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"fact9929": {
"value": "This section provides \u00a0
the overall reporting \u00a0
framework applied in \u00a0
our consolidated finan- \u00a0
cial statements. Spe- \u00a0
cific accounting policies \u00a0
applied are described in \u00a0
the relevant notes, while \u00a0
new and upcoming leg- \u00a0
islastion is presented in \u00a0
note 1.2 Implementation \u00a0
of new and amended \u00a0
accounting standards \u00a0
and interpretations, and \u00a0
significant estimates \u00a0
and judgements exer- \u00a0
cised by management \u00a0
as part of the prepa- \u00a0
ration of this Annual \u00a0
Report, is described in \u00a0
note 1.3 Significant esti- \u00a0
mates and judgements. \u00a0
1.1 Material
Accounting Policy Information \u00a0
Introduction \u00a0
The 2024 Annual Report for NKT \u00a0
Group, comprising both the consol- \u00a0
idated financial statements for NKT \u00a0
A/S and its subsidiaries (NKT Group), \u00a0
as well as the separate financial \u00a0
statements for the parent company, \u00a0
has been prepared in accordance \u00a0
with IFRS Accounting Standards, as \u00a0
adopted by the EU and additional \u00a0
Danish disclosure requirements for \u00a0
annual reports for listed companies. \u00a0
The Annual Report has been \u00a0
approved by the Board of Directors \u00a0
and Executive Management on 21 \u00a0
February 2025, and will be presented \u00a0
for approval by the shareholders at the \u00a0
Annual General Meeting on 19 March \u00a0
2025. \u00a0
Basis for preparation \u00a0
The Annual Report is presented in \u00a0
EUR rounded to the nearest EUR \u00a0
1,000,000. The Annual Report is pre- \u00a0
pared according to the historical cost \u00a0
principle with the exception that deri- \u00a0
vatives and financial instruments, clas- \u00a0
sified as fair value through profit loss \u00a0
(FVTPL), are measured at fair value. \u00a0
The accounting policies described \u00a0
below and in the individual sections \u00a0
have been applied consistently during \u00a0
the financial year and for the com- \u00a0
parative figures. For standards imple- \u00a0
mented prospectively, the compara- \u00a0
tive figures have not been restated. \u00a0
Principles of consolidation \u00a0
The consolidated financial statements \u00a0
comprise the financial statements of \u00a0
the parent company (NKT A/S) and \u00a0
the individual subsidiaries\u2019 financial \u00a0
statements prepared according to \u00a0
NKT Group\u2019s accounting policies. \u00a0
Subsidiaries are fully consolidated \u00a0
from the date of acquisition, being the \u00a0
date on which NKT obtains control, \u00a0
until the date that such control ceases. \u00a0
All intercompany balances, income \u00a0
and expenses, unrealised gains and \u00a0
losses and dividends resulting from \u00a0
intercompany transactions are elimi- \u00a0
nated in full. \u00a0
Foreign currency translation \u00a0
Transactions in foreign currencies are \u00a0
initially recognised in the Group entities \u00a0
at their respective functional currency \u00a0
rates prevailing at the date of the trans- \u00a0
action. Monetary assets and liabilities \u00a0
denominated in foreign currencies are \u00a0
translated at the functional currency \u00a0
spot rate at the reporting date. All \u00a0
adjustments are recognised in the \u00a0
income statement. \u00a0
Non-monetary items that are meas- \u00a0
ured at historical cost in a foreign \u00a0
currency are translated using the \u00a0
exchange rates at the dates of the \u00a0
initial transactions. Non-monetary \u00a0
items measured at fair value in a for- \u00a0
eign currency are translated using the \u00a0
exchange rates at the date when the \u00a0
fair value is determined. \u00a0
The assets and liabilities of foreign \u00a0
subsidiaries are translated into EUR \u00a0
at the rate of exchange prevailing at \u00a0
the reporting date, and their income \u00a0
statements are translated at average \u00a0
exchange rates. Exchange rate adjust- \u00a0
ments arising on translation are recog- \u00a0
nised in other comprehensive income. \u00a0
On disposal of a foreign operation, the \u00a0
component of other comprehensive \u00a0
income relating to that operation is \u00a0
recognised in the income statement. \u00a0
Alternative performance \u00a0
measures (APMs) \u00a0
The consolidated financial statements \u00a0
include financial performance meas- \u00a0
ures that are not defined according to \u00a0
IFRS Accounting Standards. \u00a0
These measures are considered to \u00a0
provide valuable information to stake- \u00a0
holders and Management. Since other \u00a0
companies might calculate these \u00a0
differently from NKT Group, they may \u00a0
not be comparable to the measures \u00a0
applied by NKT Group. These financial \u00a0
measures should therefore not be \u00a0
considered a replacement for perfor- \u00a0
mance measures as defined under \u00a0
IFRS Accounting Standards, but \u00a0
rather as supplementary information. \u00a0
Alternative performance measures \u00a0
are defined in note 7.5 Definitions in \u00a0
more detail and some are reconciled \u00a0
to IFRS measures in note 2.1 Segment \u00a0
information and revenue. \u00a0
Reporting under the \u00a0
ESEF regulation \u00a0
The Commission Delegated Regula- \u00a0
tion (EU) 2019/815 on the European \u00a0
Single Electronic Format (ESEF Re- \u00a0
gulation) has introduced a single elec- \u00a0
tronic reporting format for the annual \u00a0
financial statements of issuers with \u00a0
securities listed on the EU regulated \u00a0
markets. \u00a0
The applied tagging by the Group has \u00a0
been prepared in accordance with the \u00a0
ESEF taxonomy included in the ESEF \u00a0
regulation and developed based on \u00a0
the IFRS taxonomy published by the \u00a0
IFRS Foundation. The Annual Report \u00a0
submitted to the Danish Financial \u00a0
Supervisory Authority consists of the \u00a0
XHTML document together with the \u00a0
technical files included in the ZIP file \u00a0
nkt-2024-12-31-en.zip. \u00a0
Accounting policy \u00a0
Apart from the more general Account- \u00a0
ing policy items presented to the \u00a0
left, specific accounting policies are \u00a0
included in the notes to which they \u00a0
relate in order to facilitate a better \u00a0
understanding of the contents and the \u00a0
accounting treatment applied. \u00a0
1.2 Implementation
of new and amended accounting standards and interpretations \u00a0
New standards, interpretations \u00a0
and amendments adopted \u00a0
by NKT Group \u00a0
As of 1 January 2024, NKT Group \u00a0
adopted all relevant new or revised \u00a0
IFRS\u00ae Accounting Standards and \u00a0
IFRIC\u00ae Interpretations with effective \u00a0
date 1 January 2024 or earlier. \u00a0
The new or revised standards and \u00a0
interpretations did not affect recogni- \u00a0
tion and measurement materially nor \u00a0
did they result in any material changes \u00a0
to disclosures in the notes. \u00a0
Apart from this, the annual report is \u00a0
presented in accordance with the \u00a0
accounting policies applied in previ- \u00a0
ous years\u2019 annual reports. \u00a0
New standards, interpretations \u00a0
and amendments not yet \u00a0
adopted by NKT Group \u00a0
IASB has issued a number of new \u00a0
or amended accounting standards \u00a0
and interpretations, some of which \u00a0
are not yet endorsed by the EU, and \u00a0
which are not mandatory for reporting \u00a0
periods ending at 31 December 2024. \u00a0
The NKT Group expects to implement \u00a0
these new and amended standards \u00a0
when they become mandatory. \u00a0
Apart from IFRS 18 Presentation and \u00a0
Disclosure in Financial Statements \u00a0
none of the standards and interpreta- \u00a0
tions are expected to have a material \u00a0
impact on the NKT Group. \u00a0
The group\u2019s assessment of the impact \u00a0
of IFRS 18 Presentation and Disclo- \u00a0
sure in Financial Statements (effective \u00a0
for annual periods beginning on or \u00a0
after 1 January 2027) is set out below. \u00a0
IFRS 18 will replace IAS 1 Presentation \u00a0
of financial statements, introducing \u00a0
new requirements that will help to \u00a0
achieve comparability of the finan- \u00a0
cial performance of similar entities. \u00a0
Even though IFRS 18 will not impact \u00a0
the recognition or measurement of \u00a0
items in the financial statements, it \u00a0
is expected to impact presentation \u00a0
and disclosure and in particular those \u00a0
related to the statement of financial \u00a0
performance and providing manage- \u00a0
ment-defined performance measures \u00a0
within the financial statements. \u00a0
Management is currently assessing \u00a0
the detailed implications of applying \u00a0
the new standard on the group\u2019s con- \u00a0
solidated financial statements. From \u00a0
the high-level preliminary assessment \u00a0
performed, the following potential \u00a0
impacts have been identified: \u00a0
\u25a0
IFRS 18 introduces a defined struc- \u00a0
ture for the statement of profit or \u00a0
loss. The structure is composed of \u00a0
categories and required subtotals. \u00a0
Items in the statement of profit or \u00a0
loss will need to be classified into \u00a0
one of five categories: operating, \u00a0
investing, financing, income taxes \u00a0
and discontinued operations. The \u00a0
main change regarding subto- \u00a0
tals is the mandatory inclusion of \u00a0
\u2018Operating profit or loss\u2019. Additional \u00a0
subtotals can be presented in the \u00a0
statement of profit or loss. \u00a0
The group expects that grouping \u00a0
\u25a0
items of income and expenses in \u00a0
the statement of profit or loss into \u00a0
the new categories will impact how \u00a0
operating profit will be calculated \u00a0
and reported compared to the cur- \u00a0
rent EBIT subtotal. From the high- \u00a0
level impact assessment that the \u00a0
group has performed, the following \u00a0
items might potentially impact the \u00a0
new operating profit compared to \u00a0
the current EBIT: \u00a0
-
Foreign exchange differences \u00a0
currently included in financial \u00a0
items might need to be disag- \u00a0
gregated, with some foreign \u00a0
exchange gains or losses pre- \u00a0
sented above operating profit. \u00a0
-
IFRS 18 has specific require- \u00a0
ments on the category in which \u00a0
derivative gains or losses are \u00a0
recognised \u2013 which is the same \u00a0
category as the income and \u00a0
expenses affected by the risk \u00a0
that the derivative is used to \u00a0
manage. The group currently \u00a0
recognises some gains or losses \u00a0
in operating profit (currently \u00a0
EBIT) and others in financial \u00a0
items, and there might be a \u00a0
change to where these gains or \u00a0
losses are recognised, and the \u00a0
group is currently evaluating the \u00a0
need for change. \u00a0
-
Share of profit from associated \u00a0
companies currently included \u00a0
in EBIT needs to be presented \u00a0
as part of the investing category \u00a0
below Operating profit. \u00a0
For management-defined perfor- \u00a0
\u25a0
mance measures it will be required \u00a0
to include new disclosures and \u00a0
reconciliations to IFRS specified \u00a0
subtotals. \u00a0
From a cash flow statement per- \u00a0
\u25a0
spective, there will be changes to \u00a0
how interest received and interest \u00a0
paid are presented. Interest paid \u00a0
will be presented as financing \u00a0
cash flows and interest received \u00a0
as investing cash flows, which is a \u00a0
change from current presentation \u00a0
as part of operating cash flows. \u00a0
Furthermore, the cash flow state- \u00a0
ment will start with operating profit \u00a0
or loss instead of EBITDA. \u00a0
The group will apply the new standard \u00a0
from its mandatory effective date of \u00a0
1 January 2027. Retrospective appli- \u00a0
cation is required, and so the com- \u00a0
parative information for the financial \u00a0
year ending 31 December 2026 will be \u00a0
restated in accordance with IFRS 18. \u00a0
1.3 Significant
estimates and judgements \u00a0
When preparing this Annual Report, \u00a0
Management has made a number of \u00a0
judgements in applying the account- \u00a0
ing policies, which form the basis for \u00a0
the recognition and measurement of \u00a0
assets, liabilities and disclosures pro- \u00a0
vided. Further, Management provides \u00a0
significant estimates regarding future \u00a0
developments. These are regularly \u00a0
reassessed based on historical expe- \u00a0
rience and other factors, which Man- \u00a0
agement assesses to be reliable, but \u00a0
which, by their nature, are associated \u00a0
with uncertainty and unpredictability. \u00a0
Significant estimates and judgements \u00a0
are predominantly applied in relation \u00a0
to the recognition of revenue from \u00a0
construction contracts, assessing the \u00a0
value of contract assets and liabilities, \u00a0
and assessing the value of deferred \u00a0
tax assets. These assumptions may \u00a0
prove incomplete or incorrect, and \u00a0
unexpected events or circumstances \u00a0
may arise, but the assumptions are \u00a0
considered reasonable and reliable \u00a0
under the circumstances. \u00a0
From Management's perspective, the \u00a0
following estimates and judgements \u00a0
are considered significant and the \u00a0
applied estimates and judgements \u00a0
are further described in the respective \u00a0
notes. \u00a0
Presentation in the notes \u00a0
Significant estimates \u00a0
and judgements \u00a0
A description of the significant \u00a0
judgements and estimates provided \u00a0
by Management are included in the \u00a0
respective notes to which they relate. \u00a0
Note \u00a0
Significant estimate and judgement \u00a0
Estimate/ Judgement \u00a0
Impact assessment1 \u00a0
2.1 \u00a0
Segment information and revenue
Determine revenue recognition for projects (PoC) \u00a0
Judgement and estimate \u00a0
4.5 \u00a0
Contract assets and liabilities \u00a0
Valuation of construction contracts \u00a0
Estimate \u00a0
2.5 \u00a0
Tax \u00a0
Valuation of deferred tax assets \u00a0
Judgement and estimate \u00a0
3.4 \u00a0
Impairment of assets \u00a0
Estimate the value-in-use of intangible and tangible long-term assets \u00a0
Estimate \u00a0
3.5 \u00a0
Provisions \u00a0
Determine likelihood and value of provisions \u00a0
Judgement and estimate \u00a0
6.1 \u00a0
Aquisition of companies \u00a0
Determine value of acquired assets and liabilities \u00a0
Estimate \u00a0
7.3 \u00a0
Contingent liabilities \u00a0
Determine recognition and measurement of obligations \u00a0
Judgement and estimate \u00a0
1 The numbers of boxes in the above assessment indicate the level of estimates and judgment applied, where five being the highest. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9931": {
"value": "1.1 Material
Accounting Policy Information \u00a0
Introduction \u00a0
The 2024 Annual Report for NKT \u00a0
Group, comprising both the consol- \u00a0
idated financial statements for NKT \u00a0
A/S and its subsidiaries (NKT Group), \u00a0
as well as the separate financial \u00a0
statements for the parent company, \u00a0
has been prepared in accordance \u00a0
with IFRS Accounting Standards, as \u00a0
adopted by the EU and additional \u00a0
Danish disclosure requirements for \u00a0
annual reports for listed companies. \u00a0
The Annual Report has been \u00a0
approved by the Board of Directors \u00a0
and Executive Management on 21 \u00a0
February 2025, and will be presented \u00a0
for approval by the shareholders at the \u00a0
Annual General Meeting on 19 March \u00a0
2025. \u00a0
Basis for preparation \u00a0
The Annual Report is presented in \u00a0
EUR rounded to the nearest EUR \u00a0
1,000,000. The Annual Report is pre- \u00a0
pared according to the historical cost \u00a0
principle with the exception that deri- \u00a0
vatives and financial instruments, clas- \u00a0
sified as fair value through profit loss \u00a0
(FVTPL), are measured at fair value. \u00a0
The accounting policies described \u00a0
below and in the individual sections \u00a0
have been applied consistently during \u00a0
the financial year and for the com- \u00a0
parative figures. For standards imple- \u00a0
mented prospectively, the compara- \u00a0
tive figures have not been restated. \u00a0
Principles of consolidation \u00a0
The consolidated financial statements \u00a0
comprise the financial statements of \u00a0
the parent company (NKT A/S) and \u00a0
the individual subsidiaries\u2019 financial \u00a0
statements prepared according to \u00a0
NKT Group\u2019s accounting policies. \u00a0
Subsidiaries are fully consolidated \u00a0
from the date of acquisition, being the \u00a0
date on which NKT obtains control, \u00a0
until the date that such control ceases. \u00a0
All intercompany balances, income \u00a0
and expenses, unrealised gains and \u00a0
losses and dividends resulting from \u00a0
intercompany transactions are elimi- \u00a0
nated in full. \u00a0
Foreign currency translation \u00a0
Transactions in foreign currencies are \u00a0
initially recognised in the Group entities \u00a0
at their respective functional currency \u00a0
rates prevailing at the date of the trans- \u00a0
action. Monetary assets and liabilities \u00a0
denominated in foreign currencies are \u00a0
translated at the functional currency \u00a0
spot rate at the reporting date. All \u00a0
adjustments are recognised in the \u00a0
income statement. \u00a0
Non-monetary items that are meas- \u00a0
ured at historical cost in a foreign \u00a0
currency are translated using the \u00a0
exchange rates at the dates of the \u00a0
initial transactions. Non-monetary \u00a0
items measured at fair value in a for- \u00a0
eign currency are translated using the \u00a0
exchange rates at the date when the \u00a0
fair value is determined. \u00a0
The assets and liabilities of foreign \u00a0
subsidiaries are translated into EUR \u00a0
at the rate of exchange prevailing at \u00a0
the reporting date, and their income \u00a0
statements are translated at average \u00a0
exchange rates. Exchange rate adjust- \u00a0
ments arising on translation are recog- \u00a0
nised in other comprehensive income. \u00a0
On disposal of a foreign operation, the \u00a0
component of other comprehensive \u00a0
income relating to that operation is \u00a0
recognised in the income statement. \u00a0
Alternative performance \u00a0
measures (APMs) \u00a0
The consolidated financial statements \u00a0
include financial performance meas- \u00a0
ures that are not defined according to \u00a0
IFRS Accounting Standards. \u00a0
These measures are considered to \u00a0
provide valuable information to stake- \u00a0
holders and Management. Since other \u00a0
companies might calculate these \u00a0
differently from NKT Group, they may \u00a0
not be comparable to the measures \u00a0
applied by NKT Group. These financial \u00a0
measures should therefore not be \u00a0
considered a replacement for perfor- \u00a0
mance measures as defined under \u00a0
IFRS Accounting Standards, but \u00a0
rather as supplementary information. \u00a0
Alternative performance measures \u00a0
are defined in note 7.5 Definitions in \u00a0
more detail and some are reconciled \u00a0
to IFRS measures in note 2.1 Segment \u00a0
information and revenue. \u00a0
Reporting under the \u00a0
ESEF regulation \u00a0
The Commission Delegated Regula- \u00a0
tion (EU) 2019/815 on the European \u00a0
Single Electronic Format (ESEF Re- \u00a0
gulation) has introduced a single elec- \u00a0
tronic reporting format for the annual \u00a0
financial statements of issuers with \u00a0
securities listed on the EU regulated \u00a0
markets. \u00a0
The applied tagging by the Group has \u00a0
been prepared in accordance with the \u00a0
ESEF taxonomy included in the ESEF \u00a0
regulation and developed based on \u00a0
the IFRS taxonomy published by the \u00a0
IFRS Foundation. The Annual Report \u00a0
submitted to the Danish Financial \u00a0
Supervisory Authority consists of the \u00a0
XHTML document together with the \u00a0
technical files included in the ZIP file \u00a0
nkt-2024-12-31-en.zip. \u00a0
Accounting policy \u00a0
Apart from the more general Account- \u00a0
ing policy items presented to the \u00a0
left, specific accounting policies are \u00a0
included in the notes to which they \u00a0
relate in order to facilitate a better \u00a0
understanding of the contents and the \u00a0
accounting treatment applied. \u00a0
1.2 Implementation
of new and amended accounting standards and interpretations \u00a0
New standards, interpretations \u00a0
and amendments adopted \u00a0
by NKT Group \u00a0
As of 1 January 2024, NKT Group \u00a0
adopted all relevant new or revised \u00a0
IFRS\u00ae Accounting Standards and \u00a0
IFRIC\u00ae Interpretations with effective \u00a0
date 1 January 2024 or earlier. \u00a0
The new or revised standards and \u00a0
interpretations did not affect recogni- \u00a0
tion and measurement materially nor \u00a0
did they result in any material changes \u00a0
to disclosures in the notes. \u00a0
Apart from this, the annual report is \u00a0
presented in accordance with the \u00a0
accounting policies applied in previ- \u00a0
ous years\u2019 annual reports. \u00a0
New standards, interpretations \u00a0
and amendments not yet \u00a0
adopted by NKT Group \u00a0
IASB has issued a number of new \u00a0
or amended accounting standards \u00a0
and interpretations, some of which \u00a0
are not yet endorsed by the EU, and \u00a0
which are not mandatory for reporting \u00a0
periods ending at 31 December 2024. \u00a0
The NKT Group expects to implement \u00a0
these new and amended standards \u00a0
when they become mandatory. \u00a0
Apart from IFRS 18 Presentation and \u00a0
Disclosure in Financial Statements \u00a0
none of the standards and interpreta- \u00a0
tions are expected to have a material \u00a0
impact on the NKT Group. \u00a0
The group\u2019s assessment of the impact \u00a0
of IFRS 18 Presentation and Disclo- \u00a0
sure in Financial Statements (effective \u00a0
for annual periods beginning on or \u00a0
after 1 January 2027) is set out below. \u00a0
IFRS 18 will replace IAS 1 Presentation \u00a0
of financial statements, introducing \u00a0
new requirements that will help to \u00a0
achieve comparability of the finan- \u00a0
cial performance of similar entities. \u00a0
Even though IFRS 18 will not impact \u00a0
the recognition or measurement of \u00a0
items in the financial statements, it \u00a0
is expected to impact presentation \u00a0
and disclosure and in particular those \u00a0
related to the statement of financial \u00a0
performance and providing manage- \u00a0
ment-defined performance measures \u00a0
within the financial statements. \u00a0
Management is currently assessing \u00a0
the detailed implications of applying \u00a0
the new standard on the group\u2019s con- \u00a0
solidated financial statements. From \u00a0
the high-level preliminary assessment \u00a0
performed, the following potential \u00a0
impacts have been identified: \u00a0
\u25a0
IFRS 18 introduces a defined struc- \u00a0
ture for the statement of profit or \u00a0
loss. The structure is composed of \u00a0
categories and required subtotals. \u00a0
Items in the statement of profit or \u00a0
loss will need to be classified into \u00a0
one of five categories: operating, \u00a0
investing, financing, income taxes \u00a0
and discontinued operations. The \u00a0
main change regarding subto- \u00a0
tals is the mandatory inclusion of \u00a0
\u2018Operating profit or loss\u2019. Additional \u00a0
subtotals can be presented in the \u00a0
statement of profit or loss. \u00a0
The group expects that grouping \u00a0
\u25a0
items of income and expenses in \u00a0
the statement of profit or loss into \u00a0
the new categories will impact how \u00a0
operating profit will be calculated \u00a0
and reported compared to the cur- \u00a0
rent EBIT subtotal. From the high- \u00a0
level impact assessment that the \u00a0
group has performed, the following \u00a0
items might potentially impact the \u00a0
new operating profit compared to \u00a0
the current EBIT: \u00a0
-
Foreign exchange differences \u00a0
currently included in financial \u00a0
items might need to be disag- \u00a0
gregated, with some foreign \u00a0
exchange gains or losses pre- \u00a0
sented above operating profit. \u00a0
-
IFRS 18 has specific require- \u00a0
ments on the category in which \u00a0
derivative gains or losses are \u00a0
recognised \u2013 which is the same \u00a0
category as the income and \u00a0
expenses affected by the risk \u00a0
that the derivative is used to \u00a0
manage. The group currently \u00a0
recognises some gains or losses \u00a0
in operating profit (currently \u00a0
EBIT) and others in financial \u00a0
items, and there might be a \u00a0
change to where these gains or \u00a0
losses are recognised, and the \u00a0
group is currently evaluating the \u00a0
need for change. \u00a0
-
Share of profit from associated \u00a0
companies currently included \u00a0
in EBIT needs to be presented \u00a0
as part of the investing category \u00a0
below Operating profit. \u00a0
For management-defined perfor- \u00a0
\u25a0
mance measures it will be required \u00a0
to include new disclosures and \u00a0
reconciliations to IFRS specified \u00a0
subtotals. \u00a0
From a cash flow statement per- \u00a0
\u25a0
spective, there will be changes to \u00a0
how interest received and interest \u00a0
paid are presented. Interest paid \u00a0
will be presented as financing \u00a0
cash flows and interest received \u00a0
as investing cash flows, which is a \u00a0
change from current presentation \u00a0
as part of operating cash flows. \u00a0
Furthermore, the cash flow state- \u00a0
ment will start with operating profit \u00a0
or loss instead of EBITDA. \u00a0
The group will apply the new standard \u00a0
from its mandatory effective date of \u00a0
1 January 2027. Retrospective appli- \u00a0
cation is required, and so the com- \u00a0
parative information for the financial \u00a0
year ending 31 December 2026 will be \u00a0
restated in accordance with IFRS 18. \u00a0
Accounting policy \u00a0
Segment information \u00a0
The segment information is based on \u00a0
internal management reporting and \u00a0
is presented in accordance with the \u00a0
Group\u2019s accounting policies. \u00a0
Segment income and expenses and \u00a0
segment working capital comprise \u00a0
those items that are directly attribut- \u00a0
able to the individual segment and \u00a0
those items that can be reliably allo- \u00a0
cated to it. Other items are shown as \u00a0
non-allocated. \u00a0
The operating segments are generally \u00a0
referred to as business lines. The \u00a0
business lines consist of Solutions, \u00a0
Applications and Service & Accesso- \u00a0
ries. For further details please refer to \u00a0
the Business review section of each \u00a0
business line in Management's review. \u00a0
The Board of Directors assesses the \u00a0
operating results of the business lines \u00a0
separately to enable decisions con- \u00a0
cerning allocation of resources and \u00a0
measurement of performance. \u00a0
Revenue from goods and short-term \u00a0
service contracts (less than three \u00a0
months) are recognised at a point in \u00a0
time while revenue from construction \u00a0
contracts and long-term service con- \u00a0
tracts are recognised over time. \u00a0
Other operating income comprises \u00a0
items of a secondary nature relative to \u00a0
the operations of the Group, including \u00a0
grant schemes, reimbursements and \u00a0
gains on sale of non-current assets. \u00a0
Costs of raw materials, consumables \u00a0
and goods for resale refer to pur- \u00a0
chases and changes during the year \u00a0
in inventory levels, including shrink- \u00a0
age, waste production and any write- \u00a0
downs for obsolescence. \u00a0
Other costs comprise external costs \u00a0
relating to production, sale and admin- \u00a0
istration, as well as losses on disposal \u00a0
of tangible and intangible assets. \u00a0
Write-downs of receivables from sales \u00a0
are also included. \u00a0
Revenue from construction contracts \u00a0
with customers with a high degree of \u00a0
individual customisation and no alter- \u00a0
native use, are recognised as revenue \u00a0
over time, provided that NKT Group has \u00a0
secured an enforceable right to pay- \u00a0
ment for work performed at any time. \u00a0
The revenue therefore corresponds to \u00a0
the sales price of work performed dur- \u00a0
ing the year (the percentage-of-com- \u00a0
pletion method). See note 4.5 Contract \u00a0
assets and liabilities for further informa- \u00a0
tion concerning construction contracts. \u00a0
Revenue from sale of goods for resale \u00a0
and finished goods is recognised in \u00a0
the income statement when control \u00a0
of the goods has transferred to the \u00a0
buyer, normally at delivery, and it \u00a0
is probable that the income will be \u00a0
received. \u00a0
Revenue from services that include \u00a0
service packages and extended war- \u00a0
ranties relating to products and con- \u00a0
tracts is recognised over time with the \u00a0
supply of those services. \u00a0
Revenue is measured at the fair \u00a0
value of the expected consideration \u00a0
excluding VAT and taxes charged on \u00a0
behalf of third parties. In determin- \u00a0
ing the transaction price, revenue is \u00a0
reduced by probable penalties and \u00a0
other claims and discounts that are \u00a0
payments to the customers. The \u00a0
transaction price is further adjusted for \u00a0
any variable elements of the transac- \u00a0
tion price. The variable amount is esti- \u00a0
mated at contract inception and revis- \u00a0
ited throughout the contract period. \u00a0
Variable income is recognised as \u00a0
revenue when it is highly probable that \u00a0
a significant reversal will not occur. \u00a0
Projects \u00a0
Revenue from the sale of cable pro- \u00a0
jects accounted for as construction \u00a0
contracts comprises sale of onshore \u00a0
and offshore highly customised cables \u00a0
in Solutions, and delivery of highly \u00a0
customised spare cables in Service. \u00a0
Projects are usually significant in \u00a0
amount, have a long lead time affect- \u00a0
ing the financial statements of more \u00a0
reporting periods, and have a high \u00a0
degree of project management. \u00a0
Each project is normally considered \u00a0
one performance obligation as each \u00a0
project comprises highly interrelated \u00a0
and interdependent physical assets \u00a0
and services, such as production, \u00a0
installation and project management. \u00a0
However, depending on the contract \u00a0
structure, the performance obligation \u00a0
may consist of more than one con- \u00a0
tract. \u00a0
Cable projects are often sold as fixed \u00a0
price contracts and revenue from \u00a0
these are therefore recognised over \u00a0
time by applying the percentage of \u00a0
completion cost-to-cost method. \u00a0
Payment terms of a cable project con- \u00a0
tract usually comprise the following \u00a0
payments: \u00a0
Prepayment from the customer at \u00a0
\u25a0
contract inception, \u00a0
progress payments, linked to pro- \u00a0
\u25a0
ject milestones, \u00a0
final payment upon completion and \u00a0
\u25a0
customer acceptance. \u00a0
NKT Group will usually obtain pay- \u00a0
ment guarantees to minimise counter \u00a0
party risk during the execution of \u00a0
cable projects. \u00a0
Sale of products \u00a0
Sale of products relates to the sale of \u00a0
smaller less customised cable pro- \u00a0
jects, standardised cables and equip- \u00a0
ment. Small cable projects with little or \u00a0
no customisation usually have a short \u00a0
lead time of less than one year. Each \u00a0
delivered product is considered one \u00a0
performance obligation. Most of the \u00a0
products are sold at a fixed price and \u00a0
revenue is usually recognised at the \u00a0
point in time when the control of the \u00a0
products transfers to the customers, \u00a0
usually upon delivery. \u00a0
For standardised products, NKT \u00a0
Group is usually entitled to pay- \u00a0
ment upon delivery, and payment \u00a0
terms vary by market but are usually \u00a0
between 0-60 days. \u00a0
Service contracts \u00a0
Service contracts comprise various \u00a0
service elements to support power \u00a0
cable efficiency and prevent or mit- \u00a0
igate power cable failures and can \u00a0
include up to round-the-clock, 365 \u00a0
days/year support. Service delivered \u00a0
according to the contracts is consid- \u00a0
ered as one performance obligation \u00a0
delivered over time. Revenue is \u00a0
accordingly recognised over the life of \u00a0
the contract using the the percentage \u00a0
of completion cost-to-cost method. \u00a0
NKT Group is either entitled to pay- \u00a0
ment once the service has been pro- \u00a0
vided or on a periodic basis. \u00a0
Spare parts and other repair work \u00a0
contracts are determined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually variable, depending on \u00a0
the produced output, and revenue is \u00a0
recognised over time, using the cost- \u00a0
to-cost method. In case of significant \u00a0
uncertainties related to measuring the \u00a0
revenue reliably, revenue is recognised \u00a0
according to payments. NKT Group is \u00a0
entitled to payment once the work or \u00a0
spare parts are delivered. \u00a0
Providing new highly customised \u00a0
spare cables is defined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually fixed and revenue is \u00a0
typically recognised over time using \u00a0
the percentage of completion cost-to- \u00a0
cost method. However, if the produc- \u00a0
tion time is less than one month, reve- \u00a0
nue is recognised at a point in time. \u00a0
The payment pattern for spare cables \u00a0
is similar to the pattern for cable pro- \u00a0
jects described above and NKT Group \u00a0
will usually obtain payment guarantees \u00a0
to minimise the risk during the execu- \u00a0
tion of the cable project. \u00a0
Accounting policy \u00a0
Staff costs comprise wages and sal- \u00a0
aries, remuneration, pensions, etc., \u00a0
and share-based payment for NKT \u00a0
Group's employees, including Group \u00a0
Management. The Board of Directors \u00a0
does not receive share-based pay- \u00a0
ment. \u00a0
Wages and salaries, social security \u00a0
contributions, leave and sick leave, \u00a0
bonuses and non-monetary benefits \u00a0
are recognised in the financial year in \u00a0
which services are rendered by the \u00a0
employee. When NKT provides long- \u00a0
term employee benefits, the costs are \u00a0
accrued to match the rendering of \u00a0
services. \u00a0
Termination benefits are recognised \u00a0
when an agreement has been reached \u00a0
between NKT and the employee and \u00a0
no future service is rendered by the \u00a0
employee in exchange for the benefits. \u00a0
Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
Accounting policy \u00a0
Research costs are expensed in the \u00a0
income statement as they occur. \u00a0
Clearly defined and identifiable devel- \u00a0
opment projects are recognised as \u00a0
intangible assets provided that certain \u00a0
requirements are met refer to note 3.1 \u00a0
Intangible assets. Other development \u00a0
costs are expensed in the income \u00a0
statement as incurred. \u00a0
Accounting policy \u00a0
Current income tax \u00a0
Tax for the period, consists of the \u00a0
year\u2019s current tax, change in deferred \u00a0
tax and adjustments related to previ- \u00a0
ous years. Tax for the period is recog- \u00a0
nised in the income statement includ- \u00a0
ing the effect of coupon payments on \u00a0
the hybrid capital. Tax relating to other \u00a0
items is recognised in other compre- \u00a0
hensive income. \u00a0
Current tax payable and receivable \u00a0
is recognised in the balance sheet as \u00a0
tax estimated on taxable income for \u00a0
the year, adjusted for tax on taxable \u00a0
income for previous years and for tax \u00a0
paid on account. \u00a0
Deferred tax \u00a0
Deferred tax is measured according \u00a0
to the balance sheet liability method \u00a0
on all temporary differences between \u00a0
the carrying amount and the tax base \u00a0
of assets and liabilities. However, \u00a0
deferred tax is not recognised on tax- \u00a0
able temporary differences relating to \u00a0
goodwill and on temporary differences \u00a0
arising on the initial recognition of an \u00a0
asset and liability which affects neither \u00a0
accounting profit nor taxable income \u00a0
and does not result in a deductible \u00a0
and taxable temporary difference \u00a0
of the same amount. Where alter- \u00a0
native taxation rules can be applied \u00a0
to determine the tax base, deferred \u00a0
tax is measured according to Group \u00a0
Management\u2019s planned use of the \u00a0
assets or settlement of the liabilities, \u00a0
respectively. \u00a0
Deferred tax assets, including the \u00a0
tax base of tax losses allowed for \u00a0
carry forward, are recognised at their \u00a0
expected utilisation value within the \u00a0
foreseeable future. \u00a0
Deferred tax assets and tax liabilities \u00a0
are offset if the company has a legal \u00a0
right to offset current tax assets and \u00a0
liabilities and intends to settle current \u00a0
tax assets and liabilities on a net basis \u00a0
or to realise the assets and liabilities \u00a0
simultaneously. \u00a0
Accounting policy \u00a0
Goodwill is initially recognised in the \u00a0
balance sheet at cost. Subsequently, \u00a0
goodwill is measured at cost less \u00a0
accumulated impairment losses and is \u00a0
not amortised. \u00a0
The carrying amount of goodwill is \u00a0
allocated to NKT Group\u2019s cash-gen- \u00a0
erating units at the acquisition date. \u00a0
Cash-generating units are based on \u00a0
the managerial structure and inter- \u00a0
nal financial control. As a result of \u00a0
the integration of acquisitions in the \u00a0
existing NKT Group, and identifica- \u00a0
tion of operating segments based on \u00a0
the presence of segment managers, \u00a0
Group Management finds that the \u00a0
smallest cash-generating units to \u00a0
which the carrying amount of goodwill \u00a0
can be allocated during testing for \u00a0
impairment are identical to the operat- \u00a0
ing segments. \u00a0
Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Intangible assets under development \u00a0
consists of clearly defined and iden- \u00a0
tifiable development projects where \u00a0
the following requirements are met: \u00a0
The technical feasibility, adequacy \u00a0
of resources and a potential future \u00a0
market can be demonstrated, it is \u00a0
intended to manufacture, market or \u00a0
utilise the project, the cost can be reli- \u00a0
ably determined, and there is reason- \u00a0
able certainty that the future earnings \u00a0
or net selling prices can cover the \u00a0
carrying amount as well as the devel- \u00a0
opment costs necessary to finalise the \u00a0
project as incurred. Intangible assets \u00a0
under development are measured at \u00a0
cost less accumulated impairment \u00a0
losses. The cost includes wages, \u00a0
amortisation and other costs relating \u00a0
to the Group\u2019s development activities. \u00a0
On completion the development work \u00a0
is transferred to Development projects \u00a0
completed or IT software. \u00a0
Accounting policy
Property, plant and equipment are \u00a0
measured at cost less accumulated \u00a0
depreciation and impairment losses. \u00a0
The cost comprises the purchase \u00a0
price and any costs directly attributa- \u00a0
ble to the acquisition. Borrowing costs \u00a0
directly attributable to assets under \u00a0
construction with a lengthy construc- \u00a0
tion period are recognised in costs \u00a0
during the construction period. The \u00a0
cost of self-constructed assets com- \u00a0
prises costs of materials, components, \u00a0
subcontractors and wages. The cost \u00a0
is supplemented by the present value \u00a0
of estimated liabilities related to dis- \u00a0
mantling and removing the asset and \u00a0
restoring the site on which the asset \u00a0
was utilised. \u00a0
Subsequent costs, e.g. relating to \u00a0
replacement of parts of an item of \u00a0
property, plant and equipment, are \u00a0
recognised in the carrying amount of \u00a0
the asset if it is probable that the costs \u00a0
will result in future economic benefits \u00a0
for the Group. All other costs relating \u00a0
to ordinary repair and maintenance \u00a0
are recognised in the income state- \u00a0
ment as incurred. \u00a0
Depreciation is done on a straight-line \u00a0
basis over the expected useful life of \u00a0
the assets, as follows: \u00a0
Buildings \u00a0
10 \u2013 50 years \u00a0
Manufacturing plant \u00a0
and machinery \u00a0
4 \u2013 20 years \u00a0
Fixtures, fittings, tools \u00a0
and equipment \u00a0
3 \u2013 15 years \u00a0
Vessel \u00a0
20 years \u00a0
Land \u00a0
not depreciated \u00a0
If individual parts of an item of prop- \u00a0
erty, plant and equipment have differ- \u00a0
ent useful lives, they are depreciated \u00a0
separately. \u00a0
The basis of depreciation is calculated \u00a0
according to the residual value less \u00a0
impairment losses. The residual value \u00a0
is determined at the acquisition date \u00a0
and reviewed annually. If the residual \u00a0
value exceeds the carrying amount, \u00a0
depreciation is discontinued. \u00a0
Accounting policy \u00a0
Leases are recognised as a right-of- \u00a0
use asset and a corresponding liability \u00a0
at the date at which the leased asset \u00a0
is available for use by the group. Each \u00a0
lease payment is allocated between \u00a0
the liability and finance cost. The \u00a0
finance cost is charged to profit or \u00a0
loss over the lease period. The right-of \u00a0
use asset is depreciated over the \u00a0
shorter of the asset's useful life and \u00a0
the lease term on a straight-line basis. \u00a0
Assets and liabilities arising from a \u00a0
lease are initially measured at present \u00a0
value. Lease liabilities include the net \u00a0
present value of the following lease \u00a0
payments: \u00a0
\u25a0
fixed payments (including in-sub- \u00a0
stance fixed payments), less any \u00a0
lease incentives receivable, \u00a0
variable lease payment that are \u00a0
\u25a0
based on an index or a rate, \u00a0
amounts expected to be payable \u00a0
\u25a0
by the lessee under residual value \u00a0
guarantees, \u00a0
\u25a0
the exercise price of a purchase \u00a0
option if the lessee is reasonably \u00a0
certain to exercise that option, and \u00a0
payments of penalties for termi- \u00a0
\u25a0
nating the lease, if the lease term \u00a0
reflects the lessee exercising that \u00a0
option. \u00a0
The lease payments are discounted \u00a0
using the interest rate implicit in the \u00a0
lease. If that rate cannot be deter- \u00a0
mined, the lessee\u2019s incremental \u00a0
borrowing rate is used, being the rate \u00a0
that the lessee would have to pay to \u00a0
borrow the funds necessary to obtain \u00a0
an asset of similar value in a similar \u00a0
economic environment with similar \u00a0
terms and conditions. Right-of-use \u00a0
assets are measured at cost, compris- \u00a0
ing the following: \u00a0
\u25a0
the amount of the initial measure- \u00a0
ment of lease liability, \u00a0
\u25a0
any lease payments made at or \u00a0
before the commencement date \u00a0
less any lease incentives received, \u00a0
any initial direct costs, and \u00a0
\u25a0
\u25a0
restoration costs. \u00a0
Payments associated with short- \u00a0
term leases and leases of low-value \u00a0
assets are recognised on a straight- \u00a0
line basis as an expense in profit or \u00a0
loss. Short-term leases have a lease \u00a0
term of 12 months or less. Low-value \u00a0
assets comprise e.g. cars, forklifts, \u00a0
IT-equipment and small items of office \u00a0
furniture. \u00a0
Accounting policy \u00a0
Goodwill and intangible assets \u00a0
Goodwill, intangible assets with indef- \u00a0
inite useful lives, and development \u00a0
projects are tested at least annually for \u00a0
impairment, and furthermore when a \u00a0
trigger event occurs. \u00a0
The carrying amount of goodwill is \u00a0
tested for impairment together with \u00a0
the other non-current assets in the \u00a0
cash-generating unit to which goodwill \u00a0
is allocated. The recoverable amount \u00a0
is generally computed as the present \u00a0
value of the expected future net cash \u00a0
flows from the business or activity \u00a0
(cash-generating unit) to which good- \u00a0
will is allocated. \u00a0
Other non-current assets \u00a0
The carrying amount of other non-cur- \u00a0
rent assets is tested when a trigger \u00a0
event occurs which could indicate an \u00a0
impairment, in which case, the recov- \u00a0
erable amount of the asset is deter- \u00a0
mined. The recoverable amount is the \u00a0
fair value of the asset less anticipated \u00a0
cost of disposal, or its value-in-use, \u00a0
whichever is higher. \u00a0
The value-in-use is calculated as the \u00a0
present value of expected future cash \u00a0
flows from the asset or the cash-gen- \u00a0
erating unit of which the asset is part. \u00a0
Recognition of impairment loss \u00a0
in the income statement \u00a0
Impairment is recognised if the car- \u00a0
rying amount of an asset or a cash- \u00a0
generating unit exceeds the respective \u00a0
recoverable amount. The impairment \u00a0
is recognised in the income statement \u00a0
and impairment of goodwill is rec- \u00a0
ognised in a separate line item in the \u00a0
income statement. \u00a0
Impairment of goodwill is not reversed. \u00a0
Impairment of other assets is reversed \u00a0
in the event of changes having taken \u00a0
place in the conditions and estimates \u00a0
on which the impairment calcula- \u00a0
tion was based. Impairment is only \u00a0
reversed if the new carrying amount \u00a0
of the asset does not exceed the car- \u00a0
rying amount that would have applied \u00a0
after amortisation if the asset had not \u00a0
been impaired. \u00a0
Accounting policy \u00a0
The provisions recognised are \u00a0
Management\u2019s best estimate of the \u00a0
amount required to settle the obli- \u00a0
gation. Warranty provisions are rec- \u00a0
ognised in connection with the sale \u00a0
of goods and services based on the \u00a0
level of warranty expenses incurred in \u00a0
previous years. Restructuring costs \u00a0
are recognised under liabilities when \u00a0
a detailed, formal restructuring plan \u00a0
is announced to the affected parties \u00a0
on or before the balance sheet date. \u00a0
A provision for onerous contracts is \u00a0
recognised when the expected be- \u00a0
nefits to be derived by the Group from \u00a0
a contract are lower than the Group\u2019s \u00a0
unavoidable costs for meeting its \u00a0
contractual obligations. Provisions for \u00a0
dismantling are measured at the pres- \u00a0
ent value of the expected cost at the \u00a0
balance sheet date. The present value \u00a0
of the costs is included in the cost \u00a0
of the relevant tangible assets and \u00a0
depreciated accordingly. The addition \u00a0
of interests on provisions are recog- \u00a0
nised in the income statement under \u00a0
financial expenses. \u00a0
Accounting policy
For the Group\u2019s defined benefit plans, \u00a0
an annual actuarial calculation (the \u00a0
Projected Unit Credit Method) of the \u00a0
present value of future benefits pay- \u00a0
able under the plan is provided. The \u00a0
present value is determined based on \u00a0
assumptions about the future deve- \u00a0
lopment in variables such as salary \u00a0
levels, interest rates, inflation and mor- \u00a0
tality. The present value is determined \u00a0
only for benefits earned by employees \u00a0
from their employment within the \u00a0
Group. The actuarial present value \u00a0
less the fair value of any plan assets is \u00a0
recognised in the balance sheet under \u00a0
pension liabilities. \u00a0
Pension expenses and other long- \u00a0
term employee benefits are recog- \u00a0
nised in the income statement based \u00a0
on actuarial estimates and financial \u00a0
expectations at the start of the year. \u00a0
Actuarial gains or losses are recog- \u00a0
nised in other comprehensive income. \u00a0
If a pension plan constitutes a net \u00a0
asset, the asset is only recognised if \u00a0
it offsets cumulative actuarial losses \u00a0
or future refunds from the plan, or if it \u00a0
will lead to reduced future payments \u00a0
to the plan. \u00a0
Accounting policy \u00a0
Inventories are measured at cost in \u00a0
accordance with the FIFO method \u00a0
or at a weighted average. If the net \u00a0
realisable value is lower than cost, \u00a0
inventories are written down to this \u00a0
lower value. \u00a0
Raw materials, consumables and \u00a0
goods for resale are measured at \u00a0
cost, comprising purchase price plus \u00a0
delivery costs. \u00a0
Finished goods and work in progress \u00a0
are measured at cost, comprising \u00a0
direct costs and production over- \u00a0
heads. \u00a0
Accounting policy
Trade receivables are at initial recog- \u00a0
nition measured at their transaction \u00a0
price less allowance for expected \u00a0
credit losses over the lifetime and are \u00a0
subsequently measured at amortised \u00a0
cost adjusted for changes to the \u00a0
expected credit losses. Expected \u00a0
credit losses at initial recognition are \u00a0
calculated for portfolios of receivables \u00a0
that share credit risk characteristics \u00a0
and is based on historical experience \u00a0
and, when applicable, adjusted for \u00a0
factors that are specific to the debtors \u00a0
and general economic conditions. \u00a0
The expected loss rates are updated \u00a0
at every reporting date. The portfolios \u00a0
are primarily based on the debtor\u2019s \u00a0
domicile and credit rating in accor- \u00a0
dance with NKT Groups credit risk \u00a0
management policy. See note 5.6 \u00a0
Financial risks and financial instru- \u00a0
ments. \u00a0
When there is an indication of impair- \u00a0
ment, expected credit losses are \u00a0
calculated at individual level and when \u00a0
there are no reasonable expectations \u00a0
of recovering, the receivable is written \u00a0
off in part or entirely. \u00a0
The allowances for expected credit \u00a0
losses and write-offs for trade recei- \u00a0
vables are recognised in the income \u00a0
statement as Other costs. \u00a0
Accounting policy \u00a0
Construction contracts \u00a0
Construction contracts are meas- \u00a0
ured at the selling price of the work \u00a0
performed less progress billings and \u00a0
anticipated losses. If the value of work \u00a0
performed exceeds progress billings, \u00a0
the excess is recognised as contract \u00a0
assets. and if progress billings exceed \u00a0
the value of work performed, the defi- \u00a0
cit is recognised as contract liabilities. \u00a0
Prepayments from customers are rec- \u00a0
ognised under contract liabilities. \u00a0
Construction contracts are character- \u00a0
ised by a high degree of customisation \u00a0
in the design of the cables produced. \u00a0
It is furthermore a requirement that \u00a0
before commencement of the work, \u00a0
a binding contract is signed that will \u00a0
result in a fine or compensation in \u00a0
case of subsequent cancellation. The \u00a0
contract value is measured according \u00a0
to the percentage-of-completion, \u00a0
which is determined on the basis of an \u00a0
assessment of the work performed, \u00a0
calculated as the ratio of expenses \u00a0
incurred compared to total anticipated \u00a0
expenses on the contract concerned. \u00a0
When it is probable that the total con- \u00a0
tract costs will exceed the total con- \u00a0
tract revenue, the anticipated loss on \u00a0
the contract is immediately recognised \u00a0
as a provision. \u00a0
When income and expenses on a con- \u00a0
struction contract cannot be deter- \u00a0
mined reliably, the contract value is \u00a0
measured as the costs incurred which \u00a0
are likely to be recoverable. \u00a0
Accounting policy \u00a0
Dividend is recognised as a liability \u00a0
at the date of adoption at the Annual \u00a0
General Meeting (declaration date). \u00a0
Proposed dividend payments for the \u00a0
year are disclosed as a separate item \u00a0
under equity. \u00a0
Acquisition costs, consideration \u00a0
received, and dividends relating \u00a0
to treasury shares, are recognised \u00a0
directly in retained comprehensive \u00a0
income in equity. \u00a0
Accounting policy \u00a0
Hybrid capital is treated in accordance \u00a0
with the rules on compound financial \u00a0
instruments based on the charac- \u00a0
teristics of the bonds. The notional \u00a0
amount, which constitutes a liability, \u00a0
is recognised at present value, and \u00a0
equity has been increased by the \u00a0
difference between the net proceeds \u00a0
received and the present value of the \u00a0
discounted liability. The part of the \u00a0
hybrid capital that is accounted for \u00a0
as a liability is measured at amortised \u00a0
cost. The carrying amount is zero \u00a0
on initial recognition and due to the \u00a0
1,000-year term of the hybrid capital, \u00a0
amortisation charges will only have an \u00a0
impact on the income statement for \u00a0
the years at the end of the 1,000-year \u00a0
term of the hybrid capital. \u00a0
Coupon payments are accounted \u00a0
for as dividends and are recognised \u00a0
directly in equity when the obligation \u00a0
to pay arises. \u00a0
The obligation to pay coupon pay- \u00a0
ments is at the discretion of Group \u00a0
Management and deferred coupon \u00a0
lapses upon maturity of the hybrid \u00a0
capital. Coupon payments are recog- \u00a0
nised in the statement of cash flows in \u00a0
the same way as dividend payments \u00a0
within financing activities. \u00a0
On redemption of the hybrid capi- \u00a0
tal, the payment will be distributed \u00a0
between liability and equity, applying \u00a0
the same principles as used when \u00a0
the hybrid capital was issued. The \u00a0
difference between the payment on \u00a0
redemption and the net proceeds \u00a0
received on issue is recognised \u00a0
directly in equity as the debt portion \u00a0
of the existing hybrid issues will be nil \u00a0
during the first part of the life of the \u00a0
hybrid capital. \u00a0
On the date on which the Board of \u00a0
Directors decides to exercise an \u00a0
option to redeem the hybrid capital, \u00a0
the part of the hybrid capital that will \u00a0
be redeemed will be reclassified to \u00a0
loans and borrowings. The reclassi- \u00a0
fication will be made at the market \u00a0
value of the hybrid capital at the date \u00a0
the decision is made. Following the \u00a0
reclassification, coupon payments \u00a0
and exchange rate adjustments will be \u00a0
recognised in the income statement \u00a0
as financial income or expenses. \u00a0
Accounting policy \u00a0
Interest-bearing loans and borrowings \u00a0
are recognised at the amount of pro- \u00a0
ceeds received at the date of borrow- \u00a0
ing, net of transaction costs paid. In \u00a0
subsequent periods the financial liabi- \u00a0
lities are measured at amortised cost \u00a0
using \u2018the effective interest method\u2019, \u00a0
and the difference between the pro- \u00a0
ceeds and the nominal value is there- \u00a0
fore being recognised in the income \u00a0
statement under financial expenses \u00a0
over the term of the loan. \u00a0
Interest-bearing loans and borrowings \u00a0
also include lease liabilities recognised \u00a0
in the balance sheet measured at \u00a0
amortised cost. \u00a0
Accounting policy
Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
Accounting policy
Enterprises acquired during the year \u00a0
are recognised in the consolidated \u00a0
financial statements from the date of \u00a0
acquisition. The acquisition date is the \u00a0
date when the parent company effec- \u00a0
tively obtains control of the acquired \u00a0
enterprise. \u00a0
For acquisitions of new enterprises \u00a0
in which the parent company can \u00a0
exercise control over the acquired \u00a0
enterprise, the purchase method is \u00a0
used. The acquired enterprises\u2019 identi- \u00a0
fiable assets, liabilities and contingent \u00a0
liabilities are measured at fair value at \u00a0
the acquisition date. Identifiable intan- \u00a0
gible assets are recognised if they are \u00a0
separable or arise from a contractual \u00a0
right. Deferred tax on revaluations is \u00a0
recognised. \u00a0
Any excess of the cost over the fair \u00a0
value of the identifiable assets, liabili- \u00a0
ties and contingent liabilities acquired \u00a0
is recognised as goodwill under intan- \u00a0
gible assets. Goodwill is not amortised \u00a0
but is tested at least annually for \u00a0
impairment. The first impairment test \u00a0
is performed within the end of the \u00a0
acquisition year. Upon acquisition, \u00a0
goodwill is allocated to the cash-gen- \u00a0
erating units, which subsequently form \u00a0
the basis for the impairment test. \u00a0
The cost of a business combina- \u00a0
tion comprises the fair value of the \u00a0
consideration agreed upon. When \u00a0
a business combination agreement \u00a0
provides for an adjustment to the \u00a0
cost of the combination contingent \u00a0
on future events, the amount of that \u00a0
adjustment is included in the cost of \u00a0
the combination if the adjustment is \u00a0
probable and can be measured in a \u00a0
reliable manner. Subsequent changes \u00a0
to contingent considerations are \u00a0
recognised in the income statement. \u00a0
