb00ect of di\ufb00erent tax rates abroad
3.5
(2.0)
Change in previously not recognised deferred tax assets
(0.3)
0.7
Other items
1.7
8.0
Subtotal
75.0
60.8
E\ufb00ective tax rate
24%
25%
Amounts recognised directly in equity
\n \n
Amounts in NOK million
2024
2023
Deferred tax
0.0
0.0
Total
0.0
0.0
Deferred tax assets
\n \n
Amounts in NOK million
2024
2023
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
(4.7)
(12.2)
Inventories
(4.3)
(2.6)
Other assets and liabilities
(3.2)
(3.1)
Tax losses
(4.1)
0.0
Total
(16.3)
(18.0)
Total deferred tax assets
(16.3)
(18.0)
Unrecognised deferred tax assets
2.8
4.1
Net deferred tax assets
(13.5)
(13.9)
Deferred tax
\n \n
Amounts in NOK million
2024
2023
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
29.0
3.1
Total
29.0
3.1
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Change in deferred tax assets
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
Movements
At 1 January 2023
0.0
(14.2)
(1.9)
0.6
(15.6)
(Charged)/credited - to pro\ufb01t or loss
0.1
2.0
(0.7)
0.3
1.8
Acquisition of subsidiary
(0.1)
0.0
0.0
0.1
(0.0)
At 31 December 2023
0.0
(12.4)
(2.6)
1.0
(13.9)
At 1 January 2024
0.0
(12.4)
(2.6)
1.0
(13.9)
(Charged)/credited
- to pro\ufb01t or loss
(4.1)
7.6
(1.6)
(1.4)
0.4
At 31 December 2024
(4.1)
(4.8)
(4.2)
(0.4)
(13.5)
Change in deferred tax
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
At 1 January 2023
0.0
3.6
0.0
0.0
3.6
(Charged)/credited - to pro\ufb01t or loss
0.0
(0.4)
0.0
0.0
(0.4)
At 31 December 2023
0.0
3.1
0.0
0.0
3.1
At 1 January 2024
0.0
3.1
0.0
0.0
3.1
(Charged)/credited - to pro\ufb01t or loss
0.0
(1.8)
0.0
0.0
(1.8)
Acquisition of subsidiary
0.0
27.4
0.0
0.0
27.4
Translation di\ufb00erences
0.0
0.3
0.0
0.0
0.3
At 31 December 2024
0.0
29.0
0.0
0.0
29.0
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be avail-
able to utilise temporary di\ufb00erences and losses.
The group has assessed the probability of obtain-
ing the necessary taxable pro\ufb01ts based on budg-
ets and forecasts.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "NOTE 10
Income tax
Income tax speci\ufb01cation
\n \n
Amounts in NOK million
2024
2023
Current tax
Current tax on pro\ufb01ts Norwegian companies
57.7
56.2
Current tax on pro\ufb01ts foreign companies
15.4
1.0
Adjustments for current tax of prior periods
(0.4)
1.4
Total current tax expense
72.8
58.7
Deferred income tax
Change in deferred tax
2.2
2.2
Total deferred tax expense/(bene\ufb01t)
2.2
2.2
Total income tax expense
75.0
60.8
Reconciliation between nominal and e\ufb00ective tax rates
\n \n
Amounts in NOK million
2024
2023
Pro\ufb01t before income tax expense
318.3
246.0
Expected tax calculated at Norwegian tax rate of 22%
70.0
54.1
E\ufb00ect of di\ufb00erent tax rates abroad
3.5
(2.0)
Change in previously not recognised deferred tax assets
(0.3)
0.7
Other items
1.7
8.0
Subtotal
75.0
60.8
E\ufb00ective tax rate
24%
25%
Amounts recognised directly in equity
\n \n
Amounts in NOK million
2024
2023
Deferred tax
0.0
0.0
Total
0.0
0.0
Deferred tax assets
\n \n
Amounts in NOK million
2024
2023
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
(4.7)
(12.2)
Inventories
(4.3)
(2.6)
Other assets and liabilities
(3.2)
(3.1)
Tax losses
(4.1)
0.0
Total
(16.3)
(18.0)
Total deferred tax assets
(16.3)
(18.0)
Unrecognised deferred tax assets
2.8
4.1
Net deferred tax assets
(13.5)
(13.9)
Deferred tax
\n \n
Amounts in NOK million
2024
2023
The balance comprises temporary di\ufb00erencs attributable to:
Intangible and \ufb01xed assets
29.0
3.1
Total
29.0
3.1
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Change in deferred tax assets
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
Movements
At 1 January 2023
0.0
(14.2)
(1.9)
0.6
(15.6)
(Charged)/credited - to pro\ufb01t or loss
0.1
2.0
(0.7)
0.3
1.8
Acquisition of subsidiary
(0.1)
0.0
0.0
0.1
(0.0)
At 31 December 2023
0.0
(12.4)
(2.6)
1.0
(13.9)
At 1 January 2024
0.0
(12.4)
(2.6)
1.0
(13.9)
(Charged)/credited
- to pro\ufb01t or loss
(4.1)
7.6
(1.6)
(1.4)
0.4
At 31 December 2024
(4.1)
(4.8)
(4.2)
(0.4)
(13.5)
Change in deferred tax
\n \n
Intangible and
Amounts in NOK million
Tax losses
\ufb01xed assets
Inventories
Other
Total
At 1 January 2023
0.0
3.6
0.0
0.0
3.6
(Charged)/credited - to pro\ufb01t or loss
0.0
(0.4)
0.0
0.0
(0.4)
At 31 December 2023
0.0
3.1
0.0
0.0
3.1
At 1 January 2024
0.0
3.1
0.0
0.0
3.1
(Charged)/credited - to pro\ufb01t or loss
0.0
(1.8)
0.0
0.0
(1.8)
Acquisition of subsidiary
0.0
27.4
0.0
0.0
27.4
Translation di\ufb00erences
0.0
0.3
0.0
0.0
0.3
At 31 December 2024
0.0
29.0
0.0
0.0
29.0
Deferred tax assets are recognised only if it is
probable that future taxable amounts will be avail-
able to utilise temporary di\ufb00erences and losses.
The group has assessed the probability of obtain-
ing the necessary taxable pro\ufb01ts based on budg-
ets and forecasts.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "NOTE 11
Earnings per share
\n \n
Amounts in NOK
2024
2023
Basic earnings per share
Total basic earnings per share attributable to the ordinary equity
holders of the company
3.94
3.11
Diluted earnings per share
Total diluted earnings per share attributable to the ordinary equity
holders of the company
3.93
3.10
Reconciliations of earnings used in calculating earnings per share
\n \n
Amounts in NOK million
2024
2023
Pro\ufb01t from continuing operations attributable to the ordinary equity
holders of the company:
Used in calculation basic earnings per share
243.3
185.3
Used in calculating diluted earnings per share
243.3
185.3
Weighted average number of shares used as the denominator
\n \n
Number
2024
2023
Weighted average number outstanding
61 679 531
59 564 339
Weighted average number diluted
61 863 157
59 684 428
Basic earnings per share
Basic earnings per share amounts are calculated
by dividing net pro\ufb01t for the period attributable to
ordinary equity holders of the parent company by
the weighted average number of ordinary shares
outstanding during the period.
Diluted earnings per share
Diluted earnings per share amounts are calcu-
lated by dividing the net pro\ufb01t attributable to
equity holders of the parent company by the
weighted average number of shares outstand-
ing during the year plus the number of potential
shares that would be issued.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "NOTE 12
Property, plant and equipment
\n \n
Machinery,
Land and
\ufb01xtures
Amounts in NOK million
properties
and \ufb01ttings
Total
Cost at 1 January 2023
97.4
280.4
377.8
Accumulated depreciation
(31.9)
(193.2)
(225.1)
Translation di\ufb00erences
0.0
(0.6)
(0.6)
Net book amount 1 January 2023
65.5
86.6
152.1
Additions from acquisition of companies
0.0
1.6
1.6
Additions
2.5
43.8
46.3
Depreciation charge
(6.1)
(29.2)
(35.2)
Translation di\ufb00erences
0.0
1.5
1.5
Net book amount 31 December 2023
61.9
104.4
166.3
Cost at 1 January 2024
99.9
325.9
425.8
Accumulated depreciation
(38.0)
(222.4)
(260.4)
Translation di\ufb00erences
0.0
0.9
0.9
Net book amount 1 January 2024
61.9
104.4
166.3
Additions from acquisition of companies
8.2
3.8
11.9
Additions
2.5
37.4
39.8
Depreciation charge
(5.7)
(31.6)
(37.2)
Translation di\ufb00erences
0.2
(0.1)
0.1
Net book amount 31 December 2024
67.0
113.8
180.9
Useful life
25 years
3-7 years
Depreciation method
Linear
Linear
Impairment loss and compensation
There were no impairment losses in 2024 and
2023.
