CHAPTER
Annual Report 2024
Annual Report 2024
Bulk Infrastructure Group AS
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Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / LETTER FROM CEO AND CHAIRMAN
This year, Bulk achieved several milestones. We took on
larger, more complex projects, welcomed new customers,
secured funding for growth, and strengthened our team.
We made the strategic decision to separate Industrial
Real Estate and Digital Infrastructure (Data Centers and
Fiber Networks) into two operating companies. This move
enhanced our focus, allowing each company to specialize
and maximize growth in the booming data center market.
Our scalable platform has proven resilient, supporting our
ability to meet rising demand for large-scale data center
capabilities. We improved our setup for infrastructure
projects and brought in industry experts to strengthen our
team.
In the middle of the year, we secured a €350 million equity
investment from our partner BGO. This funding reflects
confidence in our vision and provides resources to expand
capacity and meet the growing large-scale customer
demands.
Delivering according to plan
Sustainability remains at the core of our business, as
we continue to pursue initiatives like heat re-use, grid
development, and renewable energy sourcing with our
partners.
Our progress would not have been possible without the
dedication of our team, whose commitment ensures Bulk is
well-prepared to succeed in a competitive market.
I’m proud of what we’ve delivered and excited about the
ambitions we’ve set for the future. We are cementing our
position as a leading Nordic infrastructure company and
building for the long term.
Thank you for your trust and support as we move forward.
Jon Gravråk
CEO
Peder Nærbø
Founder and Executive Chair
Jon Gravråk. Foto: Stig Jarnes
Peder Nærbø. Foto: Stig Jarnes
Oslo, March 27, 2025
PAGE 2 BROWSE SEARCH
Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / GROUP PRESENTATION
Group presentation
Bulk Infrastructure Group AS is a subsidiary of Bulk
Infrastructure Holding AS and serves as the parent company
for its industrial real estate and digital infra structure busines-
ses. Bulk is a leading provider of digital infra structure in the
Nordics, committed to delivering sustain able solutions that
support the transition to a digital society.
Bulk is structured to drive growth in two distinct business
areas:
• Infrastructure Digital: Consolidating Bulk Data
Centers and Bulk Fiber Networks under a unified
management team to focus on scaling digital solutions.
• Industrial Real Estate: Operating as an independent
business area with a dedicated governance structure,
ensuring a targeted approach to industrial real estate
opportunities.
The Group’s Investment criteria
• Sustainability: Target infrastructure opportunities that
enable or deliver a fundamentally more sustainable
global society.
• Nordics: Invest in opportunities where Bulk can
leverage its system value, e.g. competence, track
record, assets, properties and market position.
• Scalable: Invest with an industrial mindset with
patience and focus on scalability from the start.
• Infrastructure: Invest in infrastructure critical for the
global, modern society.
Sustainability framework
The framework serves as a guiding standard for project
development and business objectives. It ensures
that environmental, social, and governance (ESG)
considerations are integrated into the Group’s operations,
from initial planning to execution.
By aligning the organizational structure with strategic
priorities, the Group is positioned to scale its digital
infrastructure platform effectively while maintaining a
dedicated focus on industrial real estate opportunities.
Key figures (Consolidated)
(Figures in NOK million)
2024 2023 Change in %
Total revenue and other income 610.7 396.8 54%
Operating profit from operations -56.5 -77.5 27%
EBITDA
1)
132.3 64.4 105%
Change in value of investment properties 177.2 -161.3 210%
Operating profit 121.0 -186.7 165%
Profit for the year -83.9 -415.8 80%
Assets 14,789.3 9,813.0 51%
- Investment property 4,742.1 4,169.1 14%
- Property, plant and equipment 5,584.8 3,210.5 74%
Equity ratio (%) 54% 41% 15%
Number of employees 100 89 12%
1)
Operating profit from operations before depreciation, amortization and impairment.
PAGE 3 BROWSE SEARCH
Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
2024 was characterized by growth and strategic investment
for Bulk Infrastructure’s Digital Infrastructure segment,
reflecting strong pipeline demand across several customer
groups.
• Strong market demand: The demand for scalable
digital infrastructure remained robust, and Bulk
successfully capitalized on this trend. We achieved an
all-time high backlog and signed long-term customer
agreements set to take effect from 2025 and beyond.
• Recurring revenue growth: Our signed annual
recurring revenue (ARR) reached more than NOK 800
million, an increase of 158% year-over-year. Growth in
recurring revenue year-over-year of 57%.
• Expanded operations and capacity: High project
activity throughout the year was driven by significant
investments at the N01 Datacenter Campus and the
doubling of capacity at OS-IX. Sold capacity increased
by 157% compared to the previous year.
• Fiber system activity: Live traffic on all fiber systems
and growing sales both for terrestrial routes within
Norway as well as through re-sell agreements with
EXA Infrastructure.
• Future-Focused Investments: Bulk maintained a high
investment pace in 2024, laying the groundwork for
future growth. Bulk Infrastructure Digital invested NOK
2.6 billon in 2024 across the company.
• High project activity: Bulk’s projects generated more
than 500.000 project hours in 2024.
Bulk Infrastructure Digital
Bulk has a strong platform enabling us to
deliver digital infrastructure for the public and
private sector across Europe and globally. Bulk
Fiber Networks continues to be the only neutral
fiber network company providing strategically
diversified, sustainable connectivity into the
Nordics. We have three strategically located
and scalable data centers in Oslo (OS-IX),
Kristiansand (N01 Data Center Campus) and
Esbjerg (DK01).
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Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
Bulk Industrial Real Estate
In a rapidly changing market, BIRE continues to deliver new
projects and securing key contracts. As a company with
substantial exposure to investment property, the financial
results are influenced by the development of its fair market
value. Although 2024 was yet another challenging year due
to macro changes, with increasing vacancy, falling market
rents and increased interest expenses, BIRE is pleased to
report a significant value creation and strongly positive profit
for the year of NOK 187 million.
• High transactional activity: Throughout 2024, BIRE
has performed six successful transactions, with a
transaction value of 1.6 billion NOK, disposing non-
strategic assets at favorable prices.
• High leasing activity: We have ensured extensions
and new lease contracts on existing properties, with a
value creation from signings of 230 million NOK.
• Successful constructions: 32,100 sqm of new
construction was successfully handed over to tenants.
• Rigged for the future: BIRE secured a larger and
more attractive plot bank on strategic locations, such
as at Ausenfjell, Vestby and Eikhaugen, strengthening
the market position and runway for years to come.
• Completion of zoning processes: Completed zoning
of phase 1 (60,000 sqm net plot) at Barntjernmoen,
Gardermoen.
Bulk Industrial Real Estate (BIRE) aims to be
the Nordics’ leading real estate developer of
warehousing, logistics and industrial buildings,
offering superior and strategic locations and
sustainable logistics solutions. We identify
potential sites, acquire the right permissions and
with our in-house engineers and project leaders, we
work closely with the customers to ensure a design
that meets every customer’s unique requirements.
Further, we provide effective leadership of the
construction process up to handover and beyond.
PAGE 5 BROWSE SEARCH
Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
The Group’s business areas
Bulk Industrial Real Estate is a Nordic real estate
developer and owner, specializing in industrial buildings,
large modern warehouses, cross-dock terminals and
logistics parks. We seek to be the preferred partner for
our customers, offering prime locations, state-of-the-art
facilities and sustainable solutions. The business area was
established in 2006 and has demonstrated a significant
ability to develop industrial properties for a large and
diversified portfolio of customers. As of December 2024,
we have completed more than 50 development projects
since establishment, summing up to more than 550,000
square meters of high quality, flexible and energy efficient
facilities. We also own a considerable portfolio of yielding
properties, and a vast plot bank, allowing us to take part in
value creation in all phases of real estate development and
ownership.
Bulk Infrastructure Digital is an industrial developer and
operator of data centers and data center services across
the Nordics. Bulk has a portfolio of assets, capabilities and
partners to serve any data center customer requirement
in a fast, secure, cost-effective and sustainable way.
We operate scalable facilities, we continue to add new
sites to our portfolio, and we have access to strategically
located land. We have in-house expertise in data center
design, engineering and operations that combined with
our industrial real estate development experience and
dark fiber network deployments allow us to shape the full
value chain of the data processing infrastructure. We can
serve customers in dedicated hyperscale facilities and
customers in need of server racks in a Colo environment.
Bulk Fiber Networks owns and controls dark fiber
infrastructure with the purpose of enabling the Nordics
for large scale data processing. Our fiber infrastructure
is modern with high capacity including both subsea and
terrestrial systems. We offer dark fiber, tele housing and
cable landing facilities to carriers, large-scale data center
customers and others that want to produce bandwidth
services on top of our infrastructure. Bulk considers itself
an infrastructure provider within fiber, being a partner
rather than a competitor to traditional carriers. Bulk
has available thousands of km of dark fiber, including
both intercontinental, North European and intra-Nordic
infrastructure that connects main European markets as
well as the US. We continue to explore new subsea and
terrestrial fiber routes that could be strategic enablers for
the data center growth in the Nordics.
Investment criteria
• Sustainability: Target opportunities that enable or
deliver a fundamentally more sustainable global
society
• Infrastructure: Invest in infrastructure that is critical for
the global, modern society
• Long term perspective and Scalable: Ability and
willingness to invest with an industrial mindset with
patience and focus on scalability from the start
• Nordic: Bulk Leverage the Nordic region’s favorable
business climate, sustainable power sources and
political stability
The investment criteria are set to ensure a mindset and
focus to support the Group’s long-term vision. The Group
has a strong capital reallocation capability that makes it
robust to fundamental changes in market dynamics.
The Group’s headquarter is in the city of Oslo in Norway.
2024 in short
Our financial results are a consolidation of different
business models within our two Business Areas. Some
of these business models represent financial results that
can vary substantially from one financial reporting period
to another despite limited variability in the underlying
business. The primary reasons for such fluctuations are a)
sales of Industrial Real Estate projects, and b) difference
between timing of cash flow and revenue recognition
for customer contracts within Fiber Networks in IFRS
reports, due to the business model of selling Indefeasible
Rights of Use (IRU). Please also see note 2. However,
as our projects are finalized, and the volume of customer
contracts grows, the underlying recurring revenue is
increasing at a steady pace. The effect of one-offs as
mentioned above, will have less impact on our financials as
the overall revenue increase.
Total revenues for the Group in total were NOK 610.7
million compared to NOK 396.7 million last year.
Industrial Real Estate: The Group signed five contracts on
existing properties in 2024, of which three were renewals or
extensions for existing tenants, and the other two were with
new tenants. The signing of these contracts allowed for a
significant value creation, despite the challenging macro
conditions. Furthermore, six successful transactions were
executed, disposing unstrategic properties at favourable
price levels. At the same time, 32,100 sqm of new
construction was handed over to tenants. Furthermore,
BIRE secured a larger and more attractive plot bank on
strategic locations, such as at Ausenfjell, Vestby and
Eikhaugen, strengthening the market position and runway
for years to come. The company was in a dispute with the
municipality of Køge in Denmark, regarding development of
a plot acquired in 2020. The dispute ended in a trial, which
Bulk won in 2024.
Board of Directors Report 2024
PAGE 6 BROWSE SEARCH
Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
Bulk Infrastructure Digital: Recurring revenue increased
by 113% in 2024 compared to 2023, further demonstrating
the growth path of the Data Center business. Our portfolio
of signed customer contracts is, when fully commenced,
expected to generate annual recurring revenue in excess
of NOK 800 million. Construction and preparations for
new larger capacities at all sites are progressing well.
The second phase of our largest deployment for one of
Europe’s first and largest Generative AI cloud service
providers went live in one of our facilities in N01 Campus
in Kristiansand, Norway, during the year and this facility is
now fully utilized. The construction of the new facility at N01
Campus, designed to accommodate the latest generation
of high-density GPU and CPU infrastructure, is progressing
and the first phase will be ready for customer deployments
in the first half of 2025. At our DK01 site in Esbjerg,
Denmark, planning and procurement for an additional
power connection is advancing. We are also well advanced
in the expansion at our OS-IX data center in Oslo, Norway,
which is expected to be completed in Q1 2025. Fiber
Networks entered into a partnership with Exa in 2024 on
capacity sale on the Havfrue system, with the first customer
from the partnership live on the system in Q3 2024.
Group financing: The unsecured bond NO0010865876
with maturity 15 October 2024 was settled 1 July 2024.
Bulk Infrastructure Group AS further carried out equity
issues totaling NOK 4,010 million during 2024, following
the equity issue in the parent company Bulk Infrastructure
Holding.
Going concern
In accordance with Section 3-3a of the Norwegian
Accounting Act, we hereby confirm the assumption of going
concern. The assumption is based on year-end 2023 status
and The Group’s long-term strategic forecasts for the years
ahead. The Group has a solid financial position.
Future development
Industrial Real Estate: Industrial Real Estate - The
demand for new and modern industrial buildings is
moderate, but we expect a stronger demand going forward.
The Group signed five new lease agreements for existing
properties in 2024. One large project will be handed over in
the beginning of 2025. Bulk is also involved in zoning and
development of new industrial real estate locations, both
alone and in partnerships. Bulk Industrial Real Estates’
strategic landbank contains more than 900 000 sqm of
owned land, as well as options for an additional 300 000
sqm, all located in highly attractive logistics areas. Bulk
has a strong ability to effectively rezone and regulate land
in the existing land bank, as well as the ability to identify
and obtain new land areas for the land bank. Bulk strives to
maintain excellent communication and cooperation with the
local communities where Bulk has activities.
Bulk Infrastructure Digital: The Data Center business
continues to see significant interest from international
companies and cloud providers with AI and High-
Performance Computing (HPC) needs. With the increasing
demand for AI/HPC data processing and storage
infrastructure, our prime focus remains on cultivating a
strong pipeline for all our sites. We will continue to take
a proactive approach to meet market demand, both with
new facilities on existing sites and new sites in the Nordic
region. The strong growth in data processing and storage
also drives the demand for new investments in underlying
fiber infrastructure, including both subsea and terrestrial
systems. Bulk is well positioned as a leading provider of
large capacity transport fiber, both traveling to and within
the Nordics. We continue to explore opportunities for new
fiber network developments being strategic enablers for the
international data center market.
There should not be placed undue reliance on these
forward-looking statements as they reflect current views
about future events and are, by their nature, subject to
significant risks and uncertainties because they relate to
events and depend on circumstances that may occur in the
future.
Report on the annual accounts
Total income for The Group was NOK 610.7 million
compared to NOK 396.7 million last year. The increase of
NOK 213.9 million relates to increased recurring revenue
within Infrastructure Digital and rental income in Industrial
Real Estate. The Group’s operating profit from operations
was negative with NOK 56.5 million compared to negative
NOK 77.5 million last year. The operating profit, including
gain and loss from sale of fiber infrastructure and other
plant and equipment, in addition to change in value of
investment property, was NOK 121.0 million, compared to
negative NOK 186.7 million last year.
The Group’s annual net loss was NOK 83.9 million in 2024,
compared to a net loss of NOK 415.8 million in 2023.
Total current assets were NOK 3,914.5 million as of
December 31, 2024 compared to NOK 1,347.9 million as of
December 31, 2023. In addition, assets classified as held
for sale amounts to NOK 4.7 million as of December 31,
2024 compared to NOK 673.0 million last year.
Total cash was NOK 3,502.7 million as of December 31,
2024 compared to NOK 1,026.4 million as of December 31,
2023.
Cashflow from operations was positive with NOK 148.5
million in 2024 compared to NOK 223.7 million in 2023. The
decrease is mainly related to a negative cashflow effect
from change in working capital compared to a positive
cashflow effect last year. The positive cashflow effect from
change in working capital last year was mainly related to
changes in trade and other payables driven by increased
activity in our data center projects compared to prior years.
Further, the deviation between the operating profit from
operations and the cashflow from operations is mainly
due to a relatively large depreciation and impairment cost.