If uncertainties regarding measure- \u00a0
ment of identifiable assets, liabilities \u00a0
and contingent liabilities exist at the \u00a0
acquisition date, initial recognition will \u00a0
take place based on preliminary fair \u00a0
values. If identifiable assets, liabilities, \u00a0
and contingent liabilities are subse- \u00a0
quently determined to have different \u00a0
fair value at the acquisition date than \u00a0
first assumed, goodwill is adjusted up \u00a0
until twelve months after the acquisi- \u00a0
tion. The effect of the adjustments is \u00a0
recognised in the opening balance of \u00a0
equity and the comparative figures are \u00a0
re-stated accordingly. \u00a0
Accounting policy \u00a0
Discontinued operations represent \u00a0
a separate major line of businesses \u00a0
intended to be disposed within 12 \u00a0
months. The results of discontinued \u00a0
operations are presented separately \u00a0
in the income statement and the cash \u00a0
flow statement with restatement of \u00a0
comparative figures. \u00a0
Assets and liabilities held for sale from \u00a0
discontinued operations are presented \u00a0
as separate items in the balance sheet \u00a0
with no restatement of comparative \u00a0
figures. Elimination between contin- \u00a0
uing and discontinued operations \u00a0
is presented to reflect continuing \u00a0
operations as post-separation, which \u00a0
includes elimination of interest and \u00a0
loans. \u00a0
Assets and liabilities from discontin- \u00a0
ued operations and assets held for \u00a0
sale are measured at the lower of \u00a0
carrying amount and fair value less \u00a0
cost of disposal. Impairment test is \u00a0
performed immediately before classi- \u00a0
fication as held for sale. Non-current \u00a0
assets held for sale are not depreci- \u00a0
ated or amortised. \u00a0
Enterprises disposed of are recog- \u00a0
nised in the consolidated income \u00a0
statement until the disposal date. \u00a0
Gains and losses from disposal of \u00a0
activities are included the income \u00a0
statement in the line item \u2018Net result - \u00a0
discontinued operations\u2019. \u00a0
8. Net interest-bearing debt \u2013 Cash and interest-bearing receivables less \u00a0
interest-bearing debt. Specified in note 5.4 Net interest-bearing debt. Hybrid \u00a0
capital is not included in net interest-bearing debt. \u00a0
9. Capital employed \u2013 Equity plus net interest-bearing debt. \u00a0
10. Working capital \u2013 Current assets and non-current derivate financial instru- \u00a0
ments minus current liabilities, non-current contract liabilities and derivate \u00a0
financial intruments (excluding interest-bearing items and provisions). \u00a0
11. Gearing \u2013 Net interest-bearing debt as a percentage of equity. \u00a0
12. Net interest-bearing debt relative to operational EBITDA \u2013 Calculated \u00a0
as net interest-bearing debt as defined in point 8 relative to LTM (last twelve \u00a0
months) of operational EBITDA for continuing operations as defined in point 6. \u00a0
13. Solvency ratio (equity as a percentage of total assets) \u2013 Equity includ- \u00a0
ing hybrid capital as a percentage of total assets. \u00a0
14. Return on capital employed (RoCE) \u2013 Operational EBIT for continuing \u00a0
operations as a percentage of average of the last five quarters of capital \u00a0
employed for continuing operations. \u00a0
15. Equity value, EUR per outstanding share \u2013 Equity attributable to equity \u00a0
holders of NKT A/S per outstanding share at 31 December. Dilution effect of \u00a0
outstanding share programmes is excluded. \u00a0
16. Free cash flow \u2013 Cash flow from operating and investing activities. \u00a0
17. Free cash flow excluding acquisition of subsidiaries \u2013 Cash flow from \u00a0
operating and investing activities excluding cash flow used for acquisitions of \u00a0
subsidaries. \u00a0
18. Order backlog \u2013 Value of the uncompleted work of contracts within the \u00a0
Solutions business line. Contracts are included when they are signed and all \u00a0
significant conditions which may impact the value of the contracts have been \u00a0
agreed. \u00a0
7.5 Definitions \u00a0
The Group operates with the following performance measures which are calcu- \u00a0
lated in accordance with the Danish Finance Society\u2019s guidelines: \u00a0
Performance measures defined by IFRS standards: \u00a0
1. Earnings, EUR per outstanding share (EPS) \u2013 Earnings attributable to \u00a0
equity holders of NKT A/S relative to average number of outstanding shares. \u00a0
2. Diluted earnings, EUR per outstanding share (EPS) \u2013 Earnings attribut- \u00a0
able to equity holders of NKT A/S relative to average number of outstanding \u00a0
shares, including the dilutive effect of outstanding share programmes. \u00a0
Furthermore, the group presents the following performance measures not defined \u00a0
according to IFRS (non-GAAP measures) in the Annual Report: \u00a0
3. Revenue at standard metal prices \u2013 Revenue at standard metal prices \u00a0
for copper and aluminium is set at EUR/tonne 1,550 and EUR/tonne 1,350 \u00a0
respectively. \u00a0
4. Organic growth \u2013 Revenue growth (standard metal price) as a percentage of \u00a0
prior-year adjusted revenue (standard metal price). Organic growth is a meas- \u00a0
ure of growth, excluding the impact of exchange rate adjustments, acquisi- \u00a0
tions and divestments. \u00a0
5. One-off items \u2013 Consist of non-recurring income and cost related to acqui- \u00a0
sitions, divestments, integration, restructuring, severance and other one-time \u00a0
items. \u00a0
6. Operational earnings before interest, tax, depreciation and amortisa- \u00a0
tion (Operational EBITDA) \u2013 Earnings before interest, tax, depreciation and \u00a0
amortisation (EBITDA) excluding one-off items. \u00a0
7. Operational earnings before interest and tax (Operational EBIT) \u2013 \u00a0
Earnings before interest and tax excluding one-off items. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9932": {
"value": "Introduction \u00a0
The 2024 Annual Report for NKT \u00a0
Group, comprising both the consol- \u00a0
idated financial statements for NKT \u00a0
A/S and its subsidiaries (NKT Group), \u00a0
as well as the separate financial \u00a0
statements for the parent company, \u00a0
has been prepared in accordance \u00a0
with IFRS Accounting Standards, as \u00a0
adopted by the EU and additional \u00a0
Danish disclosure requirements for \u00a0
annual reports for listed companies. \u00a0
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9942": {
"value": "Principles of consolidation \u00a0
The consolidated financial statements \u00a0
comprise the financial statements of \u00a0
the parent company (NKT A/S) and \u00a0
the individual subsidiaries\u2019 financial \u00a0
statements prepared according to \u00a0
NKT Group\u2019s accounting policies. \u00a0
Subsidiaries are fully consolidated \u00a0
from the date of acquisition, being the \u00a0
date on which NKT obtains control, \u00a0
until the date that such control ceases. \u00a0
All intercompany balances, income \u00a0
and expenses, unrealised gains and \u00a0
losses and dividends resulting from \u00a0
intercompany transactions are elimi- \u00a0
nated in full. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9936": {
"value": "The Annual Report has been \u00a0
approved by the Board of Directors \u00a0
and Executive Management on 21 \u00a0
February 2025, and will be presented \u00a0
for approval by the shareholders at the \u00a0
Annual General Meeting on 19 March \u00a0
2025. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9949": {
"value": "Foreign currency translation \u00a0
Transactions in foreign currencies are \u00a0
initially recognised in the Group entities \u00a0
at their respective functional currency \u00a0
rates prevailing at the date of the trans- \u00a0
action. Monetary assets and liabilities \u00a0
denominated in foreign currencies are \u00a0
translated at the functional currency \u00a0
spot rate at the reporting date. All \u00a0
adjustments are recognised in the \u00a0
income statement. \u00a0
Non-monetary items that are meas- \u00a0
ured at historical cost in a foreign \u00a0
currency are translated using the \u00a0
exchange rates at the dates of the \u00a0
initial transactions. Non-monetary \u00a0
items measured at fair value in a for- \u00a0
eign currency are translated using the \u00a0
exchange rates at the date when the \u00a0
fair value is determined. \u00a0
The assets and liabilities of foreign \u00a0
subsidiaries are translated into EUR \u00a0
at the rate of exchange prevailing at \u00a0
the reporting date, and their income \u00a0
statements are translated at average \u00a0
exchange rates. Exchange rate adjust- \u00a0
ments arising on translation are recog- \u00a0
nised in other comprehensive income. \u00a0
On disposal of a foreign operation, the \u00a0
component of other comprehensive \u00a0
income relating to that operation is \u00a0
recognised in the income statement. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9965": {
"value": "New standards, interpretations \u00a0
and amendments adopted \u00a0
by NKT Group \u00a0
As of 1 January 2024, NKT Group \u00a0
adopted all relevant new or revised \u00a0
IFRS\u00ae Accounting Standards and \u00a0
IFRIC\u00ae Interpretations with effective \u00a0
date 1 January 2024 or earlier. \u00a0
The new or revised standards and \u00a0
interpretations did not affect recogni- \u00a0
tion and measurement materially nor \u00a0
did they result in any material changes \u00a0
to disclosures in the notes. \u00a0
Apart from this, the annual report is \u00a0
presented in accordance with the \u00a0
accounting policies applied in previ- \u00a0
ous years\u2019 annual reports. \u00a0
New standards, interpretations \u00a0
and amendments not yet \u00a0
adopted by NKT Group \u00a0
IASB has issued a number of new \u00a0
or amended accounting standards \u00a0
and interpretations, some of which \u00a0
are not yet endorsed by the EU, and \u00a0
which are not mandatory for reporting \u00a0
periods ending at 31 December 2024. \u00a0
The NKT Group expects to implement \u00a0
these new and amended standards \u00a0
when they become mandatory. \u00a0
Apart from IFRS 18 Presentation and \u00a0
Disclosure in Financial Statements \u00a0
none of the standards and interpreta- \u00a0
tions are expected to have a material \u00a0
impact on the NKT Group. \u00a0
The group\u2019s assessment of the impact \u00a0
of IFRS 18 Presentation and Disclo- \u00a0
sure in Financial Statements (effective \u00a0
for annual periods beginning on or \u00a0
after 1 January 2027) is set out below. \u00a0
IFRS 18 will replace IAS 1 Presentation \u00a0
of financial statements, introducing \u00a0
new requirements that will help to \u00a0
achieve comparability of the finan- \u00a0
cial performance of similar entities. \u00a0
Even though IFRS 18 will not impact \u00a0
the recognition or measurement of \u00a0
items in the financial statements, it \u00a0
is expected to impact presentation \u00a0
and disclosure and in particular those \u00a0
related to the statement of financial \u00a0
performance and providing manage- \u00a0
ment-defined performance measures \u00a0
within the financial statements. \u00a0
Management is currently assessing \u00a0
the detailed implications of applying \u00a0
the new standard on the group\u2019s con- \u00a0
solidated financial statements. From \u00a0
the high-level preliminary assessment \u00a0
performed, the following potential \u00a0
impacts have been identified: \u00a0
\u25a0
IFRS 18 introduces a defined struc- \u00a0
ture for the statement of profit or \u00a0
loss. The structure is composed of \u00a0
categories and required subtotals. \u00a0
Items in the statement of profit or \u00a0
loss will need to be classified into \u00a0
one of five categories: operating, \u00a0
investing, financing, income taxes \u00a0
and discontinued operations. The \u00a0
main change regarding subto- \u00a0
tals is the mandatory inclusion of \u00a0
\u2018Operating profit or loss\u2019. Additional \u00a0
subtotals can be presented in the \u00a0
statement of profit or loss. \u00a0
The group expects that grouping \u00a0
\u25a0
items of income and expenses in \u00a0
the statement of profit or loss into \u00a0
the new categories will impact how \u00a0
operating profit will be calculated \u00a0
and reported compared to the cur- \u00a0
rent EBIT subtotal. From the high- \u00a0
level impact assessment that the \u00a0
group has performed, the following \u00a0
items might potentially impact the \u00a0
new operating profit compared to \u00a0
the current EBIT: \u00a0
-
Foreign exchange differences \u00a0
currently included in financial \u00a0
items might need to be disag- \u00a0
gregated, with some foreign \u00a0
exchange gains or losses pre- \u00a0
sented above operating profit. \u00a0
-
IFRS 18 has specific require- \u00a0
ments on the category in which \u00a0
derivative gains or losses are \u00a0
recognised \u2013 which is the same \u00a0
category as the income and \u00a0
expenses affected by the risk \u00a0
that the derivative is used to \u00a0
manage. The group currently \u00a0
recognises some gains or losses \u00a0
in operating profit (currently \u00a0
EBIT) and others in financial \u00a0
items, and there might be a \u00a0
change to where these gains or \u00a0
losses are recognised, and the \u00a0
group is currently evaluating the \u00a0
need for change. \u00a0
-
Share of profit from associated \u00a0
companies currently included \u00a0
in EBIT needs to be presented \u00a0
as part of the investing category \u00a0
below Operating profit. \u00a0
For management-defined perfor- \u00a0
\u25a0
mance measures it will be required \u00a0
to include new disclosures and \u00a0
reconciliations to IFRS specified \u00a0
subtotals. \u00a0
From a cash flow statement per- \u00a0
\u25a0
spective, there will be changes to \u00a0
how interest received and interest \u00a0
paid are presented. Interest paid \u00a0
will be presented as financing \u00a0
cash flows and interest received \u00a0
as investing cash flows, which is a \u00a0
change from current presentation \u00a0
as part of operating cash flows. \u00a0
Furthermore, the cash flow state- \u00a0
ment will start with operating profit \u00a0
or loss instead of EBITDA. \u00a0
The group will apply the new standard \u00a0
from its mandatory effective date of \u00a0
1 January 2027. Retrospective appli- \u00a0
cation is required, and so the com- \u00a0
parative information for the financial \u00a0
year ending 31 December 2026 will be \u00a0
restated in accordance with IFRS 18. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9967": {
"value": "New standards, interpretations \u00a0
and amendments adopted \u00a0
by NKT Group \u00a0
As of 1 January 2024, NKT Group \u00a0
adopted all relevant new or revised \u00a0
IFRS\u00ae Accounting Standards and \u00a0
IFRIC\u00ae Interpretations with effective \u00a0
date 1 January 2024 or earlier. \u00a0
The new or revised standards and \u00a0
interpretations did not affect recogni- \u00a0
tion and measurement materially nor \u00a0
did they result in any material changes \u00a0
to disclosures in the notes. \u00a0
Apart from this, the annual report is \u00a0
presented in accordance with the \u00a0
accounting policies applied in previ- \u00a0
ous years\u2019 annual reports. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9968": {
"value": "New standards, interpretations \u00a0
and amendments adopted \u00a0
by NKT Group \u00a0
As of 1 January 2024, NKT Group \u00a0
adopted all relevant new or revised \u00a0
IFRS\u00ae Accounting Standards and \u00a0
IFRIC\u00ae Interpretations with effective \u00a0
date 1 January 2024 or earlier. \u00a0
The new or revised standards and \u00a0
interpretations did not affect recogni- \u00a0
tion and measurement materially nor \u00a0
did they result in any material changes \u00a0
to disclosures in the notes. \u00a0
Apart from this, the annual report is \u00a0
presented in accordance with the \u00a0
accounting policies applied in previ- \u00a0
ous years\u2019 annual reports. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9971": {
"value": "New standards, interpretations \u00a0
and amendments not yet \u00a0
adopted by NKT Group \u00a0
IASB has issued a number of new \u00a0
or amended accounting standards \u00a0
and interpretations, some of which \u00a0
are not yet endorsed by the EU, and \u00a0
which are not mandatory for reporting \u00a0
periods ending at 31 December 2024. \u00a0
The NKT Group expects to implement \u00a0
these new and amended standards \u00a0
when they become mandatory. \u00a0
Apart from IFRS 18 Presentation and \u00a0
Disclosure in Financial Statements \u00a0
none of the standards and interpreta- \u00a0
tions are expected to have a material \u00a0
impact on the NKT Group. \u00a0
The group\u2019s assessment of the impact \u00a0
of IFRS 18 Presentation and Disclo- \u00a0
sure in Financial Statements (effective \u00a0
for annual periods beginning on or \u00a0
after 1 January 2027) is set out below. \u00a0
IFRS 18 will replace IAS 1 Presentation \u00a0
of financial statements, introducing \u00a0
new requirements that will help to \u00a0
achieve comparability of the finan- \u00a0
cial performance of similar entities. \u00a0
Even though IFRS 18 will not impact \u00a0
the recognition or measurement of \u00a0
items in the financial statements, it \u00a0
is expected to impact presentation \u00a0
and disclosure and in particular those \u00a0
related to the statement of financial \u00a0
performance and providing manage- \u00a0
ment-defined performance measures \u00a0
within the financial statements. \u00a0
Management is currently assessing \u00a0
the detailed implications of applying \u00a0
the new standard on the group\u2019s con- \u00a0
solidated financial statements. From \u00a0
the high-level preliminary assessment \u00a0
performed, the following potential \u00a0
impacts have been identified: \u00a0
\u25a0
IFRS 18 introduces a defined struc- \u00a0
ture for the statement of profit or \u00a0
loss. The structure is composed of \u00a0
categories and required subtotals. \u00a0
Items in the statement of profit or \u00a0
loss will need to be classified into \u00a0
one of five categories: operating, \u00a0
investing, financing, income taxes \u00a0
and discontinued operations. The \u00a0
main change regarding subto- \u00a0
tals is the mandatory inclusion of \u00a0
\u2018Operating profit or loss\u2019. Additional \u00a0
subtotals can be presented in the \u00a0
statement of profit or loss. \u00a0
The group expects that grouping \u00a0
\u25a0
items of income and expenses in \u00a0
the statement of profit or loss into \u00a0
the new categories will impact how \u00a0
operating profit will be calculated \u00a0
and reported compared to the cur- \u00a0
rent EBIT subtotal. From the high- \u00a0
level impact assessment that the \u00a0
group has performed, the following \u00a0
items might potentially impact the \u00a0
new operating profit compared to \u00a0
the current EBIT: \u00a0
-
Foreign exchange differences \u00a0
currently included in financial \u00a0
items might need to be disag- \u00a0
gregated, with some foreign \u00a0
exchange gains or losses pre- \u00a0
sented above operating profit. \u00a0
-
IFRS 18 has specific require- \u00a0
ments on the category in which \u00a0
derivative gains or losses are \u00a0
recognised \u2013 which is the same \u00a0
category as the income and \u00a0
expenses affected by the risk \u00a0
that the derivative is used to \u00a0
manage. The group currently \u00a0
recognises some gains or losses \u00a0
in operating profit (currently \u00a0
EBIT) and others in financial \u00a0
items, and there might be a \u00a0
change to where these gains or \u00a0
losses are recognised, and the \u00a0
group is currently evaluating the \u00a0
need for change. \u00a0
-
Share of profit from associated \u00a0
companies currently included \u00a0
in EBIT needs to be presented \u00a0
as part of the investing category \u00a0
below Operating profit. \u00a0
For management-defined perfor- \u00a0
\u25a0
mance measures it will be required \u00a0
to include new disclosures and \u00a0
reconciliations to IFRS specified \u00a0
subtotals. \u00a0
From a cash flow statement per- \u00a0
\u25a0
spective, there will be changes to \u00a0
how interest received and interest \u00a0
paid are presented. Interest paid \u00a0
will be presented as financing \u00a0
cash flows and interest received \u00a0
as investing cash flows, which is a \u00a0
change from current presentation \u00a0
as part of operating cash flows. \u00a0
Furthermore, the cash flow state- \u00a0
ment will start with operating profit \u00a0
or loss instead of EBITDA. \u00a0
The group will apply the new standard \u00a0
from its mandatory effective date of \u00a0
1 January 2027. Retrospective appli- \u00a0
cation is required, and so the com- \u00a0
parative information for the financial \u00a0
year ending 31 December 2026 will be \u00a0
restated in accordance with IFRS 18. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact9990": {
"value": "1.3 Significant
estimates and judgements \u00a0
When preparing this Annual Report, \u00a0
Management has made a number of \u00a0
judgements in applying the account- \u00a0
ing policies, which form the basis for \u00a0
the recognition and measurement of \u00a0
assets, liabilities and disclosures pro- \u00a0
vided. Further, Management provides \u00a0
significant estimates regarding future \u00a0
developments. These are regularly \u00a0
reassessed based on historical expe- \u00a0
rience and other factors, which Man- \u00a0
agement assesses to be reliable, but \u00a0
which, by their nature, are associated \u00a0
with uncertainty and unpredictability. \u00a0
Significant estimates and judgements \u00a0
are predominantly applied in relation \u00a0
to the recognition of revenue from \u00a0
construction contracts, assessing the \u00a0
value of contract assets and liabilities, \u00a0
and assessing the value of deferred \u00a0
tax assets. These assumptions may \u00a0
prove incomplete or incorrect, and \u00a0
unexpected events or circumstances \u00a0
may arise, but the assumptions are \u00a0
considered reasonable and reliable \u00a0
under the circumstances. \u00a0
From Management's perspective, the \u00a0
following estimates and judgements \u00a0
are considered significant and the \u00a0
applied estimates and judgements \u00a0
are further described in the respective \u00a0
notes. \u00a0
Presentation in the notes \u00a0
Significant estimates \u00a0
and judgements \u00a0
A description of the significant \u00a0
judgements and estimates provided \u00a0
by Management are included in the \u00a0
respective notes to which they relate. \u00a0
Note \u00a0
Significant estimate and judgement \u00a0
Estimate/ Judgement \u00a0
Impact assessment1 \u00a0
2.1 \u00a0
Segment information and revenue
Determine revenue recognition for projects (PoC) \u00a0
Judgement and estimate \u00a0
4.5 \u00a0
Contract assets and liabilities \u00a0
Valuation of construction contracts \u00a0
Estimate \u00a0
2.5 \u00a0
Tax \u00a0
Valuation of deferred tax assets \u00a0
Judgement and estimate \u00a0
3.4 \u00a0
Impairment of assets \u00a0
Estimate the value-in-use of intangible and tangible long-term assets \u00a0
Estimate \u00a0
3.5 \u00a0
Provisions \u00a0
Determine likelihood and value of provisions \u00a0
Judgement and estimate \u00a0
6.1 \u00a0
Aquisition of companies \u00a0
Determine value of acquired assets and liabilities \u00a0
Estimate \u00a0
7.3 \u00a0
Contingent liabilities \u00a0
Determine recognition and measurement of obligations \u00a0
Judgement and estimate \u00a0
1 The numbers of boxes in the above assessment indicate the level of estimates and judgment applied, where five being the highest. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Cable projects are to a certain \u00a0
degree measured based on man- \u00a0
agement judgement in terms of \u00a0
when to recognise revenue and how \u00a0
to calculate the revenue in terms of \u00a0
percentage-of-completion and esti- \u00a0
mated profit on each project. The \u00a0
estimates include a risk provision, \u00a0
which is based on an assessment of \u00a0
the specific risks that each project \u00a0
is exposed to as well as assessment \u00a0
of cost development over the project \u00a0
lifetime. The percentage-of-com- \u00a0
pletion is based on costs incurred \u00a0
against estimated total project costs. \u00a0
Cost estimates include assessment \u00a0
of short and long term development \u00a0
of cost levels over the project lifetime. \u00a0
In essence, the total project costs are \u00a0
therefore to a large extent based on \u00a0
estimates. \u00a0
Assumptions for the recognition of \u00a0
revenue over time regarding larger \u00a0
cable projects are determined con- \u00a0
tract by contract. Control is trans- \u00a0
ferred as the project progresses, \u00a0
based on assumptions such as: \u00a0
Deliveries being approved on an \u00a0
\u25a0
ongoing basis, \u00a0
NKT Group\u2019s ability to provide prod- \u00a0
\u25a0
ucts according to specification and \u00a0
the risk that the cable is rejected. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Management judgements and \u00a0
estimates regarding deferred \u00a0
tax assets and provisions for \u00a0
uncertain tax positions \u00a0
Deferred tax assets relating to tax \u00a0
losses carried forward are recognised \u00a0
when Management assesses that \u00a0
these can be utilised in the fore- \u00a0
seeable future. The assessment of \u00a0
possible utilisation include significant \u00a0
estimates and judgements, and the \u00a0
assessment is based on budgets and \u00a0
business plans for the following years, \u00a0
including the development in revenues \u00a0
based on the high-voltage order back- \u00a0
log.The assessment is performed at \u00a0
the reporting date considering local \u00a0
tax legislation and Management\u2019s \u00a0
business plans, and are only recog- \u00a0
nised if it is probable that future tax- \u00a0
able profit will allow the deferred tax \u00a0
asset to be recovered. \u00a0
As the NKT Group conducts business \u00a0
around the world, tax and transfer \u00a0
pricing disputes with local tax author- \u00a0
ities may occur. When assessing the \u00a0
expected outcome of these possible \u00a0
disputes, NKT Group applies IFRIC 23 \u00a0
\u2018Uncertainty over Income Tax Treat- \u00a0
ments\u2019 and methods directed herein \u00a0
when making provisions for uncertain \u00a0
tax positions. As this is an assess- \u00a0
ment, the actual obligations may \u00a0
deviate and will depend on the result \u00a0
of litigations and settlements with the \u00a0
tax authorities. Any taxes relating to \u00a0
tax disputes are included in Income \u00a0
tax receivables, Income tax payables \u00a0
or deferred tax based on an assess- \u00a0
ment of the most likely outcome of the \u00a0
disputes. \u00a0
Significant estimates \u00a0
and judgements \u00a0
For goodwill impairment testing, a \u00a0
number of estimates are made on \u00a0
the development in revenues, gross \u00a0
profits, conversion ratios, future \u00a0
capital expenditures, discount rates \u00a0
and growth expectations in the ter- \u00a0
minal period. These are based on \u00a0
an assessment of current and future \u00a0
developments \u00a0
in the three cash-generating units and \u00a0
on historical data and assumptions \u00a0
of future expected market develop- \u00a0
ments, including expected long-term \u00a0
average market growth rates. Data \u00a0
includes both internal and external \u00a0
data sources. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Provisions, including contingencies \u00a0
and the likely outcome of pending and \u00a0
potential legal proceedings are con- \u00a0
tinuously assessed. The outcome of \u00a0
such proceedings depends on future \u00a0
events, which are, by nature, uncer- \u00a0
tain. When considering provisions \u00a0
involving significant estimates, opin- \u00a0
ions and estimates by internal experts, \u00a0
external legal experts as well as exist- \u00a0
ing case law are applied in assessing \u00a0
the probable outcome. \u00a0
Significant estimates \u00a0
The recognition of revenue and related \u00a0
contract assets and liabilities are \u00a0
subject to uncertainty. Construction \u00a0
contracts are measured based on \u00a0
Management\u2019s judgement in terms of \u00a0
percentage-of-completion and esti- \u00a0
mated profit on a project-by-project \u00a0
approach to estimate the expected \u00a0
selling prices which affect the value \u00a0
recognised in the balance sheet. The \u00a0
estimate includes a risk provision, \u00a0
which is based on an assessment of \u00a0
the specific risk that each project is \u00a0
exposed to. Management\u2019s estimates \u00a0
are based on the most likely outcomes \u00a0
of the projects. \u00a0
Financial income and expenses \u00a0
comprise interest income and \u00a0
expenses, dividends received, net \u00a0
exchange gains or losses on balances \u00a0
denominated in foreign currencies, \u00a0
amortisation of financial assets and \u00a0
liabilities, allowances under the Danish \u00a0
tax prepayment scheme, as well as \u00a0
changes in the fair value of derivative \u00a0
financial instruments not designated \u00a0
as hedges. \u00a0
Significant estimates \u00a0
and judgements \u00a0
In applying the purchase method of \u00a0
accounting, estimates are an integral \u00a0
part of assessing fair values of iden- \u00a0
tifiable assets acquired and liabilities \u00a0
assumed, as observable market \u00a0
prices are typically not available. Valu- \u00a0
ation techniques where estimates are \u00a0
applied typically relate to determining \u00a0
the present value of future uncertain \u00a0
cash flows or assessing other events \u00a0
in which the outcome is uncertain at \u00a0
the date of acquisition. Significant esti- \u00a0
mates are typically applied in account- \u00a0
ing for property, plant and equipment, \u00a0
customer relationships, deferred tax \u00a0
debt and provisions. As a result of the \u00a0
uncertainties inherent in fair value esti- \u00a0
mation, measurement period adjust- \u00a0
ments may be applied. \u00a0
Significant estimates and judgements
Disclosures for contingent assets \u00a0
and liabilities and when they must be \u00a0
recognised is derived from evalua- \u00a0
tions of the expected outcome of the \u00a0
individual issues. These evaluations \u00a0
are based on legal opinions of the \u00a0
agreements contracted, which in \u00a0
significant instances also include opin- \u00a0
ions obtained from external advisors, \u00a0
including lawyers. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10003": {
"value": "This section relates to profit for the year, \u00a0
including revenue, segment information, \u00a0
staff costs, share-based payments, \u00a0
research and development costs, and tax. \u00a0
2.1 Segment
information and revenue \u00a0
Service & \u00a0
Non \u00a0
Intersegment \u00a0
EURm \u00a0
Solutions \u00a0
Applications \u00a0
Accessories \u00a0
allocated \u00a0
transaction \u00a0
Total NKT \u00a0
2024 \u00a0
Income statement \u00a0
External revenue goods1) \u00a0
33 \u00a0
1,224 \u00a0
114 \u00a0
0
0
1,371 \u00a0
Intersegment revenue goods1) \u00a0
3
1
47 \u00a0
0
-51 \u00a0
0
External revenue service, etc.1) 2) \u00a0
22 \u00a0
0
10 \u00a0
0
0
32 \u00a0
Intersegment revenue service1) 2) \u00a0
3
0
2
0
-5 \u00a0
0
External revenue construction contracts2) \u00a0
1,783 \u00a0
0
66 \u00a0
0
0
1,849 \u00a0
Intersegment revenue construction contracts2) \u00a0
-22 \u00a0
12 \u00a0
19 \u00a0
0
-9 \u00a0
0
Revenue (market prices) \u00a0
1,822 \u00a0
1,237 \u00a0
258 \u00a0
0
-65 \u00a0
3,252 \u00a0
Adjustment of market prices to std. metal prices \u00a0
-224 \u00a0
-548 \u00a0
-1 \u00a0
0
10 \u00a0
-763 \u00a0
Revenue (std. metal prices)3) \u00a0
1,598 \u00a0
689 \u00a0
257 \u00a0
0
-55 \u00a0
2,489 \u00a0
Costs of raw materials, consumables and goods for resale \u00a0
-1,206 \u00a0
-974 \u00a0
-114 \u00a0
10 \u00a0
69 \u00a0
-2,215 \u00a0
Other costs and income, net (excl. one-off items) \u00a0
-364 \u00a0
-199 \u00a0
-119 \u00a0
-7 \u00a0
-4 \u00a0
-693 \u00a0
Operational EBITDA3) \u00a0
252 \u00a0
64 \u00a0
25 \u00a0
3
0
344 \u00a0
Depreciation, amortisation and impairment \u00a0
-71 \u00a0
-23 \u00a0
-6 \u00a0
-3 \u00a0
0
-103 \u00a0
Operational EBIT3) \u00a0
181 \u00a0
41 \u00a0
19 \u00a0
0
0
241 \u00a0
Working capital3) \u00a0
-1,546 \u00a0
51 \u00a0
21 \u00a0
42 \u00a0
0
-1,432 \u00a0
Reconciliation to net result \u00a0
Operational EBITDA \u00a0
344 \u00a0
One-off items3) \u00a0
-1 \u00a0
EBITDA \u00a0
343 \u00a0
Depreciation, amortisation, and impairment \u00a0
-103 \u00a0
EBIT \u00a0
240 \u00a0
Financial items, net \u00a0
34 \u00a0
EBT \u00a0
274 \u00a0
Tax \u00a0
-38 \u00a0
Net result - continuing operations \u00a0
236 \u00a0
Net result - discontinued operations \u00a0
101 \u00a0
Net result \u00a0
337 \u00a0
1)Revenue recognised at a point in time. \u00a0
2)Revenue recognised over time. \u00a0
3)Refer to note 7.5 Definitions. \u00a0
Service & \u00a0
Non \u00a0
Intersegment \u00a0
EURm \u00a0
Solutions \u00a0
Applications \u00a0
Accessories \u00a0
allocated \u00a0
transaction \u00a0
Total NKT \u00a0
2023 \u00a0
Income statement \u00a0
External revenue goods1) \u00a0
42 \u00a0
1,097 \u00a0
125 \u00a0
0
0
1,264 \u00a0
Intersegment revenue goods1) \u00a0
0
19 \u00a0
36 \u00a0
0
-55 \u00a0
0
External revenue service, etc.1) 2) \u00a0
25 \u00a0
0
8
0
0
33 \u00a0
Intersegment revenue service, etc. \u00a0
1) 2) \u00a0
1
0
2
0
-3 \u00a0
0
External revenue construction contracts2) \u00a0
1,255 \u00a0
0
15 \u00a0
0
0
1,270 \u00a0
Intersegment revenue construction contracts2) \u00a0
-10 \u00a0
0
14 \u00a0
0
-4 \u00a0
0
Revenue (market prices) \u00a0
1,313 \u00a0
1,116 \u00a0
200 \u00a0
0
-62 \u00a0
2,567 \u00a0
Adjustment of market prices to std. metal prices \u00a0
-162 \u00a0
-478 \u00a0
0
0
0
-640 \u00a0
Revenue (std. metal prices)3) \u00a0
1,151 \u00a0
638 \u00a0
200 \u00a0
0
-62 \u00a0
1,927 \u00a0
Costs of raw materials, consumables and goods for resale \u00a0
-852 \u00a0
-884 \u00a0
-83 \u00a0
4
68 \u00a0
-1,747 \u00a0
Other costs and income, net (excl. one-off items) \u00a0
-279 \u00a0
-173 \u00a0
-98 \u00a0
-9 \u00a0
-6 \u00a0
-565 \u00a0
Operational EBITDA3) \u00a0
182 \u00a0
59 \u00a0
19 \u00a0
-5 \u00a0
0
255 \u00a0
Depreciation, amortisation, and impairment \u00a0
-69 \u00a0
-15 \u00a0
-5 \u00a0
-1 \u00a0
0
-90 \u00a0
Operational EBIT3) \u00a0
113 \u00a0
44 \u00a0
14 \u00a0
-6 \u00a0
0
165 \u00a0
Working capital3) \u00a0
-739 \u00a0
39 \u00a0
31 \u00a0
-40 \u00a0
0
-709 \u00a0
Reconciliation to net result \u00a0
Operational EBITDA \u00a0
255 \u00a0
One-off items3) \u00a0
0
EBITDA \u00a0
255 \u00a0
Depreciation, amortisation and impairment \u00a0
-90 \u00a0
EBIT \u00a0
165 \u00a0
Financial items, net \u00a0
-16 \u00a0
EBT \u00a0
149 \u00a0
Tax \u00a0
-30 \u00a0
Net result - continuing operations \u00a0
119 \u00a0
Net result - discontinued operations \u00a0
5
Net result \u00a0
124 \u00a0
1)Revenue recognised at a point in time. \u00a0
2)Revenue recognised over time. \u00a0
3)Refer to note 7.5 Definitions. \u00a0
Geographical information \u00a0
Property, plant and \u00a0
equitment and \u00a0
Revenue \u00a0
intangible assets \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Denmark \u00a0
124 \u00a0
110 \u00a0
26 \u00a0
12 \u00a0
Germany \u00a0
906 \u00a0
764 \u00a0
363 \u00a0
332 \u00a0
Sweden \u00a0
127 \u00a0
122 \u00a0
1,329 \u00a0
995 \u00a0
UK \u00a0
448 \u00a0
399 \u00a0
19 \u00a0
18 \u00a0
Poland \u00a0
295 \u00a0
257 \u00a0
24 \u00a0
22 \u00a0
USA \u00a0
613 \u00a0
391 \u00a0
2
4
Norway \u00a0
170 \u00a0
84 \u00a0
76 \u00a0
82 \u00a0
Czech Republic \u00a0
72 \u00a0
77 \u00a0
96 \u00a0
83 \u00a0
France \u00a0
71 \u00a0
26 \u00a0
0
0
Netherlands \u00a0
75 \u00a0
28 \u00a0
8
7
Portugal \u00a0
2
0
165 \u00a0
0
Other \u00a0
349 \u00a0
309 \u00a0
2
3
Total \u00a0
3,252 \u00a0
2,567 \u00a0
2,110 \u00a0
1,558 \u00a0
Intersegment transactions are performed on market terms. One customer in \u00a0
the Solutions segment comprises more than 10% of the group's total revenue \u00a0
amounting to EUR 612m (391m in 2023). The geographical disclosure of revenue is \u00a0
based on the country of delivery. \u00a0
Revenue from construction contracts \u00a0
with customers with a high degree of \u00a0
individual customisation and no alter- \u00a0
native use, are recognised as revenue \u00a0
over time, provided that NKT Group has \u00a0
secured an enforceable right to pay- \u00a0
ment for work performed at any time. \u00a0
The revenue therefore corresponds to \u00a0
the sales price of work performed dur- \u00a0
ing the year (the percentage-of-com- \u00a0
pletion method). See note 4.5 Contract \u00a0
assets and liabilities for further informa- \u00a0
tion concerning construction contracts. \u00a0
Revenue from sale of goods for resale \u00a0
and finished goods is recognised in \u00a0
the income statement when control \u00a0
of the goods has transferred to the \u00a0
buyer, normally at delivery, and it \u00a0
is probable that the income will be \u00a0
received. \u00a0
Revenue from services that include \u00a0
service packages and extended war- \u00a0
ranties relating to products and con- \u00a0
tracts is recognised over time with the \u00a0
supply of those services. \u00a0
Revenue is measured at the fair \u00a0
value of the expected consideration \u00a0
excluding VAT and taxes charged on \u00a0
behalf of third parties. In determin- \u00a0
ing the transaction price, revenue is \u00a0
reduced by probable penalties and \u00a0
other claims and discounts that are \u00a0
payments to the customers. The \u00a0
transaction price is further adjusted for \u00a0
any variable elements of the transac- \u00a0
tion price. The variable amount is esti- \u00a0
mated at contract inception and revis- \u00a0
ited throughout the contract period. \u00a0
Variable income is recognised as \u00a0
revenue when it is highly probable that \u00a0
a significant reversal will not occur. \u00a0
Projects \u00a0
Revenue from the sale of cable pro- \u00a0
jects accounted for as construction \u00a0
contracts comprises sale of onshore \u00a0
and offshore highly customised cables \u00a0
in Solutions, and delivery of highly \u00a0
customised spare cables in Service. \u00a0
Projects are usually significant in \u00a0
amount, have a long lead time affect- \u00a0
ing the financial statements of more \u00a0
reporting periods, and have a high \u00a0
degree of project management. \u00a0
Each project is normally considered \u00a0
one performance obligation as each \u00a0
project comprises highly interrelated \u00a0
and interdependent physical assets \u00a0
and services, such as production, \u00a0
installation and project management. \u00a0
However, depending on the contract \u00a0
structure, the performance obligation \u00a0
may consist of more than one con- \u00a0
tract. \u00a0
Cable projects are often sold as fixed \u00a0
price contracts and revenue from \u00a0
these are therefore recognised over \u00a0
time by applying the percentage of \u00a0
completion cost-to-cost method. \u00a0
Payment terms of a cable project con- \u00a0
tract usually comprise the following \u00a0
payments: \u00a0
Prepayment from the customer at \u00a0
\u25a0
contract inception, \u00a0
progress payments, linked to pro- \u00a0
\u25a0
ject milestones, \u00a0
final payment upon completion and \u00a0
\u25a0
customer acceptance. \u00a0
NKT Group will usually obtain pay- \u00a0
ment guarantees to minimise counter \u00a0
party risk during the execution of \u00a0
cable projects. \u00a0
Sale of products \u00a0
Sale of products relates to the sale of \u00a0
smaller less customised cable pro- \u00a0
jects, standardised cables and equip- \u00a0
ment. Small cable projects with little or \u00a0
no customisation usually have a short \u00a0
lead time of less than one year. Each \u00a0
delivered product is considered one \u00a0
performance obligation. Most of the \u00a0
products are sold at a fixed price and \u00a0
revenue is usually recognised at the \u00a0
point in time when the control of the \u00a0
products transfers to the customers, \u00a0
usually upon delivery. \u00a0
For standardised products, NKT \u00a0
Group is usually entitled to pay- \u00a0
ment upon delivery, and payment \u00a0
terms vary by market but are usually \u00a0
between 0-60 days. \u00a0
Service contracts \u00a0
Service contracts comprise various \u00a0
service elements to support power \u00a0
cable efficiency and prevent or mit- \u00a0
igate power cable failures and can \u00a0
include up to round-the-clock, 365 \u00a0
days/year support. Service delivered \u00a0
according to the contracts is consid- \u00a0
ered as one performance obligation \u00a0
delivered over time. Revenue is \u00a0
accordingly recognised over the life of \u00a0
the contract using the the percentage \u00a0
of completion cost-to-cost method. \u00a0
NKT Group is either entitled to pay- \u00a0
ment once the service has been pro- \u00a0
vided or on a periodic basis. \u00a0
Spare parts and other repair work \u00a0
contracts are determined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually variable, depending on \u00a0
the produced output, and revenue is \u00a0
recognised over time, using the cost- \u00a0
to-cost method. In case of significant \u00a0
uncertainties related to measuring the \u00a0
revenue reliably, revenue is recognised \u00a0
according to payments. NKT Group is \u00a0
entitled to payment once the work or \u00a0
spare parts are delivered. \u00a0
Providing new highly customised \u00a0
spare cables is defined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually fixed and revenue is \u00a0
typically recognised over time using \u00a0
the percentage of completion cost-to- \u00a0
cost method. However, if the produc- \u00a0
tion time is less than one month, reve- \u00a0
nue is recognised at a point in time. \u00a0
The payment pattern for spare cables \u00a0
is similar to the pattern for cable pro- \u00a0
jects described above and NKT Group \u00a0
will usually obtain payment guarantees \u00a0
to minimise the risk during the execu- \u00a0
tion of the cable project. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Cable projects are to a certain \u00a0
degree measured based on man- \u00a0
agement judgement in terms of \u00a0
when to recognise revenue and how \u00a0
to calculate the revenue in terms of \u00a0
percentage-of-completion and esti- \u00a0
mated profit on each project. The \u00a0
estimates include a risk provision, \u00a0
which is based on an assessment of \u00a0
the specific risks that each project \u00a0
is exposed to as well as assessment \u00a0
of cost development over the project \u00a0
lifetime. The percentage-of-com- \u00a0
pletion is based on costs incurred \u00a0
against estimated total project costs. \u00a0
Cost estimates include assessment \u00a0
of short and long term development \u00a0
of cost levels over the project lifetime. \u00a0
In essence, the total project costs are \u00a0
therefore to a large extent based on \u00a0
estimates. \u00a0
Assumptions for the recognition of \u00a0
revenue over time regarding larger \u00a0
cable projects are determined con- \u00a0
tract by contract. Control is trans- \u00a0
ferred as the project progresses, \u00a0
based on assumptions such as: \u00a0
Deliveries being approved on an \u00a0
\u25a0
ongoing basis, \u00a0
NKT Group\u2019s ability to provide prod- \u00a0
\u25a0
ucts according to specification and \u00a0
the risk that the cable is rejected. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10004": {
"value": "This section relates to profit for the year, \u00a0
including revenue, segment information, \u00a0
staff costs, share-based payments, \u00a0
research and development costs, and tax. \u00a0
2.1 Segment
information and revenue \u00a0
Service & \u00a0
Non \u00a0
Intersegment \u00a0
EURm \u00a0
Solutions \u00a0
Applications \u00a0
Accessories \u00a0
allocated \u00a0
transaction \u00a0
Total NKT \u00a0
2024 \u00a0
Income statement \u00a0
External revenue goods1) \u00a0
33 \u00a0
1,224 \u00a0
114 \u00a0
0
0
1,371 \u00a0
Intersegment revenue goods1) \u00a0
3
1
47 \u00a0
0
-51 \u00a0
0
External revenue service, etc.1) 2) \u00a0
22 \u00a0
0
10 \u00a0
0
0
32 \u00a0
Intersegment revenue service1) 2) \u00a0
3
0
2
0
-5 \u00a0
0
External revenue construction contracts2) \u00a0
1,783 \u00a0
0
66 \u00a0
0
0
1,849 \u00a0
Intersegment revenue construction contracts2) \u00a0
-22 \u00a0
12 \u00a0
19 \u00a0
0
-9 \u00a0
0
Revenue (market prices) \u00a0
1,822 \u00a0
1,237 \u00a0
258 \u00a0
0
-65 \u00a0
3,252 \u00a0
Adjustment of market prices to std. metal prices \u00a0
-224 \u00a0
-548 \u00a0
-1 \u00a0
0
10 \u00a0
-763 \u00a0
Revenue (std. metal prices)3) \u00a0
1,598 \u00a0
689 \u00a0
257 \u00a0
0
-55 \u00a0
2,489 \u00a0
Costs of raw materials, consumables and goods for resale \u00a0
-1,206 \u00a0
-974 \u00a0
-114 \u00a0
10 \u00a0
69 \u00a0
-2,215 \u00a0
Other costs and income, net (excl. one-off items) \u00a0
-364 \u00a0
-199 \u00a0
-119 \u00a0
-7 \u00a0
-4 \u00a0
-693 \u00a0
Operational EBITDA3) \u00a0
252 \u00a0
64 \u00a0
25 \u00a0
3
0
344 \u00a0
Depreciation, amortisation and impairment \u00a0
-71 \u00a0
-23 \u00a0
-6 \u00a0
-3 \u00a0
0
-103 \u00a0
Operational EBIT3) \u00a0
181 \u00a0
41 \u00a0
19 \u00a0
0
0
241 \u00a0
Working capital3) \u00a0
-1,546 \u00a0
51 \u00a0
21 \u00a0
42 \u00a0
0
-1,432 \u00a0
Reconciliation to net result \u00a0
Operational EBITDA \u00a0
344 \u00a0
One-off items3) \u00a0
-1 \u00a0
EBITDA \u00a0
343 \u00a0
Depreciation, amortisation, and impairment \u00a0
-103 \u00a0
EBIT \u00a0
240 \u00a0
Financial items, net \u00a0
34 \u00a0
EBT \u00a0
274 \u00a0
Tax \u00a0
-38 \u00a0
Net result - continuing operations \u00a0
236 \u00a0
Net result - discontinued operations \u00a0
101 \u00a0
Net result \u00a0
337 \u00a0
1)Revenue recognised at a point in time. \u00a0
2)Revenue recognised over time. \u00a0
3)Refer to note 7.5 Definitions. \u00a0
Service & \u00a0
Non \u00a0
Intersegment \u00a0
EURm \u00a0
Solutions \u00a0
Applications \u00a0
Accessories \u00a0
allocated \u00a0
transaction \u00a0
Total NKT \u00a0
2023 \u00a0
Income statement \u00a0
External revenue goods1) \u00a0
42 \u00a0
1,097 \u00a0
125 \u00a0
0
0
1,264 \u00a0
Intersegment revenue goods1) \u00a0
0
19 \u00a0
36 \u00a0
0
-55 \u00a0
0
External revenue service, etc.1) 2) \u00a0
25 \u00a0
0
8
0
0
33 \u00a0
Intersegment revenue service, etc. \u00a0
1) 2) \u00a0
1
0
2
0
-3 \u00a0
0
External revenue construction contracts2) \u00a0
1,255 \u00a0
0
15 \u00a0
0
0
1,270 \u00a0
Intersegment revenue construction contracts2) \u00a0
-10 \u00a0
0
14 \u00a0
0
-4 \u00a0
0
Revenue (market prices) \u00a0
1,313 \u00a0
1,116 \u00a0
200 \u00a0
0
-62 \u00a0
2,567 \u00a0
Adjustment of market prices to std. metal prices \u00a0
-162 \u00a0
-478 \u00a0
0
0
0
-640 \u00a0
Revenue (std. metal prices)3) \u00a0
1,151 \u00a0
638 \u00a0
200 \u00a0
0
-62 \u00a0
1,927 \u00a0
Costs of raw materials, consumables and goods for resale \u00a0
-852 \u00a0
-884 \u00a0
-83 \u00a0
4
68 \u00a0
-1,747 \u00a0
Other costs and income, net (excl. one-off items) \u00a0
-279 \u00a0
-173 \u00a0
-98 \u00a0
-9 \u00a0
-6 \u00a0
-565 \u00a0
Operational EBITDA3) \u00a0
182 \u00a0
59 \u00a0
19 \u00a0
-5 \u00a0
0
255 \u00a0
Depreciation, amortisation, and impairment \u00a0
-69 \u00a0
-15 \u00a0
-5 \u00a0
-1 \u00a0
0
-90 \u00a0
Operational EBIT3) \u00a0
113 \u00a0
44 \u00a0
14 \u00a0
-6 \u00a0
0
165 \u00a0
Working capital3) \u00a0
-739 \u00a0
39 \u00a0
31 \u00a0
-40 \u00a0
0
-709 \u00a0
Reconciliation to net result \u00a0
Operational EBITDA \u00a0
255 \u00a0
One-off items3) \u00a0
0
EBITDA \u00a0
255 \u00a0
Depreciation, amortisation and impairment \u00a0
-90 \u00a0
EBIT \u00a0
165 \u00a0
Financial items, net \u00a0
-16 \u00a0
EBT \u00a0
149 \u00a0
Tax \u00a0
-30 \u00a0
Net result - continuing operations \u00a0
119 \u00a0
Net result - discontinued operations \u00a0
5
Net result \u00a0
124 \u00a0
1)Revenue recognised at a point in time. \u00a0
2)Revenue recognised over time. \u00a0
3)Refer to note 7.5 Definitions. \u00a0
Geographical information \u00a0
Property, plant and \u00a0
equitment and \u00a0
Revenue \u00a0
intangible assets \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Denmark \u00a0
124 \u00a0
110 \u00a0
26 \u00a0
12 \u00a0
Germany \u00a0
906 \u00a0
764 \u00a0
363 \u00a0
332 \u00a0
Sweden \u00a0
127 \u00a0
122 \u00a0
1,329 \u00a0
995 \u00a0
UK \u00a0
448 \u00a0
399 \u00a0
19 \u00a0
18 \u00a0
Poland \u00a0
295 \u00a0
257 \u00a0
24 \u00a0
22 \u00a0
USA \u00a0
613 \u00a0
391 \u00a0
2
4
Norway \u00a0
170 \u00a0
84 \u00a0
76 \u00a0
82 \u00a0
Czech Republic \u00a0
72 \u00a0
77 \u00a0
96 \u00a0
83 \u00a0
France \u00a0
71 \u00a0
26 \u00a0
0
0
Netherlands \u00a0
75 \u00a0
28 \u00a0
8
7
Portugal \u00a0
2
0
165 \u00a0
0
Other \u00a0
349 \u00a0
309 \u00a0
2
3
Total \u00a0
3,252 \u00a0
2,567 \u00a0
2,110 \u00a0
1,558 \u00a0
Intersegment transactions are performed on market terms. One customer in \u00a0
the Solutions segment comprises more than 10% of the group's total revenue \u00a0
amounting to EUR 612m (391m in 2023). The geographical disclosure of revenue is \u00a0
based on the country of delivery. \u00a0
Accounting policy \u00a0
Segment information \u00a0
The segment information is based on \u00a0
internal management reporting and \u00a0
is presented in accordance with the \u00a0
Group\u2019s accounting policies. \u00a0
Segment income and expenses and \u00a0
segment working capital comprise \u00a0
those items that are directly attribut- \u00a0
able to the individual segment and \u00a0
those items that can be reliably allo- \u00a0
cated to it. Other items are shown as \u00a0
non-allocated. \u00a0
The operating segments are generally \u00a0
referred to as business lines. The \u00a0
business lines consist of Solutions, \u00a0
Applications and Service & Accesso- \u00a0
ries. For further details please refer to \u00a0
the Business review section of each \u00a0
business line in Management's review. \u00a0
The Board of Directors assesses the \u00a0
operating results of the business lines \u00a0
separately to enable decisions con- \u00a0
cerning allocation of resources and \u00a0
measurement of performance. \u00a0
Revenue from goods and short-term \u00a0
service contracts (less than three \u00a0
months) are recognised at a point in \u00a0
time while revenue from construction \u00a0
contracts and long-term service con- \u00a0
tracts are recognised over time. \u00a0
Projects \u00a0
Revenue from the sale of cable pro- \u00a0
jects accounted for as construction \u00a0
contracts comprises sale of onshore \u00a0
and offshore highly customised cables \u00a0
in Solutions, and delivery of highly \u00a0
customised spare cables in Service. \u00a0
Projects are usually significant in \u00a0
amount, have a long lead time affect- \u00a0
ing the financial statements of more \u00a0
reporting periods, and have a high \u00a0
degree of project management. \u00a0
Each project is normally considered \u00a0
one performance obligation as each \u00a0
project comprises highly interrelated \u00a0
and interdependent physical assets \u00a0
and services, such as production, \u00a0
installation and project management. \u00a0
However, depending on the contract \u00a0
structure, the performance obligation \u00a0
may consist of more than one con- \u00a0
tract. \u00a0
Cable projects are often sold as fixed \u00a0
price contracts and revenue from \u00a0
these are therefore recognised over \u00a0
time by applying the percentage of \u00a0
completion cost-to-cost method. \u00a0
Payment terms of a cable project con- \u00a0
tract usually comprise the following \u00a0
payments: \u00a0
Prepayment from the customer at \u00a0
\u25a0
contract inception, \u00a0
progress payments, linked to pro- \u00a0
\u25a0
ject milestones, \u00a0
final payment upon completion and \u00a0
\u25a0
customer acceptance. \u00a0
NKT Group will usually obtain pay- \u00a0
ment guarantees to minimise counter \u00a0
party risk during the execution of \u00a0
cable projects. \u00a0
Sale of products \u00a0
Sale of products relates to the sale of \u00a0
smaller less customised cable pro- \u00a0
jects, standardised cables and equip- \u00a0
ment. Small cable projects with little or \u00a0
no customisation usually have a short \u00a0
lead time of less than one year. Each \u00a0
delivered product is considered one \u00a0
performance obligation. Most of the \u00a0
products are sold at a fixed price and \u00a0
revenue is usually recognised at the \u00a0
point in time when the control of the \u00a0
products transfers to the customers, \u00a0
usually upon delivery. \u00a0
For standardised products, NKT \u00a0
Group is usually entitled to pay- \u00a0
ment upon delivery, and payment \u00a0
terms vary by market but are usually \u00a0
between 0-60 days. \u00a0
Service contracts \u00a0
Service contracts comprise various \u00a0
service elements to support power \u00a0
cable efficiency and prevent or mit- \u00a0
igate power cable failures and can \u00a0
include up to round-the-clock, 365 \u00a0
days/year support. Service delivered \u00a0
according to the contracts is consid- \u00a0
ered as one performance obligation \u00a0
delivered over time. Revenue is \u00a0
accordingly recognised over the life of \u00a0
the contract using the the percentage \u00a0
of completion cost-to-cost method. \u00a0
NKT Group is either entitled to pay- \u00a0
ment once the service has been pro- \u00a0
vided or on a periodic basis. \u00a0
Spare parts and other repair work \u00a0
contracts are determined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually variable, depending on \u00a0
the produced output, and revenue is \u00a0
recognised over time, using the cost- \u00a0
to-cost method. In case of significant \u00a0
uncertainties related to measuring the \u00a0
revenue reliably, revenue is recognised \u00a0
according to payments. NKT Group is \u00a0
entitled to payment once the work or \u00a0
spare parts are delivered. \u00a0
Providing new highly customised \u00a0
spare cables is defined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually fixed and revenue is \u00a0
typically recognised over time using \u00a0
the percentage of completion cost-to- \u00a0
cost method. However, if the produc- \u00a0
tion time is less than one month, reve- \u00a0
nue is recognised at a point in time. \u00a0
The payment pattern for spare cables \u00a0
is similar to the pattern for cable pro- \u00a0
jects described above and NKT Group \u00a0
will usually obtain payment guarantees \u00a0
to minimise the risk during the execu- \u00a0
tion of the cable project. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10005": {
"value": "This section relates to profit for the year, \u00a0
including revenue, segment information, \u00a0
staff costs, share-based payments, \u00a0
research and development costs, and tax. \u00a0
2.1 Segment
information and revenue \u00a0
Service & \u00a0
Non \u00a0
Intersegment \u00a0
EURm \u00a0
Solutions \u00a0
Applications \u00a0
Accessories \u00a0
allocated \u00a0
transaction \u00a0
Total NKT \u00a0
2024 \u00a0
Income statement \u00a0
External revenue goods1) \u00a0
33 \u00a0
1,224 \u00a0
114 \u00a0
0
0
1,371 \u00a0
Intersegment revenue goods1) \u00a0
3
1
47 \u00a0
0
-51 \u00a0
0
External revenue service, etc.1) 2) \u00a0
22 \u00a0
0
10 \u00a0
0
0
32 \u00a0
Intersegment revenue service1) 2) \u00a0
3
0
2
0
-5 \u00a0
0
External revenue construction contracts2) \u00a0
1,783 \u00a0
0
66 \u00a0
0
0
1,849 \u00a0
Intersegment revenue construction contracts2) \u00a0
-22 \u00a0
12 \u00a0
19 \u00a0
0
-9 \u00a0
0
Revenue (market prices) \u00a0
1,822 \u00a0
1,237 \u00a0
258 \u00a0
0
-65 \u00a0
3,252 \u00a0
Adjustment of market prices to std. metal prices \u00a0
-224 \u00a0
-548 \u00a0
-1 \u00a0
0
10 \u00a0
-763 \u00a0
Revenue (std. metal prices)3) \u00a0
1,598 \u00a0
689 \u00a0
257 \u00a0
0
-55 \u00a0
2,489 \u00a0
Costs of raw materials, consumables and goods for resale \u00a0
-1,206 \u00a0
-974 \u00a0
-114 \u00a0
10 \u00a0
69 \u00a0
-2,215 \u00a0
Other costs and income, net (excl. one-off items) \u00a0
-364 \u00a0
-199 \u00a0
-119 \u00a0
-7 \u00a0
-4 \u00a0
-693 \u00a0
Operational EBITDA3) \u00a0
252 \u00a0
64 \u00a0
25 \u00a0
3
0
344 \u00a0
Depreciation, amortisation and impairment \u00a0
-71 \u00a0
-23 \u00a0
-6 \u00a0
-3 \u00a0
0
-103 \u00a0
Operational EBIT3) \u00a0
181 \u00a0
41 \u00a0
19 \u00a0
0
0
241 \u00a0
Working capital3) \u00a0
-1,546 \u00a0
51 \u00a0
21 \u00a0
42 \u00a0
0
-1,432 \u00a0
Reconciliation to net result \u00a0
Operational EBITDA \u00a0
344 \u00a0
One-off items3) \u00a0
-1 \u00a0
EBITDA \u00a0
343 \u00a0
Depreciation, amortisation, and impairment \u00a0
-103 \u00a0
EBIT \u00a0
240 \u00a0
Financial items, net \u00a0
34 \u00a0
EBT \u00a0
274 \u00a0
Tax \u00a0
-38 \u00a0
Net result - continuing operations \u00a0
236 \u00a0
Net result - discontinued operations \u00a0
101 \u00a0
Net result \u00a0
337 \u00a0
1)Revenue recognised at a point in time. \u00a0
2)Revenue recognised over time. \u00a0
3)Refer to note 7.5 Definitions. \u00a0
Service & \u00a0
Non \u00a0
Intersegment \u00a0
EURm \u00a0
Solutions \u00a0
Applications \u00a0
Accessories \u00a0
allocated \u00a0
transaction \u00a0
Total NKT \u00a0
2023 \u00a0
Income statement \u00a0
External revenue goods1) \u00a0
42 \u00a0
1,097 \u00a0