Change in depreciation period
There were no changes to the depreciation
period for the \ufb01xed assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "\n \n
Machinery,
Land and
\ufb01xtures
Amounts in NOK million
properties
and \ufb01ttings
Total
Cost at 1 January 2023
97.4
280.4
377.8
Accumulated depreciation
(31.9)
(193.2)
(225.1)
Translation di\ufb00erences
0.0
(0.6)
(0.6)
Net book amount 1 January 2023
65.5
86.6
152.1
Additions from acquisition of companies
0.0
1.6
1.6
Additions
2.5
43.8
46.3
Depreciation charge
(6.1)
(29.2)
(35.2)
Translation di\ufb00erences
0.0
1.5
1.5
Net book amount 31 December 2023
61.9
104.4
166.3
Cost at 1 January 2024
99.9
325.9
425.8
Accumulated depreciation
(38.0)
(222.4)
(260.4)
Translation di\ufb00erences
0.0
0.9
0.9
Net book amount 1 January 2024
61.9
104.4
166.3
Additions from acquisition of companies
8.2
3.8
11.9
Additions
2.5
37.4
39.8
Depreciation charge
(5.7)
(31.6)
(37.2)
Translation di\ufb00erences
0.2
(0.1)
0.1
Net book amount 31 December 2024
67.0
113.8
180.9
Useful life
25 years
3-7 years
Depreciation method
Linear
Linear
\n \n
Mahinery and
Amounts in NOK million
Buildings
vehicles
Total
Balance at 31 December 2022
9.3
26.2
35.5
Additions
22.4
9.6
32.0
Depreciation expense
9.6
3.8
13.4
Balance at 31 December 2023
22.2
32.0
54.2
Balance at 31 December 2023
22.2
32.0
54.2
Additions
9.5
51.5
61.0
Depreciation expense
12.2
9.9
22.0
Balance at 31 December 2024
19.5
73.6
93.1
Leasing liabilities
\n \n
Amounts in NOK million
2024
2023
Balance at 1 January
54.7
35.9
Additions
61.0
32.0
Accrued interest expense
4.5
1.7
Lease payments
(24.8)
(14.8)
Balance at 31 December
95.3
54.7
Current lease liabilities
20.9
17.2
Non-current lease liabilities
74.4
37.5
Total
95.3
54.7
Intangible assets \n \n
Development
Trademark and
Amounts in NOK million
costs
customer relationships
Total
Goodwill
Cost at 1 January 2023
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount at 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount at 31 December 2023
229.7
73.5
303.2
111.1
Cost at 1 January 2024
515.3
88.5
603.9
111.1
Accumulated amortisation
(272.5)
(15.7)
(288.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.9)
0.7
(0.2)
0.0
Net book amount at 1 January 2024
229.7
73.5
303.2
111.1
Additions from acquisition of companies
0.0
81.7
81.7
381.3
Reclassi\ufb01cations
9.4
(9.4)
0.0
0.0
Additions
104.8
0.0
104.8
0.0
Amortisation charge
(56.6)
(13.0)
(69.6)
0.0
Impairment
(3.4)
0.0
(3.4)
0.0
Translation di\ufb00erences
(0.4)
2.7
2.3
5.0
Net book amount at 31 December 2024
283.4
135.4
418.9
497.4
Useful life
3-7 years
10 years
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "NOTE 13
Right-of-use assets and leasing liabilities
The group does not have any right-of-use assets that
would meet the de\ufb01nition of investment property.
As per year-end 2024, the group had a portfolio of
25 leases (2023: 17) which mainly consist of lease of
o\ufb03ce premises and manufacturing equipment. As
per 31 December 2024, the leases had a weighted
average remaining lease term of 75 months. Exten-
sion options in the lease agreements have been
assessed and re\ufb02ected in the IFRS 16 calculations if
use of the option is reasonably certain.
Leases are discounted using the interest rate
implicit in the lease agreements or, if that rate can-
not be readily determined, the estimated marginal
borrowing cost has been used, equivalent to 1M
NIBOR at the time of the agreements and the credit
margin according to the term loan facility agree-
ment (1.75 per cent).
\n \n
Mahinery and
Amounts in NOK million
Buildings
vehicles
Total
Balance at 31 December 2022
9.3
26.2
35.5
Additions
22.4
9.6
32.0
Depreciation expense
9.6
3.8
13.4
Balance at 31 December 2023
22.2
32.0
54.2
Balance at 31 December 2023
22.2
32.0
54.2
Additions
9.5
51.5
61.0
Depreciation expense
12.2
9.9
22.0
Balance at 31 December 2024
19.5
73.6
93.1
Leasing liabilities
\n \n
Amounts in NOK million
2024
2023
Balance at 1 January
54.7
35.9
Additions
61.0
32.0
Accrued interest expense
4.5
1.7
Lease payments
(24.8)
(14.8)
Balance at 31 December
95.3
54.7
Current lease liabilities
20.9
17.2
Non-current lease liabilities
74.4
37.5
Total
95.3
54.7
Lease agreement entered into, but not started
In June 2024, NORBIT EMS AS, a wholly owned
subsidiary of NORBIT ASA, entered into a lease
agreement with Selbu N\u00e6ringsselskap KF for
the expansion of the production facility in Selbu.
Selbu N\u00e6ringsselskap HF as lessor will be
responsible for the construction and \ufb01nancing of
the new facility. Construction started early 2025
and is expected to \ufb01nish in \ufb01rst quarter of 2026.
The lease agreement is for a \ufb01xed period of eight
years with two \ufb01ve-year options for further exten-
sion. Based on current estimate of the total con-
struction cost, the lease payment is expected to
be on average approximately NOK 5.5 million per
year in the \ufb01xed eight-year period.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "NOTE 14
Goodwill and intangible assets
Intangible assets
\n \n
Development
Trademark and
Amounts in NOK million
costs
customer relationships
Total
Goodwill
Cost at 1 January 2023
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount at 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount at 31 December 2023
229.7
73.5
303.2
111.1
Cost at 1 January 2024
515.3
88.5
603.9
111.1
Accumulated amortisation
(272.5)
(15.7)
(288.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.9)
0.7
(0.2)
0.0
Net book amount at 1 January 2024
229.7
73.5
303.2
111.1
Additions from acquisition of companies
0.0
81.7
81.7
381.3
Reclassi\ufb01cations
9.4
(9.4)
0.0
0.0
Additions
104.8
0.0
104.8
0.0
Amortisation charge
(56.6)
(13.0)
(69.6)
0.0
Impairment
(3.4)
0.0
(3.4)
0.0
Translation di\ufb00erences
(0.4)
2.7
2.3
5.0
Net book amount at 31 December 2024
283.4
135.4
418.9
497.4
Useful life
3-7 years
10 years
Intangible assets
Intangible assets primarily comprise capitalised
development costs related to plan or design for
the production of new or substantially improved
technology products.
In 2024, further development was made on own
technology and own products, mainly within the
market segments Oceans and Connectivity. In
Oceans, the majority of the capital spent relates
to the development of new applications and prod-
ucts within the sonar space.
In the Connectivity segment, the development
projects are primarily related to next generation
connectivity and software solutions for the ser-
vices delivered by iData Kft.
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.
Impairment considerations
At the end of each reporting period, the group
assess whether there are indications that any
intangible asset has been impaired. If such indi-
cations are present, an estimate of the recovera-
ble amount of the asset is calculated. Regardless
of whether there is an indication of impairment,
intangible assets with inde\ufb01nite useful lives or
intangible assets that are not yet available for use
at the balance sheet date, are tested every year.
To assess whether indications of impairment
exist, an analysis of future cash \ufb02ows from intan-
gible assets similar to the requirements under
IAS 36.39 is prepared. In this analysis estimated
cash \ufb02ow from each asset or group of assets in
a cash-generating unit is applied. The cash \ufb02ow
consists of revenues, raw material cost, payroll
cost, other operating costs, as well as invest-
ments needed to support the revenue assump-
tion. Both external documentation, budgets and
forecasts are used in preparing the analysis. It
is also considered to what extent previous esti-
mates of future cash \ufb02ows have been met. Prevail-
ing market conditions are also taken into account,
including its impact on estimates and forecasts.
NORBIT has grouped its individual intangible assets,
other than goodwill, into \ufb01ve cash-generating units:
^
NORBIT ITS:
Includes all technology developed
within dedicated short-range communications
for products such as On-Board Units, units
for satellite-based tolling and enforcement
modules for tachographs. The cash-generating
unit is part of segment Connectivity.
^
NORBIT iData:
Consists of the software
technology developed by iData under the
iTrack brand. The cash-generating unit is part
of segment Connectivity.
^
NORBIT Oceans \u2013 Products:
Comprises
technology developed for subsea sonars for
seabed mapping and hydrography, as well
as lighting products sold to the aquaculture
market. The cash-generating unit is part of
segment Oceans.
^
NORBIT Oceans \u2013 Solutions:
Comprises
the technology developed for security and
environmental monitoring applications in the
maritime environment. The cash-generating
unit is part of segment Oceans.
^
NORBIT ODM:
Consist of technology related
used in navigation system measuring
instruments. The cash-generating unit is part of
segment PIR.
Future cash \ufb02ows are calculated at the present
value using a discount rate speci\ufb01c to the rele-
vant cash-generating unit, ranging from 10.2 per
cent 10.5 per cent (2023: 9.7 per cent to 10.7 per
cent). These rates are calculated based on the
rates implicit in the current market transactions
for similar cash-generating units or based on the
weighted average cost of capital of several listed
companies that are relevant for a single asset (or
portfolio of assets), that in terms of potential per-
formance and risk corresponds to the relevant
asset being tested for impairment.
As a result of the divestment of lighting products
to the aquaculture market, NORBIT impaired NOK
3.4 million in intangible assets in 2024. There was
no other indication of impairment identi\ufb01ed in
2024 or in 2023 due to the signi\ufb01cant di\ufb00erence
between recoverable amount and carrying value.
It is referred to
note 4
for accounting policies rele-
vant to intangible assets.
Change in amortisation period
There were no changes in amortisation pro\ufb01les
during 2024.
Goodwill
In 2021, NORBIT made a recognition of NOK 82.1
million in goodwill in connection with the acquisi-
tions of Kilmore Marine Ltd and iData Kft. NOK 2.3
million in goodwill was recognised as part of the
acquisition of Aursund Maskinering AS in 2022,
NOK 26.7 million as a part of the acquisition of Ping
Digital Signal Processing Inc and NOK 381.3 million
was recognised in goodwill relating to the acquisi-
tion of Innomar Technologie GmbH. Acquired com-
panies are integrated into each reporting segment,
where Kilmore Marine Ltd, Aursund Maskinering
AS, Ping Digital Signal Processing Inc and Innomar
Technologie GmbH are included in segment
Oceans and iData Kft in segment Connectivity.