Cashflow from investments in 2024 is negative with NOK
2,387.8 million, of which NOK 1,172.4 million is related to
purchase and improvement in investment property and
NOK 2,639.1 million is related to purchase of fixed assets,
mainly within data center, offset by sale of investment
property and assets classified as held for sale of NOK
1,466.4 million. Cashflow from financing is positive with
NOK 4,704.2 million in 2024, mainly related to proceeds
from borrowings and issuance of bonds of NOK 2,506.9
million and share issue of NOK 4,010.0 million, partly offset
by finance cost of NOK 451.4 million and repayment of
PAGE 7 BROWSE SEARCH
Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
interest-bearing debt and bond loan of 961.5 million.
The Group’s total liabilities amounted to NOK 6,813.29
million as of December 31, 2024, compared to NOK
5,790.6 million as of December 31, 2023. The increase
is mainly due to increased borrowings related to ongoing
construction projects, investment property and the bond
tap issue during 2024. The short-term portion of borrowings
is NOK 1,056.2 million as of December 31, 2024, a
decrease of NOK 166.7 million compared to last year. The
unsecured bond NO0010865876 with maturity 15 October
2024 was settled 1 July 2024. NOK 309.8 million of the
short-term portion of borrowings is related to construction
loans, which will be refinanced upon finalization of the
construction projects. The remaining loans are in the
process of refinancing prior to maturity in 2025. The
Group continuously monitors the Groups installments and
expiration of the debt and prepares plans to be able to
meet its obligations.
Other financial and interest costs amounted to NOK 450.4
million in 2024 compared to NOK 347.5 million in 2023.
The Group monitors its financial cost and is continuously
working on financial structure.
Total assets at the end of the year amounted to NOK
14,789.3 million compared to NOK 9,813.0 million last year.
The equity-to-assets ratio as of December 31, 2024 was
53.9%, an increase from 41.0% in December 31, 2023.
Industrial Real Estate
Total income was NOK 242.2 million, an increase from
NOK 215.7 last year, while operating profit from operations
was NOK 165.8 million, compared with NOK 136.3 in 2023.
The business area contributed with a profit for the year
of NOK 187.3 million in 2024, compared to a loss of NOK
198.4 million last year. The increase is mainly driven by
increased rental income, disposal of assets at favourable
prices and positive value change on the investment
property portfolio. The positive value change in 2024
is related to zoning and new signed lease agreements
with tenants, partly offset by negative effects related to
demanding economic times of increasing vacancy and
falling market rents, causing yielding properties and
development plots to decrease in value.
Bulk Infrastructure Digital
Total income was NOK 372.7 million, an increase of 61.2%
from last year, which was NOK 231.2 million. Operating
profit from operations was negative with NOK 222.3 million,
compared with negative NOK 213.7 million in 2023, which
is due to increased cost of sales and other costs related to
the growth. Net financial expenses were NOK 123.4 million,
compared to NOK 85.0 million last year. The business area
contributed with a negative profit for the year of NOK 271.2
million in 2024, compared to NOK 217.4 million last year.
The Group’s financial position is strong.
Research and development
The Group has invested resources and know-how into
research and development during 2024. Our largest
research investment relates to standardized high-capacity
data center designs that offer low cost of ownership, strong
operational standards, sustainable solutions and short time
to market for development. The objective is to benefit from
the R&D project by being the fastest provider to deliver
high quality and large data center capacity to the Nordic
market going forward.
Financial risk
The Group is exposed to the following types of risk:
Liquidity risk - The Group is focusing on having
sufficient liquidity to meet all its obligations, including the
new investments that are ongoing. The Group intends
to maintain a reasonable amount of liquidity to meet
unforeseen obligations. The Group continuously monitors
the liquidity and has a long-term liquidity forecast in place.
Interest risk - The Group has loans with a number of
financial institutions, all with long-term repayment plans.
The Group is exposed to changes in NIBOR and EURIBOR
interest rates and uses interest rate derivatives to manage
the interest rate exposure. The distribution of fixed and
floating interest rates was 13/87 by the end of the period.
Credit risk - The Group’s warehouse and distribution
properties are characterized by high standards, good
locations, long lease agreements and reliable tenants. The
Group’s tenants normally pay quarterly and in advance.
The lease agreements usually require an additional form
of collateral or security. Within Data Centers, the portfolio
is diversified, limiting the effect of credit risk towards each
single customer. There were no material credit losses in
2024.
Currency Exchange risk – The Group is increasingly
exposed to both cost and revenue in different currencies
due to growth in international assets and customers.
Processes and tools to manage these up and downside
risks are being developed in line with increased exposure.
Market risk
The transaction market for commercial properties
The Group is experiencing uncertainty related to the
transaction market for commercial real estate. This is
driven by changes in fundamental macroeconomic factors,
hereunder interest rates, consumer price index and
yield expectations. The Group is currently set up to take
advantage of potential investment opportunities and is
following the market to identify these.
Rental Market for warehouses and logistic buildings
The Group is exposed to the risk of changes in lease and
rental prices in the market. The Group has several long-
term lease agreements in place. The weighted average
lease term for tenants was 7,8 years as of December 31,
2024 compared to 8,2 years in the previous year. The lease
agreements provide The Group with fixed and predictable
revenues throughout the contract period. Most lease
agreements are adjusted annually 100 % in line with the
consumer price index. The rate of vacancy in the groups
properties is 2,6 % as of December 31, 2024, compared to
2,1 % as of December 31, 2023.
PAGE 8 BROWSE SEARCH
Letter from CEO and chairman
Group presentation
Bulk Infrastructure Digital
Bulk Industrial Real Estate
Board of Directors Report 2024
Consolidated financial
statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
Demand for data center services and Fiber networks
The macro drivers for large scale demand for digital Nordic
infrastructure are healthy and suggest strong market
growth long term. The timing of such large-scale demand
asset by asset is difficult to predict and hence exposes the
Group to short term uncertainty on capacity development
and utilization. Risk is managed by strong focus on our
time to market capability that allows for better matching
capacity build-out and verified demand as well as discipline
in build-up of fixed cost in early stages of new asset
operations.
Climate-related risk
Bulk is committed to sustainability and mitigating climate-
related risks. The company has, since 2022, conducted
a thorough climate analysis based on the Task Force on
Climate-related Financial Disclosures (TCFD) framework.
This analysis has identified rising temperatures and
extreme weather events as key risks regarding physical
assets, and an evolving landscape of legislative regulations
at both the national and EU levels as a transitional risk that
may affect the industry.
Bulk is actively working to be prepared for the challenges
posed by climate change and rising temperatures. We
have implemented robust strategies to mitigate the impact
of extreme weather events such as downpours and
storms, ensuring minimal disruptions to our operations.
Our proactive approach includes strategically selecting
locations for site development and enhancing the resilience
of our building infrastructure. Careful assessment of
climate risk is a key criterion in our site selection process
to ensure robust infrastructure. Location has been one
of the key elements in our sustainability framework from
the beginning, of which availability of renewable energy
and further plans for development in the area are among
the main decision criteria. Through our comprehensive
analysis, we have confirmed that none of our assets have
decreased in value due to climate-related conditions, and
their useful life remains unaffected.
The transitional risk associated with changes in land-
use regulations, such as national regulations based on
the global biodiversity framework adopted at the UN
Biodiversity Conference in 2022, and EU regulations,
may impact Bulk. As a responsible developer, Bulk
conducts thorough environmental assessments before
implementing any measures. This includes ecological
studies with external professionals in project planning and
assessing the impact on land access. Moving forward,
we will collaborate with experts in the field to develop
methodologies for natural accounting and share best
practices. Additionally, we will maintain continuous dialogue
with relevant local authorities to effectively navigate these
regulatory changes.
Working environment and personnel
Bulk had a total of 100 employees at the end of 2024.
In addition to permanent employees, more than 100
contractors and consultants have been performing
services on Bulk’s behalf. Bulk is committed to a goal of
zero harm to people, assets, and the environment. The
cornerstone of this objective is a strong, structured, and
companywide HSE system, setting clear standards for HSE
management and leadership. Regular audits aim to identify
improvements and help address potential shortcomings.
Bulk is focused on continuous improvement and learning
throughout the organization. The HSE culture is founded on
the principle that HSE is a personal responsibility for every
employee.
Bulk had in total five lost time injuries and eight medical
treatments with our subcontractors’ personnel. One of the
incidents was critical and caused long term sick leave, but
all injured personnel have recovered well and are back
at work. Bulk is committed to a goal of zero harm to its
employees, not just through accident prevention, but also
through safeguarding employee’s physical and mental
health.
The company complies with Norwegian law and i.e.
within maternity/paternity leave, sick leave and sick leave
days for being home with children. The company gives
the employees a leave with full pay within the absence
categories described above.
All employees are part of a Company’s insurance scheme
in the country they are employed in. The insurance includes
different treatments such as physiotherapy, psychologist,
and online access to consulting with a doctor. In addition,
Bulk offers an all-around annual health assessment to
all employees. All employees were offered voluntary
vaccination against the flu virus.
The sick leave amounted to 2,77% of the total work force
in 2024. The sick leave statistics are a combination of long-
and short-term leave.
The company had quarterly work environment committee
meetings in 2024. The committee consisted of safety
delegates, employee representatives as well as
representatives of management. Bulk has two elected
employee representatives to submit requests or grievances
on behalf of the staff. The representatives had a quarterly
meeting with the CEO and HR.
Bulk has an all-year People Process. This entails focus on
engagement, development and appreciation. The company
has continued the initiative called Bulk Academy during the
year. The academy is meant to promote internal knowledge
sharing between coworkers through presentations. Building
on both optional and mandatory training and strengthening
a learning culture. Bulk has also a strong focus on
facilitating both social and sports activities after working
hours. The employees rated the experience and variation
of events to 4.7 out of 5.
The company introduced the engagement and satisfaction
system Winningtemp in late 2021. Winningtemp is
based on artificial intelligence in combination with
international studies on job engagement and satisfaction.
The employees receive every second week a short
questionnaire that is linked to academic research based on
categories and topics. The survey is done anonymously.
Winningtemp has been collecting data during 2024 with
90% survey participation among the staff. Bulk’s aim
in introducing a system such as this is to measure and
optimize employee experience. This enables Bulk’s
leaders to check in with our employees across countries,
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BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
in different time zones, at the office or working from home.
The overall temperature for team spirit in 2024 was 8.2 and
committed employees was 8.1 out of 10.
Bulk has established routines for notifications & deviation
reports. All employees of Bulk have the right and a duty to
notify, and we encourage employees to use the opportunity
when needed. Guidelines for deviation reports are listed
in the company’s management system. The Company has
also an internal Hotline established on an online notification
channel for employees that want to remain anonymous
and / or want an independent party (KPMG) to receive their
notice.
Gender equality and discrimination
Bulk is committed to equal career opportunities and work
continuously towards a diverse and gender balanced
workforce. The workforce consisted of 26% women and
74% men. The company has 28% female Managers and
2 out of 6 are female executives at C-level management.
There is an age average of 44 across staff. Bulk will
continue recruitment of female professionals and maintain
a focus on the best suitable candidate for each role. This
also relates to orientation, age, nationality, and other types
of discriminatory factors.
Regarding the gender distribution in the Group, with
a predominance of men; Data centers and certain
engineering disciplines have a shortage of female
candidates in the job market. The company always
encourages recruitment partners to actively seek out
qualified female candidates, with the ambition to hire them
if they possess the required qualifications. Bulk engages in
dialogues with educational institutions to promote interest
in fields historically dominated by men.
The Company is aware of the importance of equal
opportunities relating to promotions, performance,
development opportunities as well as compensation and
benefits. These areas are all assessed and reviewed
once a year. The Group has an annual process where
each employee’s development, salary, and opportunities
are addressed. The company has historically also had
an annual adjustment for all employees. Employees
on parental or other leave are always included in
compensation adjustments that apply to the majority.
Female employees can express interest in leadership
positions and will be evaluated against the qualifications
required for the position.
Environment reporting/ Preserving the
environment
Apart from legal obligations, our company will proactively
protect the environment and strive to create long term
sustainable solutions for the next generations.
Bulk was founded on the concept of making the sustainable
and societal advantages of the Nordics available to the
global market. We are proud of our vision: Racing to
bring sustainable infrastructure to a global audience. We
pursue opportunities to contribute to global sustainable
development at scale and we use our creative power to
develop new high quality, reliable and clean solutions. We
respect the environment, people and society as a whole. In
January 2022, Bulk joined UN Global Compact; the world’s
largest voluntary corporate sustainability initiative. Bulk
reports annually on the progress made, Communication
on Progress, in aligning with the Sustainable Development
Goals (SDGs) and the ten principles for responsible
business, integrating these into our strategy and
operations.
Our Integrated Management System – Way We Work, is
used to soundly manage, secure and continuously improve
all work processes that affect Environment. Bulk has
integrated sustainability-related risks into the company’s
overarching risk and opportunity management process. In
2024, we initiated the process of double materiality analysis
in accordance with the Corporate Sustainability Reporting
Directive (CSRD) to prepare for reporting in 2025. This will
lead to a sustainability target setting process in 2025 for
the material areas. New measures to mitigate the identified
risks will be assessed and implemented. Please refer to our
homepage, bulkinfrastructure.com, and our Environmental
Report 2023, for more information.
Climate impact
Bulk began collecting emissions data and performing
climate accounting in 2020, following the Greenhouse
Gas Protocol (GHG Protocol). The first published climate
account was in 2022. We continuously work to improve
data quality, reporting on scopes 1, 2, and 3, with scope 3
being the most challenging due to estimation uncertainties.
Most of Bulk’s emissions come from our supply chain,
reflected in scope 3. Accurate tracking and reporting of
scope 3 emissions are crucial for reduction efforts. We
aim to move from cost-based estimates to precise data
from suppliers based on life cycle assessments. We have
implemented life cycle assessments in our construction
projects, providing better data on emissions from materials.
However, data from many technical components is still
lacking. We are actively working to obtain this data and
are requesting Environmental Product Declarations
(EPDs) from our suppliers. Category 2 Capital goods is the
largest source of scope 3 emissions, including embodied
emissions from manufacturing and transporting building
materials and technical components, as well as fuel
consumption for land preparation.
Emission targets - In 2020 Bulk set a net-zero target by
2050 for scopes 1, 2, and 3 emissions. We aim to reduce
scopes 1 and 2 emissions by 50% and scope 3 emission
intensity by 30% by 2030. As part of our double materiality
assessment in 2024, we will review the targets set in 2020
and establish goals for material areas, considering updated
data on actual emissions to support future targets and
actions.
Energy targets - Bulk Industrial Real Estate was in 2019
awarded Norway’s first BREEAM-NOR certification for
industrial buildings. Bulk Industrial Real Estate has in total
achieved seven BREEAM-NOR certificates and aim to
certify all larger newbuild projects with grade Very Good.
BREEAM supports solutions to reduce carbon emissions
towards net zero, improve whole life performance, manage
health and social impacts, boost circularity, resilience
and biodiversity, and support disclosures and reporting.
The Bulk Module concept is highly energy efficient, and
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BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
our projects achieve the highest energy classification (A).
Bulk Industrial Real Estate aim to increase production
of solar energy in our projects. In 2024 the solar energy
production from our projects was about 3.7 GWh, which is
approximately 40% of the total power usage in our portfolio.
The data center industry is energy intensive. By locating
data centers in locations with cooler climate, Bulk reduces
the energy needed. Bulk’s data centers have a PUE (Power
Usage Effectiveness) below industry average and target
design PUE of 1.2 for new data centers. Bulk is currently
exploring various applications to re-use excess heat from
its data center operations to nearby business.
Please refer to our homepage, bulkinfrastructure.com, and
our Environmental Report 2023, for more information.
Corporate governance – risk management and
internal control
General
Bulk is subject to corporate governance reporting
requirements according to the Norwegian Accounting Act,
section 3-3b and c. For detailed information regarding the
Norwegian Transparency Act, please visit our homepage
at, bulkinfrastructure.com, where the reports are published.
The 2024 Transparency Act will be made available on our
homepage in June 2025.