125 \u00a0
0
0
1,264 \u00a0
Intersegment revenue goods1) \u00a0
0
19 \u00a0
36 \u00a0
0
-55 \u00a0
0
External revenue service, etc.1) 2) \u00a0
25 \u00a0
0
8
0
0
33 \u00a0
Intersegment revenue service, etc. \u00a0
1) 2) \u00a0
1
0
2
0
-3 \u00a0
0
External revenue construction contracts2) \u00a0
1,255 \u00a0
0
15 \u00a0
0
0
1,270 \u00a0
Intersegment revenue construction contracts2) \u00a0
-10 \u00a0
0
14 \u00a0
0
-4 \u00a0
0
Revenue (market prices) \u00a0
1,313 \u00a0
1,116 \u00a0
200 \u00a0
0
-62 \u00a0
2,567 \u00a0
Adjustment of market prices to std. metal prices \u00a0
-162 \u00a0
-478 \u00a0
0
0
0
-640 \u00a0
Revenue (std. metal prices)3) \u00a0
1,151 \u00a0
638 \u00a0
200 \u00a0
0
-62 \u00a0
1,927 \u00a0
Costs of raw materials, consumables and goods for resale \u00a0
-852 \u00a0
-884 \u00a0
-83 \u00a0
4
68 \u00a0
-1,747 \u00a0
Other costs and income, net (excl. one-off items) \u00a0
-279 \u00a0
-173 \u00a0
-98 \u00a0
-9 \u00a0
-6 \u00a0
-565 \u00a0
Operational EBITDA3) \u00a0
182 \u00a0
59 \u00a0
19 \u00a0
-5 \u00a0
0
255 \u00a0
Depreciation, amortisation, and impairment \u00a0
-69 \u00a0
-15 \u00a0
-5 \u00a0
-1 \u00a0
0
-90 \u00a0
Operational EBIT3) \u00a0
113 \u00a0
44 \u00a0
14 \u00a0
-6 \u00a0
0
165 \u00a0
Working capital3) \u00a0
-739 \u00a0
39 \u00a0
31 \u00a0
-40 \u00a0
0
-709 \u00a0
Reconciliation to net result \u00a0
Operational EBITDA \u00a0
255 \u00a0
One-off items3) \u00a0
0
EBITDA \u00a0
255 \u00a0
Depreciation, amortisation and impairment \u00a0
-90 \u00a0
EBIT \u00a0
165 \u00a0
Financial items, net \u00a0
-16 \u00a0
EBT \u00a0
149 \u00a0
Tax \u00a0
-30 \u00a0
Net result - continuing operations \u00a0
119 \u00a0
Net result - discontinued operations \u00a0
5
Net result \u00a0
124 \u00a0
1)Revenue recognised at a point in time. \u00a0
2)Revenue recognised over time. \u00a0
3)Refer to note 7.5 Definitions. \u00a0
Geographical information \u00a0
Property, plant and \u00a0
equitment and \u00a0
Revenue \u00a0
intangible assets \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Denmark \u00a0
124 \u00a0
110 \u00a0
26 \u00a0
12 \u00a0
Germany \u00a0
906 \u00a0
764 \u00a0
363 \u00a0
332 \u00a0
Sweden \u00a0
127 \u00a0
122 \u00a0
1,329 \u00a0
995 \u00a0
UK \u00a0
448 \u00a0
399 \u00a0
19 \u00a0
18 \u00a0
Poland \u00a0
295 \u00a0
257 \u00a0
24 \u00a0
22 \u00a0
USA \u00a0
613 \u00a0
391 \u00a0
2
4
Norway \u00a0
170 \u00a0
84 \u00a0
76 \u00a0
82 \u00a0
Czech Republic \u00a0
72 \u00a0
77 \u00a0
96 \u00a0
83 \u00a0
France \u00a0
71 \u00a0
26 \u00a0
0
0
Netherlands \u00a0
75 \u00a0
28 \u00a0
8
7
Portugal \u00a0
2
0
165 \u00a0
0
Other \u00a0
349 \u00a0
309 \u00a0
2
3
Total \u00a0
3,252 \u00a0
2,567 \u00a0
2,110 \u00a0
1,558 \u00a0
Intersegment transactions are performed on market terms. One customer in \u00a0
the Solutions segment comprises more than 10% of the group's total revenue \u00a0
amounting to EUR 612m (391m in 2023). The geographical disclosure of revenue is \u00a0
based on the country of delivery. \u00a0
Revenue from construction contracts \u00a0
with customers with a high degree of \u00a0
individual customisation and no alter- \u00a0
native use, are recognised as revenue \u00a0
over time, provided that NKT Group has \u00a0
secured an enforceable right to pay- \u00a0
ment for work performed at any time. \u00a0
The revenue therefore corresponds to \u00a0
the sales price of work performed dur- \u00a0
ing the year (the percentage-of-com- \u00a0
pletion method). See note 4.5 Contract \u00a0
assets and liabilities for further informa- \u00a0
tion concerning construction contracts. \u00a0
Revenue from sale of goods for resale \u00a0
and finished goods is recognised in \u00a0
the income statement when control \u00a0
of the goods has transferred to the \u00a0
buyer, normally at delivery, and it \u00a0
is probable that the income will be \u00a0
received. \u00a0
Revenue from services that include \u00a0
service packages and extended war- \u00a0
ranties relating to products and con- \u00a0
tracts is recognised over time with the \u00a0
supply of those services. \u00a0
Revenue is measured at the fair \u00a0
value of the expected consideration \u00a0
excluding VAT and taxes charged on \u00a0
behalf of third parties. In determin- \u00a0
ing the transaction price, revenue is \u00a0
reduced by probable penalties and \u00a0
other claims and discounts that are \u00a0
payments to the customers. The \u00a0
transaction price is further adjusted for \u00a0
any variable elements of the transac- \u00a0
tion price. The variable amount is esti- \u00a0
mated at contract inception and revis- \u00a0
ited throughout the contract period. \u00a0
Variable income is recognised as \u00a0
revenue when it is highly probable that \u00a0
a significant reversal will not occur. \u00a0
Projects \u00a0
Revenue from the sale of cable pro- \u00a0
jects accounted for as construction \u00a0
contracts comprises sale of onshore \u00a0
and offshore highly customised cables \u00a0
in Solutions, and delivery of highly \u00a0
customised spare cables in Service. \u00a0
Projects are usually significant in \u00a0
amount, have a long lead time affect- \u00a0
ing the financial statements of more \u00a0
reporting periods, and have a high \u00a0
degree of project management. \u00a0
Each project is normally considered \u00a0
one performance obligation as each \u00a0
project comprises highly interrelated \u00a0
and interdependent physical assets \u00a0
and services, such as production, \u00a0
installation and project management. \u00a0
However, depending on the contract \u00a0
structure, the performance obligation \u00a0
may consist of more than one con- \u00a0
tract. \u00a0
Cable projects are often sold as fixed \u00a0
price contracts and revenue from \u00a0
these are therefore recognised over \u00a0
time by applying the percentage of \u00a0
completion cost-to-cost method. \u00a0
Payment terms of a cable project con- \u00a0
tract usually comprise the following \u00a0
payments: \u00a0
Prepayment from the customer at \u00a0
\u25a0
contract inception, \u00a0
progress payments, linked to pro- \u00a0
\u25a0
ject milestones, \u00a0
final payment upon completion and \u00a0
\u25a0
customer acceptance. \u00a0
NKT Group will usually obtain pay- \u00a0
ment guarantees to minimise counter \u00a0
party risk during the execution of \u00a0
cable projects. \u00a0
Sale of products \u00a0
Sale of products relates to the sale of \u00a0
smaller less customised cable pro- \u00a0
jects, standardised cables and equip- \u00a0
ment. Small cable projects with little or \u00a0
no customisation usually have a short \u00a0
lead time of less than one year. Each \u00a0
delivered product is considered one \u00a0
performance obligation. Most of the \u00a0
products are sold at a fixed price and \u00a0
revenue is usually recognised at the \u00a0
point in time when the control of the \u00a0
products transfers to the customers, \u00a0
usually upon delivery. \u00a0
For standardised products, NKT \u00a0
Group is usually entitled to pay- \u00a0
ment upon delivery, and payment \u00a0
terms vary by market but are usually \u00a0
between 0-60 days. \u00a0
Service contracts \u00a0
Service contracts comprise various \u00a0
service elements to support power \u00a0
cable efficiency and prevent or mit- \u00a0
igate power cable failures and can \u00a0
include up to round-the-clock, 365 \u00a0
days/year support. Service delivered \u00a0
according to the contracts is consid- \u00a0
ered as one performance obligation \u00a0
delivered over time. Revenue is \u00a0
accordingly recognised over the life of \u00a0
the contract using the the percentage \u00a0
of completion cost-to-cost method. \u00a0
NKT Group is either entitled to pay- \u00a0
ment once the service has been pro- \u00a0
vided or on a periodic basis. \u00a0
Spare parts and other repair work \u00a0
contracts are determined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually variable, depending on \u00a0
the produced output, and revenue is \u00a0
recognised over time, using the cost- \u00a0
to-cost method. In case of significant \u00a0
uncertainties related to measuring the \u00a0
revenue reliably, revenue is recognised \u00a0
according to payments. NKT Group is \u00a0
entitled to payment once the work or \u00a0
spare parts are delivered. \u00a0
Providing new highly customised \u00a0
spare cables is defined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually fixed and revenue is \u00a0
typically recognised over time using \u00a0
the percentage of completion cost-to- \u00a0
cost method. However, if the produc- \u00a0
tion time is less than one month, reve- \u00a0
nue is recognised at a point in time. \u00a0
The payment pattern for spare cables \u00a0
is similar to the pattern for cable pro- \u00a0
jects described above and NKT Group \u00a0
will usually obtain payment guarantees \u00a0
to minimise the risk during the execu- \u00a0
tion of the cable project. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Cable projects are to a certain \u00a0
degree measured based on man- \u00a0
agement judgement in terms of \u00a0
when to recognise revenue and how \u00a0
to calculate the revenue in terms of \u00a0
percentage-of-completion and esti- \u00a0
mated profit on each project. The \u00a0
estimates include a risk provision, \u00a0
which is based on an assessment of \u00a0
the specific risks that each project \u00a0
is exposed to as well as assessment \u00a0
of cost development over the project \u00a0
lifetime. The percentage-of-com- \u00a0
pletion is based on costs incurred \u00a0
against estimated total project costs. \u00a0
Cost estimates include assessment \u00a0
of short and long term development \u00a0
of cost levels over the project lifetime. \u00a0
In essence, the total project costs are \u00a0
therefore to a large extent based on \u00a0
estimates. \u00a0
Assumptions for the recognition of \u00a0
revenue over time regarding larger \u00a0
cable projects are determined con- \u00a0
tract by contract. Control is trans- \u00a0
ferred as the project progresses, \u00a0
based on assumptions such as: \u00a0
Deliveries being approved on an \u00a0
\u25a0
ongoing basis, \u00a0
NKT Group\u2019s ability to provide prod- \u00a0
\u25a0
ucts according to specification and \u00a0
the risk that the cable is rejected. \u00a0
4.5 Contract
assets and liabilities \u00a0
Contract assets comprise the sale \u00a0
value of work performed on construc- \u00a0
tion contracts, where NKT Group \u00a0
does not yet possess an unconditional \u00a0
right to payment, as the work per- \u00a0
formed has not been approved by the \u00a0
customer. Contract liabilities comprise \u00a0
contractual unconditional invoicing for \u00a0
work not yet performed. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Construction contracts \u00a0
Contract value of work in progress \u00a0
4,142 \u00a0
2,876 \u00a0
Progress billing \u00a0
-5,200 \u00a0
-3,607 \u00a0
-1,058 \u00a0
-731 \u00a0
Recognised as contract assets \u00a0
143 \u00a0
107 \u00a0
Recognised as contract liabilities \u00a0
-1,201 \u00a0
-838 \u00a0
-1,058 \u00a0
-731 \u00a0
Construction contracts \u00a0
1,201 \u00a0
838 \u00a0
Prepayments for construction contracts \u00a0
427 \u00a0
185 \u00a0
Other prepayments from customers \u00a0
14 \u00a0
10 \u00a0
Deferred income \u00a0
0
4
Total contract liabilities \u00a0
1,642 \u00a0
1,037 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Contract assets, 1 January \u00a0
107 \u00a0
98 \u00a0
Addition from revenue recognised \u00a0
133 \u00a0
85 \u00a0
Transferred to receivables \u00a0
-95 \u00a0
-76 \u00a0
Exchange rate adjustments \u00a0
-2 \u00a0
0
Contract assets, 31 December \u00a0
143 \u00a0
107 \u00a0
Contract liabilities, 1 January \u00a0
1,037 \u00a0
678 \u00a0
Decrease from revenue recognised \u00a0
-616 \u00a0
-445 \u00a0
Prepayments received \u00a0
1,232 \u00a0
806 \u00a0
Exchange rate adjustments \u00a0
-11 \u00a0
-2 \u00a0
Contract liabilities, 31 December \u00a0
1,642 \u00a0
1,037 \u00a0
Contract liabilities are recognised in the \u00a0
balance sheet as: \u00a0
Non-current liabilities \u00a0
1,016 \u00a0
324 \u00a0
Current liabilities \u00a0
626 \u00a0
713 \u00a0
Total \u00a0
1,642 \u00a0
1,037 \u00a0
Expected execution of the remaining performance obligations \u00a0
in the awarded high-voltage contracts (order backlog): \u00a0
Expected execution \u00a0
Market \u00a0
Std. metal \u00a0
prices in \u00a0
prices in \u00a0
More than \u00a0
EURm \u00a0
EURm \u00a0
1-2 years \u00a0
2 years \u00a0
Remaining \u00a0
order \u00a0
31 December 2024 \u00a0
10,600 \u00a0
9,300 \u00a0
29-30% \u00a0
backlog \u00a0
Remaining \u00a0
order \u00a0
31 December 2023 \u00a0
10,800 \u00a0
9,500 \u00a0
26-29% \u00a0
backlog \u00a0
Accounting policy \u00a0
Construction contracts \u00a0
Construction contracts are meas- \u00a0
ured at the selling price of the work \u00a0
performed less progress billings and \u00a0
anticipated losses. If the value of work \u00a0
performed exceeds progress billings, \u00a0
the excess is recognised as contract \u00a0
assets. and if progress billings exceed \u00a0
the value of work performed, the defi- \u00a0
cit is recognised as contract liabilities. \u00a0
Prepayments from customers are rec- \u00a0
ognised under contract liabilities. \u00a0
Construction contracts are character- \u00a0
ised by a high degree of customisation \u00a0
in the design of the cables produced. \u00a0
It is furthermore a requirement that \u00a0
before commencement of the work, \u00a0
a binding contract is signed that will \u00a0
result in a fine or compensation in \u00a0
case of subsequent cancellation. The \u00a0
contract value is measured according \u00a0
to the percentage-of-completion, \u00a0
which is determined on the basis of an \u00a0
assessment of the work performed, \u00a0
calculated as the ratio of expenses \u00a0
incurred compared to total anticipated \u00a0
expenses on the contract concerned. \u00a0
When it is probable that the total con- \u00a0
tract costs will exceed the total con- \u00a0
tract revenue, the anticipated loss on \u00a0
the contract is immediately recognised \u00a0
as a provision. \u00a0
When income and expenses on a con- \u00a0
struction contract cannot be deter- \u00a0
mined reliably, the contract value is \u00a0
measured as the costs incurred which \u00a0
are likely to be recoverable. \u00a0
Significant estimates \u00a0
The recognition of revenue and related \u00a0
contract assets and liabilities are \u00a0
subject to uncertainty. Construction \u00a0
contracts are measured based on \u00a0
Management\u2019s judgement in terms of \u00a0
percentage-of-completion and esti- \u00a0
mated profit on a project-by-project \u00a0
approach to estimate the expected \u00a0
selling prices which affect the value \u00a0
recognised in the balance sheet. The \u00a0
estimate includes a risk provision, \u00a0
which is based on an assessment of \u00a0
the specific risk that each project is \u00a0
exposed to. Management\u2019s estimates \u00a0
are based on the most likely outcomes \u00a0
of the projects. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10018": {
"value": "Accounting policy \u00a0
Segment information \u00a0
The segment information is based on \u00a0
internal management reporting and \u00a0
is presented in accordance with the \u00a0
Group\u2019s accounting policies. \u00a0
Segment income and expenses and \u00a0
segment working capital comprise \u00a0
those items that are directly attribut- \u00a0
able to the individual segment and \u00a0
those items that can be reliably allo- \u00a0
cated to it. Other items are shown as \u00a0
non-allocated. \u00a0
The operating segments are generally \u00a0
referred to as business lines. The \u00a0
business lines consist of Solutions, \u00a0
Applications and Service & Accesso- \u00a0
ries. For further details please refer to \u00a0
the Business review section of each \u00a0
business line in Management's review. \u00a0
The Board of Directors assesses the \u00a0
operating results of the business lines \u00a0
separately to enable decisions con- \u00a0
cerning allocation of resources and \u00a0
measurement of performance. \u00a0
Revenue from goods and short-term \u00a0
service contracts (less than three \u00a0
months) are recognised at a point in \u00a0
time while revenue from construction \u00a0
contracts and long-term service con- \u00a0
tracts are recognised over time. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10021": {
"value": "Other operating income comprises \u00a0
items of a secondary nature relative to \u00a0
the operations of the Group, including \u00a0
grant schemes, reimbursements and \u00a0
gains on sale of non-current assets. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10022": {
"value": "Other operating income comprises \u00a0
items of a secondary nature relative to \u00a0
the operations of the Group, including \u00a0
grant schemes, reimbursements and \u00a0
gains on sale of non-current assets. \u00a0
Costs of raw materials, consumables \u00a0
and goods for resale refer to pur- \u00a0
chases and changes during the year \u00a0
in inventory levels, including shrink- \u00a0
age, waste production and any write- \u00a0
downs for obsolescence. \u00a0
Other costs comprise external costs \u00a0
relating to production, sale and admin- \u00a0
istration, as well as losses on disposal \u00a0
of tangible and intangible assets. \u00a0
Write-downs of receivables from sales \u00a0
are also included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10025": {
"value": "Costs of raw materials, consumables \u00a0
and goods for resale refer to pur- \u00a0
chases and changes during the year \u00a0
in inventory levels, including shrink- \u00a0
age, waste production and any write- \u00a0
downs for obsolescence. \u00a0
Other costs comprise external costs \u00a0
relating to production, sale and admin- \u00a0
istration, as well as losses on disposal \u00a0
of tangible and intangible assets. \u00a0
Write-downs of receivables from sales \u00a0
are also included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10026": {
"value": "Costs of raw materials, consumables \u00a0
and goods for resale refer to pur- \u00a0
chases and changes during the year \u00a0
in inventory levels, including shrink- \u00a0
age, waste production and any write- \u00a0
downs for obsolescence. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10027": {
"value": "Costs of raw materials, consumables \u00a0
and goods for resale refer to pur- \u00a0
chases and changes during the year \u00a0
in inventory levels, including shrink- \u00a0
age, waste production and any write- \u00a0
downs for obsolescence. \u00a0
Other costs comprise external costs \u00a0
relating to production, sale and admin- \u00a0
istration, as well as losses on disposal \u00a0
of tangible and intangible assets. \u00a0
Write-downs of receivables from sales \u00a0
are also included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10028": {
"value": "Costs of raw materials, consumables \u00a0
and goods for resale refer to pur- \u00a0
chases and changes during the year \u00a0
in inventory levels, including shrink- \u00a0
age, waste production and any write- \u00a0
downs for obsolescence. \u00a0
Other costs comprise external costs \u00a0
relating to production, sale and admin- \u00a0
istration, as well as losses on disposal \u00a0
of tangible and intangible assets. \u00a0
Write-downs of receivables from sales \u00a0
are also included. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10035": {
"value": "Revenue from construction contracts \u00a0
with customers with a high degree of \u00a0
individual customisation and no alter- \u00a0
native use, are recognised as revenue \u00a0
over time, provided that NKT Group has \u00a0
secured an enforceable right to pay- \u00a0
ment for work performed at any time. \u00a0
The revenue therefore corresponds to \u00a0
the sales price of work performed dur- \u00a0
ing the year (the percentage-of-com- \u00a0
pletion method). See note 4.5 Contract \u00a0
assets and liabilities for further informa- \u00a0
tion concerning construction contracts. \u00a0
Revenue from sale of goods for resale \u00a0
and finished goods is recognised in \u00a0
the income statement when control \u00a0
of the goods has transferred to the \u00a0
buyer, normally at delivery, and it \u00a0
is probable that the income will be \u00a0
received. \u00a0
Revenue from services that include \u00a0
service packages and extended war- \u00a0
ranties relating to products and con- \u00a0
tracts is recognised over time with the \u00a0
supply of those services. \u00a0
Revenue is measured at the fair \u00a0
value of the expected consideration \u00a0
excluding VAT and taxes charged on \u00a0
behalf of third parties. In determin- \u00a0
ing the transaction price, revenue is \u00a0
reduced by probable penalties and \u00a0
other claims and discounts that are \u00a0
payments to the customers. The \u00a0
transaction price is further adjusted for \u00a0
any variable elements of the transac- \u00a0
tion price. The variable amount is esti- \u00a0
mated at contract inception and revis- \u00a0
ited throughout the contract period. \u00a0
Variable income is recognised as \u00a0
revenue when it is highly probable that \u00a0
a significant reversal will not occur. \u00a0
Projects \u00a0
Revenue from the sale of cable pro- \u00a0
jects accounted for as construction \u00a0
contracts comprises sale of onshore \u00a0
and offshore highly customised cables \u00a0
in Solutions, and delivery of highly \u00a0
customised spare cables in Service. \u00a0
Projects are usually significant in \u00a0
amount, have a long lead time affect- \u00a0
ing the financial statements of more \u00a0
reporting periods, and have a high \u00a0
degree of project management. \u00a0
Each project is normally considered \u00a0
one performance obligation as each \u00a0
project comprises highly interrelated \u00a0
and interdependent physical assets \u00a0
and services, such as production, \u00a0
installation and project management. \u00a0
However, depending on the contract \u00a0
structure, the performance obligation \u00a0
may consist of more than one con- \u00a0
tract. \u00a0
Cable projects are often sold as fixed \u00a0
price contracts and revenue from \u00a0
these are therefore recognised over \u00a0
time by applying the percentage of \u00a0
completion cost-to-cost method. \u00a0
Payment terms of a cable project con- \u00a0
tract usually comprise the following \u00a0
payments: \u00a0
Prepayment from the customer at \u00a0
\u25a0
contract inception, \u00a0
progress payments, linked to pro- \u00a0
\u25a0
ject milestones, \u00a0
final payment upon completion and \u00a0
\u25a0
customer acceptance. \u00a0
NKT Group will usually obtain pay- \u00a0
ment guarantees to minimise counter \u00a0
party risk during the execution of \u00a0
cable projects. \u00a0
Sale of products \u00a0
Sale of products relates to the sale of \u00a0
smaller less customised cable pro- \u00a0
jects, standardised cables and equip- \u00a0
ment. Small cable projects with little or \u00a0
no customisation usually have a short \u00a0
lead time of less than one year. Each \u00a0
delivered product is considered one \u00a0
performance obligation. Most of the \u00a0
products are sold at a fixed price and \u00a0
revenue is usually recognised at the \u00a0
point in time when the control of the \u00a0
products transfers to the customers, \u00a0
usually upon delivery. \u00a0
For standardised products, NKT \u00a0
Group is usually entitled to pay- \u00a0
ment upon delivery, and payment \u00a0
terms vary by market but are usually \u00a0
between 0-60 days. \u00a0
Service contracts \u00a0
Service contracts comprise various \u00a0
service elements to support power \u00a0
cable efficiency and prevent or mit- \u00a0
igate power cable failures and can \u00a0
include up to round-the-clock, 365 \u00a0
days/year support. Service delivered \u00a0
according to the contracts is consid- \u00a0
ered as one performance obligation \u00a0
delivered over time. Revenue is \u00a0
accordingly recognised over the life of \u00a0
the contract using the the percentage \u00a0
of completion cost-to-cost method. \u00a0
NKT Group is either entitled to pay- \u00a0
ment once the service has been pro- \u00a0
vided or on a periodic basis. \u00a0
Spare parts and other repair work \u00a0
contracts are determined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually variable, depending on \u00a0
the produced output, and revenue is \u00a0
recognised over time, using the cost- \u00a0
to-cost method. In case of significant \u00a0
uncertainties related to measuring the \u00a0
revenue reliably, revenue is recognised \u00a0
according to payments. NKT Group is \u00a0
entitled to payment once the work or \u00a0
spare parts are delivered. \u00a0
Providing new highly customised \u00a0
spare cables is defined as one per- \u00a0
formance obligation. The transaction \u00a0
price is usually fixed and revenue is \u00a0
typically recognised over time using \u00a0
the percentage of completion cost-to- \u00a0
cost method. However, if the produc- \u00a0
tion time is less than one month, reve- \u00a0
nue is recognised at a point in time. \u00a0
The payment pattern for spare cables \u00a0
is similar to the pattern for cable pro- \u00a0
jects described above and NKT Group \u00a0
will usually obtain payment guarantees \u00a0
to minimise the risk during the execu- \u00a0
tion of the cable project. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10085": {
"value": "2.2 Staff
costs \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Wages and salaries \u00a0
335 \u00a0
265 \u00a0
Social security costs \u00a0
73 \u00a0
60 \u00a0
Defined contribution plans \u00a0
19 \u00a0
14 \u00a0
Staff costs capitalised as assets \u00a0
-34 \u00a0
-31 \u00a0
Total \u00a0
393 \u00a0
308 \u00a0
Average number of full-time employees \u00a0
5,409 \u00a0
4,473 \u00a0
EURk \u00a0
2024 \u00a0
2023 \u00a0
Remuneration to Executive Management \u00a0
Salary \u00a0
1,411 \u00a0
1,344 \u00a0
Short-term bonus \u00a0
1,085 \u00a0
722 \u00a0
Pension \u00a0
96 \u00a0
85 \u00a0
Long-term incentive programs \u00a0
962 \u00a0
903 \u00a0
Other benefits \u00a0
120 \u00a0
117 \u00a0
Severance payments \u00a0
0
1,334 \u00a0
Executive Management in total \u00a0
3,674 \u00a0
4,505 \u00a0
Remuneration to Board of Directors \u00a0
735 \u00a0
756 \u00a0
Total \u00a0
4,409 \u00a0
5,261 \u00a0
Key management personnel consist \u00a0
of Executive Management which is \u00a0
the CEO and the CFO. Remuneration \u00a0
to Executive Management comprises \u00a0
fixed salary, short- and long-term \u00a0
incentive programs and other cus- \u00a0
tomary benefits. Long-term incentive \u00a0
programs consist of share-based pay- \u00a0
ment programs. The accounting for \u00a0
share-based payments is presented \u00a0
in detail in note 2.3 Share-based \u00a0
payment. For more information on the \u00a0
development, refer to the Remunera- \u00a0
tion Report available at NKT's website \u00a0
https://investors.nkt.com/corpo- \u00a0
rate-governance/statutory-reports \u00a0
Accounting policy \u00a0
Staff costs comprise wages and sal- \u00a0
aries, remuneration, pensions, etc., \u00a0
and share-based payment for NKT \u00a0
Group's employees, including Group \u00a0
Management. The Board of Directors \u00a0
does not receive share-based pay- \u00a0
ment. \u00a0
Wages and salaries, social security \u00a0
contributions, leave and sick leave, \u00a0
bonuses and non-monetary benefits \u00a0
are recognised in the financial year in \u00a0
which services are rendered by the \u00a0
employee. When NKT provides long- \u00a0
term employee benefits, the costs are \u00a0
accrued to match the rendering of \u00a0
services. \u00a0
Termination benefits are recognised \u00a0
when an agreement has been reached \u00a0
between NKT and the employee and \u00a0
no future service is rendered by the \u00a0
employee in exchange for the benefits. \u00a0
2.3 Share-based
payment \u00a0
Long-term incentive programs \u00a0
for Executive Management \u00a0
and Group Leadership Team \u00a0
The decision to award performance \u00a0
shares to the Executive Management, \u00a0
the Group Leadership Team (GLT) and \u00a0
selected employees is made each \u00a0
year at the discretion of the Board \u00a0
of Directors after recommendation \u00a0
from the Remuneration Committee. \u00a0
The awarded shares represent a con- \u00a0
ditional right to receive shares after \u00a0
a three-year performance period at \u00a0
nil payment. The Board of Directors \u00a0
may decide to make cash awards in \u00a0
a given year. The performance shares \u00a0
vest subject to continued employment \u00a0
and the achievement of certain per- \u00a0
formance targets over a three-year \u00a0
period. \u00a0
For more information on the grant \u00a0
of performance shares, refer to the \u00a0
Group\u2019s Remuneration Report avail- \u00a0
able on NKT's website. \u00a0
In 2024, a new performance share \u00a0
program was awarded to 23 par- \u00a0
ticipants (20 in 2023) with a vesting \u00a0
period of three years. All programs \u00a0
contain two key performance targets, \u00a0
one relating to operational EBITDA, \u00a0
and one relating to Total Shareholder \u00a0
Return (TSR). The total market value \u00a0
at award date was EUR 3m (EUR 3m \u00a0
in 2023). \u00a0
For the 2022 program, both the TSR \u00a0
target and EBITDA target were met \u00a0
and 50,513 shares will vest in Febru- \u00a0
ary 2025. \u00a0
Costs relating to share-based pay- \u00a0
ments in 2024 was EUR 3m (EUR 2m \u00a0
in 2023). The lower costs in 2023 was \u00a0
mainly due to the former CEO forfeit- \u00a0
ing the 2022 program. \u00a0
Remaining value to be expensed \u00a0
relating to current programs is EUR \u00a0
4m (EUR 3m in 2023). The weighted \u00a0
average remaining contractual life \u00a0
of performance shares at the end of \u00a0
the period was 1.2 years (1.1 years in \u00a0
2023). \u00a0
Assumptions \u00a0
At grant date the fair value of awarded \u00a0
Performance shares has been cal- \u00a0
culated based on the number of \u00a0
awarded shares, the percentage of \u00a0
shares expected to vest as well as the \u00a0
share price at grant date. As dividends \u00a0
are not expected they have not been \u00a0
incorporated into the measurement of \u00a0
fair value. \u00a0
Performance shares \u00a0
Executive \u00a0
Other \u00a0
outstanding \u00a0
management \u00a0
employees \u00a0
Total \u00a0
1 January 2023 \u00a0
87,916 \u00a0
134,524 \u00a0
222,440 \u00a0
Shares granted during the year \u00a0
24,357 \u00a0
37,182 \u00a0
61,539 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-65,598 \u00a0
-39,929 \u00a0
-105,527 \u00a0
31 December 2023 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
1 January 2024 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
Shares granted during the year \u00a0
17,519 \u00a0
37,284 \u00a0
54,803 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-8,642 \u00a0
-57,758 \u00a0
-66,400 \u00a0
31 December 2024 \u00a0
55,552 \u00a0
111,303 \u00a0
166,855 \u00a0
Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
3.6 Pension
liabilities \u00a0
Pension \u00a0
EURm \u00a0
liabilities, net \u00a0
Pension liabilities, 1 January 2024 \u00a0
40 \u00a0
Service cost and Interest on obligation \u00a0
1
Benefits paid to employees \u00a0
-2 \u00a0
Actuarial gains/losses on defined benefit pension plans \u00a0
3
Pension liabilities, 31 December 2024 \u00a0
42 \u00a0
Pension liabilities, 1 January 2023 \u00a0
41 \u00a0
Service cost and Interest on obligation \u00a0
2
Benefits paid to employees \u00a0
-2 \u00a0
Actuarial gains/losses on defined benefit pension plans \u00a0
-1 \u00a0
Pension liabilities, 31 December 2023 \u00a0
40 \u00a0
In NKT Group, most employees are covered by pension schemes, primarily in \u00a0
the form of defined contribution-based plans managed by independent pension \u00a0
funds. \u00a0
NKT Group\u2019s defined benefit plans, primarily relating to the activities in Germany, \u00a0
are recognised at the present value of the actuarially measured obligations. If a \u00a0
plan is not fully covered by plan assets, a plan liability is recognised in the balance \u00a0
sheet. Expenses relating to pension benefits are recognised as staff costs in the \u00a0
income statement. \u00a0
Actuarial gains related to the pension liabilities are recognised in other compre- \u00a0
hensive income. The pension liability also include other long term benefits relating \u00a0
to anniversary bonuses, etc., amounting to EUR 2m (EUR 2m in 2023). At the end \u00a0
of 2024, there were no plan assets to be offset in the present value of the liability. \u00a0
Actuarial assumptions applied \u00a0
2024 \u00a0
2023 \u00a0
Discount rate \u00a0
3% \u00a0
4% \u00a0
Future salary increases \u00a0
3% \u00a0
3% \u00a0
Future pension increases \u00a0
2% \u00a0
2% \u00a0
The table below shows the sensitivity of the liability to changes in key assumptions \u00a0
for the measurement of the pension liabilities, net. The analysis is based on the \u00a0
changes in the applied key assumptions considered reasonably likely provided the \u00a0
other parameters in the calculation are unchanged. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
+0.5%-point in discount rate \u00a0
-2 \u00a0
-2 \u00a0
-0.5%-point in discount rate \u00a0
2
2
+0.5%-point in future pension increase \u00a0
2
2
-0.5%-point in future pension increase \u00a0
-2 \u00a0
-2 \u00a0
A change in the salary increase of 0.5%-points is not considered to have a material effect. \u00a0
Accounting policy
For the Group\u2019s defined benefit plans, \u00a0
an annual actuarial calculation (the \u00a0
Projected Unit Credit Method) of the \u00a0
present value of future benefits pay- \u00a0
able under the plan is provided. The \u00a0
present value is determined based on \u00a0
assumptions about the future deve- \u00a0
lopment in variables such as salary \u00a0
levels, interest rates, inflation and mor- \u00a0
tality. The present value is determined \u00a0
only for benefits earned by employees \u00a0
from their employment within the \u00a0
Group. The actuarial present value \u00a0
less the fair value of any plan assets is \u00a0
recognised in the balance sheet under \u00a0
pension liabilities. \u00a0
Pension expenses and other long- \u00a0
term employee benefits are recog- \u00a0
nised in the income statement based \u00a0
on actuarial estimates and financial \u00a0
expectations at the start of the year. \u00a0
Actuarial gains or losses are recog- \u00a0
nised in other comprehensive income. \u00a0
If a pension plan constitutes a net \u00a0
asset, the asset is only recognised if \u00a0
it offsets cumulative actuarial losses \u00a0
or future refunds from the plan, or if it \u00a0
will lead to reduced future payments \u00a0
to the plan. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10086": {
"value": "Average number of full-time employees \u00a0
5,409 \u00a0
4,473 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10088": {
"value": "EURk \u00a0
2024 \u00a0
2023 \u00a0
Remuneration to Executive Management \u00a0
Salary \u00a0
1,411 \u00a0
1,344 \u00a0
Short-term bonus \u00a0
1,085 \u00a0
722 \u00a0
Pension \u00a0
96 \u00a0
85 \u00a0
Long-term incentive programs \u00a0
962 \u00a0
903 \u00a0
Other benefits \u00a0
120 \u00a0
117 \u00a0
Severance payments \u00a0
0
1,334 \u00a0
Executive Management in total \u00a0
3,674 \u00a0
4,505 \u00a0
Remuneration to Board of Directors \u00a0
735 \u00a0
756 \u00a0
Total \u00a0
4,409 \u00a0
5,261 \u00a0
Key management personnel consist \u00a0
of Executive Management which is \u00a0
the CEO and the CFO. Remuneration \u00a0
to Executive Management comprises \u00a0
fixed salary, short- and long-term \u00a0
incentive programs and other cus- \u00a0
tomary benefits. Long-term incentive \u00a0
programs consist of share-based pay- \u00a0
ment programs. The accounting for \u00a0
share-based payments is presented \u00a0
in detail in note 2.3 Share-based \u00a0
payment. For more information on the \u00a0
development, refer to the Remunera- \u00a0
tion Report available at NKT's website \u00a0
https://investors.nkt.com/corpo- \u00a0
rate-governance/statutory-reports \u00a0
2.3 Share-based
payment \u00a0
Long-term incentive programs \u00a0
for Executive Management \u00a0
and Group Leadership Team \u00a0
The decision to award performance \u00a0
shares to the Executive Management, \u00a0
the Group Leadership Team (GLT) and \u00a0
selected employees is made each \u00a0
year at the discretion of the Board \u00a0
of Directors after recommendation \u00a0
from the Remuneration Committee. \u00a0
The awarded shares represent a con- \u00a0
ditional right to receive shares after \u00a0
a three-year performance period at \u00a0
nil payment. The Board of Directors \u00a0
may decide to make cash awards in \u00a0
a given year. The performance shares \u00a0
vest subject to continued employment \u00a0
and the achievement of certain per- \u00a0
formance targets over a three-year \u00a0
period. \u00a0
For more information on the grant \u00a0
of performance shares, refer to the \u00a0
Group\u2019s Remuneration Report avail- \u00a0
able on NKT's website. \u00a0
In 2024, a new performance share \u00a0
program was awarded to 23 par- \u00a0
ticipants (20 in 2023) with a vesting \u00a0
period of three years. All programs \u00a0
contain two key performance targets, \u00a0
one relating to operational EBITDA, \u00a0
and one relating to Total Shareholder \u00a0
Return (TSR). The total market value \u00a0
at award date was EUR 3m (EUR 3m \u00a0
in 2023). \u00a0
For the 2022 program, both the TSR \u00a0
target and EBITDA target were met \u00a0
and 50,513 shares will vest in Febru- \u00a0
ary 2025. \u00a0
Costs relating to share-based pay- \u00a0
ments in 2024 was EUR 3m (EUR 2m \u00a0
in 2023). The lower costs in 2023 was \u00a0
mainly due to the former CEO forfeit- \u00a0
ing the 2022 program. \u00a0
Remaining value to be expensed \u00a0
relating to current programs is EUR \u00a0
4m (EUR 3m in 2023). The weighted \u00a0
average remaining contractual life \u00a0
of performance shares at the end of \u00a0
the period was 1.2 years (1.1 years in \u00a0
2023). \u00a0
Assumptions \u00a0
At grant date the fair value of awarded \u00a0
Performance shares has been cal- \u00a0
culated based on the number of \u00a0
awarded shares, the percentage of \u00a0
shares expected to vest as well as the \u00a0
share price at grant date. As dividends \u00a0
are not expected they have not been \u00a0
incorporated into the measurement of \u00a0
fair value. \u00a0
Performance shares \u00a0
Executive \u00a0
Other \u00a0
outstanding \u00a0
management \u00a0
employees \u00a0
Total \u00a0
1 January 2023 \u00a0
87,916 \u00a0
134,524 \u00a0
222,440 \u00a0
Shares granted during the year \u00a0
24,357 \u00a0
37,182 \u00a0
61,539 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-65,598 \u00a0
-39,929 \u00a0
-105,527 \u00a0
31 December 2023 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
1 January 2024 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
Shares granted during the year \u00a0
17,519 \u00a0
37,284 \u00a0
54,803 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-8,642 \u00a0
-57,758 \u00a0
-66,400 \u00a0
31 December 2024 \u00a0
55,552 \u00a0
111,303 \u00a0
166,855 \u00a0
Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10089": {
"value": "EURk \u00a0
2024 \u00a0
2023 \u00a0
Remuneration to Executive Management \u00a0
Salary \u00a0
1,411 \u00a0
1,344 \u00a0
Short-term bonus \u00a0
1,085 \u00a0
722 \u00a0
Pension \u00a0
96 \u00a0
85 \u00a0
Long-term incentive programs \u00a0
962 \u00a0
903 \u00a0
Other benefits \u00a0
120 \u00a0
117 \u00a0
Severance payments \u00a0
0
1,334 \u00a0
Executive Management in total \u00a0
3,674 \u00a0
4,505 \u00a0
Remuneration to Board of Directors \u00a0
735 \u00a0
756 \u00a0
Total \u00a0
4,409 \u00a0
5,261 \u00a0
Key management personnel consist \u00a0
of Executive Management which is \u00a0
the CEO and the CFO. Remuneration \u00a0
to Executive Management comprises \u00a0
fixed salary, short- and long-term \u00a0
incentive programs and other cus- \u00a0
tomary benefits. Long-term incentive \u00a0
programs consist of share-based pay- \u00a0
ment programs. The accounting for \u00a0
share-based payments is presented \u00a0
in detail in note 2.3 Share-based \u00a0
payment. For more information on the \u00a0
development, refer to the Remunera- \u00a0
tion Report available at NKT's website \u00a0
https://investors.nkt.com/corpo- \u00a0
rate-governance/statutory-reports \u00a0
2.3 Share-based
payment \u00a0
Long-term incentive programs \u00a0
for Executive Management \u00a0
and Group Leadership Team \u00a0
The decision to award performance \u00a0
shares to the Executive Management, \u00a0
the Group Leadership Team (GLT) and \u00a0
selected employees is made each \u00a0
year at the discretion of the Board \u00a0
of Directors after recommendation \u00a0
from the Remuneration Committee. \u00a0
The awarded shares represent a con- \u00a0
ditional right to receive shares after \u00a0
a three-year performance period at \u00a0
nil payment. The Board of Directors \u00a0
may decide to make cash awards in \u00a0
a given year. The performance shares \u00a0
vest subject to continued employment \u00a0
and the achievement of certain per- \u00a0
formance targets over a three-year \u00a0
period. \u00a0
For more information on the grant \u00a0
of performance shares, refer to the \u00a0
Group\u2019s Remuneration Report avail- \u00a0
able on NKT's website. \u00a0
In 2024, a new performance share \u00a0
program was awarded to 23 par- \u00a0
ticipants (20 in 2023) with a vesting \u00a0
period of three years. All programs \u00a0
contain two key performance targets, \u00a0
one relating to operational EBITDA, \u00a0
and one relating to Total Shareholder \u00a0
Return (TSR). The total market value \u00a0
at award date was EUR 3m (EUR 3m \u00a0
in 2023). \u00a0
For the 2022 program, both the TSR \u00a0
target and EBITDA target were met \u00a0
and 50,513 shares will vest in Febru- \u00a0
ary 2025. \u00a0
Costs relating to share-based pay- \u00a0
ments in 2024 was EUR 3m (EUR 2m \u00a0
in 2023). The lower costs in 2023 was \u00a0
mainly due to the former CEO forfeit- \u00a0
ing the 2022 program. \u00a0
Remaining value to be expensed \u00a0
relating to current programs is EUR \u00a0
4m (EUR 3m in 2023). The weighted \u00a0
average remaining contractual life \u00a0
of performance shares at the end of \u00a0
the period was 1.2 years (1.1 years in \u00a0
2023). \u00a0
Assumptions \u00a0
At grant date the fair value of awarded \u00a0
Performance shares has been cal- \u00a0
culated based on the number of \u00a0
awarded shares, the percentage of \u00a0
shares expected to vest as well as the \u00a0
share price at grant date. As dividends \u00a0
are not expected they have not been \u00a0
incorporated into the measurement of \u00a0
fair value. \u00a0
Performance shares \u00a0
Executive \u00a0
Other \u00a0
outstanding \u00a0
management \u00a0
employees \u00a0
Total \u00a0
1 January 2023 \u00a0
87,916 \u00a0
134,524 \u00a0
222,440 \u00a0
Shares granted during the year \u00a0
24,357 \u00a0
37,182 \u00a0
61,539 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-65,598 \u00a0
-39,929 \u00a0
-105,527 \u00a0
31 December 2023 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
1 January 2024 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
Shares granted during the year \u00a0
17,519 \u00a0
37,284 \u00a0
54,803 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-8,642 \u00a0
-57,758 \u00a0
-66,400 \u00a0
31 December 2024 \u00a0
55,552 \u00a0
111,303 \u00a0
166,855 \u00a0
Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
6.3 Group
companies \u00a0
Group companies \u00a0
Domicile Group
NKT Group \u00a0
Denmark \u00a0
NKT Cables Group A/S \u00a0
Denmark \u00a0
NKT (Denmark) A/S \u00a0
Denmark \u00a0
NKT Invest A/S \u00a0
Denmark \u00a0
Europe \u00a0
NKT Group GmbH1 \u00a0
Germany \u00a0
NKT Verwaltungs GmbH \u00a0
Germany \u00a0
NKT GmbH & Co. KG \u00a0
Germany \u00a0
NKT GmbH \u00a0
Germany \u00a0
Zweite NKT GmbH \u00a0
Germany \u00a0
NKT s.r.o. \u00a0
Czech Republic \u00a0
NKT (Ib\u00e9rica) S.L. \u00a0
Spain \u00a0
Solicabel, S.A. \u00a0
Spain \u00a0
NKT (Sweden) AB \u00a0
Sweden \u00a0
NKT HV Cables AB \u00a0
Sweden \u00a0
NKT AS \u00a0
Norway \u00a0
NKT HVC AS \u00a0
Norway \u00a0
NKT (U.K.) Ltd. \u00a0
UK \u00a0
NKT HVC Ltd. \u00a0
UK \u00a0
Ventcroft Ltd. \u00a0
UK \u00a0
NKT S.A. \u00a0
Poland \u00a0
NKT HVC B.V. \u00a0
Netherlands \u00a0
NKT HV Cables GmbH \u00a0
Switzerland \u00a0
companies \u00a0
Domicile \u00a0
NKT Lithuania, UAB \u00a0
Lithuania \u00a0
Solidal \u2013 Condutores El\u00e9ctricos, S.A. \u00a0
Portugal \u00a0
Gandra Land, Sociedade Unipessoal, Lda. \u00a0
Portugal \u00a0
P\u00f3voa Land, Unipessoal, Lda. \u00a0
Portugal \u00a0
Quintas & Quintas \u2013 Condutores El\u00e9ctricos, S.A. \u00a0
Portugal \u00a0
Bobimade \u2013 Ind\u00fastria de Bobines, S.A. \u00a0
Portugal \u00a0
North America \u00a0
NKT, Inc \u00a0
US \u00a0
C\u00e2bles NKT JV Canada Inc.3 \u00a0
Canada \u00a0
Middle East \u00a0
NKT Middle East DMCC \u00a0
Dubai \u00a0
Asia/Pacific \u00a0
NKT Pty Ltd \u00a0
Australia \u00a0
NKT South Asia Private Limited \u00a0
India \u00a0
NKT Operations India Private Limited \u00a0
India \u00a0
Walsin Energy Cable System Co. Ltd2 \u00a0
Taiwan \u00a0
All Group companies are wholly owned. \u00a0
Companies without material interest and dormant companies are omitted from the list. \u00a0
1 The Group has applied Section 264 (3) of the German Commercial Code (\u201cHandelsgesetzbuch\u201d) by which NKT Group \u00a0
GmbH is exempted from filing local financial statement. \u00a0
2 The owned share in the entity is 10%. The entity is treated as an associated company in accordance with IAS 28. \u00a0
3 The owned share in the entity is 80%. \u00a0
7.4 Related
parties \u00a0
NKT Group has no individuals or legal entities with control or any significant influ- \u00a0
ence on the Group other than key management. Other related parties consist of \u00a0
Associated companies. \u00a0
Related-party transactions \u00a0
Transactions with related parties comprise remunerations of the Board of Directors \u00a0
and the Executive Board. Moreover, transactions with related parties comprise of \u00a0
transactions with associated companies as follows: \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Related-party transactions \u00a0
Fees, income \u00a0
7
7
Receivables, current \u00a0
1
1
Payables, current \u00a0
0
4
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10106": {
"value": "2.3 Share-based
payment \u00a0
Long-term incentive programs \u00a0
for Executive Management \u00a0
and Group Leadership Team \u00a0
The decision to award performance \u00a0
shares to the Executive Management, \u00a0
the Group Leadership Team (GLT) and \u00a0
selected employees is made each \u00a0
year at the discretion of the Board \u00a0
of Directors after recommendation \u00a0
from the Remuneration Committee. \u00a0
The awarded shares represent a con- \u00a0
ditional right to receive shares after \u00a0
a three-year performance period at \u00a0
nil payment. The Board of Directors \u00a0
may decide to make cash awards in \u00a0
a given year. The performance shares \u00a0
vest subject to continued employment \u00a0
and the achievement of certain per- \u00a0
formance targets over a three-year \u00a0
period. \u00a0
For more information on the grant \u00a0
of performance shares, refer to the \u00a0
Group\u2019s Remuneration Report avail- \u00a0
able on NKT's website. \u00a0
In 2024, a new performance share \u00a0
program was awarded to 23 par- \u00a0
ticipants (20 in 2023) with a vesting \u00a0
period of three years. All programs \u00a0
contain two key performance targets, \u00a0
one relating to operational EBITDA, \u00a0
and one relating to Total Shareholder \u00a0
Return (TSR). The total market value \u00a0
at award date was EUR 3m (EUR 3m \u00a0
in 2023). \u00a0
For the 2022 program, both the TSR \u00a0
target and EBITDA target were met \u00a0
and 50,513 shares will vest in Febru- \u00a0
ary 2025. \u00a0
Costs relating to share-based pay- \u00a0
ments in 2024 was EUR 3m (EUR 2m \u00a0
in 2023). The lower costs in 2023 was \u00a0
mainly due to the former CEO forfeit- \u00a0
ing the 2022 program. \u00a0
Remaining value to be expensed \u00a0
relating to current programs is EUR \u00a0
4m (EUR 3m in 2023). The weighted \u00a0
average remaining contractual life \u00a0
of performance shares at the end of \u00a0
the period was 1.2 years (1.1 years in \u00a0
2023). \u00a0
Assumptions \u00a0
At grant date the fair value of awarded \u00a0
Performance shares has been cal- \u00a0
culated based on the number of \u00a0
awarded shares, the percentage of \u00a0
shares expected to vest as well as the \u00a0
share price at grant date. As dividends \u00a0
are not expected they have not been \u00a0
incorporated into the measurement of \u00a0
fair value. \u00a0
Performance shares \u00a0
Executive \u00a0
Other \u00a0
outstanding \u00a0
management \u00a0
employees \u00a0
Total \u00a0
1 January 2023 \u00a0
87,916 \u00a0
134,524 \u00a0
222,440 \u00a0
Shares granted during the year \u00a0
24,357 \u00a0
37,182 \u00a0
61,539 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-65,598 \u00a0
-39,929 \u00a0
-105,527 \u00a0
31 December 2023 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
1 January 2024 \u00a0
46,675 \u00a0
131,777 \u00a0
178,452 \u00a0
Shares granted during the year \u00a0
17,519 \u00a0
37,284 \u00a0
54,803 \u00a0
Shares vested during the year and \u00a0
other movements \u00a0
-8,642 \u00a0
-57,758 \u00a0
-66,400 \u00a0
31 December 2024 \u00a0
55,552 \u00a0
111,303 \u00a0
166,855 \u00a0
Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10097": {
"value": "Accounting policy \u00a0
Staff costs comprise wages and sal- \u00a0
aries, remuneration, pensions, etc., \u00a0
and share-based payment for NKT \u00a0
Group's employees, including Group \u00a0
Management. The Board of Directors \u00a0
does not receive share-based pay- \u00a0
ment. \u00a0
Wages and salaries, social security \u00a0
contributions, leave and sick leave, \u00a0
bonuses and non-monetary benefits \u00a0
are recognised in the financial year in \u00a0
which services are rendered by the \u00a0
employee. When NKT provides long- \u00a0
term employee benefits, the costs are \u00a0
accrued to match the rendering of \u00a0
services. \u00a0
Termination benefits are recognised \u00a0
when an agreement has been reached \u00a0
between NKT and the employee and \u00a0
no future service is rendered by the \u00a0
employee in exchange for the benefits. \u00a0
Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
Accounting policy
For the Group\u2019s defined benefit plans, \u00a0
an annual actuarial calculation (the \u00a0
Projected Unit Credit Method) of the \u00a0
present value of future benefits pay- \u00a0
able under the plan is provided. The \u00a0
present value is determined based on \u00a0
assumptions about the future deve- \u00a0
lopment in variables such as salary \u00a0
levels, interest rates, inflation and mor- \u00a0
tality. The present value is determined \u00a0
only for benefits earned by employees \u00a0
from their employment within the \u00a0
Group. The actuarial present value \u00a0
less the fair value of any plan assets is \u00a0
recognised in the balance sheet under \u00a0
pension liabilities. \u00a0
Pension expenses and other long- \u00a0
term employee benefits are recog- \u00a0
nised in the income statement based \u00a0
on actuarial estimates and financial \u00a0
expectations at the start of the year. \u00a0
Actuarial gains or losses are recog- \u00a0
nised in other comprehensive income. \u00a0
If a pension plan constitutes a net \u00a0
asset, the asset is only recognised if \u00a0
it offsets cumulative actuarial losses \u00a0
or future refunds from the plan, or if it \u00a0
will lead to reduced future payments \u00a0
to the plan. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10127": {
"value": "Accounting policy \u00a0
The share-based payments contain \u00a0
internal performance measures and \u00a0
external market return measures. At \u00a0
the grant date the value of services \u00a0
received in exchange for share-based \u00a0
payments are measured at the fair \u00a0
value. The fair value of share-based \u00a0
payments is estimated using a valu- \u00a0
ation model that takes into account \u00a0
the terms and conditions upon which \u00a0
granting took place. During the vesting \u00a0
period, the costs related to the plans \u00a0
are recognised as staff costs and an \u00a0
equal amount is recognised in equity. \u00a0
For the internal performance targets, \u00a0
costs are recognised over the vesting \u00a0
period based on the number of shares \u00a0
expected to vest, whereas for the \u00a0
market return elements, costs are rec- \u00a0
ognised over the vesting period disre- \u00a0
garding any changes in the number of \u00a0
shares expected to vest. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10104": {
"value": "Termination benefits are recognised \u00a0
when an agreement has been reached \u00a0
between NKT and the employee and \u00a0
no future service is rendered by the \u00a0
employee in exchange for the benefits. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10140": {
"value": "2.4 Research
and development \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Research and development costs \u2013 staff costs \u00a0
7
6
Research and development costs \u2013 other costs \u00a0
36 \u00a0
32 \u00a0
Total research and development costs \u00a0
43 \u00a0
38 \u00a0
Recognised as follows: \u00a0
Expensed in the income statement \u00a0
11 \u00a0
7
Capitalised in the balance sheet \u00a0
32 \u00a0
31 \u00a0
Total research and development costs \u00a0
43 \u00a0
38 \u00a0
Accounting policy \u00a0
Research costs are expensed in the \u00a0
income statement as they occur. \u00a0
Clearly defined and identifiable devel- \u00a0
opment projects are recognised as \u00a0
intangible assets provided that certain \u00a0
requirements are met refer to note 3.1 \u00a0
Intangible assets. Other development \u00a0
costs are expensed in the income \u00a0
statement as incurred. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10147": {
"value": "2.5 Tax \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Tax recognised in the income statement \u00a0
Current tax \u00a0
59 \u00a0
25 \u00a0
Current tax, adjustment prior years \u00a0
-12 \u00a0
4
Deferred tax \u00a0
-20 \u00a0
8
Deferred tax, adjustment prior years \u00a0
11 \u00a0
-7 \u00a0
38 \u00a0
30 \u00a0
Tax rate for the year \u00a0
14% \u00a0
20% \u00a0
Reconciliation of tax: \u00a0
Calculated 22% tax on earnings before tax \u00a0
60 \u00a0
33 \u00a0
Tax effect of: \u00a0
Foreign tax rates relative to Danish tax rate \u00a0
-4 \u00a0
-5 \u00a0
Non-taxable income/non-deductible expenses, net \u00a0
0
4
Adjustment for prior years \u00a0
-1 \u00a0
-3 \u00a0
Value adjustment of tax assets \u00a0
-17 \u00a0
1
38 \u00a0
30 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Deferred tax, 1 January, net \u00a0
-24 \u00a0
-43 \u00a0
Tax recognised in other comprehensive income \u00a0
-31 \u00a0
-15 \u00a0
Tax recognised on deferred hedge gains and \u00a0
losses transferred from equity to inventory \u00a0
38 \u00a0
35 \u00a0
Addition from acquisitions \u00a0
-6 \u00a0
0
Deferred tax recognised in income statement \u00a0
9
-1 \u00a0
Foreign exchange adjustment \u00a0
1
0
Deferred tax, 31 December, net \u00a0
-13 \u00a0
-24 \u00a0
Recognised deferred tax: \u00a0
Deferred tax assets, 31 December \u00a0
21 \u00a0
12 \u00a0
Deferred tax liabilities, 31 December \u00a0
-34 \u00a0
-36 \u00a0
Deferred tax, 31 December, net \u00a0
-13 \u00a0
-24 \u00a0
Specification on deferred tax assets and liabilities: \u00a0
Intangible assets \u00a0
-40 \u00a0
-26 \u00a0
Tangible assets \u00a0
-26 \u00a0
-11 \u00a0
Other non-current assets \u00a0
4
0
Current assets \u00a0
-50 \u00a0
-53 \u00a0
Non-current liabilities \u00a0
8
5
Current liabilities \u00a0
8
6
Tax losses \u00a0
155 \u00a0
149 \u00a0
Unrecognised tax assets \u00a0
-73 \u00a0
-94 \u00a0
Other \u00a0
1
0
Deferred tax, 31 December, net \u00a0
-13 \u00a0
-24 \u00a0
Tax Approach \u00a0
NKT Group complies with the tax \u00a0
legislation of the countries in which it \u00a0
operates and seeks to pay the right \u00a0
amount of tax in the countries where it \u00a0
is applicable. \u00a0
NKT Group only uses business struc- \u00a0
tures that are driven by commercial \u00a0
consideration and have a genuine \u00a0
substance. \u00a0
NKT Group does not operate in tax \u00a0
havens. In accordance with NKT \u00a0
Group\u2019s tax policy, any future opera- \u00a0
tions in tax havens will be purely for \u00a0
commercial reasons. \u00a0
NKT Group believes in collaboration \u00a0
and transparency regarding its tax \u00a0
matters and actively pursues oppor- \u00a0
tunities to engage with tax authorities \u00a0
and other relevant stakeholders with \u00a0
the purpose of building trust through \u00a0
collaboration and openness. \u00a0
NKT Group realised earnings before \u00a0
tax (EBT) of EUR 274m (EUR 149m in \u00a0
2023), which resulted in a reported tax \u00a0
rate of 14% (20% in 2023). \u00a0
The reported tax rate of 14% was \u00a0
primarily impacted by additional tax \u00a0
losses carried forward being capital- \u00a0
ised in Germany. \u00a0