Impairment testing was carried out for all the
abovementioned entities.
The recoverable amounts are determined based
on the higher of the cash-generating units\u2019 fair
value less costs of disposal and value in use.
In accordance with IFRS 13, quoted prices in
active markets for similar assets have been
applied to measure fair value less cost of dis-
posal. Adjustments to the valuation multiples for a
group of comparable assets are made to re\ufb02ect a
di\ufb00erence in the cost of capital between compara-
ble assets and the cash-generating units, as well
as control premiums to re\ufb02ect transaction prices
in the quoted market.
For value in use, discounted cash \ufb02ow models are
applied, in which management has projected cash
\ufb02ows in the period from 2024 to 2028 based on
budget and forecasts. The key assumptions used
in the calculations are discussed below.
EBITDA and investments
EBITDA corresponds to operating pro\ufb01t before
depreciation, amortisation and impairment
expenses, as reported in the consolidated state-
ment of pro\ufb01t and loss. Assumptions with regards
to EBITDA projections are made in terms of rev-
enue growth for the products and services sold,
as well as the operating costs. Investments are
determined based on the expected revenue
growth rate applied in the forecast period as part
of the business plan. In judging these assump-
tions, historical data is considered, as well as the
expectations about the market development and
future conditions.
Terminal value
Terminal value beyond the forecast period is
determined applying the average of a terminal
value in perpetuity at a growth rate of 2.5 per cent
and the lower of an exit multiple in line with the
acquisition multiple and trading multiples for sim-
ilar assets.
Discount rate
The discount rate applied is the weighted average
cost of capital for the speci\ufb01c cash-generating
units and the industry and country the assets pri-
marily operate in. When estimating the discount
rate, a risk-free rate equal to the 10-year local gov-
ernment bond yield is applied, as well as risk pre-
mium. The discount rate is further adjusted for
country risk, liquidity risk as well as capital struc-
ture target. The pre-tax discount rate applied in
2024 for the impairment testing ranged from 6.8
per cent to 14.8 per cent (2023: 14.7 per cent).
Conclusion and sensitivity
For the assets containing goodwill, the recovera-
ble amount estimated far exceeded the carrying
value and thus there were no indication of impair-
ment neither for goodwill, customer relationships
and trademarks as of the balance sheet date. A
sensitivity analysis was not performed due to the
signi\ufb01cant di\ufb00erence between the recoverable
amount and the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "NOTE 14
Goodwill and intangible assets
Intangible assets
\n \n
Development
Trademark and
Amounts in NOK million
costs
customer relationships
Total
Goodwill
Cost at 1 January 2023
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount at 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount at 31 December 2023
229.7
73.5
303.2
111.1
Cost at 1 January 2024
515.3
88.5
603.9
111.1
Accumulated amortisation
(272.5)
(15.7)
(288.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.9)
0.7
(0.2)
0.0
Net book amount at 1 January 2024
229.7
73.5
303.2
111.1
Additions from acquisition of companies
0.0
81.7
81.7
381.3
Reclassi\ufb01cations
9.4
(9.4)
0.0
0.0
Additions
104.8
0.0
104.8
0.0
Amortisation charge
(56.6)
(13.0)
(69.6)
0.0
Impairment
(3.4)
0.0
(3.4)
0.0
Translation di\ufb00erences
(0.4)
2.7
2.3
5.0
Net book amount at 31 December 2024
283.4
135.4
418.9
497.4
Useful life
3-7 years
10 years
Intangible assets
Intangible assets primarily comprise capitalised
development costs related to plan or design for
the production of new or substantially improved
technology products.
In 2024, further development was made on own
technology and own products, mainly within the
market segments Oceans and Connectivity. In
Oceans, the majority of the capital spent relates
to the development of new applications and prod-
ucts within the sonar space.
In the Connectivity segment, the development
projects are primarily related to next generation
connectivity and software solutions for the ser-
vices delivered by iData Kft.
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.
Impairment considerations
At the end of each reporting period, the group
assess whether there are indications that any
intangible asset has been impaired. If such indi-
cations are present, an estimate of the recovera-
ble amount of the asset is calculated. Regardless
of whether there is an indication of impairment,
intangible assets with inde\ufb01nite useful lives or
intangible assets that are not yet available for use
at the balance sheet date, are tested every year.
To assess whether indications of impairment
exist, an analysis of future cash \ufb02ows from intan-
gible assets similar to the requirements under
IAS 36.39 is prepared. In this analysis estimated
cash \ufb02ow from each asset or group of assets in
a cash-generating unit is applied. The cash \ufb02ow
consists of revenues, raw material cost, payroll
cost, other operating costs, as well as invest-
ments needed to support the revenue assump-
tion. Both external documentation, budgets and
forecasts are used in preparing the analysis. It
is also considered to what extent previous esti-
mates of future cash \ufb02ows have been met. Prevail-
ing market conditions are also taken into account,
including its impact on estimates and forecasts.
NORBIT has grouped its individual intangible assets,
other than goodwill, into \ufb01ve cash-generating units:
^
NORBIT ITS:
Includes all technology developed
within dedicated short-range communications
for products such as On-Board Units, units
for satellite-based tolling and enforcement
modules for tachographs. The cash-generating
unit is part of segment Connectivity.
^
NORBIT iData:
Consists of the software
technology developed by iData under the
iTrack brand. The cash-generating unit is part
of segment Connectivity.
^
NORBIT Oceans \u2013 Products:
Comprises
technology developed for subsea sonars for
seabed mapping and hydrography, as well
as lighting products sold to the aquaculture
market. The cash-generating unit is part of
segment Oceans.
^
NORBIT Oceans \u2013 Solutions:
Comprises
the technology developed for security and
environmental monitoring applications in the
maritime environment. The cash-generating
unit is part of segment Oceans.
^
NORBIT ODM:
Consist of technology related
used in navigation system measuring
instruments. The cash-generating unit is part of
segment PIR.
Future cash \ufb02ows are calculated at the present
value using a discount rate speci\ufb01c to the rele-
vant cash-generating unit, ranging from 10.2 per
cent 10.5 per cent (2023: 9.7 per cent to 10.7 per
cent). These rates are calculated based on the
rates implicit in the current market transactions
for similar cash-generating units or based on the
weighted average cost of capital of several listed
companies that are relevant for a single asset (or
portfolio of assets), that in terms of potential per-
formance and risk corresponds to the relevant
asset being tested for impairment.
As a result of the divestment of lighting products
to the aquaculture market, NORBIT impaired NOK
3.4 million in intangible assets in 2024. There was
no other indication of impairment identi\ufb01ed in
2024 or in 2023 due to the signi\ufb01cant di\ufb00erence
between recoverable amount and carrying value.
It is referred to
note 4
for accounting policies rele-
vant to intangible assets.
Change in amortisation period
There were no changes in amortisation pro\ufb01les
during 2024.
Goodwill
In 2021, NORBIT made a recognition of NOK 82.1
million in goodwill in connection with the acquisi-
tions of Kilmore Marine Ltd and iData Kft. NOK 2.3
million in goodwill was recognised as part of the
acquisition of Aursund Maskinering AS in 2022,
NOK 26.7 million as a part of the acquisition of Ping
Digital Signal Processing Inc and NOK 381.3 million
was recognised in goodwill relating to the acquisi-
tion of Innomar Technologie GmbH. Acquired com-
panies are integrated into each reporting segment,
where Kilmore Marine Ltd, Aursund Maskinering
AS, Ping Digital Signal Processing Inc and Innomar
Technologie GmbH are included in segment
Oceans and iData Kft in segment Connectivity.
Impairment testing was carried out for all the
abovementioned entities.
The recoverable amounts are determined based
on the higher of the cash-generating units\u2019 fair
value less costs of disposal and value in use.
In accordance with IFRS 13, quoted prices in
active markets for similar assets have been
applied to measure fair value less cost of dis-
posal. Adjustments to the valuation multiples for a
group of comparable assets are made to re\ufb02ect a
di\ufb00erence in the cost of capital between compara-
ble assets and the cash-generating units, as well
as control premiums to re\ufb02ect transaction prices
in the quoted market.
For value in use, discounted cash \ufb02ow models are
applied, in which management has projected cash
\ufb02ows in the period from 2024 to 2028 based on
budget and forecasts. The key assumptions used
in the calculations are discussed below.
EBITDA and investments
EBITDA corresponds to operating pro\ufb01t before
depreciation, amortisation and impairment
expenses, as reported in the consolidated state-
ment of pro\ufb01t and loss. Assumptions with regards
to EBITDA projections are made in terms of rev-
enue growth for the products and services sold,
as well as the operating costs. Investments are
determined based on the expected revenue
growth rate applied in the forecast period as part
of the business plan. In judging these assump-
tions, historical data is considered, as well as the
expectations about the market development and
future conditions.
Terminal value
Terminal value beyond the forecast period is
determined applying the average of a terminal
value in perpetuity at a growth rate of 2.5 per cent
and the lower of an exit multiple in line with the
acquisition multiple and trading multiples for sim-
ilar assets.
Discount rate
The discount rate applied is the weighted average
cost of capital for the speci\ufb01c cash-generating
units and the industry and country the assets pri-
marily operate in. When estimating the discount
rate, a risk-free rate equal to the 10-year local gov-
ernment bond yield is applied, as well as risk pre-
mium. The discount rate is further adjusted for
country risk, liquidity risk as well as capital struc-
ture target. The pre-tax discount rate applied in
2024 for the impairment testing ranged from 6.8
per cent to 14.8 per cent (2023: 14.7 per cent).