Bulk’s board of directors believes that good Corporate
Governance is a prerequisite for a sound and sustainable
company and Bulk’s corporate governance is based on
openness and equal treatment of shareholders. Bulk’s
objective for Corporate Governance is accountability,
transparency, fairness, and simplicity with the goal of
maximizing shareholder value while creating added value
for all in compliance with laws, regulations and ethical
standards.
Governing structures and controls help to ensure that we
run our business in a justifiable and profitable manner
for the benefit of employees, shareholders, partners,
customers, and society.
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Bulk is committed to operate in accordance with
responsible, ethical, sustainable, and sound business
principles, with respect for people, the environment, and
society. The work of the board of directors is based on
the existence of a clearly defined division of roles and
responsibilities between the shareholders, the board of
directors and the company’s management. Policies and
procedures have been established to manage risks, and
the board of directors evaluate the overall risk management
systems on a regular basis.
The board of directors ensures that Bulk has in place
sound and appropriate internal control systems and
systems for risk management. Having effective internal
control systems and systems for risk management in place
prevents the group from situations that can damage its
reputation or financial standing. Furthermore, effective and
proper internal control and risk management are important
factors when building and maintaining trust, to reach the
company’s objectives, and ultimately create value. Bulk has
implemented an Integrated Management System that is
proportionate to and reflects the extent and nature of Bulk’s
activities. The Integrated Management System carries
out processes to analyze: 1) the organizational context
and strategic priorities; 2) the organization’s interested
parties and their requirements; and 3) the organization’s
risks and opportunities, including those which should be
treated within the structure of its management system.
Bulk is certified within several ISO standards; ISO
9001,14001,22301 and 27001 and the main focus in 2024
was to align our certificates to allow for a more efficient
certification process.
The internal control system also addresses the organization
and execution of the company’s financial reporting, as well
as covering the company’s corporate values, compliance
with all laws and regulations that apply to the Group’s
business activities, ethical guidelines and principles of
corporate social responsibility. Bulk’s core values are
clearly defined and are reflected in the Company’s Code of
Ethics. The Code of Ethics includes ethical guidelines and
guidelines for corporate social responsibility, hereunder
bribery and anti-corruption, unlawful discrimination and
human rights, health, safety, and environmental issues.
The board members and the general manager have
insurance coverage for their potential liability towards
the company and third parties. The board considers the
coverage to be in line with market standards.
Corporate governance in Bulk is subject to regular review
and discussion by the board of directors.
Annual review and risk management in the
annual report
The board of directors annually reviews the company’s
most important areas of risk exposure and the internal
control arrangement in place for such areas. The review
pays attention to any material shortcomings or weaknesses
in the company’s internal control and how risks are being
managed.
In the annual report, the board of directors describes
the main features of the company’s internal control and
risk management systems as they are connected to the
company’s financial reporting. This covers the control
environment in the company, risk assessment, control
activities and information, communication and follow-up.
The board of directors is obliged to ensure that it is updated
on the company’s financial situation and shall continually
evaluate whether the company’s equity and liquidity
are adequate in relation to the risk from the company’s
activities and take immediate action if the company’s
equity or liquidity at any time is shown to be inadequate.
The company’s management focuses on frequent and
relevant reporting of both operational and financial matters
to the board of directors, where the purpose is to ensure
that the board of directors has sufficient information
for decision-making and is able to respond quickly to
changing conditions. Board meetings are held frequently,
and management reports are provided to the board as a
minimum on a quarterly basis.
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / BOARD OF DIRECTORS REPORT 2023
The audit committee was established in 2023. The
committee prepares matters relating to financial reporting,
internal control and auditing for consideration by the board,
or to carry out such tasks on behalf of the board.
Human rights
Our company is dedicated to protecting human rights. We
are a committed equal opportunity employer and will abide
by all fair labor practices. We will ensure that our activities
do not directly or indirectly violate human rights and act in
accordance with the Norwegian Transparency act.
Bulk has in 2024 followed up the required activities within
human rights in line with our Code of Conduct. Please
refer to our homepage bulkinfrastructure.com for more
information.
Donations and aid
Our company may preserve a budget to make monetary
donations. These donations will aim to:
• Advance the arts, education and community events
• Alleviate those in need
• Support initiatives related to sustainability
Instead of giving Christmas gifts to employees Bulk made
donations to Doctors without borders and the Association
for children with cancer. The holiday initiative was based on
a collective vote for contributions to a worthy cause.
Supporting the community
Our company may initiate and support community
investment and educational programs. It can provide
support to nonprofit organizations or movements to
promote cultural and economic development of global and
local communities.
Subsequent events
There are no material subsequent events after the
reporting period.
Profit/Loss for the year and allocation of funds
The Board of Directors proposes that the profit for the
year for Bulk Infrastructure Group AS amounting to NOK
100,710,653 will be allocated as follows;
Other equity NOK 100,710,653
Total brought forward NOK 100,710,653
Oslo, March 27, 2025
The board of Bulk Infrastructure Group AS
Peder Nærbø
Executive Chair
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15
Consolidated statement of total comprehensive income
16
Consolidated statement of financial position
17
Consolidated statement of changes in equity
18
Consolidated statement of cashflows
19
Notes to the consolidated financial statements
Bulk Infrastructure Group AS
Consolidated financial statements
2024
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Corporate information 19
Note 2 Accounting principles 19
Note 3 Accounting estimates and significant judgements 24
Note 4 Climate-related risk 25
Note 5 Segment information 26
Note 6 Rental income 27
Note 7 Employee benefit expense 27
Note 8 Other cost 29
Note 9 Share-based payments 29
Note 10 Investment property 31
Note 11 Joint venture and associated companies 33
Note 12 Financial income and costs 35
Note 13 Tax 35
Note 14 Paid in equity and shareholders 37
Note 15 Goodwill and impairment 38
Note 16 Intangible assets 38
Note 17 Property, plant & Equipment 39
Note 18 Leases - group as a lessee (IFRS 16 disclosure) 40
Note 19 Investments in subsidiaries, joint ventures and associated companies 41
Note 20 Financial assets and liabilities 42
Note 21 Derivative financial instruments 43
Note 22 Options, contingent assets and contingent liabilities 43
Note 23 Inventories 44
Note 24 Trade and other receivables 44
Note 25 Cash and cash equivalents 44
Note 26 Non-current assets and disposal groups classified as held for sale 44
Note 27 Financial risk management 45
Note 28 Capital structure and capital management 46
Note 29 Interest-bearing debt 47
Note 30 Reconciliation of net debt 48
Note 31 Accruals and prepayments from customers 48
Note 32 Subsequent events after the reporting period 48
Consolidated financial
statements 2024
Presentations
Consolidated statement of total comprehensive income 15
Consolidated statement of financial position 16
Consolidated statement of changes in equity 17
Consolidated statement of cashflows 18
Notes
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of total comprehensive income
For the year ended 31 December 2024
(Figures in NOK ‘000) | Notes | 2024 | 2023 | |
| Rental income | 5,6 | |||
| Revenue from sales | 5 | |||
| Other revenue | 5 | |||
Total revenue and other income | ||||
| Cost of sales | 5 | |||
| Other cost | 7,8 | ,9 | ||
Total expenses | ||||
Operating profit from operations* | - | - | ||
| Gain from sale of fiber infrastructure and other property, plant | 5 | |||
| and equipment | ||||
| Change in value of investment properties | 5,10 | - | ||
Operating profit | - | |||
| Share of profit/loss(-) of investments accounted for using | 11 | - | ||
| the equity method | ||||
| Finance income | 12 | |||
| Finance cost | 12 | |||
| Change in value of financial instruments | 12 | |||
Net financial items | - | - | ||
Profit before income tax | - | - | ||
| Income tax expense | 13 | - | - | |
Profit for the year | - | - | ||
| Attributable to: | ||||
Shareholders in the parent Company | - | - | ||
Non-controlling interests | - |
(Figures in NOK ‘000) | Notes | 2024 | 2023 |
| Other comprehensive income | |||
Currency translation difference | |||
Other comprehensive income for the year, net of tax | |||
Total comprehensive income | - | - | |
| Attributable to: | |||
Shareholders in the parent Company | - | - | |
Non-controlling interests | - | ||
| Earnings per share basic and diluted (NOK) | 14 | - | - |
*The Group has decided to present Operating profit from operations, related to revenue and expenses from day-
to-day operation, separate from gain and loss from sale of assets/ investment properties and change in value of
investment properties (change in value of investment properties include changes in fair value and gains and losses
on sale of investment properties). These profits are now separated in the profit and loss statement but are still
included in operating profit. Comparable figures have been restated.
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of financial position
Figures in NOK ‘000 | Notes | 2024 | 2023 | |||
| EQUITY AND LIABILITIES | ||||||
| Equity | ||||||
Ordinary shares | ||||||
Share premium | ||||||
Reserves | ||||||
Retained earnings | ||||||
| Equity attributable to owners of the Company | 14 | |||||
Non-controlling interests | ||||||
Total equity | ||||||
| Non-current liabilities | ||||||
| Bond loan | 20,27 | ,28 | ,29 | ,30 | ||
| Borrowings | 20,27 | ,28 | ,29 | ,30 | ||
| Derivative financial instruments | 20,21 | |||||
| Lease liabilities | 18 | |||||
| Other long-term liabilities | 31 | |||||
| Deferred tax liabilities | 13 | |||||
Total non-current liabilities | ||||||
| Current liabilities | ||||||
| Trade payables | 20 | |||||
| Short-term portion of borrowings | 20,27 | ,28 | ,29 | ,30 | ||
| Short-term portion of derivatives | 20,21 | |||||
| Short-term portion of lease liabilities | 18 | |||||
| Other payables | 20,31 | |||||
Total current liabilities | ||||||
| Liabilities directly associated with the assets held for sale | 10,26 | |||||
Total liabilities | ||||||
Total equity and liabilities | ||||||
Figures in NOK ‘000 | Notes | 2024 | 2023 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets and goodwill | 15,16 | ||
| Investment property | 10 | ||
| Property, plant & equipment | 17 | ||
| Right-of-use assets | 18 | ||
| Investment in associated companies | 11,19 | ||
| Derivative financial instruments | 20,21 | ||
| Other receivables | 20,22 | ||
| Investment in shares | 20 | ||
Total non-current assets | |||
| Current assets | |||
| Inventories | 23 | ||
| Trade and other receivables | 20,24 | ||
| Cash and cash equivalents | 20,25 | ||
Total current assets | |||
| Assets classified as held for sale | 10,26 | ||
Total assets |
Oslo, March 27, 2025
The board of Bulk Infrastructure Group AS
Peder Nærbø
Executive Chair
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of changes in equity
| Paid in equity | |||||||
| Exchange differences | Equity attributable | ||||||
| Share | Share | on translation on | Retained | to owners of the | Non-controlling | Total | |
| (Figures in NOK ‘000) | capital | premium | foreign operations | earnings | Company | interests | equity |
01.01.2024 | |||||||
Profit for the period | - | - | - | ||||
Other comprehensive income - currency | |||||||
Total comprehensive income for the period | - | - | - | ||||
Share issue | |||||||
Share -based payments | |||||||
Other changes | - | - | - | ||||
31.12.2024 | |||||||
01.01.2023 | |||||||
Profit for the period | - | - | - | - | |||
Other comprehensive income - currency | |||||||
Total comprehensive income for the period | - | - | - | - | |||
Share issue | |||||||
Share -based payments | |||||||
Changes in deferred tax estimates | - | - | - | ||||
Other changes | - | - | - | ||||
31.12.2023 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of cashflows
(Figures in NOK ‘000) | Note | 2024 | 2023 |
| Cash flow from operations | |||
Profit before income taxes | - | - | |
| Adjust for: | |||
| Depreciation and impairment | 16,17 | ||
| Change in value of investment properties | 10 | - | |
| Share of profit/loss(-) of investments accounted for using | 11 | - | |
| the equity method | |||
| Finance income | 12 | - | - |
| Finance costs | 12 | ||
| Change in value of financial instruments | 12 | - | - |
Gain from sale of fiber infrastructure and other property, plant and equipment | 17 | - | - |
| Share-based payments | 9 | ||
Cashflow before change in working capital | |||
| Change in working capital | |||
| Trade and other receivables | 20 | - | - |
| Trade and other payables | 20 | ||
Change in inventories | - | ||
Currency effects on working capital | |||
Net cash flow from operations (A) | |||
| Cash flow from investments | |||
| Investment in intangible assets | 16 | - | |
| Acquisition and improvements of investments property | 10 | - | - |
| Sale of investment property, net of cash sold | 10 | ||
| (deconsolidation of subsidiary) | |||
| Improvements of assets classified as held for sale | 10,26 | - | |
| Sale of assets classified as held for sale, net of cash sold | 10,26 | ||
| (deconsolidation of subsidiary) | |||
| Sale of assets classified as held for sale | 10,26 | ||
| Investments in property, plant and equipment | 17 | - | - |
| Sale of property, plant and equipment | 17 | ||
| Purchase or disposal of Right-of-use assets | 18 | ||
Dividend received | |||
Purchase of shares | |||
Net change in non-current receivables | - | ||
Net cash flow from investments (B) | - | - |
(Figures in NOK ‘000) | Note | 2024 | 2023 | |
| Cash flow from financing | ||||
| Proceeds from issuance of bond loans, net of transaction | 28,29 | ,30 | ||
| expenses | ||||
| Repayment of bond loans | 28,29 | ,30 | - | |
| Purchase of own bonds | 28,29 | ,30 | - | - |
| Proceeds from issuance of interest-bearing debt | 28,29 | ,30 | ||
| Repayment of interest-bearing debt | 28,29 | ,30 | - | - |
Change in liabilities directly associated with the assets held for sale | 10,26 | - | ||
| Change in other long-term liabilities | 20,27 | ,31 | - | |
| Paid interest expense and other financial expenses | 12 | - | - | |
| Interest income received and other financial income | 12 | |||
| Interest paid on lease liabilities | 18 | - | - | |
| Principal paid on lease liabilities | 18 | - | - | |
| Share issue | 14 | |||
| Share-based payments | 9 | |||
Net cash flow from financing (C) | ||||
Net change in cash and cash equivalents (A+B+C) | ||||
Cash and cash equivalents at the beginning of the period | ||||
Change in currency exchange rates | ||||
Cash and cash equivalents at the end of the period | ||||
| Restricted funds | 25 | |||
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 1 Corporate information
the company is in Karenslyst Allé 53, Oslo, Norway . The Company is the subsidiary of the holding
company Bulk Infrastructure Holding AS . The Company is the parent company of Bulk Industrial Real
Estate AS, Bulk Data Centers AS and Bulk Fiber Networks AS. The ultimate parent of the Group is
Bulk Industrial Real Estate is a Nordic real estate developer, specializing in industrial buildings, large
modern warehouses, cross-dock terminals and logistics parks. The business area was established in
2006 and has already developed and delivered to customers more than 500,000 m² of high quality,
flexible and energy efficient facilities. Bulk Industrial Real Estate AS and its subsidiaries are reported
as the segment Industrial Real Estate.
Bulk Data Centers is an industrial developer and operator of data centers and data center services
across the Nordics. Bulk Data Centers has a portfolio of assets, capabilities and partners to serve
any data center customer requirement in a fast, secure, cost efficient and sustainable way. Bulk Data
Centers AS and its subsidiaries are included in the segment Bulk Infrastructure Digital.
Bulk Fiber Networks owns and controls dark fiber infrastructure with the purpose of enabling the
Nordics for large scale data processing. The fiber infrastructure is modern with high capacity including
both subsea and terrestrial systems. Bulk Fiber Networks offer dark fiber to carriers, large scale data
center customers and others that want to produce bandwidth services. Bulk Fiber Networks AS and its
subsidiaries are included in the segment Bulk Infrastructure Digital.
The Board of Directors authorized these financial statements for issue on March 27, 2025.