OECD Pillar 2 had a limited impact on \u00a0
NKT Group in 2024 of around EUR \u00a0
0m. \u00a0
In 2024, NKT Group paid a net \u00a0
amount of EUR 38m in corporate \u00a0
income tax compared to paying a net \u00a0
amount of EUR 25m in 2023. \u00a0
Earnings realised in NKT Group's Dan- \u00a0
ish companies resulted in a corporate \u00a0
tax receivable of EUR 4m (Corporate \u00a0
tax receivable of EUR 11m in 2023). \u00a0
The majority of the deferred tax assets \u00a0
relate to NKT Group\u2019s German tax \u00a0
unit. The business outlook and oper- \u00a0
ational execution have improved sig- \u00a0
nificantly during 2024, which has led \u00a0
to further capitalisation of tax losses \u00a0
carried forward. The tax losses carried \u00a0
forward from the German tax unit \u00a0
increased from EUR 449m in 2023 to \u00a0
EUR 480m in 2024. The total deferred \u00a0
tax value amounts to EUR 154m. NKT \u00a0
Group has recognised a deferred tax \u00a0
asset of EUR 87m at year-end 2024 \u00a0
(EUR 50m in 2023). Tax losses in Ger- \u00a0
many have no expiry date. \u00a0
Interests carried forward in the
Swe- \u00a0
dish tax unit were fully utilised during \u00a0
2024. \u00a0
Tax losses in Danish tax units have \u00a0
been fully utilised in 2024. \u00a0
NKT Group reported a net deferred \u00a0
tax liability of EUR 13m (EUR 24m \u00a0
in 2023). The development mainly \u00a0
relates to deferred tax liability from the \u00a0
acquisition of SolidAl, and deferred tax \u00a0
liability related to hedge accounting \u00a0
recognised in other comprehensive \u00a0
income. Furthermore, the develop- \u00a0
ment relates to revenue recognition \u00a0
in Germany as well as recognition \u00a0
of deferred tax assets related to tax \u00a0
losses carried forward in Germany. \u00a0
The measurement of deferred tax \u00a0
assets and liabilities is based on the \u00a0
corporate tax rate applicable in the \u00a0
years when the assets and liabilities \u00a0
are expected to be utilised. The meas- \u00a0
urement of the tax assets is based on \u00a0
budgets and estimates for the coming \u00a0
years, which by nature are subject to \u00a0
uncertainty. As a result, there can be \u00a0
a substantial difference between the \u00a0
expected use of the tax asset and \u00a0
actual use of the tax asset related to \u00a0
previous years in the consolidated \u00a0
income statement. \u00a0
Deferred tax \u00a0
Deferred tax is measured according \u00a0
to the balance sheet liability method \u00a0
on all temporary differences between \u00a0
the carrying amount and the tax base \u00a0
of assets and liabilities. However, \u00a0
deferred tax is not recognised on tax- \u00a0
able temporary differences relating to \u00a0
goodwill and on temporary differences \u00a0
arising on the initial recognition of an \u00a0
asset and liability which affects neither \u00a0
accounting profit nor taxable income \u00a0
and does not result in a deductible \u00a0
and taxable temporary difference \u00a0
of the same amount. Where alter- \u00a0
native taxation rules can be applied \u00a0
to determine the tax base, deferred \u00a0
tax is measured according to Group \u00a0
Management\u2019s planned use of the \u00a0
assets or settlement of the liabilities, \u00a0
respectively. \u00a0
Deferred tax assets, including the \u00a0
tax base of tax losses allowed for \u00a0
carry forward, are recognised at their \u00a0
expected utilisation value within the \u00a0
foreseeable future. \u00a0
Deferred tax assets and tax liabilities \u00a0
are offset if the company has a legal \u00a0
right to offset current tax assets and \u00a0
liabilities and intends to settle current \u00a0
tax assets and liabilities on a net basis \u00a0
or to realise the assets and liabilities \u00a0
simultaneously. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Management judgements and \u00a0
estimates regarding deferred \u00a0
tax assets and provisions for \u00a0
uncertain tax positions \u00a0
Deferred tax assets relating to tax \u00a0
losses carried forward are recognised \u00a0
when Management assesses that \u00a0
these can be utilised in the fore- \u00a0
seeable future. The assessment of \u00a0
possible utilisation include significant \u00a0
estimates and judgements, and the \u00a0
assessment is based on budgets and \u00a0
business plans for the following years, \u00a0
including the development in revenues \u00a0
based on the high-voltage order back- \u00a0
log.The assessment is performed at \u00a0
the reporting date considering local \u00a0
tax legislation and Management\u2019s \u00a0
business plans, and are only recog- \u00a0
nised if it is probable that future tax- \u00a0
able profit will allow the deferred tax \u00a0
asset to be recovered. \u00a0
As the NKT Group conducts business \u00a0
around the world, tax and transfer \u00a0
pricing disputes with local tax author- \u00a0
ities may occur. When assessing the \u00a0
expected outcome of these possible \u00a0
disputes, NKT Group applies IFRIC 23 \u00a0
\u2018Uncertainty over Income Tax Treat- \u00a0
ments\u2019 and methods directed herein \u00a0
when making provisions for uncertain \u00a0
tax positions. As this is an assess- \u00a0
ment, the actual obligations may \u00a0
deviate and will depend on the result \u00a0
of litigations and settlements with the \u00a0
tax authorities. Any taxes relating to \u00a0
tax disputes are included in Income \u00a0
tax receivables, Income tax payables \u00a0
or deferred tax based on an assess- \u00a0
ment of the most likely outcome of the \u00a0
disputes. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10148": {
"value": "2.5 Tax \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Tax recognised in the income statement \u00a0
Current tax \u00a0
59 \u00a0
25 \u00a0
Current tax, adjustment prior years \u00a0
-12 \u00a0
4
Deferred tax \u00a0
-20 \u00a0
8
Deferred tax, adjustment prior years \u00a0
11 \u00a0
-7 \u00a0
38 \u00a0
30 \u00a0
Tax rate for the year \u00a0
14% \u00a0
20% \u00a0
Reconciliation of tax: \u00a0
Calculated 22% tax on earnings before tax \u00a0
60 \u00a0
33 \u00a0
Tax effect of: \u00a0
Foreign tax rates relative to Danish tax rate \u00a0
-4 \u00a0
-5 \u00a0
Non-taxable income/non-deductible expenses, net \u00a0
0
4
Adjustment for prior years \u00a0
-1 \u00a0
-3 \u00a0
Value adjustment of tax assets \u00a0
-17 \u00a0
1
38 \u00a0
30 \u00a0
Tax Approach \u00a0
NKT Group complies with the tax \u00a0
legislation of the countries in which it \u00a0
operates and seeks to pay the right \u00a0
amount of tax in the countries where it \u00a0
is applicable. \u00a0
NKT Group only uses business struc- \u00a0
tures that are driven by commercial \u00a0
consideration and have a genuine \u00a0
substance. \u00a0
NKT Group does not operate in tax \u00a0
havens. In accordance with NKT \u00a0
Group\u2019s tax policy, any future opera- \u00a0
tions in tax havens will be purely for \u00a0
commercial reasons. \u00a0
NKT Group believes in collaboration \u00a0
and transparency regarding its tax \u00a0
matters and actively pursues oppor- \u00a0
tunities to engage with tax authorities \u00a0
and other relevant stakeholders with \u00a0
the purpose of building trust through \u00a0
collaboration and openness. \u00a0
NKT Group realised earnings before \u00a0
tax (EBT) of EUR 274m (EUR 149m in \u00a0
2023), which resulted in a reported tax \u00a0
rate of 14% (20% in 2023). \u00a0
The reported tax rate of 14% was \u00a0
primarily impacted by additional tax \u00a0
losses carried forward being capital- \u00a0
ised in Germany. \u00a0
OECD Pillar 2 had a limited impact on \u00a0
NKT Group in 2024 of around EUR \u00a0
0m. \u00a0
In 2024, NKT Group paid a net \u00a0
amount of EUR 38m in corporate \u00a0
income tax compared to paying a net \u00a0
amount of EUR 25m in 2023. \u00a0
Earnings realised in NKT Group's Dan- \u00a0
ish companies resulted in a corporate \u00a0
tax receivable of EUR 4m (Corporate \u00a0
tax receivable of EUR 11m in 2023). \u00a0
The majority of the deferred tax assets \u00a0
relate to NKT Group\u2019s German tax \u00a0
unit. The business outlook and oper- \u00a0
ational execution have improved sig- \u00a0
nificantly during 2024, which has led \u00a0
to further capitalisation of tax losses \u00a0
carried forward. The tax losses carried \u00a0
forward from the German tax unit \u00a0
increased from EUR 449m in 2023 to \u00a0
EUR 480m in 2024. The total deferred \u00a0
tax value amounts to EUR 154m. NKT \u00a0
Group has recognised a deferred tax \u00a0
asset of EUR 87m at year-end 2024 \u00a0
(EUR 50m in 2023). Tax losses in Ger- \u00a0
many have no expiry date. \u00a0
Interests carried forward in the
Swe- \u00a0
dish tax unit were fully utilised during \u00a0
2024. \u00a0
Tax losses in Danish tax units have \u00a0
been fully utilised in 2024. \u00a0
NKT Group reported a net deferred \u00a0
tax liability of EUR 13m (EUR 24m \u00a0
in 2023). The development mainly \u00a0
relates to deferred tax liability from the \u00a0
acquisition of SolidAl, and deferred tax \u00a0
liability related to hedge accounting \u00a0
recognised in other comprehensive \u00a0
income. Furthermore, the develop- \u00a0
ment relates to revenue recognition \u00a0
in Germany as well as recognition \u00a0
of deferred tax assets related to tax \u00a0
losses carried forward in Germany. \u00a0
The measurement of deferred tax \u00a0
assets and liabilities is based on the \u00a0
corporate tax rate applicable in the \u00a0
years when the assets and liabilities \u00a0
are expected to be utilised. The meas- \u00a0
urement of the tax assets is based on \u00a0
budgets and estimates for the coming \u00a0
years, which by nature are subject to \u00a0
uncertainty. As a result, there can be \u00a0
a substantial difference between the \u00a0
expected use of the tax asset and \u00a0
actual use of the tax asset related to \u00a0
previous years in the consolidated \u00a0
income statement. \u00a0
Accounting policy \u00a0
Current income tax \u00a0
Tax for the period, consists of the \u00a0
year\u2019s current tax, change in deferred \u00a0
tax and adjustments related to previ- \u00a0
ous years. Tax for the period is recog- \u00a0
nised in the income statement includ- \u00a0
ing the effect of coupon payments on \u00a0
the hybrid capital. Tax relating to other \u00a0
items is recognised in other compre- \u00a0
hensive income. \u00a0
Current tax payable and receivable \u00a0
is recognised in the balance sheet as \u00a0
tax estimated on taxable income for \u00a0
the year, adjusted for tax on taxable \u00a0
income for previous years and for tax \u00a0
paid on account. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Management judgements and \u00a0
estimates regarding deferred \u00a0
tax assets and provisions for \u00a0
uncertain tax positions \u00a0
Deferred tax assets relating to tax \u00a0
losses carried forward are recognised \u00a0
when Management assesses that \u00a0
these can be utilised in the fore- \u00a0
seeable future. The assessment of \u00a0
possible utilisation include significant \u00a0
estimates and judgements, and the \u00a0
assessment is based on budgets and \u00a0
business plans for the following years, \u00a0
including the development in revenues \u00a0
based on the high-voltage order back- \u00a0
log.The assessment is performed at \u00a0
the reporting date considering local \u00a0
tax legislation and Management\u2019s \u00a0
business plans, and are only recog- \u00a0
nised if it is probable that future tax- \u00a0
able profit will allow the deferred tax \u00a0
asset to be recovered. \u00a0
As the NKT Group conducts business \u00a0
around the world, tax and transfer \u00a0
pricing disputes with local tax author- \u00a0
ities may occur. When assessing the \u00a0
expected outcome of these possible \u00a0
disputes, NKT Group applies IFRIC 23 \u00a0
\u2018Uncertainty over Income Tax Treat- \u00a0
ments\u2019 and methods directed herein \u00a0
when making provisions for uncertain \u00a0
tax positions. As this is an assess- \u00a0
ment, the actual obligations may \u00a0
deviate and will depend on the result \u00a0
of litigations and settlements with the \u00a0
tax authorities. Any taxes relating to \u00a0
tax disputes are included in Income \u00a0
tax receivables, Income tax payables \u00a0
or deferred tax based on an assess- \u00a0
ment of the most likely outcome of the \u00a0
disputes. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10141": {
"value": "Accounting policy \u00a0
Research costs are expensed in the \u00a0
income statement as they occur. \u00a0
Clearly defined and identifiable devel- \u00a0
opment projects are recognised as \u00a0
intangible assets provided that certain \u00a0
requirements are met refer to note 3.1 \u00a0
Intangible assets. Other development \u00a0
costs are expensed in the income \u00a0
statement as incurred. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10158": {
"value": "Accounting policy \u00a0
Current income tax \u00a0
Tax for the period, consists of the \u00a0
year\u2019s current tax, change in deferred \u00a0
tax and adjustments related to previ- \u00a0
ous years. Tax for the period is recog- \u00a0
nised in the income statement includ- \u00a0
ing the effect of coupon payments on \u00a0
the hybrid capital. Tax relating to other \u00a0
items is recognised in other compre- \u00a0
hensive income. \u00a0
Current tax payable and receivable \u00a0
is recognised in the balance sheet as \u00a0
tax estimated on taxable income for \u00a0
the year, adjusted for tax on taxable \u00a0
income for previous years and for tax \u00a0
paid on account. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10162": {
"value": "Deferred tax \u00a0
Deferred tax is measured according \u00a0
to the balance sheet liability method \u00a0
on all temporary differences between \u00a0
the carrying amount and the tax base \u00a0
of assets and liabilities. However, \u00a0
deferred tax is not recognised on tax- \u00a0
able temporary differences relating to \u00a0
goodwill and on temporary differences \u00a0
arising on the initial recognition of an \u00a0
asset and liability which affects neither \u00a0
accounting profit nor taxable income \u00a0
and does not result in a deductible \u00a0
and taxable temporary difference \u00a0
of the same amount. Where alter- \u00a0
native taxation rules can be applied \u00a0
to determine the tax base, deferred \u00a0
tax is measured according to Group \u00a0
Management\u2019s planned use of the \u00a0
assets or settlement of the liabilities, \u00a0
respectively. \u00a0
Deferred tax assets, including the \u00a0
tax base of tax losses allowed for \u00a0
carry forward, are recognised at their \u00a0
expected utilisation value within the \u00a0
foreseeable future. \u00a0
Deferred tax assets and tax liabilities \u00a0
are offset if the company has a legal \u00a0
right to offset current tax assets and \u00a0
liabilities and intends to settle current \u00a0
tax assets and liabilities on a net basis \u00a0
or to realise the assets and liabilities \u00a0
simultaneously. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10176": {
"value": "3. Non-current assets and liabilities
NKT Group\u2019s investments in non-current assets \u00a0
form a basis for the Group\u2019s operation and \u00a0
non-current liabilities arising as a result thereof. \u00a0
The non-current liabilities in this section are \u00a0
regarded as non interest-bearing. \u00a0
Manufacturing \u00a0
Fixtures, fittings,
Property, plant and \u00a0
Total property, \u00a0
Land and \u00a0
plant and \u00a0
tools and \u00a0
equipment under \u00a0
plant and \u00a0
EURm \u00a0
buildings \u00a0
machinery \u00a0
equipment \u00a0
construction \u00a0
equipment \u00a0
Cost, 1 January 2023 \u00a0
418 \u00a0
727 \u00a0
129 \u00a0
209 \u00a0
1,483 \u00a0
Additions \u00a0
32 \u00a0
13 \u00a0
4
187 \u00a0
236 \u00a0
Disposals \u00a0
-18 \u00a0
-8 \u00a0
-2 \u00a0
0
-28 \u00a0
Transferred between classes of assets \u00a0
67 \u00a0
108 \u00a0
20 \u00a0
-195 \u00a0
0
Exchange rate adjustments \u00a0
2
6
1
0
9
Cost, 31 December 2023 \u00a0
501 \u00a0
846 \u00a0
152 \u00a0
201 \u00a0
1,700 \u00a0
Depreciation and impairment, 1 January 2023 \u00a0
-126 \u00a0
-429 \u00a0
-84 \u00a0
0
-639 \u00a0
Depreciation for the year \u00a0
-16 \u00a0
-42 \u00a0
-13 \u00a0
0
-71 \u00a0
Disposals \u00a0
18 \u00a0
8
2
0
28 \u00a0
Exchange rate adjustments \u00a0
0
-3 \u00a0
-1 \u00a0
0
-4 \u00a0
Depreciation and impairment, 31 December 2023 \u00a0
-124 \u00a0
-466 \u00a0
-96 \u00a0
0
-686 \u00a0
Carrying amount, 31 December 2023 \u00a0
377 \u00a0
380 \u00a0
56 \u00a0
201 \u00a0
1,014 \u00a0
Cost, 1 January 2024 \u00a0
501 \u00a0
846 \u00a0
152 \u00a0
201 \u00a0
1,700 \u00a0
Additions \u00a0
15 \u00a0
28 \u00a0
19 \u00a0
436 \u00a0
498 \u00a0
Additions through business combinations \u00a0
14 \u00a0
0
34 \u00a0
5
53 \u00a0
Disposals \u00a0
-2 \u00a0
-5 \u00a0
-3 \u00a0
0
-10 \u00a0
Transferred between classes of assets \u00a0
10 \u00a0
35 \u00a0
25 \u00a0
-70 \u00a0
0
Exchange rate adjustments \u00a0
-8 \u00a0
-9 \u00a0
-3 \u00a0
-7 \u00a0
-27 \u00a0
Cost, 31 December 2024 \u00a0
530 \u00a0
895 \u00a0
224 \u00a0
565 \u00a0
2,214 \u00a0
Depreciation and impairment, 1 January 2024 \u00a0
-124 \u00a0
-466 \u00a0
-96 \u00a0
0
-686 \u00a0
Depreciation for the year \u00a0
-18 \u00a0
-47 \u00a0
-17 \u00a0
0
-82 \u00a0
Disposals \u00a0
2
5
3
0
10 \u00a0
Exchange rate adjustments \u00a0
1
5
2
0
8
Depreciation and impairment, 31 December 2024 \u00a0
-139 \u00a0
-503 \u00a0
-108 \u00a0
0
-750 \u00a0
Carrying amount, 31 December 2024 \u00a0
391 \u00a0
392 \u00a0
116 \u00a0
565 \u00a0
1,464 \u00a0
In 2024, borrowing costs of EUR 10m have been capitalised as part of property, plant and equipment under construction. \u00a0
Accounting policy
Property, plant and equipment are \u00a0
measured at cost less accumulated \u00a0
depreciation and impairment losses. \u00a0
The cost comprises the purchase \u00a0
price and any costs directly attributa- \u00a0
ble to the acquisition. Borrowing costs \u00a0
directly attributable to assets under \u00a0
construction with a lengthy construc- \u00a0
tion period are recognised in costs \u00a0
during the construction period. The \u00a0
cost of self-constructed assets com- \u00a0
prises costs of materials, components, \u00a0
subcontractors and wages. The cost \u00a0
is supplemented by the present value \u00a0
of estimated liabilities related to dis- \u00a0
mantling and removing the asset and \u00a0
restoring the site on which the asset \u00a0
was utilised. \u00a0
Subsequent costs, e.g. relating to \u00a0
replacement of parts of an item of \u00a0
property, plant and equipment, are \u00a0
recognised in the carrying amount of \u00a0
the asset if it is probable that the costs \u00a0
will result in future economic benefits \u00a0
for the Group. All other costs relating \u00a0
to ordinary repair and maintenance \u00a0
are recognised in the income state- \u00a0
ment as incurred. \u00a0
Depreciation is done on a straight-line \u00a0
basis over the expected useful life of \u00a0
the assets, as follows: \u00a0
Buildings \u00a0
10 \u2013 50 years \u00a0
Manufacturing plant \u00a0
and machinery \u00a0
4 \u2013 20 years \u00a0
Fixtures, fittings, tools \u00a0
and equipment \u00a0
3 \u2013 15 years \u00a0
Vessel \u00a0
20 years \u00a0
Land \u00a0
not depreciated \u00a0
If individual parts of an item of prop- \u00a0
erty, plant and equipment have differ- \u00a0
ent useful lives, they are depreciated \u00a0
separately. \u00a0
The basis of depreciation is calculated \u00a0
according to the residual value less \u00a0
impairment losses. The residual value \u00a0
is determined at the acquisition date \u00a0
and reviewed annually. If the residual \u00a0
value exceeds the carrying amount, \u00a0
depreciation is discontinued. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10177": {
"value": "3. Non-current assets and liabilities
NKT Group\u2019s investments in non-current assets \u00a0
form a basis for the Group\u2019s operation and \u00a0
non-current liabilities arising as a result thereof. \u00a0
The non-current liabilities in this section are \u00a0
regarded as non interest-bearing. \u00a0
3.1 Intangible
assets \u00a0
Trademarks, \u00a0
Development \u00a0
Intangible \u00a0
Total \u00a0
patents and \u00a0
projects \u00a0
assets under \u00a0
Intangible \u00a0
EURm \u00a0
Goodwill \u00a0
licences etc. \u00a0
IT software \u00a0
completed \u00a0
development \u00a0
assets \u00a0
Cost, 1 January 2023 \u00a0
350 \u00a0
66 \u00a0
77 \u00a0
63 \u00a0
88 \u00a0
644 \u00a0
Additions \u00a0
0
0
0
0
33 \u00a0
33 \u00a0
Transferred between classes of assets \u00a0
0
0
0
25 \u00a0
-25 \u00a0
0
Exchange rate adjustments \u00a0
1
0
0
0
1
2
Costs, 31 December 2023 \u00a0
351 \u00a0
66 \u00a0
77 \u00a0
88 \u00a0
97 \u00a0
679 \u00a0
Amortisation and impairment, 1 January 2023 \u00a0
-27 \u00a0
-45 \u00a0
-44 \u00a0
0
-116 \u00a0
Amortisation for the year \u00a0
-4 \u00a0
-8 \u00a0
-7 \u00a0
0
-19 \u00a0
Exchange rate adjustments \u00a0
0
0
0
0
0
Amortisation and impairment, 31 December 2023 \u00a0
-31 \u00a0
-53 \u00a0
-51 \u00a0
0
-135 \u00a0
Carrying amount, 31 December 2023 \u00a0
351 \u00a0
35 \u00a0
24 \u00a0
37 \u00a0
97 \u00a0
544 \u00a0
Cost, 1 January 2024 \u00a0
351 \u00a0
66 \u00a0
77 \u00a0
88 \u00a0
97 \u00a0
679 \u00a0
Additions \u00a0
0
0
0
0
32 \u00a0
32 \u00a0
Additions through business combinations \u00a0
66 \u00a0
37 \u00a0
2
0
0
105 \u00a0
Transferred between classes of assets \u00a0
0
0
0
24 \u00a0
-24 \u00a0
0
Exchange rate adjustments \u00a0
-12 \u00a0
-1 \u00a0
0
-2 \u00a0
-2 \u00a0
-17 \u00a0
Costs, 31 December 2024 \u00a0
405 \u00a0
102 \u00a0
79 \u00a0
110 \u00a0
103 \u00a0
799 \u00a0
Amortisation and impairment, 1 January 2024 \u00a0
-31 \u00a0
-53 \u00a0
-51 \u00a0
0
-135 \u00a0
Amortisation for the year \u00a0
-6 \u00a0
-7 \u00a0
-7 \u00a0
0
-20 \u00a0
Impairment \u00a0
0
0
0
-1 \u00a0
-1 \u00a0
Exchange rate adjustments \u00a0
1
1
0
1
3
Amortisation and impairment, 31 December 2024 \u00a0
-36 \u00a0
-59 \u00a0
-58 \u00a0
0
-153 \u00a0
Carrying amount, 31 December 2024 \u00a0
405 \u00a0
66 \u00a0
20 \u00a0
52 \u00a0
103 \u00a0
646 \u00a0
Accounting policy \u00a0
Goodwill is initially recognised in the \u00a0
balance sheet at cost. Subsequently, \u00a0
goodwill is measured at cost less \u00a0
accumulated impairment losses and is \u00a0
not amortised. \u00a0
The carrying amount of goodwill is \u00a0
allocated to NKT Group\u2019s cash-gen- \u00a0
erating units at the acquisition date. \u00a0
Cash-generating units are based on \u00a0
the managerial structure and inter- \u00a0
nal financial control. As a result of \u00a0
the integration of acquisitions in the \u00a0
existing NKT Group, and identifica- \u00a0
tion of operating segments based on \u00a0
the presence of segment managers, \u00a0
Group Management finds that the \u00a0
smallest cash-generating units to \u00a0
which the carrying amount of goodwill \u00a0
can be allocated during testing for \u00a0
impairment are identical to the operat- \u00a0
ing segments. \u00a0
Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Intangible assets under development \u00a0
consists of clearly defined and iden- \u00a0
tifiable development projects where \u00a0
the following requirements are met: \u00a0
The technical feasibility, adequacy \u00a0
of resources and a potential future \u00a0
market can be demonstrated, it is \u00a0
intended to manufacture, market or \u00a0
utilise the project, the cost can be reli- \u00a0
ably determined, and there is reason- \u00a0
able certainty that the future earnings \u00a0
or net selling prices can cover the \u00a0
carrying amount as well as the devel- \u00a0
opment costs necessary to finalise the \u00a0
project as incurred. Intangible assets \u00a0
under development are measured at \u00a0
cost less accumulated impairment \u00a0
losses. The cost includes wages, \u00a0
amortisation and other costs relating \u00a0
to the Group\u2019s development activities. \u00a0
On completion the development work \u00a0
is transferred to Development projects \u00a0
completed or IT software. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10178": {
"value": "3. Non-current assets and liabilities
NKT Group\u2019s investments in non-current assets \u00a0
form a basis for the Group\u2019s operation and \u00a0
non-current liabilities arising as a result thereof. \u00a0
The non-current liabilities in this section are \u00a0
regarded as non interest-bearing. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10183": {
"value": "3.1 Intangible
assets \u00a0
Trademarks, \u00a0
Development \u00a0
Intangible \u00a0
Total \u00a0
patents and \u00a0
projects \u00a0
assets under \u00a0
Intangible \u00a0
EURm \u00a0
Goodwill \u00a0
licences etc. \u00a0
IT software \u00a0
completed \u00a0
development \u00a0
assets \u00a0
Cost, 1 January 2023 \u00a0
350 \u00a0
66 \u00a0
77 \u00a0
63 \u00a0
88 \u00a0
644 \u00a0
Additions \u00a0
0
0
0
0
33 \u00a0
33 \u00a0
Transferred between classes of assets \u00a0
0
0
0
25 \u00a0
-25 \u00a0
0
Exchange rate adjustments \u00a0
1
0
0
0
1
2
Costs, 31 December 2023 \u00a0
351 \u00a0
66 \u00a0
77 \u00a0
88 \u00a0
97 \u00a0
679 \u00a0
Amortisation and impairment, 1 January 2023 \u00a0
-27 \u00a0
-45 \u00a0
-44 \u00a0
0
-116 \u00a0
Amortisation for the year \u00a0
-4 \u00a0
-8 \u00a0
-7 \u00a0
0
-19 \u00a0
Exchange rate adjustments \u00a0
0
0
0
0
0
Amortisation and impairment, 31 December 2023 \u00a0
-31 \u00a0
-53 \u00a0
-51 \u00a0
0
-135 \u00a0
Carrying amount, 31 December 2023 \u00a0
351 \u00a0
35 \u00a0
24 \u00a0
37 \u00a0
97 \u00a0
544 \u00a0
Cost, 1 January 2024 \u00a0
351 \u00a0
66 \u00a0
77 \u00a0
88 \u00a0
97 \u00a0
679 \u00a0
Additions \u00a0
0
0
0
0
32 \u00a0
32 \u00a0
Additions through business combinations \u00a0
66 \u00a0
37 \u00a0
2
0
0
105 \u00a0
Transferred between classes of assets \u00a0
0
0
0
24 \u00a0
-24 \u00a0
0
Exchange rate adjustments \u00a0
-12 \u00a0
-1 \u00a0
0
-2 \u00a0
-2 \u00a0
-17 \u00a0
Costs, 31 December 2024 \u00a0
405 \u00a0
102 \u00a0
79 \u00a0
110 \u00a0
103 \u00a0
799 \u00a0
Amortisation and impairment, 1 January 2024 \u00a0
-31 \u00a0
-53 \u00a0
-51 \u00a0
0
-135 \u00a0
Amortisation for the year \u00a0
-6 \u00a0
-7 \u00a0
-7 \u00a0
0
-20 \u00a0
Impairment \u00a0
0
0
0
-1 \u00a0
-1 \u00a0
Exchange rate adjustments \u00a0
1
1
0
1
3
Amortisation and impairment, 31 December 2024 \u00a0
-36 \u00a0
-59 \u00a0
-58 \u00a0
0
-153 \u00a0
Carrying amount, 31 December 2024 \u00a0
405 \u00a0
66 \u00a0
20 \u00a0
52 \u00a0
103 \u00a0
646 \u00a0
Accounting policy \u00a0
Goodwill is initially recognised in the \u00a0
balance sheet at cost. Subsequently, \u00a0
goodwill is measured at cost less \u00a0
accumulated impairment losses and is \u00a0
not amortised. \u00a0
The carrying amount of goodwill is \u00a0
allocated to NKT Group\u2019s cash-gen- \u00a0
erating units at the acquisition date. \u00a0
Cash-generating units are based on \u00a0
the managerial structure and inter- \u00a0
nal financial control. As a result of \u00a0
the integration of acquisitions in the \u00a0
existing NKT Group, and identifica- \u00a0
tion of operating segments based on \u00a0
the presence of segment managers, \u00a0
Group Management finds that the \u00a0
smallest cash-generating units to \u00a0
which the carrying amount of goodwill \u00a0
can be allocated during testing for \u00a0
impairment are identical to the operat- \u00a0
ing segments. \u00a0
3.4 Impairment
test \u00a0
Result of the annual impairment test \u00a0
On 31 December 2024 goodwill was \u00a0
tested for impairment. The impairment \u00a0
test did not identify any impairment \u00a0
(none in 2023). \u00a0
The lowest level at which goodwill is \u00a0
monitored is equal to the cash gener- \u00a0
ating units. \u00a0
Goodwill has been allocated to the \u00a0
cash-generating units according to the \u00a0
split presented below. In 2024, SolidAl \u00a0
was acquired and added to the Appli- \u00a0
cations business line. The carrying \u00a0
amount of goodwill was: \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Solutions \u00a0
289 \u00a0
299 \u00a0
Applications \u00a0
72 \u00a0
6
Service & Accessories \u00a0
44 \u00a0
46 \u00a0
Total goodwill \u00a0
405 \u00a0
351 \u00a0
Cash-generating units \u00a0
Cash-generating units identified in \u00a0
NKT Group are similar to the operating \u00a0
segments, being Solutions, App- \u00a0
lications and Service & Accessories. \u00a0
These are considered to be the low- \u00a0
est level of cash-generating units as \u00a0
defined by management. \u00a0
The definition of cash-generating units \u00a0
is based on the smallest identifiable \u00a0
group of assets that together generate \u00a0
cash inflows from continued use and \u00a0
which are independent of the cash \u00a0
flows from other assets or groups of \u00a0
assets. \u00a0
The definition of cash-generating units \u00a0
aligns with the managerial structure \u00a0
and the internal financial reporting in \u00a0
NKT Group. For impairment test pur- \u00a0
poses, tangible assets and intangible \u00a0
assets are allocated to the respective \u00a0
cash-generating units. \u00a0
Key Assumptions \u00a0
The recoverable amount is based \u00a0
on a value-in-use calculation. For all \u00a0
cash-generating units, the calculation \u00a0
uses cash flow projections (budget \u00a0
period) based on the financial budget \u00a0
for 2025 and financial forecasts for \u00a0
2026\u20132029, hence a 5-year budget \u00a0
period. Significant parameters in \u00a0
these estimates are revenue growth, \u00a0
discount rate before tax, and growth \u00a0
expectations for the terminal period. \u00a0
The discount rate before tax has been \u00a0
revised for each cash-generating unit \u00a0
to reflect the latest market assump- \u00a0
tions for the risk-free rate based on a \u00a0
10-year German government bond, \u00a0
the equity risk premium and the cost \u00a0
of debt. \u00a0
The long-term growth rate for the ter- \u00a0
minal period is based on the expected \u00a0
growth in the world economy as well \u00a0
as long-term development for the \u00a0
industries and markets in which the \u00a0
cash-generating units operate. \u00a0
Group Management determines the \u00a0
expected annual growth rate in the \u00a0
budget period and in the terminal \u00a0
period based on historical experience \u00a0
and the assumptions about expected \u00a0
market developments. \u00a0
Solutions \u00a0
No reasonably possible change in \u00a0
assumptions could lead to an impair- \u00a0
ment in Solutions. \u00a0
In 2024, Solutions was awarded \u00a0
high-voltage projects with a com- \u00a0
bined value of EUR 1.7bn, resulting \u00a0
in a high-voltage order backlog of \u00a0
EUR 10.6bn at the end of the year. \u00a0
This was a positive addition to 2023 \u00a0
record high order intake, maintaining \u00a0
the order backlog at the same level \u00a0
as 2023, despite delivering 1.8bn of \u00a0
revenue during the year. NKT remains \u00a0
firmly entrenched as a key supplier of \u00a0
high-voltage DC technology, and will \u00a0
play a key role in enabling the transi- \u00a0
tion to renewable energy, especially \u00a0
across Europe. The need for more \u00a0
modern and interconnected power \u00a0
grids, capable of meeting structurally \u00a0
higher demand for electricity, contin- \u00a0
ues to be a key growth driver for Solu- \u00a0
tions. As the investment programme \u00a0
related to new high-voltage capacity \u00a0
and capabilities in Karlskrona has pro- \u00a0
gressed, NKT has identified additional \u00a0
opportunities and risks as well as gen- \u00a0
eral cost inflation. Therefore, invest- \u00a0
ments related to this programme are \u00a0
expected to increase by approximately \u00a0
EUR 300m, and it remains accretive \u00a0
to NKT\u2019s medium-term financial ambi- \u00a0
tions of a RoCE >20%. The expected \u00a0
timeline is unchanged and the new \u00a0
assets will be operational from 2027. \u00a0
Following a record-high level of \u00a0
awards in 2022 and 2023, NKT anti- \u00a0
cipates that its average addressable \u00a0
high-voltage market will be above EUR \u00a0
10.0bn per year between 2024 and \u00a0
2030. Assessing future awards to NKT \u00a0
is by nature subject to uncertainty, \u00a0
and the value-in-use calculation of the \u00a0
Solution cash-generating unit is sen- \u00a0
sitive to changes in the actual share \u00a0
of projects awarded to NKT. However, \u00a0
the high-voltage order backlog at end- \u00a0
2024 provides higher certainty regard- \u00a0
ing future revenue and earnings. \u00a0
Applications \u00a0
No reasonably possible change in \u00a0
assumptions could lead to an impair- \u00a0
ment in Applications. \u00a0
The Applications business line is also \u00a0
positively affected by the power and \u00a0
grid modernisation and extensions \u00a0
that drives growth in Solutions and \u00a0
Service & Accessories. \u00a0
Accounting policy \u00a0
Goodwill and intangible assets \u00a0
Goodwill, intangible assets with indef- \u00a0
inite useful lives, and development \u00a0
projects are tested at least annually for \u00a0
impairment, and furthermore when a \u00a0
trigger event occurs. \u00a0
The carrying amount of goodwill is \u00a0
tested for impairment together with \u00a0
the other non-current assets in the \u00a0
cash-generating unit to which goodwill \u00a0
is allocated. The recoverable amount \u00a0
is generally computed as the present \u00a0
value of the expected future net cash \u00a0
flows from the business or activity \u00a0
(cash-generating unit) to which good- \u00a0
will is allocated. \u00a0
Other non-current assets \u00a0
The carrying amount of other non-cur- \u00a0
rent assets is tested when a trigger \u00a0
event occurs which could indicate an \u00a0
impairment, in which case, the recov- \u00a0
erable amount of the asset is deter- \u00a0
mined. The recoverable amount is the \u00a0
fair value of the asset less anticipated \u00a0
cost of disposal, or its value-in-use, \u00a0
whichever is higher. \u00a0
The value-in-use is calculated as the \u00a0
present value of expected future cash \u00a0
flows from the asset or the cash-gen- \u00a0
erating unit of which the asset is part. \u00a0
Recognition of impairment loss \u00a0
in the income statement \u00a0
Impairment is recognised if the car- \u00a0
rying amount of an asset or a cash- \u00a0
generating unit exceeds the respective \u00a0
recoverable amount. The impairment \u00a0
is recognised in the income statement \u00a0
and impairment of goodwill is rec- \u00a0
ognised in a separate line item in the \u00a0
income statement. \u00a0
Impairment of goodwill is not reversed. \u00a0
Impairment of other assets is reversed \u00a0
in the event of changes having taken \u00a0
place in the conditions and estimates \u00a0
on which the impairment calcula- \u00a0
tion was based. Impairment is only \u00a0
reversed if the new carrying amount \u00a0
of the asset does not exceed the car- \u00a0
rying amount that would have applied \u00a0
after amortisation if the asset had not \u00a0
been impaired. \u00a0
Significant estimates \u00a0
and judgements \u00a0
For goodwill impairment testing, a \u00a0
number of estimates are made on \u00a0
the development in revenues, gross \u00a0
profits, conversion ratios, future \u00a0
capital expenditures, discount rates \u00a0
and growth expectations in the ter- \u00a0
minal period. These are based on \u00a0
an assessment of current and future \u00a0
developments \u00a0
in the three cash-generating units and \u00a0
on historical data and assumptions \u00a0
of future expected market develop- \u00a0
ments, including expected long-term \u00a0
average market growth rates. Data \u00a0
includes both internal and external \u00a0
data sources. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10184": {
"value": "3.1 Intangible
assets \u00a0
Trademarks, \u00a0
Development \u00a0
Intangible \u00a0
Total \u00a0
patents and \u00a0
projects \u00a0
assets under \u00a0
Intangible \u00a0
EURm \u00a0
Goodwill \u00a0
licences etc. \u00a0
IT software \u00a0
completed \u00a0
development \u00a0
assets \u00a0
Cost, 1 January 2023 \u00a0
350 \u00a0
66 \u00a0
77 \u00a0
63 \u00a0
88 \u00a0
644 \u00a0
Additions \u00a0
0
0
0
0
33 \u00a0
33 \u00a0
Transferred between classes of assets \u00a0
0
0
0
25 \u00a0
-25 \u00a0
0
Exchange rate adjustments \u00a0
1
0
0
0
1
2
Costs, 31 December 2023 \u00a0
351 \u00a0
66 \u00a0
77 \u00a0
88 \u00a0
97 \u00a0
679 \u00a0
Amortisation and impairment, 1 January 2023 \u00a0
-27 \u00a0
-45 \u00a0
-44 \u00a0
0
-116 \u00a0
Amortisation for the year \u00a0
-4 \u00a0
-8 \u00a0
-7 \u00a0
0
-19 \u00a0
Exchange rate adjustments \u00a0
0
0
0
0
0
Amortisation and impairment, 31 December 2023 \u00a0
-31 \u00a0
-53 \u00a0
-51 \u00a0
0
-135 \u00a0
Carrying amount, 31 December 2023 \u00a0
351 \u00a0
35 \u00a0
24 \u00a0
37 \u00a0
97 \u00a0
544 \u00a0
Cost, 1 January 2024 \u00a0
351 \u00a0
66 \u00a0
77 \u00a0
88 \u00a0
97 \u00a0
679 \u00a0
Additions \u00a0
0
0
0
0
32 \u00a0
32 \u00a0
Additions through business combinations \u00a0
66 \u00a0
37 \u00a0
2
0
0
105 \u00a0
Transferred between classes of assets \u00a0
0
0
0
24 \u00a0
-24 \u00a0
0
Exchange rate adjustments \u00a0
-12 \u00a0
-1 \u00a0
0
-2 \u00a0
-2 \u00a0
-17 \u00a0
Costs, 31 December 2024 \u00a0
405 \u00a0
102 \u00a0
79 \u00a0
110 \u00a0
103 \u00a0
799 \u00a0
Amortisation and impairment, 1 January 2024 \u00a0
-31 \u00a0
-53 \u00a0
-51 \u00a0
0
-135 \u00a0
Amortisation for the year \u00a0
-6 \u00a0
-7 \u00a0
-7 \u00a0
0
-20 \u00a0
Impairment \u00a0
0
0
0
-1 \u00a0
-1 \u00a0
Exchange rate adjustments \u00a0
1
1
0
1
3
Amortisation and impairment, 31 December 2024 \u00a0
-36 \u00a0
-59 \u00a0
-58 \u00a0
0
-153 \u00a0
Carrying amount, 31 December 2024 \u00a0
405 \u00a0
66 \u00a0
20 \u00a0
52 \u00a0
103 \u00a0
646 \u00a0
Accounting policy \u00a0
Goodwill is initially recognised in the \u00a0
balance sheet at cost. Subsequently, \u00a0
goodwill is measured at cost less \u00a0
accumulated impairment losses and is \u00a0
not amortised. \u00a0
The carrying amount of goodwill is \u00a0
allocated to NKT Group\u2019s cash-gen- \u00a0
erating units at the acquisition date. \u00a0
Cash-generating units are based on \u00a0
the managerial structure and inter- \u00a0
nal financial control. As a result of \u00a0
the integration of acquisitions in the \u00a0
existing NKT Group, and identifica- \u00a0
tion of operating segments based on \u00a0
the presence of segment managers, \u00a0
Group Management finds that the \u00a0
smallest cash-generating units to \u00a0
which the carrying amount of goodwill \u00a0
can be allocated during testing for \u00a0
impairment are identical to the operat- \u00a0
ing segments. \u00a0
Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Intangible assets under development \u00a0
consists of clearly defined and iden- \u00a0
tifiable development projects where \u00a0
the following requirements are met: \u00a0
The technical feasibility, adequacy \u00a0
of resources and a potential future \u00a0
market can be demonstrated, it is \u00a0
intended to manufacture, market or \u00a0
utilise the project, the cost can be reli- \u00a0
ably determined, and there is reason- \u00a0
able certainty that the future earnings \u00a0
or net selling prices can cover the \u00a0
carrying amount as well as the devel- \u00a0
opment costs necessary to finalise the \u00a0
project as incurred. Intangible assets \u00a0
under development are measured at \u00a0
cost less accumulated impairment \u00a0
losses. The cost includes wages, \u00a0
amortisation and other costs relating \u00a0
to the Group\u2019s development activities. \u00a0
On completion the development work \u00a0
is transferred to Development projects \u00a0
completed or IT software. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10185": {
"value": "Accounting policy \u00a0
Goodwill is initially recognised in the \u00a0
balance sheet at cost. Subsequently, \u00a0
goodwill is measured at cost less \u00a0
accumulated impairment losses and is \u00a0
not amortised. \u00a0
The carrying amount of goodwill is \u00a0
allocated to NKT Group\u2019s cash-gen- \u00a0
erating units at the acquisition date. \u00a0
Cash-generating units are based on \u00a0
the managerial structure and inter- \u00a0
nal financial control. As a result of \u00a0
the integration of acquisitions in the \u00a0
existing NKT Group, and identifica- \u00a0
tion of operating segments based on \u00a0
the presence of segment managers, \u00a0
Group Management finds that the \u00a0
smallest cash-generating units to \u00a0
which the carrying amount of goodwill \u00a0
can be allocated during testing for \u00a0
impairment are identical to the operat- \u00a0
ing segments. \u00a0
Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Intangible assets under development \u00a0
consists of clearly defined and iden- \u00a0
tifiable development projects where \u00a0
the following requirements are met: \u00a0
The technical feasibility, adequacy \u00a0
of resources and a potential future \u00a0
market can be demonstrated, it is \u00a0
intended to manufacture, market or \u00a0
utilise the project, the cost can be reli- \u00a0
ably determined, and there is reason- \u00a0
able certainty that the future earnings \u00a0
or net selling prices can cover the \u00a0
carrying amount as well as the devel- \u00a0
opment costs necessary to finalise the \u00a0
project as incurred. Intangible assets \u00a0
under development are measured at \u00a0
cost less accumulated impairment \u00a0
losses. The cost includes wages, \u00a0
amortisation and other costs relating \u00a0
to the Group\u2019s development activities. \u00a0
On completion the development work \u00a0
is transferred to Development projects \u00a0
completed or IT software. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10186": {
"value": "Accounting policy \u00a0
Goodwill is initially recognised in the \u00a0
balance sheet at cost. Subsequently, \u00a0
goodwill is measured at cost less \u00a0
accumulated impairment losses and is \u00a0
not amortised. \u00a0
The carrying amount of goodwill is \u00a0
allocated to NKT Group\u2019s cash-gen- \u00a0
erating units at the acquisition date. \u00a0
Cash-generating units are based on \u00a0
the managerial structure and inter- \u00a0
nal financial control. As a result of \u00a0
the integration of acquisitions in the \u00a0
existing NKT Group, and identifica- \u00a0
tion of operating segments based on \u00a0
the presence of segment managers, \u00a0
Group Management finds that the \u00a0
smallest cash-generating units to \u00a0
which the carrying amount of goodwill \u00a0
can be allocated during testing for \u00a0
impairment are identical to the operat- \u00a0
ing segments. \u00a0
Accounting policy \u00a0
Goodwill and intangible assets \u00a0
Goodwill, intangible assets with indef- \u00a0
inite useful lives, and development \u00a0
projects are tested at least annually for \u00a0
impairment, and furthermore when a \u00a0
trigger event occurs. \u00a0
The carrying amount of goodwill is \u00a0
tested for impairment together with \u00a0
the other non-current assets in the \u00a0
cash-generating unit to which goodwill \u00a0
is allocated. The recoverable amount \u00a0
is generally computed as the present \u00a0
value of the expected future net cash \u00a0
flows from the business or activity \u00a0
(cash-generating unit) to which good- \u00a0
will is allocated. \u00a0
Other non-current assets \u00a0
The carrying amount of other non-cur- \u00a0
rent assets is tested when a trigger \u00a0
event occurs which could indicate an \u00a0
impairment, in which case, the recov- \u00a0
erable amount of the asset is deter- \u00a0
mined. The recoverable amount is the \u00a0
fair value of the asset less anticipated \u00a0
cost of disposal, or its value-in-use, \u00a0
whichever is higher. \u00a0
The value-in-use is calculated as the \u00a0
present value of expected future cash \u00a0
flows from the asset or the cash-gen- \u00a0
erating unit of which the asset is part. \u00a0
Recognition of impairment loss \u00a0
in the income statement \u00a0
Impairment is recognised if the car- \u00a0
rying amount of an asset or a cash- \u00a0
generating unit exceeds the respective \u00a0
recoverable amount. The impairment \u00a0
is recognised in the income statement \u00a0
and impairment of goodwill is rec- \u00a0
ognised in a separate line item in the \u00a0
income statement. \u00a0
Impairment of goodwill is not reversed. \u00a0
Impairment of other assets is reversed \u00a0
in the event of changes having taken \u00a0
place in the conditions and estimates \u00a0
on which the impairment calcula- \u00a0
tion was based. Impairment is only \u00a0
reversed if the new carrying amount \u00a0
of the asset does not exceed the car- \u00a0
rying amount that would have applied \u00a0
after amortisation if the asset had not \u00a0
been impaired. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10208": {
"value": "Intangible assets under development \u00a0
consists of clearly defined and iden- \u00a0
tifiable development projects where \u00a0
the following requirements are met: \u00a0
The technical feasibility, adequacy \u00a0
of resources and a potential future \u00a0
market can be demonstrated, it is \u00a0
intended to manufacture, market or \u00a0
utilise the project, the cost can be reli- \u00a0
ably determined, and there is reason- \u00a0
able certainty that the future earnings \u00a0
or net selling prices can cover the \u00a0
carrying amount as well as the devel- \u00a0
opment costs necessary to finalise the \u00a0
project as incurred. Intangible assets \u00a0
under development are measured at \u00a0
cost less accumulated impairment \u00a0
losses. The cost includes wages, \u00a0
amortisation and other costs relating \u00a0
to the Group\u2019s development activities. \u00a0
On completion the development work \u00a0
is transferred to Development projects \u00a0
completed or IT software. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10194": {
"value": "Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Intangible assets under development \u00a0
consists of clearly defined and iden- \u00a0
tifiable development projects where \u00a0
the following requirements are met: \u00a0
The technical feasibility, adequacy \u00a0
of resources and a potential future \u00a0
market can be demonstrated, it is \u00a0
intended to manufacture, market or \u00a0
utilise the project, the cost can be reli- \u00a0
ably determined, and there is reason- \u00a0
able certainty that the future earnings \u00a0
or net selling prices can cover the \u00a0
carrying amount as well as the devel- \u00a0
opment costs necessary to finalise the \u00a0
project as incurred. Intangible assets \u00a0
under development are measured at \u00a0
cost less accumulated impairment \u00a0
losses. The cost includes wages, \u00a0
amortisation and other costs relating \u00a0
to the Group\u2019s development activities. \u00a0
On completion the development work \u00a0
is transferred to Development projects \u00a0
completed or IT software. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10196": {
"value": "Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Accounting policy
Property, plant and equipment are \u00a0
measured at cost less accumulated \u00a0
depreciation and impairment losses. \u00a0
The cost comprises the purchase \u00a0
price and any costs directly attributa- \u00a0
ble to the acquisition. Borrowing costs \u00a0
directly attributable to assets under \u00a0
construction with a lengthy construc- \u00a0
tion period are recognised in costs \u00a0
during the construction period. The \u00a0
cost of self-constructed assets com- \u00a0
prises costs of materials, components, \u00a0
subcontractors and wages. The cost \u00a0
is supplemented by the present value \u00a0
of estimated liabilities related to dis- \u00a0
mantling and removing the asset and \u00a0
restoring the site on which the asset \u00a0
was utilised. \u00a0
Subsequent costs, e.g. relating to \u00a0
replacement of parts of an item of \u00a0
property, plant and equipment, are \u00a0
recognised in the carrying amount of \u00a0
the asset if it is probable that the costs \u00a0
will result in future economic benefits \u00a0
for the Group. All other costs relating \u00a0
to ordinary repair and maintenance \u00a0
are recognised in the income state- \u00a0
ment as incurred. \u00a0
Depreciation is done on a straight-line \u00a0
basis over the expected useful life of \u00a0
the assets, as follows: \u00a0
Buildings \u00a0
10 \u2013 50 years \u00a0
Manufacturing plant \u00a0
and machinery \u00a0
4 \u2013 20 years \u00a0
Fixtures, fittings, tools \u00a0
and equipment \u00a0
3 \u2013 15 years \u00a0
Vessel \u00a0
20 years \u00a0
Land \u00a0
not depreciated \u00a0
If individual parts of an item of prop- \u00a0
erty, plant and equipment have differ- \u00a0
ent useful lives, they are depreciated \u00a0
separately. \u00a0
The basis of depreciation is calculated \u00a0
according to the residual value less \u00a0
impairment losses. The residual value \u00a0
is determined at the acquisition date \u00a0
and reviewed annually. If the residual \u00a0
value exceeds the carrying amount, \u00a0
depreciation is discontinued. \u00a0
Accounting policy \u00a0
Leases are recognised as a right-of- \u00a0
use asset and a corresponding liability \u00a0
at the date at which the leased asset \u00a0
is available for use by the group. Each \u00a0
lease payment is allocated between \u00a0
the liability and finance cost. The \u00a0
finance cost is charged to profit or \u00a0
loss over the lease period. The right-of \u00a0
use asset is depreciated over the \u00a0
shorter of the asset's useful life and \u00a0
the lease term on a straight-line basis. \u00a0
Assets and liabilities arising from a \u00a0
lease are initially measured at present \u00a0
value. Lease liabilities include the net \u00a0
present value of the following lease \u00a0
payments: \u00a0
\u25a0
fixed payments (including in-sub- \u00a0
stance fixed payments), less any \u00a0
lease incentives receivable, \u00a0
variable lease payment that are \u00a0
\u25a0
based on an index or a rate, \u00a0
amounts expected to be payable \u00a0
\u25a0
by the lessee under residual value \u00a0
guarantees, \u00a0
\u25a0
the exercise price of a purchase \u00a0
option if the lessee is reasonably \u00a0
certain to exercise that option, and \u00a0
payments of penalties for termi- \u00a0
\u25a0
nating the lease, if the lease term \u00a0
reflects the lessee exercising that \u00a0
option. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10197": {
"value": "Other intangible assets, which include \u00a0
IT software, trademarks, patents and \u00a0
licences, are measured at cost less \u00a0
accumulated amortisation and impair- \u00a0
ment losses and are amortised on a \u00a0
straight-line basis over the remaining \u00a0
patent or contract period or the useful \u00a0
life, whichever is the shorter. \u00a0
Expected useful life is determined as \u00a0
follows: \u00a0
Trademarks, patents \u00a0
and licences, etc. \u00a0
3-15 years \u00a0
IT software \u00a0
3-8 years \u00a0
Completed \u00a0
development projects \u00a0
2-8 years \u00a0
Manufacturing \u00a0
Fixtures, fittings,
Property, plant and \u00a0
Total property, \u00a0
Land and \u00a0
plant and \u00a0
tools and \u00a0
equipment under \u00a0
plant and \u00a0
EURm \u00a0
buildings \u00a0
machinery \u00a0
equipment \u00a0
construction \u00a0
equipment \u00a0
Cost, 1 January 2023 \u00a0
418 \u00a0
727 \u00a0
129 \u00a0
209 \u00a0
1,483 \u00a0
Additions \u00a0
32 \u00a0
13 \u00a0
4
187 \u00a0
236 \u00a0
Disposals \u00a0
-18 \u00a0
-8 \u00a0
-2 \u00a0
0
-28 \u00a0
Transferred between classes of assets \u00a0
67 \u00a0
108 \u00a0
20 \u00a0
-195 \u00a0
0
Exchange rate adjustments \u00a0
2
6
1
0
9
Cost, 31 December 2023 \u00a0
501 \u00a0
846 \u00a0
152 \u00a0
201 \u00a0
1,700 \u00a0
Depreciation and impairment, 1 January 2023 \u00a0
-126 \u00a0
-429 \u00a0
-84 \u00a0
0
-639 \u00a0
Depreciation for the year \u00a0
-16 \u00a0
-42 \u00a0
-13 \u00a0
0
-71 \u00a0
Disposals \u00a0
18 \u00a0
8
2
0
28 \u00a0
Exchange rate adjustments \u00a0
0
-3 \u00a0
-1 \u00a0
0
-4 \u00a0
Depreciation and impairment, 31 December 2023 \u00a0
-124 \u00a0
-466 \u00a0
-96 \u00a0
0
-686 \u00a0
Carrying amount, 31 December 2023 \u00a0
377 \u00a0
380 \u00a0
56 \u00a0
201 \u00a0
1,014 \u00a0
Cost, 1 January 2024 \u00a0
501 \u00a0
846 \u00a0
152 \u00a0
201 \u00a0
1,700 \u00a0
Additions \u00a0
15 \u00a0
28 \u00a0
19 \u00a0
436 \u00a0
498 \u00a0
Additions through business combinations \u00a0
14 \u00a0
0
34 \u00a0
5
53 \u00a0
Disposals \u00a0
-2 \u00a0
-5 \u00a0
-3 \u00a0
0
-10 \u00a0
Transferred between classes of assets \u00a0
10 \u00a0
35 \u00a0
25 \u00a0
-70 \u00a0
0
Exchange rate adjustments \u00a0
-8 \u00a0
-9 \u00a0
-3 \u00a0
-7 \u00a0
-27 \u00a0
Cost, 31 December 2024 \u00a0
530 \u00a0
895 \u00a0
224 \u00a0
565 \u00a0
2,214 \u00a0
Depreciation and impairment, 1 January 2024 \u00a0
-124 \u00a0
-466 \u00a0
-96 \u00a0
0
-686 \u00a0
Depreciation for the year \u00a0
-18 \u00a0
-47 \u00a0
-17 \u00a0
0
-82 \u00a0
Disposals \u00a0
2
5
3
0
10 \u00a0
Exchange rate adjustments \u00a0
1
5
2
0
8
Depreciation and impairment, 31 December 2024 \u00a0
-139 \u00a0
-503 \u00a0
-108 \u00a0
0
-750 \u00a0
Carrying amount, 31 December 2024 \u00a0
391 \u00a0
392 \u00a0
116 \u00a0
565 \u00a0
1,464 \u00a0
In 2024, borrowing costs of EUR 10m have been capitalised as part of property, plant and equipment under construction. \u00a0
Accounting policy
Property, plant and equipment are \u00a0
measured at cost less accumulated \u00a0
depreciation and impairment losses. \u00a0
The cost comprises the purchase \u00a0
price and any costs directly attributa- \u00a0
ble to the acquisition. Borrowing costs \u00a0
directly attributable to assets under \u00a0
construction with a lengthy construc- \u00a0
tion period are recognised in costs \u00a0
during the construction period. The \u00a0
cost of self-constructed assets com- \u00a0
prises costs of materials, components, \u00a0
subcontractors and wages. The cost \u00a0
is supplemented by the present value \u00a0
of estimated liabilities related to dis- \u00a0
mantling and removing the asset and \u00a0
restoring the site on which the asset \u00a0
was utilised. \u00a0
Subsequent costs, e.g. relating to \u00a0
replacement of parts of an item of \u00a0
property, plant and equipment, are \u00a0
recognised in the carrying amount of \u00a0
the asset if it is probable that the costs \u00a0
will result in future economic benefits \u00a0
for the Group. All other costs relating \u00a0
to ordinary repair and maintenance \u00a0
are recognised in the income state- \u00a0
ment as incurred. \u00a0
Depreciation is done on a straight-line \u00a0
basis over the expected useful life of \u00a0
the assets, as follows: \u00a0
Buildings \u00a0
10 \u2013 50 years \u00a0
Manufacturing plant \u00a0
and machinery \u00a0
4 \u2013 20 years \u00a0
Fixtures, fittings, tools \u00a0
and equipment \u00a0
3 \u2013 15 years \u00a0
Vessel \u00a0
20 years \u00a0
Land \u00a0
not depreciated \u00a0
If individual parts of an item of prop- \u00a0
erty, plant and equipment have differ- \u00a0
ent useful lives, they are depreciated \u00a0
separately. \u00a0
The basis of depreciation is calculated \u00a0
according to the residual value less \u00a0
impairment losses. The residual value \u00a0
is determined at the acquisition date \u00a0
and reviewed annually. If the residual \u00a0
value exceeds the carrying amount, \u00a0
depreciation is discontinued. \u00a0
3.3 Leases
Right-of-use assets from leases included in property, plant and equipment \u00a0
Manufacturing \u00a0
Fixtures, \u00a0
Total \u00a0
Land and \u00a0
plant and \u00a0
fittings, tools
property, plant \u00a0
EURm \u00a0
buildings \u00a0
machinery and
equipment \u00a0
Carrying amount, 1 January 2023 \u00a0
29 \u00a0
6
1
36 \u00a0
Additions \u00a0
32 \u00a0
0
0
32 \u00a0
Depreciation of right of use assets \u00a0
-4 \u00a0
-1 \u00a0
-1 \u00a0
-6 \u00a0
Carrying amount, 31 December 2023 \u00a0
57 \u00a0
5
0
62 \u00a0
Carrying amount, 1 January 2024 \u00a0
57 \u00a0
5
0
62 \u00a0
Additions through business combinations \u00a0
12 \u00a0
0
0
12 \u00a0
Additions \u00a0
3
20 \u00a0
0
23 \u00a0
Depreciation of right of use assets \u00a0
-6 \u00a0
-1 \u00a0
0
-7 \u00a0
Exchange rate adjustments \u00a0
-1 \u00a0
0
0
-1 \u00a0
Carrying amount, 31 December 2024 \u00a0
65 \u00a0
24 \u00a0
0
89 \u00a0
Leases mainly consist of office buildings and production facilities. Lease additions in 2023 and 2024 are driven by the general \u00a0
increase in activity and investment in production capacity. \u00a0
NKT have entered into a number of lease agreements, that are not recognised as right-of-use assets due to the low-value or \u00a0
the short-term nature of the asset. The table to the right shows the total expense of low value and short-term leases, together \u00a0
with the interest expenses of lease debt. For specification of contractual maturity of lease liabilities refer to note 5.4 Net inter- \u00a0
est-bearing debt. \u00a0
Amounts expensed in the income statement and total cash outflow \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Interest expense on lease liabilities \u00a0
0
2
Expenses for low-value assets and short-term leases \u00a0
15 \u00a0
11 \u00a0
Cash outflow regarding lease liabilities \u00a0
9
8
In 2024 interest expenses of EUR 3m on lease liabilities have been capitalised as part of assets under construction.