Conclusion and sensitivity
For the assets containing goodwill, the recovera-
ble amount estimated far exceeded the carrying
value and thus there were no indication of impair-
ment neither for goodwill, customer relationships
and trademarks as of the balance sheet date. A
sensitivity analysis was not performed due to the
signi\ufb01cant di\ufb00erence between the recoverable
amount and the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "NOTE 14
Goodwill and intangible assets
Intangible assets
\n \n
Development
Trademark and
Amounts in NOK million
costs
customer relationships
Total
Goodwill
Cost at 1 January 2023
455.1
46.1
501.2
84.4
Accumulated amortisation
(222.6)
(6.5)
(229.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(1.0)
0.0
(1.0)
0.0
Net book amount at 1 January 2023
219.2
39.6
258.8
84.4
Additions from acquisition of companies
0.0
42.5
42.5
26.7
Additions
60.2
0.0
60.2
0.0
Amortisation charge
(49.9)
(9.2)
(59.0)
0.0
Translation di\ufb00erences
0.1
0.7
0.8
0.0
Net book amount at 31 December 2023
229.7
73.5
303.2
111.1
Cost at 1 January 2024
515.3
88.5
603.9
111.1
Accumulated amortisation
(272.5)
(15.7)
(288.2)
0.0
Accumulated impairment
(12.3)
0.0
(12.3)
0.0
Translation di\ufb00erences
(0.9)
0.7
(0.2)
0.0
Net book amount at 1 January 2024
229.7
73.5
303.2
111.1
Additions from acquisition of companies
0.0
81.7
81.7
381.3
Reclassi\ufb01cations
9.4
(9.4)
0.0
0.0
Additions
104.8
0.0
104.8
0.0
Amortisation charge
(56.6)
(13.0)
(69.6)
0.0
Impairment
(3.4)
0.0
(3.4)
0.0
Translation di\ufb00erences
(0.4)
2.7
2.3
5.0
Net book amount at 31 December 2024
283.4
135.4
418.9
497.4
Useful life
3-7 years
10 years
Intangible assets
Intangible assets primarily comprise capitalised
development costs related to plan or design for
the production of new or substantially improved
technology products.
In 2024, further development was made on own
technology and own products, mainly within the
market segments Oceans and Connectivity. In
Oceans, the majority of the capital spent relates
to the development of new applications and prod-
ucts within the sonar space.
In the Connectivity segment, the development
projects are primarily related to next generation
connectivity and software solutions for the ser-
vices delivered by iData Kft.
Amortisation methods and useful lives
Capitalised development is normally amortised
over three to seven years on a straight-line basis.
Economic bene\ufb01t is, however, considered for each
product and the amortisation period is equal to the
estimated useful life of the developed product.
Impairment considerations
At the end of each reporting period, the group
assess whether there are indications that any
intangible asset has been impaired. If such indi-
cations are present, an estimate of the recovera-
ble amount of the asset is calculated. Regardless
of whether there is an indication of impairment,
intangible assets with inde\ufb01nite useful lives or
intangible assets that are not yet available for use
at the balance sheet date, are tested every year.
To assess whether indications of impairment
exist, an analysis of future cash \ufb02ows from intan-
gible assets similar to the requirements under
IAS 36.39 is prepared. In this analysis estimated
cash \ufb02ow from each asset or group of assets in
a cash-generating unit is applied. The cash \ufb02ow
consists of revenues, raw material cost, payroll
cost, other operating costs, as well as invest-
ments needed to support the revenue assump-
tion. Both external documentation, budgets and
forecasts are used in preparing the analysis. It
is also considered to what extent previous esti-
mates of future cash \ufb02ows have been met. Prevail-
ing market conditions are also taken into account,
including its impact on estimates and forecasts.
NORBIT has grouped its individual intangible assets,
other than goodwill, into \ufb01ve cash-generating units:
^
NORBIT ITS:
Includes all technology developed
within dedicated short-range communications
for products such as On-Board Units, units
for satellite-based tolling and enforcement
modules for tachographs. The cash-generating
unit is part of segment Connectivity.
^
NORBIT iData:
Consists of the software
technology developed by iData under the
iTrack brand. The cash-generating unit is part
of segment Connectivity.
^
NORBIT Oceans \u2013 Products:
Comprises
technology developed for subsea sonars for
seabed mapping and hydrography, as well
as lighting products sold to the aquaculture
market. The cash-generating unit is part of
segment Oceans.
^
NORBIT Oceans \u2013 Solutions:
Comprises
the technology developed for security and
environmental monitoring applications in the
maritime environment. The cash-generating
unit is part of segment Oceans.
^
NORBIT ODM:
Consist of technology related
used in navigation system measuring
instruments. The cash-generating unit is part of
segment PIR.
Future cash \ufb02ows are calculated at the present
value using a discount rate speci\ufb01c to the rele-
vant cash-generating unit, ranging from 10.2 per
cent 10.5 per cent (2023: 9.7 per cent to 10.7 per
cent). These rates are calculated based on the
rates implicit in the current market transactions
for similar cash-generating units or based on the
weighted average cost of capital of several listed
companies that are relevant for a single asset (or
portfolio of assets), that in terms of potential per-
formance and risk corresponds to the relevant
asset being tested for impairment.
As a result of the divestment of lighting products
to the aquaculture market, NORBIT impaired NOK
3.4 million in intangible assets in 2024. There was
no other indication of impairment identi\ufb01ed in
2024 or in 2023 due to the signi\ufb01cant di\ufb00erence
between recoverable amount and carrying value.
It is referred to
note 4
for accounting policies rele-
vant to intangible assets.
Change in amortisation period
There were no changes in amortisation pro\ufb01les
during 2024.
Goodwill
In 2021, NORBIT made a recognition of NOK 82.1
million in goodwill in connection with the acquisi-
tions of Kilmore Marine Ltd and iData Kft. NOK 2.3
million in goodwill was recognised as part of the
acquisition of Aursund Maskinering AS in 2022,
NOK 26.7 million as a part of the acquisition of Ping
Digital Signal Processing Inc and NOK 381.3 million
was recognised in goodwill relating to the acquisi-
tion of Innomar Technologie GmbH. Acquired com-
panies are integrated into each reporting segment,
where Kilmore Marine Ltd, Aursund Maskinering
AS, Ping Digital Signal Processing Inc and Innomar
Technologie GmbH are included in segment
Oceans and iData Kft in segment Connectivity.
Impairment testing was carried out for all the
abovementioned entities.
The recoverable amounts are determined based
on the higher of the cash-generating units\u2019 fair
value less costs of disposal and value in use.
In accordance with IFRS 13, quoted prices in
active markets for similar assets have been
applied to measure fair value less cost of dis-
posal. Adjustments to the valuation multiples for a
group of comparable assets are made to re\ufb02ect a
di\ufb00erence in the cost of capital between compara-
ble assets and the cash-generating units, as well
as control premiums to re\ufb02ect transaction prices
in the quoted market.
For value in use, discounted cash \ufb02ow models are
applied, in which management has projected cash
\ufb02ows in the period from 2024 to 2028 based on
budget and forecasts. The key assumptions used
in the calculations are discussed below.
EBITDA and investments
EBITDA corresponds to operating pro\ufb01t before
depreciation, amortisation and impairment
expenses, as reported in the consolidated state-
ment of pro\ufb01t and loss. Assumptions with regards
to EBITDA projections are made in terms of rev-
enue growth for the products and services sold,
as well as the operating costs. Investments are
determined based on the expected revenue
growth rate applied in the forecast period as part
of the business plan. In judging these assump-
tions, historical data is considered, as well as the
expectations about the market development and
future conditions.
Terminal value
Terminal value beyond the forecast period is
determined applying the average of a terminal
value in perpetuity at a growth rate of 2.5 per cent
and the lower of an exit multiple in line with the
acquisition multiple and trading multiples for sim-
ilar assets.
Discount rate
The discount rate applied is the weighted average
cost of capital for the speci\ufb01c cash-generating
units and the industry and country the assets pri-
marily operate in. When estimating the discount
rate, a risk-free rate equal to the 10-year local gov-
ernment bond yield is applied, as well as risk pre-
mium. The discount rate is further adjusted for
country risk, liquidity risk as well as capital struc-
ture target. The pre-tax discount rate applied in
2024 for the impairment testing ranged from 6.8
per cent to 14.8 per cent (2023: 14.7 per cent).
Conclusion and sensitivity
For the assets containing goodwill, the recovera-
ble amount estimated far exceeded the carrying
value and thus there were no indication of impair-
ment neither for goodwill, customer relationships
and trademarks as of the balance sheet date. A
sensitivity analysis was not performed due to the
signi\ufb01cant di\ufb00erence between the recoverable
amount and the carrying value.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "NOTE 15
Inventories
\n \n
Amounts in NOK million
2024
2023
Current assets
Raw materials and stores
334.4
437.9
Work in progress
39.6
13.9
Finished goods - at cost
60.8
110.2
Book value
434.7
562.0
Inventory held at cost
451.4
573.8
Obsolescence raw materials
(14.6)
(11.8)
Obsolescence \ufb01nished goods
(2.1)
(0.0)
Book value
434.7
562.0
\n \n
Amounts in NOK million
2024
2023
Spesi\ufb01cation of raw materials and consumables used
Purchase of goods
563.4
735.6
Freight, customs etc.