Note 2 Accounting principles
2.1 Basis of preparation
2.2 Changes in accounting policies
2.3 Consolidation
2.4 Foreign currency translation
2.5 Investment property
2.6 Property, plant and equipment
2.7 Lease agreements
2.8 Goodwill
2.9 Impairment of non-financial assets
2.10 Financial assets
2.11 Borrowing costs
2.12 Inventory
2.13 Share capital
2.14 Current and deferred income tax
2.15 Provisions
2.16 Revenue recognition
2.17 Property-related expenses and other costs
2.18 Interest income
2.19 Share-based payments
2.20 Assets classified as held for sale
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 4 Climate-related risk
In 2020 the Group set ambitious emission targets to combat climate change, including a goal to
achieve net-zero emissions across all scopes (1, 2, and 3) by 2050. Additionally, the Group aimed to
reduce scope 1 and 2 emissions by 50 per cent and decrease the emission intensity by 30 per cent for
scope 3 by 2030. In 2024 the Group has started to conduct a double materiality assessment and will
as part of this process review the targets set in 2020, considering updated data on actual emissions to
support future targets and actions.
Strategy
Transitional risks, such as energy and land use regulations, are the short- and medium-term climate-
related risks that are identified to have the greatest impact on the Group. Location has been one of
the key elements in the Group’s sustainability framework from the beginning, of which availability of
renewable energy and further plans for development in the area are among the main decision criteria’s.
As climate changes and temperatures continue to rise, the Group’s assets may face increased
challenges in maintaining optimal operational conditions. Extreme weather events such as downpours
and storms can lead to power outages, flooding, and other disruptions to operations. The Group has
implemented robust strategies to mitigate the impact of extreme weather events such as downpours
and storms, ensuring minimal disruptions to operations. This proactive approach includes strategically
selecting locations for site development and enhancing the resilience of the building infrastructure.
Changes in regulations on land-use will be implemented in the short- and medium-term, such as
national regulations based on the global biodiversity framework, adopted at the UN Biodiversity
Conference in 2022, and EU-regulations. This may be a risk for the company’s project planning and
may have an impact on access to plots of land. Mitigation measures are already in place, such as
internal and external professionals on local regulations and biodiversity in the project planning teams.
The risk will be mitigated through a continuous dialog with relevant local authorities.
These identified risks will be included in the ongoing process for developing sustainability targets
and initiatives for the Group. New measures to mitigate the identified risks will be assessed and
implemented. With 2022 as a baseline year, emission targets and actions will be implemented in order
to support Bulk’s plan to reduce greenhouse gas emissions in line with the Science Based Targets
initiative. The targets will be established based on the 2022 climate account.
Sustainability reporting
The Group started to collect data on emissions and perform climate accounting in 2020, according to
the Greenhouse Gas Protocol (GHG Protocol). However, 2022 was the first year where the climate
account was published. The Group continuously work to improve data quality, reporting on scopes 1, 2,
and 3, with scope 3 being the most challenging due to estimation uncertainties.
Bulk has conducted a thorough analysis of climate-related risks in accordance with the guidelines set
forth by the Task Force on Climate-related Financial Disclosures (TCFD). Please refer to the Group’s
webpage for more details on climate risk and the Group’s climate accounts.
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Bulk Infrastructure | ||||||||
| Industrial Real Estate | Digital | Eliminated | Total | |||||
(Figures in NOK '000) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
Rental income | 223,643 | 205,087 | 39,054 | 38,498 | - | -1,345 | 262,697 | 242,241 |
Revenue from sales | - | - | 271,580 | 107,860 | - | -1,376 | 271,580 | 106,484 |
Other revenue | 18,599 | 10,639 | 62,062 | 84,833 | -4,264 | -47,447 | 76,397 | 48,025 |
- Shared costs tenants | 10,022 | 9,681 | 7,188 | 4,801 | - | - | 17,210 | 14,430 |
- Electricity | - | - | 49,958 | 31,919 | - | - | 49,958 | 31,919 |
- Business management/other | 8,576 | 958 | 4,916 | 48,113 | -4,264 | -47,447 | 9,229 | 1,624 |
Total revenue and other income | 242,242 | 215,726 | 372,696 | 231,191 | -4,264 | -50,168 | 610,674 | 396,750 |
Cost of sales | 12,603 | 15,689 | 135,024 | 87,406 | -61 | -3,150 | 147,566 | 99,944 |
- Property related expenses | 12,603 | 15,689 | - | 7,495 | - | - | 12,603 | 23,183 |
- Other costs of sales | - | - | 135,024 | 79,911 | -61 | -3,150 | 134,963 | 76,761 |
Other expenses | 63,854 | 63,785 | 459,953 | 357,493 | -4,203 | -47,018 | 519,604 | 374,260 |
Total expenses | 76,456 | 79,474 | 594,977 | 444,899 | -4,264 | -50,168 | 667,170 | 474,204 |
Operating profit from operations | 165,786 | 136,253 | -222,281 | -213,708 | - | - | -56,495 | -77,455 |
Gain/(loss) from sale of fiber infrastructure | - | - | 378 | 52,048 | - | - | 378 | 52,048 |
Change in value of investment properties | 177,150 | -161,301 | - | - | - | - | 177,150 | -161,301 |
Operating profit | 342,936 | -25,048 | -221,903 | -161,660 | - | - | 121,033 | -186,707 |
Share of profit/loss(-) of investments accounted for using the equity method | 11,813 | -39,051 | - | - | - | - | 11,813 | -39,051 |
Finance income | 26,274 | 33,714 | 190,014 | 389,464 | -83,306 | -324,857 | 132,982 | 98,321 |
Finance costs | 236,289 | 212,051 | 307,906 | 472,219 | -83,306 | -324,857 | 460,889 | 359,413 |
Change in value of financial instruments | 13,611 | 3,443 | -5,482 | -2,233 | - | - | 8,128 | 1,209 |
Net financial items | -184,591 | -213,946 | -123,374 | -84,989 | - | - | -307,965 | -298,935 |
Profit before income tax | 158,345 | -238,994 | -345,277 | -246,649 | - | - | -186,932 | -485,642 |
Income tax expense | -28,964 | -40,609 | -74,081 | -29,273 | - | - | -103,044 | -69,882 |
Profit for the year | 187,309 | -198,385 | -271,197 | -217,377 | - | - | -83,888 | -415,759 |
Exchange differences from translation of foreign operations | -543 | 9,858 | 3,810 | 1,104 | - | - | 3,266 | 10,962 |
Other comprehensive income for the year, net of tax | -543 | 9,858 | 3,810 | 1,104 | - | - | 3,266 | 10,962 |
Total comprehensive income | 186,765 | -188,527 | -267,387 | -216,273 | - | - | -80,622 | -404,797 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 6 Rental income
Recognized rental income:
Industrial Real Estate | Bulk Infrastructure Digital | |||
(Figures in NOK ‘000) | 2024 | 2023 | 2024 | 2023 |
Recognized minimum rent from minimum payments | 223,643 | 205,087 | 39,054 | 38,498 |
Recognized variable rent | - | - | - | - |
Total income from rent | 223,643 | 205,087 | 39,054 | 38,498 |
Future minimum payments to be received under non-cancellable leases:
2024 | 2023 | 2024 | 2023 | |
Within 1 year | 227,478 | 245,181 | 29,919 | 23,249 |
During year 2 | 227,605 | 275,083 | 28,895 | 13,043 |
During year 3 | 224,968 | 289,865 | 22,716 | 11,601 |
During year 4 | 195,837 | 266,213 | 19,654 | 11,430 |
During year 5 | 181,737 | 237,332 | 19,565 | 11,321 |
After 5 years | 711,844 | 1,183,960 | 55,079 | 84,864 |
Total | 1,769,469 | 2,497,634 | 175,829 | 155,507 |
The carrying amount of assets leased under operating leases are as follow:
2024 | 2023 | 2024 | 2023 | |
| Investment property / property, | 4,742,092 | 4,169,120 | 604,330 | 590,125 |
| plant and equipment | ||||
Total | 4,742,092 | 4,169,120 | 604,330 | 590,125 |
The carrying amount of assets leased under operating leases related to Bulk Infrastructure Digital
includes Right-of-use assets, which are subleased.
| (Figures in NOK ’000) | 2024 | 2023 |
Salaries and remuneration | 160,837 | 138,023 |
Social security costs | 22,926 | 21,529 |
Pension cost for defined contribution plan | 3,301 | 3,000 |
Share-based payments | 28,044 | 9,795 |
Other employee expenses | 6,879 | 5,517 |
Capitalized wages | -79,335 | -62,603 |
Total personnel expenses | 142,652 | 115,260 |
Number of employees at 31 December | 100 | 89 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Name | Title | Salary | Bonus | Pension | Board fee | Other benefits |
Jon Gravråk | CEO | 3,718 | 1,797 | 45 | - | 183 |
Gaute Krekling | CFO | 3,001 | 870 | 45 | - | 147 |
Peder Nærbø | Executive Chair | 4,354 | - | 45 | 175 | - |
Torbjørn T. Moe | Chief Business Development Officer | 2,760 | 640 | 45 | 88 | 173 |
Nina Hage | EVP Industrial Real Estate | 2,822 | 1,364 | 45 | - | 20 |
Richard Brandon 1) | Chief Development Officer - EVP | 1,195 | - | 84 | - | - |
Rob Elder | Chief Commercial Officer | 1,976 | 6,031 | 45 | - | 22 |
Tor Ribland | Chief Operations Officer | 1,682 | 325 | 45 | - | 17 |
Torill Møklebust | Chief of Staff | 2,074 | 501 | 45 | - | 28 |
Total | 23,582 | 11,528 | 444 | 263 | 591 |
Name | Title | Salary | Bonus | Pension | Board fee | Other benefits |
Jon Gravråk | CEO | 3,827 | 3,313 | 40 | - | 199 |
Gaute Krekling | CFO | 2,584 | 1,085 | 40 | - | 145 |
Peder Nærbø | Executive Chair | 4,626 | - | 40 | 150 | - |
Torbjørn T. Moe | Chief Business Development Officer | 2,686 | 1,113 | 40 | 150 | 168 |
Nina Hage | EVP, Industrial Real Estate | 2,736 | 1,167 | 40 | - | 34 |
Gisle M. Eckhoff | EVP, Data Center | 2,727 | 1,037 | 40 | - | 13 |
Torill Møklebust | Chief Governance Officer | 1,991 | 441 | 40 | - | 130 |
Total | 21,176 | 8,155 | 281 | 300 | 688 |
Ownership | Voting share | |||
Peder Nærbø | Executive Chair | indirect ownership | 15.6 % | 29.8 % |
Torbjørn T. Moe | Chief Business Development Officer | indirect ownership | 2.2 % | 1.1 % |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| (Figures in NOK ’000) | 2024 | 2023 |
Staff costs (see note 8) | 142,652 | 115,260 |
Depreciation (see note 15 and 16) | 144,513 | 103,786 |
Depreciation right-of-use assets | 19,658 | 13,855 |
Impairment (see note 16 and 21) | 24,553 | 24,180 |
Management, accounting, legal and consulting fees | 53,037 | 33,336 |
Auditors | 5,234 | 3,544 |
Other operating expenses | 129,957 | 80,299 |
Total other | 519,604 | 374,259 |
(Figures in NOK ’000) | 2024 | 2023 |
Statutory audit | 5,234 | 3,439 |
Other services not related to auditing | - | - |
Other assurance services | 495 | 105 |
Total audit costs | 5,729 | 3,544 |
2024 | 2023 | |||
| Average exercise | Average exercise | |||
| price per share | Number of | price per share | Number of | |
| (Figures in NOK) | option | options | option | options |
As at January 1 | 19.94 | 1,133,228 | 19.94 | 902,570 |
Granted during the period | 26.25 | 961,429 | 19.94 | 230,658 |
Exercised during the period | - | - | - | - |
Forfeited during the period | - | -401,142 | - | - |
As at December 31 | 23.52 | 1,693,515 | 19.94 | 1,133,228 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Share options | Share options | |||
Grant date | Expiry date | Exercise price | Dec 31, 2024 | Dec 31, 2023 |
January 1, 2022 | September 1, 2026 | 19.94 | 732,086 | 902,570 |
January 1, 2023 | September 1, 2026 | 19.94 | - | 80,230 |
May 1, 2023 | September 1, 2029 | 19.94 | - | 150,428 |
October 10, 2024 | October 10, 2029 | 26.25 | 961,429 |
2024 | 2023 | |||
| Average exercise | Number of | Average exercise | Number of | |
| price per share | A-shares | price per share | A-shares | |
As at January 1 | 158.94 | 55,278 | 158.94 | 55,278 |
Granted during the period | - | - | - | - |
Exercised during the period | - | - | - | - |
Forfeited during the period | - | - | - | - |
As at December 31 | 158.94 | 55,278 | 158.94 | 55,278 |
| Assumed | A-shares | A-shares | ||
| Grant date | expiry date | Exercise price | December 31, 2024 | December 31, 2023 |
January 1, 2020 | December 31, 2025 | 158.94 | 25,796 | 55,278 |
January 1, 2020 | December 31, 2030 | 233.54 | 29,482 - |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 10 Investment property
Investment property
| (Figures in NOK ‘000) | 2024 | 2023 |
Fair value 01.01 | 4,169,120 | 4,628,451 |
Capital expenditure | 560,600 | 257,960 |
Acquisition of property | 611,841 | 80,535 |
Sale of real estate | -815,126 | - |
Transferred to assets held for sale | - | -668,339 |
Currency translation on property in foreign subsidiaries | 1,186 | 47,084 |
Change in value of investment properties | 214,471 | -176,571 |
Fair value 31.12 | 4,742,092 | 4,169,120 |
Investment property classified as held for sale | - | 668,339 |
| Income and expenses from investment property | ||
Income from rent | 223,643 | 205,087 |
Other revenue - shared cost tenants | 9,763 | 9,681 |
Property-related expenses | 12,603 | 15,689 |
Sale of investment property
In 2024 the Group sold 9 investment properties. Two of the properties were classified as held for sale
year-end 2023, please refer to note 26. The property sales gave a loss before tax of NOK 34.3 million
in 2024. After tax the Group had a gain of NOK 49.7 million from the sales.
Fair value of investment properties
After initial recognition, the investment properties are measured at fair value. The Group obtains
valuations semi-annually from an external party. As of December 31, 2024 the valuation has been
performed by a certified independent party, Malling & Co, and the following inputs were used:
Overview over input used for valuation | 2024 | 2023 | |
Valuation level | 3 | 3 | |
Valuation model | DCF | DCF | |
Fair value as of December 31 | 4,742,092 | 4,169,120 | |
Estimated CPI | 2.0 % | 2.0 % | |
Total sqm | 211,737 | 254,159 | |
Current rent per sqm (range) | 781 - 2,284 | 447 - 2 130 | |
Current rent per sqm (average) | 1111 | 1185 | |
Remaining lease period actual contracts (range) | 2.7 - 14.4 | 3,7 - | 15,4 |
Remaining lease period actual contracts (average) | 7.8 | 8.2 | |
Market rent per sqm (range) | 882 - 2,020 | 553 - 1 918 | |
Market rent per sqm (average) | 1,133 | 1,127 | |
Actual vacancy | 2.6 % | 2.1 % | |
Valuation yield/discount rate (range) | 5.17% - 7.00% | 4.72% - 6.86% | |
Valuation yield/discount rate (average) | 5.82 % | 5.49 % |
Bulk Industrial Real Estate (BIRE) has, based on the nature, characteristics and risks of the
investment and development properties, determined that the properties should be presented based
on geographical segments. The properties, including project properties and development sites are
primarily clustered around the Oslo region. The other geographical segments, in addition to project
properties and zoned development sites, is included in the total management portfolio.
Ranges and weighted averages from the external appraisers are presented for the areas where the
Group has two or more properties.
The appraisers have for the valuation as of 31.12.24 in average assumed inflation of 3.2 per cent for
2025, 2.7 per cent for 2026 and 2.3 per cent for 2027. The assumed inflation upon terminal value is 2.0
per cent.
Analysis is excluding Denmark.