Accounting policy \u00a0
Leases are recognised as a right-of- \u00a0
use asset and a corresponding liability \u00a0
at the date at which the leased asset \u00a0
is available for use by the group. Each \u00a0
lease payment is allocated between \u00a0
the liability and finance cost. The \u00a0
finance cost is charged to profit or \u00a0
loss over the lease period. The right-of \u00a0
use asset is depreciated over the \u00a0
shorter of the asset's useful life and \u00a0
the lease term on a straight-line basis. \u00a0
Assets and liabilities arising from a \u00a0
lease are initially measured at present \u00a0
value. Lease liabilities include the net \u00a0
present value of the following lease \u00a0
payments: \u00a0
\u25a0
fixed payments (including in-sub- \u00a0
stance fixed payments), less any \u00a0
lease incentives receivable, \u00a0
variable lease payment that are \u00a0
\u25a0
based on an index or a rate, \u00a0
amounts expected to be payable \u00a0
\u25a0
by the lessee under residual value \u00a0
guarantees, \u00a0
\u25a0
the exercise price of a purchase \u00a0
option if the lessee is reasonably \u00a0
certain to exercise that option, and \u00a0
payments of penalties for termi- \u00a0
\u25a0
nating the lease, if the lease term \u00a0
reflects the lessee exercising that \u00a0
option. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10215": {
"value": "Accounting policy
Property, plant and equipment are \u00a0
measured at cost less accumulated \u00a0
depreciation and impairment losses. \u00a0
The cost comprises the purchase \u00a0
price and any costs directly attributa- \u00a0
ble to the acquisition. Borrowing costs \u00a0
directly attributable to assets under \u00a0
construction with a lengthy construc- \u00a0
tion period are recognised in costs \u00a0
during the construction period. The \u00a0
cost of self-constructed assets com- \u00a0
prises costs of materials, components, \u00a0
subcontractors and wages. The cost \u00a0
is supplemented by the present value \u00a0
of estimated liabilities related to dis- \u00a0
mantling and removing the asset and \u00a0
restoring the site on which the asset \u00a0
was utilised. \u00a0
Subsequent costs, e.g. relating to \u00a0
replacement of parts of an item of \u00a0
property, plant and equipment, are \u00a0
recognised in the carrying amount of \u00a0
the asset if it is probable that the costs \u00a0
will result in future economic benefits \u00a0
for the Group. All other costs relating \u00a0
to ordinary repair and maintenance \u00a0
are recognised in the income state- \u00a0
ment as incurred. \u00a0
Depreciation is done on a straight-line \u00a0
basis over the expected useful life of \u00a0
the assets, as follows: \u00a0
Buildings \u00a0
10 \u2013 50 years \u00a0
Manufacturing plant \u00a0
and machinery \u00a0
4 \u2013 20 years \u00a0
Fixtures, fittings, tools \u00a0
and equipment \u00a0
3 \u2013 15 years \u00a0
Vessel \u00a0
20 years \u00a0
Land \u00a0
not depreciated \u00a0
If individual parts of an item of prop- \u00a0
erty, plant and equipment have differ- \u00a0
ent useful lives, they are depreciated \u00a0
separately. \u00a0
The basis of depreciation is calculated \u00a0
according to the residual value less \u00a0
impairment losses. The residual value \u00a0
is determined at the acquisition date \u00a0
and reviewed annually. If the residual \u00a0
value exceeds the carrying amount, \u00a0
depreciation is discontinued. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10228": {
"value": "3.3 Leases
Right-of-use assets from leases included in property, plant and equipment \u00a0
Manufacturing \u00a0
Fixtures, \u00a0
Total \u00a0
Land and \u00a0
plant and \u00a0
fittings, tools
property, plant \u00a0
EURm \u00a0
buildings \u00a0
machinery and
equipment \u00a0
Carrying amount, 1 January 2023 \u00a0
29 \u00a0
6
1
36 \u00a0
Additions \u00a0
32 \u00a0
0
0
32 \u00a0
Depreciation of right of use assets \u00a0
-4 \u00a0
-1 \u00a0
-1 \u00a0
-6 \u00a0
Carrying amount, 31 December 2023 \u00a0
57 \u00a0
5
0
62 \u00a0
Carrying amount, 1 January 2024 \u00a0
57 \u00a0
5
0
62 \u00a0
Additions through business combinations \u00a0
12 \u00a0
0
0
12 \u00a0
Additions \u00a0
3
20 \u00a0
0
23 \u00a0
Depreciation of right of use assets \u00a0
-6 \u00a0
-1 \u00a0
0
-7 \u00a0
Exchange rate adjustments \u00a0
-1 \u00a0
0
0
-1 \u00a0
Carrying amount, 31 December 2024 \u00a0
65 \u00a0
24 \u00a0
0
89 \u00a0
Leases mainly consist of office buildings and production facilities. Lease additions in 2023 and 2024 are driven by the general \u00a0
increase in activity and investment in production capacity. \u00a0
NKT have entered into a number of lease agreements, that are not recognised as right-of-use assets due to the low-value or \u00a0
the short-term nature of the asset. The table to the right shows the total expense of low value and short-term leases, together \u00a0
with the interest expenses of lease debt. For specification of contractual maturity of lease liabilities refer to note 5.4 Net inter- \u00a0
est-bearing debt. \u00a0
Amounts expensed in the income statement and total cash outflow \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Interest expense on lease liabilities \u00a0
0
2
Expenses for low-value assets and short-term leases \u00a0
15 \u00a0
11 \u00a0
Cash outflow regarding lease liabilities \u00a0
9
8
In 2024 interest expenses of EUR 3m on lease liabilities have been capitalised as part of assets under construction.
Accounting policy \u00a0
Leases are recognised as a right-of- \u00a0
use asset and a corresponding liability \u00a0
at the date at which the leased asset \u00a0
is available for use by the group. Each \u00a0
lease payment is allocated between \u00a0
the liability and finance cost. The \u00a0
finance cost is charged to profit or \u00a0
loss over the lease period. The right-of \u00a0
use asset is depreciated over the \u00a0
shorter of the asset's useful life and \u00a0
the lease term on a straight-line basis. \u00a0
Assets and liabilities arising from a \u00a0
lease are initially measured at present \u00a0
value. Lease liabilities include the net \u00a0
present value of the following lease \u00a0
payments: \u00a0
\u25a0
fixed payments (including in-sub- \u00a0
stance fixed payments), less any \u00a0
lease incentives receivable, \u00a0
variable lease payment that are \u00a0
\u25a0
based on an index or a rate, \u00a0
amounts expected to be payable \u00a0
\u25a0
by the lessee under residual value \u00a0
guarantees, \u00a0
\u25a0
the exercise price of a purchase \u00a0
option if the lessee is reasonably \u00a0
certain to exercise that option, and \u00a0
payments of penalties for termi- \u00a0
\u25a0
nating the lease, if the lease term \u00a0
reflects the lessee exercising that \u00a0
option. \u00a0
The lease payments are discounted \u00a0
using the interest rate implicit in the \u00a0
lease. If that rate cannot be deter- \u00a0
mined, the lessee\u2019s incremental \u00a0
borrowing rate is used, being the rate \u00a0
that the lessee would have to pay to \u00a0
borrow the funds necessary to obtain \u00a0
an asset of similar value in a similar \u00a0
economic environment with similar \u00a0
terms and conditions. Right-of-use \u00a0
assets are measured at cost, compris- \u00a0
ing the following: \u00a0
\u25a0
the amount of the initial measure- \u00a0
ment of lease liability, \u00a0
\u25a0
any lease payments made at or \u00a0
before the commencement date \u00a0
less any lease incentives received, \u00a0
any initial direct costs, and \u00a0
\u25a0
\u25a0
restoration costs. \u00a0
Payments associated with short- \u00a0
term leases and leases of low-value \u00a0
assets are recognised on a straight- \u00a0
line basis as an expense in profit or \u00a0
loss. Short-term leases have a lease \u00a0
term of 12 months or less. Low-value \u00a0
assets comprise e.g. cars, forklifts, \u00a0
IT-equipment and small items of office \u00a0
furniture. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10239": {
"value": "Accounting policy \u00a0
Leases are recognised as a right-of- \u00a0
use asset and a corresponding liability \u00a0
at the date at which the leased asset \u00a0
is available for use by the group. Each \u00a0
lease payment is allocated between \u00a0
the liability and finance cost. The \u00a0
finance cost is charged to profit or \u00a0
loss over the lease period. The right-of \u00a0
use asset is depreciated over the \u00a0
shorter of the asset's useful life and \u00a0
the lease term on a straight-line basis. \u00a0
Assets and liabilities arising from a \u00a0
lease are initially measured at present \u00a0
value. Lease liabilities include the net \u00a0
present value of the following lease \u00a0
payments: \u00a0
\u25a0
fixed payments (including in-sub- \u00a0
stance fixed payments), less any \u00a0
lease incentives receivable, \u00a0
variable lease payment that are \u00a0
\u25a0
based on an index or a rate, \u00a0
amounts expected to be payable \u00a0
\u25a0
by the lessee under residual value \u00a0
guarantees, \u00a0
\u25a0
the exercise price of a purchase \u00a0
option if the lessee is reasonably \u00a0
certain to exercise that option, and \u00a0
payments of penalties for termi- \u00a0
\u25a0
nating the lease, if the lease term \u00a0
reflects the lessee exercising that \u00a0
option. \u00a0
The lease payments are discounted \u00a0
using the interest rate implicit in the \u00a0
lease. If that rate cannot be deter- \u00a0
mined, the lessee\u2019s incremental \u00a0
borrowing rate is used, being the rate \u00a0
that the lessee would have to pay to \u00a0
borrow the funds necessary to obtain \u00a0
an asset of similar value in a similar \u00a0
economic environment with similar \u00a0
terms and conditions. Right-of-use \u00a0
assets are measured at cost, compris- \u00a0
ing the following: \u00a0
\u25a0
the amount of the initial measure- \u00a0
ment of lease liability, \u00a0
\u25a0
any lease payments made at or \u00a0
before the commencement date \u00a0
less any lease incentives received, \u00a0
any initial direct costs, and \u00a0
\u25a0
\u25a0
restoration costs. \u00a0
Payments associated with short- \u00a0
term leases and leases of low-value \u00a0
assets are recognised on a straight- \u00a0
line basis as an expense in profit or \u00a0
loss. Short-term leases have a lease \u00a0
term of 12 months or less. Low-value \u00a0
assets comprise e.g. cars, forklifts, \u00a0
IT-equipment and small items of office \u00a0
furniture. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10257": {
"value": "3.4 Impairment
test \u00a0
Result of the annual impairment test \u00a0
On 31 December 2024 goodwill was \u00a0
tested for impairment. The impairment \u00a0
test did not identify any impairment \u00a0
(none in 2023). \u00a0
The lowest level at which goodwill is \u00a0
monitored is equal to the cash gener- \u00a0
ating units. \u00a0
Goodwill has been allocated to the \u00a0
cash-generating units according to the \u00a0
split presented below. In 2024, SolidAl \u00a0
was acquired and added to the Appli- \u00a0
cations business line. The carrying \u00a0
amount of goodwill was: \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Solutions \u00a0
289 \u00a0
299 \u00a0
Applications \u00a0
72 \u00a0
6
Service & Accessories \u00a0
44 \u00a0
46 \u00a0
Total goodwill \u00a0
405 \u00a0
351 \u00a0
Cash-generating units \u00a0
Cash-generating units identified in \u00a0
NKT Group are similar to the operating \u00a0
segments, being Solutions, App- \u00a0
lications and Service & Accessories. \u00a0
These are considered to be the low- \u00a0
est level of cash-generating units as \u00a0
defined by management. \u00a0
The definition of cash-generating units \u00a0
is based on the smallest identifiable \u00a0
group of assets that together generate \u00a0
cash inflows from continued use and \u00a0
which are independent of the cash \u00a0
flows from other assets or groups of \u00a0
assets. \u00a0
The definition of cash-generating units \u00a0
aligns with the managerial structure \u00a0
and the internal financial reporting in \u00a0
NKT Group. For impairment test pur- \u00a0
poses, tangible assets and intangible \u00a0
assets are allocated to the respective \u00a0
cash-generating units. \u00a0
Key Assumptions \u00a0
The recoverable amount is based \u00a0
on a value-in-use calculation. For all \u00a0
cash-generating units, the calculation \u00a0
uses cash flow projections (budget \u00a0
period) based on the financial budget \u00a0
for 2025 and financial forecasts for \u00a0
2026\u20132029, hence a 5-year budget \u00a0
period. Significant parameters in \u00a0
these estimates are revenue growth, \u00a0
discount rate before tax, and growth \u00a0
expectations for the terminal period. \u00a0
The discount rate before tax has been \u00a0
revised for each cash-generating unit \u00a0
to reflect the latest market assump- \u00a0
tions for the risk-free rate based on a \u00a0
10-year German government bond, \u00a0
the equity risk premium and the cost \u00a0
of debt. \u00a0
The long-term growth rate for the ter- \u00a0
minal period is based on the expected \u00a0
growth in the world economy as well \u00a0
as long-term development for the \u00a0
industries and markets in which the \u00a0
cash-generating units operate. \u00a0
Group Management determines the \u00a0
expected annual growth rate in the \u00a0
budget period and in the terminal \u00a0
period based on historical experience \u00a0
and the assumptions about expected \u00a0
market developments. \u00a0
Solutions \u00a0
No reasonably possible change in \u00a0
assumptions could lead to an impair- \u00a0
ment in Solutions. \u00a0
In 2024, Solutions was awarded \u00a0
high-voltage projects with a com- \u00a0
bined value of EUR 1.7bn, resulting \u00a0
in a high-voltage order backlog of \u00a0
EUR 10.6bn at the end of the year. \u00a0
This was a positive addition to 2023 \u00a0
record high order intake, maintaining \u00a0
the order backlog at the same level \u00a0
as 2023, despite delivering 1.8bn of \u00a0
revenue during the year. NKT remains \u00a0
firmly entrenched as a key supplier of \u00a0
high-voltage DC technology, and will \u00a0
play a key role in enabling the transi- \u00a0
tion to renewable energy, especially \u00a0
across Europe. The need for more \u00a0
modern and interconnected power \u00a0
grids, capable of meeting structurally \u00a0
higher demand for electricity, contin- \u00a0
ues to be a key growth driver for Solu- \u00a0
tions. As the investment programme \u00a0
related to new high-voltage capacity \u00a0
and capabilities in Karlskrona has pro- \u00a0
gressed, NKT has identified additional \u00a0
opportunities and risks as well as gen- \u00a0
eral cost inflation. Therefore, invest- \u00a0
ments related to this programme are \u00a0
expected to increase by approximately \u00a0
EUR 300m, and it remains accretive \u00a0
to NKT\u2019s medium-term financial ambi- \u00a0
tions of a RoCE >20%. The expected \u00a0
timeline is unchanged and the new \u00a0
assets will be operational from 2027. \u00a0
Following a record-high level of \u00a0
awards in 2022 and 2023, NKT anti- \u00a0
cipates that its average addressable \u00a0
high-voltage market will be above EUR \u00a0
10.0bn per year between 2024 and \u00a0
2030. Assessing future awards to NKT \u00a0
is by nature subject to uncertainty, \u00a0
and the value-in-use calculation of the \u00a0
Solution cash-generating unit is sen- \u00a0
sitive to changes in the actual share \u00a0
of projects awarded to NKT. However, \u00a0
the high-voltage order backlog at end- \u00a0
2024 provides higher certainty regard- \u00a0
ing future revenue and earnings. \u00a0
Applications \u00a0
No reasonably possible change in \u00a0
assumptions could lead to an impair- \u00a0
ment in Applications. \u00a0
The Applications business line is also \u00a0
positively affected by the power and \u00a0
grid modernisation and extensions \u00a0
that drives growth in Solutions and \u00a0
Service & Accessories. \u00a0
2024 \u00a0
2023 \u00a0
Terminal \u00a0
Terminal \u00a0
Budget period \u00a0
period \u00a0
Budget period \u00a0
period \u00a0
Average \u00a0
Average \u00a0
revenue Discount
rate \u00a0
revenue Discount
rate \u00a0
growth rate \u00a0
before tax \u00a0
Growth rate \u00a0
growth rate \u00a0
before tax \u00a0
Growth rate \u00a0
Solutions \u00a0
10% \u00a0
12% \u00a0
2% \u00a0
12% \u00a0
13% \u00a0
2% \u00a0
Applications \u00a0
10% \u00a0
11% \u00a0
2% \u00a0
7% \u00a0
11% \u00a0
2% \u00a0
Service & Accessories \u00a0
9% \u00a0
12% \u00a0
2% \u00a0
6% \u00a0
13% \u00a0
2% \u00a0
In 2024, SolidAl was acquired by \u00a0
NKT and added to the Applications \u00a0
business line, which means that \u00a0
the carrying amount of goodwill is \u00a0
now at a material level, compared to \u00a0
2023. With several frame agreements \u00a0
secured during 2024 and expansion \u00a0
plans across several sites in place \u00a0
the outlook for Applications provides \u00a0
solid headroom, despite the increased \u00a0
Goodwill. \u00a0
In 2024, Applications was positively \u00a0
impacted by increased demand on \u00a0
MV and 1 kV, while the construction \u00a0
related segment remained subdued. \u00a0
As a result, Applications reported \u00a0
marginal organic growth in 2024, while \u00a0
revenue was affected positively by the \u00a0
acquisition of SolidAl in Q2 2024. \u00a0
Service & Accessories \u00a0
No reasonably possible change in \u00a0
assumptions could lead to an impair- \u00a0
ment in Service & Accessories. \u00a0
Power cable services and accesso- \u00a0
ries are crucial aspects of the power \u00a0
cable value chain. The Service & \u00a0
Accessories business line is - to a \u00a0
large degree - dependent on the same \u00a0
market drivers as Solutions. Power \u00a0
grid modernisation and extensions and \u00a0
growth in the installation of high-volt- \u00a0
age power cable systems, as well as \u00a0
ageing infastructure are expected to \u00a0
drive demand for Service. In Accesso- \u00a0
ries, the transition to renewable energy \u00a0
and the continued electrification of \u00a0
societies are driving strong demand \u00a0
for high- and medium-voltage power \u00a0
cable accessories. These trends are \u00a0
set to continue and the market outlook \u00a0
for the segment is positive in the years \u00a0
to come. \u00a0
In 2024, Service & Accessories \u00a0
achieved revenue growth, driven \u00a0
partially by offshore repairs within the \u00a0
Service business which increased as \u00a0
a result of the higher revenue, under- \u00a0
lining that the segment is becoming \u00a0
more robust, and less dependent on \u00a0
service repairs. Other segments con- \u00a0
tinued to perform positively, including \u00a0
NKT's onshore business, where NKT \u00a0
performed well across the majority of \u00a0
its addressable markets. This included \u00a0
onshore service repair work, as well \u00a0
as a steady level of maintenance pro- \u00a0
jects throughout the year. Structural \u00a0
growth trends continue to positively \u00a0
impact NKT's Accessories business, \u00a0
which sustained revenues and opera- \u00a0
tional EBITDA in 2024. \u00a0
No sensitivity analysis has been pre- \u00a0
sented due to no reasonably possible \u00a0
change in assumptions that could lead \u00a0
to an impairment. Changes in more \u00a0
assumptions at once is not consid- \u00a0
ered. \u00a0
It is Management\u2019s assessment that \u00a0
likely changes in the key assumption \u00a0
will not cause the carrying amount of \u00a0
goodwill to exceed the recoverable \u00a0
amount. \u00a0
Other non-current assets \u00a0
No trigger event indicating an impair- \u00a0
ment of other non-current assets \u00a0
has occurred in 2024. Therefore, no \u00a0
impairment test has been performed \u00a0
in 2024. \u00a0
Accounting policy \u00a0
Goodwill and intangible assets \u00a0
Goodwill, intangible assets with indef- \u00a0
inite useful lives, and development \u00a0
projects are tested at least annually for \u00a0
impairment, and furthermore when a \u00a0
trigger event occurs. \u00a0
The carrying amount of goodwill is \u00a0
tested for impairment together with \u00a0
the other non-current assets in the \u00a0
cash-generating unit to which goodwill \u00a0
is allocated. The recoverable amount \u00a0
is generally computed as the present \u00a0
value of the expected future net cash \u00a0
flows from the business or activity \u00a0
(cash-generating unit) to which good- \u00a0
will is allocated. \u00a0
Other non-current assets \u00a0
The carrying amount of other non-cur- \u00a0
rent assets is tested when a trigger \u00a0
event occurs which could indicate an \u00a0
impairment, in which case, the recov- \u00a0
erable amount of the asset is deter- \u00a0
mined. The recoverable amount is the \u00a0
fair value of the asset less anticipated \u00a0
cost of disposal, or its value-in-use, \u00a0
whichever is higher. \u00a0
The value-in-use is calculated as the \u00a0
present value of expected future cash \u00a0
flows from the asset or the cash-gen- \u00a0
erating unit of which the asset is part. \u00a0
Recognition of impairment loss \u00a0
in the income statement \u00a0
Impairment is recognised if the car- \u00a0
rying amount of an asset or a cash- \u00a0
generating unit exceeds the respective \u00a0
recoverable amount. The impairment \u00a0
is recognised in the income statement \u00a0
and impairment of goodwill is rec- \u00a0
ognised in a separate line item in the \u00a0
income statement. \u00a0
Impairment of goodwill is not reversed. \u00a0
Impairment of other assets is reversed \u00a0
in the event of changes having taken \u00a0
place in the conditions and estimates \u00a0
on which the impairment calcula- \u00a0
tion was based. Impairment is only \u00a0
reversed if the new carrying amount \u00a0
of the asset does not exceed the car- \u00a0
rying amount that would have applied \u00a0
after amortisation if the asset had not \u00a0
been impaired. \u00a0
Significant estimates \u00a0
and judgements \u00a0
For goodwill impairment testing, a \u00a0
number of estimates are made on \u00a0
the development in revenues, gross \u00a0
profits, conversion ratios, future \u00a0
capital expenditures, discount rates \u00a0
and growth expectations in the ter- \u00a0
minal period. These are based on \u00a0
an assessment of current and future \u00a0
developments \u00a0
in the three cash-generating units and \u00a0
on historical data and assumptions \u00a0
of future expected market develop- \u00a0
ments, including expected long-term \u00a0
average market growth rates. Data \u00a0
includes both internal and external \u00a0
data sources. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10287": {
"value": "Accounting policy \u00a0
Goodwill and intangible assets \u00a0
Goodwill, intangible assets with indef- \u00a0
inite useful lives, and development \u00a0
projects are tested at least annually for \u00a0
impairment, and furthermore when a \u00a0
trigger event occurs. \u00a0
The carrying amount of goodwill is \u00a0
tested for impairment together with \u00a0
the other non-current assets in the \u00a0
cash-generating unit to which goodwill \u00a0
is allocated. The recoverable amount \u00a0
is generally computed as the present \u00a0
value of the expected future net cash \u00a0
flows from the business or activity \u00a0
(cash-generating unit) to which good- \u00a0
will is allocated. \u00a0
Other non-current assets \u00a0
The carrying amount of other non-cur- \u00a0
rent assets is tested when a trigger \u00a0
event occurs which could indicate an \u00a0
impairment, in which case, the recov- \u00a0
erable amount of the asset is deter- \u00a0
mined. The recoverable amount is the \u00a0
fair value of the asset less anticipated \u00a0
cost of disposal, or its value-in-use, \u00a0
whichever is higher. \u00a0
The value-in-use is calculated as the \u00a0
present value of expected future cash \u00a0
flows from the asset or the cash-gen- \u00a0
erating unit of which the asset is part. \u00a0
Recognition of impairment loss \u00a0
in the income statement \u00a0
Impairment is recognised if the car- \u00a0
rying amount of an asset or a cash- \u00a0
generating unit exceeds the respective \u00a0
recoverable amount. The impairment \u00a0
is recognised in the income statement \u00a0
and impairment of goodwill is rec- \u00a0
ognised in a separate line item in the \u00a0
income statement. \u00a0
Impairment of goodwill is not reversed. \u00a0
Impairment of other assets is reversed \u00a0
in the event of changes having taken \u00a0
place in the conditions and estimates \u00a0
on which the impairment calcula- \u00a0
tion was based. Impairment is only \u00a0
reversed if the new carrying amount \u00a0
of the asset does not exceed the car- \u00a0
rying amount that would have applied \u00a0
after amortisation if the asset had not \u00a0
been impaired. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10292": {
"value": "Accounting policy \u00a0
Goodwill and intangible assets \u00a0
Goodwill, intangible assets with indef- \u00a0
inite useful lives, and development \u00a0
projects are tested at least annually for \u00a0
impairment, and furthermore when a \u00a0
trigger event occurs. \u00a0
The carrying amount of goodwill is \u00a0
tested for impairment together with \u00a0
the other non-current assets in the \u00a0
cash-generating unit to which goodwill \u00a0
is allocated. The recoverable amount \u00a0
is generally computed as the present \u00a0
value of the expected future net cash \u00a0
flows from the business or activity \u00a0
(cash-generating unit) to which good- \u00a0
will is allocated. \u00a0
Other non-current assets \u00a0
The carrying amount of other non-cur- \u00a0
rent assets is tested when a trigger \u00a0
event occurs which could indicate an \u00a0
impairment, in which case, the recov- \u00a0
erable amount of the asset is deter- \u00a0
mined. The recoverable amount is the \u00a0
fair value of the asset less anticipated \u00a0
cost of disposal, or its value-in-use, \u00a0
whichever is higher. \u00a0
The value-in-use is calculated as the \u00a0
present value of expected future cash \u00a0
flows from the asset or the cash-gen- \u00a0
erating unit of which the asset is part. \u00a0
Recognition of impairment loss \u00a0
in the income statement \u00a0
Impairment is recognised if the car- \u00a0
rying amount of an asset or a cash- \u00a0
generating unit exceeds the respective \u00a0
recoverable amount. The impairment \u00a0
is recognised in the income statement \u00a0
and impairment of goodwill is rec- \u00a0
ognised in a separate line item in the \u00a0
income statement. \u00a0
Impairment of goodwill is not reversed. \u00a0
Impairment of other assets is reversed \u00a0
in the event of changes having taken \u00a0
place in the conditions and estimates \u00a0
on which the impairment calcula- \u00a0
tion was based. Impairment is only \u00a0
reversed if the new carrying amount \u00a0
of the asset does not exceed the car- \u00a0
rying amount that would have applied \u00a0
after amortisation if the asset had not \u00a0
been impaired. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10286": {
"value": "Other non-current assets \u00a0
No trigger event indicating an impair- \u00a0
ment of other non-current assets \u00a0
has occurred in 2024. Therefore, no \u00a0
impairment test has been performed \u00a0
in 2024. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10311": {
"value": "3.5 Provisions
Warranty \u00a0
Restructuring \u00a0
Other \u00a0
EURm \u00a0
provision \u00a0
provision \u00a0
provisions \u00a0
Total \u00a0
Provisions, 1 January 2024 \u00a0
8
5
28 \u00a0
41 \u00a0
Acquisition of subsidiaries \u00a0
0
0
4
4
Additions in the year \u00a0
5
0
31 \u00a0
36 \u00a0
Used during the year \u00a0
-2 \u00a0
-2 \u00a0
-7 \u00a0
-11 \u00a0
Reversed during the year \u00a0
0
0
-7 \u00a0
-7 \u00a0
Provisions, 31 December 2024 \u00a0
11 \u00a0
3
49 \u00a0
63 \u00a0
Provisions are recognised in the balance sheet as: \u00a0
Non-current liabilities \u00a0
0
1
34 \u00a0
35 \u00a0
Current liabilities \u00a0
11 \u00a0
2
15 \u00a0
28 \u00a0
Total \u00a0
11 \u00a0
3
49 \u00a0
63 \u00a0
Other provisions mainly include provisions for onerous contract, court cases and retirement obligations. EUR 18m of other provisions is related to the present value of \u00a0
retirement obligations related to buildings on leased land in Cologne. Of the additions in the year to other provisions, EUR 12m relate to retirement obligations. \u00a0
Accounting policy \u00a0
The provisions recognised are \u00a0
Management\u2019s best estimate of the \u00a0
amount required to settle the obli- \u00a0
gation. Warranty provisions are rec- \u00a0
ognised in connection with the sale \u00a0
of goods and services based on the \u00a0
level of warranty expenses incurred in \u00a0
previous years. Restructuring costs \u00a0
are recognised under liabilities when \u00a0
a detailed, formal restructuring plan \u00a0
is announced to the affected parties \u00a0
on or before the balance sheet date. \u00a0
A provision for onerous contracts is \u00a0
recognised when the expected be- \u00a0
nefits to be derived by the Group from \u00a0
a contract are lower than the Group\u2019s \u00a0
unavoidable costs for meeting its \u00a0
contractual obligations. Provisions for \u00a0
dismantling are measured at the pres- \u00a0
ent value of the expected cost at the \u00a0
balance sheet date. The present value \u00a0
of the costs is included in the cost \u00a0
of the relevant tangible assets and \u00a0
depreciated accordingly. The addition \u00a0
of interests on provisions are recog- \u00a0
nised in the income statement under \u00a0
financial expenses. \u00a0
Significant estimates \u00a0
and judgements \u00a0
Provisions, including contingencies \u00a0
and the likely outcome of pending and \u00a0
potential legal proceedings are con- \u00a0
tinuously assessed. The outcome of \u00a0
such proceedings depends on future \u00a0
events, which are, by nature, uncer- \u00a0
tain. When considering provisions \u00a0
involving significant estimates, opin- \u00a0
ions and estimates by internal experts, \u00a0
external legal experts as well as exist- \u00a0
ing case law are applied in assessing \u00a0
the probable outcome. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10314": {
"value": "Accounting policy \u00a0
The provisions recognised are \u00a0
Management\u2019s best estimate of the \u00a0
amount required to settle the obli- \u00a0
gation. Warranty provisions are rec- \u00a0
ognised in connection with the sale \u00a0
of goods and services based on the \u00a0
level of warranty expenses incurred in \u00a0
previous years. Restructuring costs \u00a0
are recognised under liabilities when \u00a0
a detailed, formal restructuring plan \u00a0
is announced to the affected parties \u00a0
on or before the balance sheet date. \u00a0
A provision for onerous contracts is \u00a0
recognised when the expected be- \u00a0
nefits to be derived by the Group from \u00a0
a contract are lower than the Group\u2019s \u00a0
unavoidable costs for meeting its \u00a0
contractual obligations. Provisions for \u00a0
dismantling are measured at the pres- \u00a0
ent value of the expected cost at the \u00a0
balance sheet date. The present value \u00a0
of the costs is included in the cost \u00a0
of the relevant tangible assets and \u00a0
depreciated accordingly. The addition \u00a0
of interests on provisions are recog- \u00a0
nised in the income statement under \u00a0
financial expenses. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10318": {
"value": "3.6 Pension
liabilities \u00a0
Pension \u00a0
EURm \u00a0
liabilities, net \u00a0
Pension liabilities, 1 January 2024 \u00a0
40 \u00a0
Service cost and Interest on obligation \u00a0
1
Benefits paid to employees \u00a0
-2 \u00a0
Actuarial gains/losses on defined benefit pension plans \u00a0
3
Pension liabilities, 31 December 2024 \u00a0
42 \u00a0
Pension liabilities, 1 January 2023 \u00a0
41 \u00a0
Service cost and Interest on obligation \u00a0
2
Benefits paid to employees \u00a0
-2 \u00a0
Actuarial gains/losses on defined benefit pension plans \u00a0
-1 \u00a0
Pension liabilities, 31 December 2023 \u00a0
40 \u00a0
In NKT Group, most employees are covered by pension schemes, primarily in \u00a0
the form of defined contribution-based plans managed by independent pension \u00a0
funds. \u00a0
NKT Group\u2019s defined benefit plans, primarily relating to the activities in Germany, \u00a0
are recognised at the present value of the actuarially measured obligations. If a \u00a0
plan is not fully covered by plan assets, a plan liability is recognised in the balance \u00a0
sheet. Expenses relating to pension benefits are recognised as staff costs in the \u00a0
income statement. \u00a0
Actuarial gains related to the pension liabilities are recognised in other compre- \u00a0
hensive income. The pension liability also include other long term benefits relating \u00a0
to anniversary bonuses, etc., amounting to EUR 2m (EUR 2m in 2023). At the end \u00a0
of 2024, there were no plan assets to be offset in the present value of the liability. \u00a0
Actuarial assumptions applied \u00a0
2024 \u00a0
2023 \u00a0
Discount rate \u00a0
3% \u00a0
4% \u00a0
Future salary increases \u00a0
3% \u00a0
3% \u00a0
Future pension increases \u00a0
2% \u00a0
2% \u00a0
The table below shows the sensitivity of the liability to changes in key assumptions \u00a0
for the measurement of the pension liabilities, net. The analysis is based on the \u00a0
changes in the applied key assumptions considered reasonably likely provided the \u00a0
other parameters in the calculation are unchanged. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
+0.5%-point in discount rate \u00a0
-2 \u00a0
-2 \u00a0
-0.5%-point in discount rate \u00a0
2
2
+0.5%-point in future pension increase \u00a0
2
2
-0.5%-point in future pension increase \u00a0
-2 \u00a0
-2 \u00a0
A change in the salary increase of 0.5%-points is not considered to have a material effect. \u00a0
Accounting policy
For the Group\u2019s defined benefit plans, \u00a0
an annual actuarial calculation (the \u00a0
Projected Unit Credit Method) of the \u00a0
present value of future benefits pay- \u00a0
able under the plan is provided. The \u00a0
present value is determined based on \u00a0
assumptions about the future deve- \u00a0
lopment in variables such as salary \u00a0
levels, interest rates, inflation and mor- \u00a0
tality. The present value is determined \u00a0
only for benefits earned by employees \u00a0
from their employment within the \u00a0
Group. The actuarial present value \u00a0
less the fair value of any plan assets is \u00a0
recognised in the balance sheet under \u00a0
pension liabilities. \u00a0
Pension expenses and other long- \u00a0
term employee benefits are recog- \u00a0
nised in the income statement based \u00a0
on actuarial estimates and financial \u00a0
expectations at the start of the year. \u00a0
Actuarial gains or losses are recog- \u00a0
nised in other comprehensive income. \u00a0
If a pension plan constitutes a net \u00a0
asset, the asset is only recognised if \u00a0
it offsets cumulative actuarial losses \u00a0
or future refunds from the plan, or if it \u00a0
will lead to reduced future payments \u00a0
to the plan. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10342": {
"value": "4.1 Changes
in working capital in cash flow \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Inventory \u00a0
-65 \u00a0
11 \u00a0
Trade receivables and other receivables \u00a0
-90 \u00a0
-60 \u00a0
Contract assets and contract liabilities \u00a0
569 \u00a0
350 \u00a0
Trade payables and other liabilities \u00a0
297 \u00a0
19 \u00a0
Total \u00a0
711 \u00a0
320 \u00a0
The numbers in the table above cannot be derived directly from the balance sheet. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Reconciliation of changes in working capital in \u00a0
cash flow statement to balance sheet \u00a0
Working capital 1 January \u00a0
-709 \u00a0
-303 \u00a0
Working capital 31 December \u00a0
-1,432 \u00a0
-709 \u00a0
Change in working capital based on \u00a0
balance sheet \u00a0
723 \u00a0
406 \u00a0
Acquisition/disposal of activities, derivatives and \u00a0
foreign exchange effects on working capital \u00a0
-12 \u00a0
-86 \u00a0
Change in working capital based on \u00a0
cash flow statement \u00a0
711 \u00a0
320 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Cash flows from discontinued operations \u00a0
Cash flow from operating activities \u00a0
-3 \u00a0
4
Cash flow from investing activities \u00a0
241 \u00a0
-15 \u00a0
Cash flow from financing activities \u00a0
10 \u00a0
10 \u00a0
Net cash flow from discontinued operations \u00a0
248 \u00a0
-1 \u00a0
Balance sheet items comprise \u00a0
Non-current assets \u00a0
0
119 \u00a0
Current assets \u00a0
0
58 \u00a0
Assets held for sale \u00a0
0
177 \u00a0
Non-current liabilities \u00a0
0
18 \u00a0
Current liabilities \u00a0
0
20 \u00a0
Liabilities associated with assets held for sale \u00a0
0
38 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10344": {
"value": "4.2 Inventories
EURm \u00a0
2024 \u00a0
2023 \u00a0
Raw materials, consumables and goods for resale \u00a0
165 \u00a0
145 \u00a0
Work in progress \u00a0
124 \u00a0
76 \u00a0
Finished goods \u00a0
135 \u00a0
90 \u00a0
Inventories, 31 December \u00a0
424 \u00a0
311 \u00a0
Write-down of inventories, 1 January \u00a0
14 \u00a0
8
Write-down of inventories for the year \u00a0
5
8
Reversal of write-down \u00a0
-1 \u00a0
0
Scrapping \u00a0
-7 \u00a0
-2 \u00a0
Write-down of inventories, 31 December \u00a0
11 \u00a0
14 \u00a0
Accounting policy \u00a0
Inventories are measured at cost in \u00a0
accordance with the FIFO method \u00a0
or at a weighted average. If the net \u00a0
realisable value is lower than cost, \u00a0
inventories are written down to this \u00a0
lower value. \u00a0
Raw materials, consumables and \u00a0
goods for resale are measured at \u00a0
cost, comprising purchase price plus \u00a0
delivery costs. \u00a0
Finished goods and work in progress \u00a0
are measured at cost, comprising \u00a0
direct costs and production over- \u00a0
heads. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10347": {
"value": "Accounting policy \u00a0
Inventories are measured at cost in \u00a0
accordance with the FIFO method \u00a0
or at a weighted average. If the net \u00a0
realisable value is lower than cost, \u00a0
inventories are written down to this \u00a0
lower value. \u00a0
Raw materials, consumables and \u00a0
goods for resale are measured at \u00a0
cost, comprising purchase price plus \u00a0
delivery costs. \u00a0
Finished goods and work in progress \u00a0
are measured at cost, comprising \u00a0
direct costs and production over- \u00a0
heads. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10355": {
"value": "4.3 Trade
and other receivables \u00a0
In NKT Group, receivables comprise trade and other receivables from external \u00a0
companies, other receivables from derivative financial instruments and prepay- \u00a0
ments. Receivables are measured at amortised cost, which in all material respects \u00a0
corresponds to fair value and nominal value. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Trade receivables \u00a0
256 \u00a0
234 \u00a0
Other receivables \u00a0
134 \u00a0
89 \u00a0
Prepayments \u00a0
33 \u00a0
17 \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Other receivables comprise primarily of VAT and prepaid expenses.
Development in the allowance for credit losses \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Trade receivables, gross \u00a0
258 \u00a0
235 \u00a0
Allowance for credit losses \u00a0
Allowance for credit losses, 1 January \u00a0
1
3
Additions during the year \u00a0
1
0
Reversed during the year \u00a0
0
-1 \u00a0
Used during the year \u00a0
0
-1 \u00a0
Allowance for credit losses, 31 December \u00a0
2
1
Trade receivables, net \u00a0
256 \u00a0
234 \u00a0
Accounting policy
Trade receivables age profile \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Not overdue \u00a0
225 \u00a0
214 \u00a0
Overdue by less than 30 days \u00a0
25 \u00a0
14 \u00a0
Overdue by between 30 and 60 days \u00a0
2
4
Overdue by between 60 and 120 days \u00a0
2
1
Overdue by more than 120 days \u00a0
2
1
Total trade receivables \u00a0
256 \u00a0
234 \u00a0
In 2024, credit losses recognised in the income statement correspond to 0% of \u00a0
total revenue (0% of total revenue in 2023). \u00a0
Trade receivables are at initial recog- \u00a0
nition measured at their transaction \u00a0
price less allowance for expected \u00a0
credit losses over the lifetime and are \u00a0
subsequently measured at amortised \u00a0
cost adjusted for changes to the \u00a0
expected credit losses. Expected \u00a0
credit losses at initial recognition are \u00a0
calculated for portfolios of receivables \u00a0
that share credit risk characteristics \u00a0
and is based on historical experience \u00a0
and, when applicable, adjusted for \u00a0
factors that are specific to the debtors \u00a0
and general economic conditions. \u00a0
The expected loss rates are updated \u00a0
at every reporting date. The portfolios \u00a0
are primarily based on the debtor\u2019s \u00a0
domicile and credit rating in accor- \u00a0
dance with NKT Groups credit risk \u00a0
management policy. See note 5.6 \u00a0
Financial risks and financial instru- \u00a0
ments. \u00a0
When there is an indication of impair- \u00a0
ment, expected credit losses are \u00a0
calculated at individual level and when \u00a0
there are no reasonable expectations \u00a0
of recovering, the receivable is written \u00a0
off in part or entirely. \u00a0
The allowances for expected credit \u00a0
losses and write-offs for trade recei- \u00a0
vables are recognised in the income \u00a0
statement as Other costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10356": {
"value": "4.3 Trade
and other receivables \u00a0
In NKT Group, receivables comprise trade and other receivables from external \u00a0
companies, other receivables from derivative financial instruments and prepay- \u00a0
ments. Receivables are measured at amortised cost, which in all material respects \u00a0
corresponds to fair value and nominal value. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Trade receivables \u00a0
256 \u00a0
234 \u00a0
Other receivables \u00a0
134 \u00a0
89 \u00a0
Prepayments \u00a0
33 \u00a0
17 \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Other receivables comprise primarily of VAT and prepaid expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10357": {
"value": "4.3 Trade
and other receivables \u00a0
In NKT Group, receivables comprise trade and other receivables from external \u00a0
companies, other receivables from derivative financial instruments and prepay- \u00a0
ments. Receivables are measured at amortised cost, which in all material respects \u00a0
corresponds to fair value and nominal value. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Trade receivables \u00a0
256 \u00a0
234 \u00a0
Other receivables \u00a0
134 \u00a0
89 \u00a0
Prepayments \u00a0
33 \u00a0
17 \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Development in the allowance for credit losses \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Trade receivables, gross \u00a0
258 \u00a0
235 \u00a0
Allowance for credit losses \u00a0
Allowance for credit losses, 1 January \u00a0
1
3
Additions during the year \u00a0
1
0
Reversed during the year \u00a0
0
-1 \u00a0
Used during the year \u00a0
0
-1 \u00a0
Allowance for credit losses, 31 December \u00a0
2
1
Trade receivables, net \u00a0
256 \u00a0
234 \u00a0
Accounting policy
Trade receivables age profile \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Not overdue \u00a0
225 \u00a0
214 \u00a0
Overdue by less than 30 days \u00a0
25 \u00a0
14 \u00a0
Overdue by between 30 and 60 days \u00a0
2
4
Overdue by between 60 and 120 days \u00a0
2
1
Overdue by more than 120 days \u00a0
2
1
Total trade receivables \u00a0
256 \u00a0
234 \u00a0
In 2024, credit losses recognised in the income statement correspond to 0% of \u00a0
total revenue (0% of total revenue in 2023). \u00a0
Trade receivables are at initial recog- \u00a0
nition measured at their transaction \u00a0
price less allowance for expected \u00a0
credit losses over the lifetime and are \u00a0
subsequently measured at amortised \u00a0
cost adjusted for changes to the \u00a0
expected credit losses. Expected \u00a0
credit losses at initial recognition are \u00a0
calculated for portfolios of receivables \u00a0
that share credit risk characteristics \u00a0
and is based on historical experience \u00a0
and, when applicable, adjusted for \u00a0
factors that are specific to the debtors \u00a0
and general economic conditions. \u00a0
The expected loss rates are updated \u00a0
at every reporting date. The portfolios \u00a0
are primarily based on the debtor\u2019s \u00a0
domicile and credit rating in accor- \u00a0
dance with NKT Groups credit risk \u00a0
management policy. See note 5.6 \u00a0
Financial risks and financial instru- \u00a0
ments. \u00a0
When there is an indication of impair- \u00a0
ment, expected credit losses are \u00a0
calculated at individual level and when \u00a0
there are no reasonable expectations \u00a0
of recovering, the receivable is written \u00a0
off in part or entirely. \u00a0
The allowances for expected credit \u00a0
losses and write-offs for trade recei- \u00a0
vables are recognised in the income \u00a0
statement as Other costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10367": {
"value": "Development in the allowance for credit losses \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Trade receivables, gross \u00a0
258 \u00a0
235 \u00a0
Allowance for credit losses \u00a0
Allowance for credit losses, 1 January \u00a0
1
3
Additions during the year \u00a0
1
0
Reversed during the year \u00a0
0
-1 \u00a0
Used during the year \u00a0
0
-1 \u00a0
Allowance for credit losses, 31 December \u00a0
2
1
Trade receivables, net \u00a0
256 \u00a0
234 \u00a0
Trade receivables age profile \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Not overdue \u00a0
225 \u00a0
214 \u00a0
Overdue by less than 30 days \u00a0
25 \u00a0
14 \u00a0
Overdue by between 30 and 60 days \u00a0
2
4
Overdue by between 60 and 120 days \u00a0
2
1
Overdue by more than 120 days \u00a0
2
1
Total trade receivables \u00a0
256 \u00a0
234 \u00a0
In 2024, credit losses recognised in the income statement correspond to 0% of \u00a0
total revenue (0% of total revenue in 2023). \u00a0
Credit risks \u00a0
Credit risk arises from the possibility \u00a0
that transactional counterparties may \u00a0
default on their obligations causing \u00a0
financial losses for the Group. \u00a0
NKT\u2019s credit risks relate partly to \u00a0
receivables, contract assets and cash \u00a0
at bank and in hand, and partly to \u00a0
derivative financial instruments with \u00a0
positive fair value. The maximum credit \u00a0
risk attached to financial assets corre- \u00a0
spond to the values recognised in the \u00a0
balance sheet. \u00a0
To manage credit risk regarding finan- \u00a0
cial counterparties, NKT only enters \u00a0
into derivative financial contracts and \u00a0
money market deposits with financial \u00a0
counterparties possessing a long-term \u00a0
credit rating of \u2018A-\u2018 from at least one \u00a0
out of the following three selected \u00a0
rating agencies: Standard and Poor's, \u00a0
Moody's or Fitch. \u00a0
NKT has no material risks relating to \u00a0
a single customer or partner. NKT\u2019s \u00a0
policy for acceptance of credit risks \u00a0
entails ongoing monitoring and credit \u00a0
rating of important customers and \u00a0
other partners. NKT historically has \u00a0
had only a few material losses related \u00a0
to customers. \u00a0
Credit exposure for cash at bank and derivative financial instruments \u00a0
(fair value) \u00a0
Derivative \u00a0
Cash at \u00a0
financial \u00a0
EURm \u00a0
bank instruments \u00a0
Total \u00a0
2024 \u00a0
AA range \u00a0
413 \u00a0
42 \u00a0
455 \u00a0
A range \u00a0
1,099 \u00a0
128 \u00a0
1,227 \u00a0
BBB range \u00a0
4
0
4
Not rated or below BBB range \u00a0
2
0
2
Total \u00a0
1,518 \u00a0
170 \u00a0
1,688 \u00a0
2023 \u00a0
AA range \u00a0
140 \u00a0
25 \u00a0
165 \u00a0
A range \u00a0
744 \u00a0
160 \u00a0
904 \u00a0
BBB range \u00a0
4
0
4
Total \u00a0
888 \u00a0
185 \u00a0
1,073 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10370": {
"value": "Accounting policy
Trade receivables are at initial recog- \u00a0
nition measured at their transaction \u00a0
price less allowance for expected \u00a0
credit losses over the lifetime and are \u00a0
subsequently measured at amortised \u00a0
cost adjusted for changes to the \u00a0
expected credit losses. Expected \u00a0
credit losses at initial recognition are \u00a0
calculated for portfolios of receivables \u00a0
that share credit risk characteristics \u00a0
and is based on historical experience \u00a0
and, when applicable, adjusted for \u00a0
factors that are specific to the debtors \u00a0
and general economic conditions. \u00a0
The expected loss rates are updated \u00a0
at every reporting date. The portfolios \u00a0
are primarily based on the debtor\u2019s \u00a0
domicile and credit rating in accor- \u00a0
dance with NKT Groups credit risk \u00a0
management policy. See note 5.6 \u00a0
Financial risks and financial instru- \u00a0
ments. \u00a0
When there is an indication of impair- \u00a0
ment, expected credit losses are \u00a0
calculated at individual level and when \u00a0
there are no reasonable expectations \u00a0
of recovering, the receivable is written \u00a0
off in part or entirely. \u00a0
The allowances for expected credit \u00a0
losses and write-offs for trade recei- \u00a0
vables are recognised in the income \u00a0
statement as Other costs. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10387": {
"value": "4.4 Trade
payables \u00a0
One of NKT\u2019s suppliers has entered into a receivables purchase agreement with \u00a0
a bank whereby the bank has agreed to buy invoices issued to NKT and poten- \u00a0
tially other companies. Participation in the arrangement is at the supplier's own \u00a0
discretion. NKT has separately agreed with the bank to assignment and transfer \u00a0
of certain invoices to the bank. If the goods have been received and the invoices \u00a0
have been approved by NKT, the supplier will receive early payment from the \u00a0
bank. NKT
settles the original invoices by paying the bank after an agreed num- \u00a0
ber of days. \u00a0
Trade payables under supplier finance arrangements \u00a0
2024 \u00a0
Range of payment due dates \u00a0
Trade payables under supplier finance arrangements \u00a0
90-120 days \u00a0
Comparable trade payables that are not part of the supplier \u00a0
finance arrangement \u00a0
0-45 days \u00a0
Carrying amount of liabilities under supplier \u00a0
finance arrangement, 31 December (EURm) \u00a0
Trade payables under supplier finance arrangements \u00a0
145 \u00a0
of which the supplier has received payment from the finance \u00a0
provider \u00a0
145 \u00a0
The carrying amounts of liabilities under the supplier finance arrangements are \u00a0
considered to be reasonable approximations of their fair values, due to their short- \u00a0
term nature. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10399": {
"value": "Accounting policy \u00a0
Construction contracts \u00a0
Construction contracts are meas- \u00a0
ured at the selling price of the work \u00a0
performed less progress billings and \u00a0
anticipated losses. If the value of work \u00a0
performed exceeds progress billings, \u00a0
the excess is recognised as contract \u00a0
assets. and if progress billings exceed \u00a0
the value of work performed, the defi- \u00a0
cit is recognised as contract liabilities. \u00a0
Prepayments from customers are rec- \u00a0
ognised under contract liabilities. \u00a0
Construction contracts are character- \u00a0
ised by a high degree of customisation \u00a0
in the design of the cables produced. \u00a0
It is furthermore a requirement that \u00a0
before commencement of the work, \u00a0
a binding contract is signed that will \u00a0
result in a fine or compensation in \u00a0
case of subsequent cancellation. The \u00a0
contract value is measured according \u00a0
to the percentage-of-completion, \u00a0
which is determined on the basis of an \u00a0
assessment of the work performed, \u00a0
calculated as the ratio of expenses \u00a0
incurred compared to total anticipated \u00a0
expenses on the contract concerned. \u00a0
When it is probable that the total con- \u00a0
tract costs will exceed the total con- \u00a0
tract revenue, the anticipated loss on \u00a0
the contract is immediately recognised \u00a0
as a provision. \u00a0
When income and expenses on a con- \u00a0
struction contract cannot be deter- \u00a0
mined reliably, the contract value is \u00a0
measured as the costs incurred which \u00a0
are likely to be recoverable. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10405": {
"value": "5. Capital structure and financial risk management
NKT\u2019s Capital structure targets are related to \u00a0
solvency (ratio of minimum 30%) and NIBD rela- \u00a0
tive to operational EBITDA (ratio up to 0.0x). \u00a0
Financial risk management mainly relates to \u00a0
managing the risks related to currency, com- \u00a0
modities and interest rates relating to the \u00a0
financing. \u00a0
5.1 Share
capital \u00a0
NKT A/S\u2019 share capital consists of \u00a0
shares with a nominal value of DKK 20 \u00a0
each. No shares carry special rights. \u00a0
NKT A/S\u2019 Articles of Association spe- \u00a0
cify no limits in respect of ownership or \u00a0
voting right, and Group Management \u00a0
is unaware of any agreements in this \u00a0
regard. \u00a0
Distribution of dividend to sharehold- \u00a0
ers of NKT A/S has no tax conse- \u00a0
quences for the company. \u00a0
In July 2023 NKT A/S completed a \u00a0
rights issue resulting in 10,744,009 \u00a0
new shares. As a result of the issue \u00a0
the Company's share capital as of \u00a0
31 December 2023 amounts to DKK \u00a0
1,074,400,900 (approximately EUR \u00a0
144m) divided into 53,720,045 shares \u00a0
with a nominal value of DKK 20 each. \u00a0
As per 31 December 2024 the share \u00a0
capital compared to 31 December \u00a0
2023 is unchanged. \u00a0
During 2024, 31,000 treasury shares \u00a0
were purchased (150,000 during \u00a0
2023) of which 50,649 are held at \u00a0
31 December 2024 (87,113 at 31 \u00a0
December 2023). \u00a0
Accounting policy \u00a0
Dividend is recognised as a liability \u00a0
at the date of adoption at the Annual \u00a0
General Meeting (declaration date). \u00a0
Proposed dividend payments for the \u00a0
year are disclosed as a separate item \u00a0
under equity. \u00a0
Acquisition costs, consideration \u00a0
received, and dividends relating \u00a0
to treasury shares, are recognised \u00a0
directly in retained comprehensive \u00a0
income in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10406": {
"value": "5. Capital structure and financial risk management
NKT\u2019s Capital structure targets are related to \u00a0
solvency (ratio of minimum 30%) and NIBD rela- \u00a0
tive to operational EBITDA (ratio up to 0.0x). \u00a0
Financial risk management mainly relates to \u00a0
managing the risks related to currency, com- \u00a0
modities and interest rates relating to the \u00a0
financing. \u00a0
5.6 Financial
risks and financial instruments \u00a0
Financial risk management policy \u00a0
NKT is exposed to several financial \u00a0
risks due to its operations, investments \u00a0
and financing activities. NKT has cen- \u00a0
tralised management of the Group's \u00a0
financial risks. The overall objectives \u00a0
and policies for financial risk manage- \u00a0
ment are outlined in the internal Group \u00a0
Treasury Policy, which is approved by \u00a0
the Board of Directors. The risk policy \u00a0
does not allow for speculation in finan- \u00a0
cial risks. \u00a0
The risk management policy is man- \u00a0
aged by Group Treasury. All known \u00a0
risks are hedged, though with accept- \u00a0
ance of an open position within a \u00a0
defined and monitored threshold. The \u00a0
risk thresholds are defined at a level \u00a0
that ensures NKT is sufficiently pro- \u00a0
tected against any risk, while providing \u00a0
Group Treasury room for managing \u00a0
risks efficiently. \u00a0
NKT uses financial instruments, such \u00a0
as forwards, swaps and options to \u00a0
hedge exposures relating to currency, \u00a0
interest rates, and commodities. \u00a0
The financial risks, as described further \u00a0
below, are divided into: \u00a0
\u25a0
Currency risks \u00a0
Interest rate risks \u00a0
\u25a0
Raw material price risks \u00a0
\u25a0
\u25a0
Credit risks \u00a0
\u25a0
Liquidity risks \u00a0
Currency risks \u00a0
With presence in several countries NKT \u00a0
is exposed to currency risks that may \u00a0
have considerable influence on the \u00a0
income statement and balance sheet. \u00a0
Currency risks refer to the risks of \u00a0
losses (or opportunities for gains) result- \u00a0
ing from changes in currency rates. \u00a0
Currency risks arise through transac- \u00a0
tions, financial assets and liabilities \u00a0
denominated in currencies other than \u00a0
the functional currency of the individual \u00a0
subsidaries. Quantification and identi- \u00a0
fication of existing and anticipated cur- \u00a0
rency risks are the responsibility of the \u00a0
individual subsidaries, while the actual \u00a0
hedging is executed by Group Treasury. \u00a0
NKT does not hedge the currency risks \u00a0
related to net investments in foreign \u00a0
subsidiaries. Gains and losses relating \u00a0
to unhedged net assets in foreign sub- \u00a0
sidiaries are accounted directly in other \u00a0
comprehensive income. \u00a0
The principal currency exposure relates \u00a0
to sales and purchases in currencies \u00a0
other than the functional currency of the \u00a0
businesses. Hedging of these currency \u00a0
risks are based on an assessment of \u00a0
the likelihood of the future transaction \u00a0
being performed and materiality. \u00a0
Expected cash flows with significant \u00a0
currency risk are hedged as they become \u00a0
known. Currency risks from project-re- \u00a0
lated sales are considered on an individual \u00a0
basis. The fair value of the effective portion \u00a0
of the hedge is recognised in other com- \u00a0
prehensive income on a continuous basis. \u00a0
The table on the next page shows the \u00a0
net outstanding forward exchange \u00a0
hedging contracts as of 31 December \u00a0
2024 for NKT, which are used for and \u00a0
fulfil the conditions for hedge account- \u00a0
ing of future transactions. \u00a0
The fair value of the total portfolio of \u00a0
currency hedge contracts will impact \u00a0
other comprehensive income if cur- \u00a0
rency rates change. The effect of \u00a0
reasonably possible changes based on \u00a0
past experience in selected currency \u00a0
rates is shown in the table to the right. \u00a0
As NKT largely uses forwards and \u00a0
spots to hedge the FX risks, and only \u00a0
designates the spot element, the likeli- \u00a0
hood of inefficiency is low, though pos- \u00a0
sible if changes in expected cashflows \u00a0
from projects are not reflected correctly \u00a0
in the hedges. \u00a0
Interest rate risks \u00a0
Interest rate risks refer to the influence of \u00a0
changes in market interest rates on future \u00a0
cash flows concerning interest-bearing \u00a0
assets and liabilities. NKT's exposure to \u00a0
interest rate risk is considered to be low \u00a0
due to the capital structure. \u00a0
An increase in variable interest rates \u00a0
of 1 percentage point would result in \u00a0
an increase in the earnings before tax \u00a0
of EUR 13m (2023 EUR 7m). Refer to \u00a0
note 5.4 Net interest-bearing debt for \u00a0
a specification of the interest bearing \u00a0
assets and liabilities. \u00a0
Sensitivity analysis - financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Price \u00a0
earnings \u00a0
equity \u00a0
earnings \u00a0
equity \u00a0
Risk \u00a0
change \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
SEK \u00a0
+7% \u00a0
69 \u00a0
11 \u00a0
9
27 \u00a0
-7% \u00a0
-59 \u00a0
-12 \u00a0
-9 \u00a0
-27 \u00a0
GBP \u00a0
+5% \u00a0
0
2
0
-8 \u00a0
-5% \u00a0
0
1
0
8
NOK \u00a0
+8% \u00a0
-2 \u00a0
5
1
2
-8% \u00a0
2
-4 \u00a0
-1 \u00a0
-2 \u00a0
USD \u00a0
+8% \u00a0
0
-17 \u00a0
-2 \u00a0
-19 \u00a0
-8% \u00a0
0
17 \u00a0
2
19 \u00a0
PLN \u00a0
+6% \u00a0
-6 \u00a0
0
-1 \u00a0
0
-6% \u00a0
6
0
1
0
CAD \u00a0
+7% \u00a0
0
-2 \u00a0
0
-3 \u00a0
-7% \u00a0
0
2
0
3
Copper \u00a0
+21% \u00a0
0
128 \u00a0
0
107 \u00a0
-21% \u00a0
0
-128 \u00a0
0
-107 \u00a0
Lead \u00a0
+22% \u00a0
0
14 \u00a0
0
6
-22% \u00a0
0
-14 \u00a0
0
-6 \u00a0
Aluminium \u00a0
+18% \u00a0
0
9
0
1
-18% \u00a0
0
-9 \u00a0
0
-1 \u00a0
Gas-oil \u00a0
+28% \u00a0
0
6
0
4
-28% \u00a0
0
-6 \u00a0
0
-4 \u00a0
The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account- \u00a0
ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal). \u00a0
When also considering the development of the underlying exposure, the future income statement effects will be fully or partially \u00a0
offset as hedge accounting is applied. \u00a0
Cash flow hedges related to \u00a0
Notional value \u00a0
Notional value \u00a0
Fair value \u00a0
the most significant currencies \u00a0
Average exchange rate1 \u00a0
Hedged currency in million \u00a0
EURm \u00a0
EURm \u00a0
Hedged currency \u00a0
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2023
31 Dec 2023
31 Dec 2023
31 Dec 2023 \u00a0
USD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.0736 \u00a0
1.0834 \u00a0
834 \u00a0
798 \u00a0
777 \u00a0
737 \u00a0
44 \u00a0
-26 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.1004 \u00a0
542 \u00a0
592 \u00a0
507 \u00a0
538 \u00a0
20 \u00a0
-24 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1.0695 \u00a0
1.0815 \u00a0
991 \u00a0
883 \u00a0
926 \u00a0
816 \u00a0
-51 \u00a0
24 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.0939 \u00a0
610 \u00a0
779 \u00a0
571 \u00a0
712 \u00a0
-26 \u00a0
30 \u00a0
GBP \u00a0
Buy \u00a0
Less than 1 year \u00a0
0.8458 \u00a0
0.8788 \u00a0
325 \u00a0
125 \u00a0
384 \u00a0
142 \u00a0
13 \u00a0
-2 \u00a0
More than 1 year \u00a0
0.8620 \u00a0
0.8972 \u00a0
185 \u00a0
195 \u00a0
214 \u00a0
218 \u00a0
11 \u00a0
-2 \u00a0
Sell \u00a0
Less than 1 year \u00a0
0.8438 \u00a0
0.8713 \u00a0
462 \u00a0
250 \u00a0
548 \u00a0
287 \u00a0
-22 \u00a0
-3 \u00a0
More than 1 year \u00a0
0.8459 \u00a0
0.8765 \u00a0
64 \u00a0
201 \u00a0
76 \u00a0
230 \u00a0
-4 \u00a0
0
NOK \u00a0
Buy \u00a0
Less than 1 year \u00a0
11.4521 \u00a0
11.3211 \u00a0
489 \u00a0
311 \u00a0
43 \u00a0
27 \u00a0
0
0
More than 1 year \u00a0
11.5122 \u00a0
11.1675 \u00a0
547 \u00a0
208 \u00a0
48 \u00a0
19 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
11.6490 \u00a0
11.3589 \u00a0
260 \u00a0
159 \u00a0
22 \u00a0
14 \u00a0
0
0
More than 1 year \u00a0
11.4376 \u00a0
11.6299 \u00a0
173 \u00a0
109 \u00a0
15 \u00a0
9
0
0
CAD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.4932 \u00a0
1.4630 \u00a0
8
16 \u00a0
5
11 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Sell \u00a0
Less than 1 year \u00a0
1.4805 \u00a0
1.3743 \u00a0
46 \u00a0
68 \u00a0
31 \u00a0
50 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Cash flow hedges reported as assets \u00a0
91 \u00a0
71 \u00a0
Cash flow hedges reported as liabilities \u00a0
107 \u00a0
73 \u00a0
1
EUR/CCY, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies. \u00a0
Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Raw material price risks \u00a0
Raw material price risks primarily \u00a0
relate to metals and plastics used in \u00a0
the cable production. When changes \u00a0
in raw material prices cannot be \u00a0
transferred to customers, NKT uses \u00a0
financial instruments to hedge the \u00a0
price risks. NKT has, due to the larger \u00a0
order backlog, a high amount of raw \u00a0
material derivatives to hedge the risks \u00a0
related to the large future purchases \u00a0
of copper in particular. Current and \u00a0
expected future raw material expo- \u00a0
sures are managed by the subsidaries \u00a0
and hedging is managed by Group \u00a0
Treasury according to the Group's \u00a0
Treasury Policy. Hedging of awarded \u00a0
projects are done at the time of award \u00a0
and adjusted according to changes in \u00a0
production plans. \u00a0
NKT hedges raw materials by pur- \u00a0
chasing hedging instruments on \u00a0
London Metal Exchange via financial \u00a0
counterparties. Changes in the fair \u00a0
value of the hedging instrument \u00a0
should offset changes in the value \u00a0
of the underlying item because the \u00a0
reference prices are the same for the \u00a0
hedging instrument and the hedged \u00a0
item. NKT applies cost of hedging, \u00a0
whereby the forward points are recog- \u00a0
nised in other comprehensive income \u00a0
and transferred with the effective \u00a0
hedge when the hedged transaction \u00a0
occurs. For the hedge of plastic, \u00a0
ineffectiveness could arise as this is \u00a0
hedged via a gas-oil proxy hedge. \u00a0
Ineffectiveness because of differences \u00a0
in the change between gas-oil and \u00a0
plastic are considered insignificant. \u00a0
As at 31 December 2024, NKT A/S \u00a0
had current financial hedging instru- \u00a0
ments relating to future raw material \u00a0
supplies with a net notional value of \u00a0
EUR 944m (EUR 1,084m in 2023) and \u00a0
a net positive fair value of EUR 79m \u00a0
(positive value of EUR 77m in 2023). \u00a0
The table to the right provides an \u00a0
overview of the cash flow hedges \u00a0
related to raw materials. \u00a0
As at 31 December 2024 accumulated \u00a0
basis adjustments included in the \u00a0
carrying amount of inventory from fair \u00a0
value hedges was EUR 0m (EUR 0m \u00a0
in 2023). The ineffectiveness recog- \u00a0
nised in the statement of profit or loss \u00a0
was immaterial. \u00a0
Cash flow hedges related to \u00a0
Average rate \u00a0
Notional value \u00a0
Fair value \u00a0
raw material \u00a0
EUR/ton \u00a0
EURm \u00a0
EURm \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
Commodity \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Copper \u00a0
Buy \u00a0
Less than 1 year \u00a0
7,321 \u00a0
6,652 \u00a0
531 \u00a0
579 \u00a0
82 \u00a0
84 \u00a0
More than 1 year \u00a0
8,347 \u00a0
7,915 \u00a0
108 \u00a0
254 \u00a0
1
-13 \u00a0
Sell \u00a0
Less than 1 year \u00a0
8,367 \u00a0
7,112 \u00a0
-116 \u00a0
-69 \u00a0
-3 \u00a0
5
More than 1 year \u00a0
7,326 \u00a0
0
0
0
0
0
Lead \u00a0
Buy \u00a0
Less than 1 year \u00a0
1,987 \u00a0
1,903 \u00a0
34 \u00a0
26 \u00a0
-1 \u00a0
-1 \u00a0
More than 1 year \u00a0
2,020 \u00a0
1,996 \u00a0
41 \u00a0
59 \u00a0
-2 \u00a0
-3 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1,979 \u00a0
1,804 \u00a0
-5 \u00a0
-1 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
Aluminium \u00a0
Buy \u00a0
Less than 1 year \u00a0
2,390 \u00a0
2,051 \u00a0
34 \u00a0
9
0
0
More than 1 year \u00a0
2,480 \u00a0
2,459 \u00a0
29 \u00a0
39 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
2,420 \u00a0
2,000 \u00a0
-23 \u00a0
-12 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
Gas-oil \u00a0
Buy \u00a0
Less than 1 year \u00a0
523 \u00a0
550 \u00a0
16 \u00a0
19 \u00a0
4
4
More than 1 year \u00a0
617 \u00a0
615 \u00a0
4
12 \u00a0
0
0
Sell \u00a0
Less than 1 year \u00a0
514 \u00a0
669 \u00a0
-3 \u00a0
-4 \u00a0
-1 \u00a0
0
More than 1 year \u00a0
0
847 \u00a0
0
-1 \u00a0
0
0
Cash flow hedges reported as assets \u00a0
92 \u00a0
84 \u00a0
Cash flow hedges reported as liabilities \u00a0
13 \u00a0
7
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
Cash flow hedge reserve \u00a0
Foreign \u00a0
Cost of \u00a0
Total \u00a0
exchange \u00a0
Interest rate \u00a0
Commodity \u00a0
hedging \u00a0
hedging \u00a0
EURm \u00a0
risk hedging \u00a0
risk hedging \u00a0
risk hedging \u00a0
reserve \u00a0
reserve \u00a0
Balance at 1 January 2023 \u00a0
0
6
140 \u00a0
-13 \u00a0
133 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
22 \u00a0
-2 \u00a0
31 \u00a0
25 \u00a0
76 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
14 \u00a0
0
0
3
17 \u00a0
Deferred hedging gains and losses transferred to inventory \u00a0
-16 \u00a0
0
-135 \u00a0
-6 \u00a0
-157 \u00a0
Deferred tax \u00a0
1
1
27 \u00a0
-9 \u00a0
20 \u00a0
Balance at 31 December 2023 \u00a0
21 \u00a0
5
63 \u00a0
0
89 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
-35 \u00a0
0
153 \u00a0
-8 \u00a0
110 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
9
-3 \u00a0
0
2
8
Deferred hedging gains and losses transferred to inventory \u00a0
-4 \u00a0
0
-138 \u00a0
-7 \u00a0
-149 \u00a0
Deferred tax \u00a0
7
1
-4 \u00a0
3
7
Balance at 31 December 2024 \u00a0
-2 \u00a0
3
74 \u00a0
-10 \u00a0
65 \u00a0
The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in \u00a0
2023), Inventory/Cost of raw materials EUR 115m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023). \u00a0
Categories of financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Financial assets \u00a0
Measured at amortised costs: \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Contract assets \u00a0
143 \u00a0
107 \u00a0
Interest bearing receivables \u00a0
0
0
Cash at bank and in hand \u00a0
1,518 \u00a0
888 \u00a0
Measured at fair value through profit /loss: \u00a0
Other investments and receivables \u00a0
5
1
Derivative financial instruments \u00a0
170 \u00a0
185 \u00a0
Financial liabilities \u00a0
Measured at amortised costs: \u00a0
Trade payables and other liabilities \u00a0
825 \u00a0
509 \u00a0
Interest-bearing loans and borrowings \u00a0
238 \u00a0
207 \u00a0
Measured at fair value through profit /loss: \u00a0
Derivative financial instruments \u00a0
102 \u00a0
94 \u00a0
In the table above, financial instruments are presented in the categories which \u00a0
determine how they will be measured in the financial statements. \u00a0
Measuring fair value \u00a0
Financial instruments measured at fair \u00a0
value in the balance sheet are desig- \u00a0
nated as belonging to one of the fol- \u00a0
lowing three categories (the \u2018fair value \u00a0
hierarchy\u2019): \u00a0
Level 1: Listed prices (unadjusted) in \u00a0
active markets for identical assets and \u00a0
liabilities \u00a0
Level 2: Input, other than listed prices \u00a0
on Level 1, which is observable for \u00a0
the asset or liability either directly \u00a0
(as prices) or indirectly (derived from \u00a0
prices) \u00a0
Level 3: Input for the asset or liability \u00a0
which is not based on observable mar- \u00a0
ket data (non-observable input) \u00a0
Financial instruments measured at \u00a0
fair value consist of derivative finan- \u00a0
cial instruments. The fair value on 31 \u00a0
December 2024 and 2023 of NKT \u00a0
Group\u2019s forward transactions are \u00a0
measured in accordance with Level \u00a0
2 as the fair value is calculated based \u00a0
on official exchange rates and forward \u00a0
rates at the balance sheet date. \u00a0
The fair value of commodity forwards \u00a0
is measured as the present value of \u00a0
future cash flows based on forward \u00a0
rates and official exchange rates on the \u00a0
balance sheet date. The fair value of \u00a0
foreign currency forwards is measured \u00a0
as the present value of future cash \u00a0
flows based on the forward exchange \u00a0
rates at the balance sheet date. \u00a0
No financial instruments were moved \u00a0
from one level to another in the year (no \u00a0
move in 2023 either). \u00a0
Liquidity risks \u00a0
It is NKT Group\u2019s policy to maintain \u00a0
adequate liquidity resources to imple- \u00a0
ment planned operating activities and \u00a0
to be able to operate effectively in \u00a0
the event of unforeseen fluctuations \u00a0
in liquidity. NKT Group\u2019s liquidity \u00a0
resources consist of cash, cash equiv- \u00a0
alents and undrawn committed credit \u00a0
facilities, which have a maturity of more \u00a0
than 12 months. \u00a0
The revolving credit facility of EUR \u00a0
200m matures in November 2026. The \u00a0
mortgage loan portfolio matures in \u00a0
2032, 2033 and 2037. \u00a0
NKT has financial covenants and \u00a0
change of control clause on certain \u00a0
financial agreements. The latter comes \u00a0
into effect if a shareholder or share- \u00a0
holder group gains control over NKT \u00a0
A/S or if NKT A/S is no longer listed at \u00a0
Nasdaq Copenhagen. \u00a0
It is Group Management\u2019s opinion that \u00a0
the financial headroom is sufficient to \u00a0
manage the level of activity expected in \u00a0
2025 for the NKT Group. \u00a0
Credit risks \u00a0
Credit risk arises from the possibility \u00a0
that transactional counterparties may \u00a0
default on their obligations causing \u00a0
financial losses for the Group. \u00a0
NKT\u2019s credit risks relate partly to \u00a0
receivables, contract assets and cash \u00a0
at bank and in hand, and partly to \u00a0
derivative financial instruments with \u00a0
positive fair value. The maximum credit \u00a0
risk attached to financial assets corre- \u00a0
spond to the values recognised in the \u00a0
balance sheet. \u00a0
Liquidity resources \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Committed facilities (1-3 years) \u00a0
200 \u00a0
200 \u00a0
Committed facilities (<1 year) \u00a0
0
0
Total commited facilities \u00a0
200 \u00a0
200 \u00a0
Uncommitted facilities \u00a0
0
0
Total facilities \u00a0
200 \u00a0
200 \u00a0
Cash \u00a0
1,518 \u00a0
888 \u00a0
Utilised facilities \u00a0
0
0
Cash classified as assets held for sale \u00a0
0
2
Liquidity recources \u00a0
1,718 \u00a0
1,090 \u00a0
To manage credit risk regarding finan- \u00a0
cial counterparties, NKT only enters \u00a0
into derivative financial contracts and \u00a0
money market deposits with financial \u00a0
counterparties possessing a long-term \u00a0
credit rating of \u2018A-\u2018 from at least one \u00a0
out of the following three selected \u00a0
rating agencies: Standard and Poor's, \u00a0
Moody's or Fitch. \u00a0
NKT has no material risks relating to \u00a0
a single customer or partner. NKT\u2019s \u00a0
policy for acceptance of credit risks \u00a0
entails ongoing monitoring and credit \u00a0
rating of important customers and \u00a0
other partners. NKT historically has \u00a0
had only a few material losses related \u00a0
to customers. \u00a0
Credit exposure for cash at bank and derivative financial instruments \u00a0
(fair value) \u00a0
Derivative \u00a0
Cash at \u00a0
financial \u00a0
EURm \u00a0
bank instruments \u00a0
Total \u00a0
2024 \u00a0
AA range \u00a0
413 \u00a0
42 \u00a0
455 \u00a0
A range \u00a0
1,099 \u00a0
128 \u00a0
1,227 \u00a0
BBB range \u00a0
4
0
4
Not rated or below BBB range \u00a0
2
0
2
Total \u00a0
1,518 \u00a0
170 \u00a0
1,688 \u00a0
2023 \u00a0
AA range \u00a0
140 \u00a0
25 \u00a0
165 \u00a0
A range \u00a0
744 \u00a0
160 \u00a0
904 \u00a0
BBB range \u00a0
4
0
4
Total \u00a0
888 \u00a0
185 \u00a0
1,073 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10410": {
"value": "In July 2023 NKT A/S completed a \u00a0
rights issue resulting in 10,744,009 \u00a0
new shares. As a result of the issue \u00a0
the Company's share capital as of \u00a0
31 December 2023 amounts to DKK \u00a0
1,074,400,900 (approximately EUR \u00a0
144m) divided into 53,720,045 shares \u00a0
with a nominal value of DKK 20 each. \u00a0
As per 31 December 2024 the share \u00a0
capital compared to 31 December \u00a0
2023 is unchanged. \u00a0
During 2024, 31,000 treasury shares \u00a0
were purchased (150,000 during \u00a0
2023) of which 50,649 are held at \u00a0
31 December 2024 (87,113 at 31 \u00a0
December 2023). \u00a0
Accounting policy \u00a0
Dividend is recognised as a liability \u00a0
at the date of adoption at the Annual \u00a0
General Meeting (declaration date). \u00a0
Proposed dividend payments for the \u00a0
year are disclosed as a separate item \u00a0
under equity. \u00a0
Acquisition costs, consideration \u00a0
received, and dividends relating \u00a0
to treasury shares, are recognised \u00a0
directly in retained comprehensive \u00a0
income in equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10411": {
"value": "In July 2023 NKT A/S completed a \u00a0
rights issue resulting in 10,744,009 \u00a0
new shares. As a result of the issue \u00a0
the Company's share capital as of \u00a0
31 December 2023 amounts to DKK \u00a0
1,074,400,900 (approximately EUR \u00a0
144m) divided into 53,720,045 shares \u00a0
with a nominal value of DKK 20 each. \u00a0
As per 31 December 2024 the share \u00a0
capital compared to 31 December \u00a0
2023 is unchanged. \u00a0
During 2024, 31,000 treasury shares \u00a0
were purchased (150,000 during \u00a0
2023) of which 50,649 are held at \u00a0
31 December 2024 (87,113 at 31 \u00a0
December 2023). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10420": {
"value": "5.2 Earnings
per share \u00a0
2024 \u00a0
2023 \u00a0
Profit attributable to equity holders (EURm) \u00a0
326 \u00a0
113 \u00a0
Weighted average number of shares \u00a0
53,720,045 \u00a0
50,102,581 \u00a0
Dilutive effect of Performance share programs \u00a0
74,160 \u00a0
94,568 \u00a0
Diluted weighted average number of shares \u00a0
53,794,205 \u00a0
50,197,149 \u00a0
Basic earnings - continuing operations, \u00a0
EUR, per share (EPS) \u00a0
4.2 \u00a0
2.2 \u00a0
Diluted earnings - continuing operations, \u00a0
EUR, per share (EPS-D) \u00a0
4.2 \u00a0
2.1 \u00a0
Basic earnings per share, EUR \u00a0
6.1 \u00a0
2.3 \u00a0
Diluted earnings per share, EUR \u00a0
6.1 \u00a0
2.3 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10413": {
"value": "Accounting policy \u00a0
Dividend is recognised as a liability \u00a0
at the date of adoption at the Annual \u00a0
General Meeting (declaration date). \u00a0
Proposed dividend payments for the \u00a0
year are disclosed as a separate item \u00a0
under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10414": {
"value": "Accounting policy \u00a0
Dividend is recognised as a liability \u00a0
at the date of adoption at the Annual \u00a0
General Meeting (declaration date). \u00a0
Proposed dividend payments for the \u00a0
year are disclosed as a separate item \u00a0
under equity. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10422": {
"value": "5.3 Hybrid
capital \u00a0
Hybrid capital comprises issued \u00a0
bonds from September 2022 of EUR \u00a0
150m. The issued hybrid capital is \u00a0
accounted for as a hybrid capital \u00a0
reserve in equity. The classification is \u00a0
based on the special characteristics of \u00a0
the hybrid bond, where the bondhold- \u00a0
ers are subordinate to other creditors, \u00a0
and NKT A/S may defer and ultimately \u00a0
decide not to pay the coupon. Any \u00a0
deferred coupons outstanding in 3022 \u00a0
will be cancelled. However, deferred \u00a0
coupon payments become payable \u00a0
if NKT A/S decides to pay dividends \u00a0
to shareholders. Coupon payments \u00a0
are recognised in equity. For further \u00a0
details on the hybrid capital, please \u00a0
see table below. \u00a0
As the principal of the securities \u00a0
ultimately falls due in 3022, its dis- \u00a0
counted fair value is zero due to the \u00a0
terms of the securities. Therefore, a \u00a0
liability of zero has been recognised in \u00a0
the balance sheet, and the full amount \u00a0
of the proceeds have been recognised \u00a0
as equity. Coupon payments are rec- \u00a0
ognised in the statement of cash flows \u00a0
in the same way as dividend payments \u00a0
within financing activities. \u00a0
Hybrid bonds \u00a0
2024 \u00a0
2023 \u00a0
Nominal value of hybrid capital \u00a0
EUR 150m \u00a0
EUR 150m \u00a0
Classification in financial statement \u00a0
Equity \u00a0
Equity \u00a0
Issued \u00a0
Sept. 2022 \u00a0
Sept. 2022 \u00a0
Maturing \u00a0
July 3022 \u00a0
July 3022 \u00a0
First call date \u00a0
1 July 2026 \u00a0
1 July 2026 \u00a0
Interests: \u00a0
For the first four years \u00a0
7.24% \u00a0
7.24% \u00a0
For the following years \u00a0
Resets to the \u00a0
Resets to the \u00a0
4-year EUR swap
4-year EUR swap \u00a0
rate prevailing \u00a0
rate prevailing \u00a0
at that time plus \u00a0
at that time plus \u00a0
5% \u00a0
5% \u00a0
Accounting policy \u00a0
Hybrid capital is treated in accordance \u00a0
with the rules on compound financial \u00a0
instruments based on the charac- \u00a0
teristics of the bonds. The notional \u00a0
amount, which constitutes a liability, \u00a0
is recognised at present value, and \u00a0
equity has been increased by the \u00a0
difference between the net proceeds \u00a0
received and the present value of the \u00a0
discounted liability. The part of the \u00a0
hybrid capital that is accounted for \u00a0
as a liability is measured at amortised \u00a0
cost. The carrying amount is zero \u00a0
on initial recognition and due to the \u00a0
1,000-year term of the hybrid capital, \u00a0
amortisation charges will only have an \u00a0
impact on the income statement for \u00a0
the years at the end of the 1,000-year \u00a0
term of the hybrid capital. \u00a0
Coupon payments are accounted \u00a0
for as dividends and are recognised \u00a0
directly in equity when the obligation \u00a0
to pay arises. \u00a0
The obligation to pay coupon pay- \u00a0
ments is at the discretion of Group \u00a0
Management and deferred coupon \u00a0
lapses upon maturity of the hybrid \u00a0
capital. Coupon payments are recog- \u00a0
nised in the statement of cash flows in \u00a0
the same way as dividend payments \u00a0
within financing activities. \u00a0
On redemption of the hybrid capi- \u00a0
tal, the payment will be distributed \u00a0
between liability and equity, applying \u00a0
the same principles as used when \u00a0
the hybrid capital was issued. The \u00a0
difference between the payment on \u00a0
redemption and the net proceeds \u00a0
received on issue is recognised \u00a0
directly in equity as the debt portion \u00a0
of the existing hybrid issues will be nil \u00a0
during the first part of the life of the \u00a0
hybrid capital. \u00a0
On the date on which the Board of \u00a0
Directors decides to exercise an \u00a0
option to redeem the hybrid capital, \u00a0
the part of the hybrid capital that will \u00a0
be redeemed will be reclassified to \u00a0
loans and borrowings. The reclassi- \u00a0
fication will be made at the market \u00a0
value of the hybrid capital at the date \u00a0
the decision is made. Following the \u00a0
reclassification, coupon payments \u00a0
and exchange rate adjustments will be \u00a0
recognised in the income statement \u00a0
as financial income or expenses. \u00a0
",
"dimensions": {
"concept": "nkt:DisclosureOfHybridCapital",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10426": {
"value": "Accounting policy \u00a0
Hybrid capital is treated in accordance \u00a0
with the rules on compound financial \u00a0
instruments based on the charac- \u00a0
teristics of the bonds. The notional \u00a0
amount, which constitutes a liability, \u00a0
is recognised at present value, and \u00a0
equity has been increased by the \u00a0
difference between the net proceeds \u00a0
received and the present value of the \u00a0
discounted liability. The part of the \u00a0
hybrid capital that is accounted for \u00a0
as a liability is measured at amortised \u00a0
cost. The carrying amount is zero \u00a0
on initial recognition and due to the \u00a0
1,000-year term of the hybrid capital, \u00a0
amortisation charges will only have an \u00a0
impact on the income statement for \u00a0
the years at the end of the 1,000-year \u00a0
term of the hybrid capital. \u00a0
Coupon payments are accounted \u00a0
for as dividends and are recognised \u00a0
directly in equity when the obligation \u00a0
to pay arises. \u00a0
The obligation to pay coupon pay- \u00a0
ments is at the discretion of Group \u00a0
Management and deferred coupon \u00a0
lapses upon maturity of the hybrid \u00a0
capital. Coupon payments are recog- \u00a0
nised in the statement of cash flows in \u00a0
the same way as dividend payments \u00a0
within financing activities. \u00a0
On redemption of the hybrid capi- \u00a0
tal, the payment will be distributed \u00a0
between liability and equity, applying \u00a0
the same principles as used when \u00a0
the hybrid capital was issued. The \u00a0
difference between the payment on \u00a0
redemption and the net proceeds \u00a0
received on issue is recognised \u00a0
directly in equity as the debt portion \u00a0
of the existing hybrid issues will be nil \u00a0
during the first part of the life of the \u00a0
hybrid capital. \u00a0
On the date on which the Board of \u00a0
Directors decides to exercise an \u00a0
option to redeem the hybrid capital, \u00a0
the part of the hybrid capital that will \u00a0
be redeemed will be reclassified to \u00a0
loans and borrowings. The reclassi- \u00a0
fication will be made at the market \u00a0
value of the hybrid capital at the date \u00a0
the decision is made. Following the \u00a0
reclassification, coupon payments \u00a0
and exchange rate adjustments will be \u00a0
recognised in the income statement \u00a0
as financial income or expenses. \u00a0
",
"dimensions": {
"concept": "nkt:DescriptionOfAccountingPolicyForHybridCapital",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10431": {
"value": "5.4 Net
interest-bearing debt \u00a0
Net interest-bearing debt \u00a0
Net interest-bearing debt at 31 \u00a0
December 2024 was EUR -1,280m \u00a0
(EUR -671m at 31 December 2023 \u00a0
including liabilities associated with \u00a0
assets held for sale), corresponding to \u00a0
a decrease of EUR 609m. \u00a0
The decrease was driven by milestone \u00a0
payments received in Solutions and \u00a0
improved results. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Net interest-bearing debt comprises: \u00a0
Non-current loans \u00a0
221 \u00a0
196 \u00a0
Current loans \u00a0
17 \u00a0
11 \u00a0
Interest-bearing debt, gross \u00a0
238 \u00a0
207 \u00a0
Demand deposits \u00a0
668 \u00a0
438 \u00a0
Termed deposits (3 months or less) \u00a0
850 \u00a0
450 \u00a0
Cash and cash equivalents \u00a0
1,518 \u00a0
888 \u00a0
Net interest-bearing debt \u00a0
-1,280 \u00a0
-681 \u00a0
Net interest-bearing debt presented as \u00a0
assets held for sale \u00a0
0
10 \u00a0
Net interest-bearing debt including \u00a0
assets held for sale \u00a0
-1,280 \u00a0
-671 \u00a0
Changes in current loans, non-current loans and lease liabilities \u00a0
Effect of \u00a0
Additions \u00a0
Additions \u00a0
changes in \u00a0
during the
from business \u00a0
exchange \u00a0
31 \u00a0
EURm \u00a0
1 January \u00a0
Cash flows \u00a0
period combinations \u00a0
rates \u00a0
December \u00a0
2024 \u00a0
Loans \u00a0
143 \u00a0
-8 \u00a0
0
12 \u00a0
-1 \u00a0
146 \u00a0
Lease liabilities \u00a0
64 \u00a0
-6 \u00a0
23 \u00a0
12 \u00a0
-1 \u00a0
92 \u00a0
2023 \u00a0
Loans \u00a0
158 \u00a0
-1 \u00a0
0
0
-14 \u00a0
143 \u00a0
Lease liabilities \u00a0
38 \u00a0
-6 \u00a0
32 \u00a0
0
0
64 \u00a0
Contractual undiscounted cash flows \u00a0
Carrying \u00a0
Less than \u00a0
More than \u00a0
Total \u00a0
EURm \u00a0
amount \u00a0
1 year \u00a0
1-3 years \u00a0
3-5 years \u00a0
5 years \u00a0
cash flows \u00a0
2024 \u00a0
Interest-bearing loans and borrowings (excl. lease liabilities)1 \u00a0
146 \u00a0
11 \u00a0
26 \u00a0
38 \u00a0
99 \u00a0
174 \u00a0
Lease liabilities2 \u00a0
92 \u00a0
15 \u00a0
21 \u00a0
16 \u00a0
82 \u00a0
134 \u00a0
Trade payables \u00a0
534 \u00a0
534 \u00a0
0
0
0
534 \u00a0
Derivative financial liabilities \u00a0
102 \u00a0
51 \u00a0
50 \u00a0
1
0
102 \u00a0
Other liabilities \u00a0
291 \u00a0
291 \u00a0
0
0
0
291 \u00a0
Total \u00a0
1,165 \u00a0
902 \u00a0
97 \u00a0
55 \u00a0
181 \u00a0
1,235 \u00a0
2023 \u00a0
Interest-bearing loans and borrowings(excl. lease liabilities)1 \u00a0
143 \u00a0
12 \u00a0
22 \u00a0
31 \u00a0
119 \u00a0
184 \u00a0
Lease liabilities2 \u00a0
64 \u00a0
9
15 \u00a0
11 \u00a0
62 \u00a0
97 \u00a0
Trade payables \u00a0
364 \u00a0
364 \u00a0
0
0
0
364 \u00a0
Derivative financial liabilities \u00a0
94 \u00a0
46 \u00a0
45 \u00a0
3
0
94 \u00a0
Other liabilities \u00a0
145 \u00a0
145 \u00a0
0
0
0
145 \u00a0
Total \u00a0
810 \u00a0
576 \u00a0
82 \u00a0
45 \u00a0
181 \u00a0
884 \u00a0
1
The principal of the hybrid capital is not included in the contractual maturities as it is due in year 3022. \u00a0
2
Lease liabilities are recognised in the balance sheet excluding short-term and low-value leases (refer to note 3.3 Leases). \u00a0
The forward contracts are presented \u00a0
at fair value as the discount element is \u00a0
considered insignificant. \u00a0
Interest-bearing loans and borrowings \u00a0
are predominantly based on floating \u00a0
interest rates and are measured at \u00a0
amortised cost. The carrying amount \u00a0
therefore in all material aspects cor- \u00a0
responds to fair value and nominal \u00a0
value. \u00a0
Accounting policy \u00a0
Interest-bearing loans and borrowings \u00a0
are recognised at the amount of pro- \u00a0
ceeds received at the date of borrow- \u00a0
ing, net of transaction costs paid. In \u00a0
subsequent periods the financial liabi- \u00a0
lities are measured at amortised cost \u00a0
using \u2018the effective interest method\u2019, \u00a0
and the difference between the pro- \u00a0
ceeds and the nominal value is there- \u00a0
fore being recognised in the income \u00a0
statement under financial expenses \u00a0
over the term of the loan. \u00a0
Interest-bearing loans and borrowings \u00a0
also include lease liabilities recognised \u00a0
in the balance sheet measured at \u00a0
amortised cost. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10432": {
"value": "5.4 Net
interest-bearing debt \u00a0
Net interest-bearing debt \u00a0
Net interest-bearing debt at 31 \u00a0
December 2024 was EUR -1,280m \u00a0
(EUR -671m at 31 December 2023 \u00a0
including liabilities associated with \u00a0
assets held for sale), corresponding to \u00a0
a decrease of EUR 609m. \u00a0
The decrease was driven by milestone \u00a0
payments received in Solutions and \u00a0
improved results. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Net interest-bearing debt comprises: \u00a0
Non-current loans \u00a0
221 \u00a0
196 \u00a0
Current loans \u00a0
17 \u00a0
11 \u00a0
Interest-bearing debt, gross \u00a0
238 \u00a0
207 \u00a0
Demand deposits \u00a0
668 \u00a0
438 \u00a0
Termed deposits (3 months or less) \u00a0
850 \u00a0
450 \u00a0
Cash and cash equivalents \u00a0
1,518 \u00a0
888 \u00a0
Net interest-bearing debt \u00a0
-1,280 \u00a0
-681 \u00a0
Net interest-bearing debt presented as \u00a0
assets held for sale \u00a0
0
10 \u00a0
Net interest-bearing debt including \u00a0
assets held for sale \u00a0
-1,280 \u00a0
-671 \u00a0
Changes in current loans, non-current loans and lease liabilities \u00a0
Effect of \u00a0
Additions \u00a0
Additions \u00a0
changes in \u00a0
during the
from business \u00a0
exchange \u00a0
31 \u00a0
EURm \u00a0
1 January \u00a0
Cash flows \u00a0
period combinations \u00a0
rates \u00a0
December \u00a0
2024 \u00a0
Loans \u00a0
143 \u00a0
-8 \u00a0
0
12 \u00a0
-1 \u00a0
146 \u00a0
Lease liabilities \u00a0
64 \u00a0
-6 \u00a0
23 \u00a0
12 \u00a0
-1 \u00a0
92 \u00a0
2023 \u00a0
Loans \u00a0
158 \u00a0
-1 \u00a0
0
0
-14 \u00a0
143 \u00a0
Lease liabilities \u00a0
38 \u00a0
-6 \u00a0
32 \u00a0
0
0
64 \u00a0
Contractual undiscounted cash flows \u00a0
Carrying \u00a0
Less than \u00a0
More than \u00a0
Total \u00a0
EURm \u00a0
amount \u00a0
1 year \u00a0
1-3 years \u00a0
3-5 years \u00a0
5 years \u00a0
cash flows \u00a0
2024 \u00a0
Interest-bearing loans and borrowings (excl. lease liabilities)1 \u00a0
146 \u00a0
11 \u00a0
26 \u00a0
38 \u00a0
99 \u00a0
174 \u00a0
Lease liabilities2 \u00a0
92 \u00a0
15 \u00a0
21 \u00a0
16 \u00a0
82 \u00a0
134 \u00a0
Trade payables \u00a0
534 \u00a0
534 \u00a0
0
0
0
534 \u00a0
Derivative financial liabilities \u00a0
102 \u00a0
51 \u00a0
50 \u00a0
1
0
102 \u00a0
Other liabilities \u00a0
291 \u00a0
291 \u00a0
0
0
0
291 \u00a0
Total \u00a0
1,165 \u00a0
902 \u00a0
97 \u00a0
55 \u00a0
181 \u00a0
1,235 \u00a0
2023 \u00a0
Interest-bearing loans and borrowings(excl. lease liabilities)1 \u00a0
143 \u00a0
12 \u00a0
22 \u00a0
31 \u00a0
119 \u00a0
184 \u00a0
Lease liabilities2 \u00a0
64 \u00a0
9
15 \u00a0
11 \u00a0
62 \u00a0
97 \u00a0
Trade payables \u00a0
364 \u00a0
364 \u00a0
0
0
0
364 \u00a0
Derivative financial liabilities \u00a0
94 \u00a0
46 \u00a0
45 \u00a0
3
0
94 \u00a0
Other liabilities \u00a0
145 \u00a0
145 \u00a0
0
0
0
145 \u00a0
Total \u00a0
810 \u00a0
576 \u00a0
82 \u00a0
45 \u00a0
181 \u00a0
884 \u00a0
1
The principal of the hybrid capital is not included in the contractual maturities as it is due in year 3022. \u00a0
2
Lease liabilities are recognised in the balance sheet excluding short-term and low-value leases (refer to note 3.3 Leases). \u00a0
The forward contracts are presented \u00a0
at fair value as the discount element is \u00a0
considered insignificant. \u00a0
Interest-bearing loans and borrowings \u00a0
are predominantly based on floating \u00a0
interest rates and are measured at \u00a0
amortised cost. The carrying amount \u00a0
therefore in all material aspects cor- \u00a0
responds to fair value and nominal \u00a0
value. \u00a0
Accounting policy \u00a0
Interest-bearing loans and borrowings \u00a0
are recognised at the amount of pro- \u00a0