7.3
14.9
Change of inventories
133.9
(135.7)
Total
704.6
614.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "NOTE 16
Financial assets and financial liabilities
Financial assets
\n \n
Amounts in NOK million
2024
2023
Financial assets at fair value
Cellula Robotics Ltd
11.0
0.0
Miscellaneous shares
1.1
5.9
Total shares in other companies (through OCI)
12.1
5.9
\n \n
Amounts in NOK million
2024
2023
Financial assets at amortised cost
Trade receivables
273.4
170.3
Cash and cash equivalents
193.3
60.7
Total
466.7
231.0
Financial liabilities
\n \n
Amounts in NOK million
2024
2023
Liabilities at amortised cost
Trade payables
145.9
174.5
Interest-bearing borrowings
447.2
211.5
Lease liabilities
95.3
54.7
Other payables
127.2
94.0
Total
815.7
534.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "NOTE 17
Trade receivables
\n \n
Amounts in NOK million
2024
2023
Current assets
Trade receivables
279.1
177.1
Loss allowance
(5.7)
(6.7)
Total
273.4
170.3
\n \n
Amounts in NOK million
2024
2023
Not due
158.7
100.4
1-30 days past due date
65.2
31.7
31-60 days past due date
14.1
4.4
60+ days past due date
41.1
40.5
Total
279.1
177.1
Total provisions as of year-end 2024 amounted to NOK 5.7 million, representing 2.0 per cent of the par value
of accounts receivable.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "NOTE 18
Cash and cash equivalents
Restricted cash and cash equivalents were NOK 11.2 million as per year-end 2024 (NOK 11.1 million in 2023)
for the group. Restricted bank deposits are tax deductions made on behalf of employees.
\n \n
Amounts in NOK million
2024
2023
Bank deposits payable on demand
182.1
49.6
Bank deposits restricted to tax payments
11.2
11.1
Total
193.3
60.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "Restricted cash and cash equivalents were NOK 11.2 million as per year-end 2024 (NOK 11.1 million in 2023) for the group. Restricted bank deposits are tax deductions made on behalf of employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "NOTE 19
Interest-bearing borrowings
\n \n
2024
Amounts in NOK million
Current
Non-current
Total
Overdraft facility
0.0
0.0
0.0
Term loan
0.0
448.2
448.2
Capitalised loan fees
0.0
(1.0)
(1.0)
Total interest-bearing borrowings
0.0
447.2
447.2
2023
\n \n
Amounts in NOK million
Current
Non-current
Total
Overdraft facility
20.0
0.0
20.0
Term loan
63.9
102.9
166.7
Other borrowings
5.0
19.7
24.7
Total interest-bearing borrowings
88.9
122.6
211.4
Secured interest-bearing borrowings
\n \n
Amounts in NOK million
2024
2023
Long term debt
447.2
122.6
Short term debt
0.0
88.9
Total secured borrowings
447.2
211.4
The Group had three main loan facilities per end
of Q4 2024, comprising of a long-term revolving
credit facility (RCF), a short-term overdraft facility
and one term loan. The credit limits are NOK 200
million and NOK 350 million on the RCF and over-
draft facility, respectively, and EUR 38 million on
the term loan.
Both the overdraft and RCF were undrawn as of 31
December 2024. EUR 38 million was outstanding
on the term loan.
The overdraft facility is priced at 1M NIBOR + 1.40
per cent margin p.a. The EUR 38 million term loan
is priced at 3M EURIBOR + 1.75 per cent margin
p.a. and the RCF is priced at 3M NIBOR + 1.60 per
cent margin p.a, both subject to NIBD/EBITDA
being below 2.5x.
The maturity date for the RCF is February 2025
and July 2027 for the EUR 38 million term loan.
There is no repayment of the term loan if NIBD/
EBITDA is below 1.5x. The overdraft facility is re\ufb01-
nanced each year on a rolling basis.
Refer to
note 21
for details on covenants and cal-
culations related to the credit facilities.
The carrying amounts of assets pledged as security for current and non-current borrowings are:
\n \n
Amounts in NOK million
2024
2023
Current
Receivables
162.1
111.5
Inventories
409.4
537.3
Total current assets pledged as security
571.5
648.8
Non-current
Property, plant and equipment
141.2
139.5
Total non-current assets pledged as security
141.2
139.5
Total assets pledged as security
712.6
788.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "NOTE 20
Other current liabilities
\n \n
Amounts in NOK million
2024
2023
Payroll tax and other statutory liabilities
38.7
29.1
Holiday pay accrual
27.5
18.9
Prepayments from customers
54.9
62.8
Warranty provisions
6.3
5.7
Other payables and accruals
99.7
75.3
Total
227.1
191.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "NOTE 21
Capital management
Capital allocation
NORBIT\u2019s capital allocation framework and strat-
egy are determined by the board of directors.
Based on the framework, NORBIT has made the
following capital priorities to ensure continued
pro\ufb01table growth, while at the same time main-
taining a robust \ufb01nancial position to mitigate
\ufb01nancial risks:
1.
Maintain a solid balance sheet
2.
Investments to support organic growth
3.
Strategic acquisitions to accelerate growth
4.
Shareholder distributions
The group\u2019s objectives when managing the solid-
ity of its balance sheet and liquidity position are
the following:
^
Safeguard its ability to continue as a going
concern, so that it can provide a competitive
risk-adjusted return for shareholders and
bene\ufb01ts for other stakeholders
^
Maintain \ufb01nancial robustness and an optimised
capital structure to reduce cost of capital
^
Provide for \ufb01nancial \ufb02exibility
^
Maintain a robust headroom to covenants in
loan agreements
To optimise the capital structure, the group may
adjust the dividends paid to shareholders, return
capital to shareholders, issue new shares, reduce
investments or sell assets to reduce debt.
Covenants
The group monitors its covenants based on the
following leverage ratios:
^
Carrying value of total equity as per cent of
carrying value of total assets
^
Net interest-bearing debt (NIBD) including
lease liabilities over EBITDA (\u201cNIBD ratio\u201d)
NORBIT has a policy of maintaining a NIBD ratio
in the range of 1.0 \u2013 2.5x to ensure a solid balance
sheet.
Loan covenants
\n \n
Amounts in NOK million
2024
2023
Equity ratios 31 December
Total equity
1 157.3
793.4
Total assets
2 185.2
1 496.4
Equity ratio
53%
53%
\n \n
Amounts in NOK million
2024
2023
NIBD ratios 31 December
Interest bearing borrowings
447.2
211.5
Lease liabilities
95.3
54.7
Cash and cash equivalents
(193.3)
(60.7)
NIBD
349.3
205.5
EBITDA
474.0
391.8
NIBD to EBITDA ratio
0.74
0.52
Under the terms of the major borrowing facilities,
the group is required to comply with the following
\ufb01nancial covenants:
^
Equity ratio:
Carrying value of total equity as
per cent of carrying value of total assets shall
exceed 30 per cent. To be reported by 30 June
and 31 December
^
NIBD ratio:
Total interest-bearing borrowings
and lease liabilities less cash and cash
equivalents over EBITDA (IFRS, as reported but
adjusted for transaction costs and including
last 12-month EBITDA contribution from
acquisitions) shall not exceed 4.0 times. To be
reported each quarter. EBITDA is calculated on
a 12-month rolling basis.
The group has complied with these covenants
throughout the reporting period and as per year-
end 2024 and 2023.
Dividend policy
NORBIT\u2019s dividend policy objective is to provide
shareholders with a long-term competitive return
through an increase in the share price and pay-
ment of dividends. The dividend policy is to pay
out annual ordinary dividends between 30 and
50 per cent of the company\u2019s net pro\ufb01t after tax,
with the intention to pay out potential excess cap-
ital as extraordinary dividends. When proposing
the total dividend payment, the board of directors
will take into account the company\u2019s \ufb01nancial posi-
tion, investment plans, any restrictions by law, as
well as the needed \ufb01nancial \ufb02exibility to provide for
sustainable growth. To that end, the company has
set long-term \ufb01nancial targets relating to its capi-
tal structure to have a NIBD/EBITDA ratio between
1.0 \u20132.5x.
The board of directors has proposed that NOK
3.00 per share is paid as dividend for the \ufb01nancial
year 2024, or NOK 190.9 million, representing 76
per cent of net pro\ufb01t after tax. This consists of an
ordinary dividend of NOK 2.00 per share and an
extraordinary dividend of NOK 1.00 per share.
In 2024, NORBIT paid NOK 2.55 per share in divi-
dends to the shareholders (NOK 152.9 million) for
the \ufb01nancial year 2023, representing 82 per cent of
net pro\ufb01t after tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "NOTE 22
Business combinations
Innomar
In July 2024, NORBIT acquired 100 per cent of
the shares in the technology company INNOMAR
Technologie GmbH (\"Innomar\"). Innomar is the
global market leader in the design, manufactur-
ing, and distribution of parametric sub-bottom
pro\ufb01lers. With nearly thirty years of experience
in acoustic systems, signal processing, maritime
electronics, and software, Innomar has developed
cutting-edge technology with high performance
and built deep domain expertise that is well rec-
ognised in the market. Innomar serves a diversi\ufb01ed
and global customer base, having sold systems
to more than 80 countries, demonstrating exten-
sive reach and responsiveness to market demand.
The total consideration was EUR 40.2 million (NOK
468.8 million) paid through a combination of EUR
35.4 million in cash (NOK 412.9 million) and EUR
4.8 million (NOK 55.9 million) in issuance of consid-
eration shares. The purchase price and fair value
of assets and liabilities acquired are presented in
the table below.
The company was consolidated
as of 1 July for accounting purposes, and the pre-
liminary acquisition analysis gave rise to goodwill
of EUR 32.7 million (NOK 381.3 million).