Market yield takes into account current market conditions and expectations, while contract/valuation
yield represents the actual return guaranteed through existing lease agreements.
| Total | |||||
As of 31.12.24 | Lindeberg | Vestby | Langhus | Enebakk | portfolio |
No. Properties | 12 | 7 | 4 | 2 | 30 |
Market value (NOK million) | 1,025 | 2,157 | 733 | 441 | 4,770 |
| Market yield | |||||
Min | 5.0% | 5.6% | 5.5% | 6.0% | 5.0% |
Max | 6.2% | 6.6% | 6.1% | 6.5% | 6.6% |
Average | 5.7% | 6.0% | 5.7% | 6.1% | 6.0% |
| Required rate of return | |||||
Min | 5.2% | 5.4% | 5.2% | 6.3% | 5.2% |
Max | 6.0% | 6.1% | 5.8% | 7.0% | 7.0% |
Average | 5.5% | 5.9% | 5.6% | 6.4% | 5.8% |
| Market rent (NOK/sqm) | |||||
Min | 1,300 | 882 | 1,400 | 1,228 | 882 |
Max | 1,914 | 1,114 | 1,550 | 2,020 | 2,020 |
Average | 1,405 | 982 | 1,426 | 1,384 | 1,133 |
| Operating cost | |||||
Min | 3.0% | 3.6% | 4.4% | 2.4% | 2.4% |
Max | 5.6% | 5.4% | 4.8% | 2.9% | 5.6% |
Average | 3.5% | 3.7% | 4.6% | 2.8% | 3.7% |
| Construction capex (NOK/sqm) | |||||
Min | 15,000 | 10,750 | 15,000 | - | 10,750 |
Max | 15,000 | 12,500 | 15,000 | - | 15,000 |
Average | 15,000 | 11,625 | 15,000 | - | 13,025 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Total | |||||
As of 31.12.23 | Lindeberg | Vestby | Langhus | Enebakk | portfolio |
No. Properties | 12 | 7 | 4 | 2 | 34 |
Market value (NOK million) | 1,029 | 1,858 | 661 | 426 | 4,688 |
| Market yield | |||||
Min | 5.0% | 5.8% | 5.4% | 6.3% | 5.0% |
Max | 6.2% | 6.5% | 6.8% | 6.7% | 7.7% |
Average | 5.7% | 6.2% | 6.2% | 6.7% | 6.2% |
| Required rate of return | |||||
Min | 4.7 % | 4.9 % | 5.5 % | 6.0 % | 4.7 % |
Max | 5.5 % | 6.0 % | 5.6 % | 6.9 % | 6.9 % |
Average | 5.0 % | 5.4 % | 5.5 % | 6.2 % | 5.5 % |
| Market rent (NOK/sqm) | |||||
Min | 1,311 | 930 | 1,397 | 1,356 | 553 |
Max | 1,918 | 1,166 | 1,600 | 1,850 | 1,918 |
Average | 1,411 | 996 | 1,419 | 1,454 | 1,127 |
| Operating cost | |||||
Min | 3.0% | 3.3% | 4.6% | 2.4% | 2.4% |
Max | 5.7% | 5.3% | 5.0% | 2.7% | 9.6% |
Average | 3.5% | 3.5% | 4.6% | 2.7% | 4.0% |
| Construction capex (NOK/sqm) | |||||
Min | 14,000 | 13,000 | 14,000 | - | 12,500 |
Max | 14,000 | 13,000 | 14,000 | - | 14,000 |
Average | 14,000 | 13,000 | 14,000 | - | 12,695 |
All investment properties are valued using discounted cash flow. Key factors are ongoing revenue
and expenses relating to the property, market lease, discount factor and inflation. Macro economic
assumptions are used, but each property is also subject to individual appraisal. To determine each
discount rate, the property location, attractiveness, quality and the general market conditions for real
estate, credit market, solidity of tenants and contracts are considered. The sensitivity when evaluating
fair value for investment property is connected to yield, interest rate level, inflation (CPI) and marked
lease for the properties.
Future leasing payments: The payments are estimated based on actual location, type and
condition of the current building. The estimates are supported by
existing leases, as well as recent lease agreements for similar
properties in the same area.
Discount rate: The discount rate is based on existing market rates, adjusted for the
estimated uncertainty in terms of size and future cash flows.
Estimated vacancies: The estimate is firmly set on the basis of the actual market conditions
and the expected market conditions at the end of existing leases.
Cost of Ownership: The cost of ownership expenses is estimated based on the estimated
maintenance costs regarding maintaining the building’s capacity over
its economic lifetime.
Sensitivity
The sensitivity of the fair value of investment properties are thus among others associated yield
and the market rent for the properties. Indicated below are the separate effects of changes in these
variables (amounts in NOK million):
| Fair value change | |||
Variables | Changes in variables | + | - |
Yield | +/- 0.25% | -159 | 168 |
Market rent | +/- 5% | 140 | -135 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Associated companies 2024 | ||||||||
| Dividends / | ||||||||
| Foundation / | Impairment/ | |||||||
| Acquisition | Book value | Repayments/ | Share of | Book value | ||||
| (Figures in NOK ‘000) | date | Country | Office location | Ownership | 01.01 | Acquisition | net profit after tax | 31.12 |
Berger Terminal Holding II AS | 19/01/2022 | Norway | Oslo | 25% | 53,778 | 1,293 | 1,041 | 56,111 |
Bulk Park Enebakk AS | 06/07/2020 | Norway | Oslo | 50% | 29,839 | -0 | 10,773 | 40,611 |
Electric City Properties AS | 29/08/2024 | Norway | Oslo | 50% | 0 | 50 | 0 | 50 |
Total | 83,616 | 1,343 | 11,813 | 96,773 |
| Associated companies 2023 | ||||||||
| Foundation / | ||||||||
| Acquisition | Book value | Dividends / | Share of | Book value | ||||
| (Figures in NOK ‘000) | date | Country | Office location | Ownership | 01.0 | Impairment | net profit after tax | 31.12 |
Berger Terminal Holding II AS | 19/01/2022 | Norway | Oslo | 25% | 60,749 | -2,100 | -4,871 | 53,778 |
Bulk Park Enebakk AS | 06/07/2020 | Norway | Oslo | 50% | 76,018 | -11,999 | -34,181 | 29,839 |
Total | 136,767 | -14,099 | -39,051 | 83,616 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
(Figures in NOK ‘000) | 2024 | 2023 |
Total income | 21,556 | 21,030 |
Total expenses | 1,163 | 948 |
| Operating profit before fair value adjustments on investment | 20,393 | 20,082 |
| properties | ||
Fair value adjustments on investment properties | -5,000 | -35,000 |
Operating profit | 15,393 | -14,918 |
Net financial items | -11,499 | -11,638 |
Profit before income tax | 3,894 | -26,556 |
Income tax expense | -268 | -7,072 |
Profit for the year | 4,162 | -19,483 |
(Figures in NOK ‘000) | 2024 | 2023 |
| Assets | ||
Non-current assets | 568,300 | 570,000 |
Current assets | 8,742 | 5,035 |
- Cash and cash equivalents | 8,551 | 4,384 |
Total assets | 577,042 | 575,035 |
| Equity and liabilities | ||
Equity | 224,445 | 226,588 |
Non-Current liabilities | 350,142 | 346,137 |
- Deferred tax | 29,142 | 25,137 |
Current liabilities | 2,455 | 2,310 |
Total Equity and liabilities | 577,042 | 575,035 |
(Figures in NOK ‘000) | Shareholding (%) | 2024 | 2023 |
Net assets | 100% | 224,445 | 226,588 |
Group’s shareholding in the company | 25% | 56,111 | 56,647 |
Carrying amount of Group’s shareholding | 25% | 56,111 | 56,647 |
(Figures in NOK ‘000) | 2024 | 2023 |
Total income | 104 | 2,100 |
Total expenses | 695 | 6,521 |
| Operating profit before fair value adjustments on investment | -591 | -4,421 |
| properties | ||
Fair value adjustments on investment properties | 56,452 | -68,689 |
Operating profit | 55,860 | -73,111 |
Net financial items | -12,325 | -10,362 |
Profit before income tax | 43,535 | -83,473 |
Income tax expense | 12,130 | -15,112 |
Profit for the year | 31,405 | -68,361 |
(Figures in NOK ‘000) | 2024 | 2023 |
| Assets | ||
Non-current assets | 294,010 | 232,305 |
Current assets | 3,819 | 11,138 |
- Cash and cash equivalents | 3,217 | 6,206 |
Total assets | 297,830 | 243,443 |
| Equity and liabilities | ||
Equity | 81,223 | 52,883 |
Non-Current liabilities | 206,918 | 183,233 |
- Deferred tax | 37,689 | 25,559 |
Current liabilities | 9,689 | 7,328 |
Total Equity and liabilities | 297,830 | 243,443 |
(Figures in NOK ‘000) | Shareholding (%) | 2024 | 2023 |
Net assets | 100% | 81,223 | 52,883 |
Group’s shareholding in the company | 50 % | 40,611 | 26,441 |
Carrying amount of Group’s shareholding | 50 % | 40,611 | 26,441 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
(Figures in NOK ‘000) | 2024 | 2023 |
Tax payable | - | - |
Change in deferred tax | -103,044 | -69,882 |
Income tax expense | -103,044 | -69,882 |
Profit before income tax | -186,932 | -485,642 |
Income tax expense calculated at 22 % | -41,125 | -106,841 |
Permanent differences | 26,502 | 36,898 |
Tax effect from sales of companies | -84,068 | - |
Change in taxes from previous years | -17,450 | - |
Tax losses for which no deferred income tax asset was recognized | 13,097 | - |
Income tax expense/benefit (-) | -103,044 | -69,944 |
Effective tax rate | 55.1 % | 14.4 % |
| Current income tax liabilities | ||
(Figures in NOK ‘000) | 2024 | 2023 |
Current income tax | - | - |
Change in prior years | - | - |
Total current income tax liabilities | - | - |
(Figures in NOK ‘000) | 2024 | 2023 |
01.01 | 143,172 | 215,580 |
Deferred tax expense (income) recognized in profit and loss | -103,044 | -69,882 |
Change related to purchased/sold companies, reported against equity | -3,769 | 730 |
Other changes reported against equity | 2,336 | - |
Other changes/Reclassifications | 729 | -3,256 |
Currency effects | 684 | - |
Net recognized deferred tax liability 31.12 | 40,108 | 143,172 |
(Figures in NOK ‘000) | 2024 | 2023 |
No expiration date | -1,774,740 | -1,466,560 |
Total loss carried forward | -1,774,740 | -1,466,560 |
(Figures in NOK ‘000) | 2024 | 2023 |
| Share of profit/loss(-) of investments accounted for using the equity | 11,813 | -39,051 |
| method | ||
| Finance income | ||
Interest income | 98,333 | 32,096 |
Currency gain | 34,572 | 65,978 |
Other finance income | 77 | 247 |
Total finance income | 132,982 | 98,321 |
| Finance costs | ||
Interest expense on borrowings measured at amortized cost | 433,403 | 329,809 |
Currency loss | 10,440 | 11,917 |
Other finance costs | 17,046 | 17,687 |
Total finance costs | 460,889 | 359,413 |
Fair value adjustments on derivatives | 8,128 | 1,209 |
Net financial items | -307,965 | -298,935 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Loss carried | Investment | Financial | Real Estate and | Total deferred tax/ | ||
| (Figures in NOK ‘000) | forward | property | derivatives | fixed assets | Other items | (-)tax assets |
01.01.2024 | -322,678 | 455,969 | -774 | 18,422 | -7,767 | 143,172 |
Deferred tax expense (income) recognized in profit and loss | -77,419 | -38,308 | 7,519 | 5,165 | - | -103,044 |
Change related to purchased/sold companies, reported against equity | 11,057 | -14,826 | - | - | - | -3,769 |
Other changes reported against equity | -1,403 | 3,739 | - | - | - | 2,336 |
Other changes/Reclassifications | 0 | -70,377 | -452 | 64,511 | 7,048 | 729 |
Currency effects | - | 684 | - | - | - | 684 |
| 31.12.2024 | -390,443 | 336,881 | 6,292 | 88,097 | -720 | 40,108 |
| Loss carried | Investment | Financial | Profit and | Total deferred tax/ | ||
| (Figures in NOK ‘000) | forward | property | derivatives | loss account | Other items | (-)tax assets |
01.01.2023 | -265,700 | 470,281 | -1,040 | 16,458 | -4,419 | 215,580 |
Deferred tax expense (income) recognized in profit and loss | -57,708 | -14,311 | 266 | 1,963 | -92 | -69,882 |
Change related to purchased/sold companies | 730 | - | - | - | - | 730 |
Changes related to tax estimates | - | - | - | - | -3,256 | -3,256 |
31.12.2023 | -322,678 | 455,969 | -774 | 18,422 | -7,767 | 143,172 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
2024 | 2023 | |
Share capital | 5,059,968 | 3,726,321 |
Total shares | Share capital | Share premium | ||||
(Figures in NOK '000) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Issued stock and paid in capital | ||||||
At the beginning of the year | 372,632,056 | 326,350,306 | 3,726,321 | 3,263,503 | 3,841,445,485 | 2,918,911,363 |
Capital increase | 133,364,786 | 46,281,750 | 1,333,648 | 462,818 | 4,008,666,351 | 922,534,123 |
At the end of the year | 505,996,842 | 372,632,056 | 5,059,968 | 3,726,321 | 7,850,111,837 | 3,841,445,485 |
Shareholder | Type of share | Country | Number of shares | Share % |
Bulk Infrastructure Holding AS | Ordinary shares | Norway | 505,996,842 | 100% |
2024 | 2023 | |
Total comprehensive income, net of tax, attributable to shareholders in the parent Company | -89,434,617 | -395,003,062 |
Weighted average number of outstanding shares | 423,314,524 | 354,568,473 |
Basic and diluted earnings per share | -0.21 | -1.11 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Software | Software under | Other | |||
(Figures in NOK ’000) | Goodwill | licenses | development | intangible | Total |
| Cost | |||||
Balance at January 1, 2024 | 19,018 | 3,275 | 24,560 | 4,268 | 51,120 |
Additions | - | 796 | 10,333 | 15,986 | 27,116 |
Other adjustments - currency | - | - | - | 5 | 5 |
Balance at December 31, 2024 | 19,018 | 4,071 | 34,893 | 20,259 | 78,240 |
Balance at January 1, 2023 | 19,018 | 1,895 | - | 14,335 | 35,248 |
Additions | - | 1,380 | 12,593 | 1,898 | 15,871 |
Transfer from "other intangible assets" | - | - | 11,966 | -11,966 | - |
Balance at December 31, 2023 | 19,018 | 3,275 | 24,560 | 4,268 | 51,120 |
| Accumulated amortization and impairment | |||||
Balance at January 1, 2024 | 16,948 | 1,916 | - | 3,406 | 22,271 |
Amortization charge for the year | - | 567 | - | 3,695 | 4,263 |
Other adjustments - currency | - | - | - | 21 | 21 |
Balance at December 31, 2024 | 16,948 | 2,484 | - | 7,123 | 26,555 |
Balance at January 1, 2023 | 16,948 | 1,709 | - | 839 | 19,496 |
Amortization charge for the year | - | 207 | - | 2,567 | 2,775 |
Balance at December 31, 2023 | 16,948 | 1,916 | - | 3,406 | 22,271 |
| Net book value | |||||
At January 1, 2024 | 2,070 | 1,358 | 24,560 | 861 | 28,849 |
At December 31, 2024 | 2,070 | 1,587 | 34,893 | 13,136 | 51,686 |
At January 1, 2023 | 2,070 | 186 | - | 13,497 | 15,752 |
At December 31, 2023 | 2,070 | 1,358 | 24,560 | 861 | 28,849 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Datacenter | |||||||
| Datacenter | technical | Datacenter | Under | Other fixed | Fiber | ||
| (Figures in NOK ‘000) | buildings | infrastructure | land | construction | assets | infrastructure | Total |
| Accumulated cost | |||||||
Balance at January 1, 2024 | 712,023 | 1,071,588 | 190,763 | 1,217,422 | 32,590 | 488,886 | 3,713,272 |
Additions | 182,396 | 577,483 | 188,496 | 1,664,381 | 19,025 | 7,368 | 2,639,147 |
Disposals | -9,002 | -7,327 | - | - | -5,343 | - | -21,672 |
Write-downs | - | - | - | -20,853 | - | - | -20,853 |
Other adjustments - currency | 6,937 | 1,623 | 1,036 | 249 | 988 | 4,903 | 15,736 |
Other reclassifications | -2,165 | 4,685 | 0 | -27,473 | 24,953 | - | 0 |
Reclassification to Right-of-use assets | - | - | - | - | - | -117,485 | -117,485 |
Balance at December 31, 2024 | 890,188 | 1,648,052 | 380,295 | 2,833,727 | 72,213 | 383,671 | 6,208,146 |
Balance at January 1, 2023 | 702,595 | 886,902 | 190,547 | 452,838 | 29,892 | 462,612 | 2,725,385 |