ceeds received at the date of borrow- \u00a0
ing, net of transaction costs paid. In \u00a0
subsequent periods the financial liabi- \u00a0
lities are measured at amortised cost \u00a0
using \u2018the effective interest method\u2019, \u00a0
and the difference between the pro- \u00a0
ceeds and the nominal value is there- \u00a0
fore being recognised in the income \u00a0
statement under financial expenses \u00a0
over the term of the loan. \u00a0
Interest-bearing loans and borrowings \u00a0
also include lease liabilities recognised \u00a0
in the balance sheet measured at \u00a0
amortised cost. \u00a0
Liquidity risks \u00a0
It is NKT Group\u2019s policy to maintain \u00a0
adequate liquidity resources to imple- \u00a0
ment planned operating activities and \u00a0
to be able to operate effectively in \u00a0
the event of unforeseen fluctuations \u00a0
in liquidity. NKT Group\u2019s liquidity \u00a0
resources consist of cash, cash equiv- \u00a0
alents and undrawn committed credit \u00a0
facilities, which have a maturity of more \u00a0
than 12 months. \u00a0
The revolving credit facility of EUR \u00a0
200m matures in November 2026. The \u00a0
mortgage loan portfolio matures in \u00a0
2032, 2033 and 2037. \u00a0
NKT has financial covenants and \u00a0
change of control clause on certain \u00a0
financial agreements. The latter comes \u00a0
into effect if a shareholder or share- \u00a0
holder group gains control over NKT \u00a0
A/S or if NKT A/S is no longer listed at \u00a0
Nasdaq Copenhagen. \u00a0
It is Group Management\u2019s opinion that \u00a0
the financial headroom is sufficient to \u00a0
manage the level of activity expected in \u00a0
2025 for the NKT Group. \u00a0
Liquidity resources \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Committed facilities (1-3 years) \u00a0
200 \u00a0
200 \u00a0
Committed facilities (<1 year) \u00a0
0
0
Total commited facilities \u00a0
200 \u00a0
200 \u00a0
Uncommitted facilities \u00a0
0
0
Total facilities \u00a0
200 \u00a0
200 \u00a0
Cash \u00a0
1,518 \u00a0
888 \u00a0
Utilised facilities \u00a0
0
0
Cash classified as assets held for sale \u00a0
0
2
Liquidity recources \u00a0
1,718 \u00a0
1,090 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10445": {
"value": "Accounting policy \u00a0
Interest-bearing loans and borrowings \u00a0
are recognised at the amount of pro- \u00a0
ceeds received at the date of borrow- \u00a0
ing, net of transaction costs paid. In \u00a0
subsequent periods the financial liabi- \u00a0
lities are measured at amortised cost \u00a0
using \u2018the effective interest method\u2019, \u00a0
and the difference between the pro- \u00a0
ceeds and the nominal value is there- \u00a0
fore being recognised in the income \u00a0
statement under financial expenses \u00a0
over the term of the loan. \u00a0
Interest-bearing loans and borrowings \u00a0
also include lease liabilities recognised \u00a0
in the balance sheet measured at \u00a0
amortised cost. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10449": {
"value": "5.5 Financial
items \u00a0
Financial income \u00a0
Financial expenses \u00a0
Net financial items \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Interest etc. relating to financial assets/liabilities measured at amortised cost \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-8 \u00a0
33 \u00a0
3
Interest expenses on leases \u00a0
0
0
-0 \u00a0
-2 \u00a0
0
-2 \u00a0
Total interest \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-10 \u00a0
33 \u00a0
1
Foreign exchange gains/losses, net \u00a0
8
0
0
-2 \u00a0
8
-2 \u00a0
Gains/losses on derivative financial instruments, net \u00a0
0
0
-7 \u00a0
-15 \u00a0
-7 \u00a0
-15 \u00a0
Total currency gains/losses \u00a0
8
0
-7 \u00a0
-17 \u00a0
1
-17 \u00a0
Total financial items \u00a0
49 \u00a0
11 \u00a0
-15 \u00a0
-27 \u00a0
34 \u00a0
-16 \u00a0
The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position \u00a0
in the year as well as increase of interest rates. \u00a0
Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10450": {
"value": "5.5 Financial
items \u00a0
Financial income \u00a0
Financial expenses \u00a0
Net financial items \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Interest etc. relating to financial assets/liabilities measured at amortised cost \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-8 \u00a0
33 \u00a0
3
Interest expenses on leases \u00a0
0
0
-0 \u00a0
-2 \u00a0
0
-2 \u00a0
Total interest \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-10 \u00a0
33 \u00a0
1
Foreign exchange gains/losses, net \u00a0
8
0
0
-2 \u00a0
8
-2 \u00a0
Gains/losses on derivative financial instruments, net \u00a0
0
0
-7 \u00a0
-15 \u00a0
-7 \u00a0
-15 \u00a0
Total currency gains/losses \u00a0
8
0
-7 \u00a0
-17 \u00a0
1
-17 \u00a0
Total financial items \u00a0
49 \u00a0
11 \u00a0
-15 \u00a0
-27 \u00a0
34 \u00a0
-16 \u00a0
The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position \u00a0
in the year as well as increase of interest rates. \u00a0
Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10451": {
"value": "5.5 Financial
items \u00a0
Financial income \u00a0
Financial expenses \u00a0
Net financial items \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Interest etc. relating to financial assets/liabilities measured at amortised cost \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-8 \u00a0
33 \u00a0
3
Interest expenses on leases \u00a0
0
0
-0 \u00a0
-2 \u00a0
0
-2 \u00a0
Total interest \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-10 \u00a0
33 \u00a0
1
Foreign exchange gains/losses, net \u00a0
8
0
0
-2 \u00a0
8
-2 \u00a0
Gains/losses on derivative financial instruments, net \u00a0
0
0
-7 \u00a0
-15 \u00a0
-7 \u00a0
-15 \u00a0
Total currency gains/losses \u00a0
8
0
-7 \u00a0
-17 \u00a0
1
-17 \u00a0
Total financial items \u00a0
49 \u00a0
11 \u00a0
-15 \u00a0
-27 \u00a0
34 \u00a0
-16 \u00a0
The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position \u00a0
in the year as well as increase of interest rates. \u00a0
Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10452": {
"value": "5.5 Financial
items \u00a0
Financial income \u00a0
Financial expenses \u00a0
Net financial items \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Interest etc. relating to financial assets/liabilities measured at amortised cost \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-8 \u00a0
33 \u00a0
3
Interest expenses on leases \u00a0
0
0
-0 \u00a0
-2 \u00a0
0
-2 \u00a0
Total interest \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-10 \u00a0
33 \u00a0
1
Foreign exchange gains/losses, net \u00a0
8
0
0
-2 \u00a0
8
-2 \u00a0
Gains/losses on derivative financial instruments, net \u00a0
0
0
-7 \u00a0
-15 \u00a0
-7 \u00a0
-15 \u00a0
Total currency gains/losses \u00a0
8
0
-7 \u00a0
-17 \u00a0
1
-17 \u00a0
Total financial items \u00a0
49 \u00a0
11 \u00a0
-15 \u00a0
-27 \u00a0
34 \u00a0
-16 \u00a0
The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position \u00a0
in the year as well as increase of interest rates. \u00a0
Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10453": {
"value": "5.5 Financial
items \u00a0
Financial income \u00a0
Financial expenses \u00a0
Net financial items \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Interest etc. relating to financial assets/liabilities measured at amortised cost \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-8 \u00a0
33 \u00a0
3
Interest expenses on leases \u00a0
0
0
-0 \u00a0
-2 \u00a0
0
-2 \u00a0
Total interest \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-10 \u00a0
33 \u00a0
1
Foreign exchange gains/losses, net \u00a0
8
0
0
-2 \u00a0
8
-2 \u00a0
Gains/losses on derivative financial instruments, net \u00a0
0
0
-7 \u00a0
-15 \u00a0
-7 \u00a0
-15 \u00a0
Total currency gains/losses \u00a0
8
0
-7 \u00a0
-17 \u00a0
1
-17 \u00a0
Total financial items \u00a0
49 \u00a0
11 \u00a0
-15 \u00a0
-27 \u00a0
34 \u00a0
-16 \u00a0
The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position \u00a0
in the year as well as increase of interest rates. \u00a0
Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10454": {
"value": "5.5 Financial
items \u00a0
Financial income \u00a0
Financial expenses \u00a0
Net financial items \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Interest etc. relating to financial assets/liabilities measured at amortised cost \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-8 \u00a0
33 \u00a0
3
Interest expenses on leases \u00a0
0
0
-0 \u00a0
-2 \u00a0
0
-2 \u00a0
Total interest \u00a0
41 \u00a0
11 \u00a0
-8 \u00a0
-10 \u00a0
33 \u00a0
1
Foreign exchange gains/losses, net \u00a0
8
0
0
-2 \u00a0
8
-2 \u00a0
Gains/losses on derivative financial instruments, net \u00a0
0
0
-7 \u00a0
-15 \u00a0
-7 \u00a0
-15 \u00a0
Total currency gains/losses \u00a0
8
0
-7 \u00a0
-17 \u00a0
1
-17 \u00a0
Total financial items \u00a0
49 \u00a0
11 \u00a0
-15 \u00a0
-27 \u00a0
34 \u00a0
-16 \u00a0
The development in financial items in 2024 is mostly affected by the development in interest income. The increasing interest income is a result of an excess cash position \u00a0
in the year as well as increase of interest rates. \u00a0
Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10467": {
"value": "Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10468": {
"value": "Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10469": {
"value": "Accounting policy
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10479": {
"value": "5.6 Financial
risks and financial instruments \u00a0
Financial risk management policy \u00a0
NKT is exposed to several financial \u00a0
risks due to its operations, investments \u00a0
and financing activities. NKT has cen- \u00a0
tralised management of the Group's \u00a0
financial risks. The overall objectives \u00a0
and policies for financial risk manage- \u00a0
ment are outlined in the internal Group \u00a0
Treasury Policy, which is approved by \u00a0
the Board of Directors. The risk policy \u00a0
does not allow for speculation in finan- \u00a0
cial risks. \u00a0
The risk management policy is man- \u00a0
aged by Group Treasury. All known \u00a0
risks are hedged, though with accept- \u00a0
ance of an open position within a \u00a0
defined and monitored threshold. The \u00a0
risk thresholds are defined at a level \u00a0
that ensures NKT is sufficiently pro- \u00a0
tected against any risk, while providing \u00a0
Group Treasury room for managing \u00a0
risks efficiently. \u00a0
NKT uses financial instruments, such \u00a0
as forwards, swaps and options to \u00a0
hedge exposures relating to currency, \u00a0
interest rates, and commodities. \u00a0
The financial risks, as described further \u00a0
below, are divided into: \u00a0
\u25a0
Currency risks \u00a0
Interest rate risks \u00a0
\u25a0
Raw material price risks \u00a0
\u25a0
\u25a0
Credit risks \u00a0
\u25a0
Liquidity risks \u00a0
Currency risks \u00a0
With presence in several countries NKT \u00a0
is exposed to currency risks that may \u00a0
have considerable influence on the \u00a0
income statement and balance sheet. \u00a0
Currency risks refer to the risks of \u00a0
losses (or opportunities for gains) result- \u00a0
ing from changes in currency rates. \u00a0
Currency risks arise through transac- \u00a0
tions, financial assets and liabilities \u00a0
denominated in currencies other than \u00a0
the functional currency of the individual \u00a0
subsidaries. Quantification and identi- \u00a0
fication of existing and anticipated cur- \u00a0
rency risks are the responsibility of the \u00a0
individual subsidaries, while the actual \u00a0
hedging is executed by Group Treasury. \u00a0
NKT does not hedge the currency risks \u00a0
related to net investments in foreign \u00a0
subsidiaries. Gains and losses relating \u00a0
to unhedged net assets in foreign sub- \u00a0
sidiaries are accounted directly in other \u00a0
comprehensive income. \u00a0
The principal currency exposure relates \u00a0
to sales and purchases in currencies \u00a0
other than the functional currency of the \u00a0
businesses. Hedging of these currency \u00a0
risks are based on an assessment of \u00a0
the likelihood of the future transaction \u00a0
being performed and materiality. \u00a0
Expected cash flows with significant \u00a0
currency risk are hedged as they become \u00a0
known. Currency risks from project-re- \u00a0
lated sales are considered on an individual \u00a0
basis. The fair value of the effective portion \u00a0
of the hedge is recognised in other com- \u00a0
prehensive income on a continuous basis. \u00a0
The table on the next page shows the \u00a0
net outstanding forward exchange \u00a0
hedging contracts as of 31 December \u00a0
2024 for NKT, which are used for and \u00a0
fulfil the conditions for hedge account- \u00a0
ing of future transactions. \u00a0
The fair value of the total portfolio of \u00a0
currency hedge contracts will impact \u00a0
other comprehensive income if cur- \u00a0
rency rates change. The effect of \u00a0
reasonably possible changes based on \u00a0
past experience in selected currency \u00a0
rates is shown in the table to the right. \u00a0
As NKT largely uses forwards and \u00a0
spots to hedge the FX risks, and only \u00a0
designates the spot element, the likeli- \u00a0
hood of inefficiency is low, though pos- \u00a0
sible if changes in expected cashflows \u00a0
from projects are not reflected correctly \u00a0
in the hedges. \u00a0
Interest rate risks \u00a0
Interest rate risks refer to the influence of \u00a0
changes in market interest rates on future \u00a0
cash flows concerning interest-bearing \u00a0
assets and liabilities. NKT's exposure to \u00a0
interest rate risk is considered to be low \u00a0
due to the capital structure. \u00a0
An increase in variable interest rates \u00a0
of 1 percentage point would result in \u00a0
an increase in the earnings before tax \u00a0
of EUR 13m (2023 EUR 7m). Refer to \u00a0
note 5.4 Net interest-bearing debt for \u00a0
a specification of the interest bearing \u00a0
assets and liabilities. \u00a0
Sensitivity analysis - financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Price \u00a0
earnings \u00a0
equity \u00a0
earnings \u00a0
equity \u00a0
Risk \u00a0
change \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
SEK \u00a0
+7% \u00a0
69 \u00a0
11 \u00a0
9
27 \u00a0
-7% \u00a0
-59 \u00a0
-12 \u00a0
-9 \u00a0
-27 \u00a0
GBP \u00a0
+5% \u00a0
0
2
0
-8 \u00a0
-5% \u00a0
0
1
0
8
NOK \u00a0
+8% \u00a0
-2 \u00a0
5
1
2
-8% \u00a0
2
-4 \u00a0
-1 \u00a0
-2 \u00a0
USD \u00a0
+8% \u00a0
0
-17 \u00a0
-2 \u00a0
-19 \u00a0
-8% \u00a0
0
17 \u00a0
2
19 \u00a0
PLN \u00a0
+6% \u00a0
-6 \u00a0
0
-1 \u00a0
0
-6% \u00a0
6
0
1
0
CAD \u00a0
+7% \u00a0
0
-2 \u00a0
0
-3 \u00a0
-7% \u00a0
0
2
0
3
Copper \u00a0
+21% \u00a0
0
128 \u00a0
0
107 \u00a0
-21% \u00a0
0
-128 \u00a0
0
-107 \u00a0
Lead \u00a0
+22% \u00a0
0
14 \u00a0
0
6
-22% \u00a0
0
-14 \u00a0
0
-6 \u00a0
Aluminium \u00a0
+18% \u00a0
0
9
0
1
-18% \u00a0
0
-9 \u00a0
0
-1 \u00a0
Gas-oil \u00a0
+28% \u00a0
0
6
0
4
-28% \u00a0
0
-6 \u00a0
0
-4 \u00a0
The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account- \u00a0
ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal). \u00a0
When also considering the development of the underlying exposure, the future income statement effects will be fully or partially \u00a0
offset as hedge accounting is applied. \u00a0
Cash flow hedges related to \u00a0
Notional value \u00a0
Notional value \u00a0
Fair value \u00a0
the most significant currencies \u00a0
Average exchange rate1 \u00a0
Hedged currency in million \u00a0
EURm \u00a0
EURm \u00a0
Hedged currency \u00a0
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2023
31 Dec 2023
31 Dec 2023
31 Dec 2023 \u00a0
USD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.0736 \u00a0
1.0834 \u00a0
834 \u00a0
798 \u00a0
777 \u00a0
737 \u00a0
44 \u00a0
-26 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.1004 \u00a0
542 \u00a0
592 \u00a0
507 \u00a0
538 \u00a0
20 \u00a0
-24 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1.0695 \u00a0
1.0815 \u00a0
991 \u00a0
883 \u00a0
926 \u00a0
816 \u00a0
-51 \u00a0
24 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.0939 \u00a0
610 \u00a0
779 \u00a0
571 \u00a0
712 \u00a0
-26 \u00a0
30 \u00a0
GBP \u00a0
Buy \u00a0
Less than 1 year \u00a0
0.8458 \u00a0
0.8788 \u00a0
325 \u00a0
125 \u00a0
384 \u00a0
142 \u00a0
13 \u00a0
-2 \u00a0
More than 1 year \u00a0
0.8620 \u00a0
0.8972 \u00a0
185 \u00a0
195 \u00a0
214 \u00a0
218 \u00a0
11 \u00a0
-2 \u00a0
Sell \u00a0
Less than 1 year \u00a0
0.8438 \u00a0
0.8713 \u00a0
462 \u00a0
250 \u00a0
548 \u00a0
287 \u00a0
-22 \u00a0
-3 \u00a0
More than 1 year \u00a0
0.8459 \u00a0
0.8765 \u00a0
64 \u00a0
201 \u00a0
76 \u00a0
230 \u00a0
-4 \u00a0
0
NOK \u00a0
Buy \u00a0
Less than 1 year \u00a0
11.4521 \u00a0
11.3211 \u00a0
489 \u00a0
311 \u00a0
43 \u00a0
27 \u00a0
0
0
More than 1 year \u00a0
11.5122 \u00a0
11.1675 \u00a0
547 \u00a0
208 \u00a0
48 \u00a0
19 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
11.6490 \u00a0
11.3589 \u00a0
260 \u00a0
159 \u00a0
22 \u00a0
14 \u00a0
0
0
More than 1 year \u00a0
11.4376 \u00a0
11.6299 \u00a0
173 \u00a0
109 \u00a0
15 \u00a0
9
0
0
CAD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.4932 \u00a0
1.4630 \u00a0
8
16 \u00a0
5
11 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Sell \u00a0
Less than 1 year \u00a0
1.4805 \u00a0
1.3743 \u00a0
46 \u00a0
68 \u00a0
31 \u00a0
50 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Cash flow hedges reported as assets \u00a0
91 \u00a0
71 \u00a0
Cash flow hedges reported as liabilities \u00a0
107 \u00a0
73 \u00a0
1
EUR/CCY, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies. \u00a0
Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Raw material price risks \u00a0
Raw material price risks primarily \u00a0
relate to metals and plastics used in \u00a0
the cable production. When changes \u00a0
in raw material prices cannot be \u00a0
transferred to customers, NKT uses \u00a0
financial instruments to hedge the \u00a0
price risks. NKT has, due to the larger \u00a0
order backlog, a high amount of raw \u00a0
material derivatives to hedge the risks \u00a0
related to the large future purchases \u00a0
of copper in particular. Current and \u00a0
expected future raw material expo- \u00a0
sures are managed by the subsidaries \u00a0
and hedging is managed by Group \u00a0
Treasury according to the Group's \u00a0
Treasury Policy. Hedging of awarded \u00a0
projects are done at the time of award \u00a0
and adjusted according to changes in \u00a0
production plans. \u00a0
NKT hedges raw materials by pur- \u00a0
chasing hedging instruments on \u00a0
London Metal Exchange via financial \u00a0
counterparties. Changes in the fair \u00a0
value of the hedging instrument \u00a0
should offset changes in the value \u00a0
of the underlying item because the \u00a0
reference prices are the same for the \u00a0
hedging instrument and the hedged \u00a0
item. NKT applies cost of hedging, \u00a0
whereby the forward points are recog- \u00a0
nised in other comprehensive income \u00a0
and transferred with the effective \u00a0
hedge when the hedged transaction \u00a0
occurs. For the hedge of plastic, \u00a0
ineffectiveness could arise as this is \u00a0
hedged via a gas-oil proxy hedge. \u00a0
Ineffectiveness because of differences \u00a0
in the change between gas-oil and \u00a0
plastic are considered insignificant. \u00a0
As at 31 December 2024, NKT A/S \u00a0
had current financial hedging instru- \u00a0
ments relating to future raw material \u00a0
supplies with a net notional value of \u00a0
EUR 944m (EUR 1,084m in 2023) and \u00a0
a net positive fair value of EUR 79m \u00a0
(positive value of EUR 77m in 2023). \u00a0
The table to the right provides an \u00a0
overview of the cash flow hedges \u00a0
related to raw materials. \u00a0
As at 31 December 2024 accumulated \u00a0
basis adjustments included in the \u00a0
carrying amount of inventory from fair \u00a0
value hedges was EUR 0m (EUR 0m \u00a0
in 2023). The ineffectiveness recog- \u00a0
nised in the statement of profit or loss \u00a0
was immaterial. \u00a0
Cash flow hedges related to \u00a0
Average rate \u00a0
Notional value \u00a0
Fair value \u00a0
raw material \u00a0
EUR/ton \u00a0
EURm \u00a0
EURm \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
Commodity \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Copper \u00a0
Buy \u00a0
Less than 1 year \u00a0
7,321 \u00a0
6,652 \u00a0
531 \u00a0
579 \u00a0
82 \u00a0
84 \u00a0
More than 1 year \u00a0
8,347 \u00a0
7,915 \u00a0
108 \u00a0
254 \u00a0
1
-13 \u00a0
Sell \u00a0
Less than 1 year \u00a0
8,367 \u00a0
7,112 \u00a0
-116 \u00a0
-69 \u00a0
-3 \u00a0
5
More than 1 year \u00a0
7,326 \u00a0
0
0
0
0
0
Lead \u00a0
Buy \u00a0
Less than 1 year \u00a0
1,987 \u00a0
1,903 \u00a0
34 \u00a0
26 \u00a0
-1 \u00a0
-1 \u00a0
More than 1 year \u00a0
2,020 \u00a0
1,996 \u00a0
41 \u00a0
59 \u00a0
-2 \u00a0
-3 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1,979 \u00a0
1,804 \u00a0
-5 \u00a0
-1 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
Aluminium \u00a0
Buy \u00a0
Less than 1 year \u00a0
2,390 \u00a0
2,051 \u00a0
34 \u00a0
9
0
0
More than 1 year \u00a0
2,480 \u00a0
2,459 \u00a0
29 \u00a0
39 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
2,420 \u00a0
2,000 \u00a0
-23 \u00a0
-12 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
Gas-oil \u00a0
Buy \u00a0
Less than 1 year \u00a0
523 \u00a0
550 \u00a0
16 \u00a0
19 \u00a0
4
4
More than 1 year \u00a0
617 \u00a0
615 \u00a0
4
12 \u00a0
0
0
Sell \u00a0
Less than 1 year \u00a0
514 \u00a0
669 \u00a0
-3 \u00a0
-4 \u00a0
-1 \u00a0
0
More than 1 year \u00a0
0
847 \u00a0
0
-1 \u00a0
0
0
Cash flow hedges reported as assets \u00a0
92 \u00a0
84 \u00a0
Cash flow hedges reported as liabilities \u00a0
13 \u00a0
7
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
Cash flow hedge reserve \u00a0
Foreign \u00a0
Cost of \u00a0
Total \u00a0
exchange \u00a0
Interest rate \u00a0
Commodity \u00a0
hedging \u00a0
hedging \u00a0
EURm \u00a0
risk hedging \u00a0
risk hedging \u00a0
risk hedging \u00a0
reserve \u00a0
reserve \u00a0
Balance at 1 January 2023 \u00a0
0
6
140 \u00a0
-13 \u00a0
133 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
22 \u00a0
-2 \u00a0
31 \u00a0
25 \u00a0
76 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
14 \u00a0
0
0
3
17 \u00a0
Deferred hedging gains and losses transferred to inventory \u00a0
-16 \u00a0
0
-135 \u00a0
-6 \u00a0
-157 \u00a0
Deferred tax \u00a0
1
1
27 \u00a0
-9 \u00a0
20 \u00a0
Balance at 31 December 2023 \u00a0
21 \u00a0
5
63 \u00a0
0
89 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
-35 \u00a0
0
153 \u00a0
-8 \u00a0
110 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
9
-3 \u00a0
0
2
8
Deferred hedging gains and losses transferred to inventory \u00a0
-4 \u00a0
0
-138 \u00a0
-7 \u00a0
-149 \u00a0
Deferred tax \u00a0
7
1
-4 \u00a0
3
7
Balance at 31 December 2024 \u00a0
-2 \u00a0
3
74 \u00a0
-10 \u00a0
65 \u00a0
The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in \u00a0
2023), Inventory/Cost of raw materials EUR 115m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023). \u00a0
Categories of financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Financial assets \u00a0
Measured at amortised costs: \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Contract assets \u00a0
143 \u00a0
107 \u00a0
Interest bearing receivables \u00a0
0
0
Cash at bank and in hand \u00a0
1,518 \u00a0
888 \u00a0
Measured at fair value through profit /loss: \u00a0
Other investments and receivables \u00a0
5
1
Derivative financial instruments \u00a0
170 \u00a0
185 \u00a0
Financial liabilities \u00a0
Measured at amortised costs: \u00a0
Trade payables and other liabilities \u00a0
825 \u00a0
509 \u00a0
Interest-bearing loans and borrowings \u00a0
238 \u00a0
207 \u00a0
Measured at fair value through profit /loss: \u00a0
Derivative financial instruments \u00a0
102 \u00a0
94 \u00a0
In the table above, financial instruments are presented in the categories which \u00a0
determine how they will be measured in the financial statements. \u00a0
Measuring fair value \u00a0
Financial instruments measured at fair \u00a0
value in the balance sheet are desig- \u00a0
nated as belonging to one of the fol- \u00a0
lowing three categories (the \u2018fair value \u00a0
hierarchy\u2019): \u00a0
Level 1: Listed prices (unadjusted) in \u00a0
active markets for identical assets and \u00a0
liabilities \u00a0
Level 2: Input, other than listed prices \u00a0
on Level 1, which is observable for \u00a0
the asset or liability either directly \u00a0
(as prices) or indirectly (derived from \u00a0
prices) \u00a0
Level 3: Input for the asset or liability \u00a0
which is not based on observable mar- \u00a0
ket data (non-observable input) \u00a0
Financial instruments measured at \u00a0
fair value consist of derivative finan- \u00a0
cial instruments. The fair value on 31 \u00a0
December 2024 and 2023 of NKT \u00a0
Group\u2019s forward transactions are \u00a0
measured in accordance with Level \u00a0
2 as the fair value is calculated based \u00a0
on official exchange rates and forward \u00a0
rates at the balance sheet date. \u00a0
The fair value of commodity forwards \u00a0
is measured as the present value of \u00a0
future cash flows based on forward \u00a0
rates and official exchange rates on the \u00a0
balance sheet date. The fair value of \u00a0
foreign currency forwards is measured \u00a0
as the present value of future cash \u00a0
flows based on the forward exchange \u00a0
rates at the balance sheet date. \u00a0
No financial instruments were moved \u00a0
from one level to another in the year (no \u00a0
move in 2023 either). \u00a0
Liquidity risks \u00a0
It is NKT Group\u2019s policy to maintain \u00a0
adequate liquidity resources to imple- \u00a0
ment planned operating activities and \u00a0
to be able to operate effectively in \u00a0
the event of unforeseen fluctuations \u00a0
in liquidity. NKT Group\u2019s liquidity \u00a0
resources consist of cash, cash equiv- \u00a0
alents and undrawn committed credit \u00a0
facilities, which have a maturity of more \u00a0
than 12 months. \u00a0
The revolving credit facility of EUR \u00a0
200m matures in November 2026. The \u00a0
mortgage loan portfolio matures in \u00a0
2032, 2033 and 2037. \u00a0
NKT has financial covenants and \u00a0
change of control clause on certain \u00a0
financial agreements. The latter comes \u00a0
into effect if a shareholder or share- \u00a0
holder group gains control over NKT \u00a0
A/S or if NKT A/S is no longer listed at \u00a0
Nasdaq Copenhagen. \u00a0
It is Group Management\u2019s opinion that \u00a0
the financial headroom is sufficient to \u00a0
manage the level of activity expected in \u00a0
2025 for the NKT Group. \u00a0
Credit risks \u00a0
Credit risk arises from the possibility \u00a0
that transactional counterparties may \u00a0
default on their obligations causing \u00a0
financial losses for the Group. \u00a0
NKT\u2019s credit risks relate partly to \u00a0
receivables, contract assets and cash \u00a0
at bank and in hand, and partly to \u00a0
derivative financial instruments with \u00a0
positive fair value. The maximum credit \u00a0
risk attached to financial assets corre- \u00a0
spond to the values recognised in the \u00a0
balance sheet. \u00a0
Liquidity resources \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Committed facilities (1-3 years) \u00a0
200 \u00a0
200 \u00a0
Committed facilities (<1 year) \u00a0
0
0
Total commited facilities \u00a0
200 \u00a0
200 \u00a0
Uncommitted facilities \u00a0
0
0
Total facilities \u00a0
200 \u00a0
200 \u00a0
Cash \u00a0
1,518 \u00a0
888 \u00a0
Utilised facilities \u00a0
0
0
Cash classified as assets held for sale \u00a0
0
2
Liquidity recources \u00a0
1,718 \u00a0
1,090 \u00a0
To manage credit risk regarding finan- \u00a0
cial counterparties, NKT only enters \u00a0
into derivative financial contracts and \u00a0
money market deposits with financial \u00a0
counterparties possessing a long-term \u00a0
credit rating of \u2018A-\u2018 from at least one \u00a0
out of the following three selected \u00a0
rating agencies: Standard and Poor's, \u00a0
Moody's or Fitch. \u00a0
NKT has no material risks relating to \u00a0
a single customer or partner. NKT\u2019s \u00a0
policy for acceptance of credit risks \u00a0
entails ongoing monitoring and credit \u00a0
rating of important customers and \u00a0
other partners. NKT historically has \u00a0
had only a few material losses related \u00a0
to customers. \u00a0
Credit exposure for cash at bank and derivative financial instruments \u00a0
(fair value) \u00a0
Derivative \u00a0
Cash at \u00a0
financial \u00a0
EURm \u00a0
bank instruments \u00a0
Total \u00a0
2024 \u00a0
AA range \u00a0
413 \u00a0
42 \u00a0
455 \u00a0
A range \u00a0
1,099 \u00a0
128 \u00a0
1,227 \u00a0
BBB range \u00a0
4
0
4
Not rated or below BBB range \u00a0
2
0
2
Total \u00a0
1,518 \u00a0
170 \u00a0
1,688 \u00a0
2023 \u00a0
AA range \u00a0
140 \u00a0
25 \u00a0
165 \u00a0
A range \u00a0
744 \u00a0
160 \u00a0
904 \u00a0
BBB range \u00a0
4
0
4
Total \u00a0
888 \u00a0
185 \u00a0
1,073 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10482": {
"value": "Financial risk management policy \u00a0
NKT is exposed to several financial \u00a0
risks due to its operations, investments \u00a0
and financing activities. NKT has cen- \u00a0
tralised management of the Group's \u00a0
financial risks. The overall objectives \u00a0
and policies for financial risk manage- \u00a0
ment are outlined in the internal Group \u00a0
Treasury Policy, which is approved by \u00a0
the Board of Directors. The risk policy \u00a0
does not allow for speculation in finan- \u00a0
cial risks. \u00a0
The risk management policy is man- \u00a0
aged by Group Treasury. All known \u00a0
risks are hedged, though with accept- \u00a0
ance of an open position within a \u00a0
defined and monitored threshold. The \u00a0
risk thresholds are defined at a level \u00a0
that ensures NKT is sufficiently pro- \u00a0
tected against any risk, while providing \u00a0
Group Treasury room for managing \u00a0
risks efficiently. \u00a0
NKT uses financial instruments, such \u00a0
as forwards, swaps and options to \u00a0
hedge exposures relating to currency, \u00a0
interest rates, and commodities. \u00a0
The financial risks, as described further \u00a0
below, are divided into: \u00a0
\u25a0
Currency risks \u00a0
Interest rate risks \u00a0
\u25a0
Raw material price risks \u00a0
\u25a0
\u25a0
Credit risks \u00a0
\u25a0
Liquidity risks \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10484": {
"value": "Currency risks \u00a0
With presence in several countries NKT \u00a0
is exposed to currency risks that may \u00a0
have considerable influence on the \u00a0
income statement and balance sheet. \u00a0
Currency risks refer to the risks of \u00a0
losses (or opportunities for gains) result- \u00a0
ing from changes in currency rates. \u00a0
Currency risks arise through transac- \u00a0
tions, financial assets and liabilities \u00a0
denominated in currencies other than \u00a0
the functional currency of the individual \u00a0
subsidaries. Quantification and identi- \u00a0
fication of existing and anticipated cur- \u00a0
rency risks are the responsibility of the \u00a0
individual subsidaries, while the actual \u00a0
hedging is executed by Group Treasury. \u00a0
NKT does not hedge the currency risks \u00a0
related to net investments in foreign \u00a0
subsidiaries. Gains and losses relating \u00a0
to unhedged net assets in foreign sub- \u00a0
sidiaries are accounted directly in other \u00a0
comprehensive income. \u00a0
The principal currency exposure relates \u00a0
to sales and purchases in currencies \u00a0
other than the functional currency of the \u00a0
businesses. Hedging of these currency \u00a0
risks are based on an assessment of \u00a0
the likelihood of the future transaction \u00a0
being performed and materiality. \u00a0
Expected cash flows with significant \u00a0
currency risk are hedged as they become \u00a0
known. Currency risks from project-re- \u00a0
lated sales are considered on an individual \u00a0
basis. The fair value of the effective portion \u00a0
of the hedge is recognised in other com- \u00a0
prehensive income on a continuous basis. \u00a0
The table on the next page shows the \u00a0
net outstanding forward exchange \u00a0
hedging contracts as of 31 December \u00a0
2024 for NKT, which are used for and \u00a0
fulfil the conditions for hedge account- \u00a0
ing of future transactions. \u00a0
The fair value of the total portfolio of \u00a0
currency hedge contracts will impact \u00a0
other comprehensive income if cur- \u00a0
rency rates change. The effect of \u00a0
reasonably possible changes based on \u00a0
past experience in selected currency \u00a0
rates is shown in the table to the right. \u00a0
As NKT largely uses forwards and \u00a0
spots to hedge the FX risks, and only \u00a0
designates the spot element, the likeli- \u00a0
hood of inefficiency is low, though pos- \u00a0
sible if changes in expected cashflows \u00a0
from projects are not reflected correctly \u00a0
in the hedges. \u00a0
Interest rate risks \u00a0
Interest rate risks refer to the influence of \u00a0
changes in market interest rates on future \u00a0
cash flows concerning interest-bearing \u00a0
assets and liabilities. NKT's exposure to \u00a0
interest rate risk is considered to be low \u00a0
due to the capital structure. \u00a0
An increase in variable interest rates \u00a0
of 1 percentage point would result in \u00a0
an increase in the earnings before tax \u00a0
of EUR 13m (2023 EUR 7m). Refer to \u00a0
note 5.4 Net interest-bearing debt for \u00a0
a specification of the interest bearing \u00a0
assets and liabilities. \u00a0
Sensitivity analysis - financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Price \u00a0
earnings \u00a0
equity \u00a0
earnings \u00a0
equity \u00a0
Risk \u00a0
change \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
SEK \u00a0
+7% \u00a0
69 \u00a0
11 \u00a0
9
27 \u00a0
-7% \u00a0
-59 \u00a0
-12 \u00a0
-9 \u00a0
-27 \u00a0
GBP \u00a0
+5% \u00a0
0
2
0
-8 \u00a0
-5% \u00a0
0
1
0
8
NOK \u00a0
+8% \u00a0
-2 \u00a0
5
1
2
-8% \u00a0
2
-4 \u00a0
-1 \u00a0
-2 \u00a0
USD \u00a0
+8% \u00a0
0
-17 \u00a0
-2 \u00a0
-19 \u00a0
-8% \u00a0
0
17 \u00a0
2
19 \u00a0
PLN \u00a0
+6% \u00a0
-6 \u00a0
0
-1 \u00a0
0
-6% \u00a0
6
0
1
0
CAD \u00a0
+7% \u00a0
0
-2 \u00a0
0
-3 \u00a0
-7% \u00a0
0
2
0
3
Copper \u00a0
+21% \u00a0
0
128 \u00a0
0
107 \u00a0
-21% \u00a0
0
-128 \u00a0
0
-107 \u00a0
Lead \u00a0
+22% \u00a0
0
14 \u00a0
0
6
-22% \u00a0
0
-14 \u00a0
0
-6 \u00a0
Aluminium \u00a0
+18% \u00a0
0
9
0
1
-18% \u00a0
0
-9 \u00a0
0
-1 \u00a0
Gas-oil \u00a0
+28% \u00a0
0
6
0
4
-28% \u00a0
0
-6 \u00a0
0
-4 \u00a0
The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account- \u00a0
ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal). \u00a0
When also considering the development of the underlying exposure, the future income statement effects will be fully or partially \u00a0
offset as hedge accounting is applied. \u00a0
Cash flow hedges related to \u00a0
Notional value \u00a0
Notional value \u00a0
Fair value \u00a0
the most significant currencies \u00a0
Average exchange rate1 \u00a0
Hedged currency in million \u00a0
EURm \u00a0
EURm \u00a0
Hedged currency \u00a0
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2023
31 Dec 2023
31 Dec 2023
31 Dec 2023 \u00a0
USD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.0736 \u00a0
1.0834 \u00a0
834 \u00a0
798 \u00a0
777 \u00a0
737 \u00a0
44 \u00a0
-26 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.1004 \u00a0
542 \u00a0
592 \u00a0
507 \u00a0
538 \u00a0
20 \u00a0
-24 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1.0695 \u00a0
1.0815 \u00a0
991 \u00a0
883 \u00a0
926 \u00a0
816 \u00a0
-51 \u00a0
24 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.0939 \u00a0
610 \u00a0
779 \u00a0
571 \u00a0
712 \u00a0
-26 \u00a0
30 \u00a0
GBP \u00a0
Buy \u00a0
Less than 1 year \u00a0
0.8458 \u00a0
0.8788 \u00a0
325 \u00a0
125 \u00a0
384 \u00a0
142 \u00a0
13 \u00a0
-2 \u00a0
More than 1 year \u00a0
0.8620 \u00a0
0.8972 \u00a0
185 \u00a0
195 \u00a0
214 \u00a0
218 \u00a0
11 \u00a0
-2 \u00a0
Sell \u00a0
Less than 1 year \u00a0
0.8438 \u00a0
0.8713 \u00a0
462 \u00a0
250 \u00a0
548 \u00a0
287 \u00a0
-22 \u00a0
-3 \u00a0
More than 1 year \u00a0
0.8459 \u00a0
0.8765 \u00a0
64 \u00a0
201 \u00a0
76 \u00a0
230 \u00a0
-4 \u00a0
0
NOK \u00a0
Buy \u00a0
Less than 1 year \u00a0
11.4521 \u00a0
11.3211 \u00a0
489 \u00a0
311 \u00a0
43 \u00a0
27 \u00a0
0
0
More than 1 year \u00a0
11.5122 \u00a0
11.1675 \u00a0
547 \u00a0
208 \u00a0
48 \u00a0
19 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
11.6490 \u00a0
11.3589 \u00a0
260 \u00a0
159 \u00a0
22 \u00a0
14 \u00a0
0
0
More than 1 year \u00a0
11.4376 \u00a0
11.6299 \u00a0
173 \u00a0
109 \u00a0
15 \u00a0
9
0
0
CAD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.4932 \u00a0
1.4630 \u00a0
8
16 \u00a0
5
11 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Sell \u00a0
Less than 1 year \u00a0
1.4805 \u00a0
1.3743 \u00a0
46 \u00a0
68 \u00a0
31 \u00a0
50 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Cash flow hedges reported as assets \u00a0
91 \u00a0
71 \u00a0
Cash flow hedges reported as liabilities \u00a0
107 \u00a0
73 \u00a0
1
EUR/CCY, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies. \u00a0
Raw material price risks \u00a0
Raw material price risks primarily \u00a0
relate to metals and plastics used in \u00a0
the cable production. When changes \u00a0
in raw material prices cannot be \u00a0
transferred to customers, NKT uses \u00a0
financial instruments to hedge the \u00a0
price risks. NKT has, due to the larger \u00a0
order backlog, a high amount of raw \u00a0
material derivatives to hedge the risks \u00a0
related to the large future purchases \u00a0
of copper in particular. Current and \u00a0
expected future raw material expo- \u00a0
sures are managed by the subsidaries \u00a0
and hedging is managed by Group \u00a0
Treasury according to the Group's \u00a0
Treasury Policy. Hedging of awarded \u00a0
projects are done at the time of award \u00a0
and adjusted according to changes in \u00a0
production plans. \u00a0
NKT hedges raw materials by pur- \u00a0
chasing hedging instruments on \u00a0
London Metal Exchange via financial \u00a0
counterparties. Changes in the fair \u00a0
value of the hedging instrument \u00a0
should offset changes in the value \u00a0
of the underlying item because the \u00a0
reference prices are the same for the \u00a0
hedging instrument and the hedged \u00a0
item. NKT applies cost of hedging, \u00a0
whereby the forward points are recog- \u00a0
nised in other comprehensive income \u00a0
and transferred with the effective \u00a0
hedge when the hedged transaction \u00a0
occurs. For the hedge of plastic, \u00a0
ineffectiveness could arise as this is \u00a0
hedged via a gas-oil proxy hedge. \u00a0
Ineffectiveness because of differences \u00a0
in the change between gas-oil and \u00a0
plastic are considered insignificant. \u00a0
As at 31 December 2024, NKT A/S \u00a0
had current financial hedging instru- \u00a0
ments relating to future raw material \u00a0
supplies with a net notional value of \u00a0
EUR 944m (EUR 1,084m in 2023) and \u00a0
a net positive fair value of EUR 79m \u00a0
(positive value of EUR 77m in 2023). \u00a0
The table to the right provides an \u00a0
overview of the cash flow hedges \u00a0
related to raw materials. \u00a0
As at 31 December 2024 accumulated \u00a0
basis adjustments included in the \u00a0
carrying amount of inventory from fair \u00a0
value hedges was EUR 0m (EUR 0m \u00a0
in 2023). The ineffectiveness recog- \u00a0
nised in the statement of profit or loss \u00a0
was immaterial. \u00a0
Cash flow hedges related to \u00a0
Average rate \u00a0
Notional value \u00a0
Fair value \u00a0
raw material \u00a0
EUR/ton \u00a0
EURm \u00a0
EURm \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
Commodity \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Copper \u00a0
Buy \u00a0
Less than 1 year \u00a0
7,321 \u00a0
6,652 \u00a0
531 \u00a0
579 \u00a0
82 \u00a0
84 \u00a0
More than 1 year \u00a0
8,347 \u00a0
7,915 \u00a0
108 \u00a0
254 \u00a0
1
-13 \u00a0
Sell \u00a0
Less than 1 year \u00a0
8,367 \u00a0
7,112 \u00a0
-116 \u00a0
-69 \u00a0
-3 \u00a0
5
More than 1 year \u00a0
7,326 \u00a0
0
0
0
0
0
Lead \u00a0
Buy \u00a0
Less than 1 year \u00a0
1,987 \u00a0
1,903 \u00a0
34 \u00a0
26 \u00a0
-1 \u00a0
-1 \u00a0
More than 1 year \u00a0
2,020 \u00a0
1,996 \u00a0
41 \u00a0
59 \u00a0
-2 \u00a0
-3 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1,979 \u00a0
1,804 \u00a0
-5 \u00a0
-1 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
Aluminium \u00a0
Buy \u00a0
Less than 1 year \u00a0
2,390 \u00a0
2,051 \u00a0
34 \u00a0
9
0
0
More than 1 year \u00a0
2,480 \u00a0
2,459 \u00a0
29 \u00a0
39 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
2,420 \u00a0
2,000 \u00a0
-23 \u00a0
-12 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
Gas-oil \u00a0
Buy \u00a0
Less than 1 year \u00a0
523 \u00a0
550 \u00a0
16 \u00a0
19 \u00a0
4
4
More than 1 year \u00a0
617 \u00a0
615 \u00a0
4
12 \u00a0
0
0
Sell \u00a0
Less than 1 year \u00a0
514 \u00a0
669 \u00a0
-3 \u00a0
-4 \u00a0
-1 \u00a0
0
More than 1 year \u00a0
0
847 \u00a0
0
-1 \u00a0
0
0
Cash flow hedges reported as assets \u00a0
92 \u00a0
84 \u00a0
Cash flow hedges reported as liabilities \u00a0
13 \u00a0
7
Cash flow hedge reserve \u00a0
Foreign \u00a0
Cost of \u00a0
Total \u00a0
exchange \u00a0
Interest rate \u00a0
Commodity \u00a0
hedging \u00a0
hedging \u00a0
EURm \u00a0
risk hedging \u00a0
risk hedging \u00a0
risk hedging \u00a0
reserve \u00a0
reserve \u00a0
Balance at 1 January 2023 \u00a0
0
6
140 \u00a0
-13 \u00a0
133 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
22 \u00a0
-2 \u00a0
31 \u00a0
25 \u00a0
76 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
14 \u00a0
0
0
3
17 \u00a0
Deferred hedging gains and losses transferred to inventory \u00a0
-16 \u00a0
0
-135 \u00a0
-6 \u00a0
-157 \u00a0
Deferred tax \u00a0
1
1
27 \u00a0
-9 \u00a0
20 \u00a0
Balance at 31 December 2023 \u00a0
21 \u00a0
5
63 \u00a0
0
89 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
-35 \u00a0
0
153 \u00a0
-8 \u00a0
110 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
9
-3 \u00a0
0
2
8
Deferred hedging gains and losses transferred to inventory \u00a0
-4 \u00a0
0
-138 \u00a0
-7 \u00a0
-149 \u00a0
Deferred tax \u00a0
7
1
-4 \u00a0
3
7
Balance at 31 December 2024 \u00a0
-2 \u00a0
3
74 \u00a0
-10 \u00a0
65 \u00a0
The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in \u00a0
2023), Inventory/Cost of raw materials EUR 115m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10492": {
"value": "Interest rate risks \u00a0
Interest rate risks refer to the influence of \u00a0
changes in market interest rates on future \u00a0
cash flows concerning interest-bearing \u00a0
assets and liabilities. NKT's exposure to \u00a0
interest rate risk is considered to be low \u00a0
due to the capital structure. \u00a0
An increase in variable interest rates \u00a0
of 1 percentage point would result in \u00a0
an increase in the earnings before tax \u00a0
of EUR 13m (2023 EUR 7m). Refer to \u00a0
note 5.4 Net interest-bearing debt for \u00a0
a specification of the interest bearing \u00a0
assets and liabilities. \u00a0
Sensitivity analysis - financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Effect on \u00a0
Price \u00a0
earnings \u00a0
equity \u00a0
earnings \u00a0
equity \u00a0
Risk \u00a0
change \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
before tax \u00a0
SEK \u00a0
+7% \u00a0
69 \u00a0
11 \u00a0
9
27 \u00a0
-7% \u00a0
-59 \u00a0
-12 \u00a0
-9 \u00a0
-27 \u00a0
GBP \u00a0
+5% \u00a0
0
2
0
-8 \u00a0
-5% \u00a0
0
1
0
8
NOK \u00a0
+8% \u00a0
-2 \u00a0
5
1
2
-8% \u00a0
2
-4 \u00a0
-1 \u00a0
-2 \u00a0
USD \u00a0
+8% \u00a0
0
-17 \u00a0
-2 \u00a0
-19 \u00a0
-8% \u00a0
0
17 \u00a0
2
19 \u00a0
PLN \u00a0
+6% \u00a0
-6 \u00a0
0
-1 \u00a0
0
-6% \u00a0
6
0
1
0
CAD \u00a0
+7% \u00a0
0
-2 \u00a0
0
-3 \u00a0
-7% \u00a0
0
2
0
3
Copper \u00a0
+21% \u00a0
0
128 \u00a0
0
107 \u00a0
-21% \u00a0
0
-128 \u00a0
0
-107 \u00a0
Lead \u00a0
+22% \u00a0
0
14 \u00a0
0
6
-22% \u00a0
0
-14 \u00a0
0
-6 \u00a0
Aluminium \u00a0
+18% \u00a0
0
9
0
1
-18% \u00a0
0
-9 \u00a0
0
-1 \u00a0
Gas-oil \u00a0
+28% \u00a0
0
6
0
4
-28% \u00a0
0
-6 \u00a0
0
-4 \u00a0
The table above shows a sensitivity analysis of the exposures in currencies and commodities assuming effective hedge account- \u00a0
ing continued to be applied. The presented effects are from the derivative financial instruments only (all things being equal). \u00a0
When also considering the development of the underlying exposure, the future income statement effects will be fully or partially \u00a0
offset as hedge accounting is applied. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10504": {
"value": "Cash flow hedges related to \u00a0
Notional value \u00a0
Notional value \u00a0
Fair value \u00a0
the most significant currencies \u00a0
Average exchange rate1 \u00a0
Hedged currency in million \u00a0
EURm \u00a0
EURm \u00a0
Hedged currency \u00a0
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2024
31 Dec 2023
31 Dec 2023
31 Dec 2023
31 Dec 2023 \u00a0
USD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.0736 \u00a0
1.0834 \u00a0
834 \u00a0
798 \u00a0
777 \u00a0
737 \u00a0
44 \u00a0
-26 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.1004 \u00a0
542 \u00a0
592 \u00a0
507 \u00a0
538 \u00a0
20 \u00a0
-24 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1.0695 \u00a0
1.0815 \u00a0
991 \u00a0
883 \u00a0
926 \u00a0
816 \u00a0
-51 \u00a0
24 \u00a0
More than 1 year \u00a0
1.0685 \u00a0
1.0939 \u00a0
610 \u00a0
779 \u00a0
571 \u00a0
712 \u00a0
-26 \u00a0
30 \u00a0
GBP \u00a0
Buy \u00a0
Less than 1 year \u00a0
0.8458 \u00a0
0.8788 \u00a0
325 \u00a0
125 \u00a0
384 \u00a0
142 \u00a0
13 \u00a0
-2 \u00a0
More than 1 year \u00a0
0.8620 \u00a0
0.8972 \u00a0
185 \u00a0
195 \u00a0
214 \u00a0
218 \u00a0
11 \u00a0
-2 \u00a0
Sell \u00a0
Less than 1 year \u00a0
0.8438 \u00a0
0.8713 \u00a0
462 \u00a0
250 \u00a0
548 \u00a0
287 \u00a0
-22 \u00a0
-3 \u00a0
More than 1 year \u00a0
0.8459 \u00a0
0.8765 \u00a0
64 \u00a0
201 \u00a0
76 \u00a0
230 \u00a0
-4 \u00a0
0
NOK \u00a0
Buy \u00a0
Less than 1 year \u00a0
11.4521 \u00a0
11.3211 \u00a0
489 \u00a0
311 \u00a0
43 \u00a0
27 \u00a0
0
0
More than 1 year \u00a0
11.5122 \u00a0
11.1675 \u00a0
547 \u00a0
208 \u00a0
48 \u00a0
19 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
11.6490 \u00a0
11.3589 \u00a0
260 \u00a0
159 \u00a0
22 \u00a0
14 \u00a0
0
0
More than 1 year \u00a0
11.4376 \u00a0
11.6299 \u00a0
173 \u00a0
109 \u00a0
15 \u00a0
9
0
0
CAD \u00a0
Buy \u00a0
Less than 1 year \u00a0
1.4932 \u00a0
1.4630 \u00a0
8
16 \u00a0
5
11 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Sell \u00a0
Less than 1 year \u00a0
1.4805 \u00a0
1.3743 \u00a0
46 \u00a0
68 \u00a0
31 \u00a0
50 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
0
0
Cash flow hedges reported as assets \u00a0
91 \u00a0
71 \u00a0
Cash flow hedges reported as liabilities \u00a0
107 \u00a0
73 \u00a0
1
EUR/CCY, to make average exchange rates comparable a theoretical EUR/CCY have been calculated for hedges made against non-EUR currencies. \u00a0
Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Raw material price risks \u00a0
Raw material price risks primarily \u00a0
relate to metals and plastics used in \u00a0
the cable production. When changes \u00a0
in raw material prices cannot be \u00a0
transferred to customers, NKT uses \u00a0
financial instruments to hedge the \u00a0
price risks. NKT has, due to the larger \u00a0
order backlog, a high amount of raw \u00a0
material derivatives to hedge the risks \u00a0
related to the large future purchases \u00a0
of copper in particular. Current and \u00a0
expected future raw material expo- \u00a0
sures are managed by the subsidaries \u00a0
and hedging is managed by Group \u00a0
Treasury according to the Group's \u00a0
Treasury Policy. Hedging of awarded \u00a0
projects are done at the time of award \u00a0
and adjusted according to changes in \u00a0
production plans. \u00a0
NKT hedges raw materials by pur- \u00a0
chasing hedging instruments on \u00a0
London Metal Exchange via financial \u00a0
counterparties. Changes in the fair \u00a0
value of the hedging instrument \u00a0
should offset changes in the value \u00a0
of the underlying item because the \u00a0
reference prices are the same for the \u00a0
hedging instrument and the hedged \u00a0
item. NKT applies cost of hedging, \u00a0
whereby the forward points are recog- \u00a0
nised in other comprehensive income \u00a0
and transferred with the effective \u00a0
hedge when the hedged transaction \u00a0
occurs. For the hedge of plastic, \u00a0
ineffectiveness could arise as this is \u00a0
hedged via a gas-oil proxy hedge. \u00a0
Ineffectiveness because of differences \u00a0
in the change between gas-oil and \u00a0
plastic are considered insignificant. \u00a0
As at 31 December 2024, NKT A/S \u00a0
had current financial hedging instru- \u00a0
ments relating to future raw material \u00a0
supplies with a net notional value of \u00a0
EUR 944m (EUR 1,084m in 2023) and \u00a0
a net positive fair value of EUR 79m \u00a0
(positive value of EUR 77m in 2023). \u00a0
The table to the right provides an \u00a0
overview of the cash flow hedges \u00a0
related to raw materials. \u00a0
As at 31 December 2024 accumulated \u00a0
basis adjustments included in the \u00a0
carrying amount of inventory from fair \u00a0
value hedges was EUR 0m (EUR 0m \u00a0
in 2023). The ineffectiveness recog- \u00a0
nised in the statement of profit or loss \u00a0
was immaterial. \u00a0
Cash flow hedges related to \u00a0
Average rate \u00a0
Notional value \u00a0
Fair value \u00a0
raw material \u00a0
EUR/ton \u00a0
EURm \u00a0
EURm \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
Commodity \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Copper \u00a0
Buy \u00a0
Less than 1 year \u00a0
7,321 \u00a0
6,652 \u00a0
531 \u00a0
579 \u00a0
82 \u00a0
84 \u00a0
More than 1 year \u00a0
8,347 \u00a0
7,915 \u00a0
108 \u00a0
254 \u00a0
1
-13 \u00a0
Sell \u00a0
Less than 1 year \u00a0
8,367 \u00a0
7,112 \u00a0
-116 \u00a0
-69 \u00a0
-3 \u00a0
5
More than 1 year \u00a0
7,326 \u00a0
0
0
0
0
0
Lead \u00a0
Buy \u00a0
Less than 1 year \u00a0
1,987 \u00a0
1,903 \u00a0
34 \u00a0
26 \u00a0
-1 \u00a0
-1 \u00a0
More than 1 year \u00a0
2,020 \u00a0
1,996 \u00a0
41 \u00a0
59 \u00a0
-2 \u00a0
-3 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1,979 \u00a0
1,804 \u00a0
-5 \u00a0
-1 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
Aluminium \u00a0
Buy \u00a0
Less than 1 year \u00a0
2,390 \u00a0
2,051 \u00a0
34 \u00a0
9
0
0
More than 1 year \u00a0
2,480 \u00a0
2,459 \u00a0
29 \u00a0
39 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
2,420 \u00a0
2,000 \u00a0
-23 \u00a0
-12 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
Gas-oil \u00a0
Buy \u00a0
Less than 1 year \u00a0
523 \u00a0
550 \u00a0
16 \u00a0
19 \u00a0
4
4
More than 1 year \u00a0
617 \u00a0
615 \u00a0
4
12 \u00a0
0
0
Sell \u00a0
Less than 1 year \u00a0
514 \u00a0
669 \u00a0
-3 \u00a0
-4 \u00a0
-1 \u00a0
0
More than 1 year \u00a0
0
847 \u00a0
0
-1 \u00a0
0
0
Cash flow hedges reported as assets \u00a0
92 \u00a0
84 \u00a0
Cash flow hedges reported as liabilities \u00a0
13 \u00a0
7
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
Cash flow hedge reserve \u00a0
Foreign \u00a0
Cost of \u00a0
Total \u00a0
exchange \u00a0
Interest rate \u00a0
Commodity \u00a0
hedging \u00a0
hedging \u00a0
EURm \u00a0
risk hedging \u00a0
risk hedging \u00a0
risk hedging \u00a0
reserve \u00a0
reserve \u00a0
Balance at 1 January 2023 \u00a0
0
6
140 \u00a0
-13 \u00a0
133 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
22 \u00a0
-2 \u00a0
31 \u00a0
25 \u00a0
76 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
14 \u00a0
0
0
3
17 \u00a0
Deferred hedging gains and losses transferred to inventory \u00a0
-16 \u00a0
0
-135 \u00a0
-6 \u00a0
-157 \u00a0
Deferred tax \u00a0
1
1
27 \u00a0
-9 \u00a0
20 \u00a0
Balance at 31 December 2023 \u00a0
21 \u00a0
5
63 \u00a0
0
89 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
-35 \u00a0
0
153 \u00a0
-8 \u00a0
110 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
9
-3 \u00a0
0
2
8
Deferred hedging gains and losses transferred to inventory \u00a0
-4 \u00a0
0
-138 \u00a0
-7 \u00a0
-149 \u00a0
Deferred tax \u00a0
7
1
-4 \u00a0
3
7
Balance at 31 December 2024 \u00a0
-2 \u00a0
3
74 \u00a0
-10 \u00a0
65 \u00a0
The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in \u00a0
2023), Inventory/Cost of raw materials EUR 115m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023). \u00a0
Categories of financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Financial assets \u00a0
Measured at amortised costs: \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Contract assets \u00a0
143 \u00a0
107 \u00a0
Interest bearing receivables \u00a0
0
0
Cash at bank and in hand \u00a0
1,518 \u00a0
888 \u00a0
Measured at fair value through profit /loss: \u00a0
Other investments and receivables \u00a0
5
1
Derivative financial instruments \u00a0
170 \u00a0
185 \u00a0
Financial liabilities \u00a0
Measured at amortised costs: \u00a0
Trade payables and other liabilities \u00a0
825 \u00a0
509 \u00a0
Interest-bearing loans and borrowings \u00a0
238 \u00a0
207 \u00a0
Measured at fair value through profit /loss: \u00a0
Derivative financial instruments \u00a0
102 \u00a0
94 \u00a0
In the table above, financial instruments are presented in the categories which \u00a0
determine how they will be measured in the financial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10505": {
"value": "Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10508": {
"value": "Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10509": {
"value": "Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10510": {