Purchase price:
\n \n
Amounts in million
EUR
NOK
Considerations shares
4.8
55.9
Cash consideration
35.4
412.9
Total
40.2
468.8
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
1)
Property, plant and equipment
1.0
12.0
Customer relations
4.5
53.1
Trademark
2.5
28.6
Inventories
0.6
6.7
Trade receivables
1.9
22.5
Other receivables
0.2
1.8
Cash and cash equivalents
0.9
10.3
Deferred tax liability
(2.2)
(26.2)
Trade payables
0.0
(0.4)
Tax payable
(1.6)
(18.9)
Other current liabilites
(0.1)
(1.7)
Total identi\ufb01able net assets
7.5
87.6
Goodwill
32.7
381.3
Cash and cash equivalents in acquired business
0.9
10.3
Total cash out\ufb02ow from acquisition of business
34.5
402.6
1) The purchase price allocation is preliminary and may be subject to adjustments.
Ping Digital Signal Processing Inc
In October 2023, NORBIT acquired 100 per cent
of the shares in Ping Digital Signal Processing Inc,
a Canadian maritime technology company. The
company\u2019s principal business activity is sales,
research and development of leading-edge sonar
technology for mapping, imaging and exploring
the underwater environment. The total consider-
ation was NOK 39.5 million paid through a com-
bination of NOK 29.1 million in cash and NOK 10.4
million in issuance of consideration shares. The
purchase price and fair value of assets and liabil-
ities acquired are presented in the table below.
The company was consolidated from the date of
acquisition and the preliminary acquisition analy-
sis gave rise to goodwill of NOK 26.6 million.
Purchase price:
\n \n
Amounts in NOK million
Considerations shares
10.4
Cash consideration
29.1
Total
39.5
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
Property, plant and equipment
0.1
Technology
4.6
Trademark
3.6
Inventories
3.5
Trade receivables
2.0
Other receivables
0.6
Cash and cash equivalents
2.8
Deferred tax liability
(2.2)
Trade payables
(0.4)
Other current liabilites
(1.7)
Total identi\ufb01able net assets
12.9
Goodwill
26.6
Cash and cash equivalents in acquired business
2.8
Total cash out\ufb02ow from acquisition of business
26.2
\n
\n
\n\n
\n
\n
Seahorse Geomatics Inc
In April 2023, NORBIT acquired the business
and certain assets from Seahorse Geomatics
Inc, Oceans\u2019 distributor and reseller in the North
American market for more than a decade. The
purchase price was USD 2.5 million, including
value of purchased inventory. This was \ufb01nanced
by the issuance of 265\u00a0670 consideration shares
at a price of NOK 39.22, or NOK 10.4 million, NOK
8.7 million in cash and a seller credit of NOK 7.1
million. Half of the sellers\u2019 credit was repaid in
second quarter 2024, while the remainder will be
repaid in the second quarter of 2025.
Purchase price:
\n \n
Amounts in NOK million
Considerations shares
10.4
Cash consideration
8.7
Sellers credit
7.1
Total
26.2
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
Property, plant and equipment
1.5
Technology
5.5
Customer relationships
12.4
Inventories
6.8
Total identi\ufb01able net assets
26.2
Cash and cash equivalents in acquired business
0.0
Total cash out\ufb02ow from acquisition of business
8.7
CPS AS
In January 2023, NORBIT ASA acquired 100 per
cent ownership in the technology company CPS
AS. CPS design, develop and industrialise cus-
tom IoT ready devices for various areas of appli-
cation across a number of industry segments. The
devices are designed, developed, and industri-
alised based on proprietary modules. CPS also
provides \ufb01rmware licenses and services to cus-
tomers. The total consideration was NOK 12.6
million paid through a combination of NOK 3.6
million in cash and NOK 9.0 million in issuance of
consideration share. The purchase price and fair
value of assets and liabilities acquired are pre-
sented in the table below. The company was con-
solidated from 1 January 2023 and the preliminary
analysis gave rise to NOK 14.7 million in fair value
adjustments relating to customer relationships
and technology.
Purchase price:
\n \n
Amounts in NOK million
Considerations shares
9.0
Cash consideration
3.6
Total
12.6
Recognised amount of identi\ufb01able assets and acquired liabilities assumed
Technology
4.8
Customer relationships
11.4
Inventories
0.0
Trade receivables
2.0
Cash and cash equivalents
1.3
Deferred tax liability
(3.2)
Interest-bearing borrowings
(1.5)
Trade payables
(1.1)
Other current liabilities
(1.2)
Total identi\ufb01able net assets
12.6
Cash and cash equivalents in acquired business
1.3
Total cash out\ufb02ow from acquisition of business
2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "NOTE 23
Equity-accounted investees
Equity-accounted investees include associated
companies of NORBIT and are de\ufb01ned as related
parties. See
note 25
for overview of transactions
and balances with associated companies.
Interests in associates
Set out below are the associates of the group as
per 31 December 2024. The entities listed below
have share capital consisting solely of ordinary
shares, which are held directly by the parent com-
pany. The proportion of ownership interest is the
same as the proportion of voting rights held.
\n \n
Ownership
Carrying amount
Amounts in NOK million
2024
2023
2024
2023
Associated company
Head o\ufb03ce
Kvikna Consulting Ehf.
Reykavik
33%
33%
0.5
0.7
Total
0.5
0.7
Kvikna Consulting Ehf
Based in Reykjavik, Iceland, Kvikna Consulting Ehf.
is a software company providing services to all of
NORBIT\u2019s operating segments. NORBIT ASA owns
33.33 per cent of the shares in the company.
Share of pro\ufb01ts from associates
\n \n
Amounts in NOK million
2024
2023
Kvikna Consulting Ehf.
(0.2)
0.0
Share of pro\ufb01t from associates
(0.2)
0.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "NOTE 23
Equity-accounted investees
Equity-accounted investees include associated
companies of NORBIT and are de\ufb01ned as related
parties. See
note 25
for overview of transactions
and balances with associated companies.
Interests in associates
Set out below are the associates of the group as
per 31 December 2024. The entities listed below
have share capital consisting solely of ordinary
shares, which are held directly by the parent com-
pany. The proportion of ownership interest is the
same as the proportion of voting rights held.
\n \n
Ownership
Carrying amount
Amounts in NOK million
2024
2023
2024
2023
Associated company
Head o\ufb03ce
Kvikna Consulting Ehf.
Reykavik
33%
33%
0.5
0.7
Total
0.5
0.7
Kvikna Consulting Ehf
Based in Reykjavik, Iceland, Kvikna Consulting Ehf.
is a software company providing services to all of
NORBIT\u2019s operating segments. NORBIT ASA owns
33.33 per cent of the shares in the company.
Share of pro\ufb01ts from associates
\n \n
Amounts in NOK million
2024
2023
Kvikna Consulting Ehf.
(0.2)
0.0
Share of pro\ufb01t from associates
(0.2)
0.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "NOTE 24
Share capital and shareholder information
Share capital and share premium
The share capital in NORBIT ASA as per 31 Decem-
ber 2024 consists of one share class with a total of
63 750 027 shares with a face value of NOK 0.10
with a total share capital of NOK 6 375 002.70.
\n \n
Number of shares
2024
2023
Ordinary shares
Fully paid
63 750 027
60 017 415
Total number of shares
63 750 027
60 017 415
Movements in ordinary shares
In 2024 and based on the authorisations granted
at the Annual General Meeting in May 2024, the
board of directors resolved to increase the com-
pany\u2019s share capital in connection with the follow-
ing events, each with a par value of NOK 0.10:
^
The exercise of restricted stock units by
executive management through the issuance of
182\u00a0673 new shares.
^
Issuance of 726\u00a0272 considerations shares
to founding management of Innomar in
connection with the closing of the acquisition.
^
Issuance of 2\u00a0597\u00a0403 new shares through an
equity private placement to strengthen \ufb01nancial
\ufb02exibility for future growth subsequent to the
Innomar acquisition.
^
The incentive share purchase programmes to
employees, through the issuance of 226\u00a0264
new shares.
\n \n
Number of
Par
Share
Amounts in NOK million
shares
value
premium
Total
Balance 1 January 2023
58 901 139
5.9
319.9
325.8
Ordinary issue
1 116 276
0.1
47.8
47.9
Balance 31 December 2023
60 017 415
6.0
367.7
373.8
Ordinary issue
3 732 612
0.4
277.8
278.1
Balance 31 December 2024
63 750 027
6.4
645.5
651.9
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Treasury shares
At the Annual General Meeting in 2024, the board
of directors was granted the authorisation to
acquire treasury shares by up to 10 per cent of the
share capital on behalf of the company.
\n \n
Number of shares
2024
2023
Treasury shares
Balance at 1 January
43 560
16 832
Own shares purchased
77 202
26 728
Balance at 31 December
120 762
43 560
Retained earnings
Movements in retained earnings were as follows:
\n \n
Amounts in NOK million
2024
2023
Balance at 1 January
419.7
273.5
Net pro\ufb01t for the period
243.3
185.3
Other comprehensive income
0.4
4.0
Treasury shares
(5.0)
(1.4)
Dividends
(152.9)
(41.6)
Balance at 31 December
505.5
419.7
The shareholders in NORBIT ASA were as follows at 31 December 2024:
\n \n
Shareholder
Shares
Pecentage
Petors AS
1)
7 091 320
11.1%
VHF Invest AS
6 164 495
9.7%
Reitan KapitaL AS
6 086 781
9.5%
Draupnir Invest AS
3 602 949
5.7%
J.P. Morgan SE
3 152 089
4.9%
The Bank of New York Mellon SA/NV
3 104 766
4.9%
AWC AS
2 397 472
3.8%
Eidco AS
2 330 628
3.7%
Esmar AS
2 162 286
3.4%
Verdipapirfondet DNB SMB
1 112 906
1.7%
Danske Bank A/S
2)
858 095
1.3%
Sonstad AS
840 000
1.3%
Deutsche Bank Aktiengesellschaft
726 272
1.1%
J.P. Morgan SE
695 392
1.1%
Usegi AS (100% owned by CTO Arild S\u00f8raunet)
3)
671 989
1.1%
J.P. Morgan SE
650 000
1.0%
UBS Switzerland AG
589 620
0.9%
Danske Invest Norge Vekst
534 371
0.8%
State Street Bank and Trust Comp
500 000
0.8%
Saxo Bank A/S
475 819
0.7%
Total 20 largest
43 747 250
68.6%
Other
20 002 777
31.4%
Total outstanding shares
63 750 027
100.0%
1) 100 per cent owned by CEO Per J\u00f8rgen Weisethaunet.