Additions | 51 | 181,023 | - | 763,508 | 2,699 | 93,581 | 1,040,861 |
Disposals | - | - | - | - | - | -70,100 | -70,100 |
Other adjustments - currency | 9,377 | 3,663 | 217 | 1,077 | - | 7,474 | 22,807 |
Reclassification to Assets held for sale | - | - | - | - | - | -4,680 | -4,680 |
Balance at December 31, 2023 | 712,023 | 1,071,588 | 190,763 | 1,217,422 | 32,590 | 488,886 | 3,713,272 |
| Accumulated depreciation | |||||||
Balance at January 1, 2024 | 176,772 | 244,520 | 5,729 | - | 27,435 | 48,344 | 502,800 |
Depreciation charge for the year | 24,908 | 92,208 | 1,629 | - | 5,304 | 16,201 | 140,251 |
Disposals | -9,002 | -7,327 | - | - | -5,343 | - | -21,672 |
Impairment | - | - | - | - | - | - | 0 |
Other adjustments - currency | 1,108 | 201 | - | - | 178 | 472 | 1,959 |
Balance at December 31, 2024 | 193,786 | 329,603 | 7,357 | - | 27,575 | 65,018 | 623,338 |
Balance at January 1, 2023 | 157,307 | 174,984 | 4,225 | - | 21,793 | 28,090 | 386,399 |
Depreciation charge for the year | 16,856 | 58,525 | 1,414 | - | 5,642 | 19,503 | 101,940 |
Impairment | - | 7,322 | - | - | - | - | 7,322 |
Other adjustments - currency | 2,609 | 3,688 | 89 | - | - | 752 | 7,138 |
Balance at December 31, 2023 | 176,772 | 244,520 | 5,729 | - | 27,435 | 48,344 | 502,800 |
| Net book value | |||||||
At January 1, 2024 | 535,251 | 827,068 | 185,035 | 1,217,422 | 5,155 | 440,542 | 3,210,472 |
At December 31, 2024 | 696,403 | 1,318,449 | 372,938 | 2,833,727 | 44,638 | 318,654 | 5,584,808 |
At January 1, 2023 | 545,288 | 711,918 | 186,321 | 452,838 | 8,098 | 434,522 | 2,338,985 |
At December 31, 2023 | 535,251 | 827,068 | 185,035 | 1,217,422 | 5,155 | 440,542 | 3,210,472 |
Expected useful economic life | 50 years | 5–35 years | 25 years | - | 4–10 years | 20–30 years |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 18 Leases - group as a lessee (IFRS 16 disclosure)
| Office | Motor | |||||
(Figures in NOK ‘000) | Land and buildings | Terrestrial fiber | Seafiber | equipment | vehicles | Total |
| Right of use assets | ||||||
Balance at January 1, 2024 | 40,379 | 171,954 | 1,330 | 63 | - | 213,727 |
Depreciations | 8,206 | 10,636 | 108 | 63 | 644 | 19,658 |
Additions | 702 | - | - | - | 1,839 | 2,542 |
Reclassification from Property, plant and equipment | - | 117,485 | - | - | - | 117,485 |
Adjustments | 3,756 | -1,011 | 661 | - | - | 3,406 |
Balance at December 31, 2024 | 36,632 | 277,792 | 1,883 | -0 | 1,195 | 317,502 |
Balance at January 1, 2023 | 53,654 | 177,191 | 19,766 | 148 | 31 | 250,790 |
Depreciations | 6,828 | 5,333 | 1,578 | 85 | 31 | 13,855 |
- | - | 16,858 | - | - | 16,858 | |
Additions | - | 96 | - | - | - | 96 |
Adjustments | -6,446 | - | - | - | - | -6,446 |
Balance at December 31, 2023 | 40,379 | 171,954 | 1,330 | 63 | - | 213,727 |
Rental period | 3-10 | 20 | 1-40 | 2-3 | 1-3 |
Lease liabilities
2024 | 2023 | |
| Maturity analysis - contractual undiscounted cash flows | ||
Less than one year | 13,796 | 11,512 |
Between one and five years | 47,271 | 44,846 |
More than five years | 17,151 | 22,648 |
Total undiscounted lease liabilities at 31 December | 78,219 | 79,005 |
| Lease liabilities included in the statement of financial | 63,707 | 63,062 |
| position at 31 December |
Amount recognized in profit or loss
2024 | 2023 | |
Interest on lease liabilities | 4,076 | 3,911 |
Depreciation expense of right-of-use assets | 19,658 | 13,855 |
Gains and losses due to terminations, purchases, impairments, and other changes | - | 16,858 |
Expense relating to leases of low-value assets | 574 | 64 |
Total amount recognized in profit or loss | 24,308 | 34,688 |
| Amount recognized in cash flow statement | ||
Total cash flow from leases | 14,307 | 9,890 |
Other information
The IRU´s for the Terrestrial fiber are paid up-front for a period of 20 years with options for another
20 years. The option period is not included in the disclosure of the Right-of-use asset. As the fiber is
prepaid, there is no liability related to the Right-of-use asset.
The Group does not recognize right-of-use assets and lease liabilities for short-term leases or leases
where the underlying assets have low value. The lease payments for such leases are recognized as
costs linearly over the lease periods.
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 19 Investments in subsidiaries, joint ventures and associated
companies
As of December 31, 2024 the Group consists of the following subsidiaries:
Subsidiaries | Office location | Vote- / Ownership 31.12 |
Bulk Industrial Real Estate AS | Oslo | 100.0% |
Bulk Eiendom Farex AS | Oslo | 100.0% |
Bulk Lindeberg II AS | Oslo | 100.0% |
Bulk Lindeberg V AS | Oslo | 100.0% |
Bulk Lindeberg VI AS | Oslo | 100.0% |
Bulk Gardermoen IV AS | Oslo | 100.0% |
Bulk Vinterbro II AS | Oslo | 100.0% |
Bulk Eiendom Vestby II AS | Oslo | 100.0% |
Bulk Berger IV AS | Oslo | 100.0% |
Logibulk I AS | Oslo | 100.0% |
Bulk Ormlia AS | Oslo | 100.0% |
Bulk Industrial Real Estate ApS | Copenhagen, Denmark | 100.0% |
Bulk Lindeberg VII AS | Oslo | 100.0% |
Bulk Lindeberg IX AS | Oslo | 100.0% |
Bulk Lindeberg X AS | Oslo | 100.0% |
Bulk Vestby Øst AS | Oslo | 100.0% |
Bulk Vestby Nord AS | Oslo | 100.0% |
Bulk Langhus AS | Oslo | 100.0% |
Bulk Danebuåsen AS | Oslo | 100.0% |
Bulk Enebakk AS | Oslo | 100.0% |
Bulk Vestby II AS | Oslo | 100.0% |
Bulk Herstua AS | Oslo | 100.0% |
Bulk Park Enebakk II AS | Oslo | 51.0% |
C5 Invest AS | Oslo | 51.0% |
AE Bulk Co Invest AS | Oslo | 100.0% |
Bulk Data Centers AS | Oslo | 100.0% |
Bulk Data Centers OS-IX AS | Oslo | 100.0% |
Bulk Data Centers N01 AS | Oslo | 100.0% |
Bulk Data Centers N01 DCM101 AS | Oslo | 100.0% |
Bulk Data Centers N01 DCM102 AS | Oslo | 100.0% |
Bulk Data Centers N01 DCM103 AS | Oslo | 100.0% |
N01 Utilities AS | Oslo | 100.0% |
N01 Real Estate AS | Oslo | 100.0% |
Bulk Data Centers DK01 ApS | Esbjerg, Denmark | 100.0% |
Bulk Infrastructure UK Ltd | London, UK | 100.0% |
Bulk Fiber Networks AS | Oslo | 100.0% |
Electric City-Link Norway AS | Oslo | 100.0% |
Optibulk Skagerak AS | Oslo | 100.0% |
Optibulk Havfrue AS | Oslo | 100.0% |
Subsidiaries | Office location | Vote- / Ownership 31.12 |
Infragreen Communications AS | Oslo | 100.0% |
Bulk Fiber Networks Denmark ApS | Copenhagen, Denmark | 100.0% |
Bulk Fiber Networks UK Ltd | London, UK | 100.0% |
Bulk Fiber Networks Ireland Limited | Dublin, Ireland | 100.0% |
Bulk Powered Land AS | Oslo | 100.0% |
Norway as a Service AS | Oslo | 100.0% |
Bulk Innovation AS | Oslo | 100.0% |
Bulk Newco AS | Oslo | 100.0% |
Associated companies | Office location | Vote- / Ownership 31.12 |
Berger Terminal Holding II AS | Oslo | 25.0% |
Bulk Park Enebakk AS | Oslo | 50.0% |
Electric City Properties AS | Kristiansand | 50.0% |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Carrying | Carrying | |||
| amount | Fair value | amount | Fair value | |
| as at | as at | as at | as at | |
| (Figures in NOK ‘000) | 31.12.2024 | 31.12.2024 | 31.12.2023 | 31.12.2023 |
Financial assets at fair value through profit or loss | ||||
Interest rate swaps | 30,419 | 30,419 | 24,808 | 24,808 |
Total financial assets at fair value | 30,419 | 30,419 | 24,808 | 24,808 |
| Financial assets at amortized cost | ||||
Receivable from related party - non-current | - | - | 1,242 | 1,242 |
Other receivables | 46,876 | 46,876 | 58,919 | 58,919 |
Investment in shares - non-current | - | - | 1,249 | 1,249 |
Receivable from related party - current | 256 | 256 | -981 | -981 |
Trade and other receivables | 280,804 | 280,804 | 302,758 | 302,758 |
Total financial assets at amortized cost | 327,936 | 327,936 | 363,187 | 363,187 |
Cash and cash equivalents | 3,502,749 | 3,502,749 | 1,026,391 | 1,026,391 |
Total financial assets | 3,861,105 | 3,861,105 | 1,414,386 | 1,414,386 |
Total current | 3,783,810 | 3,783,810 | 1,328,168 | 1,328,168 |
Total non-current | 77,295 | 77,295 | 86,218 | 86,218 |
| Carrying | Carrying | |||
| amount | Fair value | amount | Fair value | |
| as at | as at | as at | as at | |
| (Figures in NOK ‘000) | 31.12.2024 | 31.12.2024 | 31.12.2023 | 31.12.2023 |
| Financial liabilities at fair value through profit | ||||
| or loss | ||||
Interest rate swaps | 1,819 | 1,819 | 4,336 | 4,336 |
Total financial liabilities at fair value | 1,819 | 1,819 | 4,336 | 4,336 |
| Financial liabilities at amortized cost | ||||
Bond loan | 2,510,301 | 2,500,000 | 1,722,463 | 1,722,463 |
Borrowings | 2,556,078 | 2,556,078 | 1,623,896 | 1,623,896 |
Short-term portion of bond loan | - | - | 565,000 | 565,000 |
Short-term portion of borrowings | 1,056,177 | 1,056,177 | 762,914 | 762,914 |
Other long-term liabilities | - | - | 7,077 | 7,077 |
Trade payables | 213,756 | 213,756 | 182,391 | 182,391 |
Other payables 1) | 220,379 | 220,379 | 134,283 | 134,283 |
Total financial liabilities at amortized cost | 6,556,690 | 6,546,390 | 4,998,024 | 4,998,024 |
Total financial liabilities | 6,558,509 | 6,548,208 | 5,002,360 | 5,002,360 |
Total current | 1,490,311 | 1,490,311 | 1,080,108 | 1,080,108 |
Total non-current | 5,068,198 | 5,057,897 | 3,922,251 | 3,922,251 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| December 31, 2024 | ||||
(Figures in NOK ‘000) | Level 1 | Level 2 | Level 3 | Total |
| Assets | ||||
| Financial assets at fair value through profit or loss | ||||
Interest rate swaps | - | 30,419 | - | 30,419 |
| Liabilities | ||||
| Financial liabilities at fair value through profit or loss | ||||
Interest rate swaps | - | 1,819 | - | 1,819 |
| December 31, 2023 | ||||
(Figures in NOK ‘000) | Level 1 | Level 2 | Level 3 | Total |
| Assets | ||||
| Financial assets at fair value through profit or loss | ||||
Interest rate swaps | - | 24,808 | - | 24,808 |
| Liabilities | ||||
| Financial liabilities at fair value through profit or loss | ||||
Interest rate swaps | - | 4,336 | - | 4,336 |
(Figures in NOK ‘000) | 2024 | 2023 |
Interest rate swaps | 30,419 | 24,808 |
Total assets | 30,419 | 24,808 |
Interest rate swaps | 1,819 | 4,336 |
Total liabilities | 1,819 | 4,336 |
(Figures in NOK ‘000) | 2024 | 2023 |
Nominal amount interest rate swaps | -815,486 | -688,023 |
Total nominal amount | -815,486 | -688,023 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 23 Inventories
(Figures in NOK ’000) | 2024 | 2023 |
Inventory data center | 13,913 | 19,774 |
Total Inventories | 13,913 | 19,774 |
(Figures in NOK ’000) | 2024 | 2023 |
Trade receivables | 117,763 | 161,186 |
Other current receivables | 280,048 | 140,684 |
Trade and other receivables | 397,811 | 301,870 |
(Figures in NOK ’000) | 31.12.2024 | 31.12.2023 |
Provision for impairment of trade receivables at 01.01 | 3,678 | 550 |
This year’s provision for receivables impairment | 8,861 | 3,678 |
Loss on receivables | - | - |
Reversal of prior years provision | 0 | -550 |
Provision for impairment of trade receivables at 31.12 | 12,538 | 3,678 |
(Figures in NOK ’000) | Total | Not due | 0-30d | 30-60d | 60-90d | >90d |
December 31, 2024 | 397,811 | 361,560 | 74 | 1,459 | 193 | 34,525 |
December 31, 2023 | 301,870 | 182,974 | 75,518 | 4,246 | 84 | 39,049 |
(Figures in NOK ’000) | 2024 | 2023 |
Cash and cash equivalents | 3,494,492 | 1,021,428 |
Restricted funds | 8,257 | 4,962 |
Total | 3,502,749 | 1,026,391 |
(Figures in NOK ’000) | 2024 | 2023 |
| Assets classified as held for sale | ||
Property, plant and equipment | 4,680 | 643,290 |
Other receivables | - | 29,729 |
Total assets of disposal group held for sale | 4,680 | 673,019 |
| Liabilities directly associated with assets held for sale | ||
Borrowings | - | 371,599 |
Total liabilities of disposal group held for sale | - | 371,599 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Expected cashflows | |||||
| Carrying | After | ||||
| Figures in NOK ´000) | amount | Year 1 | Year 2 | Year 3-5 | year 5 |
Bond loans | 2,510,301 | - | -1,250,000 | -1,250,000 | - |
Borrowings | 3,612,255 | -1,056,177 | -1,332,642 | -1,162,436 | -61,000 |
Lease liabilities | 63,707 | -10,259 | -10,944 | -30,632 | -11,872 |
Trade payables | 213,756 | -213,756 | - | - | - |
Interest costs (bond loans) | 9,465 | -270,000 | -229,069 | -159,308 | - |
Interest costs | 13,858 | -195,927 | -114,316 | -141,010 | -4,227 |
Other current payables 1) | 197,056 | -197,056 | - | - | - |
| Total non-derivative financial | 6,620,397 | -1,943,176 | -2,936,970 | -2,743,386 | -77,099 |
| obligations | |||||
Derivative financial instruments | 1,819 | 22.5 | -261.3 | -950.2 | -978.5 |
Total derivative financial obligations | 1,819 | 22.5 | -261.3 | -950.2 | -978.5 |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
| Expected cashflows | |||||
| Carrying | After | ||||
| (Figures in NOK ´000) | amount | Year 1 | Year 2 | Year 3-5 | year 5 |
Bond loans | 2,287,463 | -565,000 | - | -1,722,463 | - |
Borrowings (bank) | 2,386,810 | -762,914 | -506,815 | -1,056,081 | -61,000 |
Other long-term liabilities - seller credit | 7,077 | - | - | -7,077 | - |
Trade payables | 182,391 | -182,391 | - | - | - |
Interest costs (bond loans) | - | -259,746 | -187,075 | -334,900 | - |
Interest costs (bank) | - | -148,396 | -101,416 | -43,589 | -4,514 |
Other current payables 1) | 134,283 | -134,283 | - | - | - |
Liabilities directly associated with the assets held for sale | 371,599 | -371,599 | - | - | - |
Total non-derivative financial obligations | 5,369,622 | -2,424,329 | -795,306 | -3,164,110 | -65,514 |
Derivative financial instruments | 4,336 | 36 | -449 | -1,667 | -1,741 |
Total derivative financial obligations | 4,336 | 36 | -449 | -1,667 | -1,741 |
| Fair value change | |||
Variables | Change in variables | + 1 % | - 1% |
NIBOR | +/- 1 % | 3.51 | -3.80 |
Note 28 Capital structure and capital management
The Group’s objectives relating to capital management are to ensure continued operation, to provide
returns for shareholders and benefits for other stakeholders and to maintain an optimal capital
structure to reduce the cost of capital. The main objective of the Group’s capital management is to
maintain a favourable debt and equity ratio and to reduce the Group’s interest cost. The debt ratio
(loan-to-value/”LTV”) is calculated as net interest-bearing debt divided by fair value of investment
property and book value of Property, Plant and Equipment. The Group’s objective is to have an LTV
ratio below 60 %. The Group’s LTV is 55 % as of December 31, 2024. To change the capital structure,
the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders,
issue new shares or sell assets to reduce debt.