"value": "Accounting policy \u00a0
NKT mainly applies hedge accounting \u00a0
for financial instruments related to \u00a0
currency, raw materials, and interest \u00a0
rates for loans. The hedges normally \u00a0
hedge the risk one-to-one with the \u00a0
hedged item. Only gas-oil hedges for \u00a0
the hedging of the price risk of plastic \u00a0
differs from this principle, as here \u00a0
Group Treasury determines the ratio \u00a0
necessary to hedge the price risk for \u00a0
plastic. \u00a0
The Group designates the share of \u00a0
the fair value of a forward contract \u00a0
that is related to spot price for metals \u00a0
and spot price for FX hedges (i.e. \u00a0
excluding the forward elements) as the \u00a0
hedging instrument for all of its hedg- \u00a0
ing relationships involve forward con- \u00a0
tracts. In accordance with the cost of \u00a0
hedging principle all fair values related \u00a0
to the forward element of the hedging \u00a0
contract is recognised in other com- \u00a0
prehensive income and accumulated \u00a0
in the cost of hedging reserve. As the \u00a0
hedged items are transaction-related, \u00a0
the forward element is reclassified to \u00a0
the profit or loss when the hedged \u00a0
item affects profit or loss, and in the \u00a0
same line item as the hedged item. \u00a0
Fair value changes for cash flow \u00a0
hedges considered effective, are \u00a0
recognised in other comprehensive \u00a0
income in the hedging reserve. At \u00a0
each reporting date, effectiveness is \u00a0
considered and if the future cash flows \u00a0
are no longer expected to materialise, \u00a0
the accumulated value reported in the \u00a0
hedge reserve is reclassified to finan- \u00a0
cial items in the income statement. In \u00a0
other cases the accumulated value is \u00a0
reclassified to the income statement in \u00a0
the same line as the hedged item. \u00a0
Where the hedged item subsequently \u00a0
results in the recognition of a non- \u00a0
financial asset (such as inventory), \u00a0
both the deferred hedging gains and \u00a0
losses and the deferred forward points \u00a0
are included within the initial cost of \u00a0
the asset. The deferred amounts are \u00a0
ultimately recognised in the income \u00a0
statement, when the hedged item \u00a0
affects profit or loss (for example, \u00a0
through cost of goods sold). \u00a0
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10533": {
"value": "Cash flow hedges related to \u00a0
Average rate \u00a0
Notional value \u00a0
Fair value \u00a0
raw material \u00a0
EUR/ton \u00a0
EURm \u00a0
EURm \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
31 Dec \u00a0
Commodity \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
2024 \u00a0
2023 \u00a0
Copper \u00a0
Buy \u00a0
Less than 1 year \u00a0
7,321 \u00a0
6,652 \u00a0
531 \u00a0
579 \u00a0
82 \u00a0
84 \u00a0
More than 1 year \u00a0
8,347 \u00a0
7,915 \u00a0
108 \u00a0
254 \u00a0
1
-13 \u00a0
Sell \u00a0
Less than 1 year \u00a0
8,367 \u00a0
7,112 \u00a0
-116 \u00a0
-69 \u00a0
-3 \u00a0
5
More than 1 year \u00a0
7,326 \u00a0
0
0
0
0
0
Lead \u00a0
Buy \u00a0
Less than 1 year \u00a0
1,987 \u00a0
1,903 \u00a0
34 \u00a0
26 \u00a0
-1 \u00a0
-1 \u00a0
More than 1 year \u00a0
2,020 \u00a0
1,996 \u00a0
41 \u00a0
59 \u00a0
-2 \u00a0
-3 \u00a0
Sell \u00a0
Less than 1 year \u00a0
1,979 \u00a0
1,804 \u00a0
-5 \u00a0
-1 \u00a0
0
0
More than 1 year \u00a0
0
0
0
0
0
0
Aluminium \u00a0
Buy \u00a0
Less than 1 year \u00a0
2,390 \u00a0
2,051 \u00a0
34 \u00a0
9
0
0
More than 1 year \u00a0
2,480 \u00a0
2,459 \u00a0
29 \u00a0
39 \u00a0
-1 \u00a0
0
Sell \u00a0
Less than 1 year \u00a0
2,420 \u00a0
2,000 \u00a0
-23 \u00a0
-12 \u00a0
0
1
More than 1 year \u00a0
0
0
0
0
0
0
Gas-oil \u00a0
Buy \u00a0
Less than 1 year \u00a0
523 \u00a0
550 \u00a0
16 \u00a0
19 \u00a0
4
4
More than 1 year \u00a0
617 \u00a0
615 \u00a0
4
12 \u00a0
0
0
Sell \u00a0
Less than 1 year \u00a0
514 \u00a0
669 \u00a0
-3 \u00a0
-4 \u00a0
-1 \u00a0
0
More than 1 year \u00a0
0
847 \u00a0
0
-1 \u00a0
0
0
Cash flow hedges reported as assets \u00a0
92 \u00a0
84 \u00a0
Cash flow hedges reported as liabilities \u00a0
13 \u00a0
7
Accounting policy \u00a0
Fair value changes of financial instru- \u00a0
ments used to hedge the change in \u00a0
fair value of an asset or liability are \u00a0
recorded in the income statement in \u00a0
the same line item as the changes in \u00a0
value of the hedged asset or liability is \u00a0
recognised in. \u00a0
In a fair value hedge where the \u00a0
hedged item is a non-financial item \u00a0
such as inventory, the changes in fair \u00a0
value attributable to the risk being \u00a0
hedged are adjusted against the \u00a0
carrying value of inventory. The basis \u00a0
adjustment remains part of the car- \u00a0
rying value of inventory and is recog- \u00a0
nised in the income statement when \u00a0
the inventory is sold. \u00a0
Hedging of currency risk is not per- \u00a0
formed for net assets (equity) in for- \u00a0
eign subsidiaries. Gains and losses \u00a0
relating to unhedged net assets in \u00a0
foreign subsidiaries are accounted \u00a0
for directly in other comprehensive \u00a0
income. \u00a0
Cash flow hedge reserve \u00a0
Foreign \u00a0
Cost of \u00a0
Total \u00a0
exchange \u00a0
Interest rate \u00a0
Commodity \u00a0
hedging \u00a0
hedging \u00a0
EURm \u00a0
risk hedging \u00a0
risk hedging \u00a0
risk hedging \u00a0
reserve \u00a0
reserve \u00a0
Balance at 1 January 2023 \u00a0
0
6
140 \u00a0
-13 \u00a0
133 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
22 \u00a0
-2 \u00a0
31 \u00a0
25 \u00a0
76 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
14 \u00a0
0
0
3
17 \u00a0
Deferred hedging gains and losses transferred to inventory \u00a0
-16 \u00a0
0
-135 \u00a0
-6 \u00a0
-157 \u00a0
Deferred tax \u00a0
1
1
27 \u00a0
-9 \u00a0
20 \u00a0
Balance at 31 December 2023 \u00a0
21 \u00a0
5
63 \u00a0
0
89 \u00a0
Gain/(loss) arising from changes in fair value of hedging instruments \u00a0
-35 \u00a0
0
153 \u00a0
-8 \u00a0
110 \u00a0
(Gain)/loss reclassified to profit or loss - hedged items have affected profit \u00a0
or loss \u00a0
9
-3 \u00a0
0
2
8
Deferred hedging gains and losses transferred to inventory \u00a0
-4 \u00a0
0
-138 \u00a0
-7 \u00a0
-149 \u00a0
Deferred tax \u00a0
7
1
-4 \u00a0
3
7
Balance at 31 December 2024 \u00a0
-2 \u00a0
3
74 \u00a0
-10 \u00a0
65 \u00a0
The fair values in the total hedging reserve (excluding tax) is expected to be recorded in the following line items in the income statement: Revenue EUR -36m (EUR 6m in \u00a0
2023), Inventory/Cost of raw materials EUR 115m (EUR 102m in 2023), and Financial items EUR 3m (EUR 5m in 2023). \u00a0
Categories of financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Financial assets \u00a0
Measured at amortised costs: \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Contract assets \u00a0
143 \u00a0
107 \u00a0
Interest bearing receivables \u00a0
0
0
Cash at bank and in hand \u00a0
1,518 \u00a0
888 \u00a0
Measured at fair value through profit /loss: \u00a0
Other investments and receivables \u00a0
5
1
Derivative financial instruments \u00a0
170 \u00a0
185 \u00a0
Financial liabilities \u00a0
Measured at amortised costs: \u00a0
Trade payables and other liabilities \u00a0
825 \u00a0
509 \u00a0
Interest-bearing loans and borrowings \u00a0
238 \u00a0
207 \u00a0
Measured at fair value through profit /loss: \u00a0
Derivative financial instruments \u00a0
102 \u00a0
94 \u00a0
In the table above, financial instruments are presented in the categories which \u00a0
determine how they will be measured in the financial statements. \u00a0
Measuring fair value \u00a0
Financial instruments measured at fair \u00a0
value in the balance sheet are desig- \u00a0
nated as belonging to one of the fol- \u00a0
lowing three categories (the \u2018fair value \u00a0
hierarchy\u2019): \u00a0
Level 1: Listed prices (unadjusted) in \u00a0
active markets for identical assets and \u00a0
liabilities \u00a0
Level 2: Input, other than listed prices \u00a0
on Level 1, which is observable for \u00a0
the asset or liability either directly \u00a0
(as prices) or indirectly (derived from \u00a0
prices) \u00a0
Level 3: Input for the asset or liability \u00a0
which is not based on observable mar- \u00a0
ket data (non-observable input) \u00a0
Financial instruments measured at \u00a0
fair value consist of derivative finan- \u00a0
cial instruments. The fair value on 31 \u00a0
December 2024 and 2023 of NKT \u00a0
Group\u2019s forward transactions are \u00a0
measured in accordance with Level \u00a0
2 as the fair value is calculated based \u00a0
on official exchange rates and forward \u00a0
rates at the balance sheet date. \u00a0
The fair value of commodity forwards \u00a0
is measured as the present value of \u00a0
future cash flows based on forward \u00a0
rates and official exchange rates on the \u00a0
balance sheet date. The fair value of \u00a0
foreign currency forwards is measured \u00a0
as the present value of future cash \u00a0
flows based on the forward exchange \u00a0
rates at the balance sheet date. \u00a0
No financial instruments were moved \u00a0
from one level to another in the year (no \u00a0
move in 2023 either). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10551": {
"value": "Categories of financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Financial assets \u00a0
Measured at amortised costs: \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Contract assets \u00a0
143 \u00a0
107 \u00a0
Interest bearing receivables \u00a0
0
0
Cash at bank and in hand \u00a0
1,518 \u00a0
888 \u00a0
Measured at fair value through profit /loss: \u00a0
Other investments and receivables \u00a0
5
1
Derivative financial instruments \u00a0
170 \u00a0
185 \u00a0
Financial liabilities \u00a0
Measured at amortised costs: \u00a0
Trade payables and other liabilities \u00a0
825 \u00a0
509 \u00a0
Interest-bearing loans and borrowings \u00a0
238 \u00a0
207 \u00a0
Measured at fair value through profit /loss: \u00a0
Derivative financial instruments \u00a0
102 \u00a0
94 \u00a0
In the table above, financial instruments are presented in the categories which \u00a0
determine how they will be measured in the financial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10552": {
"value": "Categories of financial instruments \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Financial assets \u00a0
Measured at amortised costs: \u00a0
Trade and other receivables \u00a0
423 \u00a0
340 \u00a0
Contract assets \u00a0
143 \u00a0
107 \u00a0
Interest bearing receivables \u00a0
0
0
Cash at bank and in hand \u00a0
1,518 \u00a0
888 \u00a0
Measured at fair value through profit /loss: \u00a0
Other investments and receivables \u00a0
5
1
Derivative financial instruments \u00a0
170 \u00a0
185 \u00a0
Financial liabilities \u00a0
Measured at amortised costs: \u00a0
Trade payables and other liabilities \u00a0
825 \u00a0
509 \u00a0
Interest-bearing loans and borrowings \u00a0
238 \u00a0
207 \u00a0
Measured at fair value through profit /loss: \u00a0
Derivative financial instruments \u00a0
102 \u00a0
94 \u00a0
In the table above, financial instruments are presented in the categories which \u00a0
determine how they will be measured in the financial statements. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10563": {
"value": "Measuring fair value \u00a0
Financial instruments measured at fair \u00a0
value in the balance sheet are desig- \u00a0
nated as belonging to one of the fol- \u00a0
lowing three categories (the \u2018fair value \u00a0
hierarchy\u2019): \u00a0
Level 1: Listed prices (unadjusted) in \u00a0
active markets for identical assets and \u00a0
liabilities \u00a0
Level 2: Input, other than listed prices \u00a0
on Level 1, which is observable for \u00a0
the asset or liability either directly \u00a0
(as prices) or indirectly (derived from \u00a0
prices) \u00a0
Level 3: Input for the asset or liability \u00a0
which is not based on observable mar- \u00a0
ket data (non-observable input) \u00a0
Financial instruments measured at \u00a0
fair value consist of derivative finan- \u00a0
cial instruments. The fair value on 31 \u00a0
December 2024 and 2023 of NKT \u00a0
Group\u2019s forward transactions are \u00a0
measured in accordance with Level \u00a0
2 as the fair value is calculated based \u00a0
on official exchange rates and forward \u00a0
rates at the balance sheet date. \u00a0
The fair value of commodity forwards \u00a0
is measured as the present value of \u00a0
future cash flows based on forward \u00a0
rates and official exchange rates on the \u00a0
balance sheet date. The fair value of \u00a0
foreign currency forwards is measured \u00a0
as the present value of future cash \u00a0
flows based on the forward exchange \u00a0
rates at the balance sheet date. \u00a0
No financial instruments were moved \u00a0
from one level to another in the year (no \u00a0
move in 2023 either). \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10592": {
"value": "6.1 Acquisition
of companies \u00a0
On 21 June 2024 NKT acquired 100% \u00a0
of SolidAl, a Portugal-based power \u00a0
cable manufacturer, from Njord Part- \u00a0
ners, adding medium- and high-volt- \u00a0
age capacity to meet the growing \u00a0
demand for power grid upgrades and \u00a0
renewable energy projects across \u00a0
Europe. The considerations were \u00a0
transferred in full and there are no \u00a0
contingent considerations. \u00a0
EURm \u00a0
Fair value \u00a0
Intangible assets \u00a0
39 \u00a0
Property, plant, and equipment \u00a0
53 \u00a0
Other non-current assets \u00a0
4
Inventories \u00a0
37 \u00a0
Trade and other receivables \u00a0
10 \u00a0
Cash and cash equivalents \u00a0
5
Non-current liabilities \u00a0
-22 \u00a0
Current liabilites \u00a0
-43 \u00a0
Acquired net assets \u00a0
83 \u00a0
Goodwill \u00a0
66 \u00a0
Purchase price \u00a0
149 \u00a0
Acquired cash and cash equivalents \u00a0
-5 \u00a0
Net cash transferred to seller \u00a0
144 \u00a0
The acquisition consists of net assets \u00a0
of EUR 83m predominantly related \u00a0
to property, plant, and equipment, \u00a0
intangible assets, and working capital. \u00a0
Acquired intangible assets are related \u00a0
to technology and customer relations. \u00a0
EUR 66m is recognised as goodwill \u00a0
reflecting expected synergies from \u00a0
the acquisition. The goodwill is not \u00a0
expected to be deductible for tax \u00a0
purposes. Acquisition-related costs of \u00a0
EUR 1m are recognised in other costs. \u00a0
From the acquisition date to 31 De- \u00a0
cember 2024 the impact on revenue \u00a0
was EUR 75m while EBITDA was \u00a0
impacted by 5m. EBITDA was nega- \u00a0
tively impacted by EUR 4m related to \u00a0
inventory purchase price allocation. \u00a0
Had the acquisition occurred on \u00a0
1 January 2024, the impact for the \u00a0
period until 31 December 2024 on \u00a0
revenue and EBITDA would have been \u00a0
approximately EUR 138m and EUR \u00a0
16m, respectively. \u00a0
Investments in associated \u00a0
companies in 2023 \u00a0
On 22 May 2023, NKT acquired 10% \u00a0
of interest in Walsin Energy Cable \u00a0
System Co., Ltd., a Taiwan-based \u00a0
company, for EUR 9m with the option \u00a0
to acquire additional interest. NKT is \u00a0
considered to have significant influ- \u00a0
ence on the company. \u00a0
Walsin Energy Cable System Co., Ltd. \u00a0
is a plant under construction that will \u00a0
manufacture high-voltage cables. The \u00a0
acquisition is for a greenfield invest- \u00a0
ment and consequently, the net assets \u00a0
predominantly related to cash and \u00a0
cash equivalents, which will be used \u00a0
to construct the plant. \u00a0
The impact on revenue and profit from \u00a0
the acquisition date to 31 December \u00a0
2023 was immaterial. \u00a0
Accounting policy
Enterprises acquired during the year \u00a0
are recognised in the consolidated \u00a0
financial statements from the date of \u00a0
acquisition. The acquisition date is the \u00a0
date when the parent company effec- \u00a0
tively obtains control of the acquired \u00a0
enterprise. \u00a0
For acquisitions of new enterprises \u00a0
in which the parent company can \u00a0
exercise control over the acquired \u00a0
enterprise, the purchase method is \u00a0
used. The acquired enterprises\u2019 identi- \u00a0
fiable assets, liabilities and contingent \u00a0
liabilities are measured at fair value at \u00a0
the acquisition date. Identifiable intan- \u00a0
gible assets are recognised if they are \u00a0
separable or arise from a contractual \u00a0
right. Deferred tax on revaluations is \u00a0
recognised. \u00a0
Any excess of the cost over the fair \u00a0
value of the identifiable assets, liabili- \u00a0
ties and contingent liabilities acquired \u00a0
is recognised as goodwill under intan- \u00a0
gible assets. Goodwill is not amortised \u00a0
but is tested at least annually for \u00a0
impairment. The first impairment test \u00a0
is performed within the end of the \u00a0
acquisition year. Upon acquisition, \u00a0
goodwill is allocated to the cash-gen- \u00a0
erating units, which subsequently form \u00a0
the basis for the impairment test. \u00a0
The cost of a business combina- \u00a0
tion comprises the fair value of the \u00a0
consideration agreed upon. When \u00a0
a business combination agreement \u00a0
provides for an adjustment to the \u00a0
cost of the combination contingent \u00a0
on future events, the amount of that \u00a0
adjustment is included in the cost of \u00a0
the combination if the adjustment is \u00a0
probable and can be measured in a \u00a0
reliable manner. Subsequent changes \u00a0
to contingent considerations are \u00a0
recognised in the income statement. \u00a0
If uncertainties regarding measure- \u00a0
ment of identifiable assets, liabilities \u00a0
and contingent liabilities exist at the \u00a0
acquisition date, initial recognition will \u00a0
take place based on preliminary fair \u00a0
values. If identifiable assets, liabilities, \u00a0
and contingent liabilities are subse- \u00a0
quently determined to have different \u00a0
fair value at the acquisition date than \u00a0
first assumed, goodwill is adjusted up \u00a0
until twelve months after the acquisi- \u00a0
tion. The effect of the adjustments is \u00a0
recognised in the opening balance of \u00a0
equity and the comparative figures are \u00a0
re-stated accordingly. \u00a0
Significant estimates \u00a0
and judgements \u00a0
In applying the purchase method of \u00a0
accounting, estimates are an integral \u00a0
part of assessing fair values of iden- \u00a0
tifiable assets acquired and liabilities \u00a0
assumed, as observable market \u00a0
prices are typically not available. Valu- \u00a0
ation techniques where estimates are \u00a0
applied typically relate to determining \u00a0
the present value of future uncertain \u00a0
cash flows or assessing other events \u00a0
in which the outcome is uncertain at \u00a0
the date of acquisition. Significant esti- \u00a0
mates are typically applied in account- \u00a0
ing for property, plant and equipment, \u00a0
customer relationships, deferred tax \u00a0
debt and provisions. As a result of the \u00a0
uncertainties inherent in fair value esti- \u00a0
mation, measurement period adjust- \u00a0
ments may be applied. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10603": {
"value": "Accounting policy
Enterprises acquired during the year \u00a0
are recognised in the consolidated \u00a0
financial statements from the date of \u00a0
acquisition. The acquisition date is the \u00a0
date when the parent company effec- \u00a0
tively obtains control of the acquired \u00a0
enterprise. \u00a0
For acquisitions of new enterprises \u00a0
in which the parent company can \u00a0
exercise control over the acquired \u00a0
enterprise, the purchase method is \u00a0
used. The acquired enterprises\u2019 identi- \u00a0
fiable assets, liabilities and contingent \u00a0
liabilities are measured at fair value at \u00a0
the acquisition date. Identifiable intan- \u00a0
gible assets are recognised if they are \u00a0
separable or arise from a contractual \u00a0
right. Deferred tax on revaluations is \u00a0
recognised. \u00a0
Any excess of the cost over the fair \u00a0
value of the identifiable assets, liabili- \u00a0
ties and contingent liabilities acquired \u00a0
is recognised as goodwill under intan- \u00a0
gible assets. Goodwill is not amortised \u00a0
but is tested at least annually for \u00a0
impairment. The first impairment test \u00a0
is performed within the end of the \u00a0
acquisition year. Upon acquisition, \u00a0
goodwill is allocated to the cash-gen- \u00a0
erating units, which subsequently form \u00a0
the basis for the impairment test. \u00a0
The cost of a business combina- \u00a0
tion comprises the fair value of the \u00a0
consideration agreed upon. When \u00a0
a business combination agreement \u00a0
provides for an adjustment to the \u00a0
cost of the combination contingent \u00a0
on future events, the amount of that \u00a0
adjustment is included in the cost of \u00a0
the combination if the adjustment is \u00a0
probable and can be measured in a \u00a0
reliable manner. Subsequent changes \u00a0
to contingent considerations are \u00a0
recognised in the income statement. \u00a0
If uncertainties regarding measure- \u00a0
ment of identifiable assets, liabilities \u00a0
and contingent liabilities exist at the \u00a0
acquisition date, initial recognition will \u00a0
take place based on preliminary fair \u00a0
values. If identifiable assets, liabilities, \u00a0
and contingent liabilities are subse- \u00a0
quently determined to have different \u00a0
fair value at the acquisition date than \u00a0
first assumed, goodwill is adjusted up \u00a0
until twelve months after the acquisi- \u00a0
tion. The effect of the adjustments is \u00a0
recognised in the opening balance of \u00a0
equity and the comparative figures are \u00a0
re-stated accordingly. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10612": {
"value": "6.2 Discontinued
operations \u00a0
In June 2022, NKT entered into an agreement to divest NKT Photonics to Photon- \u00a0
ics Management Europe S.R.L, a 100% owned subsidiary of Hamamatsu Photon- \u00a0
ics K.K. Closing of the transaction was subject to regulatory approvals which were \u00a0
obtained from Germany, the United Kingdom, and the United States; however, not \u00a0
approved in Denmark in May 2023. After refiling the application in July 2023 the \u00a0
sale was approved in April 2024 and NKT Photonics was sold with effect from 31 \u00a0
May 2024. \u00a0
Discontinued operations and information on discontinued operations below solely \u00a0
relates to NKT Photonics. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Profit for the year \u2013 discontinued operations \u00a0
Revenue \u00a0
28 \u00a0
88 \u00a0
Costs and other income, net \u00a0
-38 \u00a0
-81 \u00a0
Earnings before interest, tax, depreciation, \u00a0
and amortisation (EBITDA) \u00a0
-10 \u00a0
7
Depreciation, amortisation and impairment \u00a0
0
0
Earnings before interest and tax (EBIT) \u00a0
-10 \u00a0
7
Financial items, net \u00a0
2
-1 \u00a0
Gain from sale of discontinued operations, net \u00a0
107 \u00a0
0
Earnings before tax (EBT) \u00a0
99 \u00a0
6
Tax \u00a0
2
-1 \u00a0
Net result - discontinued operations \u00a0
101 \u00a0
5
NKT's share hereof \u00a0
101 \u00a0
5
Basic earnings - discontinued operations, \u00a0
EUR, per share (EPS) \u00a0
1.9 \u00a0
0.1 \u00a0
Diluted earnings - discuntinued operations, \u00a0
EUR, per share (EPS-D) \u00a0
1.9 \u00a0
0.1 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Cash flows from discontinued operations \u00a0
Cash flow from operating activities \u00a0
-3 \u00a0
4
Cash flow from investing activities \u00a0
241 \u00a0
-15 \u00a0
Cash flow from financing activities \u00a0
10 \u00a0
10 \u00a0
Net cash flow from discontinued operations \u00a0
248 \u00a0
-1 \u00a0
Balance sheet items comprise \u00a0
Non-current assets \u00a0
0
119 \u00a0
Current assets \u00a0
0
58 \u00a0
Assets held for sale \u00a0
0
177 \u00a0
Non-current liabilities \u00a0
0
18 \u00a0
Current liabilities \u00a0
0
20 \u00a0
Liabilities associated with assets held for sale \u00a0
0
38 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Consideration received or receivable: \u00a0
Cash \u00a0
254 \u00a0
0
Total disposal consideration \u00a0
254 \u00a0
0
Intangible assets \u00a0
85 \u00a0
0
Property, plant, and equipment \u00a0
41 \u00a0
0
Inventories \u00a0
29 \u00a0
0
Trade and other receivables \u00a0
19 \u00a0
0
Cash and cash equivalents \u00a0
3
0
Trade payables \u00a0
-5 \u00a0
0
Provisions \u00a0
-10 \u00a0
0
Other liabilities \u00a0
-19 \u00a0
0
Carrying amount of net assets sold \u00a0
-143 \u00a0
0
Transaction costs \u00a0
-3 \u00a0
0
Gain on sale before income tax and reclassifica- \u00a0
tion of foreign currency translation reserve \u00a0
108 \u00a0
0
Reclassification of foreign currency translation reserve \u00a0
-1 \u00a0
0
Gain on sale before income tax \u00a0
107 \u00a0
0
Income tax expense on gain \u00a0
0
0
Gain on sale after income tax \u00a0
107 \u00a0
0
Cash effect: \u00a0
Cash received \u00a0
254 \u00a0
0
Cost related to transaction \u00a0
-3 \u00a0
0
Cash and cash equivalents disposed of \u00a0
-3 \u00a0
0
Net cash effect \u00a0
248 \u00a0
0
Accounting policy \u00a0
Discontinued operations represent \u00a0
a separate major line of businesses \u00a0
intended to be disposed within 12 \u00a0
months. The results of discontinued \u00a0
operations are presented separately \u00a0
in the income statement and the cash \u00a0
flow statement with restatement of \u00a0
comparative figures. \u00a0
Assets and liabilities held for sale from \u00a0
discontinued operations are presented \u00a0
as separate items in the balance sheet \u00a0
with no restatement of comparative \u00a0
figures. Elimination between contin- \u00a0
uing and discontinued operations \u00a0
is presented to reflect continuing \u00a0
operations as post-separation, which \u00a0
includes elimination of interest and \u00a0
loans. \u00a0
Assets and liabilities from discontin- \u00a0
ued operations and assets held for \u00a0
sale are measured at the lower of \u00a0
carrying amount and fair value less \u00a0
cost of disposal. Impairment test is \u00a0
performed immediately before classi- \u00a0
fication as held for sale. Non-current \u00a0
assets held for sale are not depreci- \u00a0
ated or amortised. \u00a0
Enterprises disposed of are recog- \u00a0
nised in the consolidated income \u00a0
statement until the disposal date. \u00a0
Gains and losses from disposal of \u00a0
activities are included the income \u00a0
statement in the line item \u2018Net result - \u00a0
discontinued operations\u2019. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10613": {
"value": "6.2 Discontinued
operations \u00a0
In June 2022, NKT entered into an agreement to divest NKT Photonics to Photon- \u00a0
ics Management Europe S.R.L, a 100% owned subsidiary of Hamamatsu Photon- \u00a0
ics K.K. Closing of the transaction was subject to regulatory approvals which were \u00a0
obtained from Germany, the United Kingdom, and the United States; however, not \u00a0
approved in Denmark in May 2023. After refiling the application in July 2023 the \u00a0
sale was approved in April 2024 and NKT Photonics was sold with effect from 31 \u00a0
May 2024. \u00a0
Discontinued operations and information on discontinued operations below solely \u00a0
relates to NKT Photonics. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Profit for the year \u2013 discontinued operations \u00a0
Revenue \u00a0
28 \u00a0
88 \u00a0
Costs and other income, net \u00a0
-38 \u00a0
-81 \u00a0
Earnings before interest, tax, depreciation, \u00a0
and amortisation (EBITDA) \u00a0
-10 \u00a0
7
Depreciation, amortisation and impairment \u00a0
0
0
Earnings before interest and tax (EBIT) \u00a0
-10 \u00a0
7
Financial items, net \u00a0
2
-1 \u00a0
Gain from sale of discontinued operations, net \u00a0
107 \u00a0
0
Earnings before tax (EBT) \u00a0
99 \u00a0
6
Tax \u00a0
2
-1 \u00a0
Net result - discontinued operations \u00a0
101 \u00a0
5
NKT's share hereof \u00a0
101 \u00a0
5
Basic earnings - discontinued operations, \u00a0
EUR, per share (EPS) \u00a0
1.9 \u00a0
0.1 \u00a0
Diluted earnings - discuntinued operations, \u00a0
EUR, per share (EPS-D) \u00a0
1.9 \u00a0
0.1 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Cash flows from discontinued operations \u00a0
Cash flow from operating activities \u00a0
-3 \u00a0
4
Cash flow from investing activities \u00a0
241 \u00a0
-15 \u00a0
Cash flow from financing activities \u00a0
10 \u00a0
10 \u00a0
Net cash flow from discontinued operations \u00a0
248 \u00a0
-1 \u00a0
Balance sheet items comprise \u00a0
Non-current assets \u00a0
0
119 \u00a0
Current assets \u00a0
0
58 \u00a0
Assets held for sale \u00a0
0
177 \u00a0
Non-current liabilities \u00a0
0
18 \u00a0
Current liabilities \u00a0
0
20 \u00a0
Liabilities associated with assets held for sale \u00a0
0
38 \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Consideration received or receivable: \u00a0
Cash \u00a0
254 \u00a0
0
Total disposal consideration \u00a0
254 \u00a0
0
Intangible assets \u00a0
85 \u00a0
0
Property, plant, and equipment \u00a0
41 \u00a0
0
Inventories \u00a0
29 \u00a0
0
Trade and other receivables \u00a0
19 \u00a0
0
Cash and cash equivalents \u00a0
3
0
Trade payables \u00a0
-5 \u00a0
0
Provisions \u00a0
-10 \u00a0
0
Other liabilities \u00a0
-19 \u00a0
0
Carrying amount of net assets sold \u00a0
-143 \u00a0
0
Transaction costs \u00a0
-3 \u00a0
0
Gain on sale before income tax and reclassifica- \u00a0
tion of foreign currency translation reserve \u00a0
108 \u00a0
0
Reclassification of foreign currency translation reserve \u00a0
-1 \u00a0
0
Gain on sale before income tax \u00a0
107 \u00a0
0
Income tax expense on gain \u00a0
0
0
Gain on sale after income tax \u00a0
107 \u00a0
0
Cash effect: \u00a0
Cash received \u00a0
254 \u00a0
0
Cost related to transaction \u00a0
-3 \u00a0
0
Cash and cash equivalents disposed of \u00a0
-3 \u00a0
0
Net cash effect \u00a0
248 \u00a0
0
Accounting policy \u00a0
Discontinued operations represent \u00a0
a separate major line of businesses \u00a0
intended to be disposed within 12 \u00a0
months. The results of discontinued \u00a0
operations are presented separately \u00a0
in the income statement and the cash \u00a0
flow statement with restatement of \u00a0
comparative figures. \u00a0
Assets and liabilities held for sale from \u00a0
discontinued operations are presented \u00a0
as separate items in the balance sheet \u00a0
with no restatement of comparative \u00a0
figures. Elimination between contin- \u00a0
uing and discontinued operations \u00a0
is presented to reflect continuing \u00a0
operations as post-separation, which \u00a0
includes elimination of interest and \u00a0
loans. \u00a0
Assets and liabilities from discontin- \u00a0
ued operations and assets held for \u00a0
sale are measured at the lower of \u00a0
carrying amount and fair value less \u00a0
cost of disposal. Impairment test is \u00a0
performed immediately before classi- \u00a0
fication as held for sale. Non-current \u00a0
assets held for sale are not depreci- \u00a0
ated or amortised. \u00a0
Enterprises disposed of are recog- \u00a0
nised in the consolidated income \u00a0
statement until the disposal date. \u00a0
Gains and losses from disposal of \u00a0
activities are included the income \u00a0
statement in the line item \u2018Net result - \u00a0
discontinued operations\u2019. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10641": {
"value": "6.3 Group
companies \u00a0
Group companies \u00a0
Domicile Group
NKT Group \u00a0
Denmark \u00a0
NKT Cables Group A/S \u00a0
Denmark \u00a0
NKT (Denmark) A/S \u00a0
Denmark \u00a0
NKT Invest A/S \u00a0
Denmark \u00a0
Europe \u00a0
NKT Group GmbH1 \u00a0
Germany \u00a0
NKT Verwaltungs GmbH \u00a0
Germany \u00a0
NKT GmbH & Co. KG \u00a0
Germany \u00a0
NKT GmbH \u00a0
Germany \u00a0
Zweite NKT GmbH \u00a0
Germany \u00a0
NKT s.r.o. \u00a0
Czech Republic \u00a0
NKT (Ib\u00e9rica) S.L. \u00a0
Spain \u00a0
Solicabel, S.A. \u00a0
Spain \u00a0
NKT (Sweden) AB \u00a0
Sweden \u00a0
NKT HV Cables AB \u00a0
Sweden \u00a0
NKT AS \u00a0
Norway \u00a0
NKT HVC AS \u00a0
Norway \u00a0
NKT (U.K.) Ltd. \u00a0
UK \u00a0
NKT HVC Ltd. \u00a0
UK \u00a0
Ventcroft Ltd. \u00a0
UK \u00a0
NKT S.A. \u00a0
Poland \u00a0
NKT HVC B.V. \u00a0
Netherlands \u00a0
NKT HV Cables GmbH \u00a0
Switzerland \u00a0
companies \u00a0
Domicile \u00a0
NKT Lithuania, UAB \u00a0
Lithuania \u00a0
Solidal \u2013 Condutores El\u00e9ctricos, S.A. \u00a0
Portugal \u00a0
Gandra Land, Sociedade Unipessoal, Lda. \u00a0
Portugal \u00a0
P\u00f3voa Land, Unipessoal, Lda. \u00a0
Portugal \u00a0
Quintas & Quintas \u2013 Condutores El\u00e9ctricos, S.A. \u00a0
Portugal \u00a0
Bobimade \u2013 Ind\u00fastria de Bobines, S.A. \u00a0
Portugal \u00a0
North America \u00a0
NKT, Inc \u00a0
US \u00a0
C\u00e2bles NKT JV Canada Inc.3 \u00a0
Canada \u00a0
Middle East \u00a0
NKT Middle East DMCC \u00a0
Dubai \u00a0
Asia/Pacific \u00a0
NKT Pty Ltd \u00a0
Australia \u00a0
NKT South Asia Private Limited \u00a0
India \u00a0
NKT Operations India Private Limited \u00a0
India \u00a0
Walsin Energy Cable System Co. Ltd2 \u00a0
Taiwan \u00a0
All Group companies are wholly owned. \u00a0
Companies without material interest and dormant companies are omitted from the list. \u00a0
1 The Group has applied Section 264 (3) of the German Commercial Code (\u201cHandelsgesetzbuch\u201d) by which NKT Group \u00a0
GmbH is exempted from filing local financial statement. \u00a0
2 The owned share in the entity is 10%. The entity is treated as an associated company in accordance with IAS 28. \u00a0
3 The owned share in the entity is 80%. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10642": {
"value": "6.3 Group
companies \u00a0
Group companies \u00a0
Domicile Group
NKT Group \u00a0
Denmark \u00a0
NKT Cables Group A/S \u00a0
Denmark \u00a0
NKT (Denmark) A/S \u00a0
Denmark \u00a0
NKT Invest A/S \u00a0
Denmark \u00a0
Europe \u00a0
NKT Group GmbH1 \u00a0
Germany \u00a0
NKT Verwaltungs GmbH \u00a0
Germany \u00a0
NKT GmbH & Co. KG \u00a0
Germany \u00a0
NKT GmbH \u00a0
Germany \u00a0
Zweite NKT GmbH \u00a0
Germany \u00a0
NKT s.r.o. \u00a0
Czech Republic \u00a0
NKT (Ib\u00e9rica) S.L. \u00a0
Spain \u00a0
Solicabel, S.A. \u00a0
Spain \u00a0
NKT (Sweden) AB \u00a0
Sweden \u00a0
NKT HV Cables AB \u00a0
Sweden \u00a0
NKT AS \u00a0
Norway \u00a0
NKT HVC AS \u00a0
Norway \u00a0
NKT (U.K.) Ltd. \u00a0
UK \u00a0
NKT HVC Ltd. \u00a0
UK \u00a0
Ventcroft Ltd. \u00a0
UK \u00a0
NKT S.A. \u00a0
Poland \u00a0
NKT HVC B.V. \u00a0
Netherlands \u00a0
NKT HV Cables GmbH \u00a0
Switzerland \u00a0
companies \u00a0
Domicile \u00a0
NKT Lithuania, UAB \u00a0
Lithuania \u00a0
Solidal \u2013 Condutores El\u00e9ctricos, S.A. \u00a0
Portugal \u00a0
Gandra Land, Sociedade Unipessoal, Lda. \u00a0
Portugal \u00a0
P\u00f3voa Land, Unipessoal, Lda. \u00a0
Portugal \u00a0
Quintas & Quintas \u2013 Condutores El\u00e9ctricos, S.A. \u00a0
Portugal \u00a0
Bobimade \u2013 Ind\u00fastria de Bobines, S.A. \u00a0
Portugal \u00a0
North America \u00a0
NKT, Inc \u00a0
US \u00a0
C\u00e2bles NKT JV Canada Inc.3 \u00a0
Canada \u00a0
Middle East \u00a0
NKT Middle East DMCC \u00a0
Dubai \u00a0
Asia/Pacific \u00a0
NKT Pty Ltd \u00a0
Australia \u00a0
NKT South Asia Private Limited \u00a0
India \u00a0
NKT Operations India Private Limited \u00a0
India \u00a0
Walsin Energy Cable System Co. Ltd2 \u00a0
Taiwan \u00a0
All Group companies are wholly owned. \u00a0
Companies without material interest and dormant companies are omitted from the list. \u00a0
1 The Group has applied Section 264 (3) of the German Commercial Code (\u201cHandelsgesetzbuch\u201d) by which NKT Group \u00a0
GmbH is exempted from filing local financial statement. \u00a0
2 The owned share in the entity is 10%. The entity is treated as an associated company in accordance with IAS 28. \u00a0
3 The owned share in the entity is 80%. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10625": {
"value": "Accounting policy \u00a0
Discontinued operations represent \u00a0
a separate major line of businesses \u00a0
intended to be disposed within 12 \u00a0
months. The results of discontinued \u00a0
operations are presented separately \u00a0
in the income statement and the cash \u00a0
flow statement with restatement of \u00a0
comparative figures. \u00a0
Assets and liabilities held for sale from \u00a0
discontinued operations are presented \u00a0
as separate items in the balance sheet \u00a0
with no restatement of comparative \u00a0
figures. Elimination between contin- \u00a0
uing and discontinued operations \u00a0
is presented to reflect continuing \u00a0
operations as post-separation, which \u00a0
includes elimination of interest and \u00a0
loans. \u00a0
Assets and liabilities from discontin- \u00a0
ued operations and assets held for \u00a0
sale are measured at the lower of \u00a0
carrying amount and fair value less \u00a0
cost of disposal. Impairment test is \u00a0
performed immediately before classi- \u00a0
fication as held for sale. Non-current \u00a0
assets held for sale are not depreci- \u00a0
ated or amortised. \u00a0
Enterprises disposed of are recog- \u00a0
nised in the consolidated income \u00a0
statement until the disposal date. \u00a0
Gains and losses from disposal of \u00a0
activities are included the income \u00a0
statement in the line item \u2018Net result - \u00a0
discontinued operations\u2019. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10628": {
"value": "Accounting policy \u00a0
Discontinued operations represent \u00a0
a separate major line of businesses \u00a0
intended to be disposed within 12 \u00a0
months. The results of discontinued \u00a0
operations are presented separately \u00a0
in the income statement and the cash \u00a0
flow statement with restatement of \u00a0
comparative figures. \u00a0
Assets and liabilities held for sale from \u00a0
discontinued operations are presented \u00a0
as separate items in the balance sheet \u00a0
with no restatement of comparative \u00a0
figures. Elimination between contin- \u00a0
uing and discontinued operations \u00a0
is presented to reflect continuing \u00a0
operations as post-separation, which \u00a0
includes elimination of interest and \u00a0
loans. \u00a0
Assets and liabilities from discontin- \u00a0
ued operations and assets held for \u00a0
sale are measured at the lower of \u00a0
carrying amount and fair value less \u00a0
cost of disposal. Impairment test is \u00a0
performed immediately before classi- \u00a0
fication as held for sale. Non-current \u00a0
assets held for sale are not depreci- \u00a0
ated or amortised. \u00a0
Enterprises disposed of are recog- \u00a0
nised in the consolidated income \u00a0
statement until the disposal date. \u00a0
Gains and losses from disposal of \u00a0
activities are included the income \u00a0
statement in the line item \u2018Net result - \u00a0
discontinued operations\u2019. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10652": {
"value": "7.1 Fees
to the auditor elected at the \u00a0
Annual General Meeting \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
PwC: \u00a0
Statutory audit \u00a0
1
1
Other assurance \u00a0
0
1
Other service \u00a0
1
0
Total \u00a0
2
2
Other services than statutory audit provided by PwC Denmark in 2024 relate to \u00a0
sustainability assurance, transaction advice, cyber security, and other accounting \u00a0
and advisory services. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10656": {
"value": "7.3 Contingent
assets and liabilities \u00a0
and pledges \u00a0
NKT Group is a party to various dis- \u00a0
putes and inquiries from authorities \u00a0
whose outcome is not expected to \u00a0
materially affect profit for the year and \u00a0
the financial position. In connection \u00a0
with the disposal of companies in \u00a0
previous years, guarantees have been \u00a0
provided which are not expected to \u00a0
materially affect the net result. Fur- \u00a0
ther, NKT Group is a party to various \u00a0
insurance claims as well as customer \u00a0
claims whose outcome is still uncer- \u00a0
tain and not recognised in the financial \u00a0
statement at the balance sheet day. \u00a0
Finally, NKT Group is from time to time \u00a0
party to inquires from public authori- \u00a0
ties and others related to competition \u00a0
laws and regulations. It is the opinion \u00a0
of Management that, apart from items \u00a0
recognised in the financial statements, \u00a0
it is associated with a high degree of \u00a0
uncertainty to assess how the out- \u00a0
come of any of these inspections may \u00a0
affect NKT Group's business, financial \u00a0
conditions and results of operations. \u00a0
NKT Group does not expect these to \u00a0
have a material impact on the financial \u00a0
statements. \u00a0
NKT Group is jointly liable for Danish \u00a0
corporate taxes on dividend, interest \u00a0
and royalties together with Photonics \u00a0
up until the sale in May 2024. In a \u00a0
few cases the NKT Group\u2019s foreign \u00a0
companies are subject to special tax \u00a0
schemes to which certain conditions \u00a0
are attached. As of 31 December \u00a0
2024 these conditions were complied \u00a0
with. \u00a0
Guarantees \u00a0
At 31 December 2024 the value of \u00a0
guarantees issued by financial institu- \u00a0
tions on behalf of Group companies \u00a0
was EUR 2,570m (EUR 1,901m in \u00a0
2023). At the balance sheet date none \u00a0
of the issued guarantees are expected \u00a0
to materialise. \u00a0
As part of the Group\u2019s commercial \u00a0
activities, parent company guarantees \u00a0
are provided towards customers and \u00a0
suppliers. These guarantees cover the \u00a0
risk relating to performance inherent in \u00a0
projects and contracts. On 31 Decem- \u00a0
ber 2024 the value of parent company \u00a0
guarantees issued to customers and \u00a0
suppliers was EUR 5,542m (EUR \u00a0
4,705m in 2023). On the balance sheet \u00a0
date none of the issued guarantees \u00a0
are expected to materialise. \u00a0
Further, parent company guarantees \u00a0
have been provided towards financial \u00a0
institutions in relation to guarantee \u00a0
facilities, credit facilities and mortgage \u00a0
loans. On 31 December 2024 the \u00a0
value of parent company guarantees \u00a0
issued to financial institutions was \u00a0
EUR 2,742m (EUR 2,052m in 2023). \u00a0
On the balance sheet date none of the \u00a0
issued guarantees are expected to \u00a0
materialise. \u00a0
Pledges \u00a0
Non-current assets with carrying \u00a0
amount of EUR 880m (EUR 565m in \u00a0
2023) have been pledged as security \u00a0
for mortgage loans of total EUR 138m \u00a0
(EUR 140m in 2023). The development \u00a0
of pledged assets relate mostly to tan- \u00a0
gible assets on sites of construction \u00a0
and the progression hereof. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Carrying amount of assets pledged as \u00a0
collateral for credit institutions: \u00a0
Land and buildings \u00a0
254 \u00a0
243 \u00a0
Plant and machinery \u00a0
121 \u00a0
131 \u00a0
Fixtures, tools and equipment \u00a0
50 \u00a0
39 \u00a0
Property, plant and equipment under construction \u00a0
455 \u00a0
152 \u00a0
Total \u00a0
880 \u00a0
565 \u00a0
Liabilities related to pledged assets \u00a0
138 \u00a0
140 \u00a0
Significant estimates and judgements
Disclosures for contingent assets \u00a0
and liabilities and when they must be \u00a0
recognised is derived from evalua- \u00a0
tions of the expected outcome of the \u00a0
individual issues. These evaluations \u00a0
are based on legal opinions of the \u00a0
agreements contracted, which in \u00a0
significant instances also include opin- \u00a0
ions obtained from external advisors, \u00a0
including lawyers. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10657": {
"value": "7.3 Contingent
assets and liabilities \u00a0
and pledges \u00a0
NKT Group is a party to various dis- \u00a0
putes and inquiries from authorities \u00a0
whose outcome is not expected to \u00a0
materially affect profit for the year and \u00a0
the financial position. In connection \u00a0
with the disposal of companies in \u00a0
previous years, guarantees have been \u00a0
provided which are not expected to \u00a0
materially affect the net result. Fur- \u00a0
ther, NKT Group is a party to various \u00a0
insurance claims as well as customer \u00a0
claims whose outcome is still uncer- \u00a0
tain and not recognised in the financial \u00a0
statement at the balance sheet day. \u00a0
Finally, NKT Group is from time to time \u00a0
party to inquires from public authori- \u00a0
ties and others related to competition \u00a0
laws and regulations. It is the opinion \u00a0
of Management that, apart from items \u00a0
recognised in the financial statements, \u00a0
it is associated with a high degree of \u00a0
uncertainty to assess how the out- \u00a0
come of any of these inspections may \u00a0
affect NKT Group's business, financial \u00a0
conditions and results of operations. \u00a0
NKT Group does not expect these to \u00a0
have a material impact on the financial \u00a0
statements. \u00a0
NKT Group is jointly liable for Danish \u00a0
corporate taxes on dividend, interest \u00a0
and royalties together with Photonics \u00a0
up until the sale in May 2024. In a \u00a0
few cases the NKT Group\u2019s foreign \u00a0
companies are subject to special tax \u00a0
schemes to which certain conditions \u00a0
are attached. As of 31 December \u00a0
2024 these conditions were complied \u00a0
with. \u00a0
Guarantees \u00a0
At 31 December 2024 the value of \u00a0
guarantees issued by financial institu- \u00a0
tions on behalf of Group companies \u00a0
was EUR 2,570m (EUR 1,901m in \u00a0
2023). At the balance sheet date none \u00a0
of the issued guarantees are expected \u00a0
to materialise. \u00a0
As part of the Group\u2019s commercial \u00a0
activities, parent company guarantees \u00a0
are provided towards customers and \u00a0
suppliers. These guarantees cover the \u00a0
risk relating to performance inherent in \u00a0
projects and contracts. On 31 Decem- \u00a0
ber 2024 the value of parent company \u00a0
guarantees issued to customers and \u00a0
suppliers was EUR 5,542m (EUR \u00a0
4,705m in 2023). On the balance sheet \u00a0
date none of the issued guarantees \u00a0
are expected to materialise. \u00a0
Further, parent company guarantees \u00a0
have been provided towards financial \u00a0
institutions in relation to guarantee \u00a0
facilities, credit facilities and mortgage \u00a0
loans. On 31 December 2024 the \u00a0
value of parent company guarantees \u00a0
issued to financial institutions was \u00a0
EUR 2,742m (EUR 2,052m in 2023). \u00a0
On the balance sheet date none of the \u00a0
issued guarantees are expected to \u00a0
materialise. \u00a0
Pledges \u00a0
Non-current assets with carrying \u00a0
amount of EUR 880m (EUR 565m in \u00a0
2023) have been pledged as security \u00a0
for mortgage loans of total EUR 138m \u00a0
(EUR 140m in 2023). The development \u00a0
of pledged assets relate mostly to tan- \u00a0
gible assets on sites of construction \u00a0
and the progression hereof. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Carrying amount of assets pledged as \u00a0
collateral for credit institutions: \u00a0
Land and buildings \u00a0
254 \u00a0
243 \u00a0
Plant and machinery \u00a0
121 \u00a0
131 \u00a0
Fixtures, tools and equipment \u00a0
50 \u00a0
39 \u00a0
Property, plant and equipment under construction \u00a0
455 \u00a0
152 \u00a0
Total \u00a0
880 \u00a0
565 \u00a0
Liabilities related to pledged assets \u00a0
138 \u00a0
140 \u00a0
Significant estimates and judgements
Disclosures for contingent assets \u00a0
and liabilities and when they must be \u00a0
recognised is derived from evalua- \u00a0
tions of the expected outcome of the \u00a0
individual issues. These evaluations \u00a0
are based on legal opinions of the \u00a0
agreements contracted, which in \u00a0
significant instances also include opin- \u00a0
ions obtained from external advisors, \u00a0
including lawyers. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10658": {
"value": "7.3 Contingent
assets and liabilities \u00a0
and pledges \u00a0
NKT Group is a party to various dis- \u00a0
putes and inquiries from authorities \u00a0
whose outcome is not expected to \u00a0
materially affect profit for the year and \u00a0
the financial position. In connection \u00a0
with the disposal of companies in \u00a0
previous years, guarantees have been \u00a0
provided which are not expected to \u00a0
materially affect the net result. Fur- \u00a0
ther, NKT Group is a party to various \u00a0
insurance claims as well as customer \u00a0
claims whose outcome is still uncer- \u00a0
tain and not recognised in the financial \u00a0
statement at the balance sheet day. \u00a0
Finally, NKT Group is from time to time \u00a0
party to inquires from public authori- \u00a0
ties and others related to competition \u00a0
laws and regulations. It is the opinion \u00a0
of Management that, apart from items \u00a0
recognised in the financial statements, \u00a0
it is associated with a high degree of \u00a0
uncertainty to assess how the out- \u00a0
come of any of these inspections may \u00a0
affect NKT Group's business, financial \u00a0
conditions and results of operations. \u00a0
NKT Group does not expect these to \u00a0
have a material impact on the financial \u00a0
statements. \u00a0
NKT Group is jointly liable for Danish \u00a0
corporate taxes on dividend, interest \u00a0
and royalties together with Photonics \u00a0
up until the sale in May 2024. In a \u00a0
few cases the NKT Group\u2019s foreign \u00a0
companies are subject to special tax \u00a0
schemes to which certain conditions \u00a0
are attached. As of 31 December \u00a0
2024 these conditions were complied \u00a0
with. \u00a0
Guarantees \u00a0
At 31 December 2024 the value of \u00a0
guarantees issued by financial institu- \u00a0
tions on behalf of Group companies \u00a0
was EUR 2,570m (EUR 1,901m in \u00a0
2023). At the balance sheet date none \u00a0
of the issued guarantees are expected \u00a0
to materialise. \u00a0
As part of the Group\u2019s commercial \u00a0
activities, parent company guarantees \u00a0
are provided towards customers and \u00a0
suppliers. These guarantees cover the \u00a0
risk relating to performance inherent in \u00a0
projects and contracts. On 31 Decem- \u00a0
ber 2024 the value of parent company \u00a0
guarantees issued to customers and \u00a0
suppliers was EUR 5,542m (EUR \u00a0
4,705m in 2023). On the balance sheet \u00a0
date none of the issued guarantees \u00a0
are expected to materialise. \u00a0
Further, parent company guarantees \u00a0
have been provided towards financial \u00a0
institutions in relation to guarantee \u00a0
facilities, credit facilities and mortgage \u00a0
loans. On 31 December 2024 the \u00a0
value of parent company guarantees \u00a0
issued to financial institutions was \u00a0
EUR 2,742m (EUR 2,052m in 2023). \u00a0
On the balance sheet date none of the \u00a0
issued guarantees are expected to \u00a0
materialise. \u00a0
Pledges \u00a0
Non-current assets with carrying \u00a0
amount of EUR 880m (EUR 565m in \u00a0
2023) have been pledged as security \u00a0
for mortgage loans of total EUR 138m \u00a0
(EUR 140m in 2023). The development \u00a0
of pledged assets relate mostly to tan- \u00a0
gible assets on sites of construction \u00a0
and the progression hereof. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Carrying amount of assets pledged as \u00a0
collateral for credit institutions: \u00a0
Land and buildings \u00a0
254 \u00a0
243 \u00a0
Plant and machinery \u00a0
121 \u00a0
131 \u00a0
Fixtures, tools and equipment \u00a0
50 \u00a0
39 \u00a0
Property, plant and equipment under construction \u00a0
455 \u00a0
152 \u00a0
Total \u00a0
880 \u00a0
565 \u00a0
Liabilities related to pledged assets \u00a0
138 \u00a0
140 \u00a0
Significant estimates and judgements
Disclosures for contingent assets \u00a0
and liabilities and when they must be \u00a0
recognised is derived from evalua- \u00a0
tions of the expected outcome of the \u00a0
individual issues. These evaluations \u00a0
are based on legal opinions of the \u00a0
agreements contracted, which in \u00a0
significant instances also include opin- \u00a0
ions obtained from external advisors, \u00a0
including lawyers. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10677": {
"value": "Pledges \u00a0
Non-current assets with carrying \u00a0
amount of EUR 880m (EUR 565m in \u00a0
2023) have been pledged as security \u00a0
for mortgage loans of total EUR 138m \u00a0
(EUR 140m in 2023). The development \u00a0
of pledged assets relate mostly to tan- \u00a0
gible assets on sites of construction \u00a0
and the progression hereof. \u00a0
EURm \u00a0
2024 \u00a0
2023 \u00a0
Carrying amount of assets pledged as \u00a0
collateral for credit institutions: \u00a0
Land and buildings \u00a0
254 \u00a0
243 \u00a0
Plant and machinery \u00a0
121 \u00a0
131 \u00a0
Fixtures, tools and equipment \u00a0
50 \u00a0
39 \u00a0
Property, plant and equipment under construction \u00a0
455 \u00a0
152 \u00a0
Total \u00a0
880 \u00a0
565 \u00a0
Liabilities related to pledged assets \u00a0
138 \u00a0
140 \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10655": {
"value": "7.2 Events
after the balance sheet date \u00a0
Management is not aware of any subsequent matters that could be of material \u00a0
importance to NKT Group\u2019s financial position. \u00a0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10704": {
"value": "NKT A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10705": {
"value": "Vibeholms All\u00e9 20 \u00a0DK-2605 Br\u00f8ndby \u00a0",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10707": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact10708": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900197LKWCEQ0NL18",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}