2) Of which 847\u00a0144 shares controlled by BUD Peter K. Eriksen.
3) 100 per cent owned by CTO Arild S\u00f8raunet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "NOTE 24
Share capital and shareholder information
Share capital and share premium
The share capital in NORBIT ASA as per 31 Decem-
ber 2024 consists of one share class with a total of
63 750 027 shares with a face value of NOK 0.10
with a total share capital of NOK 6 375 002.70.
\n \n
Number of shares
2024
2023
Ordinary shares
Fully paid
63 750 027
60 017 415
Total number of shares
63 750 027
60 017 415
Movements in ordinary shares
In 2024 and based on the authorisations granted
at the Annual General Meeting in May 2024, the
board of directors resolved to increase the com-
pany\u2019s share capital in connection with the follow-
ing events, each with a par value of NOK 0.10:
^
The exercise of restricted stock units by
executive management through the issuance of
182\u00a0673 new shares.
^
Issuance of 726\u00a0272 considerations shares
to founding management of Innomar in
connection with the closing of the acquisition.
^
Issuance of 2\u00a0597\u00a0403 new shares through an
equity private placement to strengthen \ufb01nancial
\ufb02exibility for future growth subsequent to the
Innomar acquisition.
^
The incentive share purchase programmes to
employees, through the issuance of 226\u00a0264
new shares.
\n \n
Number of
Par
Share
Amounts in NOK million
shares
value
premium
Total
Balance 1 January 2023
58 901 139
5.9
319.9
325.8
Ordinary issue
1 116 276
0.1
47.8
47.9
Balance 31 December 2023
60 017 415
6.0
367.7
373.8
Ordinary issue
3 732 612
0.4
277.8
278.1
Balance 31 December 2024
63 750 027
6.4
645.5
651.9
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Treasury shares
At the Annual General Meeting in 2024, the board
of directors was granted the authorisation to
acquire treasury shares by up to 10 per cent of the
share capital on behalf of the company.
\n \n
Number of shares
2024
2023
Treasury shares
Balance at 1 January
43 560
16 832
Own shares purchased
77 202
26 728
Balance at 31 December
120 762
43 560
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Treasury shares
At the Annual General Meeting in 2024, the board
of directors was granted the authorisation to
acquire treasury shares by up to 10 per cent of the
share capital on behalf of the company.
\n \n
Number of shares
2024
2023
Treasury shares
Balance at 1 January
43 560
16 832
Own shares purchased
77 202
26 728
Balance at 31 December
120 762
43 560
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "NOTE 25
Related parties
Related party relationships are those involving con-
trol (either direct or indirect), joint control or signi\ufb01-
cant in\ufb02uence. Related parties are able to enter into
transactions with the company that would not be
undertaken between unrelated parties. All trans-
actions with related parties in NORBIT have been
based on arm\u2019s length basis.
Transactions with management and board directors
During 2024, the group purchased legal ser-
vices of NOK 1.7 million from Pr\u00e9tor Advokat AS,
in which Director Tom Solberg is one of the part-
ners.
Nesta Eiendom AS, a company owned 50 per
cent by Petors Estate AS, has entered into an
agreement with Norbit EMS AS, whereby NORBIT
EMS AS leases storage facilities from Nesta Eien-
dom AS. The consideration paid was NOK 0.1 mil-
lion in 2023. Petors Estate AS is owned 100 per
cent by Petors AS, which again is 100 per cent
owned by CEO Per J\u00f8rgen Weisethaunet.
There were no other related party transactions
between the company and the parties in the man-
agement or the board in 2024 or 2023.
Transactions with associates
Below summarises the transactions and balance
sheet items with associates.
\n \n
Amounts in NOK million
2024
2023
Trade receivables
0.0
0.0
Trade payables
0.2
0.3
Revenues
0.0
0.0
Operating expenses
4.7
4.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "NOTE 26
Share-based arrangements
Share incentive programmes to employees
At the general meeting held 6 May 2024, the
board of directors was granted an authorisation to
increase NORBIT ASA\u2019s share capital by up to 2.0
per cent of the share capital to be used to issue
share to the group\u2019s employees in connection with
incentive programs. The authorisation is valid until
the annual general meeting to be held 6 May 2025.
In October 2024, the board of directors approved
and implemented an incentive share purchase pro-
grams for all eligible employees in NORBIT for the
\ufb01scal year 2024, which also included the executive
management team, but not the board of directors.
The program was a share matching program, where
eligible participants were o\ufb00ered the opportunity to
acquire shares at market value, and in turn, obtain a
right to receive compensation in new shares equiv-
alent to their invested amount after 24 months if
certain conditions are met. Shares are subject to a
lock-up. The o\ufb00er price was set to NOK 88.71, corre-
sponding to the \ufb01ve-day average volume weighted
price of NORBIT ASA\u2019s share prior to 19 August.
Financing was provided for the participants for up
to NOK 35 000 per employee.
In connection with the program, the board of direc-
tors resolved to issue 135 430 new shares.
In addition, the board of directors awarded in
August 2024 shares to eligible employees who par-
ticipated in the share matching program in 2022.
A total of 90\u00a0834 shares were issued at par value as
a result of the award.
Share-based remuneration to corporate management
In accordance with the authorisation granted at
the company\u2019s annual general meeting, the board
of directors has implemented a share-based
incentive program for corporate management
consisting of the award and issuance of restricted
stock units (\u2018RSU\u2019). One RSU granted gives a con-
tingent entitlement to one NORBIT ASA share
free of charge. The number of RSUs awarded are
based on a set of predetermined and measurable
performance criteria in the accruing year and the
group\u2019s achievements of certain quantitative and
qualitative goals. Each RSU granted is restricted
and follows a vesting schedule. The RSUs granted
will vest over a period of three years following
the accrual year, where 1/3 of the RSUs will vest
immediately after the \ufb01rst general meeting fol-
lowing the accruing year, 1/3 is released the year
after, and the \ufb01nal 1/3 released 12 months after
that. The fair value of the RSU entitlements is
established when they are awarded and charged
to pro\ufb01t and loss over the vesting period.
At 31 December 2024, there were 219 626
restricted stock units ('RSUs') outstanding. The
RSUs will vest in the second quarter of 2025 and
2026. In 2024, NOK 19.5 million was charged to
the pro\ufb01t and loss through a combination of paid
and accrued compensation.
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
\n\n
\n
\n
Movements of of the number of RSUs outstanding
\n \n
Number of RSUs
2024
2023
Outstanding at 1 January
131 197
106 840
Granted during the year
271 102
116 664
Released during the year
(182 673)
(92 307)
Total
219 626
131 197
Outstanding RSUs in the executive management team
\n \n
Outstanding
Outstanding
Number of RSUs
at 1 January
Granted
Released
at 31 December
Per J\u00f8rgen Weisethaunet (group CEO)
32 380
58 830
(42 478)
48 732
Per Kristian Reppe (group CFO)
22 945
45 014
(31 003)
36 956
Arild S\u00f8raunet (group CTO)
18 698
32 149
(23 900)
26 947
Peter K. Eriksen (business unit director Oceans)
35 435
69 090
(47 804)
56 721
Julie Dahl Benum (director of strategy and ESG)
0
27 632
(9 210)
18 422
Astrid Stevik (group COO)
0
0
0
0
Asbj\u00f8rn Dahl (commercial director for PIR and Connectivity)
0
0
0
0
Stein M. Beyer (former business unit director PIR and group COO)
21 739
38 387
(28 278)
31 848
Total
131 197
271 102
(182 673)
219 626
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "NOTE 27
Remuneration to the board of directors and executive management
Remuneration to the board of directors
Compensation to the members of the board of
directors is set out below, referring to the actual
expenses paid in the year.
The board\u2019s remuneration is determined by the
general meeting after receiving proposal from
the nomination committee. The remuneration
comprises of a \ufb01xed payment for board member-
ship and work in sub-committees. In addition,
the board members are compensated for travel
expenses. NORBIT is responsible for payment of
social security taxes, as well as costs for directors\u2019
and o\ufb03cer\u2019s liability insurance.
The remuneration to the board members is not
performance-related nor include share option ele-
ments. The board does not participate in incen-
tive programs available to employees in the group
or any other share-based incentive schemes.
For further information, refer to NORBIT\u2019s remu-
neration report to be published to the general
meeting 6 May 2025.
Board of directors compensation 2024
\n \n
Amounts in NOK thousand
2024
2023
Finn Haugan
- chair
593
545
Bente Avnung Landsnes - deputy chair
468
395
Trond Tuvstein - director
325
250
Magnus Reitan - director
243
195
Christina Hallin - director
225
175
Tom Solberg - deputy director
108
92
\n
\n
\n\n
\n
\n
Remuneration to the members of the executive
\n
management team
\n
Compensation to the executive management team
\n
consists of a \ufb01xed salary, variable pay, pension ben-
\n
e\ufb01ts and non-\ufb01nancial bene\ufb01ts. In accordance with
\n
the guidelines, a ceiling has been set for variable
\n
pay and performance bonus remuneration.
\n
No member of the executive management team
\n
receive remuneration for directorships in the group
\n
entities. The executive management team has no
\n
special pension and insurance plans. There are no
\n
performance-based pension plans. No loans, pre-
\n
payments or other forms of credit issued to any
\n
members of the executive personnel other than
\n
\ufb01nancing available through the incentive programs
\n
open for all eligible employees in the group.