The Group’s capital needs are influenced by the need for a liquidity reserve for existing and possible
new projects.
Solidity and liquidity
Equity and liquidity reserve are central key figures in the management of the Group capital structure.
The Group liquidity reserve should be in proportion with all ongoing projects and any new projects.
Group covenants
As of December 31, 2024, the Group is in compliance with all financial covenants. The Group has
issued two bonds, of which the financial covenants include a minimum equity ratio on consolidated
group level. The Group also holds a credit facility with a requirement to minimum book value of equity,
LTV and minimum liquidity.
Further, Industrial Real Estate has several loans with associated covenants. The financial covenants
include LTV and minimum cash requirements. For some of the loans, the Industrial Real Estate Group
functions as a guarantor.
In addition, two of the subsidiaries in the Bulk Infrastructure Digital segment have loan facilities with
various financial covenants, which include debt service coverage ratio, minimum equity ratio and
leverage ratio.
The financial covenants are monitored by management continuously. The majority of the covenants
are reported on a quarterly basis to the Board and the relevant bank. No financial covenants were in
breach during the year.
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 29 Interest-bearing debt
(Figures in NOK ´000) | 31.12.2024 | 31.12.2023 |
Total interest-bearing debt, nominal value | 6,112,254 | 5,136,810 |
- of which hedged (fixed interest rate) | 815,486 | 688,023 |
Hedge Ratio 1) | 13 % | 13 % |
Average interest rate at floating rate, including margin (%) | 8.7 % | 8.5 % |
Average remaining duration, borrowings (years) | 2.6 | 2.5 |
Average remaining duration, hedging contracts (years) | 4.9 years | 5.6 years |
Total interest-bearing debt, nominal value | 6,112,254 | 5,136,810 |
| Amounts to be amortized: Capitalized transaction costs of borrowings | 10,301 | -90,939 |
| and premium from tap issue | ||
Carrying amount of bond loans and borrowings | 6,122,554 | 5,045,871 |
Of which is classified as current (First year instalments of debt) | 1,056,177 | 1,699,512 |
1)
The hedge ratio implies the degree of economic predictability. This is the percentage of debt which is hedged
through interest rate swaps. The Group does not apply hedge accounting.
Maturity on long-term debt
31.12.2024 | 31.12.2023 | |
Year 1 | 1,056,177 | 1,699,512 |
Year 2 | 2,582,642 | 506,815 |
Year 3-5 | 2,412,436 | 2,869,482 |
After year 5 | 61,000 | 61,000 |
Total | 6,112,255 | 5,136,810 |
The recognized carrying amount of the assets pledged as security for liabilities as per 31.12
2024 | 2023 | |
Investment property and property, plant and equipment | 6,986,993 | 5,172,769 |
Total pledged assets | 6,986,993 | 5,172,769 |
Borrowings secured with pledged assets | 3,612,254 | 2,951,810 |
In addition to pledged investments property and property, plant and equipment, the Group has
established priority pledge in the shares of subsidiaries, factoring and bank accounts.
Please refer to note 28 for further info regarding the Groups covenants.
Bond loan
The Group completed in June 2024 a tap issue of NOK 750 million in its outstanding senior unsecured
green bond issue due 15 September 2026 with ticker “BISG02 ESG” (ISIN: NO0012701269). The
total amount outstanding was increased to NOK 1,250 million. The tap issue was priced at 105.5% of
par. The net proceeds from the tap issue will be applied for use in accordance with the Green Finance
Framework, including refinancing of existing debt related to green projects.
As of year-end 2024 the Group has two bond loans listed on Oslo Stock exchange. Information about
these bonds are as follows:
| Bulk Infrastructure Group AS 22/26 | Bulk Infrastructure Group AS 23/28 | |
| Specification | FRN | FRN |
ISIN | NO0012701269 | NO0013013219 |
Maturity date | 15.09.2026 | 21.03.2028 |
Amount | NOK 1,250,000,000 | NOK 1,250,000,000 |
Coupon | Nibor 3m + 6.5% | Nibor 3m + 5.75% |
Coupon type | FRN | FRN |
Coupon frequency | Quarterly | Quarterly |
Trustee | Nordic Trustee AS | Nordic Trustee AS |
Financial covenants | Equity ratio > 35%. | Equity ratio > 35%. |
Security | Unsecured | Unsecured |
Listing | 1 September, 2023 | 13 October, 2023. |
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BULK INFRASTRUCTURE GROUP AS / CONSOLIDATED FINANCIAL STATEMENTS
Note 32 Subsequent events after the reporting period
There are no material subsequent events after the reporting period.
Note 30 Reconciliation of net debt
Reconciliation of net debt
| Cash and cash | ||||
| (Figures in NOK ´000) | equivalents | Borrowings | Leases | Total |
Net debt as at January 1, 2024 | 1,026,391 | -5,045,871 | -63,062 | -4,082,541 |
| Cash flows | ||||
Net cash flow from operations | 148,499 | - | - | 148,499 |
Net cash flow from investing | -2,387,788 | - | - | -2,387,788 |
Net cash flow from financing | 4,704,182 | - | - | 4,704,182 |
Repayment of borrowings | - | 1,347,487 | - | 1,347,487 |
Proceeds from borrowings, net of transaction expenses | - | -2,506,883 | - | -2,506,883 |
Purchase of own shares in bond | - | 100,000 | - | 100,000 |
| Amortization of transactions | - | -4,088 | - | -4,088 |
| expenses and premiums | ||||
New leases | - | - | -2,542 | -2,542 |
Installment on lease liabilities | - | - | 10,232 | 10,232 |
Adjustment to lease liability | - | -8,335 | -8,335 | |
Foreign exchange movement | 11,466 | -13,201 | - | -1,736 |
Net debt as at December 31, 2024 | 3,502,749 | -6,122,555 | -63,707 | -2,683,513 |
(Figures in NOK ´000) | 31.12.2024 | 31.12.2023 |
Prepayments from customer - long-term | 84,617 | 50,292 |
Prepayments from customer - short-term | 66,311 | 2,647 |
Accrued salaries, public duties | 55,972 | 42,444 |
Accrued expenses | 125,404 | 107,223 |
Total | 332,303 | 202,606 |
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BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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51
Income statement
52
Balance sheet
53
Cash flow statement
54
Notes to financial statement
60
Auditor’s report
Bulk Infrastructure Group AS
Financial statements
2024
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
Note 1 Transactions with related parties 55
Note 2 Personnel expenses, number of employees, remuneration, loan to employees 55
Note 3 Fixed assets and intangible assets 56
Note 4 Debtors, liabilities, pledged assets and guarantees etc. 56
Note 5 Investments in subsidiaries 56
Note 6 Bond loan 57
Note 7 Tax 57
Note 8 Equity 58
Note 9 Restricted funds 58
Note 10 Share capital and shareholder information 58
Financial statements 2024
Presentations
Income Statement 51
Balance sheet 52
Cash flow statement 53
Notes
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BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Income Statement
(Figures in NOK ´000) Note 2024 2023
Sales revenue
1 31,568 47,018
Rental income 2,392 2,302
Other income
1 3,315 1,451
Total income 37,275 50,771
Raw materials and consumables used 133 8
Employee benefits expense
2 77,362 58,627
Depreciation of tangible and intangible fixed assets
3 1,577 1,971
Other expenses
1,2 46,924 26,219
Total expenses 125,996 86,825
Operating profit/loss -88,721 -36,054
Financial income and expenses
Interest income from group companies
4 420,369 238,762
Other interest income 74,482 6,392
Other financial income 1,364 42
Writ-down of other financial fixed assets
5 - -218,396
Interest expense to group companies
4 58 15,503
Other interest expenses
6 262,941 166,905
Other financial expenses 14,955 8,919
Net financial items 218,261 272,265
Result before tax 129,540 236,211
Tax expense
7 28,829 3,933
Result for the year 100,711 232,278
Allocation of result for the year
Other equity
8 100,711 232,278
Total brought forward 100,711 232,278
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
Oslo, March 27, 2025
Peder Nærbø
Executive Chair
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Balance sheet
(Figures in NOK ´000) Note 2024 2023
NON-CURRENT ASSETS
Intangible assets
Licenses, patents etc.
3 1,587 1,358
Deferred tax assets
7 2,662 31,088
Total intangible assets 4,249 32,446
Property, plant and equipment
Land, buildings and other real estate
3 9,215 8,764
Equipment, fixtures and fittings and other movables
3 431 679
Total property, plant and equipment 9,646 9,443
Non-current financial assets
Investments in subsidiaries
1, 5 2,198,981 2,197,551
Loan to group companies
4 1,021,818 31,935
Investments in shares and other securities 10,000 2,672
Other long-term receivables
2 4,596 2,895
Total non-current financial assets 3,235,395 2,235,053
Total non-current assets 3,249,290 2,276,942
CURRENT ASSETS
Receivables
Accounts receivables 69 861
Other short-term receivables 6,634 7,788
Receivables from group companies
4 4,805,223 3,358,019
Total receivables 4,811,926 3,366,667
Bank deposits, cash and cash equivalents
Bank deposits, cash and cash equivalents
9 2,676,677 743,457
Total bank deposits, cash and cash equivalents 2,676,677 743,457
Total current assets 7,488,602 4,110,124
Total assets 10,737,892 6,387,066
(Figures in NOK ´000) Note 2024 2023
EQUITY AND LIABILITIES
Equity
Paid in equity
Share capital
8, 10 5,060 3,726
Share premium reserve
8 7,850,112 3,841,445
Total paid-up equity 7,855,172 3,845,172
Retained earnings
Other equity
8 287,408 160,734
Total retained earnings 287,408 160,734
Total equity 8,142,579 4,005,906
Non-current liabilities
Other provisions 49,416 49,416
Bonds
6 2,510,301 2,287,463
Liabilities to financial institutions
4 - 5,654
Total non-current liabilities 2,559,717 2,342,533
Current liabilities
Trade payables 5,294 6,509
Public duties payable 2,469 2,228
Liabilities to group companies 1,833 -
Other current liabilities
6 26,000 29,890
Total current liabilities 35,596 38,628
Total liabilities 2,595,313 2,381,160
Total equity and liabilities 10,737,892 6,387,066
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Cash flow statement
(Figures in NOK ´000) Note 2024 2023
Cash flows from operating activities
Profit/loss before tax 129,540 236,211
Loss/gain on the sale of fixed assets -1,670 -
Ordinary depreciation
3 1,577 1,971
Impairment of Investments
5 - -218,396
Change in accounts receivable 792 -844
Change in accounts payable -1,215 -1,458
Share-based payments 25,963 -
Change in other accrual items -4,149 -9,749
Net cash flows from operating activities 150,838 7,735
Cash flows from investment activities
Proceeds from the sale of fixed assets 1,670 -
Payments to buy tangible assets
3 2,058 1,884
Payments to buy other investments
6 7,328 -
Net cash flows from investment activities -7,716 -1,884
Cash flows from financing activities
Proceeds from the issuance of new long-term liabilities
6 787,838 826,015
Repayment of long-term liabilities 570,654 -
Net change in accrued items related to group cash pool -1,447,204 -1,061,235
Proceeds from equity
8 4,010,001 939,859
Change in receivable/payable related party
4 -989,883 -3,696
Net cash flows from financing activities 1,790,099 700,943
Net change in cash and cash equivalents 1,933,220 706,794
Cash and cash equivalents at the start of the period 743,457 36,663
Cash and cash equivalents at the end of the period 2,676,677 743,457
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Accounting principles
The financial statements are presented in accordance with relevant Norwegian laws and generally
accepted accounting principles for other enterprises. The principles are outlined below and have been
consistently applied to all periods presented, unless otherwise is stated.
Current assets and liabilities
Balances that fall due within a year are classified as current assets and liabilities. The value of current
assets is presented as the lower historical cost and fair value.
Bond loan
The bond is measured by amortized cost according to the Norwegian Accounting Act chapter 5.
Amortized cost calculated by effective interest rate is accepted in the standard assessment guidelines.
The amortized cost of an asset is comprised by original cost, minus transactions between the parties (eg.
payments, interest and fees), plus effective interest. An impairment would decrease the calculated value.
Intangible assets
Expenditure on own research is expensed as and when incurred. Expenditure on Development is
capitalised providing a future financial benefit relating to the development of an identifiable intangible
asset can be identified and the expenses can be measured reliably. Otherwise, such expenditure is
expensed as and when incurred. Capitalised development costs are amortised linearly over the asset’s
expected useful life.
Property, plant and equipment
Property, plant and equipment (PPE) are assets held for long-term ownership and use. PPE are valued
at historical cost less subsequent depreciation and impairments. Historical cost includes expenditure
directly attributable to the acquisition of the items.
Depreciation is calculated based on estimated useful lives for the assets. Impairments occur when
historical cost exceeds long-term fair value. Previous impairments may be reversed if there are
significant changes in value.
Investments in other companies
The cost method is applied to investments in subsidiaries and associated companies. Cost may vary
with capital contributions. Investments are subject to impairments if permanent fair value is lower than
cost. Previous impairments may be reversed if there are significant changes in value.
Dividends are classified as financial income. Capital contributions from previous ownership are
classified as return of capital and will reduce historic cost.
The management in the Group owns shares in the group through Klub Bulk AS. IFRS 2 Share-Base
Payments applies to the Consolidated Financial Statements for the group.
Foreign currency
Foreign currency transactions are translated at the exchange rate on the date of the transaction.
Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date.
Non- monetary items that are measured at historical cost in a foreign currency are translated to NOK
using the exchange rate on the transaction date. Non-monetary items that are measured at fair value in
a foreign currency are translated to NOK using the exchange rate on the measurement date. Exchange
rate fluctuations are posted to the profit and loss account as they arise under other financial items.
Revenues
Income from the sale of goods is recognised on the date of delivery. Services are posted as income
as they are delivered. Income from the sale of services and long-term manufacturing projects
(construction contracts) are posted to the profit and loss account in line with the project’s degree of
completion, when the outcome of the transaction can be estimated in a reliable manner. When the
transaction’s outcome cannot be estimated reliably, only income corresponding to a projects’ incurred
costs can be posted as revenue. At the time when it is identified that the project will give a negative
result, the estimated loss on the contract is posted in full to the profit and loss account.
Costs
Costs are expensed in the same period as the associated income. When there is no clear connection
between costs and associated income, costs are expensed in the period they are incurred.
Receivables
Receivables are recognized at fair value. A provision for impairment is established when objective
evidence exists that the company will be unable to collect the entire amount due in accordance with
the original terms of each receivable.
Tax
The tax charge in the income statement includes both payable taxes for the period and changes in
deferred tax. Deferred tax is calculated at 22 % on the basis of the temporary differences that exist
between accounting and tax values, as well as any possible taxable loss carried forwards at the end of
the accounting year. Tax enhancing or tax reducing temporary differences, which are reversed or may
be reversed in the same period, have been eliminated.
Cash Flow statement
The cash flow statement has been prepared according to the indirect method. Cash and cash
equivalents include cash, bank deposits, and other short-term investments which immediately and
with minimal exchange risk can be converted into known cash amounts, with due date less than three
months from purchase date.
Changes in accounting principles
There were no changes in the accounting principles applied by the company in 2024.
Consolidated financial statements
Bulk Infrastructure Group AS is included in the consolidated financial statements of Bulk Infrastructure
Holding AS and Bulk Industrier AS. The consolidated financial statements are available at
www.bulkinfrastructure.com.
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Note 1 Transactions with related parties
Bulk Infrastructure Group AS provide services in accounting and administration to related companies
and companies in the group. The services are priced according to current market conditions. In 2024,
fees for accounting, administration and project management of TNOK 31,568 have been recognized
as income. In addition TNOK 4,112 has been allocated as share of Group costs (recognised as cost
reduction in Bulk Infrastructure Group AS).
Note 2 Personnel expenses, number of employees, remuneration,
loan to employees
Payroll expenses
(Figures in NOK ´000) 2024 2023
Salaries/wages 68,095 51,165
Social security fees 5,727 6,057
Pension expenses 725 690
Other remuneration 3,325 1,969
Allocated salaries to other group companies -510 -1,255
Total 77,362 58,627
Average number of employees during the financial year 21 20
Salaries and remunerations to executives
1)
(Figures in NOK ´000) Executives Board Chairman
Salaries and bonuses 16,556 4,353
Pension obligations 264 45
Other remunerations 619 -
Total 17,439 4,398
1)
The CEO and additional members of the board of Bulk Infrastructure Holding AS (the parent company) receives
salaries and remunerations from Bulk Infrastructure Group.
Loan to employees
Other employees have loans in the company totaling TNOK 3 113 These loans are repaid within three
years (due in 2025). The interest rate corresponds to the tax-free interest rate determined by the
authorities.
OTP (Statutory occupational pension)
The company is required to have a pension scheme in accordance with the Norwegian law on required
occupational pension (“lov om obligatorisk tjenestepensjon”). The company’s pension scheme meets
the requirement of this law.
Expensed audit fee
Expenses paid to the auditor for 2024 amounts to TNOK 1 612,- excl.VAT.
(Figures in NOK ´000)
Statutory audit fee 1,493
Tax advisory -
Other assistance 119
Total audit fees 1,612
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Note 3 Fixed assets and intangible assets
(Figures in NOK ´000) Land
Buildings/
adjustments
rented buildings
Moveables and
machines
R&D and
software Total
Purchase cost 01.01 5,076 10,537 13,539 3,275 32,427
Additions 1,200 62 796 2,058
Disposals - -50 -5,212 - -5,261
Purchase cost 31.12 5,076 11,687 8,390 4,071 29,223
Acc. depr. 31.12 - 7,548 7,959 2,484 17,991
Book value 31.12 5,076 4,139 431 1,587 11,232
Depr. this year 699 310 567 1,577
Not
depreciated
10-15 years,
linear
3-5 years,
linear
5 years, linear/
not depreciated
Note 4 Debtors, liabilities, pledged assets and guarantees etc.
Long-term receivables with minimum maturity of 1 year.
Receivables due later than 1 year amounts to TNOK 1 021 818.
Long-term debt with minimum maturity of 5 years.
Bulk Infrastructure Group AS does not have any debt with minimum maturity of 5 years.
Balances with group companies
(Figures in NOK ´000) 2024 2023
Long-term claims on group companies 1,021,818 31,935
Accounts receivable from group companies 1,247 2,058
Claims on group companies / group contributions 4,803,975 3,355,960
Short-term debt to group companies -1,833 -
Total 5,825,208 3,389,953
Other debt have priority over debt to group companies. Balances with group companies are charged
with an interest rate equal to NOWA 3M + 4% p.a.
Bulk Infrastructure Group AS is the owner of a group cash pool. Of the company’s short term claims on
group companies TNOK 4 802 142 are claims regarding the cash pool.
Note 5 Investments in subsidiaries
Investments in subsidiaries are booked according to the cost method.
Company
(Figures in NOK ‘000)
Ownership/
voting rights Cost price
Write-down/
Reclassification Book value
Bulk Industrial Real Estate AS 100% 499,478 - 499,478
Bulk Data Centers AS 100% 934,822 - 934,822
Bulk Fiber Networks AS 100% 764,682 - 764,682
Bulk Powered Land AS 100% - - -
Sum 2,198,981 - 2,198,981
The companies are based in Oslo, Norway.
Company
(Figures in NOK ‘000) Book value
P/L for 2024
(100%)
Equity pr.
31.12 (100%)
Bulk Industrial Real Estate AS 499,478 156,506 504,330
Bulk Data Centers AS 934,822 -77,688 585,637
Bulk Fiber Networks AS 764,682 6,265 728,989
Bulk Powered Land AS - -5,527 -6,257
Sum 2,198,981 79,557 1,812,698
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Note 6 Bond loan
Bulk Infrastructure Group AS issued a senior unsecured green bond of NOK 500 million on 9
September 2022 and completed a bond tap issue of NOK 750 million on 18 June 2024. The unsecured
bond NO0010865876 was settled 1 July 2024. Bulk Infrastructure Group AS issued another green
bond of NOK 1250 million on 21 March 2023. Both bonds was listed 2nd half of 2023 according to
the table below. The net proceeds from the bonds will be utilized in accordance with the green bond
framework.
Specification Bond 2022/2026 Bond 2023/2028
ISIN NO0012701269 NO0013013219
Maturity date 15.09.2026 21.03.2028
Amount NOK 1.250.000.000 NOK 1,250,000,000
Coupon Nibor 3m + 6.5% Nibor 3m + 5.75%
Coupon type FRN FRN
Coupon Frequency Quarterly Quarterly
Trustee Nordic Trustee AS Nordic Trustee AS
Financial Covenants Equity ratio > 35% Equity ratio > 35%
Security Unsecured Unsecured
Listed 1 September 2023 13 October 2023
Note 7 Ta x
(Figures in NOK ‘000) 2024 2023
Entered tax on ordinary profit/loss
Payable tax 403 -
Changes in deferred tax assets 28,426 3,933
Tax expense on ordinary profit/loss 28,829 3,933
Taxable income
Ordinary result before tax 129,540 236,211
Permanent differences 752 -218,335
Changes in temporary differences 2,028 -4,380
Received intra-group contribution - 370
Provided intra-group contribution -1,083 -
Allocation of loss to be brought forward -131,236 -13,866
Taxable income - -
Payable tax in the balance
Payable tax on this year's result 403 -81
Payable tax on provided Group contribution -403 -
Payable tax on received Group contribution - 81
Total payable tax in the balance - -
The tax effect of temporary differences that has formed the basis for deferred tax and deferred tax
advantages, specified on type of temporary differences.
(Figures in NOK ‘000) 2024 2023 Difference
Tangible assets -467 -3,183 -2,717
Accounts receivable -1,495 - 1,495
Allocations and more -10,137 -6,888 3,249
Total -12,099 -10,071 2,028
Accumulated loss to be brought forward - -131,236 -131,236
Basis for deferred tax assets -12,099 -141,308 -129,209
Deferred tax assets (22%) -2,662 -31,088 -28,426
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / FINANCIAL STATEMENTS
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Board of Directors Report 2024
Consolidated financial
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Responsibility statement
Auditor’s report
Note 8 Equity
(Figures in NOK ‘000)
Share
capital
Share
premium
reserve
Other paid
in capital
Retained
earnings Total equity
Equity 01.01 3,726 3,841,445 35,045 125,689 4,005,906
Share capital increase 1,334 4,008,666 - - 4,010,000
Other adjustments
1)
- - 25,963 - 25,963
Annual net profit/loss - - - 100,711 100,711
Equity 31.12 5,060 7,850,112 61,008 226,400 8,142,579
1)
Other adjustments consist of effects from Share-Based Payments for Group Management employed in Bulk
Infrastructure Group AS, covered by Bulk Infrastructure Holding AS and recognised as equity in Bulk Infrastructure
Group AS.
Note 9 Restricted funds
Funds of TNOK 2,550 restricted to employees taxes are included in bank deposits, cash and cash
equivalents in the balance sheet.
Note 10 Share capital and shareholder information
Share capital Number Nominal value
Book value
1 = NOK 1000
Ordinary shares 505,996,842 0,0100 5,060
Shareholders Country Number shares Share of capital %
Bulk Infrastructure Holding AS Norway 505,996,842 100%
Board Chairman, Peder Nærbø, has an indirect ownership of 15,6% in Bulk Infrastructure Group AS.
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / RESPONSIBILITY STATEMENT
The annual report for the Group and the parent company is in
compliance with the Accounting Act. To the best of our knowledge,
we confirm that;
• The 2024 financial statements for the Group and the parent
company are prepared in accordance with applicable
accounting standards
• The provided information in the financial statements gives
a true and fair view of the Group and the parent company’s
assets, liabilities, financial position and results of operations as
of December 31, 2024
• The Board of Directors report provides the Group and the
parent company a fair view of
∙ development, performance and position of the Group and
the parent company
∙ the most important risks and uncertainties the Group and
the parent company faces
Responsibility statement by the Board of Directors – Bulk Infrastructure Group AS
The Board of Directors have today treated and approved the
annual report and financial statements for Bulk Infrastructure
Group AS (the parent company) and the Group, the consolidated
accounts, as of December 31, 2024. The consolidated financial
statements have been prepared in accordance with the EU-
approved IFRS standards and interpretations, together with the
additional disclosure requirements in the Norwegian Accounting
Act to be applied as of December 31, 2024. The financial
statements for the parent company are prepared in accordance
with relevant Norwegian laws and generally accepted accounting
principles in Norway as of December 31, 2024.
Oslo, March 27, 2025
The board of Bulk Infrastructure Group AS
Peder Nærbø
Executive Chair
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Responsibility statement
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Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / AUDITOR’S REPORT
Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO-0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), its
network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred
to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.no for a more detailed description of DTTL and its member firms.
© Deloitte AS
Registrert i Foretaksregisteret
Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Bulk Infrastructure Group AS
INDEPENDENT AUDITOR'S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Bulk Infrastructure Group AS, which comprise:
The financial statements of the parent company Bulk Infrastructure Group AS (the Company), which
comprise the balance sheet as at 31 December 2024, the income statement, cash flow statement for the
year then ended, and notes to the financial statements, including material accounting policy information.
The consolidated financial statements of Bulk Infrastructure Group AS and its subsidiaries (the Group),
which comprise the balance sheet as at 31 December 2024, statement of comprehensive income,
statement of changes in equity and cash flow statement for the year then ended, and notes to the financial
statements, including material accounting policy information.
In our opinion
the financial statements comply with applicable statutory requirements,
the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and its financial performance and its cash flows for the year then ended in accordance
with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway,
and
the consolidated financial statements give a true and fair view of the financial position of the Group as at 31
December 2024, and its financial performance and its cash flows for the year then ended in accordance
with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are independent of the Company and the Group as required by relevant laws and
regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of Bulk Infrastructure Group AS for 3 years from the election by the general meeting of
the shareholders on 23 September 2022 for the accounting year 2022.
side 2
Independent auditor's report
Bulk Infrastructure Group AS
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of 2024. These matters were addressed in the context of our audit of the financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Investment property represents a
substantial portion of the group’s total
assets. Investment property is recognised
at fair value. Fair value is estimated by
management with assistance from third
party valuers.
The fair value is based on assumptions
and estimates as well as property specific
information like future leasing payments,
vacancies, and discount rate. These
assumptions and estimates require
significant judgment and therefore
valuation of investment property is a key
audit matter. We refer to note 3
“Accounting estimates and significant
judgments” for further information.
The Group has established internal control to ensure
relevant property information is included in the external
valuations. We have assessed the design and implementation
of the control.
For a sample of the investment properties, we have
reconciled the property information regarding annual rent
and square meters in the third party valuers’ report to the
Group`s own records.
We have met with the third party valuers’ and discussed and
challenged their judgements used in the valuation of
investment properties, particularly those concerning market
rent, yield and discount rate.
We have assessed the third party valuers’ qualifications and
expertise and reviewed their terms of engagement in order
to determine whether there were any matters that might
have affected their objectivity. We have assessed the
valuation methods used against generally accepted valuation
standards and practices.
In carrying out the procedures related to valuation of
investment property, we have used our internal valuation
specialists.
We have assessed whether the disclosures in note 10
regarding valuation of investment properties were adequate.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the Board of
Directors’ report and the other information accompanying the financial statements. The other information comprises
information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our
opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other
information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report
and the other information accompanying the financial statements. The purpose is to consider if there is material
inconsistency between the Board of Directors’ report and the other information accompanying the financial
statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’
report and the other information accompanying the financial statements otherwise appear to be materially
PAGE 60 BROWSE SEARCH
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Group presentation
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Bulk Industrial Real Estate
Board of Directors Report 2024
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statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / AUDITOR’S REPORT
side 3
Independent auditor's report
Bulk Infrastructure Group AS
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the
other information accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors’ report applies correspondingly to the statements on Corporate Governance
and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and fair view
in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in
Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view
in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal
control as management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial
statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise
will cease operations. The financial statements of the Group use the going concern basis of accounting unless
management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Company’s and the Group's internal control.
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the Company’s and the Group's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
side 4
Independent auditor's report
Bulk Infrastructure Group AS
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company and the Group to cease to continue as a going concern.
evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves a true and fair view.
obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are
responsible for the direction, supervision and performance of the group audit. We remain solely responsible
for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during
our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Bulk Infrastructure Group AS, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual report,
with the file name “Bulk Infrastructure Group AS Annual Report 2024.zip”, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian
Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format
and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects,
in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This
responsibility comprises an adequate process and such internal control as management determines is necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects,
the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our
work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance
engagements other than audits or reviews of historical financial information”. The standard requires us to plan and
perform procedures to obtain reasonable assurance about whether the financial statements included in the annual
report have been prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for
preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial
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Group presentation
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Board of Directors Report 2024
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statements
Parent company financial
statements
Responsibility statement
Auditor’s report
Annual Report 2024
BULK INFRASTRUCTURE GROUP AS / AUDITOR’S REPORT
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Independent auditor's report
Bulk Infrastructure Group AS
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the
consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation
of the iXBRL tagged data with the audited financial statements in human-readable format. We believe that the
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 27 March 2025
Deloitte AS
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State Authorised Public Accountant
(This document is signed electronically)
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Board of Directors Report 2024
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statements
Responsibility statement
Auditor’s report
CHAPTER
Annual Report 2024
Bulk Infrastructure Group AS
Karenslyst Allé 53
0279 Oslo, Norway
Phone: +47 47 80 70 00
bulkinfrastructure.com
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Board of Directors Report 2024
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statements
Responsibility statement
Auditor’s report