\n
Compensation to the executive management
\n
team for 2024 and 2023 is set out below. For fur-
\n
ther information, refer to NORBIT\u2019s Remuneration
\n
Report to be published to the general meeting 6
\n
May 2025, in accordance with the Norwegian Pub-
\n
lic Limited Liability Companies Act Section 6-16b
\n
and related regulations. The report will also include
\n
information related to derogation and deviation to
\n
the guidelines as approved by the general meeting
\n
6 May 2024, if any.
\n\n \n
Fixed salary paid
Variable pay
Pension
Other
Performance-
Amounts in NOK million
Year
Salary
1)
bene\ufb01ts
bene\ufb01ts
based bonus
2)
Other bonus
3)
Total
Per J\u00f8rgen Weisethaunet
2024
3.6
0.1
0.0
4.0
0.0
7.8
Group CEO
2023
3.3
0.1
0.0
1.6
0.0
5.0
Per Kristian Reppe
2024
2.7
0.1
0.0
3.0
0.5
6.3
Group CFO
2023
2.5
0.1
0.0
1.1
0.5
4.2
Arild S\u00f8raunet
2024
1.8
0.1
0.0
2.2
0.0
4.2
Group CTO
2023
1.8
0.1
0.0
0.9
0.0
2.9
Peter Koldgaard Eriksen
2024
4.2
0.1
0.0
4.7
0.5
9.5
Business unit director Oceans
4)
2023
3.9
0.1
0.0
1.4
0.6
6.0
Julie Dahl Benum
2024
1.8
0.1
0.0
1.2
0.0
3.2
Director of strategy and ESG
2023
1.4
0.1
0.0
0.0
0.0
1.5
Astrid Stevik
2024
0.3
0.0
0.0
0.0
0.0
0.3
Group COO
6)
2023
0.0
0.0
0.0
0.0
0.0
0.0
Asbj\u00f8rn Dahl
2024
0.3
0.0
0.0
0.0
0.0
0.3
Commercial director for PIR and Connectivity)
7)
2023
0.0
0.0
0.0
0.0
0.0
0.0
Stein Martin Beyer
2024
0.5
0.0
0.0
2.9
0.0
3.5
Former business unit director PIR and group COO
5)
2023
2.1
0.1
0.1
1.1
0.0
3.4
Peter Tschulik
2024
0.0
0.0
0.0
0.0
0.0
0.0
Former business unit director Connectivity
8)
2023
0.0
0.0
1.9
0.0
0.0
1.9
\n
1) Salaries as expensed, excluding social security taxes.
\n
2) Variable performance-based cash and equity bonus during the year under the incentive program, excluding social security expenses and as expensed.
\n
3) Other cash bonus in the year outside the incentive program, excluding social security expenses
\n
4) Remuneration in USD, translated to NOK.
\n
5) Renumeration from 1.1-19.3
\n
6) Renumeration from 1.11-31.12
\n
7) Renumeration from 18.9-31.12
\n
8) Severance payment from 1.1.-30.11
Directors\u2019 and executive management\u2019s shareholding
The following number of shares is owned by the
directors and the members of the executive man-
agement (and their related parties) as of 31 Decem-
ber 2024. In connection with incentive programs
for all employees in NORBIT, certain members of
the corporate management team participated in the
programs, whereas the shares acquired are subject
to a lock-up of 24-months.
\n \n
Shares
Shares not
Total
subject to
subject to
shares at
Name
lock-up
lock-up
year-end
Percentage
Board of directors
Finn Haugan (direct and through MIFI AS)
-
93 998
93 998
0.15%
Bente Avnung Landsnes
-
74 073
74 073
0.12%
Trond Tuvstein
(through TTU Invest AS)
-
32 894
32 894
0.05%
H\u00e5kon Kavli
-
-
-
0.00%
Christina Hallin
-
-
-
0.00%
Tom Solberg (through Mariteam AS) - deputy director
-
46 052
46 052
0.07%
Total shares held by board of directors
-
247 017
247 017
0.39%
Executive management
Per J\u00f8rgen Weisethaunet (direct and through Petors AS)
- 7 100 533
7 100 533
11.14%
Per Kristian Reppe
-
85 430
85 430
0.13%
Peter K. Eriksen (through Danske Bank A/S)
3 258
843 886
847 144
1.33%
Astrid Stevik
2 108
-
2 108
0.00%
Arild S\u00f8raunet (direct and through Usegi AS)
442
700 956
701 398
1.10%
Asbj\u00f8rn Dahl
1 150
12 212
13 362
0.02%
Julie Dahl Benum
1 150
4 605
5 755
0.01%
Total shares held by executive management
8 108
8 747 622
8 755 730
13.73%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "NOTE 28
Contingencies and claims
The group was not involved in any material contin-
gencies or legal claims as of 31 December 2024 or
31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "The group was not involved in any material contin-
gencies or legal claims as of 31 December 2024 or
31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "NOTE 29
Government grants
The group received government grants of a total of
NOK 11.9 million in 2024 (NOK 8.3 million in 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "NOTE 30
Events after the balance sheet date
On 14 March, NORBIT announced that segment PIR
was awarded orders worth NOK 260 million from
an undisclosed contract manufacturing client in
the defence and security sector. Deliveries under
the contracts will commence immediately, with the
majority scheduled for second quarter of 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "STATEMENT OF INCOME \u2013 NORBIT ASA \n \n
Amounts in NOK million
Note
2024
2023
Revenue
3
31.8
29.2
Employee bene\ufb01t expenses
4
63.5
57.2
Depreciation and amortisation expenses
5
1.4
1.3
Other operating expenses
6
33.0
24.2
Operating pro\ufb01t
(66.1)
(53.5)
Financial income
7
348.6
332.0
Financial expenses
7
26.9
21.8
Net \ufb01nancial items
321.7
310.2
Pro\ufb01t before tax
255.6
256.7
Income tax expense
8
(57.2)
(54.9)
Pro\ufb01t for the period
198.4
201.8
Allocated to:
Dividends
9
190.9
152.9
Transferred to/from other equity
9
7.5
48.9
Total allocation
198.4
201.8
\n
\n
\n\n
\n
\n
STATEMENT OF FINANCIAL POSITION \u2013 NORBIT ASA
\n\n \n
Amounts in NOK million
Note
31.12.2024
31.12.2023
ASSETS
O\ufb03ce equipment
5
3.4
3.3
Intangible assets
5
1.5
1.2
Deferred tax asset
8
0.3
0.2
Investments in associated companies
10
0.0
0.0
Investments in subsidiaries
10
327.9
327.5
Loan to group companies
10
266.2
194.0
Investment in shares
12.0
5.8
Total non-current assets
611.2
532.1
Trade receivables
0.0
0.1
Receivables on group companies
10
553.9
476.9
Other receivables
19.2
3.4
Cash and cash equivalents
11
1.8
1.4
Total current assets
574.9
481.7
Total assets
1 186.1
1 013.8
\n\n \n
Amounts in NOK million
Note
31.12.2024
31.12.2023
LIABILITIES
Trade payables
2.1
3.3
Interest-bearing borrowings
12
0.0
20.0
Tax payable
8
56.0
56.4
Other current liabilities
223.4
190.0
Total current liabilities
281.5
269.7
Other borrowings
0.0
0.0
Interest-bearing borrowings
12
0.0
120.0
Total non-current liabilities
0.0
120.0
Total liabilities
281.5
389.7
EQUITY
Share capital
9
6.4
6.0
Share premium
9
629.1
367.7
Other paid in eqity
9
16.4
0.0
Other equity
9
252.8
250.4
Total equity
904.7
624.1
Total equity and liabilities
1 186.1
1 013.8
\n
Trondheim, Norway, 10 April 2025
\n
The board of directors and CEO
\n
NORBIT ASA
\n
Finn Haugan
Bente Avnung Landsnes
Christina Hallin
\n
Chair of the board
Deputy chair of the board
Director
\n
Trond Tuvstein
H\u00e5kon Kavli
Per J\u00f8rgen Weisethaunet
\n
Director
Director
Chief executive o\ufb03cer
STATEMENT OF CASH FLOWS \u2013 NORBIT ASA
Amounts in NOK million
Note
2024
2023
Cash \ufb02ow from operations
Pro\ufb01t before income taxes
255.6
256.7
Taxes paid in the period
(57.6)
(10.4)
Depreciation and amortisation expenses
5
1.4
1.3
Changes in other operating assets and liabilities
(21.5)
(4.4)
Net cash generated by operating activities
177.8
243.1
Cash \ufb02ow from investments
Payments for o\ufb03ce equipment and intangible assets
5
(1.9)
(2.6)
Purchase of shares and investments in other group companies
(6.4)
(29.3)
Payment of group receivables (long term)
(72.1)
(35.2)
Net cash (used in)/generated by investing activities
(80.5)
(67.1)
Cash \ufb02ow from \ufb01nancing
Payment for share buy-back costs
(5.0)
(1.4)
Proceeds from issue of equity instruments of the company
9
278.1
8.1
Net change in overdraft facility
12
(20.0)
(120.6)
Repayment of borrowings
(120.0)
(90.0)
Proceeds from borrowings
12
0.0
120.0
Payment to group companies
10
(77.0)
(50.1)
Dividends paid
9
(152.9)
(41.6)
Net cash (used in)/generated by \ufb01nancing activities
(96.9)
(175.7)
Net change in cash and cash equivalents
0.4
0.3
Net increase in cash and cash equivalents
0.4
0.3
Cash and cash equivalents at the beginning of the period
1.4
1.1
Cash and cash equivalents at the end of the period
11
1.8
1.4 ", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "Stiklestadveien 1 NO-7041 Trondheim Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:254900C08RCMXVZYFY97", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }