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"ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00530": { "value": "3498000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00288": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00446": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00507": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00531": { "value": "2231000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00289": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00447": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00508": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00532": { "value": "-79000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00290": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "elk:OtherRetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00448": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "elk:OtherRetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00509": { "value": "1081000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "elk:OtherRetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00533": { "value": "18675000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "elk:OtherRetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00291": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00449": { "value": "-5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00510": { "value": "1081000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00534": { "value": "20827000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00292": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00450": { "value": "-8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00511": { "value": "3815000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00535": { "value": "24325000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00293": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00451": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00512": { "value": "104000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00536": { "value": "133000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00294": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_Label_00452": { "value": "-8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_NegatedLabel_00513": { "value": "3919000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00537": { "value": "24458000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "1. General information
Elkem ASA is a limited liability company located in Norway
and whose shares are publicly traded on Oslo B\u00f8rs. Elkem
ASA is owned 52.9 per cent by Bluestar Elkem International
Co. Ltd S.A., Luxembourg, which is under the control
of Sinochem Holdings Co., Ltd (Sinochem), a company
registered and domiciled in China.
Elkem is one of the world\u2019s leading providers of advanced
material solutions shaping a better and more sustainable
future. The company develops silicones, silicon products
and carbon solutions by combining natural raw materials,
renewable energy and human ingenuity. Elkem helps its
customers create and improve essential innovations like
electric mobility, digital communications, health and personal
care as well as smarter and more sustainable cities. With a
strong track record since 1904, its global team of more than
7 200 people have a joint commitment to stakeholders:
Delivering your potential. In 2024, Elkem Group total achieved
an operating income of NOK 33 004 million.
The consolidated \ufb01nancial statements for Elkem ASA
(hereafter Elkem/the group), including notes, for the year
2024 were authorised for issue by the board of directors\u00b4 of
Elkem ASA on 12 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Elkem ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "Bluestar Elkem International Co. Ltd S.A", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "Sinochem Holdings Co., Ltd", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "Elkem is one of the world\u2019s leading providers of advanced material solutions shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health and personal care as well as smarter and more sustainable cities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "The consolidated \ufb01nancial statements for Elkem ASA
(hereafter Elkem/the group), including notes, for the year
2024 were authorised for issue by the board of directors\u00b4 of
Elkem ASA on 12 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "2. Basis for preparing the consolidated \ufb01nancial statements
Compliance
The consolidated \ufb01nancial statements are prepared and in
accordance with International Financial Reporting Standards
(IFRS\u00ae) as endorsed by the European Union (EU) and e\ufb00ective
at 31 December 2024. All accounting policies are used
consistently by all subsidiaries in the consolidated \ufb01nancial
statement. Relevant \ufb01nancial reporting principles are described
in each note to the consolidated \ufb01nancial statements.
Preparation of consolidated \ufb01nancial statements
The consolidated \ufb01nancial statements are prepared on a
historical cost basis, with the exception of derivative \ufb01nancial
instruments and other \ufb01nancial assets measured at fair value.
The presentation currency of Elkem is Norwegian Krone
(NOK). All \ufb01nancial information is presented in NOK million,
unless otherwise stated. As a result of rounding adjustments,
the amounts shown in one or more rows and columns
included in the consolidated \ufb01nancial statements, may not
add up to the total.
In text, the current year's \ufb01gures are presented outside
parentheses, followed by the comparative \ufb01gures presented in
parentheses.
On 23 January 2025 the group announced its intention to
perform a strategic review of the Silicones business area, and
it initiated an active programme to locate a buyer for the Elkem
Silicones operating segment. At the end of the fourth quarter it
was assessed that Elkem Silicones meets the criteria for held
for sale. Elkem Silicones operating segment represents a major
line of business and per 31 December 2024 a sale is regarded
to be highly probable to occur within one year. Elkem Silicones
operating segment is held for sale and is therefore classi\ufb01ed
as discontinued operations in the 2024 \ufb01nancial statement.
The income statement for 2023 has been restated to classify
Silicones operating segment as discontinued operations. In the
2024 statement of \ufb01nancial position, the Silicones segment
is presented as held for sale. The statement of cash \ufb02ows and
note 6 Operating segments provide information for the entire
Elkem group (Elkem group total). Unless otherwise speci\ufb01ed,
notes related to the income statement re\ufb02ect continuing
operations. For the statement of \ufb01nancial position, the 2024
numbers relate to continuing operations, while the 2023
numbers relate to Elkem group total. When totals for both
continuing and discontinued operations are disclosed, it will
be speci\ufb01ed that the information is for Elkem group total. See
note 40 Assets held for sale and discontinued operations for
further information.
The consolidated \ufb01nancial statements have been prepared
under the going concern assumption.
Foreign currency translation
Each entity in the group determines its functional currency
based on the economic environment in which it operates,
and items included in the \ufb01nancial statements of each entity
are measured using that functional currency. When preparing
the \ufb01nancial statements of each individual group entity,
transactions in currencies other than the entity's functional
currency are recognised in the functional currency, using the
transaction date\u2019s currency rate.
Monetary items denominated in foreign currencies are
translated to each entity's functional currency using the
closing rate at the end of the reporting period, and any gains
(losses) are reported in the statement of pro\ufb01t or loss. Non-
monetary items that are measured at fair value in a foreign
currency are translated using the exchange rate at the date
when the fair value was measured. Currency gains (losses)
related to operating activities, i.e. receivables, payables, cash
and cash equivalents for operating purposes including current
intragroup balances, are recognised as a part of other items.
Currency e\ufb00ects recognised in \ufb01nance income and expenses
are only related to \ufb01nancing activities such as loans, lease
liabilities, long-term placements and dividends.
Foreign currency di\ufb00erences are recognised in other
comprehensive income for the following items:
\u2192
a \ufb01nancial asset or liability designated as a hedging
instrument in a cash \ufb02ow hedge, to the extent that the
hedge is e\ufb00ective
\u2192
loans in foreign currencies designated as hedging
instruments in a hedge of a net investment in a
foreign operation
In consolidation of the statement of pro\ufb01t or loss and the
statement of \ufb01nancial position, separate group entities with
other functional currency than the group's presentation
currency, are translated directly into the presentation currency
as follows:
\u2192
Assets and liabilities are translated using the exchange
rate at the end of the reporting period
\u2192
Income and expenses are translated using an average
exchange rate per month
\u2192
Equity transactions, except for pro\ufb01t or loss for the period,
are translated using the transaction date rates
All resulting exchange di\ufb00erences are booked as a separate
component in other comprehensive income (OCI)
Any goodwill arising on acquisition of a foreign operation and
any fair value adjustment to the carrying amount of assets and
liabilities arising on the acquisition, are treated as assets and
liabilities of the foreign operations. On disposal of a foreign
entity, the deferred cumulative amount recognised in other
comprehensive income relating to that particular foreign
operation, is recognised in the statement of pro\ufb01t or loss.
Statement of cash \ufb02ows
The statement of cash \ufb02ows is prepared under the indirect
method. Cash in\ufb02ows and out\ufb02ows are shown separately for
investing and \ufb01nancing activities, while operating activities
include both cash and non-cash e\ufb00ect items. Interest received
and paid and other \ufb01nancial expenses, such as bank guarantee
expenses, are reported as a part of operating activities. Net
currency gains or losses related to \ufb01nancing activities are
reported as part of \ufb01nancing activities. Dividends received from
joint ventures and associates that do not operate within Elkem's
main business areas are included in investing activities.
Dividend to shareholders
Dividend is recognised as a liability when the shareholders'
right to payment is established, which is when the dividend is
approved by the general meeting.
Changes in accounting policies and correction
of material errors
Changes in accounting policies and correction of material
errors are recognised retrospectively by restating the
comparative amounts for the prior period presented, including
the opening balance of the prior year.
Changes in accounting policy
From 1 January 2024 Elkem has changed the principle for
presentation of grants related to income from other operating
income to net presentation where the grants are deducted
from the expenses for which the grants have compensated.
This results in more relevant information about the impact
of grants related to income and is consistent with the
presentation of investment grants as reduction of depreciation.
Please refer to note 39.
New and revised standards - adopted
No new or revised standards have been adopted in 2024.
New standards, interpretations and amendments
-
not yet e\ufb00ective
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements,
e\ufb00ective from January 1 2027. The standard introduces new
requirements with the intention to achieve comparability of
the \ufb01nancial performance of similar entities and provide more
relevant information and transparency to users. Even though
IFRS 18 will not impact the recognition or measurement
of items in the \ufb01nancial statements, is expected to impact
presentation and disclosure. Management is currently assessing
the detailed implications of applying the new standard on the
group\u2019s consolidated \ufb01nancial statements. No other standards,
interpretations or amendments published at the balance sheet
date are expected to have signi\ufb01cant e\ufb00ect on the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "2. Basis for preparing the consolidated \ufb01nancial statements
Compliance
The consolidated \ufb01nancial statements are prepared and in
accordance with International Financial Reporting Standards
(IFRS\u00ae) as endorsed by the European Union (EU) and e\ufb00ective
at 31 December 2024. All accounting policies are used
consistently by all subsidiaries in the consolidated \ufb01nancial
statement. Relevant \ufb01nancial reporting principles are described
in each note to the consolidated \ufb01nancial statements.
Preparation of consolidated \ufb01nancial statements
The consolidated \ufb01nancial statements are prepared on a
historical cost basis, with the exception of derivative \ufb01nancial
instruments and other \ufb01nancial assets measured at fair value.
The presentation currency of Elkem is Norwegian Krone
(NOK). All \ufb01nancial information is presented in NOK million,
unless otherwise stated. As a result of rounding adjustments,
the amounts shown in one or more rows and columns
included in the consolidated \ufb01nancial statements, may not
add up to the total.
In text, the current year's \ufb01gures are presented outside
parentheses, followed by the comparative \ufb01gures presented in
parentheses.
On 23 January 2025 the group announced its intention to
perform a strategic review of the Silicones business area, and
it initiated an active programme to locate a buyer for the Elkem
Silicones operating segment. At the end of the fourth quarter it
was assessed that Elkem Silicones meets the criteria for held
for sale. Elkem Silicones operating segment represents a major
line of business and per 31 December 2024 a sale is regarded
to be highly probable to occur within one year. Elkem Silicones
operating segment is held for sale and is therefore classi\ufb01ed
as discontinued operations in the 2024 \ufb01nancial statement.
The income statement for 2023 has been restated to classify
Silicones operating segment as discontinued operations. In the
2024 statement of \ufb01nancial position, the Silicones segment
is presented as held for sale. The statement of cash \ufb02ows and
note 6 Operating segments provide information for the entire
Elkem group (Elkem group total). Unless otherwise speci\ufb01ed,
notes related to the income statement re\ufb02ect continuing
operations. For the statement of \ufb01nancial position, the 2024
numbers relate to continuing operations, while the 2023
numbers relate to Elkem group total. When totals for both
continuing and discontinued operations are disclosed, it will
be speci\ufb01ed that the information is for Elkem group total. See
note 40 Assets held for sale and discontinued operations for
further information.
The consolidated \ufb01nancial statements have been prepared
under the going concern assumption.
Foreign currency translation
Each entity in the group determines its functional currency
based on the economic environment in which it operates,
and items included in the \ufb01nancial statements of each entity
are measured using that functional currency. When preparing
the \ufb01nancial statements of each individual group entity,
transactions in currencies other than the entity's functional
currency are recognised in the functional currency, using the
transaction date\u2019s currency rate.
Monetary items denominated in foreign currencies are
translated to each entity's functional currency using the
closing rate at the end of the reporting period, and any gains
(losses) are reported in the statement of pro\ufb01t or loss. Non-
monetary items that are measured at fair value in a foreign
currency are translated using the exchange rate at the date
when the fair value was measured. Currency gains (losses)
related to operating activities, i.e. receivables, payables, cash
and cash equivalents for operating purposes including current
intragroup balances, are recognised as a part of other items.
Currency e\ufb00ects recognised in \ufb01nance income and expenses
are only related to \ufb01nancing activities such as loans, lease
liabilities, long-term placements and dividends.
Foreign currency di\ufb00erences are recognised in other
comprehensive income for the following items:
\u2192
a \ufb01nancial asset or liability designated as a hedging
instrument in a cash \ufb02ow hedge, to the extent that the
hedge is e\ufb00ective
\u2192
loans in foreign currencies designated as hedging
instruments in a hedge of a net investment in a
foreign operation
In consolidation of the statement of pro\ufb01t or loss and the
statement of \ufb01nancial position, separate group entities with
other functional currency than the group's presentation
currency, are translated directly into the presentation currency
as follows:
\u2192
Assets and liabilities are translated using the exchange
rate at the end of the reporting period
\u2192
Income and expenses are translated using an average
exchange rate per month
\u2192
Equity transactions, except for pro\ufb01t or loss for the period,
are translated using the transaction date rates
All resulting exchange di\ufb00erences are booked as a separate
component in other comprehensive income (OCI)
Any goodwill arising on acquisition of a foreign operation and
any fair value adjustment to the carrying amount of assets and
liabilities arising on the acquisition, are treated as assets and
liabilities of the foreign operations. On disposal of a foreign
entity, the deferred cumulative amount recognised in other
comprehensive income relating to that particular foreign
operation, is recognised in the statement of pro\ufb01t or loss.
Statement of cash \ufb02ows
The statement of cash \ufb02ows is prepared under the indirect
method. Cash in\ufb02ows and out\ufb02ows are shown separately for
investing and \ufb01nancing activities, while operating activities
include both cash and non-cash e\ufb00ect items. Interest received
and paid and other \ufb01nancial expenses, such as bank guarantee
expenses, are reported as a part of operating activities. Net
currency gains or losses related to \ufb01nancing activities are
reported as part of \ufb01nancing activities. Dividends received from
joint ventures and associates that do not operate within Elkem's
main business areas are included in investing activities.
Dividend to shareholders
Dividend is recognised as a liability when the shareholders'
right to payment is established, which is when the dividend is
approved by the general meeting.
Changes in accounting policies and correction
of material errors
Changes in accounting policies and correction of material
errors are recognised retrospectively by restating the
comparative amounts for the prior period presented, including
the opening balance of the prior year.
Changes in accounting policy
From 1 January 2024 Elkem has changed the principle for
presentation of grants related to income from other operating
income to net presentation where the grants are deducted
from the expenses for which the grants have compensated.
This results in more relevant information about the impact
of grants related to income and is consistent with the
presentation of investment grants as reduction of depreciation.
Please refer to note 39.
New and revised standards - adopted
No new or revised standards have been adopted in 2024.
New standards, interpretations and amendments
-
not yet e\ufb00ective
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements,
e\ufb00ective from January 1 2027. The standard introduces new
requirements with the intention to achieve comparability of
the \ufb01nancial performance of similar entities and provide more
relevant information and transparency to users. Even though
IFRS 18 will not impact the recognition or measurement
of items in the \ufb01nancial statements, is expected to impact
presentation and disclosure. Management is currently assessing
the detailed implications of applying the new standard on the
group\u2019s consolidated \ufb01nancial statements. No other standards,
interpretations or amendments published at the balance sheet
date are expected to have signi\ufb01cant e\ufb00ect on the group.Principle application and judgements
Consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial
statements of Elkem ASA and entities controlled directly or
indirectly by Elkem ASA.
Business combinations
The acquisition method of accounting is used to account for
business combinations made by the group.
IFRS 3 allows two di\ufb00erent approaches to accounting for an
asset acquisition. Elkem have decided to \ufb01rst determine the
individual transaction price for each identi\ufb01able asset and
liability based on their relative fair value and subsequently
apply the initial measurement requirements in applicable
standards to each identi\ufb01able asset and liability. Any di\ufb00erence
between the amount at which the asset and liability is initially
measured and its individual transaction price is accounted for
using the relevant requirements.Principle application and judgements
Share of pro\ufb01t (loss) from investments in associates
and joint ventures
Share of pro\ufb01t (loss) from investments in associates and
joint ventures is presented in the statement of pro\ufb01t or loss
depending on the purpose of the investments. Investments that
are closely related to the group's main activities are presented
as share of pro\ufb01t from equity accounted companies, included
in total operating income. Investments in associates and joint
ventures that do not operate within Elkem's main business areas
are presented as share of pro\ufb01t from equity accounted \ufb01nancial
investments. Judgement is applied in determining the category
of investment.Principle application
Operating segments are components of a business that
are followed up and evaluated regularly by the chief
operating decision maker, de\ufb01ned as the CEO, for the
purpose of assessing performance and allocating resources.
Elkem's operating segments represent separately managed
business areas with unique products serving di\ufb00erent
markets. Elkem\u2019s operating segments are aligned with the
three reporting segments.
Segment performance is evaluated based on EBITDA and
EBIT, see de\ufb01nitions below. Elkem's \ufb01nancing and income
tax are managed on group basis and are not allocated to
operating segments.
Revenues are, in addition, disaggregated by geographical
market based on the location of the customer.
Non-current assets by geographical areas are based on the
location of the entity owning the assets.
The segment reporting is based on the IFRS accounting
policies applied for the group except for: Realised e\ufb00ects
from hedge ine\ufb00ectiveness and from the discontinuation
of hedging is included in other items in statement of pro\ufb01t
and loss, but included in operating expenses in the segment
reporting. This is because management follows up the
operating segments including the impact of the realised
e\ufb00ects from power contracts.
Lease payments under internal lease agreements are
recognised as operating expenses on a straight-line basis
over the lease term.Principle application
Revenue
Revenue is measured based on the consideration speci\ufb01ed in
a contract with a customer. Elkem recognises revenue when
Elkem transfers control over a goods or service to a customer.
A \ufb01ve-step process is applied before revenue can be recognised:
\u2192
identify contracts with customers
\u2192
identify the separate performance obligation
\u2192
determine the transaction price of the contract
\u2192
allocate the transaction price to each of the separate
performance obligations, and
\u2192
recognise the revenue as each performance obligation
is satis\ufb01ed.
Sale of goods
Elkem's main performance obligation is related to sale of goods
where the obligation is to deliver agreed volume of products
with the agreed speci\ufb01cation. Elkem has both short-term and
long-term contracts. Short-term contracts, normally within one
month, cover delivery of an agreed volume at market price at
the date the order is placed. These types of contracts are most
common for commodity products, such as sales of ferrosilicon
and sales to customers in China. The long-term contracts
cover a period of a few months and up to one year, where the
prices normally are \ufb01xed within a volume range. Elkem has for
sale of metallurgical silicon some contracts that cover a period
longer than one year. In these contracts the prices are normally
negotiated on an annual basis. Some of Elkem's sales contracts
include an element of freight services, see separate section
below for accounting policies.
Revenue is recognised when control of the goods is transferred
to the customer, at an amount that re\ufb02ects the consideration
to which Elkem expects to be entitled in exchange for those
goods. Control is transferred to the buyer, according to the
agreed delivery term for each sale. Delivery terms are based
on Incoterms\u00ae 2020 issued by International Chamber of
Commerce, and the main terms are
\"F\" terms, where the buyer arranges and pays for the main
carriage. The risk is transferred to the buyer when the goods are
handed to the carrier engaged by the buyer.
\"C\" terms, where the group arranges and pays for the main
carriage but without assuming the risk of the main carriage.
The risk is transferred to the buyer when the goods are handed
over to the carrier engaged by the seller.
\"D\" terms, where the group arranges and pays for the carriage
and retains the risk of the goods until delivery at the agreed
destination. The ownership is transferred to the buyer upon
arrival at the agreed destination, usually the purchaser's
warehouse.
The goods are normally sold with standard warranties that
the goods comply with the agreed-upon speci\ufb01cations. These
standard warranties are accounted for using IAS 37 Provisions,
Contingent Liabilities and Contingent Assets. Elkem does not
have any other signi\ufb01cant obligations for returns or refunds.
Freight services included in sale of goods
Freight components included in sale of goods on incoterms \"C\"
terms are considered as a separate performance obligation and
recognised over the period the service is performed. Shipping
and handling services that occur before the customer takes
control of the goods for sales on \"D\" terms are considered to
be part of ful\ufb01lling the sale of the goods and are presented as
other operating expense.
Revenue from sale of services
Revenue from sale of services is recognised when the services
have been provided. Sale of services are mainly related to
management agreements with related parties based on a cost
plus a margin and sale of shipping and handling related services.Principle application
Insurance settlements
Income from insurance settlements is recognised as other operating
income when it is virtually certain that the group will receive the
compensation. Expected cash \ufb02ows from credit insurance contracts
where such contracts are deemed to be an integral part of the sale
transactions is presented net against impairment losses trade and
other receivables, included in other operating expenses. See note 23
Trade receivables. Grants related to expenses are presented in the statement
of pro\ufb01t or loss as a reduction of raw materials and energy,
employee bene\ufb01t expenses or other operating expense over
the periods necessary to match them with the cost they are
intended to compensate.
Grants relating to property, plant and equipment (\ufb01xed assets)
and intangible assets are deducted from the carrying amount of
the asset and recognised in pro\ufb01t or loss as a reduction of the
depreciation charge over the lifetime of the asset.
Non-monetary grants are measured at nominal value.Principle application
Employee bene\ufb01ts
Employee bene\ufb01ts include both current and non-current
bene\ufb01ts, and are expensed as incurred, together with any
social security taxes applicable. Short-term bene\ufb01ts consist
of wages and salaries, bonuses, holiday payments and other
short-term bene\ufb01ts that are expected to be settled within 12
months after the reporting period. Long-term bene\ufb01ts consist
mainly of jubilee and long-service bene\ufb01ts, post-employment
bene\ufb01ts and post-retirement bene\ufb01ts, not expected to be
wholly settled within the next twelve months.
De\ufb01ned contribution plans
De\ufb01ned contribution plans comprise of arrangements where
Elkem makes monthly contributions to the employees' pension
plans, and where the future pensions are determined by the
amount of the contributions and the return on the individual
pension plan asset. The contributions are expensed as incurred
and there is no further obligation related to the contribution
plans. Prepaid contributions are recognised as an asset.
De\ufb01ned bene\ufb01t plans
De\ufb01ned bene\ufb01t plans are pension plans where Elkem is
responsible for paying pensions at a certain level, based on
employees' salaries when retiring. De\ufb01ned bene\ufb01t plans are
recognised at present value of future liabilities considered
retained at the end of the reporting period, calculated
separately for each plan.
Multi-employer de\ufb01ned bene\ufb01t plans where available
information is insu\ufb03cient to be able to calculate each
participant's obligation, are accounted for as contribution plans.Principle
Elkem's share option scheme
The group has in 2018 - 2021 granted share options to
corporate management and selected key employees. Each
option gives the right to acquire one share in Elkem ASA
on exercise. In 2022, the board of directors decided to
terminate the option scheme and replace it with a Long-
term Bonus Scheme (LTBS). See the \"Report on salary and
other remuneration to leading personnel in Elkem ASA for the
\ufb01nancial year 2024\" for description of the LTBS. The previous
granted options are still exercisable over the exercise period.
The share options vest annually in equal tranches over a three-
year period following the date of grant, with one-third vesting
each year. The options will expire two years after vesting, in
total 5 years after the date of grant. No option holder may in
any calendar year realise a total gain on exercise of options
in excess of twice the option holder's base salary in the same
calendar year, however provided that the maximum gain for
Elkem's CEO shall be four times the CEO's base salary. See
note 11 Employee bene\ufb01ts for an overview of options granted
to Elkem's corporate management.
When the options are exercised, the corresponding number
of shares are transferred to the employee. The proceeds
received from the exercise of the options (net of
any directly
attributable transaction costs) are credited directly to equity.Principle application and judgements
Other gains (losses)
Other gains (losses) consist of changes in fair value of \ufb01nancial
instruments that are not designated as a part of a hedging
relationship, any ine\ufb00ective part of hedging relationships,
e\ufb00ects from discontinuation of hedging and foreign exchange
gains (losses) related to operating activities such as trade
receivables, trade payables, bank accounts / overdrafts. Foreig
n
exchange gains (losses) related to \ufb01nancing activities, mainly
interest-bearing liabilities and group loans, are classi\ufb01ed as a
part of \ufb01nancial income and expenses.
Other income (expenses)
Other income (expenses) consist of transactions and events
that are related to acquisition of business, gains / (losses)
on disposal of businesses and restructuring programmes.
In addition, performance incentives for Elkem employees
related to such items. Cost related to liquidated / wound-up
businesses, or updated regulations with retroactive e\ufb00ect
related to events / periods before purchase of the business, e.g.,
environmental measures, are also included in other income and
expenses.
Acquisition related costs may include both costs related to
completed acquisitions, acquisitions in progress and cancelled
projects.
Investments in equity instruments with an ownership below
20 per cent are normally classi\ufb01ed as other shares. Dividends
from such shares are recognised when shareholders' right to
receive dividends is determined by the shareholder's meeting.
Fair value changes related to listed companies classi\ufb01ed as
other shares are presented as other income (expenses).Principle application
Foreign exchange gains (losses) related to \ufb01nancing activities
including group loans are classi\ufb01ed as a part of \ufb01nancial
income and expenses, and foreign exchange gains (losses)
related to operations are classi\ufb01ed as a part of other items.
Interest is capitalised as a part of the carrying amount of a
self-constructed item of property, plant and equipment when
the construction period takes a substantial period of time,
meaning more than 9-12 months. Judgement is applied in
determining if a project is expected to last for a substantial
period of time.
Financial expenses also include interest on net pension
liabilities, unwinding of the discount e\ufb00ect from provisions and
contingent consideration from acquisition of subsidiaries, and
interest on lease liabilities.
Interest expenses from factoring and supply \ufb01nance
agreements are presented as part of \ufb01nance expenses.Principle application and judgements
Income taxes
Penalties and interest related to income taxes are recognised as
income tax (expense) bene\ufb01t in the statement of pro\ufb01t or loss.
Deferred tax assets
Deferred tax assets are not recognised for start-up projects
and entities with longer periods of losses unless there is
convincing evidence of recoverability. Elkem recognises a
previously unrecognised deferred tax asset to the extent that
it has become probable that future taxable pro\ufb01t will allow
the deferred asset to be recovered. For example, when start
up projects becomes pro\ufb01table, or the market condition has
changed so the entity has longer periods with historic taxable
pro\ufb01ts and future forecasted taxable pro\ufb01ts.
Judgement has been applied in the assessment of the
probability of being able to apply the group\u2019s carry forward loss
against future taxable pro\ufb01t. Based on the current facts and
circumstances Elkem has concluded that it is not probable
that the carry forward loss will be applied against future pro\ufb01t
within a reasonable period and have therefore not recognised a
deferred tax asset. When assessing the recognition of deferred
tax assets, a \ufb01ve-year historic performance is applied in order
to determine if future pro\ufb01t is probable. All entities with carry
forward loss, except for Paraguay, have had negative taxable
result this year. To reconsider and recognise deferred tax assets,
an entity must experience stable taxable income for 3-5 years.
The exception from this is the tax loss carry forward acquired
in the asset acquisition of Elkem Testvirksomhet (previously
REC Solar Norway AS). Elkem Testvirksomhet was merged into
Elkem ASA in November 2024. It is assessed that the tax loss
carry forward can be applied towards taxable income in Elkem
ASA and towards group contributions from other Norwegian
entities, primarily Elkem Carbon AS.
Judgement has been applied in the assessment of the uncertain
tax position related to a pending tax issues with the Norwegian
tax authorities (se details below). Based on Elkem\u2019s own
assessment and the advice from third party expertise it has
been concluded that it is more likely than not that Elkem will be
successful in the appeal against the tax claim.Principle application and judgements
Property, plant and equipment (PPE) are stated in the statement
of \ufb01nancial position at cost less accumulated depreciation and
accumulated impairment losses.
Initial cost includes expenditures that are directly attributable
to the acquisition of the asset. In projects depending on new
technology all cost up to \ufb01nal investment decision is expensed
when incurred. In projects using known technology the cost
incurred in the preparation for the \ufb01nal investment decision is
capitalised due to the close integration with the investment. This
is for example relevant for relining of furnaces.
When substantial parts of an installation are replaced with a
new component, the cost is capitalised. The replacement is
substantial when the costs associated with the replacement
account for more than approximately 70 per cent of the value of
an equivalent new installation. Upon capitalisation, the carrying
amount of the replaced part is derecognised.
Major periodic maintenance that is carried out less frequently
than every year is capitalised and depreciated over the period
until the next periodic maintenance. Major periodic maintenance
typically requires curtailment of production during the
maintenance period. Silicon products typically perform relining
of a furnace approximately every 10 to 15th year, Silicones
performs mainly biennial maintenance of production equipment,
while maintenance within Carbon Solutions is mostly performed
on a day-to-day basis. Costs related to restarting the production
after major maintenance are expensed when incurred.
Costs that do not relate to replacement of substantial parts or
major periodic maintenance that is carried out less frequently
than every year, are classi\ufb01ed as \u201cday-to-day servicing\u201d and are
expensed directly.
Depreciations are calculated based on estimated useful life and
expected residual value for each item of PPE and are recognised
in the statement of pro\ufb01t or loss using the straight-line method.
Elkem has certain leases with local governments. Unless there
are indications to the contrary it is assumed that these leases
are extended at expiry when determining the useful life of the
assets situated on the land. Depreciation commences when the
assets are ready for their intended use. Judgement is applied to
determine the time when the asset is ready for intended use.
The main rule is to classify spare parts as inventory. However,
major spare parts and stand-by equipment qualify as property,
plant, and equipment when Elkem expects to use them during
more than one period. Depreciation for major spare parts starts
when the asset is recognised in the asset register.
Accounting principle application and judgements for
impairment of assets, see Note 21 Impairment assessments.Principle application and judgements
Right-of-use assets are presented separately in the statement
of \ufb01nancial position, whereas lease liabilities are presented in
interest-bearing liabilities.
Elkem`s policy in general is to own critical assets related to
the production cycle, including production buildings and land
where this is not controlled by the local government. The
group`s main lease contracts comprise o\ufb03ce buildings and
machinery / storage assets to be used at production sites.
The less signi\ufb01cant lease contracts comprise employee cars,
machinery, and equipment.
Elkem applies a single recognition and measurement approach
for all leases, except for:
\u2192
Lease contracts for which the lease term ends within
12 months as of the commencement date are not
capitalised (short-term leases). Elkem's short-term
lease commitments are related to rental of equipment
in connection with maintenance or installation of new
equipment.
\u2192
Lease contracts for which the underlying asset is of low
value, mainly o\ufb03ce equipment, are not capitalised.
\u2192
Lease of intangible assets are not capitalised.
\u2192
Lease payments on contracts that are not capitalised are
recognised as other operating expenses on a straight-line
basis over the lease term.
Right-of-use assets are subject to impairment assessments as
described in note 21 Impairment assessments.Principle application and judgements
Judgement is used in determining when a project move
from the research phase to the development phase for
internally developed intangible assets. To ensure consistent
judgement, di\ufb00erent activities are grouped in four di\ufb00erent
phases. Expenses incurred in phase 1 are classi\ufb01ed as
research and expensed directly to pro\ufb01t and loss. Expenses
incurred in phase 2-4 are normally capitalised as long as the
criteria for capitalisation are met. Phase 4 may also contain
commercialisation/industrialisation of technology developed in
phase 1-3 into full scale plants and judgement must be applied
both in terms of separation between \ufb01xed and intangible
assets as well as the correct starting point for depreciation. In
general depreciation of the intangible assets starts when the
full-scale production facility is put into operation.
Expenditures related to research and development activities,
see note 13 Other operating expenses.
Accounting principle application and judgements for
impairment of assets, see Note 21 Impairment assessments.Principle application and judgements
If the fair value at the time of acquisition of the group\u2019s interest
in the net assets of the acquired subsidiary exceeds the cost
of the acquisition (negative goodwill), the di\ufb00erences are
presented directly in the statement of pro\ufb01t or loss as other
items. Judgement is applied in determining net identi\ufb01able
assets and hence in determining the amount of goodwill.
Accounting principle application and judgement for
impairment of assets, see Note 21 Impairment assessments.Principle application and judgements
This disclosure covers the impairment assessment for
goodwill, intangible assets, property plant and equipment and
right-of-use assets (non-current non-\ufb01nancial assets).
Impairment is recognised when the carrying value of an asset
or cash generating unit (CGU) exceeds its recoverable amount.
As a starting point Elkem uses the value in use method for
estimating recoverable amount in an impairment test. The
value in use calculation is based on a discounted cash \ufb02ow
(DCF) model. The cash \ufb02ows are derived from the strategic
plan for the next \ufb01ve years and do not include restructuring
activities that Elkem is not yet committed to or signi\ufb01cant
future investments that will enhance the performance of the
assets of the CGU being tested. An exception from this is
ongoing projects with known technology where both future
cash in\ufb02ows and remaining investments are included.
A long-term growth rate is calculated and applied to project
future cash \ufb02ows after the \ufb01fth year. If the value in use
calculation indicates an impairment, the fair value less cost to
sell will be estimated and the higher of this amount and the
value in use is applied as the recoverable amount.
Judgement is applied by management in determining if an
impairment trigger exist. Management assesses a wide range
of quantitative and qualitative information before concluding on
the trigger review. Triggers normally assessed in Elkem include:
\u2192
performance compared to budget since the last
trigger review
\u2192
the expected development in sales prices and the cost
of materials, employees and other operating expenses in
both the short and medium term
\u2192
supply/demand balance
\u2192
regulatory changes and new technology
\u2192
competitive situation
There is signi\ufb01cant judgment required to determine the CGU
for impairment testing. For impairment testing of property,
plant and equipment intangible and right of use assets the
CGU is the lowest level that generates cash in\ufb02ows. This can
be both a single plant or a combination of plants depending on
the facts and circumstances. For goodwill the unit of testing
is a combination of CGUs and is based on the level where
synergies are expected to be realised following a business
combination. The combination of CGUs for impairment testing
of goodwill is determined to be the operating segments as
presented in note 6 Operating segments.Principle application and judgements
Inventory consists of raw materials, semi-\ufb01nished goods
and \ufb01nished goods, in addition to operating materials and
spare parts that do not meet the de\ufb01nition of property, plant
and equipment. Raw materials, and operating materials and
spare parts, are recognised at cost of purchase including
transport and handling to their present location. Finished and
semi-\ufb01nished goods are measured at cost of raw materials,
energy for production and cost of conversion up to the actual
completion stage. Cost of conversion comprise operating
expenses directly related to manufacturing of the products and
an allocation of direct \ufb01xed operating expenses. Judgement
is applied in determining the share of cost to be allocated to
inventory from departments that perform both production and
overhead related tasks.
The cost of CO
2
allowances that Elkem needs to purchase in
addition to allowances received from the government, see note
8 Other operating income, are based on estimated production
/ emissions for the year. The cost is allocated to cost of
conversion proportionally with estimated produced volumes
over the year as the number of allocated allowances will not be
revised unless there is a substantial change in the production
level at the plants.
The income from the Norwegian government CO
2
compensation scheme is recognised in inventory based on
estimated compensation per produced ton and accrued
proportionally with produced volumes.
Entities within the group sell goods to other group entities,
consequently \ufb01nished goods from one entity become raw
materials or semi-\ufb01nished goods for another group entity.
The classi\ufb01cation of goods in the consolidated statement
of \ufb01nancial position is based on the separate entity's
classi\ufb01cation.
The allocation of \ufb01xed production overheads to the costs of
conversion is based on the normal capacity of the production
facilities. Judgement is applied in determining normal level
of production per plant, but is also aligned with comparable
plants within the group.Principle application and judgements
Trade and bills receivables are initially recognised at transaction
price, which in most cases corresponds to their nominal amount.
Elkem mainly has receivables without stated interest rate and
no signi\ufb01cant \ufb01nancing component and the trade and bills
receivables are therefore subsequently measured at nominal
amount, less any provision for expected credit loss. Judgement
has been applied in assessing derecognition of trade receivables
included in factoring arrangements.
When Elkem\u2019s Chinese entities sells goods to a customer a trade
receivable is established. The customer can then issue a bank
guaranteed bill that is used to settle the trade receivable. A bill
receivable is transferable and can be used to pay trade payables
(endorsed) or be settled in cash with a \ufb01nance institution
(discounted). Bills receivables are mainly bank acceptance bills
that are guaranteed by a \ufb01nancial institution
The duration of a
bill receivable is normally below 6 months.
Trade receivables are derecognised when settled, replaced by
bills receivables or when transferred to a third party and Elkem
has no further risk related to the receivables. Bills receivables
are derecognised when they are settled on due date or when the
risk and reward are transferred to a third party. Transferral to a
third party can be done by discounting a bill receivable before
due date or by endorsing the bill receivable, meaning that it
is accepted by the supplier as payment for goods or services
received. See below for details on the di\ufb00erent agreements.
Elkem calculates the expected credit losses (ECL) for trade
receivables and bills receivables in accordance with the
simpli\ufb01ed approach. All expected cash \ufb02ows, including cash
\ufb02ows from credit insurance contracts where such contracts
are deemed to be an integral part of the transactions, is taken
into consideration. The assessment is based on historical
experienced losses adjusted for forward-looking estimates on
changes in risk / probability that credit losses will occur for the
di\ufb00erent customer groups /segments where applicable. Principle application and judgements
Other shares
Other shares consist of equity investments in both listed and
unlisted companies. Shares in listed companies are measured
at fair value through pro\ufb01t or loss with gains and losses
presented in other items. Investments in equity instruments
that do not have a quoted market price in an active market are
classi\ufb01ed as \ufb01nancial assets measured at fair value through
other comprehensive income (OCI). Dividends from such
investments are presented as other items in the statement of
pro\ufb01t or loss.
Loans and receivables
Loans and receivables are non-derivative hold to collect
\ufb01nancial assets with \ufb01xed or determinable payments that are
not quoted in a regulated market. After initial recognition, they
are recognised at amortised cost using the e\ufb00ective interest
method. Gains and losses are recognised in the statement of
pro\ufb01t or loss when the loans and receivables are derecognised
or impaired, as well as through the amortisation process.Principle application
Lease liabilities
\n
See note 18 Leases for accounting policies for right-of-use
\nassets and lease liabilities.Principle application
The cost of CO
allowances that Elkem needs to purchase in
2
addition to allowances received from the government (see
note 9 Grants), are based on estimated production / emissions
for the year. The liability related to the purchase of allowances
is accrued for using an average cost method with the
assumption that the allowances received from the government
is consumed evenly across the year. The provision for the
purchase of allowances is measured at the agreed purchase
price for forward purchases and the remaining at the market
price at the reporting date.Principle application
Financial assets
Non-derivative \ufb01nancial assets include trade receivables,
restricted deposits and cash and cash equivalents.
Financial liabilities
Non-derivative \ufb01nancial liabilities include interest-bearing
liabilities, bills payables and trade payables.
Embedded derivatives
Elkem has long-term power purchase contracts settled in Euro
which is di\ufb00erent from both Elkem and the counterparty\u2019s
functional currency. The currency portion of these contracts is
an embedded derivative and is recognised and presented as
an independent derivative.
Commodity contracts within the scope of IFRS 9
Non-\ufb01nancial commodity contracts where the relevant
commodity is readily convertible to cash and where the
contracts are not for own use, fall within the scope of IFRS 9
Financial instruments - recognition and measurement. Elkem\u2019s
principle is that power delivered in a di\ufb00erent grid area than
the grid area where the power is consumed will meet the own
use criteria.
The group currently has no energy contracts in Norway that
do not meet the own use criteria except for the 30-\u00f8ringen
power contract and one other power contract. The 30-\u00f8ringen
contract originally had net settlement and was therefore
classi\ufb01ed as a derivative and cannot subsequently be
reclassi\ufb01ed to own use. The other contract entered into in
2024 has net settlement. Both derivatives are designated as
hedging instrument in cash \ufb02ow hedges.Principle application and judgements
Elkem has applied IFRS 9 for hedge accounting. Elkem applies
cash \ufb02ow hedging and net investment hedging. Cash \ufb02ow
hedging is applied to two power contracts, interest rate swaps
and for hedging of sales in foreign currency.
The 30-\u00f8ringen power contract is delivered in the power
price area NO2 in the south of Norway but is used to hedge
cash \ufb02ows for all the Norwegian plants including plants in
other power price areas. At initial hedge designation there
was a strong economic relationship between the prices in the
di\ufb00erent price areas. However, due to the at times signi\ufb01cant
di\ufb00erences in prices between the price areas the last 2.5
years, signi\ufb01cant judgement is required to assess if there is
still an economic relationship between the hedged item and
the hedging instrument. There is an expectation that the price
di\ufb00erences will be reduced over time due to for example grid
improvements and changes in the supply/demand balance.
Given the strict requirements in IFRS 9 for being allowed to
discontinue hedging and the fact that the 30-\u00f8ringen is a long-
term contract with expiry in 2030 it has been assessed that
there is still an economic relationship between the hedging
item and the hedged object.Principle application and judgements
The calculation of basic earnings per share (EPS) has been
based on pro\ufb01t attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding.
The calculation of diluted EPS has been based on pro\ufb01t
attributable to ordinary shareholders and weighted-average
number of ordinary shares outstanding after adjustment for
the e\ufb00ects of all dilutive potential ordinary shares.Related parties' relationships are de\ufb01ned to be entities outside
Elkem group that are under control (either directly or indirectly),
joint control or signi\ufb01cant in\ufb02uence by the owners of Elkem.
The related party disclosure is prepared based on related
parties of Elkem group total. A signi\ufb01cant level of related party
transactions and balances are with the Silicones segment which
is classi\ufb01ed as discontinued operations.Principle application and judgements
Events after the reporting period
\n
Events after the reporting period related to the group\u2019s \ufb01nancial
\n
position at the end of the reporting period, are considered in
\n
the \ufb01nancial statements. Events after the reporting period that
\n
have no e\ufb00ect on the group\u2019s \ufb01nancial position at the end of
\n
the reporting period, but will have e\ufb00ect on future \ufb01nancial
\nposition, are disclosed if the future e\ufb00ect is material.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Compliance
The consolidated \ufb01nancial statements are prepared and in
accordance with International Financial Reporting Standards
(IFRS\u00ae) as endorsed by the European Union (EU) and e\ufb00ective
at 31 December 2024. All accounting policies are used
consistently by all subsidiaries in the consolidated \ufb01nancial
statement. Relevant \ufb01nancial reporting principles are described
in each note to the consolidated \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "The consolidated \ufb01nancial statements have been prepared under the going concern assumption.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "The consolidated \ufb01nancial statements have been prepared under the going concern assumption.", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "Foreign currency translation
Each entity in the group determines its functional currency
based on the economic environment in which it operates,
and items included in the \ufb01nancial statements of each entity
are measured using that functional currency. When preparing
the \ufb01nancial statements of each individual group entity,
transactions in currencies other than the entity's functional
currency are recognised in the functional currency, using the
transaction date\u2019s currency rate.
Monetary items denominated in foreign currencies are
translated to each entity's functional currency using the
closing rate at the end of the reporting period, and any gains
(losses) are reported in the statement of pro\ufb01t or loss. Non-
monetary items that are measured at fair value in a foreign
currency are translated using the exchange rate at the date
when the fair value was measured. Currency gains (losses)
related to operating activities, i.e. receivables, payables, cash
and cash equivalents for operating purposes including current
intragroup balances, are recognised as a part of other items.
Currency e\ufb00ects recognised in \ufb01nance income and expenses
are only related to \ufb01nancing activities such as loans, lease
liabilities, long-term placements and dividends.
Foreign currency di\ufb00erences are recognised in other
comprehensive income for the following items:
\u2192
a \ufb01nancial asset or liability designated as a hedging
instrument in a cash \ufb02ow hedge, to the extent that the
hedge is e\ufb00ective
\u2192
loans in foreign currencies designated as hedging
instruments in a hedge of a net investment in a
foreign operation
In consolidation of the statement of pro\ufb01t or loss and the
statement of \ufb01nancial position, separate group entities with
other functional currency than the group's presentation
currency, are translated directly into the presentation currency
as follows:
\u2192
Assets and liabilities are translated using the exchange
rate at the end of the reporting period
\u2192
Income and expenses are translated using an average
exchange rate per month
\u2192
Equity transactions, except for pro\ufb01t or loss for the period,
are translated using the transaction date rates
All resulting exchange di\ufb00erences are booked as a separate
component in other comprehensive income (OCI)
Any goodwill arising on acquisition of a foreign operation and
any fair value adjustment to the carrying amount of assets and
liabilities arising on the acquisition, are treated as assets and
liabilities of the foreign operations. On disposal of a foreign
entity, the deferred cumulative amount recognised in other
comprehensive income relating to that particular foreign
operation, is recognised in the statement of pro\ufb01t or loss.Other gains (losses)
Other gains (losses) consist of changes in fair value of \ufb01nancial
instruments that are not designated as a part of a hedging
relationship, any ine\ufb00ective part of hedging relationships,
e\ufb00ects from discontinuation of hedging and foreign exchange
gains (losses) related to operating activities such as trade
receivables, trade payables, bank accounts / overdrafts. Foreig
n
exchange gains (losses) related to \ufb01nancing activities, mainly
interest-bearing liabilities and group loans, are classi\ufb01ed as a
part of \ufb01nancial income and expenses.Foreign exchange gains (losses) related to \ufb01nancing activities
including group loans are classi\ufb01ed as a part of \ufb01nancial
income and expenses, and foreign exchange gains (losses)
related to operations are classi\ufb01ed as a part of other items.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "Each entity in the group determines its functional currency
based on the economic environment in which it operates,
and items included in the \ufb01nancial statements of each entity
are measured using that functional currency. When preparing
the \ufb01nancial statements of each individual group entity,
transactions in currencies other than the entity's functional
currency are recognised in the functional currency, using the
transaction date\u2019s currency rate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Statement of cash \ufb02ows
The statement of cash \ufb02ows is prepared under the indirect
method. Cash in\ufb02ows and out\ufb02ows are shown separately for
investing and \ufb01nancing activities, while operating activities
include both cash and non-cash e\ufb00ect items. Interest received
and paid and other \ufb01nancial expenses, such as bank guarantee
expenses, are reported as a part of operating activities. Net
currency gains or losses related to \ufb01nancing activities are
reported as part of \ufb01nancing activities. Dividends received from
joint ventures and associates that do not operate within Elkem's
main business areas are included in investing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Dividend to shareholders
Dividend is recognised as a liability when the shareholders'
right to payment is established, which is when the dividend is
approved by the general meeting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Changes in accounting policies and correction
of material errors
Changes in accounting policies and correction of material
errors are recognised retrospectively by restating the
comparative amounts for the prior period presented, including
the opening balance of the prior year.
Changes in accounting policy
From 1 January 2024 Elkem has changed the principle for
presentation of grants related to income from other operating
income to net presentation where the grants are deducted
from the expenses for which the grants have compensated.
This results in more relevant information about the impact
of grants related to income and is consistent with the
presentation of investment grants as reduction of depreciation.
Please refer to note 39.
New and revised standards - adopted
No new or revised standards have been adopted in 2024.
New standards, interpretations and amendments
-
not yet e\ufb00ective
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements,
e\ufb00ective from January 1 2027. The standard introduces new
requirements with the intention to achieve comparability of
the \ufb01nancial performance of similar entities and provide more
relevant information and transparency to users. Even though
IFRS 18 will not impact the recognition or measurement
of items in the \ufb01nancial statements, is expected to impact
presentation and disclosure. Management is currently assessing
the detailed implications of applying the new standard on the
group\u2019s consolidated \ufb01nancial statements. No other standards,
interpretations or amendments published at the balance sheet
date are expected to have signi\ufb01cant e\ufb00ect on the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Changes in accounting policies and correction
of material errors
Changes in accounting policies and correction of material
errors are recognised retrospectively by restating the
comparative amounts for the prior period presented, including
the opening balance of the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "New and revised standards - adopted No new or revised standards have been adopted in 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "New standards, interpretations and amendments
-
not yet e\ufb00ective
IFRS 18 will replace IAS 1 Presentation of \ufb01nancial statements,
e\ufb00ective from January 1 2027. The standard introduces new
requirements with the intention to achieve comparability of
the \ufb01nancial performance of similar entities and provide more
relevant information and transparency to users. Even though
IFRS 18 will not impact the recognition or measurement
of items in the \ufb01nancial statements, is expected to impact
presentation and disclosure. Management is currently assessing
the detailed implications of applying the new standard on the
group\u2019s consolidated \ufb01nancial statements. No other standards,
interpretations or amendments published at the balance sheet
date are expected to have signi\ufb01cant e\ufb00ect on the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "3. Accounting estimates
The preparation of the consolidated \ufb01nancial statements
according to IFRS requires management to make estimates
and assumptions that a\ufb00ect the reported amounts of assets,
liabilities, income and expenses. When management makes
estimates and assumptions concerning the future, the
resulting accounting estimates will, by de\ufb01nition, seldom equal
the actual outcome.
Estimates are continually evaluated and are based on historical
experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. Revisions of reported estimates are recognised
in the period in which the estimates are revised and in any
future period a\ufb00ected. Changes in accounting estimates are
recognised prospectively by including them in the statement of
pro\ufb01t or loss in the period of the change and future periods if
the change a\ufb00ects both.
The estimates and assumptions that have a signi\ufb01cant risk
of causing a material adjustment to the carrying amounts
of assets and liabilities within the next \ufb01nancial year are
addressed in the following notes:
\u2192
Note 16 Taxes
\u2192
Note 21 Impairment assessments
\u2192
Note 29 Provisions and other liabilities
\u2192
Note 30 Financial assets and liabilities
\u2192
Note 40 Assets held for sale and discontinued operationsJudgement has been applied in the assessment of the uncertain
tax position related to a pending tax issues with the Norwegian
tax authorities (se details below). Based on Elkem\u2019s own
assessment and the advice from third party expertise it has
been concluded that it is more likely than not that Elkem will be
successful in the appeal against the tax claim.
Estimates
Part of the basis for recognising deferred tax assets is based
on applying the loss carried forward against future taxable
income, which requires use of estimates for calculating future
taxable income.
When estimating uncertain tax positions, the most probable
amount, including interests and penalties, is used because in
most cases the outcome of the tax review is binary. See details
on current uncertain tax positions below.
When estimating uncertain tax positions, the most probable
amount, including interests and penalties, is used because in
most cases the outcome of the tax review is binary. See details
on current uncertain tax positions below.Judgement is applied in determining net identi\ufb01able
assets and hence in determining the amount of goodwill.
Accounting principle application and judgement for
impairment of assets, see Note 21 Impairment assessments.Judgement is applied by management in determining if an
impairment trigger exist. Management assesses a wide range
of quantitative and qualitative information before concluding on
the trigger review. Triggers normally assessed in Elkem include:
\u2192
performance compared to budget since the last
trigger review
\u2192
the expected development in sales prices and the cost
of materials, employees and other operating expenses in
both the short and medium term
\u2192
supply/demand balance
\u2192
regulatory changes and new technology
\u2192
competitive situation
There is signi\ufb01cant judgment required to determine the CGU
for impairment testing. For impairment testing of property,
plant and equipment intangible and right of use assets the
CGU is the lowest level that generates cash in\ufb02ows. This can
be both a single plant or a combination of plants depending on
the facts and circumstances. For goodwill the unit of testing
is a combination of CGUs and is based on the level where
synergies are expected to be realised following a business
combination. The combination of CGUs for impairment testing
of goodwill is determined to be the operating segments as
presented in note 6 Operating segments.
Estimates
The value-in-use calculations are based on estimated future
cash \ufb02ows. The uncertainty in the cash \ufb02ows relates to future
prices for both key input factors in the production and market
prices for the sale of Elkem's products. There is uncertainty
regarding these factors both for the next 12 months and for
the rest of the forecast period. There is also uncertainty in
estimating replacement investments and the growth rate
in the terminal value. The estimated future pre-tax cash
\ufb02ows are discounted using a discount rate before tax. The
estimation uncertainty in the discount rate relates to the
determination of the risk-free rate, the market risk premium
and the beta. Elkem uses a beta per business segment and
the beta is found using observable betas of comparable
companies for each business segment.
Elkem has performed
sensitivity analysis for key drivers in the impairment test to
re\ufb02ect the uncertainty in the estimates.Judgement is applied in assessing the need for impairment on
loans and receivables outside of trade and bills receivables and
in determining the level of credit loss.
Judgement is applied when determining the estimated
expected credit loss on other receivables and prepayments.
The judgement is based on experienced losses in the past
and expectations about future economic conditions for the
di\ufb00erent counterparties. Elkem calculates the expected credit
losses (ECL) for other receivables in accordance with the
simpli\ufb01ed approach. The assessment is based on historical
experienced losses adjusted for forward-looking estimates on
changes in risk / probability that credit losses will occur.Estimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstancEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "3. Accounting estimates The preparation of the consolidated \ufb01nancial statements according to IFRS requires management to make estimates and assumptions that a\ufb00ect the reported amounts of assets, liabilities, income and expenses. When management makes estimates and assumptions concerning the future, the resulting accounting estimates will, by de\ufb01nition, seldom equal the actual outcome. Estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions of reported estimates are recognised in the period in which the estimates are revised and in any future period a\ufb00ected. Changes in accounting estimates are recognised prospectively by including them in the statement of pro\ufb01t or loss in the period of the change and future periods if the change a\ufb00ects both. The estimates and assumptions that have a signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year are addressed in the following notes: \u2192 Note 16 Taxes \u2192 Note 21 Impairment assessments \u2192 Note 29 Provisions and other liabilities \u2192 Note 30 Financial assets and liabilities \u2192 Note 40 Assets held for sale and discontinued operations", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "4. Composition of the groupElkem ASA and the following subsidiaries and joint
operations make up the composition of the group and are
included in the consolidated \ufb01nancial statements
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interests
interests
Owner
Elkania DA (Joint operation)
NOK
Norway
50 %
50%
Elkem ASA
Elkem (Thailand) Co., Ltd.
THB
Thailand
100 %
100%
Elkem ASA
Elkem Carbon (China) Co., Ltd.
CNY
China
100 %
100%
Elkem Carbon
Singapore Pte. Ltd.
Elkem Carbon AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Carbon Malaysia Sdn. Bhd.
MYR
Malaysia
100 %
100%
Elkem Carbon AS
Elkem Carbon Singapore Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem Carbon AS
Elkem Carbon Slovakia, a.s.
EUR
Slovakia
100 %
100%
Elkem Carbon AS
Elkem Chartering Holding AS
NOK
Norway
80 %
80%
Elkem ASA
Elkem Digital O\ufb03ce AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Distribution Center B.V.
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Dron\ufb01eld Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Egypt for Industry,
USD
Egypt
100 %
100%
Elkem International AS
Contracting & Trading S.A.E.
Elkem Ferroveld JV (Joint operation)
ZAR
South Africa
50 %
50%
Elkem Carbon AS
Elkem Foundry (China) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Iberia S.L.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem International AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem International Trade (Shanghai) Co., Ltd.
CNY
China
100 %
100%
Elkem International AS
Elkem \u00cdsland ehf.
NOK
Iceland
100 %
100%
Elkem ASA
Elkem Japan K.K.
JPY
Japan
100 %
100%
Elkem ASA
Elkem Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Madencilik Metalurji
EUR
Turkey
100 %
100%
Elkem International AS
Sanayi Ve Ticaret Ltd. STI
Elkem Materials, Inc.
USD
USA
100 %
100%
NEH LLC
Elkem Materials Processing (Tianjin) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Materials Processing Services BV
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Materials South America Ltda.
BRL
Brazil
100 %
100%
Elkem Materials, Inc.
Elkem Metal Canada Inc.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Milling Services GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Nordic A.S.
DKK
Denmark
100 %
100%
Elkem ASA
Elkem Oil\ufb01eld Chemicals FZCO Ltd.
AED
UAE
51 %
51%
Elkem ASA
Elkem Paraguay S.A.
USD
Paraguay
100 %
100%
Elkem ASA
1)
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
BRL
Brazil
100 %
100%
Elkem Carbon AS
Elkem Processing Services S.A.
EUR
Belgium
100 %
100%
Elkem ASA
Elkem S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interest
interest
Owner
Elkem Silicon Materials (Lanzhou) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicon Product Development AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Siliconas Espa\u00f1a S.A.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem Silicones (UK) Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK Holdings Ltd.
Elkem Silicones Brasil Ltda.
BRL
Brazil
100 %
100%
Elkem ASA
Elkem Silicones Canada Corp.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Silicones Czech Republic, s.r.o.
CZK
Czech Republic
100 %
100%
Elkem ASA
Elkem Silicones Finland OY
EUR
Finland
100 %
100%
Elkem ASA
Elkem Silicones France SAS
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Germany GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Silicones Guangdong Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones Hong Kong Co., Ltd.
HKD
Hong Kong
100 %
100%
Elkem ASA
Elkem Silicones Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Silicones Material Zhongshan Co., Ltd.
CNY
China
100 %
100%
Elkem Silicones
Guangdong Co., Ltd.
Elkem Silicones M\u00e9xico S. De R.L. De C.V.
MXN
Mexico
100 %
100%
Elkem ASA
Elkem Silicones Poland sp. z o.o.
PLN
Poland
100 %
100%
Elkem ASA
Elkem Silicones Scandinavia AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Silicones Services S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Shanghai Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones USA Corp.
USD
USA
100 %
100%
Elkem ASA
Elkem Siliconi Italia S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
Elkem Singapore Materials Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem ASA
Elkem South Asia Private Limited
INR
India
100 %
100%
Elkem ASA
Elkem UK Holdings Ltd.
GBP
United Kingdom
100 %
100%
Elkem ASA
Elkem Uruguay S.A.
USD
Uruguay
100 %
100%
Elkem ASA
Euro Nordic Logistics BV
EUR
Netherlands
80 %
80%
Elkem Chartering
Holding AS
Euro Nordic Netherlands BV
EUR
Netherlands
80 %
80%
Euro Nordic Logistics BV
Explotaci\u00f3n de Rocas Industriales y
EUR
Spain
100 %
100%
Elkem ASA
Minerales S.A. (ERIMSA)
Iniconce, S.L.
EUR
Spain
100 %
100%
Explotaci\u00f3n de Rocas
Industriales y Minerales S.A.
Jiangxi Bluestar Xinghuo Silicones Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
NEH LLC
USD
USA
100 %
100%
Elkem ASA
NorenoComercial Importada e
BRL
Brazil
100 %
100%
Elkem Participa\u00e7\u00f2es
Exportadora Limitada
Ind\u00fastria e Com\u00e9rcio
Limitada
Norsil, S.A.
EUR
Spain
100 %
100%
Iniconce, S.L
Tifwer Trade S.A.
USD
Uruguay
100 %
100%
Elkem Uruguay S.A.
1)
Elkem ASA owns 79% and Elkem Uruguay S.A owns 21%
Changes in composition of the group in 2024
\n
On 14 May 2024 Elkem acquired Elkem Testvirksomhet AS
\n
(previously REC Solar Norway AS) for USD 22 million (NOK
\n
238 million). Elkem Testvirksomhet AS was subsequently
\n
merged with Elkem ASA. The transaction gives Elkem
\n
control of industrial areas and facilities in Norway, including
\n
areas next to Elkem's activities at Fiskaa in Kristiansand.
\n
The transaction is accounted for as an asset acquisition
\n
of which NOK 245 million has been allocated to assets,
\n
whereof NOK 108 million to property, plant and equipment
\n
and NOK 128 million to deferred tax asset and NOK 7 million
\n
has been allocated to liabilities. The application of the initial
\n
measurement criteria for the respective assets and liabilities
\n
after the allocation of the purchase price has resulted in the
\n
following e\ufb00ects in the statement of pro\ufb01t and loss:
(Amounts in NOK million)
Gain/(loss)
Other items
(27)
Finance income
11
Income tax (expenses) bene\ufb01ts
1 067
Total
1 052
\n
Changes in composition of the group in 2023,
\n
business combination
\n
31 May 2023 Elkem acquired Elkem Carbon Slovakia a.s
\n
(formerly VUM a.s), a Slovak producer of carbon materials.
\n
The transaction will further increase Elkem\u2019s capacity and
\n
competence in attractive specialty markets and increase its
\n
\ufb02exibility in the supply chain. Revenues of NOK 97 million
\n
and a loss after tax of NOK 6 million after the acquisition
\n
date from the company have been included in consolidated
\n
statement of pro\ufb01t or loss. If the company had been part
\n
of the group from 1 January 2023 revenue and pro\ufb01t after
\n
tax would have increased with NOK 101 million and NOK 10
\n
million respectively. Elkem Carbon Slovakia a.s is presented
\n
within the Carbon Solutions operating segment.
Net cash out\ufb02ow
(Amounts in NOK million)
2023
Cash transferred on acquisition
(152)
Cash and cash equivalents of the acquiree
0
Acquisition of subsidiaries, net of cash acquired
(152)
\n
The table below summarises the total consideration and
\n
the provisional amounts recognised for assets acquired and
\n
liabilities assumed in the business combination:
Consideration
(Amounts in NOK million)
2023
Cash transferred on acquisition
152
Total consideration
152
\n
The net loss in other items relate to remeasurement after
\n
initial recognition of operating items such as provisions, lease
\n
liabilities and right of use assets. Finance income relates to
\n
the remeasurement of \ufb01nancial instruments. The income
\n
tax bene\ufb01ts relate to the remeasurement of deferred tax
\n
asset originating from tax loss carry forwards and limitations
\n
on interest rate deductions. Deferred tax asset related to
\n
temporary di\ufb00erences of NOK 357 million has not been
\n
recognised. The impact from temporary di\ufb00erences will be
\n
recognised over the period it is reversed. Property, plant
\n
and equipment and inventory is measured at cost on initial
\n
recognition and therefore not subsequently remeasured.
\n
Assets acquired and liabilities assumed
Amounts in NOK million
Carrying amount
Excess value
Fair value
Property, plant and equipment
14
67
81
Other intangible assets
0
29
29
Inventories
71
(1)
70
Trade receivables
26
-
26
Other assets, current
10
-
10
Cash and cash equivalents
0
-
0
Deferred tax liabilities
(0)
(20)
(20)
Employee bene\ufb01t expenses
(1)
-
(1)
Trade payables
(18)
-
(18)
Income tax payables
(11)
-
(11)
Interest-bearing liabilities, current
(31)
-
(31)
Provisions and other liabilities, current
(6)
-
(6)
Total identi\ufb01able net assets
54
75
129
Goodwill
-
23
23
Total recognised
54
98
152
\n
Acquisition-related costs of NOK 13 million (NOK 4 million in
\n
2022) are recognised in other items in the statement of pro\ufb01t
\n
or loss related to the acquisition of Elkem Carbon Slovakia a.s.
5. Equity accounted investments and joint operations
Principle application and judgements
Share of pro\ufb01t (loss) from investments in associates
and joint ventures
Share of pro\ufb01t (loss) from investments in associates and
joint ventures is presented in the statement of pro\ufb01t or loss
depending on the purpose of the investments. Investments that
are closely related to the group's main activities are presented
as share of pro\ufb01t from equity accounted companies, included
in total operating income. Investments in associates and joint
ventures that do not operate within Elkem's main business areas
are presented as share of pro\ufb01t from equity accounted \ufb01nancial
investments. Judgement is applied in determining the category
of investment.
Elkem has interests in the following joint
arrangements and associates
\n \n
% equity
% equity
Principal
interests
interests
Name of entity
Business o\ufb03ce
Country
actvities
Classi\ufb01cation
2024
2023
Elkem Ferroveld JV
Ferrobank
South Africa
Electrode paste
Joint
50%
50%
Emalahleni
production
operation
Elkania DA
Hauge i Dalane
Norway
Micro\ufb01ne weighting
Joint
50%
50%
material
operation
North Sea Container Line AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
North-Sea Management AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
Kla\ufb01 EHF
Grundartangi,
Iceland
Transportation /
Joint venture
50%
50%
Akranes
harbour services
Weldermate AS
Oslo
Norway
Robot welding systems
Joint venture
50%
50%
Vianode AS
Oslo
Norway
Battery materials
Joint venture
-
40%
Jiangxi Guoxing Intelligence
Yangjialing
China
Energy production
Joint venture
35%
35%
Energy Co. Ltd
1)
Jiangxi Ganjiang New
Ganjiang
China
Research center
Joint venture
30%
-
District Silicones Innovative
Research Center Ltd.
1)
Euro Partnership BV
Moerdijk
Netherlands
Ship management
Associate
50%
50%
services
Combined Cargo
Moerdijk
Netherlands
Warehousing
Associate
33%
33%
Warehousing BV
Euro Nordic Agencies
Antwerpen
Belgium
Ship agencies services
Associate
50%
50%
Belgium NV
EPB Chartering AS
Oslo
Norway
Deep sea charter services
Associate
25%
25%
Osiris GIE
1)
Roussillon
France
Business supplies
Associate
25%
25%
and equipment
3Deus Dynamics SAS
1)
Lyon
France
3D printing
Associate
21%
21%
Future Materials AS
Grimstad
Norway
Marketing of
Associate
20%
20%
research facilities
1)
The joint arrangements and associates are held by discontinued operations
The share of equity interests is equal to Elkem's voting
rights, with the exception of Elkem's investments in Vianode
AS where the parties in accordance with the shareholder
agreement had 33.3 per cent ownership in\ufb02uence until the
disposal of the shares in 2024.
The shareholder agreements for Jiangxi Guoxing Intelligence
Energy Co. Ltd requires a two-third majority in order to
approve a majority of business decision on behalf of the
entity, making Elkem together with one other party in control
of the business.
Of the entities above, Vianode AS is classi\ufb01ed to not operate
within Elkem's main business areas.
There is no quoted market price for the investments.
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled by
Altor Equity Partners AS from 4th quarter of 2024. NOK 10
million of the compensation was received at closing while NOK
315 million (second instalment) and NOK 522 million (third
instalment) are tied to Vianode meeting two future milestones
relating to the building of a full-scale plant. At initial recognition
in the \ufb01rst quarter of 2024 the fair value of the receivable was
estimated to NOK 749 million after the payment of the NOK 10
million. The sale resulted in a loss on disposal of NOK 128 million.
6 December 2023 Elkem increased its ownership and invested
EUR 2.2 million (NOK 26 million) in 3Deus Dynamics SAS, an
entity operating to develop a dynamic moulding process for
3D printing with the help of Elkem's expertise with silicones.
Elkem held warrants and shares in the company prior to the
increase in ownership. With the transaction Elkem recognised
a fair value gain of EUR 1 million (NOK 11.6 million) of the
previously held interest in the company, resulting in a total fair
value of Elkem's share in 3Deus Dynamics SAS of EUR 3.2
million (NOK 37 million).
See note 37 Related parties for commitments and transactions
related to the joint ventures and associates.
Movements in equity accounted investments
\n \n
2024
2023
Joint
Joint
Amounts in NOK million
ventures
Associates
Total
ventures
Associates
Total
Opening balance
1 054
242
1 296
822
217
1 039
Acquisition of and capital contribution to joint ventures
4
-
4
303
26
329
Change in equity interest, transfer from \ufb01nancial instruments (note 30)
-
-
-
-
11
11
Disposal of shares
(759)
-
(759)
-
-
-
Dividends received
(7)
(17)
(23)
(18)
(50)
(68)
Share of pro\ufb01t (loss) from equity accounted companies
(8)
2
(6)
15
29
44
from continuing operations
Share of pro\ufb01t (loss) from equity accounted companies
4
-
4
1
-
1
from discontinued operations
Share of pro\ufb01t (loss) from equity accounted \ufb01nancial
(15)
-
(15)
(63)
-
(63)
investments from continuing operations
Amortisation of excess value from equity accounted
-
(2)
(2)
-
-
-
companies from discontinued operations
Gain on sales of assets to equity accounted companies
-
-
-
(4)
-
(4)
Gain (loss) on sales of shares
(128)
-
(128)
-
-
-
Part of other comprehensive income
0
4
4
(0)
3
2
Assets classi\ufb01ed as held for sale
(69)
(88)
(157)
-
-
-
Currency translation di\ufb00erences
5
7
12
(2)
6
4
Closing balance
81
149
230
1 054
242 1 296
Share of pro\ufb01t and loss and carrying amount for equity
accounted investments
2024
31.12.2024
2023
31.12.2023
Amounts in NOK million
Share of pro\ufb01t
Carrying amount
Share of pro\ufb01t
Carrying amount
North Sea Container Line AS
(10)
74
13
90
North-Sea Management AS
2
7
2
5
Kla\ufb01 EHF
(0)
0
0
1
Weldermate AS
0
0
-
0
Vianode AS
(15)
-
(63)
903
Jiangxi Guoxing Intelligence Energy Co. Ltd
-
-
-
56
Jiangxi Ganjiang New District Silicones Innovative Research Center Ltd.
-
-
-
-
Euro Partnership BV
10
48
18
43
Combined Cargo Warehousing BV
(1)
4
2
4
Euro Nordic Agencies Belgium NV
1
6
1
5
EPB Chartering AS
(8)
91
8
105
Osiris GIE
-
-
-
49
3Deus Dynamics SAS
-
-
-
36
Future Materials AS
-
0
-
0
Total
(21)
230
(19)
1 296
Gain (loss) on sales of assets to equity accounted companies
(128)
-
Total
(149)
230
(19)
1 296
Cash-\ufb02ow from operations, equity accounted investments
Amounts in NOK million
2024
2023
Share of pro\ufb01t (loss) from equity accounted investments from continuing operations
6
(44)
Share of pro\ufb01t (loss) from equity accounted investments from discontinued operations
(2)
(1)
Dividend received
23
68
Equity accounted investments
27
22
Summary of unaudited \ufb01nancial information for
joint ventures on a 100%
basis
Vianode
Total
Vianode
Total
Amounts in NOK million
AS
Other
2024
AS
Other
2023
Current assets, including cash and cash equivalents
-
213
213
805
460
1 264
NOK 73 million (NOK 866 million)
Non-current assets
-
18
18
1 653
436
2 089
Current liabilities, including current \ufb01nancial liabilities
-
67
67
203
124
328
NOK 0 million (NOK 26 million)
Non-current liabilities, including non-current \ufb01nancial
-
2
2
148
421
569
liabilities NOK 0 million (NOK 547 million)
Net assets/equity
-
162
162
2 107
350
2 457
Excess value
-
-
-
60
-
60
Elkem's carrying amount
-
81
81
903
151
1 054
Total revenue
(0)
827
827
0
833
833
Total expenses, including depreciation and amortisation
(35)
(848)
(884)
(187)
(815)
(1 002)
NOK 3 million (NOK 4 million) and other items
Financial income, including interest income
12
8
20
38
13
52
NOK 10 million (NOK 42 million)
Financial expenses, including interest expenses
(4)
(0)
(4)
(10)
(1)
(11)
NOK 2 million
(NOK 9 million)
Tax expense
-
(2)
(2)
-
(1)
(1)
Total pro\ufb01t for the year
(27)
(16)
(43)
(158)
30
(128)
Other comprehensive income
0
-
0
(0)
0
(0)
Total comprehensive income
(27)
(16)
(43)
(159)
30
(129)
Elkem's share of pro\ufb01t for the year
(15)
(8)
(23)
(63)
15
(48)
Elkem's share of other comprehensive income
-
-
-
(0)
0
(0)
Summary of unaudited \ufb01nancial information for
associates on a 100%
basis
Amounts in NOK million
Total 2024
Total 2023
Revenue
25
102
Pro\ufb01t for the year
(12)
70
Other comprehensive income
16
10
Total comprehensive income
4
80
Elkem's share of pro\ufb01t for the year
2
29
Elkem's share of other comprehensive income
4
3
Net assets/equity
483
775
Excess value
-
26
Elkem's carrying amount
149
242
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "4. Composition of the groupElkem ASA and the following subsidiaries and joint
operations make up the composition of the group and are
included in the consolidated \ufb01nancial statements
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interests
interests
Owner
Elkania DA (Joint operation)
NOK
Norway
50 %
50%
Elkem ASA
Elkem (Thailand) Co., Ltd.
THB
Thailand
100 %
100%
Elkem ASA
Elkem Carbon (China) Co., Ltd.
CNY
China
100 %
100%
Elkem Carbon
Singapore Pte. Ltd.
Elkem Carbon AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Carbon Malaysia Sdn. Bhd.
MYR
Malaysia
100 %
100%
Elkem Carbon AS
Elkem Carbon Singapore Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem Carbon AS
Elkem Carbon Slovakia, a.s.
EUR
Slovakia
100 %
100%
Elkem Carbon AS
Elkem Chartering Holding AS
NOK
Norway
80 %
80%
Elkem ASA
Elkem Digital O\ufb03ce AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Distribution Center B.V.
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Dron\ufb01eld Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Egypt for Industry,
USD
Egypt
100 %
100%
Elkem International AS
Contracting & Trading S.A.E.
Elkem Ferroveld JV (Joint operation)
ZAR
South Africa
50 %
50%
Elkem Carbon AS
Elkem Foundry (China) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Iberia S.L.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem International AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem International Trade (Shanghai) Co., Ltd.
CNY
China
100 %
100%
Elkem International AS
Elkem \u00cdsland ehf.
NOK
Iceland
100 %
100%
Elkem ASA
Elkem Japan K.K.
JPY
Japan
100 %
100%
Elkem ASA
Elkem Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Madencilik Metalurji
EUR
Turkey
100 %
100%
Elkem International AS
Sanayi Ve Ticaret Ltd. STI
Elkem Materials, Inc.
USD
USA
100 %
100%
NEH LLC
Elkem Materials Processing (Tianjin) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Materials Processing Services BV
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Materials South America Ltda.
BRL
Brazil
100 %
100%
Elkem Materials, Inc.
Elkem Metal Canada Inc.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Milling Services GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Nordic A.S.
DKK
Denmark
100 %
100%
Elkem ASA
Elkem Oil\ufb01eld Chemicals FZCO Ltd.
AED
UAE
51 %
51%
Elkem ASA
Elkem Paraguay S.A.
USD
Paraguay
100 %
100%
Elkem ASA
1)
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
BRL
Brazil
100 %
100%
Elkem Carbon AS
Elkem Processing Services S.A.
EUR
Belgium
100 %
100%
Elkem ASA
Elkem S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interest
interest
Owner
Elkem Silicon Materials (Lanzhou) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicon Product Development AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Siliconas Espa\u00f1a S.A.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem Silicones (UK) Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK Holdings Ltd.
Elkem Silicones Brasil Ltda.
BRL
Brazil
100 %
100%
Elkem ASA
Elkem Silicones Canada Corp.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Silicones Czech Republic, s.r.o.
CZK
Czech Republic
100 %
100%
Elkem ASA
Elkem Silicones Finland OY
EUR
Finland
100 %
100%
Elkem ASA
Elkem Silicones France SAS
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Germany GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Silicones Guangdong Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones Hong Kong Co., Ltd.
HKD
Hong Kong
100 %
100%
Elkem ASA
Elkem Silicones Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Silicones Material Zhongshan Co., Ltd.
CNY
China
100 %
100%
Elkem Silicones
Guangdong Co., Ltd.
Elkem Silicones M\u00e9xico S. De R.L. De C.V.
MXN
Mexico
100 %
100%
Elkem ASA
Elkem Silicones Poland sp. z o.o.
PLN
Poland
100 %
100%
Elkem ASA
Elkem Silicones Scandinavia AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Silicones Services S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Shanghai Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones USA Corp.
USD
USA
100 %
100%
Elkem ASA
Elkem Siliconi Italia S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
Elkem Singapore Materials Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem ASA
Elkem South Asia Private Limited
INR
India
100 %
100%
Elkem ASA
Elkem UK Holdings Ltd.
GBP
United Kingdom
100 %
100%
Elkem ASA
Elkem Uruguay S.A.
USD
Uruguay
100 %
100%
Elkem ASA
Euro Nordic Logistics BV
EUR
Netherlands
80 %
80%
Elkem Chartering
Holding AS
Euro Nordic Netherlands BV
EUR
Netherlands
80 %
80%
Euro Nordic Logistics BV
Explotaci\u00f3n de Rocas Industriales y
EUR
Spain
100 %
100%
Elkem ASA
Minerales S.A. (ERIMSA)
Iniconce, S.L.
EUR
Spain
100 %
100%
Explotaci\u00f3n de Rocas
Industriales y Minerales S.A.
Jiangxi Bluestar Xinghuo Silicones Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
NEH LLC
USD
USA
100 %
100%
Elkem ASA
NorenoComercial Importada e
BRL
Brazil
100 %
100%
Elkem Participa\u00e7\u00f2es
Exportadora Limitada
Ind\u00fastria e Com\u00e9rcio
Limitada
Norsil, S.A.
EUR
Spain
100 %
100%
Iniconce, S.L
Tifwer Trade S.A.
USD
Uruguay
100 %
100%
Elkem Uruguay S.A.
1)
Elkem ASA owns 79% and Elkem Uruguay S.A owns 21%
Changes in composition of the group in 2024
\n
On 14 May 2024 Elkem acquired Elkem Testvirksomhet AS
\n
(previously REC Solar Norway AS) for USD 22 million (NOK
\n
238 million). Elkem Testvirksomhet AS was subsequently
\n
merged with Elkem ASA. The transaction gives Elkem
\n
control of industrial areas and facilities in Norway, including
\n
areas next to Elkem's activities at Fiskaa in Kristiansand.
\n
The transaction is accounted for as an asset acquisition
\n
of which NOK 245 million has been allocated to assets,
\n
whereof NOK 108 million to property, plant and equipment
\n
and NOK 128 million to deferred tax asset and NOK 7 million
\n
has been allocated to liabilities. The application of the initial
\n
measurement criteria for the respective assets and liabilities
\n
after the allocation of the purchase price has resulted in the
\n
following e\ufb00ects in the statement of pro\ufb01t and loss:
(Amounts in NOK million)
Gain/(loss)
Other items
(27)
Finance income
11
Income tax (expenses) bene\ufb01ts
1 067
Total
1 052
\n
Changes in composition of the group in 2023,
\n
business combination
\n
31 May 2023 Elkem acquired Elkem Carbon Slovakia a.s
\n
(formerly VUM a.s), a Slovak producer of carbon materials.
\n
The transaction will further increase Elkem\u2019s capacity and
\n
competence in attractive specialty markets and increase its
\n
\ufb02exibility in the supply chain. Revenues of NOK 97 million
\n
and a loss after tax of NOK 6 million after the acquisition
\n
date from the company have been included in consolidated
\n
statement of pro\ufb01t or loss. If the company had been part
\n
of the group from 1 January 2023 revenue and pro\ufb01t after
\n
tax would have increased with NOK 101 million and NOK 10
\n
million respectively. Elkem Carbon Slovakia a.s is presented
\n
within the Carbon Solutions operating segment.
Net cash out\ufb02ow
(Amounts in NOK million)
2023
Cash transferred on acquisition
(152)
Cash and cash equivalents of the acquiree
0
Acquisition of subsidiaries, net of cash acquired
(152)
\n
The table below summarises the total consideration and
\n
the provisional amounts recognised for assets acquired and
\n
liabilities assumed in the business combination:
Consideration
(Amounts in NOK million)
2023
Cash transferred on acquisition
152
Total consideration
152
\n
The net loss in other items relate to remeasurement after
\n
initial recognition of operating items such as provisions, lease
\n
liabilities and right of use assets. Finance income relates to
\n
the remeasurement of \ufb01nancial instruments. The income
\n
tax bene\ufb01ts relate to the remeasurement of deferred tax
\n
asset originating from tax loss carry forwards and limitations
\n
on interest rate deductions. Deferred tax asset related to
\n
temporary di\ufb00erences of NOK 357 million has not been
\n
recognised. The impact from temporary di\ufb00erences will be
\n
recognised over the period it is reversed. Property, plant
\n
and equipment and inventory is measured at cost on initial
\n
recognition and therefore not subsequently remeasured.
\n
Assets acquired and liabilities assumed
Amounts in NOK million
Carrying amount
Excess value
Fair value
Property, plant and equipment
14
67
81
Other intangible assets
0
29
29
Inventories
71
(1)
70
Trade receivables
26
-
26
Other assets, current
10
-
10
Cash and cash equivalents
0
-
0
Deferred tax liabilities
(0)
(20)
(20)
Employee bene\ufb01t expenses
(1)
-
(1)
Trade payables
(18)
-
(18)
Income tax payables
(11)
-
(11)
Interest-bearing liabilities, current
(31)
-
(31)
Provisions and other liabilities, current
(6)
-
(6)
Total identi\ufb01able net assets
54
75
129
Goodwill
-
23
23
Total recognised
54
98
152
\n
Acquisition-related costs of NOK 13 million (NOK 4 million in
\n
2022) are recognised in other items in the statement of pro\ufb01t
\nor loss related to the acquisition of Elkem Carbon Slovakia a.s.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "4. Composition of the groupElkem ASA and the following subsidiaries and joint
operations make up the composition of the group and are
included in the consolidated \ufb01nancial statements
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interests
interests
Owner
Elkania DA (Joint operation)
NOK
Norway
50 %
50%
Elkem ASA
Elkem (Thailand) Co., Ltd.
THB
Thailand
100 %
100%
Elkem ASA
Elkem Carbon (China) Co., Ltd.
CNY
China
100 %
100%
Elkem Carbon
Singapore Pte. Ltd.
Elkem Carbon AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Carbon Malaysia Sdn. Bhd.
MYR
Malaysia
100 %
100%
Elkem Carbon AS
Elkem Carbon Singapore Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem Carbon AS
Elkem Carbon Slovakia, a.s.
EUR
Slovakia
100 %
100%
Elkem Carbon AS
Elkem Chartering Holding AS
NOK
Norway
80 %
80%
Elkem ASA
Elkem Digital O\ufb03ce AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Distribution Center B.V.
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Dron\ufb01eld Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Egypt for Industry,
USD
Egypt
100 %
100%
Elkem International AS
Contracting & Trading S.A.E.
Elkem Ferroveld JV (Joint operation)
ZAR
South Africa
50 %
50%
Elkem Carbon AS
Elkem Foundry (China) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Iberia S.L.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem International AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem International Trade (Shanghai) Co., Ltd.
CNY
China
100 %
100%
Elkem International AS
Elkem \u00cdsland ehf.
NOK
Iceland
100 %
100%
Elkem ASA
Elkem Japan K.K.
JPY
Japan
100 %
100%
Elkem ASA
Elkem Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Madencilik Metalurji
EUR
Turkey
100 %
100%
Elkem International AS
Sanayi Ve Ticaret Ltd. STI
Elkem Materials, Inc.
USD
USA
100 %
100%
NEH LLC
Elkem Materials Processing (Tianjin) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Materials Processing Services BV
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Materials South America Ltda.
BRL
Brazil
100 %
100%
Elkem Materials, Inc.
Elkem Metal Canada Inc.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Milling Services GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Nordic A.S.
DKK
Denmark
100 %
100%
Elkem ASA
Elkem Oil\ufb01eld Chemicals FZCO Ltd.
AED
UAE
51 %
51%
Elkem ASA
Elkem Paraguay S.A.
USD
Paraguay
100 %
100%
Elkem ASA
1)
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
BRL
Brazil
100 %
100%
Elkem Carbon AS
Elkem Processing Services S.A.
EUR
Belgium
100 %
100%
Elkem ASA
Elkem S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interest
interest
Owner
Elkem Silicon Materials (Lanzhou) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicon Product Development AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Siliconas Espa\u00f1a S.A.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem Silicones (UK) Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK Holdings Ltd.
Elkem Silicones Brasil Ltda.
BRL
Brazil
100 %
100%
Elkem ASA
Elkem Silicones Canada Corp.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Silicones Czech Republic, s.r.o.
CZK
Czech Republic
100 %
100%
Elkem ASA
Elkem Silicones Finland OY
EUR
Finland
100 %
100%
Elkem ASA
Elkem Silicones France SAS
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Germany GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Silicones Guangdong Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones Hong Kong Co., Ltd.
HKD
Hong Kong
100 %
100%
Elkem ASA
Elkem Silicones Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Silicones Material Zhongshan Co., Ltd.
CNY
China
100 %
100%
Elkem Silicones
Guangdong Co., Ltd.
Elkem Silicones M\u00e9xico S. De R.L. De C.V.
MXN
Mexico
100 %
100%
Elkem ASA
Elkem Silicones Poland sp. z o.o.
PLN
Poland
100 %
100%
Elkem ASA
Elkem Silicones Scandinavia AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Silicones Services S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Shanghai Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones USA Corp.
USD
USA
100 %
100%
Elkem ASA
Elkem Siliconi Italia S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
Elkem Singapore Materials Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem ASA
Elkem South Asia Private Limited
INR
India
100 %
100%
Elkem ASA
Elkem UK Holdings Ltd.
GBP
United Kingdom
100 %
100%
Elkem ASA
Elkem Uruguay S.A.
USD
Uruguay
100 %
100%
Elkem ASA
Euro Nordic Logistics BV
EUR
Netherlands
80 %
80%
Elkem Chartering
Holding AS
Euro Nordic Netherlands BV
EUR
Netherlands
80 %
80%
Euro Nordic Logistics BV
Explotaci\u00f3n de Rocas Industriales y
EUR
Spain
100 %
100%
Elkem ASA
Minerales S.A. (ERIMSA)
Iniconce, S.L.
EUR
Spain
100 %
100%
Explotaci\u00f3n de Rocas
Industriales y Minerales S.A.
Jiangxi Bluestar Xinghuo Silicones Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
NEH LLC
USD
USA
100 %
100%
Elkem ASA
NorenoComercial Importada e
BRL
Brazil
100 %
100%
Elkem Participa\u00e7\u00f2es
Exportadora Limitada
Ind\u00fastria e Com\u00e9rcio
Limitada
Norsil, S.A.
EUR
Spain
100 %
100%
Iniconce, S.L
Tifwer Trade S.A.
USD
Uruguay
100 %
100%
Elkem Uruguay S.A.
1)
Elkem ASA owns 79% and Elkem Uruguay S.A owns 21%
Changes in composition of the group in 2024
\n
On 14 May 2024 Elkem acquired Elkem Testvirksomhet AS
\n
(previously REC Solar Norway AS) for USD 22 million (NOK
\n
238 million). Elkem Testvirksomhet AS was subsequently
\n
merged with Elkem ASA. The transaction gives Elkem
\n
control of industrial areas and facilities in Norway, including
\n
areas next to Elkem's activities at Fiskaa in Kristiansand.
\n
The transaction is accounted for as an asset acquisition
\n
of which NOK 245 million has been allocated to assets,
\n
whereof NOK 108 million to property, plant and equipment
\n
and NOK 128 million to deferred tax asset and NOK 7 million
\n
has been allocated to liabilities. The application of the initial
\n
measurement criteria for the respective assets and liabilities
\n
after the allocation of the purchase price has resulted in the
\n
following e\ufb00ects in the statement of pro\ufb01t and loss:
(Amounts in NOK million)
Gain/(loss)
Other items
(27)
Finance income
11
Income tax (expenses) bene\ufb01ts
1 067
Total
1 052
\n
Changes in composition of the group in 2023,
\n
business combination
\n
31 May 2023 Elkem acquired Elkem Carbon Slovakia a.s
\n
(formerly VUM a.s), a Slovak producer of carbon materials.
\n
The transaction will further increase Elkem\u2019s capacity and
\n
competence in attractive specialty markets and increase its
\n
\ufb02exibility in the supply chain. Revenues of NOK 97 million
\n
and a loss after tax of NOK 6 million after the acquisition
\n
date from the company have been included in consolidated
\n
statement of pro\ufb01t or loss. If the company had been part
\n
of the group from 1 January 2023 revenue and pro\ufb01t after
\n
tax would have increased with NOK 101 million and NOK 10
\n
million respectively. Elkem Carbon Slovakia a.s is presented
\n
within the Carbon Solutions operating segment.
Net cash out\ufb02ow
(Amounts in NOK million)
2023
Cash transferred on acquisition
(152)
Cash and cash equivalents of the acquiree
0
Acquisition of subsidiaries, net of cash acquired
(152)
\n
The table below summarises the total consideration and
\n
the provisional amounts recognised for assets acquired and
\n
liabilities assumed in the business combination:
Consideration
(Amounts in NOK million)
2023
Cash transferred on acquisition
152
Total consideration
152
\n
The net loss in other items relate to remeasurement after
\n
initial recognition of operating items such as provisions, lease
\n
liabilities and right of use assets. Finance income relates to
\n
the remeasurement of \ufb01nancial instruments. The income
\n
tax bene\ufb01ts relate to the remeasurement of deferred tax
\n
asset originating from tax loss carry forwards and limitations
\n
on interest rate deductions. Deferred tax asset related to
\n
temporary di\ufb00erences of NOK 357 million has not been
\n
recognised. The impact from temporary di\ufb00erences will be
\n
recognised over the period it is reversed. Property, plant
\n
and equipment and inventory is measured at cost on initial
\n
recognition and therefore not subsequently remeasured.
\n
Assets acquired and liabilities assumed
Amounts in NOK million
Carrying amount
Excess value
Fair value
Property, plant and equipment
14
67
81
Other intangible assets
0
29
29
Inventories
71
(1)
70
Trade receivables
26
-
26
Other assets, current
10
-
10
Cash and cash equivalents
0
-
0
Deferred tax liabilities
(0)
(20)
(20)
Employee bene\ufb01t expenses
(1)
-
(1)
Trade payables
(18)
-
(18)
Income tax payables
(11)
-
(11)
Interest-bearing liabilities, current
(31)
-
(31)
Provisions and other liabilities, current
(6)
-
(6)
Total identi\ufb01able net assets
54
75
129
Goodwill
-
23
23
Total recognised
54
98
152
\n
Acquisition-related costs of NOK 13 million (NOK 4 million in
\n
2022) are recognised in other items in the statement of pro\ufb01t
\nor loss related to the acquisition of Elkem Carbon Slovakia a.s.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "4. Composition of the groupElkem ASA and the following subsidiaries and joint
operations make up the composition of the group and are
included in the consolidated \ufb01nancial statements
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interests
interests
Owner
Elkania DA (Joint operation)
NOK
Norway
50 %
50%
Elkem ASA
Elkem (Thailand) Co., Ltd.
THB
Thailand
100 %
100%
Elkem ASA
Elkem Carbon (China) Co., Ltd.
CNY
China
100 %
100%
Elkem Carbon
Singapore Pte. Ltd.
Elkem Carbon AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Carbon Malaysia Sdn. Bhd.
MYR
Malaysia
100 %
100%
Elkem Carbon AS
Elkem Carbon Singapore Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem Carbon AS
Elkem Carbon Slovakia, a.s.
EUR
Slovakia
100 %
100%
Elkem Carbon AS
Elkem Chartering Holding AS
NOK
Norway
80 %
80%
Elkem ASA
Elkem Digital O\ufb03ce AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Distribution Center B.V.
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Dron\ufb01eld Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Egypt for Industry,
USD
Egypt
100 %
100%
Elkem International AS
Contracting & Trading S.A.E.
Elkem Ferroveld JV (Joint operation)
ZAR
South Africa
50 %
50%
Elkem Carbon AS
Elkem Foundry (China) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Iberia S.L.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem International AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem International Trade (Shanghai) Co., Ltd.
CNY
China
100 %
100%
Elkem International AS
Elkem \u00cdsland ehf.
NOK
Iceland
100 %
100%
Elkem ASA
Elkem Japan K.K.
JPY
Japan
100 %
100%
Elkem ASA
Elkem Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Madencilik Metalurji
EUR
Turkey
100 %
100%
Elkem International AS
Sanayi Ve Ticaret Ltd. STI
Elkem Materials, Inc.
USD
USA
100 %
100%
NEH LLC
Elkem Materials Processing (Tianjin) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Materials Processing Services BV
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Materials South America Ltda.
BRL
Brazil
100 %
100%
Elkem Materials, Inc.
Elkem Metal Canada Inc.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Milling Services GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Nordic A.S.
DKK
Denmark
100 %
100%
Elkem ASA
Elkem Oil\ufb01eld Chemicals FZCO Ltd.
AED
UAE
51 %
51%
Elkem ASA
Elkem Paraguay S.A.
USD
Paraguay
100 %
100%
Elkem ASA
1)
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
BRL
Brazil
100 %
100%
Elkem Carbon AS
Elkem Processing Services S.A.
EUR
Belgium
100 %
100%
Elkem ASA
Elkem S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interest
interest
Owner
Elkem Silicon Materials (Lanzhou) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicon Product Development AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Siliconas Espa\u00f1a S.A.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem Silicones (UK) Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK Holdings Ltd.
Elkem Silicones Brasil Ltda.
BRL
Brazil
100 %
100%
Elkem ASA
Elkem Silicones Canada Corp.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Silicones Czech Republic, s.r.o.
CZK
Czech Republic
100 %
100%
Elkem ASA
Elkem Silicones Finland OY
EUR
Finland
100 %
100%
Elkem ASA
Elkem Silicones France SAS
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Germany GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Silicones Guangdong Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones Hong Kong Co., Ltd.
HKD
Hong Kong
100 %
100%
Elkem ASA
Elkem Silicones Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Silicones Material Zhongshan Co., Ltd.
CNY
China
100 %
100%
Elkem Silicones
Guangdong Co., Ltd.
Elkem Silicones M\u00e9xico S. De R.L. De C.V.
MXN
Mexico
100 %
100%
Elkem ASA
Elkem Silicones Poland sp. z o.o.
PLN
Poland
100 %
100%
Elkem ASA
Elkem Silicones Scandinavia AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Silicones Services S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Shanghai Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones USA Corp.
USD
USA
100 %
100%
Elkem ASA
Elkem Siliconi Italia S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
Elkem Singapore Materials Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem ASA
Elkem South Asia Private Limited
INR
India
100 %
100%
Elkem ASA
Elkem UK Holdings Ltd.
GBP
United Kingdom
100 %
100%
Elkem ASA
Elkem Uruguay S.A.
USD
Uruguay
100 %
100%
Elkem ASA
Euro Nordic Logistics BV
EUR
Netherlands
80 %
80%
Elkem Chartering
Holding AS
Euro Nordic Netherlands BV
EUR
Netherlands
80 %
80%
Euro Nordic Logistics BV
Explotaci\u00f3n de Rocas Industriales y
EUR
Spain
100 %
100%
Elkem ASA
Minerales S.A. (ERIMSA)
Iniconce, S.L.
EUR
Spain
100 %
100%
Explotaci\u00f3n de Rocas
Industriales y Minerales S.A.
Jiangxi Bluestar Xinghuo Silicones Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
NEH LLC
USD
USA
100 %
100%
Elkem ASA
NorenoComercial Importada e
BRL
Brazil
100 %
100%
Elkem Participa\u00e7\u00f2es
Exportadora Limitada
Ind\u00fastria e Com\u00e9rcio
Limitada
Norsil, S.A.
EUR
Spain
100 %
100%
Iniconce, S.L
Tifwer Trade S.A.
USD
Uruguay
100 %
100%
Elkem Uruguay S.A.
1)
Elkem ASA owns 79% and Elkem Uruguay S.A owns 21%
Changes in composition of the group in 2024
\n
On 14 May 2024 Elkem acquired Elkem Testvirksomhet AS
\n
(previously REC Solar Norway AS) for USD 22 million (NOK
\n
238 million). Elkem Testvirksomhet AS was subsequently
\n
merged with Elkem ASA. The transaction gives Elkem
\n
control of industrial areas and facilities in Norway, including
\n
areas next to Elkem's activities at Fiskaa in Kristiansand.
\n
The transaction is accounted for as an asset acquisition
\n
of which NOK 245 million has been allocated to assets,
\n
whereof NOK 108 million to property, plant and equipment
\n
and NOK 128 million to deferred tax asset and NOK 7 million
\n
has been allocated to liabilities. The application of the initial
\n
measurement criteria for the respective assets and liabilities
\n
after the allocation of the purchase price has resulted in the
\n
following e\ufb00ects in the statement of pro\ufb01t and loss:
(Amounts in NOK million)
Gain/(loss)
Other items
(27)
Finance income
11
Income tax (expenses) bene\ufb01ts
1 067
Total
1 052
\n
Changes in composition of the group in 2023,
\n
business combination
\n
31 May 2023 Elkem acquired Elkem Carbon Slovakia a.s
\n
(formerly VUM a.s), a Slovak producer of carbon materials.
\n
The transaction will further increase Elkem\u2019s capacity and
\n
competence in attractive specialty markets and increase its
\n
\ufb02exibility in the supply chain. Revenues of NOK 97 million
\n
and a loss after tax of NOK 6 million after the acquisition
\n
date from the company have been included in consolidated
\n
statement of pro\ufb01t or loss. If the company had been part
\n
of the group from 1 January 2023 revenue and pro\ufb01t after
\n
tax would have increased with NOK 101 million and NOK 10
\n
million respectively. Elkem Carbon Slovakia a.s is presented
\n
within the Carbon Solutions operating segment.
Net cash out\ufb02ow
(Amounts in NOK million)
2023
Cash transferred on acquisition
(152)
Cash and cash equivalents of the acquiree
0
Acquisition of subsidiaries, net of cash acquired
(152)
\n
The table below summarises the total consideration and
\n
the provisional amounts recognised for assets acquired and
\n
liabilities assumed in the business combination:
Consideration
(Amounts in NOK million)
2023
Cash transferred on acquisition
152
Total consideration
152
\n
The net loss in other items relate to remeasurement after
\n
initial recognition of operating items such as provisions, lease
\n
liabilities and right of use assets. Finance income relates to
\n
the remeasurement of \ufb01nancial instruments. The income
\n
tax bene\ufb01ts relate to the remeasurement of deferred tax
\n
asset originating from tax loss carry forwards and limitations
\n
on interest rate deductions. Deferred tax asset related to
\n
temporary di\ufb00erences of NOK 357 million has not been
\n
recognised. The impact from temporary di\ufb00erences will be
\n
recognised over the period it is reversed. Property, plant
\n
and equipment and inventory is measured at cost on initial
\n
recognition and therefore not subsequently remeasured.
\n
Assets acquired and liabilities assumed
Amounts in NOK million
Carrying amount
Excess value
Fair value
Property, plant and equipment
14
67
81
Other intangible assets
0
29
29
Inventories
71
(1)
70
Trade receivables
26
-
26
Other assets, current
10
-
10
Cash and cash equivalents
0
-
0
Deferred tax liabilities
(0)
(20)
(20)
Employee bene\ufb01t expenses
(1)
-
(1)
Trade payables
(18)
-
(18)
Income tax payables
(11)
-
(11)
Interest-bearing liabilities, current
(31)
-
(31)
Provisions and other liabilities, current
(6)
-
(6)
Total identi\ufb01able net assets
54
75
129
Goodwill
-
23
23
Total recognised
54
98
152
\n
Acquisition-related costs of NOK 13 million (NOK 4 million in
\n
2022) are recognised in other items in the statement of pro\ufb01t
\nor loss related to the acquisition of Elkem Carbon Slovakia a.s.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "4. Composition of the groupElkem ASA and the following subsidiaries and joint
operations make up the composition of the group and are
included in the consolidated \ufb01nancial statements
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interests
interests
Owner
Elkania DA (Joint operation)
NOK
Norway
50 %
50%
Elkem ASA
Elkem (Thailand) Co., Ltd.
THB
Thailand
100 %
100%
Elkem ASA
Elkem Carbon (China) Co., Ltd.
CNY
China
100 %
100%
Elkem Carbon
Singapore Pte. Ltd.
Elkem Carbon AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Carbon Malaysia Sdn. Bhd.
MYR
Malaysia
100 %
100%
Elkem Carbon AS
Elkem Carbon Singapore Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem Carbon AS
Elkem Carbon Slovakia, a.s.
EUR
Slovakia
100 %
100%
Elkem Carbon AS
Elkem Chartering Holding AS
NOK
Norway
80 %
80%
Elkem ASA
Elkem Digital O\ufb03ce AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Distribution Center B.V.
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Dron\ufb01eld Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Egypt for Industry,
USD
Egypt
100 %
100%
Elkem International AS
Contracting & Trading S.A.E.
Elkem Ferroveld JV (Joint operation)
ZAR
South Africa
50 %
50%
Elkem Carbon AS
Elkem Foundry (China) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Iberia S.L.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem International AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem International Trade (Shanghai) Co., Ltd.
CNY
China
100 %
100%
Elkem International AS
Elkem \u00cdsland ehf.
NOK
Iceland
100 %
100%
Elkem ASA
Elkem Japan K.K.
JPY
Japan
100 %
100%
Elkem ASA
Elkem Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK
Holdings Ltd.
Elkem Madencilik Metalurji
EUR
Turkey
100 %
100%
Elkem International AS
Sanayi Ve Ticaret Ltd. STI
Elkem Materials, Inc.
USD
USA
100 %
100%
NEH LLC
Elkem Materials Processing (Tianjin) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Materials Processing Services BV
EUR
Netherlands
100 %
100%
Elkem ASA
Elkem Materials South America Ltda.
BRL
Brazil
100 %
100%
Elkem Materials, Inc.
Elkem Metal Canada Inc.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Milling Services GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Nordic A.S.
DKK
Denmark
100 %
100%
Elkem ASA
Elkem Oil\ufb01eld Chemicals FZCO Ltd.
AED
UAE
51 %
51%
Elkem ASA
Elkem Paraguay S.A.
USD
Paraguay
100 %
100%
Elkem ASA
1)
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
BRL
Brazil
100 %
100%
Elkem Carbon AS
Elkem Processing Services S.A.
EUR
Belgium
100 %
100%
Elkem ASA
Elkem S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
\n \n
31.12.2024 31.12.2023
Functional
Country of
Equity
Equity
Company
currency
incorporation
interest
interest
Owner
Elkem Silicon Materials (Lanzhou) Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicon Product Development AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Siliconas Espa\u00f1a S.A.U
EUR
Spain
100 %
100%
Elkem ASA
Elkem Silicones (UK) Ltd.
GBP
United Kingdom
100 %
100%
Elkem UK Holdings Ltd.
Elkem Silicones Brasil Ltda.
BRL
Brazil
100 %
100%
Elkem ASA
Elkem Silicones Canada Corp.
CAD
Canada
100 %
100%
Elkem ASA
Elkem Silicones Czech Republic, s.r.o.
CZK
Czech Republic
100 %
100%
Elkem ASA
Elkem Silicones Finland OY
EUR
Finland
100 %
100%
Elkem ASA
Elkem Silicones France SAS
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Germany GmbH
EUR
Germany
100 %
100%
Elkem ASA
Elkem Silicones Guangdong Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones Hong Kong Co., Ltd.
HKD
Hong Kong
100 %
100%
Elkem ASA
Elkem Silicones Korea Co., Ltd.
KRW
Republic
100 %
100%
Elkem ASA
of Korea
Elkem Silicones Material Zhongshan Co., Ltd.
CNY
China
100 %
100%
Elkem Silicones
Guangdong Co., Ltd.
Elkem Silicones M\u00e9xico S. De R.L. De C.V.
MXN
Mexico
100 %
100%
Elkem ASA
Elkem Silicones Poland sp. z o.o.
PLN
Poland
100 %
100%
Elkem ASA
Elkem Silicones Scandinavia AS
NOK
Norway
100 %
100%
Elkem ASA
Elkem Silicones Services S.\u00e0 r.l.
EUR
France
100 %
100%
Elkem ASA
Elkem Silicones Shanghai Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
Elkem Silicones USA Corp.
USD
USA
100 %
100%
Elkem ASA
Elkem Siliconi Italia S.r.l.
EUR
Italy
100 %
100%
Elkem ASA
Elkem Singapore Materials Pte. Ltd.
SGD
Singapore
100 %
100%
Elkem ASA
Elkem South Asia Private Limited
INR
India
100 %
100%
Elkem ASA
Elkem UK Holdings Ltd.
GBP
United Kingdom
100 %
100%
Elkem ASA
Elkem Uruguay S.A.
USD
Uruguay
100 %
100%
Elkem ASA
Euro Nordic Logistics BV
EUR
Netherlands
80 %
80%
Elkem Chartering
Holding AS
Euro Nordic Netherlands BV
EUR
Netherlands
80 %
80%
Euro Nordic Logistics BV
Explotaci\u00f3n de Rocas Industriales y
EUR
Spain
100 %
100%
Elkem ASA
Minerales S.A. (ERIMSA)
Iniconce, S.L.
EUR
Spain
100 %
100%
Explotaci\u00f3n de Rocas
Industriales y Minerales S.A.
Jiangxi Bluestar Xinghuo Silicones Co., Ltd.
CNY
China
100 %
100%
Elkem ASA
NEH LLC
USD
USA
100 %
100%
Elkem ASA
NorenoComercial Importada e
BRL
Brazil
100 %
100%
Elkem Participa\u00e7\u00f2es
Exportadora Limitada
Ind\u00fastria e Com\u00e9rcio
Limitada
Norsil, S.A.
EUR
Spain
100 %
100%
Iniconce, S.L
Tifwer Trade S.A.
USD
Uruguay
100 %
100%
Elkem Uruguay S.A.
1)
Elkem ASA owns 79% and Elkem Uruguay S.A owns 21%
Changes in composition of the group in 2024
\n
On 14 May 2024 Elkem acquired Elkem Testvirksomhet AS
\n
(previously REC Solar Norway AS) for USD 22 million (NOK
\n
238 million). Elkem Testvirksomhet AS was subsequently
\n
merged with Elkem ASA. The transaction gives Elkem
\n
control of industrial areas and facilities in Norway, including
\n
areas next to Elkem's activities at Fiskaa in Kristiansand.
\n
The transaction is accounted for as an asset acquisition
\n
of which NOK 245 million has been allocated to assets,
\n
whereof NOK 108 million to property, plant and equipment
\n
and NOK 128 million to deferred tax asset and NOK 7 million
\n
has been allocated to liabilities. The application of the initial
\n
measurement criteria for the respective assets and liabilities
\n
after the allocation of the purchase price has resulted in the
\n
following e\ufb00ects in the statement of pro\ufb01t and loss:
(Amounts in NOK million)
Gain/(loss)
Other items
(27)
Finance income
11
Income tax (expenses) bene\ufb01ts
1 067
Total
1 052
\n
Changes in composition of the group in 2023,
\n
business combination
\n
31 May 2023 Elkem acquired Elkem Carbon Slovakia a.s
\n
(formerly VUM a.s), a Slovak producer of carbon materials.
\n
The transaction will further increase Elkem\u2019s capacity and
\n
competence in attractive specialty markets and increase its
\n
\ufb02exibility in the supply chain. Revenues of NOK 97 million
\n
and a loss after tax of NOK 6 million after the acquisition
\n
date from the company have been included in consolidated
\n
statement of pro\ufb01t or loss. If the company had been part
\n
of the group from 1 January 2023 revenue and pro\ufb01t after
\n
tax would have increased with NOK 101 million and NOK 10
\n
million respectively. Elkem Carbon Slovakia a.s is presented
\n
within the Carbon Solutions operating segment.
Net cash out\ufb02ow
(Amounts in NOK million)
2023
Cash transferred on acquisition
(152)
Cash and cash equivalents of the acquiree
0
Acquisition of subsidiaries, net of cash acquired
(152)
\n
The table below summarises the total consideration and
\n
the provisional amounts recognised for assets acquired and
\n
liabilities assumed in the business combination:
Consideration
(Amounts in NOK million)
2023
Cash transferred on acquisition
152
Total consideration
152
\n
The net loss in other items relate to remeasurement after
\n
initial recognition of operating items such as provisions, lease
\n
liabilities and right of use assets. Finance income relates to
\n
the remeasurement of \ufb01nancial instruments. The income
\n
tax bene\ufb01ts relate to the remeasurement of deferred tax
\n
asset originating from tax loss carry forwards and limitations
\n
on interest rate deductions. Deferred tax asset related to
\n
temporary di\ufb00erences of NOK 357 million has not been
\n
recognised. The impact from temporary di\ufb00erences will be
\n
recognised over the period it is reversed. Property, plant
\n
and equipment and inventory is measured at cost on initial
\n
recognition and therefore not subsequently remeasured.
\n
Assets acquired and liabilities assumed
Amounts in NOK million
Carrying amount
Excess value
Fair value
Property, plant and equipment
14
67
81
Other intangible assets
0
29
29
Inventories
71
(1)
70
Trade receivables
26
-
26
Other assets, current
10
-
10
Cash and cash equivalents
0
-
0
Deferred tax liabilities
(0)
(20)
(20)
Employee bene\ufb01t expenses
(1)
-
(1)
Trade payables
(18)
-
(18)
Income tax payables
(11)
-
(11)
Interest-bearing liabilities, current
(31)
-
(31)
Provisions and other liabilities, current
(6)
-
(6)
Total identi\ufb01able net assets
54
75
129
Goodwill
-
23
23
Total recognised
54
98
152
\n
Acquisition-related costs of NOK 13 million (NOK 4 million in
\n
2022) are recognised in other items in the statement of pro\ufb01t
\nor loss related to the acquisition of Elkem Carbon Slovakia a.s.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Consolidation
The consolidated \ufb01nancial statements include the \ufb01nancial
statements of Elkem ASA and entities controlled directly or
indirectly by Elkem ASA.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "Business combinations
The acquisition method of accounting is used to account for
business combinations made by the group.
IFRS 3 allows two di\ufb00erent approaches to accounting for an
asset acquisition. Elkem have decided to \ufb01rst determine the
individual transaction price for each identi\ufb01able asset and
liability based on their relative fair value and subsequently
apply the initial measurement requirements in applicable
standards to each identi\ufb01able asset and liability. Any di\ufb00erence
between the amount at which the asset and liability is initially
measured and its individual transaction price is accounted for
using the relevant requirements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "Business combinations
The acquisition method of accounting is used to account for
business combinations made by the group.
IFRS 3 allows two di\ufb00erent approaches to accounting for an
asset acquisition. Elkem have decided to \ufb01rst determine the
individual transaction price for each identi\ufb01able asset and
liability based on their relative fair value and subsequently
apply the initial measurement requirements in applicable
standards to each identi\ufb01able asset and liability. Any di\ufb00erence
between the amount at which the asset and liability is initially
measured and its individual transaction price is accounted for
using the relevant requirements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "5. Equity accounted investments and joint operationsElkem has interests in the following joint
arrangements and associates
\n \n
% equity
% equity
Principal
interests
interests
Name of entity
Business o\ufb03ce
Country
actvities
Classi\ufb01cation
2024
2023
Elkem Ferroveld JV
Ferrobank
South Africa
Electrode paste
Joint
50%
50%
Emalahleni
production
operation
Elkania DA
Hauge i Dalane
Norway
Micro\ufb01ne weighting
Joint
50%
50%
material
operation
North Sea Container Line AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
North-Sea Management AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
Kla\ufb01 EHF
Grundartangi,
Iceland
Transportation /
Joint venture
50%
50%
Akranes
harbour services
Weldermate AS
Oslo
Norway
Robot welding systems
Joint venture
50%
50%
Vianode AS
Oslo
Norway
Battery materials
Joint venture
-
40%
Jiangxi Guoxing Intelligence
Yangjialing
China
Energy production
Joint venture
35%
35%
Energy Co. Ltd
1)
Jiangxi Ganjiang New
Ganjiang
China
Research center
Joint venture
30%
-
District Silicones Innovative
Research Center Ltd.
1)
Euro Partnership BV
Moerdijk
Netherlands
Ship management
Associate
50%
50%
services
Combined Cargo
Moerdijk
Netherlands
Warehousing
Associate
33%
33%
Warehousing BV
Euro Nordic Agencies
Antwerpen
Belgium
Ship agencies services
Associate
50%
50%
Belgium NV
EPB Chartering AS
Oslo
Norway
Deep sea charter services
Associate
25%
25%
Osiris GIE
1)
Roussillon
France
Business supplies
Associate
25%
25%
and equipment
3Deus Dynamics SAS
1)
Lyon
France
3D printing
Associate
21%
21%
Future Materials AS
Grimstad
Norway
Marketing of
Associate
20%
20%
research facilities
1)
The joint arrangements and associates are held by discontinued operations
The share of equity interests is equal to Elkem's voting
rights, with the exception of Elkem's investments in Vianode
AS where the parties in accordance with the shareholder
agreement had 33.3 per cent ownership in\ufb02uence until the
disposal of the shares in 2024.
The shareholder agreements for Jiangxi Guoxing Intelligence
Energy Co. Ltd requires a two-third majority in order to
approve a majority of business decision on behalf of the
entity, making Elkem together with one other party in control
of the business.
Of the entities above, Vianode AS is classi\ufb01ed to not operate
within Elkem's main business areas.
There is no quoted market price for the investments.
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled by
Altor Equity Partners AS from 4th quarter of 2024. NOK 10
million of the compensation was received at closing while NOK
315 million (second instalment) and NOK 522 million (third
instalment) are tied to Vianode meeting two future milestones
relating to the building of a full-scale plant. At initial recognition
in the \ufb01rst quarter of 2024 the fair value of the receivable was
estimated to NOK 749 million after the payment of the NOK 10
million. The sale resulted in a loss on disposal of NOK 128 million.
6 December 2023 Elkem increased its ownership and invested
EUR 2.2 million (NOK 26 million) in 3Deus Dynamics SAS, an
entity operating to develop a dynamic moulding process for
3D printing with the help of Elkem's expertise with silicones.
Elkem held warrants and shares in the company prior to the
increase in ownership. With the transaction Elkem recognised
a fair value gain of EUR 1 million (NOK 11.6 million) of the
previously held interest in the company, resulting in a total fair
value of Elkem's share in 3Deus Dynamics SAS of EUR 3.2
million (NOK 37 million).
See note 37 Related parties for commitments and transactions
related to the joint ventures and associates.
Movements in equity accounted investments
\n \n
2024
2023
Joint
Joint
Amounts in NOK million
ventures
Associates
Total
ventures
Associates
Total
Opening balance
1 054
242
1 296
822
217
1 039
Acquisition of and capital contribution to joint ventures
4
-
4
303
26
329
Change in equity interest, transfer from \ufb01nancial instruments (note 30)
-
-
-
-
11
11
Disposal of shares
(759)
-
(759)
-
-
-
Dividends received
(7)
(17)
(23)
(18)
(50)
(68)
Share of pro\ufb01t (loss) from equity accounted companies
(8)
2
(6)
15
29
44
from continuing operations
Share of pro\ufb01t (loss) from equity accounted companies
4
-
4
1
-
1
from discontinued operations
Share of pro\ufb01t (loss) from equity accounted \ufb01nancial
(15)
-
(15)
(63)
-
(63)
investments from continuing operations
Amortisation of excess value from equity accounted
-
(2)
(2)
-
-
-
companies from discontinued operations
Gain on sales of assets to equity accounted companies
-
-
-
(4)
-
(4)
Gain (loss) on sales of shares
(128)
-
(128)
-
-
-
Part of other comprehensive income
0
4
4
(0)
3
2
Assets classi\ufb01ed as held for sale
(69)
(88)
(157)
-
-
-
Currency translation di\ufb00erences
5
7
12
(2)
6
4
Closing balance
81
149
230
1 054
242 1 296
Share of pro\ufb01t and loss and carrying amount for equity
accounted investments
2024
31.12.2024
2023
31.12.2023
Amounts in NOK million
Share of pro\ufb01t
Carrying amount
Share of pro\ufb01t
Carrying amount
North Sea Container Line AS
(10)
74
13
90
North-Sea Management AS
2
7
2
5
Kla\ufb01 EHF
(0)
0
0
1
Weldermate AS
0
0
-
0
Vianode AS
(15)
-
(63)
903
Jiangxi Guoxing Intelligence Energy Co. Ltd
-
-
-
56
Jiangxi Ganjiang New District Silicones Innovative Research Center Ltd.
-
-
-
-
Euro Partnership BV
10
48
18
43
Combined Cargo Warehousing BV
(1)
4
2
4
Euro Nordic Agencies Belgium NV
1
6
1
5
EPB Chartering AS
(8)
91
8
105
Osiris GIE
-
-
-
49
3Deus Dynamics SAS
-
-
-
36
Future Materials AS
-
0
-
0
Total
(21)
230
(19)
1 296
Gain (loss) on sales of assets to equity accounted companies
(128)
-
Total
(149)
230
(19)
1 296
Cash-\ufb02ow from operations, equity accounted investments
Amounts in NOK million
2024
2023
Share of pro\ufb01t (loss) from equity accounted investments from continuing operations
6
(44)
Share of pro\ufb01t (loss) from equity accounted investments from discontinued operations
(2)
(1)
Dividend received
23
68
Equity accounted investments
27
22
Summary of unaudited \ufb01nancial information for
joint ventures on a 100%
basis
Vianode
Total
Vianode
Total
Amounts in NOK million
AS
Other
2024
AS
Other
2023
Current assets, including cash and cash equivalents
-
213
213
805
460
1 264
NOK 73 million (NOK 866 million)
Non-current assets
-
18
18
1 653
436
2 089
Current liabilities, including current \ufb01nancial liabilities
-
67
67
203
124
328
NOK 0 million (NOK 26 million)
Non-current liabilities, including non-current \ufb01nancial
-
2
2
148
421
569
liabilities NOK 0 million (NOK 547 million)
Net assets/equity
-
162
162
2 107
350
2 457
Excess value
-
-
-
60
-
60
Elkem's carrying amount
-
81
81
903
151
1 054
Total revenue
(0)
827
827
0
833
833
Total expenses, including depreciation and amortisation
(35)
(848)
(884)
(187)
(815)
(1 002)
NOK 3 million (NOK 4 million) and other items
Financial income, including interest income
12
8
20
38
13
52
NOK 10 million (NOK 42 million)
Financial expenses, including interest expenses
(4)
(0)
(4)
(10)
(1)
(11)
NOK 2 million
(NOK 9 million)
Tax expense
-
(2)
(2)
-
(1)
(1)
Total pro\ufb01t for the year
(27)
(16)
(43)
(158)
30
(128)
Other comprehensive income
0
-
0
(0)
0
(0)
Total comprehensive income
(27)
(16)
(43)
(159)
30
(129)
Elkem's share of pro\ufb01t for the year
(15)
(8)
(23)
(63)
15
(48)
Elkem's share of other comprehensive income
-
-
-
(0)
0
(0)
Summary of unaudited \ufb01nancial information for
associates on a 100%
basis
Amounts in NOK million
Total 2024
Total 2023
Revenue
25
102
Pro\ufb01t for the year
(12)
70
Other comprehensive income
16
10
Total comprehensive income
4
80
Elkem's share of pro\ufb01t for the year
2
29
Elkem's share of other comprehensive income
4
3
Net assets/equity
483
775
Excess value
-
26
Elkem's carrying amount
149
242
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "5. Equity accounted investments and joint operationsElkem has interests in the following joint
arrangements and associates
\n \n
% equity
% equity
Principal
interests
interests
Name of entity
Business o\ufb03ce
Country
actvities
Classi\ufb01cation
2024
2023
Elkem Ferroveld JV
Ferrobank
South Africa
Electrode paste
Joint
50%
50%
Emalahleni
production
operation
Elkania DA
Hauge i Dalane
Norway
Micro\ufb01ne weighting
Joint
50%
50%
material
operation
North Sea Container Line AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
North-Sea Management AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
Kla\ufb01 EHF
Grundartangi,
Iceland
Transportation /
Joint venture
50%
50%
Akranes
harbour services
Weldermate AS
Oslo
Norway
Robot welding systems
Joint venture
50%
50%
Vianode AS
Oslo
Norway
Battery materials
Joint venture
-
40%
Jiangxi Guoxing Intelligence
Yangjialing
China
Energy production
Joint venture
35%
35%
Energy Co. Ltd
1)
Jiangxi Ganjiang New
Ganjiang
China
Research center
Joint venture
30%
-
District Silicones Innovative
Research Center Ltd.
1)
Euro Partnership BV
Moerdijk
Netherlands
Ship management
Associate
50%
50%
services
Combined Cargo
Moerdijk
Netherlands
Warehousing
Associate
33%
33%
Warehousing BV
Euro Nordic Agencies
Antwerpen
Belgium
Ship agencies services
Associate
50%
50%
Belgium NV
EPB Chartering AS
Oslo
Norway
Deep sea charter services
Associate
25%
25%
Osiris GIE
1)
Roussillon
France
Business supplies
Associate
25%
25%
and equipment
3Deus Dynamics SAS
1)
Lyon
France
3D printing
Associate
21%
21%
Future Materials AS
Grimstad
Norway
Marketing of
Associate
20%
20%
research facilities
1)
The joint arrangements and associates are held by discontinued operations
The share of equity interests is equal to Elkem's voting
rights, with the exception of Elkem's investments in Vianode
AS where the parties in accordance with the shareholder
agreement had 33.3 per cent ownership in\ufb02uence until the
disposal of the shares in 2024.
The shareholder agreements for Jiangxi Guoxing Intelligence
Energy Co. Ltd requires a two-third majority in order to
approve a majority of business decision on behalf of the
entity, making Elkem together with one other party in control
of the business.
Of the entities above, Vianode AS is classi\ufb01ed to not operate
within Elkem's main business areas.
There is no quoted market price for the investments.
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled by
Altor Equity Partners AS from 4th quarter of 2024. NOK 10
million of the compensation was received at closing while NOK
315 million (second instalment) and NOK 522 million (third
instalment) are tied to Vianode meeting two future milestones
relating to the building of a full-scale plant. At initial recognition
in the \ufb01rst quarter of 2024 the fair value of the receivable was
estimated to NOK 749 million after the payment of the NOK 10
million. The sale resulted in a loss on disposal of NOK 128 million.
6 December 2023 Elkem increased its ownership and invested
EUR 2.2 million (NOK 26 million) in 3Deus Dynamics SAS, an
entity operating to develop a dynamic moulding process for
3D printing with the help of Elkem's expertise with silicones.
Elkem held warrants and shares in the company prior to the
increase in ownership. With the transaction Elkem recognised
a fair value gain of EUR 1 million (NOK 11.6 million) of the
previously held interest in the company, resulting in a total fair
value of Elkem's share in 3Deus Dynamics SAS of EUR 3.2
million (NOK 37 million).
See note 37 Related parties for commitments and transactions
related to the joint ventures and associates.
Movements in equity accounted investments
\n \n
2024
2023
Joint
Joint
Amounts in NOK million
ventures
Associates
Total
ventures
Associates
Total
Opening balance
1 054
242
1 296
822
217
1 039
Acquisition of and capital contribution to joint ventures
4
-
4
303
26
329
Change in equity interest, transfer from \ufb01nancial instruments (note 30)
-
-
-
-
11
11
Disposal of shares
(759)
-
(759)
-
-
-
Dividends received
(7)
(17)
(23)
(18)
(50)
(68)
Share of pro\ufb01t (loss) from equity accounted companies
(8)
2
(6)
15
29
44
from continuing operations
Share of pro\ufb01t (loss) from equity accounted companies
4
-
4
1
-
1
from discontinued operations
Share of pro\ufb01t (loss) from equity accounted \ufb01nancial
(15)
-
(15)
(63)
-
(63)
investments from continuing operations
Amortisation of excess value from equity accounted
-
(2)
(2)
-
-
-
companies from discontinued operations
Gain on sales of assets to equity accounted companies
-
-
-
(4)
-
(4)
Gain (loss) on sales of shares
(128)
-
(128)
-
-
-
Part of other comprehensive income
0
4
4
(0)
3
2
Assets classi\ufb01ed as held for sale
(69)
(88)
(157)
-
-
-
Currency translation di\ufb00erences
5
7
12
(2)
6
4
Closing balance
81
149
230
1 054
242 1 296
Share of pro\ufb01t and loss and carrying amount for equity
accounted investments
2024
31.12.2024
2023
31.12.2023
Amounts in NOK million
Share of pro\ufb01t
Carrying amount
Share of pro\ufb01t
Carrying amount
North Sea Container Line AS
(10)
74
13
90
North-Sea Management AS
2
7
2
5
Kla\ufb01 EHF
(0)
0
0
1
Weldermate AS
0
0
-
0
Vianode AS
(15)
-
(63)
903
Jiangxi Guoxing Intelligence Energy Co. Ltd
-
-
-
56
Jiangxi Ganjiang New District Silicones Innovative Research Center Ltd.
-
-
-
-
Euro Partnership BV
10
48
18
43
Combined Cargo Warehousing BV
(1)
4
2
4
Euro Nordic Agencies Belgium NV
1
6
1
5
EPB Chartering AS
(8)
91
8
105
Osiris GIE
-
-
-
49
3Deus Dynamics SAS
-
-
-
36
Future Materials AS
-
0
-
0
Total
(21)
230
(19)
1 296
Gain (loss) on sales of assets to equity accounted companies
(128)
-
Total
(149)
230
(19)
1 296
Cash-\ufb02ow from operations, equity accounted investments
Amounts in NOK million
2024
2023
Share of pro\ufb01t (loss) from equity accounted investments from continuing operations
6
(44)
Share of pro\ufb01t (loss) from equity accounted investments from discontinued operations
(2)
(1)
Dividend received
23
68
Equity accounted investments
27
22
Summary of unaudited \ufb01nancial information for
joint ventures on a 100%
basis
Vianode
Total
Vianode
Total
Amounts in NOK million
AS
Other
2024
AS
Other
2023
Current assets, including cash and cash equivalents
-
213
213
805
460
1 264
NOK 73 million (NOK 866 million)
Non-current assets
-
18
18
1 653
436
2 089
Current liabilities, including current \ufb01nancial liabilities
-
67
67
203
124
328
NOK 0 million (NOK 26 million)
Non-current liabilities, including non-current \ufb01nancial
-
2
2
148
421
569
liabilities NOK 0 million (NOK 547 million)
Net assets/equity
-
162
162
2 107
350
2 457
Excess value
-
-
-
60
-
60
Elkem's carrying amount
-
81
81
903
151
1 054
Total revenue
(0)
827
827
0
833
833
Total expenses, including depreciation and amortisation
(35)
(848)
(884)
(187)
(815)
(1 002)
NOK 3 million (NOK 4 million) and other items
Financial income, including interest income
12
8
20
38
13
52
NOK 10 million (NOK 42 million)
Financial expenses, including interest expenses
(4)
(0)
(4)
(10)
(1)
(11)
NOK 2 million
(NOK 9 million)
Tax expense
-
(2)
(2)
-
(1)
(1)
Total pro\ufb01t for the year
(27)
(16)
(43)
(158)
30
(128)
Other comprehensive income
0
-
0
(0)
0
(0)
Total comprehensive income
(27)
(16)
(43)
(159)
30
(129)
Elkem's share of pro\ufb01t for the year
(15)
(8)
(23)
(63)
15
(48)
Elkem's share of other comprehensive income
-
-
-
(0)
0
(0)
Summary of unaudited \ufb01nancial information for
associates on a 100%
basis
Amounts in NOK million
Total 2024
Total 2023
Revenue
25
102
Pro\ufb01t for the year
(12)
70
Other comprehensive income
16
10
Total comprehensive income
4
80
Elkem's share of pro\ufb01t for the year
2
29
Elkem's share of other comprehensive income
4
3
Net assets/equity
483
775
Excess value
-
26
Elkem's carrying amount
149
242
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "5. Equity accounted investments and joint operationsElkem has interests in the following joint
arrangements and associates
\n \n
% equity
% equity
Principal
interests
interests
Name of entity
Business o\ufb03ce
Country
actvities
Classi\ufb01cation
2024
2023
Elkem Ferroveld JV
Ferrobank
South Africa
Electrode paste
Joint
50%
50%
Emalahleni
production
operation
Elkania DA
Hauge i Dalane
Norway
Micro\ufb01ne weighting
Joint
50%
50%
material
operation
North Sea Container Line AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
North-Sea Management AS
Haugesund
Norway
Shipping services
Joint venture
50%
50%
Kla\ufb01 EHF
Grundartangi,
Iceland
Transportation /
Joint venture
50%
50%
Akranes
harbour services
Weldermate AS
Oslo
Norway
Robot welding systems
Joint venture
50%
50%
Vianode AS
Oslo
Norway
Battery materials
Joint venture
-
40%
Jiangxi Guoxing Intelligence
Yangjialing
China
Energy production
Joint venture
35%
35%
Energy Co. Ltd
1)
Jiangxi Ganjiang New
Ganjiang
China
Research center
Joint venture
30%
-
District Silicones Innovative
Research Center Ltd.
1)
Euro Partnership BV
Moerdijk
Netherlands
Ship management
Associate
50%
50%
services
Combined Cargo
Moerdijk
Netherlands
Warehousing
Associate
33%
33%
Warehousing BV
Euro Nordic Agencies
Antwerpen
Belgium
Ship agencies services
Associate
50%
50%
Belgium NV
EPB Chartering AS
Oslo
Norway
Deep sea charter services
Associate
25%
25%
Osiris GIE
1)
Roussillon
France
Business supplies
Associate
25%
25%
and equipment
3Deus Dynamics SAS
1)
Lyon
France
3D printing
Associate
21%
21%
Future Materials AS
Grimstad
Norway
Marketing of
Associate
20%
20%
research facilities
1)
The joint arrangements and associates are held by discontinued operations
The share of equity interests is equal to Elkem's voting
rights, with the exception of Elkem's investments in Vianode
AS where the parties in accordance with the shareholder
agreement had 33.3 per cent ownership in\ufb02uence until the
disposal of the shares in 2024.
The shareholder agreements for Jiangxi Guoxing Intelligence
Energy Co. Ltd requires a two-third majority in order to
approve a majority of business decision on behalf of the
entity, making Elkem together with one other party in control
of the business.
Of the entities above, Vianode AS is classi\ufb01ed to not operate
within Elkem's main business areas.
There is no quoted market price for the investments.
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled by
Altor Equity Partners AS from 4th quarter of 2024. NOK 10
million of the compensation was received at closing while NOK
315 million (second instalment) and NOK 522 million (third
instalment) are tied to Vianode meeting two future milestones
relating to the building of a full-scale plant. At initial recognition
in the \ufb01rst quarter of 2024 the fair value of the receivable was
estimated to NOK 749 million after the payment of the NOK 10
million. The sale resulted in a loss on disposal of NOK 128 million.
6 December 2023 Elkem increased its ownership and invested
EUR 2.2 million (NOK 26 million) in 3Deus Dynamics SAS, an
entity operating to develop a dynamic moulding process for
3D printing with the help of Elkem's expertise with silicones.
Elkem held warrants and shares in the company prior to the
increase in ownership. With the transaction Elkem recognised
a fair value gain of EUR 1 million (NOK 11.6 million) of the
previously held interest in the company, resulting in a total fair
value of Elkem's share in 3Deus Dynamics SAS of EUR 3.2
million (NOK 37 million).
See note 37 Related parties for commitments and transactions
related to the joint ventures and associates.
Movements in equity accounted investments
\n \n
2024
2023
Joint
Joint
Amounts in NOK million
ventures
Associates
Total
ventures
Associates
Total
Opening balance
1 054
242
1 296
822
217
1 039
Acquisition of and capital contribution to joint ventures
4
-
4
303
26
329
Change in equity interest, transfer from \ufb01nancial instruments (note 30)
-
-
-
-
11
11
Disposal of shares
(759)
-
(759)
-
-
-
Dividends received
(7)
(17)
(23)
(18)
(50)
(68)
Share of pro\ufb01t (loss) from equity accounted companies
(8)
2
(6)
15
29
44
from continuing operations
Share of pro\ufb01t (loss) from equity accounted companies
4
-
4
1
-
1
from discontinued operations
Share of pro\ufb01t (loss) from equity accounted \ufb01nancial
(15)
-
(15)
(63)
-
(63)
investments from continuing operations
Amortisation of excess value from equity accounted
-
(2)
(2)
-
-
-
companies from discontinued operations
Gain on sales of assets to equity accounted companies
-
-
-
(4)
-
(4)
Gain (loss) on sales of shares
(128)
-
(128)
-
-
-
Part of other comprehensive income
0
4
4
(0)
3
2
Assets classi\ufb01ed as held for sale
(69)
(88)
(157)
-
-
-
Currency translation di\ufb00erences
5
7
12
(2)
6
4
Closing balance
81
149
230
1 054
242 1 296
Share of pro\ufb01t and loss and carrying amount for equity
accounted investments
2024
31.12.2024
2023
31.12.2023
Amounts in NOK million
Share of pro\ufb01t
Carrying amount
Share of pro\ufb01t
Carrying amount
North Sea Container Line AS
(10)
74
13
90
North-Sea Management AS
2
7
2
5
Kla\ufb01 EHF
(0)
0
0
1
Weldermate AS
0
0
-
0
Vianode AS
(15)
-
(63)
903
Jiangxi Guoxing Intelligence Energy Co. Ltd
-
-
-
56
Jiangxi Ganjiang New District Silicones Innovative Research Center Ltd.
-
-
-
-
Euro Partnership BV
10
48
18
43
Combined Cargo Warehousing BV
(1)
4
2
4
Euro Nordic Agencies Belgium NV
1
6
1
5
EPB Chartering AS
(8)
91
8
105
Osiris GIE
-
-
-
49
3Deus Dynamics SAS
-
-
-
36
Future Materials AS
-
0
-
0
Total
(21)
230
(19)
1 296
Gain (loss) on sales of assets to equity accounted companies
(128)
-
Total
(149)
230
(19)
1 296
Cash-\ufb02ow from operations, equity accounted investments
Amounts in NOK million
2024
2023
Share of pro\ufb01t (loss) from equity accounted investments from continuing operations
6
(44)
Share of pro\ufb01t (loss) from equity accounted investments from discontinued operations
(2)
(1)
Dividend received
23
68
Equity accounted investments
27
22
Summary of unaudited \ufb01nancial information for
joint ventures on a 100%
basis
Vianode
Total
Vianode
Total
Amounts in NOK million
AS
Other
2024
AS
Other
2023
Current assets, including cash and cash equivalents
-
213
213
805
460
1 264
NOK 73 million (NOK 866 million)
Non-current assets
-
18
18
1 653
436
2 089
Current liabilities, including current \ufb01nancial liabilities
-
67
67
203
124
328
NOK 0 million (NOK 26 million)
Non-current liabilities, including non-current \ufb01nancial
-
2
2
148
421
569
liabilities NOK 0 million (NOK 547 million)
Net assets/equity
-
162
162
2 107
350
2 457
Excess value
-
-
-
60
-
60
Elkem's carrying amount
-
81
81
903
151
1 054
Total revenue
(0)
827
827
0
833
833
Total expenses, including depreciation and amortisation
(35)
(848)
(884)
(187)
(815)
(1 002)
NOK 3 million (NOK 4 million) and other items
Financial income, including interest income
12
8
20
38
13
52
NOK 10 million (NOK 42 million)
Financial expenses, including interest expenses
(4)
(0)
(4)
(10)
(1)
(11)
NOK 2 million
(NOK 9 million)
Tax expense
-
(2)
(2)
-
(1)
(1)
Total pro\ufb01t for the year
(27)
(16)
(43)
(158)
30
(128)
Other comprehensive income
0
-
0
(0)
0
(0)
Total comprehensive income
(27)
(16)
(43)
(159)
30
(129)
Elkem's share of pro\ufb01t for the year
(15)
(8)
(23)
(63)
15
(48)
Elkem's share of other comprehensive income
-
-
-
(0)
0
(0)
Summary of unaudited \ufb01nancial information for
associates on a 100%
basis
Amounts in NOK million
Total 2024
Total 2023
Revenue
25
102
Pro\ufb01t for the year
(12)
70
Other comprehensive income
16
10
Total comprehensive income
4
80
Elkem's share of pro\ufb01t for the year
2
29
Elkem's share of other comprehensive income
4
3
Net assets/equity
483
775
Excess value
-
26
Elkem's carrying amount
149
242
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "Principle application and judgements
Share of pro\ufb01t (loss) from investments in associates
and joint ventures
Share of pro\ufb01t (loss) from investments in associates and
joint ventures is presented in the statement of pro\ufb01t or loss
depending on the purpose of the investments. Investments that
are closely related to the group's main activities are presented
as share of pro\ufb01t from equity accounted companies, included
in total operating income. Investments in associates and joint
ventures that do not operate within Elkem's main business areas
are presented as share of pro\ufb01t from equity accounted \ufb01nancial
investments. Judgement is applied in determining the category
of investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Share of pro\ufb01t (loss) from investments in associates
and joint ventures
Share of pro\ufb01t (loss) from investments in associates and
joint ventures is presented in the statement of pro\ufb01t or loss
depending on the purpose of the investments. Investments that
are closely related to the group's main activities are presented
as share of pro\ufb01t from equity accounted companies, included
in total operating income. Investments in associates and joint
ventures that do not operate within Elkem's main business areas
are presented as share of pro\ufb01t from equity accounted \ufb01nancial
investments. Judgement is applied in determining the category
of investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "Share of pro\ufb01t (loss) from investments in associates
and joint ventures
Share of pro\ufb01t (loss) from investments in associates and
joint ventures is presented in the statement of pro\ufb01t or loss
depending on the purpose of the investments. Investments that
are closely related to the group's main activities are presented
as share of pro\ufb01t from equity accounted companies, included
in total operating income. Investments in associates and joint
ventures that do not operate within Elkem's main business areas
are presented as share of pro\ufb01t from equity accounted \ufb01nancial
investments. Judgement is applied in determining the category
of investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "6. Operating segmentsElkem's operating segments
Elkem identi\ufb01es its segments according to the organisation
and reporting structure used by group management. Elkem
has three reportable segments; Silicones, Silicon Products and
Carbon Solutions. In the fourth quarter of 2024 the Silicones
segment was assessed to meet the criteria for held for sale and
discontinued operations. However, the segment will continue
to be followed up by the chief operating decision maker in
the same manner as before the reclassi\ufb01cation. The Silicones
operating segment will therefore continue to be included in
the segment disclosure. Please refer to note 40 Assets held for
sale and discontinued operations.
The Silicones division produces and sells a range of silicone-
based products across various sub-sectors including release
coatings, engineering elastomers, healthcare products,
specialty \ufb02uids, emulsions and resins.
The Silicon Products division produces various grades of
metallurgical silicon, ferrosilicon, foundry alloys and microsilica
for use in a wide range of end applications.
The Carbon Solutions division produces carbon electrode
materials, lining materials and specialty carbon products for
metallurgical processes for the production of a range of metals.
Other comprise Elkem group management and centralised
functions within \ufb01nance, logistics, power purchase,
technology, digital o\ufb03ce and strategic projects such as
biocarbon.
Eliminations comprise intersegment sales and pro\ufb01t. Elkem
follows internationally accepted principles for transactions
between related parties within the group. In general, Elkem
seeks to use transaction-based methods (comparable
uncontrolled price, transactional net margin method, cost
plus and resale price method) in order to set the price for the
transaction.
The main related party transactions between operating
segments in Elkem can be divided as follows:
\u2192
Silicon Products sale of metallurgical silicon to Silicones.
Sales prices are based on sale to external customers and
CRU prices.
\u2192
Carbon Solutions sale of electrode paste and lining
material to Silicon Products. Sales prices are based on
prices to external customers.
\u2192
Other sale of management services e.g., logistics,
procurement, \ufb01nancial services, technical support and
R&D services. Prices are based on cost plus.
Major customers
Elkem has a range of customers, but no single customer
amounts to 10 per cent or more of total operating income.
Main items by operating segment
\n \n
2024
Silicon
Carbon
Amounts in NOK million
Silicones
Products
Solutions
Other
Eliminations
Total
Revenue from sale of goods (note 7)
14 871
13 548
3 243
(167)
-
31 495
Other revenue (note 7)
109
76
16
226
-
427
Other operating income (note 8)
20
1 023
26
17
-
1 086
Share of pro\ufb01t from equity accounted investments (note 5)
2
(0)
0
(6)
-
(4)
Total operating income from external customers
15 003
14 647
3 285
70
-
33 004
Operating income from other segments
88
859
364
592
(1 903)
-
Total operating income
15 091
15 506
3 649
662
(1 903)
33 004
Operating expenses
(14 570)
(12 642)
(2 518)
(986)
1 857
(28 858)
EBITDA
521
2 864
1 131
(324)
(46)
4 146
EBIT
(1 233)
2 091
1 003
(521)
(46)
1 294
Cash \ufb02ow from operations
(426)
1 398
1 139
(663)
36
1 484
Working capital
1 938
5 019
521
(44)
(126)
7 308
Capital employed
19 612
12 178
1 754
960
(126)
34 377
Reinvestments
(2 061)
Strategic investments
(957)
Movement CAPEX payables
(317)
Cash \ufb02ow from investments in property, plant and equipment
(3 334)
and intangible assets, including received investment grants
Main items by operating segment
\n \n
2023
Silicon
Carbon
Amounts in NOK million
Silicones
Products
Solutions
Other
Eliminations
Total
1)
Revenue from sale of goods (note 7)
14 055
16 535
3 742
(401)
-
33 931
Other revenue (note 7)
23
113
17
280
-
434
Other operating income (note 8)
19
323
2
6
-
350
Share of pro\ufb01t from equity accounted investments (note 5)
1
0
-
44
-
46
Total operating income from external customers
14 099
16 971
3 761
(71)
-
34 760
Operating income from other segments
63
865
450
506
(1 884)
-
Total operating income
14 163
17 836
4 210
436
(1 884)
34 760
Operating expenses
(14 768)
(14 532)
(2 924)
(968)
2 203
(30 989)
EBITDA
(605)
3 304
1 286
(532)
318
3 771
EBIT
(2 142)
2 610
1 164
(585)
318
1 365
Cash \ufb02ow from operations
(1 033)
3 511
1 394
(859)
14
3 027
Working capital
1 790
4 388
641
(356)
(80)
6 383
Capital employed
18 183
11 068
1 724
1 553
(80)
32 449
Reinvestments
(2 351)
Strategic investments
(2 866)
Movement CAPEX payables
361
Cash \ufb02ow from investments in property, plant and equipment
(4 856)
and intangible assets, including received investment grants
1)
2023 have been restated, see note 39
2024
\n \n
Silicon
Carbon
Amounts in NOK million
Silicones
Products
Solutions
Other
Eliminations
Elke
m
Pro\ufb01t (loss) for the year
2 11
5
Income tax (expense) bene\ufb01t
(58
8)
Finance expenses
77
8
Foreign exchange gains (losses)
(24
7)
Finance income
(10
7)
Share of pro\ufb01t from equity accounted \ufb01nancial investments
14
3
Other items
31
6
Realised e\ufb00ects from hedge ine\ufb00ectiveness and
12
2
discontinuation of hedging
EBIT from discontinued operations
(1 23
7)
EBIT
(1 233)
2 091
1 003
(521)
(46)
1 29
4
Impairment losses
16
8
Amortisation and depreciation
9
31
Amortisations, depreciations and impairment losses from
1 75
4
discontinued operations
EBITDA
521
2 864
1 131
(324)
(46)
4 14
6
2023
\n \n
Silicon
Carbon
Amounts in NOK million
Silicones
Products
Solutions
Other
Eliminations
Elkem
Pro\ufb01t (loss) for the year
2 097
Income tax (expense) bene\ufb01t
781
Finance expenses
666
Foreign exchange gains (losses)
106
Finance income
(137)
Share of pro\ufb01t from equity accounted \ufb01nancial investments
63
Other items
(596)
Realised e\ufb00ects from hedge ine\ufb00ectiveness and
199
discontinuation of hedging
EBIT from discontinued operations
(1 815)
EBIT
(2 142)
2 610
1 164
(585)
318
1 365
Impairment losses
25
Amortisation and depreciation
844
Amortisations, depreciations and impairment losses from
1 537
discontinued operations
EBITDA
(605)
3 304
1 286
(532)
318
3 771
De\ufb01nitions
\n
The segments' performance are evaluated based on EBITDA
\n
and EBIT.
\n
EBITDA
is de\ufb01ned as Elkem\u2019s pro\ufb01t (loss) for the period,
\n
less income tax (expense) bene\ufb01t, \ufb01nance expenses, foreign
\n
exchange gains (losses), \ufb01nance income, share of pro\ufb01t
\n
from equity accounted \ufb01nancial investments, other items
\n
(except realised gains and losses from hedge ine\ufb00ectiveness
\n
and discontinuation of hedging), impairment losses and
\n
amortisation and depreciation.
\n
EBIT
is de\ufb01ned as Elkem\u2019s pro\ufb01t (loss) for the period, less
\n
income tax (expense) bene\ufb01t, \ufb01nance expenses, foreign
\n
exchange gains (losses), \ufb01nance income, share of pro\ufb01t from
\n
equity accounted \ufb01nancial investments and other items
\n
(except realised gains and losses from hedge ine\ufb00ectiveness
\n
and discontinuation of hedging).
\n
Cash \ufb02ow from operations
is EBITDA including reinvestments,
\n
changes in working capital and equity accounted companies.
\n
Reinvestments
generally consist of capital expenditure
\n
to maintain existing activities or that involve investments
\n
designed to improve health, safety or the environment.
\n
Strategic investments
generally consist of investments
\n
which result in capacity increases at Elkem\u2019s existing plants
\n
or that involve an investment made to meet demand in a new
\n
geographic or product area.
\n
Working capital
is de\ufb01ned as accounts receivable, inventories,
\n
other current assets, accounts payable, current employee
\n
bene\ufb01t obligations and other current liabilities. Accounts
\n
receivables are de\ufb01ned as trade receivables less bills
\n
receivables. Other current assets are de\ufb01ned as other current
\n
assets less current receivables to related parties, current
\n
interest-bearing receivables, tax receivables, grants receivable,
\n
assets at fair value through pro\ufb01t or loss and accrued interest
\n
income. Accounts payable are de\ufb01ned as trade payables
\n
less CAPEX payables. Other current liabilities are de\ufb01ned as
\n
provisions and other current liabilities less current provisions,
\n
contingent considerations, contract obligations and liabilities
\n
to related parties.
\n
Capital employed
consists of working capital as de\ufb01ned above,
\n
property, plant and equipment, right-of-use assets, other
\n
intangible assets, goodwill, equity accounted investments,
\n
grants payable, trade payables and prepayments related to
\n
purchase of non-current assets.
\n
The de\ufb01nitions are not speci\ufb01ed by IFRS Accounting Standards
\n
and therefore may not be comparable to apparently similar
\n
de\ufb01nitions used by other companies.
\n
Below is a reconciliation of pro\ufb01t (loss) for the year against EBIT and EBITDA:
Below is a reconciliation of working capital and capital employed:
Capital employed and working capital
\n \n
Amounts in NOK million
31.12.2024
31.12.2023
Inventories
6 038
9 018
Trade receivables
1 960
3 209
Bills receivables
(269)
(823)
Accounts receivable
1 691
2 386
Other assets, current
1 254
2 062
Other receivables to related parties, interest free
-
(8)
Grants receivables
(576)
(671)
Tax receivables
(241)
(261)
Accrued interest
(0)
(0)
Other current assets included in working capital
436
1 122
Trade payables
2 076
5 281
Trade payables related to purchase of non-current assets
(184)
(1 313)
Accounts payables included in working capital
1 892
3 968
Employee bene\ufb01t obligations
471
912
Provisions and other liabilities, current
815
1 381
Provisions, contingent considerations and contract obligations
(19)
(101)
Liabilities to related parties
(0)
(17)
Other current liabilities included in working capital
795
1 263
Working capital assets and liabilities as held for sale
2 302
-
Working capital
7 309
6 383
Property, plant and equipment
8 405
22 754
Right-of-use assets
403
854
Other intangible assets
216
1 458
Goodwill
329
1 015
Equity accounted investments
230
1 296
Grants payable
(17)
(17)
Trade payables- and prepayments related to purchase of non-current assets
(171)
(1 295)
Other capital employed e\ufb00ects assets and liabilities as held for sale
17 674
-
Capital employed
34 378
32 449
The table below show realised e\ufb00ects from Elkem's power and
foreign exchange hedging programmes, including realised
e\ufb00ects from hedge ine\ufb00ectiveness and discontinuation of
hedging, on the di\ufb00erent group segments.
2024
\n \n
Silicon
Carbon
Amounts in NOK million
Silicones
Products
Solutions
Other
Eliminations
Total
Revenue from sale of goods (note 31)
0
41
-
(166)
(125)
Operating expenses (note 31)
-
107
(9)
36
134
Total realised e\ufb00ects from derivatives included in EBITDA
0
148
(9)
(130)
10
2023
\n \n
Silicon
Carbon
Amounts in NOK million
Silicones
Products
Solutions
Other
Eliminations
Total
Revenue from sale of goods (note 31)
1
34
-
(400)
(366)
Operating expenses (note 31)
-
290
(2)
23
311
Total realised e\ufb00ects from derivatives included in EBITDA
1
323
(2)
(377)
(55)
Total revenue by geographic market
based on customer location
\n \n
Amounts in NOK million
2024
2023
Norway
978
1 157
Other Nordic countries
862
1 020
United Kingdom
408
546
Germany
1 917
2 870
France
1 092
1 108
Italy
742
1 049
Poland
328
474
Spain
441
574
Other European countries
1 305
1 810
Europe
8 073
10 609
Africa
277
353
USA
2 309
2 367
Canada
177
404
Brazil
1 477
1 704
Other American countries
260
295
America
4 223
4 770
China
1 305
1 219
Japan
1 112
1 231
South Korea
329
238
India
1 049
1 127
Other Asian countries
1 448
1 834
Asia
5 243
5 649
Rest of the world
118
120
Total revenue before hedging e\ufb00ects
17 935
21 500
Realised e\ufb00ects from hedging
programmes (note 31)
(125)
(366)
Total revenue
17 810
21 134
Non-current assets by geographic
areas based on entity location
\n \n
Amounts in NOK million
2024
2023
Norway
6 956
6 548
Other Nordic countries
1 045
855
United Kingdom
23
40
Germany
39
102
France
0
4 730
Italy
2
147
Poland
-
2
Spain
148
380
Other European countries
265
209
Europe
8 478
13 013
Africa
124
115
USA
129
990
Canada
548
686
Brazil
458
448
Other American countries
494
454
America
1 630
2 578
China
161
11 827
Japan
9
9
South Korea
-
226
India
122
111
Other Asian countries
46
54
Asia
337
12 228
Total non-current assets
10 569
27 934
Non-current assets are presented less derivatives and
deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Principle application
Operating segments are components of a business that
are followed up and evaluated regularly by the chief
operating decision maker, de\ufb01ned as the CEO, for the
purpose of assessing performance and allocating resources.
Elkem's operating segments represent separately managed
business areas with unique products serving di\ufb00erent
markets. Elkem\u2019s operating segments are aligned with the
three reporting segments.
Segment performance is evaluated based on EBITDA and
EBIT, see de\ufb01nitions below. Elkem's \ufb01nancing and income
tax are managed on group basis and are not allocated to
operating segments.
Revenues are, in addition, disaggregated by geographical
market based on the location of the customer.
Non-current assets by geographical areas are based on the
location of the entity owning the assets.
The segment reporting is based on the IFRS accounting
policies applied for the group except for: Realised e\ufb00ects
from hedge ine\ufb00ectiveness and from the discontinuation
of hedging is included in other items in statement of pro\ufb01t
and loss, but included in operating expenses in the segment
reporting. This is because management follows up the
operating segments including the impact of the realised
e\ufb00ects from power contracts.
Lease payments under internal lease agreements are
recognised as operating expenses on a straight-line basis
over the lease term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "7. RevenueDetails of revenue from contracts with customers
2024
Silicon
Carbon
Amounts in NOK million
Products
Solutions
Other
Total
Sale of goods, Silicon Products
13 507
-
(1)
13 506
Sale of goods, Carbon Solutions
-
3 243
-
3 243
Sale of goods to related parties
1)
697
-
-
697
Revenue from energy recovery and other energy related income
31
0
75
106
Service agreements with related parties (note 37)
1)
20
1
168
189
Other revenue from contracts with customers
45
15
133
193
Total revenue from contracts with customers
14 300
3 259
375
17 935
Realised e\ufb00ects from hedging programmes (note 31)
41
(166)
(125)
Total revenue
14 341
3 259
209
17 810
1)
Includes revenues with discontinued operations
Details of revenue from contracts with customers
2023
Silicon
Carbon
Amounts in NOK million
Products
Solutions
Other
Total
Sale of goods, Silicon Products
16 501
-
(1)
16 500
Sale of goods, Carbon Solutions
-
3 742
-
3 742
Sale of goods to related parties
1)
689
-
-
689
Revenue from energy recovery and other energy related income
63
-
92
154
Service agreements with related parties (note 37)
1)
16
4
215
234
Other revenue from contracts with customers
50
14
117
181
Total revenue from contracts with customers
17 319
3 759
422
21 501
Realised e\ufb00ects from hedging programmes (note 31)
34
-
(400)
(367)
Total revenue
17 353
3 759
22
21 134
1)
Includes revenues with discontinued operations", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "7. RevenueDetails of revenue from contracts with customers
2024
Silicon
Carbon
Amounts in NOK million
Products
Solutions
Other
Total
Sale of goods, Silicon Products
13 507
-
(1)
13 506
Sale of goods, Carbon Solutions
-
3 243
-
3 243
Sale of goods to related parties
1)
697
-
-
697
Revenue from energy recovery and other energy related income
31
0
75
106
Service agreements with related parties (note 37)
1)
20
1
168
189
Other revenue from contracts with customers
45
15
133
193
Total revenue from contracts with customers
14 300
3 259
375
17 935
Realised e\ufb00ects from hedging programmes (note 31)
41
(166)
(125)
Total revenue
14 341
3 259
209
17 810
1)
Includes revenues with discontinued operations
Details of revenue from contracts with customers
2023
Silicon
Carbon
Amounts in NOK million
Products
Solutions
Other
Total
Sale of goods, Silicon Products
16 501
-
(1)
16 500
Sale of goods, Carbon Solutions
-
3 742
-
3 742
Sale of goods to related parties
1)
689
-
-
689
Revenue from energy recovery and other energy related income
63
-
92
154
Service agreements with related parties (note 37)
1)
16
4
215
234
Other revenue from contracts with customers
50
14
117
181
Total revenue from contracts with customers
17 319
3 759
422
21 501
Realised e\ufb00ects from hedging programmes (note 31)
34
-
(400)
(367)
Total revenue
17 353
3 759
22
21 134
1)
Includes revenues with discontinued operations", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Principle application
Revenue
Revenue is measured based on the consideration speci\ufb01ed in
a contract with a customer. Elkem recognises revenue when
Elkem transfers control over a goods or service to a customer.
A \ufb01ve-step process is applied before revenue can be recognised:
\u2192
identify contracts with customers
\u2192
identify the separate performance obligation
\u2192
determine the transaction price of the contract
\u2192
allocate the transaction price to each of the separate
performance obligations, and
\u2192
recognise the revenue as each performance obligation
is satis\ufb01ed.
Sale of goods
Elkem's main performance obligation is related to sale of goods
where the obligation is to deliver agreed volume of products
with the agreed speci\ufb01cation. Elkem has both short-term and
long-term contracts. Short-term contracts, normally within one
month, cover delivery of an agreed volume at market price at
the date the order is placed. These types of contracts are most
common for commodity products, such as sales of ferrosilicon
and sales to customers in China. The long-term contracts
cover a period of a few months and up to one year, where the
prices normally are \ufb01xed within a volume range. Elkem has for
sale of metallurgical silicon some contracts that cover a period
longer than one year. In these contracts the prices are normally
negotiated on an annual basis. Some of Elkem's sales contracts
include an element of freight services, see separate section
below for accounting policies.
Revenue is recognised when control of the goods is transferred
to the customer, at an amount that re\ufb02ects the consideration
to which Elkem expects to be entitled in exchange for those
goods. Control is transferred to the buyer, according to the
agreed delivery term for each sale. Delivery terms are based
on Incoterms\u00ae 2020 issued by International Chamber of
Commerce, and the main terms are
\"F\" terms, where the buyer arranges and pays for the main
carriage. The risk is transferred to the buyer when the goods are
handed to the carrier engaged by the buyer.
\"C\" terms, where the group arranges and pays for the main
carriage but without assuming the risk of the main carriage.
The risk is transferred to the buyer when the goods are handed
over to the carrier engaged by the seller.
\"D\" terms, where the group arranges and pays for the carriage
and retains the risk of the goods until delivery at the agreed
destination. The ownership is transferred to the buyer upon
arrival at the agreed destination, usually the purchaser's
warehouse.
The goods are normally sold with standard warranties that
the goods comply with the agreed-upon speci\ufb01cations. These
standard warranties are accounted for using IAS 37 Provisions,
Contingent Liabilities and Contingent Assets. Elkem does not
have any other signi\ufb01cant obligations for returns or refunds.
Freight services included in sale of goods
Freight components included in sale of goods on incoterms \"C\"
terms are considered as a separate performance obligation and
recognised over the period the service is performed. Shipping
and handling services that occur before the customer takes
control of the goods for sales on \"D\" terms are considered to
be part of ful\ufb01lling the sale of the goods and are presented as
other operating expense.
Revenue from sale of services
Revenue from sale of services is recognised when the services
have been provided. Sale of services are mainly related to
management agreements with related parties based on a cost
plus a margin and sale of shipping and handling related services.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "8. Other operating incomeDetails of other operating income
Amounts in NOK million
2024
2023
Sale of CO
2
emission allowances
169
288
Gain on disposal of \ufb01xed assets
3
24
Insurance settlements
849
8
Other
46
12
Total other operating income
1 066
331
9. Grants
Principle application and judgements
CO
2
Compensation
Changes to the compensation scheme for 2024-2030 was
presented in February 2024 and included in an updated
regulation in December 2024. Elkem is still entitled to receive
compensation under the updated scheme. The main changes
from the previous compensation scheme is a cap on the
total cost of the government and that 40 per cent of the
compensation must be used for projects aiming to reduce CO
2
emissions and/or improving energy e\ufb03ciency. Compliance with
the condition can be achieved over multiple years, but no later
than 2034.
Elkem has recognised its estimated share of the total
compensation for 2024 based on the power consumption at
the Norwegian silicon product plants. Elkem has identi\ufb01ed
projects which are expected to be compliant with the
requirements to qualify for the 40 per cent conditional
compensation and have therefore recognised full compensation
in 2024. Application and payment of compensation for the CO
2
component of the cost of energy for production in 2024 will be
made during the \ufb01rst months of 2025. As the grant partially
compensates power costs, which are costs recognised as part
of the cost price of inventory during the production process, the
compensation is recognised in the statement of pro\ufb01t or loss
when the produced goods are sold.
Grants related to expenses are presented in the statement
of pro\ufb01t or loss as a reduction of raw materials and energy,
employee bene\ufb01t expenses or other operating expense over
the periods necessary to match them with the cost they are
intended to compensate.
Grants relating to property, plant and equipment (\ufb01xed assets)
and intangible assets are deducted from the carrying amount of
the asset and recognised in pro\ufb01t or loss as a reduction of the
depreciation charge over the lifetime of the asset.
Non-monetary grants are measured at nominal value.
Details of grants
2024
Other
Raw
Employee
Other
Amortisation
operating
materials
bene\ufb01t
operating
and depreciation
income
and energy
expenses
expenses
R&D grants from government
1
-
21
23
-
Other government grants
7
-
5
2
-
CO
2
compensation from the Norwegian Environment Agency
-
593
-
-
-
Grants related to investment projects
-
-
-
-
58
Total government grants
8
593
26
25
58
Details of grants
2023
1)
Other
Raw
Employee
Other
Amortisation
operating
materials
bene\ufb01t
operating
and depreciation
Amounts in NOK million
income
and energy
expenses
expenses
R&D grants from government
-
-
15
10
-
Other government grants
-
2
4
3
-
CO
2
compensation from the Norwegian Environment Agency
-
549
-
-
-
Grants related to investment projects
-
-
-
-
35
Total government grants
-
550
20
14
35
1)
Restated - see note 39 Changes in presentation
Balances related to grants
Amounts in NOK million
2024
2023
Grants receivable related to \ufb01xed and intangible assets (note 24)
-
-
Grants receivable related to income (note 24)
576
891
Grants payable (note 29)
(17)
(17)
Grants, deferred income (note 29)
(0)
(34)
Details of grants recognised as a reduction of property,
plant and equipment (\ufb01xed assets) and intangible assets
Amounts in NOK million
2024
2023
Government grants, R&D
35
38
Government grants, other
-
1
Grants from other than government, Norwegian NO
x
Fund
-
28
Total
35
67
CO
2
emission allowances
CO
2
emission allowances allocated from the government
are classi\ufb01ed as grants, measured at nominal value (zero).
The CO
2
allowance scheme pertains to the group's plants in
Europe. If actual emissions exceed the number of allocated
allowances, additional allowances must be purchased and the
cost is included as a part of production cost of inventory. The
allocation of free allowances for the period 2021-2025 has
been decided by the national authorities. Gain on sale of CO
2
emission allowances are included in other operating income.
NO
x
fund
The industry in Norway pays a fee for their emission of NO
x
to a public foundation run by 15 industry and commerce
associations. The foundation is self-\ufb01nanced by the fees and
the purpose is to support projects that reduces NO
x
emissions
from the industry in Norway.
Other
The remaining grants are mainly related to R&D projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "9. Grants
Principle application and judgements
CO
2
Compensation
Changes to the compensation scheme for 2024-2030 was
presented in February 2024 and included in an updated
regulation in December 2024. Elkem is still entitled to receive
compensation under the updated scheme. The main changes
from the previous compensation scheme is a cap on the
total cost of the government and that 40 per cent of the
compensation must be used for projects aiming to reduce CO
2
emissions and/or improving energy e\ufb03ciency. Compliance with
the condition can be achieved over multiple years, but no later
than 2034.
Elkem has recognised its estimated share of the total
compensation for 2024 based on the power consumption at
the Norwegian silicon product plants. Elkem has identi\ufb01ed
projects which are expected to be compliant with the
requirements to qualify for the 40 per cent conditional
compensation and have therefore recognised full compensation
in 2024. Application and payment of compensation for the CO
2
component of the cost of energy for production in 2024 will be
made during the \ufb01rst months of 2025. As the grant partially
compensates power costs, which are costs recognised as part
of the cost price of inventory during the production process, the
compensation is recognised in the statement of pro\ufb01t or loss
when the produced goods are sold.
Grants related to expenses are presented in the statement
of pro\ufb01t or loss as a reduction of raw materials and energy,
employee bene\ufb01t expenses or other operating expense over
the periods necessary to match them with the cost they are
intended to compensate.
Grants relating to property, plant and equipment (\ufb01xed assets)
and intangible assets are deducted from the carrying amount of
the asset and recognised in pro\ufb01t or loss as a reduction of the
depreciation charge over the lifetime of the asset.
Non-monetary grants are measured at nominal value.
Details of grants
2024
Other
Raw
Employee
Other
Amortisation
operating
materials
bene\ufb01t
operating
and depreciation
income
and energy
expenses
expenses
R&D grants from government
1
-
21
23
-
Other government grants
7
-
5
2
-
CO
2
compensation from the Norwegian Environment Agency
-
593
-
-
-
Grants related to investment projects
-
-
-
-
58
Total government grants
8
593
26
25
58
Details of grants
2023
1)
Other
Raw
Employee
Other
Amortisation
operating
materials
bene\ufb01t
operating
and depreciation
Amounts in NOK million
income
and energy
expenses
expenses
R&D grants from government
-
-
15
10
-
Other government grants
-
2
4
3
-
CO
2
compensation from the Norwegian Environment Agency
-
549
-
-
-
Grants related to investment projects
-
-
-
-
35
Total government grants
-
550
20
14
35
1)
Restated - see note 39 Changes in presentation
Balances related to grants
Amounts in NOK million
2024
2023
Grants receivable related to \ufb01xed and intangible assets (note 24)
-
-
Grants receivable related to income (note 24)
576
891
Grants payable (note 29)
(17)
(17)
Grants, deferred income (note 29)
(0)
(34)
Details of grants recognised as a reduction of property,
plant and equipment (\ufb01xed assets) and intangible assets
Amounts in NOK million
2024
2023
Government grants, R&D
35
38
Government grants, other
-
1
Grants from other than government, Norwegian NO
x
Fund
-
28
Total
35
67
CO
2
emission allowances
CO
2
emission allowances allocated from the government
are classi\ufb01ed as grants, measured at nominal value (zero).
The CO
2
allowance scheme pertains to the group's plants in
Europe. If actual emissions exceed the number of allocated
allowances, additional allowances must be purchased and the
cost is included as a part of production cost of inventory. The
allocation of free allowances for the period 2021-2025 has
been decided by the national authorities. Gain on sale of CO
2
emission allowances are included in other operating income.
NO
x
fund
The industry in Norway pays a fee for their emission of NO
x
to a public foundation run by 15 industry and commerce
associations. The foundation is self-\ufb01nanced by the fees and
the purpose is to support projects that reduces NO
x
emissions
from the industry in Norway.
Other
The remaining grants are mainly related to R&D projects.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Grants related to expenses are presented in the statement
of pro\ufb01t or loss as a reduction of raw materials and energy,
employee bene\ufb01t expenses or other operating expense over
the periods necessary to match them with the cost they are
intended to compensate.
Grants relating to property, plant and equipment (\ufb01xed assets)
and intangible assets are deducted from the carrying amount of
the asset and recognised in pro\ufb01t or loss as a reduction of the
depreciation charge over the lifetime of the asset.
Non-monetary grants are measured at nominal value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "10. Raw materials and energy
Principle application
Cost of production is presented in di\ufb00erent lines in the
statement of pro\ufb01t or loss based on nature, raw materials and
energy, employee bene\ufb01ts and other operating expenses.
Energy for production comprise energy for smelting and
processing machinery. Energy for light, heating, ventilation etc.
is auxiliary power and is included in other operating expenses.
Actual cost of conversion related to goods sold is reported net
of change in cost of conversion in inventory and is included in
line item Raw materials and energy.
Raw materials and energy
Amounts in NOK million
2024
2023
1)
Raw materials and energy for production
(8 591)
(10 636)
Change in inventories own production
278
(189)
Total raw materials and energy
(8 313)
(10 825)
1)
Restated - see note 39 Changes in presentation", "dimensions": { "concept": "elk:DisclosureOfRawMaterialsAndEnergyExplanatoryTextBlock", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "11. Employee bene\ufb01tsEmployee bene\ufb01t expenses \n \n
Amounts in NOK million
2024
2023
1)
Salaries, holiday pay and variable compensation
(2 277)
(2 207)
Employer's national insurance contributions / social security tax
(318)
(287)
Pension expenses
(163)
(129)
Share-based payments (note 12)
(2)
(7)
Other payments / bene\ufb01ts
(48)
(76)
Grants
26
20
Capitalised employee bene\ufb01t expenses on PPE development
15
25
Total employee bene\ufb01t expenses
(2 766)
(2 662)
\n \n
Average number of full-time equivalents
3 010
2 957
1)
Restated - see note 39 Changes in presentation
Remuneration to corporate management
Amounts in NOK million
2024
2023
Fixed compensation
(41)
(36)
Variable compensation - STI
(19)
(9)
Variable compensation - LTI
(1)
(3)
Other bene\ufb01ts
(2)
(1)
Pension bene\ufb01ts
(4)
(4)
Total remuneration to corporate management
(67)
(54)
Remuneration provided to the board of directors
(6)
(6)
Remuneration provided to the committee remuneration
(1)
(1)
For more details on the remuneration to corporate
management see \"Report on salary and other remuneration to
leading personnel in Elkem ASA for the \ufb01nancial year 2024\".
The report is published on Elkem's website.
\u2197
Shares and options granted to corporate
management and board members
\n \n
2024
2023
Number
Number of
Number
Number of
Name
Position
of shares
options
of shares
options
Helge Aasen
CEO
68 406
67 333
68 406
101 000
Morten Viga
CFO
46 896
300 000
46 896
300 000
Katja Lehland
SVP Human Resources
-
300 000
-
300 000
Asbj\u00f8rn S\u00f8vik
SVP Green Ventures & Digital
10 000
300 000
10 000
300 000
H\u00e5vard Moe
SVP Technology
10 000
300 000
10 000
300 000
Louis Vovelle
SVP Innovation and R&D
6 896
300 000
6 896
308 380
Morten Magnus Voll
SVP Strategy and Business Development
10 384
150 000
10 384
200 000
Inge Grubben-Str\u00f8mnes
SVP Silicon Products
35 189
300 000
35 189
300 000
Luiz Simao
SVP Carbon Solutions
22 000
300 000
22 000
300 000
Sandy Chen
Acting SVP Silicones
-
150 000
-
-
Li Bo (from April 2024)
1)
Chair of the board
-
-
-
-
Dag Jakob Opedal
Vice chair of the board
40 000
-
40 000
-
Zhigang Hao (until October 2024)
1)
Board member
-
-
-
-
Olivier Tillette de
Board member
15 517
-
15 517
-
Clermont-Tonnerre
1)
Dong Dachuan
Board member
-
-
-
-
(from October 2024)
1)
Yougen Ge (until October 2024)
1)
Board member
-
-
-
-
Marianne Johnsen
Board member
-
-
-
-
Grace Tang
Board member
-
-
-
-
Nathalie Brunelle
Board member
-
-
-
-
Wei Yao (from October 2024)
1)
Board member
-
-
-
-
Terje Andre Hanssen
2)
Board member
-
-
-
-
Marianne F\u00e6r\u00f8yvik
2)
Board member
4 950
-
4 950
-
Thomas Eggan
2)
Board member
-
-
-
-
Heidi Feldborg
2)
Observer
-
-
-
-
Jan Harald Karlsen
2)
Observer
-
-
-
-
1)
Representatives for the majority shareholder.
2)
Employee representatives
Employee bene\ufb01t assets and obligations
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Pension plan assets, net (note 24)
31
28
-
-
Pension contribution fund (note 24)
1
1
4
3
Total employee bene\ufb01t assets
32
29
4
3
Salaries, holiday pay and variable compensation
-
-
403
684
Employer's national insurance contributions / social security
tax
-
-
66
210
Pension plan obligations, net
219
375
-
-
Other bene\ufb01t plans
20
132
2
18
Total employee bene\ufb01t obligations
238
507
471
912
(a) Salaries, holiday pay and variable compensation
The obligations are related to incurred employee bene\ufb01ts,
not paid.
(b) Pension plans
Elkem has both de\ufb01ned contribution and de\ufb01ned bene\ufb01t
plans. For de\ufb01ned contribution plans the cost is equal to
Elkem's contribution to the employee's pension savings during
the period. For de\ufb01ned bene\ufb01t plans the cost is calculated
based on actuarial valuation methods, taking assumptions
related to the employee's salary, turnover, mortality, discount
rate, etc. into consideration.
De\ufb01ned contribution plans
De\ufb01ned contribution plans are the main pension plan for
Elkem's Norwegian entities, where the contribution to each
individual pension plan is 5 per cent of annual salary up to 7.1G
and 15 per cent of annual salary between 7.1-12G. 1G refers to
the Norwegian national insurance scheme's basic amount,
which is NOK 124 028 as at 1 May 2024. Pension on salary
above 12G is not supported by external service providers and
is therefore handled as a separate plan and included under
de\ufb01ned bene\ufb01t plans.
In addition, a Norwegian multi-employer early retirement
scheme called AFP, where su\ufb03cient information to calculate
each participant's pension obligation is not available, is
accounted for as it is a de\ufb01ned contribution plan in accordance
with the Ministry of Finance's conclusion. The participants in
the pension plan are jointly responsible for 2/3 of the plan's
pension obligation, the government is responsible for the
remaining part. The pension premium in 2024 is 2.7 per cent of
the employees' salary between 1 and 7.1G, covering this year's
pension payments and contribution to a security fund for
future pension obligations. The yearly premium for 2025 is set
to 2.7 per cent.
De\ufb01ned bene\ufb01t plans
De\ufb01ned bene\ufb01t plans are pension plans where the group is
responsible for paying pensions at a certain level, based on
employees' salaries when retiring. The group has funded and
unfunded bene\ufb01t plans in Norway, France, Germany, UK,
Canada, Japan and South Africa. The pension scheme in UK
and two of Canada's schemes are overfunded and are net in an
asset position. The schemes that are underfunded and are net
in a liability position as at 31 December 2024 are distributed
as follows; Norway 48 per cent, Germany 25 per cent, Canada
18 per cent other countries 8 per cent. In Canada provisions
are also made for medical insurance as well as pension bene\ufb01t
plans.
The Norwegian pension plans are unfunded and comprise
pension on salaries above 12G, where the expense is 15 per
cent of annual base salary that exceeds 12G plus interest
on the individual calculated pension obligation, and some
individual retirement schemes that are closed.
Breakdown of net pension expenses
Amounts in NOK million
2024
2023
Current service expenses
(20)
(18)
Administration expenses
(1)
(1)
Curtailments
0
-
Net pension expenses, de\ufb01ned bene\ufb01t plans
(21)
(19)
De\ufb01ned contribution plans
(119)
(88)
Early retirement scheme AFP (Norway)
(23)
(22)
Total pension expenses
(163)
(129)
In addition, interest expenses on net
(6)
(5)
pension liabilities are recognised as a part
of \ufb01nance expenses
Net de\ufb01ned bene\ufb01t obligations
Amounts in NOK million
2024
2023
Present value of funded pension obligations
(463)
(438)
Fair value of plan assets
494
466
Net funded pension obligations
31
28
Present value of unfunded pension obligations
(219)
(375)
Net value of funded and unfunded obligations
(188)
(347)
Movements in the de\ufb01ned bene\ufb01t obligations and plan assets
\n \n
2024
2023
De\ufb01ned
De\ufb01ned
Net
De\ufb01ned
De\ufb01ned
Net
bene\ufb01t bene\ufb01t plan pension plan
bene\ufb01t
bene\ufb01t plan
pension plan
Amounts in NOK million
obligations
assets
obligations
obligations
assets
obligations
Opening balance
(813)
466
(347)
(754)
425
(329)
Current service cost and social contribution
(20)
-
(20)
(18)
-
(18)
tax from continuing operations
Current service cost and social contribution
(10)
-
(10)
(8)
-
(8)
tax from discontinued operations
Interest (expenses) income from
(29)
22
(6)
(28)
23
(5)
continuing operations
Interest (expenses) income from
(5)
0
(5)
(6)
-
(6)
discontinued operations
Administration cost from
-
(1)
(1)
-
(1)
(1)
continuing operations
Administration cost from
-
-
-
-
-
-
discontinued operations
Remeasurement gains / (losses)
(12)
20
8
(30)
11
(19)
Contributions from employer
-
3
3
-
6
6
Bene\ufb01ts paid
63
(36)
27
44
(23)
21
Curtailments from continuing operations
0
-
0
-
-
-
Curtailments from discontinued operations
-
-
-
23
-
23
Other changes
(6)
-
(6)
4
-
4
Liabilities classi\ufb01ed as held for sale
181
-
181
-
-
-
Currency translation
(32)
20
(12)
(41)
25
(16)
Closing balance
(682)
494
(188)
(813)
466
(347)
Breakdown of pension plan assets
31.12.2024
31.12.2023
Fair value of
Fair value of
Amounts in NOK million
Distribution%
plan assets
Distribution%
plan assets
Cash, cash equivalents and money market investments
9%
47
12%
54
Bonds
15%
73
14%
67
Shares
32%
159
34%
156
Property
36%
179
33%
155
Other plan assets
7%
37
7%
33
Total pension plan assets
100%
494
100%
466
Actual return on plan assets
9%
43
8%
34
In addition, some Norwegian entities have pension
contribution funds, mainly based on excess pension assets
from settlement of the de\ufb01ned bene\ufb01t plans in 2010. The
pension contribution funds are classi\ufb01ed as non-current
pension funds, except next year's expected contributions
which are classi\ufb01ed as current (see note 24 Other assets).
Principal assumptions used for the actuarial valuations in
\n \n
2024 (2023)
Norway
France
Canada
Germany
UK
Discount rate
4.8%
(4.8%)
na
(3.0%)
4.8%
(4.8%)
3.7%
(3.7%)
4.8%
(4.8%)
Expected rate of salary increase
na
(na)
na
(3.0%)
3.5%
(3.5%)
na
(na)
na
(na)
Annual regulation of pensions paid
2.3%
(2.3%)
na
(na)
na
(na)
2.0%
(2.0%)
na
(na)
Assumptions regarding future mortality are based on
actuarial advice in accordance with published statistics and
experience in each country.
Sensitivity on pension obligations based on changes in main
actuarial assumptions
The de\ufb01ned bene\ufb01t pension schemes expose Elkem to
actuarial risk such as investment risk, interest rate risk, salary
growth risk, mortality risk and longevity risk.
A decrease in corporate bond yields, a rise in in\ufb02ation or an
increase in life expectancy would result in an increase to
plan liabilities.
The sensitivity analysis below shows estimated e\ufb00ects in the
de\ufb01ned pension obligation based on reasonable changes in
the main assumptions.
The calculations are based on a change in one assumption while
holding all other assumptions constant. Negative amounts show
an expected decrease in the net pension liability.
Assumptions
\n \n
Discount rate
Life expectancy
Salary growth
0.5%
0.5%
1 year
1 year
0.5%
0.5%
Amounts in NOK million
increase
decrease
increase decrease
increase
decrease
2024: E\ufb00ect on the pension obligation
(36)
40
18
(19)
12
(10)
2023: E\ufb00ect on the pension obligation
(43)
48
17
(17)
19
(17)
As the group's main pension plans are de\ufb01ned contribution
plans, there are no group policies for funding of the de\ufb01ned
bene\ufb01t plans. This is managed locally, based on the terms and
status for the individual plan.
Expected contribution for the pension plans next year and
average duration for the main de\ufb01ned bene\ufb01t plans
Amounts in NOK million
Norway
Canada
Germany
UK
Contribution to be paid to de\ufb01ned pension plans next year
9
22
4
7
Weighted average duration of the de\ufb01ned bene\ufb01t obligations
6 years
15 years
11 years
11 years
(c) Other bene\ufb01t plans
Other employee bene\ufb01ts consist of provisions related to jubilee
and long-service bene\ufb01ts, and post-employment bene\ufb01ts to
be paid until ordinary retirement age for former employees in
Elkem\u2019s Chinese entities (discontinued operations).
Of total non-current provisions, NOK 0 million (NOK 76 million)
relate to jubilee and long-service bene\ufb01ts in the Silicones
segment, mainly in France. Non-current provisions for other
employee bene\ufb01ts for Elkem\u2019s Chinese entities, in the Silicones
segment, are NOK 0 million (NOK 31 million), mainly consisting
of post-employment bene\ufb01ts related to employees laid o\ufb00 due
to reorganisation.13. Other operating expenses
Details of operating expenses
Amounts in NOK million
2024
2023
2)
Loss on disposal of \ufb01xed assets
(1)
(0)
Freight and commission expenses
(1 200)
(1 217)
Leasing short-term and low value contracts (note 18)
(55)
(48)
Machinery, equipment, spare parts and operating materials
(778)
(753)
External services
1)
(1 415)
(1 379)
Insurance expenses
(130)
(93)
Impairment losses trade and other receivables
2
2
Grants
25
14
Other operating expenses
(731)
(699)
Total other operating expenses
(4 283)
(4 173)
1)
Including services from auditor, see speci\ufb01cation below
2)
Restated - see note 39 Changes in presentation
Research and development
During 2024, Elkem expensed NOK 294 million (NOK 335
million) related to research and innovation activities, which
includes product and business development, technical
customer support and improvement projects. In addition,
Elkem group total capitalised development expenses of NOK
45 million (NOK 100 million).
Grants relating to research and development amount to NOK
46 million (NOK 26 million). In addition NOK 58 million (NOK
35 million) is recognised as a reduction of intangible assets.
Audit fees
KPMG is the group auditor of Elkem.
Fees to KPMG and other audit \ufb01rms
Amounts in NOK million
2024
2023
KPMG
Audit fee
(23)
(23)
Other assurance services
(0)
(1)
Tax services
-
(0)
Other services
-
-
Other audit \ufb01rms
Audit fee
(4)
(4)
Other assurance services
(0)
(0)
Tax services
(2)
(2)
Other services
(1)
(1)
Total fees to KPMG and other audit \ufb01rms
(30)
(30)
17. Property, plant and equipmentDetails of property, plant and equipment
2024
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
276
9 575
26 965
2 328
6 842
45 987
Additions
-
40
71
23
2 783
2 917
Transferred from CiP
4
450
4 308
1 381
(6 144)
-
Disposals
(0)
(20)
(144)
(23)
(6)
(194)
Assets classi\ufb01ed as held for sale
(160)
(6 757)
(19 993)
(3 604)
(2 080)
(32 595)
Currency translation di\ufb00erences
15
530
1 333
188
287
2 353
Closing balance
134
3 819
12 540
293
1 682
18 468
Accumulated
depreciation
Opening balance
(3 639)
(15 650)
(1 043)
(20 332)
Additions from continuing operations
(134)
(677)
(15)
(827)
Additions from discontinued operations
(194)
(992)
(288)
(1 475)
Disposals
16
118
23
157
Assets classi\ufb01ed as held for sale
1 964
10 400
1 202
13 566
Currency translation di\ufb00erences
(133)
(706)
(77)
(917)
Closing balance
(2 121)
(7 507)
(199)
(9 827)
Impairment losses
Opening balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Additions from continuing operations
-
(3)
(35)
(0)
(0)
(38)
Additions from discontinued operations
-
(1)
(9)
(0)
-
(10)
Disposals
-
3
17
0
0
20
Assets classi\ufb01ed as held for sale
-
469
2 419
15
31
2 935
Currency translation di\ufb00erences
(1)
(41)
(197)
(1)
(3)
(242)
Closing balance
(13)
(18)
(202)
(1)
(1)
(235)
Carrying amount
Closing balance
121
1 680
4 831
92
1 681
8 405
Original cost of assets fully depreciated
0
1 919
4 903
97
-
6 919
but still in use
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 44 million in 2024 mainly related to
discontinued operations. The weighted average cost of capital
for capitalisation of loan interest in 2024 is in the range of 2.6
per cent and 2.8 per cent per annum.
Impairment losses from continuing operations in 2024 are
primarily related to lining damage at Rana of NOK 35 million.
Details of property, plant and equipment
2023
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
233
8 957
25 406
1 078
5 022
40 696
Additions
0
14
97
22
4 883
5 016
Transferred from CiP
12
532
1 534
976
(3 053)
-
Reclassi\ufb01cation
(1)
2
(286)
285
-
0
Business combinations (note 4)
21
33
25
-
2
81
Disposals
-
(76)
(227)
(17)
(13)
(333)
Currency translation di\ufb00erences
10
113
417
(15)
2
526
Closing balance
276
9 575
26 965
2 328
6 842
45 987
Accumulated depreciation
Opening balance
(3 322)
(14 437)
(580)
(18 339)
Additions from continuing operations
(116)
(620)
(17)
(753)
Additions from discontinued operations
(203)
(819)
(191)
(1 213)
Reclassi\ufb01cation
1
267
(268)
-
Disposals
40
204
16
260
Currency translation di\ufb00erences
(39)
(245)
(2)
(287)
Closing balance
(3 639)
(15 650)
(1 043)
(20 332)
Impairment losses
Opening balance
(11)
(435)
(2 358)
(1)
(30)
(2 836)
Additions from continuing operations
-
(0)
(24)
-
(0)
(25)
Additions from discontinued operations
-
(13)
(56)
-
-
(69)
Reclassi\ufb01cation
-
(9)
22
(14)
-
-
Disposals
-
10
18
0
1
29
Currency translation di\ufb00erences
(1)
1
1
0
0
1
Closing balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Carrying amount
Closing balance
264
5 490
8 917
1 271
6 812
22 754
Original cost of assets fully depreciated
but still in use
0
2 214
7 979
240
-
10 433
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 51 million in 2023. The weighted
average cost of capital for capitalisation of loan interest in 2023
is in the range of 2.8 per cent and 3.6 per cent per annum.
Impairment losses in 2023 are primarily related to impairment
of production units at Xinghuo NOK 69 million and impairment
as a result of \ufb01re at Salten NOK 17 million.18. LeasesDetails of right-of-use assets
2024
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
397
733
153
2
1 285
Additions / lease modi\ufb01cations / remeasurements
8
78
60
0
148
Partial or full termination of agreements
-
(53)
(41)
(2)
(96)
Assets classi\ufb01ed as held for sale
(378)
(260)
(143)
(0)
(782)
Currency translation di\ufb00erences
33
25
7
0
65
Closing balance
60
523
36
0
619
Accumulated depreciation
Opening balance
(80)
(258)
(92)
(2)
(431)
Additions from continuing operations
(6)
(52)
(9)
-
(68)
Additions from discontinued operations
(8)
(42)
(36)
(0)
(87)
Partial or full termination of agreements
-
48
36
2
86
Assets classi\ufb01ed as held for sale
81
143
84
0
308
Currency translation di\ufb00erences
(7)
(12)
(4)
(0)
(23)
Closing balance
(20)
(174)
(22)
(0)
(216)
Impairment losses
Opening balance
-
-
-
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
40
349
15
0
403
Estimated useful life
1\u201399 years
1\u201325 years
1\u20135 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Details of right-of-use assets
2023
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
326
659
150
2
1 138
Additions / lease modi\ufb01cations / remeasurements
73
95
57
-
225
Partial or full termination of agreements
-
(30)
(63)
-
(93)
Currency translation di\ufb00erences
(3)
9
9
0
15
Closing balance
397
733
153
2
1 285
Accumulated depreciation
Opening balance
(70)
(191)
(96)
(1)
(359)
Additions from continuing operations
(2)
(45)
(4)
(0)
(52)
Additions from discontinued operations
(7)
(48)
(34)
(0)
(90)
Partial or full termination of agreements
-
30
48
-
77
Currency translation di\ufb00erences
0
(3)
(6)
(0)
(9)
Closing balance
(80)
(258)
(92)
(2)
(431)
Impairment losses
Opening balance
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
317
476
61
0
854
Estimated useful life
8\u201399 years
2\u201325 years
2\u20136 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Carrying amounts of lease liabilities and the movements during the period
Amounts in NOK million
2024
2023
Opening balance
589
578
Additions
/ lease modi\ufb01cations / remeasurements
148
225
Partial or full termination of agreements
(10)
(16)
Payments
(170)
(236)
Interest expenses on lease liabilities from continuing operations
15
13
Interest expenses on lease liabilities from discontinued operations
13
14
Liabilities classi\ufb01ed as held for sale
(195)
-
Currency translation di\ufb00erences
17
10
Closing balance (note 26)
405
589
The maturity analysis of lease liabilities is disclosed in note 26
Interest-bearing liabilities.
Amounts recognised in consolidated statement of pro\ufb01t or loss
Amounts in NOK million
2024
2023
Depreciation of right-of-use assets
(68)
(52)
Interest expenses on lease liabilities (note 15)
(15)
(13)
Leasing expenses, short-term leases (note 13)
(53)
(47)
Leasing expenses, low value assets (note 13)
(2)
(1)
Leasing expenses, variable lease payments (note 13)
(1)
(0)
Total amount recognised in consolidated statement of pro\ufb01t or loss
(138)
(113)
19. Other intangible assetsDetails of intangible assets
2024
\n \n
Intangible
Land use
Technology
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
116
911
714
1 030
384
407
3 563
Additions
-
0
12
-
-
88
100
Transferred from CiP
-
0
44
61
11
(116)
-
Disposals
-
-
(2)
-
-
-
(2)
Assets classi\ufb01ed as held for sale
-
(945)
(490)
(1 152)
(333)
(201)
(3 121)
Currency translation di\ufb00erences
6
56
31
61
24
14
192
Closing balance
121
23
309
-
86
193
732
Accumulated amortisation
Opening balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Additions from continuing operations
(2)
(1)
(25)
-
(8)
(35)
Additions from discontinued operations
-
(42)
(33)
(77)
(31)
(182)
Disposals
-
-
2
-
-
2
Assets classi\ufb01ed as held for sale
-
712
335
826
173
2 045
Currency translation di\ufb00erences
(3)
(38)
(22)
(39)
(10)
(112)
Closing balance
(70)
(23)
(257)
-
(35)
(385)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Additions from continuing operations
-
-
(1)
-
-
(129)
(130)
Currency translation di\ufb00erences
(0)
-
-
-
-
0
(0)
Closing balance
(1)
-
(1)
-
-
(129)
(131)
Carrying amount
Closing balance
50
0
51
-
51
64
216
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.
Details of intangible assets
2023
\n \n
Intangible
Technology
Land use
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
108
868
627
880
350
377
3 209
Additions
-
-
17
-
-
183
200
Transferred from CiP
-
5
67
94
3
(170)
-
Business combinations (note 4)
-
-
0
-
29
-
29
Disposals
-
-
(9)
-
-
-
(9)
Currency translation di\ufb00erences
7
38
13
56
2
17
133
Closing balance
116
911
714
1 030
384
407
3 563
Accumulated amortisation
Opening balance
(59)
(579)
(457)
(606)
(122)
(1 824)
Additions from continuing operations
(2)
(2)
(29)
-
(6)
(39)
Additions from discontinued operations
-
(41)
(28)
(65)
(31)
(166)
Disposals
-
-
9
-
-
9
Currency translation di\ufb00erences
(4)
(32)
(8)
(40)
(0)
(84)
Closing balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Currency translation di\ufb00erences
(0)
-
-
-
-
-
(0)
Closing balance
(1)
-
-
-
-
-
(1)
Carrying amount
Closing balance
49
257
200
319
225
407
1 458
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "11. Employee bene\ufb01tsEmployee bene\ufb01t expenses \n \n
Amounts in NOK million
2024
2023
1)
Salaries, holiday pay and variable compensation
(2 277)
(2 207)
Employer's national insurance contributions / social security tax
(318)
(287)
Pension expenses
(163)
(129)
Share-based payments (note 12)
(2)
(7)
Other payments / bene\ufb01ts
(48)
(76)
Grants
26
20
Capitalised employee bene\ufb01t expenses on PPE development
15
25
Total employee bene\ufb01t expenses
(2 766)
(2 662)
\n \n
Average number of full-time equivalents
3 010
2 957
1)
Restated - see note 39 Changes in presentation
Remuneration to corporate management
Amounts in NOK million
2024
2023
Fixed compensation
(41)
(36)
Variable compensation - STI
(19)
(9)
Variable compensation - LTI
(1)
(3)
Other bene\ufb01ts
(2)
(1)
Pension bene\ufb01ts
(4)
(4)
Total remuneration to corporate management
(67)
(54)
Remuneration provided to the board of directors
(6)
(6)
Remuneration provided to the committee remuneration
(1)
(1)
For more details on the remuneration to corporate
management see \"Report on salary and other remuneration to
leading personnel in Elkem ASA for the \ufb01nancial year 2024\".
The report is published on Elkem's website.
\u2197
Shares and options granted to corporate
management and board members
\n \n
2024
2023
Number
Number of
Number
Number of
Name
Position
of shares
options
of shares
options
Helge Aasen
CEO
68 406
67 333
68 406
101 000
Morten Viga
CFO
46 896
300 000
46 896
300 000
Katja Lehland
SVP Human Resources
-
300 000
-
300 000
Asbj\u00f8rn S\u00f8vik
SVP Green Ventures & Digital
10 000
300 000
10 000
300 000
H\u00e5vard Moe
SVP Technology
10 000
300 000
10 000
300 000
Louis Vovelle
SVP Innovation and R&D
6 896
300 000
6 896
308 380
Morten Magnus Voll
SVP Strategy and Business Development
10 384
150 000
10 384
200 000
Inge Grubben-Str\u00f8mnes
SVP Silicon Products
35 189
300 000
35 189
300 000
Luiz Simao
SVP Carbon Solutions
22 000
300 000
22 000
300 000
Sandy Chen
Acting SVP Silicones
-
150 000
-
-
Li Bo (from April 2024)
1)
Chair of the board
-
-
-
-
Dag Jakob Opedal
Vice chair of the board
40 000
-
40 000
-
Zhigang Hao (until October 2024)
1)
Board member
-
-
-
-
Olivier Tillette de
Board member
15 517
-
15 517
-
Clermont-Tonnerre
1)
Dong Dachuan
Board member
-
-
-
-
(from October 2024)
1)
Yougen Ge (until October 2024)
1)
Board member
-
-
-
-
Marianne Johnsen
Board member
-
-
-
-
Grace Tang
Board member
-
-
-
-
Nathalie Brunelle
Board member
-
-
-
-
Wei Yao (from October 2024)
1)
Board member
-
-
-
-
Terje Andre Hanssen
2)
Board member
-
-
-
-
Marianne F\u00e6r\u00f8yvik
2)
Board member
4 950
-
4 950
-
Thomas Eggan
2)
Board member
-
-
-
-
Heidi Feldborg
2)
Observer
-
-
-
-
Jan Harald Karlsen
2)
Observer
-
-
-
-
1)
Representatives for the majority shareholder.
2)
Employee representatives
Employee bene\ufb01t assets and obligations
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Pension plan assets, net (note 24)
31
28
-
-
Pension contribution fund (note 24)
1
1
4
3
Total employee bene\ufb01t assets
32
29
4
3
Salaries, holiday pay and variable compensation
-
-
403
684
Employer's national insurance contributions / social security
tax
-
-
66
210
Pension plan obligations, net
219
375
-
-
Other bene\ufb01t plans
20
132
2
18
Total employee bene\ufb01t obligations
238
507
471
912
(a) Salaries, holiday pay and variable compensation
The obligations are related to incurred employee bene\ufb01ts,
not paid.
(b) Pension plans
Elkem has both de\ufb01ned contribution and de\ufb01ned bene\ufb01t
plans. For de\ufb01ned contribution plans the cost is equal to
Elkem's contribution to the employee's pension savings during
the period. For de\ufb01ned bene\ufb01t plans the cost is calculated
based on actuarial valuation methods, taking assumptions
related to the employee's salary, turnover, mortality, discount
rate, etc. into consideration.
De\ufb01ned contribution plans
De\ufb01ned contribution plans are the main pension plan for
Elkem's Norwegian entities, where the contribution to each
individual pension plan is 5 per cent of annual salary up to 7.1G
and 15 per cent of annual salary between 7.1-12G. 1G refers to
the Norwegian national insurance scheme's basic amount,
which is NOK 124 028 as at 1 May 2024. Pension on salary
above 12G is not supported by external service providers and
is therefore handled as a separate plan and included under
de\ufb01ned bene\ufb01t plans.
In addition, a Norwegian multi-employer early retirement
scheme called AFP, where su\ufb03cient information to calculate
each participant's pension obligation is not available, is
accounted for as it is a de\ufb01ned contribution plan in accordance
with the Ministry of Finance's conclusion. The participants in
the pension plan are jointly responsible for 2/3 of the plan's
pension obligation, the government is responsible for the
remaining part. The pension premium in 2024 is 2.7 per cent of
the employees' salary between 1 and 7.1G, covering this year's
pension payments and contribution to a security fund for
future pension obligations. The yearly premium for 2025 is set
to 2.7 per cent.
De\ufb01ned bene\ufb01t plans
De\ufb01ned bene\ufb01t plans are pension plans where the group is
responsible for paying pensions at a certain level, based on
employees' salaries when retiring. The group has funded and
unfunded bene\ufb01t plans in Norway, France, Germany, UK,
Canada, Japan and South Africa. The pension scheme in UK
and two of Canada's schemes are overfunded and are net in an
asset position. The schemes that are underfunded and are net
in a liability position as at 31 December 2024 are distributed
as follows; Norway 48 per cent, Germany 25 per cent, Canada
18 per cent other countries 8 per cent. In Canada provisions
are also made for medical insurance as well as pension bene\ufb01t
plans.
The Norwegian pension plans are unfunded and comprise
pension on salaries above 12G, where the expense is 15 per
cent of annual base salary that exceeds 12G plus interest
on the individual calculated pension obligation, and some
individual retirement schemes that are closed.
Breakdown of net pension expenses
Amounts in NOK million
2024
2023
Current service expenses
(20)
(18)
Administration expenses
(1)
(1)
Curtailments
0
-
Net pension expenses, de\ufb01ned bene\ufb01t plans
(21)
(19)
De\ufb01ned contribution plans
(119)
(88)
Early retirement scheme AFP (Norway)
(23)
(22)
Total pension expenses
(163)
(129)
In addition, interest expenses on net
(6)
(5)
pension liabilities are recognised as a part
of \ufb01nance expenses
Net de\ufb01ned bene\ufb01t obligations
Amounts in NOK million
2024
2023
Present value of funded pension obligations
(463)
(438)
Fair value of plan assets
494
466
Net funded pension obligations
31
28
Present value of unfunded pension obligations
(219)
(375)
Net value of funded and unfunded obligations
(188)
(347)
Movements in the de\ufb01ned bene\ufb01t obligations and plan assets
\n \n
2024
2023
De\ufb01ned
De\ufb01ned
Net
De\ufb01ned
De\ufb01ned
Net
bene\ufb01t bene\ufb01t plan pension plan
bene\ufb01t
bene\ufb01t plan
pension plan
Amounts in NOK million
obligations
assets
obligations
obligations
assets
obligations
Opening balance
(813)
466
(347)
(754)
425
(329)
Current service cost and social contribution
(20)
-
(20)
(18)
-
(18)
tax from continuing operations
Current service cost and social contribution
(10)
-
(10)
(8)
-
(8)
tax from discontinued operations
Interest (expenses) income from
(29)
22
(6)
(28)
23
(5)
continuing operations
Interest (expenses) income from
(5)
0
(5)
(6)
-
(6)
discontinued operations
Administration cost from
-
(1)
(1)
-
(1)
(1)
continuing operations
Administration cost from
-
-
-
-
-
-
discontinued operations
Remeasurement gains / (losses)
(12)
20
8
(30)
11
(19)
Contributions from employer
-
3
3
-
6
6
Bene\ufb01ts paid
63
(36)
27
44
(23)
21
Curtailments from continuing operations
0
-
0
-
-
-
Curtailments from discontinued operations
-
-
-
23
-
23
Other changes
(6)
-
(6)
4
-
4
Liabilities classi\ufb01ed as held for sale
181
-
181
-
-
-
Currency translation
(32)
20
(12)
(41)
25
(16)
Closing balance
(682)
494
(188)
(813)
466
(347)
Breakdown of pension plan assets
31.12.2024
31.12.2023
Fair value of
Fair value of
Amounts in NOK million
Distribution%
plan assets
Distribution%
plan assets
Cash, cash equivalents and money market investments
9%
47
12%
54
Bonds
15%
73
14%
67
Shares
32%
159
34%
156
Property
36%
179
33%
155
Other plan assets
7%
37
7%
33
Total pension plan assets
100%
494
100%
466
Actual return on plan assets
9%
43
8%
34
In addition, some Norwegian entities have pension
contribution funds, mainly based on excess pension assets
from settlement of the de\ufb01ned bene\ufb01t plans in 2010. The
pension contribution funds are classi\ufb01ed as non-current
pension funds, except next year's expected contributions
which are classi\ufb01ed as current (see note 24 Other assets).
Principal assumptions used for the actuarial valuations in
\n \n
2024 (2023)
Norway
France
Canada
Germany
UK
Discount rate
4.8%
(4.8%)
na
(3.0%)
4.8%
(4.8%)
3.7%
(3.7%)
4.8%
(4.8%)
Expected rate of salary increase
na
(na)
na
(3.0%)
3.5%
(3.5%)
na
(na)
na
(na)
Annual regulation of pensions paid
2.3%
(2.3%)
na
(na)
na
(na)
2.0%
(2.0%)
na
(na)
Assumptions regarding future mortality are based on
actuarial advice in accordance with published statistics and
experience in each country.
Sensitivity on pension obligations based on changes in main
actuarial assumptions
The de\ufb01ned bene\ufb01t pension schemes expose Elkem to
actuarial risk such as investment risk, interest rate risk, salary
growth risk, mortality risk and longevity risk.
A decrease in corporate bond yields, a rise in in\ufb02ation or an
increase in life expectancy would result in an increase to
plan liabilities.
The sensitivity analysis below shows estimated e\ufb00ects in the
de\ufb01ned pension obligation based on reasonable changes in
the main assumptions.
The calculations are based on a change in one assumption while
holding all other assumptions constant. Negative amounts show
an expected decrease in the net pension liability.
Assumptions
\n \n
Discount rate
Life expectancy
Salary growth
0.5%
0.5%
1 year
1 year
0.5%
0.5%
Amounts in NOK million
increase
decrease
increase decrease
increase
decrease
2024: E\ufb00ect on the pension obligation
(36)
40
18
(19)
12
(10)
2023: E\ufb00ect on the pension obligation
(43)
48
17
(17)
19
(17)
As the group's main pension plans are de\ufb01ned contribution
plans, there are no group policies for funding of the de\ufb01ned
bene\ufb01t plans. This is managed locally, based on the terms and
status for the individual plan.
Expected contribution for the pension plans next year and
average duration for the main de\ufb01ned bene\ufb01t plans
Amounts in NOK million
Norway
Canada
Germany
UK
Contribution to be paid to de\ufb01ned pension plans next year
9
22
4
7
Weighted average duration of the de\ufb01ned bene\ufb01t obligations
6 years
15 years
11 years
11 years
(c) Other bene\ufb01t plans
Other employee bene\ufb01ts consist of provisions related to jubilee
and long-service bene\ufb01ts, and post-employment bene\ufb01ts to
be paid until ordinary retirement age for former employees in
Elkem\u2019s Chinese entities (discontinued operations).
Of total non-current provisions, NOK 0 million (NOK 76 million)
relate to jubilee and long-service bene\ufb01ts in the Silicones
segment, mainly in France. Non-current provisions for other
employee bene\ufb01ts for Elkem\u2019s Chinese entities, in the Silicones
segment, are NOK 0 million (NOK 31 million), mainly consisting
of post-employment bene\ufb01ts related to employees laid o\ufb00 due
to reorganisation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "11. Employee bene\ufb01tsEmployee bene\ufb01t expenses \n \n
Amounts in NOK million
2024
2023
1)
Salaries, holiday pay and variable compensation
(2 277)
(2 207)
Employer's national insurance contributions / social security tax
(318)
(287)
Pension expenses
(163)
(129)
Share-based payments (note 12)
(2)
(7)
Other payments / bene\ufb01ts
(48)
(76)
Grants
26
20
Capitalised employee bene\ufb01t expenses on PPE development
15
25
Total employee bene\ufb01t expenses
(2 766)
(2 662)
\n \n
Average number of full-time equivalents
3 010
2 957
1)
Restated - see note 39 Changes in presentation
Remuneration to corporate management
Amounts in NOK million
2024
2023
Fixed compensation
(41)
(36)
Variable compensation - STI
(19)
(9)
Variable compensation - LTI
(1)
(3)
Other bene\ufb01ts
(2)
(1)
Pension bene\ufb01ts
(4)
(4)
Total remuneration to corporate management
(67)
(54)
Remuneration provided to the board of directors
(6)
(6)
Remuneration provided to the committee remuneration
(1)
(1)
For more details on the remuneration to corporate
management see \"Report on salary and other remuneration to
leading personnel in Elkem ASA for the \ufb01nancial year 2024\".
The report is published on Elkem's website.
\u2197
Shares and options granted to corporate
management and board members
\n \n
2024
2023
Number
Number of
Number
Number of
Name
Position
of shares
options
of shares
options
Helge Aasen
CEO
68 406
67 333
68 406
101 000
Morten Viga
CFO
46 896
300 000
46 896
300 000
Katja Lehland
SVP Human Resources
-
300 000
-
300 000
Asbj\u00f8rn S\u00f8vik
SVP Green Ventures & Digital
10 000
300 000
10 000
300 000
H\u00e5vard Moe
SVP Technology
10 000
300 000
10 000
300 000
Louis Vovelle
SVP Innovation and R&D
6 896
300 000
6 896
308 380
Morten Magnus Voll
SVP Strategy and Business Development
10 384
150 000
10 384
200 000
Inge Grubben-Str\u00f8mnes
SVP Silicon Products
35 189
300 000
35 189
300 000
Luiz Simao
SVP Carbon Solutions
22 000
300 000
22 000
300 000
Sandy Chen
Acting SVP Silicones
-
150 000
-
-
Li Bo (from April 2024)
1)
Chair of the board
-
-
-
-
Dag Jakob Opedal
Vice chair of the board
40 000
-
40 000
-
Zhigang Hao (until October 2024)
1)
Board member
-
-
-
-
Olivier Tillette de
Board member
15 517
-
15 517
-
Clermont-Tonnerre
1)
Dong Dachuan
Board member
-
-
-
-
(from October 2024)
1)
Yougen Ge (until October 2024)
1)
Board member
-
-
-
-
Marianne Johnsen
Board member
-
-
-
-
Grace Tang
Board member
-
-
-
-
Nathalie Brunelle
Board member
-
-
-
-
Wei Yao (from October 2024)
1)
Board member
-
-
-
-
Terje Andre Hanssen
2)
Board member
-
-
-
-
Marianne F\u00e6r\u00f8yvik
2)
Board member
4 950
-
4 950
-
Thomas Eggan
2)
Board member
-
-
-
-
Heidi Feldborg
2)
Observer
-
-
-
-
Jan Harald Karlsen
2)
Observer
-
-
-
-
1)
Representatives for the majority shareholder.
2)
Employee representatives
Employee bene\ufb01t assets and obligations
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Pension plan assets, net (note 24)
31
28
-
-
Pension contribution fund (note 24)
1
1
4
3
Total employee bene\ufb01t assets
32
29
4
3
Salaries, holiday pay and variable compensation
-
-
403
684
Employer's national insurance contributions / social security
tax
-
-
66
210
Pension plan obligations, net
219
375
-
-
Other bene\ufb01t plans
20
132
2
18
Total employee bene\ufb01t obligations
238
507
471
912
(a) Salaries, holiday pay and variable compensation
The obligations are related to incurred employee bene\ufb01ts,
not paid.
(b) Pension plans
Elkem has both de\ufb01ned contribution and de\ufb01ned bene\ufb01t
plans. For de\ufb01ned contribution plans the cost is equal to
Elkem's contribution to the employee's pension savings during
the period. For de\ufb01ned bene\ufb01t plans the cost is calculated
based on actuarial valuation methods, taking assumptions
related to the employee's salary, turnover, mortality, discount
rate, etc. into consideration.
De\ufb01ned contribution plans
De\ufb01ned contribution plans are the main pension plan for
Elkem's Norwegian entities, where the contribution to each
individual pension plan is 5 per cent of annual salary up to 7.1G
and 15 per cent of annual salary between 7.1-12G. 1G refers to
the Norwegian national insurance scheme's basic amount,
which is NOK 124 028 as at 1 May 2024. Pension on salary
above 12G is not supported by external service providers and
is therefore handled as a separate plan and included under
de\ufb01ned bene\ufb01t plans.
In addition, a Norwegian multi-employer early retirement
scheme called AFP, where su\ufb03cient information to calculate
each participant's pension obligation is not available, is
accounted for as it is a de\ufb01ned contribution plan in accordance
with the Ministry of Finance's conclusion. The participants in
the pension plan are jointly responsible for 2/3 of the plan's
pension obligation, the government is responsible for the
remaining part. The pension premium in 2024 is 2.7 per cent of
the employees' salary between 1 and 7.1G, covering this year's
pension payments and contribution to a security fund for
future pension obligations. The yearly premium for 2025 is set
to 2.7 per cent.
De\ufb01ned bene\ufb01t plans
De\ufb01ned bene\ufb01t plans are pension plans where the group is
responsible for paying pensions at a certain level, based on
employees' salaries when retiring. The group has funded and
unfunded bene\ufb01t plans in Norway, France, Germany, UK,
Canada, Japan and South Africa. The pension scheme in UK
and two of Canada's schemes are overfunded and are net in an
asset position. The schemes that are underfunded and are net
in a liability position as at 31 December 2024 are distributed
as follows; Norway 48 per cent, Germany 25 per cent, Canada
18 per cent other countries 8 per cent. In Canada provisions
are also made for medical insurance as well as pension bene\ufb01t
plans.
The Norwegian pension plans are unfunded and comprise
pension on salaries above 12G, where the expense is 15 per
cent of annual base salary that exceeds 12G plus interest
on the individual calculated pension obligation, and some
individual retirement schemes that are closed.
Breakdown of net pension expenses
Amounts in NOK million
2024
2023
Current service expenses
(20)
(18)
Administration expenses
(1)
(1)
Curtailments
0
-
Net pension expenses, de\ufb01ned bene\ufb01t plans
(21)
(19)
De\ufb01ned contribution plans
(119)
(88)
Early retirement scheme AFP (Norway)
(23)
(22)
Total pension expenses
(163)
(129)
In addition, interest expenses on net
(6)
(5)
pension liabilities are recognised as a part
of \ufb01nance expenses
Net de\ufb01ned bene\ufb01t obligations
Amounts in NOK million
2024
2023
Present value of funded pension obligations
(463)
(438)
Fair value of plan assets
494
466
Net funded pension obligations
31
28
Present value of unfunded pension obligations
(219)
(375)
Net value of funded and unfunded obligations
(188)
(347)
Movements in the de\ufb01ned bene\ufb01t obligations and plan assets
\n \n
2024
2023
De\ufb01ned
De\ufb01ned
Net
De\ufb01ned
De\ufb01ned
Net
bene\ufb01t bene\ufb01t plan pension plan
bene\ufb01t
bene\ufb01t plan
pension plan
Amounts in NOK million
obligations
assets
obligations
obligations
assets
obligations
Opening balance
(813)
466
(347)
(754)
425
(329)
Current service cost and social contribution
(20)
-
(20)
(18)
-
(18)
tax from continuing operations
Current service cost and social contribution
(10)
-
(10)
(8)
-
(8)
tax from discontinued operations
Interest (expenses) income from
(29)
22
(6)
(28)
23
(5)
continuing operations
Interest (expenses) income from
(5)
0
(5)
(6)
-
(6)
discontinued operations
Administration cost from
-
(1)
(1)
-
(1)
(1)
continuing operations
Administration cost from
-
-
-
-
-
-
discontinued operations
Remeasurement gains / (losses)
(12)
20
8
(30)
11
(19)
Contributions from employer
-
3
3
-
6
6
Bene\ufb01ts paid
63
(36)
27
44
(23)
21
Curtailments from continuing operations
0
-
0
-
-
-
Curtailments from discontinued operations
-
-
-
23
-
23
Other changes
(6)
-
(6)
4
-
4
Liabilities classi\ufb01ed as held for sale
181
-
181
-
-
-
Currency translation
(32)
20
(12)
(41)
25
(16)
Closing balance
(682)
494
(188)
(813)
466
(347)
Breakdown of pension plan assets
31.12.2024
31.12.2023
Fair value of
Fair value of
Amounts in NOK million
Distribution%
plan assets
Distribution%
plan assets
Cash, cash equivalents and money market investments
9%
47
12%
54
Bonds
15%
73
14%
67
Shares
32%
159
34%
156
Property
36%
179
33%
155
Other plan assets
7%
37
7%
33
Total pension plan assets
100%
494
100%
466
Actual return on plan assets
9%
43
8%
34
In addition, some Norwegian entities have pension
contribution funds, mainly based on excess pension assets
from settlement of the de\ufb01ned bene\ufb01t plans in 2010. The
pension contribution funds are classi\ufb01ed as non-current
pension funds, except next year's expected contributions
which are classi\ufb01ed as current (see note 24 Other assets).
Principal assumptions used for the actuarial valuations in
\n \n
2024 (2023)
Norway
France
Canada
Germany
UK
Discount rate
4.8%
(4.8%)
na
(3.0%)
4.8%
(4.8%)
3.7%
(3.7%)
4.8%
(4.8%)
Expected rate of salary increase
na
(na)
na
(3.0%)
3.5%
(3.5%)
na
(na)
na
(na)
Annual regulation of pensions paid
2.3%
(2.3%)
na
(na)
na
(na)
2.0%
(2.0%)
na
(na)
Assumptions regarding future mortality are based on
actuarial advice in accordance with published statistics and
experience in each country.
Sensitivity on pension obligations based on changes in main
actuarial assumptions
The de\ufb01ned bene\ufb01t pension schemes expose Elkem to
actuarial risk such as investment risk, interest rate risk, salary
growth risk, mortality risk and longevity risk.
A decrease in corporate bond yields, a rise in in\ufb02ation or an
increase in life expectancy would result in an increase to
plan liabilities.
The sensitivity analysis below shows estimated e\ufb00ects in the
de\ufb01ned pension obligation based on reasonable changes in
the main assumptions.
The calculations are based on a change in one assumption while
holding all other assumptions constant. Negative amounts show
an expected decrease in the net pension liability.
Assumptions
\n \n
Discount rate
Life expectancy
Salary growth
0.5%
0.5%
1 year
1 year
0.5%
0.5%
Amounts in NOK million
increase
decrease
increase decrease
increase
decrease
2024: E\ufb00ect on the pension obligation
(36)
40
18
(19)
12
(10)
2023: E\ufb00ect on the pension obligation
(43)
48
17
(17)
19
(17)
As the group's main pension plans are de\ufb01ned contribution
plans, there are no group policies for funding of the de\ufb01ned
bene\ufb01t plans. This is managed locally, based on the terms and
status for the individual plan.
Expected contribution for the pension plans next year and
average duration for the main de\ufb01ned bene\ufb01t plans
Amounts in NOK million
Norway
Canada
Germany
UK
Contribution to be paid to de\ufb01ned pension plans next year
9
22
4
7
Weighted average duration of the de\ufb01ned bene\ufb01t obligations
6 years
15 years
11 years
11 years
(c) Other bene\ufb01t plans
Other employee bene\ufb01ts consist of provisions related to jubilee
and long-service bene\ufb01ts, and post-employment bene\ufb01ts to
be paid until ordinary retirement age for former employees in
Elkem\u2019s Chinese entities (discontinued operations).
Of total non-current provisions, NOK 0 million (NOK 76 million)
relate to jubilee and long-service bene\ufb01ts in the Silicones
segment, mainly in France. Non-current provisions for other
employee bene\ufb01ts for Elkem\u2019s Chinese entities, in the Silicones
segment, are NOK 0 million (NOK 31 million), mainly consisting
of post-employment bene\ufb01ts related to employees laid o\ufb00 due
to reorganisation.13. Other operating expenses
Details of operating expenses
Amounts in NOK million
2024
2023
2)
Loss on disposal of \ufb01xed assets
(1)
(0)
Freight and commission expenses
(1 200)
(1 217)
Leasing short-term and low value contracts (note 18)
(55)
(48)
Machinery, equipment, spare parts and operating materials
(778)
(753)
External services
1)
(1 415)
(1 379)
Insurance expenses
(130)
(93)
Impairment losses trade and other receivables
2
2
Grants
25
14
Other operating expenses
(731)
(699)
Total other operating expenses
(4 283)
(4 173)
1)
Including services from auditor, see speci\ufb01cation below
2)
Restated - see note 39 Changes in presentation
Research and development
During 2024, Elkem expensed NOK 294 million (NOK 335
million) related to research and innovation activities, which
includes product and business development, technical
customer support and improvement projects. In addition,
Elkem group total capitalised development expenses of NOK
45 million (NOK 100 million).
Grants relating to research and development amount to NOK
46 million (NOK 26 million). In addition NOK 58 million (NOK
35 million) is recognised as a reduction of intangible assets.
Audit fees
KPMG is the group auditor of Elkem.
Fees to KPMG and other audit \ufb01rms
Amounts in NOK million
2024
2023
KPMG
Audit fee
(23)
(23)
Other assurance services
(0)
(1)
Tax services
-
(0)
Other services
-
-
Other audit \ufb01rms
Audit fee
(4)
(4)
Other assurance services
(0)
(0)
Tax services
(2)
(2)
Other services
(1)
(1)
Total fees to KPMG and other audit \ufb01rms
(30)
(30)
17. Property, plant and equipmentDetails of property, plant and equipment
2024
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
276
9 575
26 965
2 328
6 842
45 987
Additions
-
40
71
23
2 783
2 917
Transferred from CiP
4
450
4 308
1 381
(6 144)
-
Disposals
(0)
(20)
(144)
(23)
(6)
(194)
Assets classi\ufb01ed as held for sale
(160)
(6 757)
(19 993)
(3 604)
(2 080)
(32 595)
Currency translation di\ufb00erences
15
530
1 333
188
287
2 353
Closing balance
134
3 819
12 540
293
1 682
18 468
Accumulated
depreciation
Opening balance
(3 639)
(15 650)
(1 043)
(20 332)
Additions from continuing operations
(134)
(677)
(15)
(827)
Additions from discontinued operations
(194)
(992)
(288)
(1 475)
Disposals
16
118
23
157
Assets classi\ufb01ed as held for sale
1 964
10 400
1 202
13 566
Currency translation di\ufb00erences
(133)
(706)
(77)
(917)
Closing balance
(2 121)
(7 507)
(199)
(9 827)
Impairment losses
Opening balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Additions from continuing operations
-
(3)
(35)
(0)
(0)
(38)
Additions from discontinued operations
-
(1)
(9)
(0)
-
(10)
Disposals
-
3
17
0
0
20
Assets classi\ufb01ed as held for sale
-
469
2 419
15
31
2 935
Currency translation di\ufb00erences
(1)
(41)
(197)
(1)
(3)
(242)
Closing balance
(13)
(18)
(202)
(1)
(1)
(235)
Carrying amount
Closing balance
121
1 680
4 831
92
1 681
8 405
Original cost of assets fully depreciated
0
1 919
4 903
97
-
6 919
but still in use
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 44 million in 2024 mainly related to
discontinued operations. The weighted average cost of capital
for capitalisation of loan interest in 2024 is in the range of 2.6
per cent and 2.8 per cent per annum.
Impairment losses from continuing operations in 2024 are
primarily related to lining damage at Rana of NOK 35 million.Details of property, plant and equipment
2023
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
233
8 957
25 406
1 078
5 022
40 696
Additions
0
14
97
22
4 883
5 016
Transferred from CiP
12
532
1 534
976
(3 053)
-
Reclassi\ufb01cation
(1)
2
(286)
285
-
0
Business combinations (note 4)
21
33
25
-
2
81
Disposals
-
(76)
(227)
(17)
(13)
(333)
Currency translation di\ufb00erences
10
113
417
(15)
2
526
Closing balance
276
9 575
26 965
2 328
6 842
45 987
Accumulated depreciation
Opening balance
(3 322)
(14 437)
(580)
(18 339)
Additions from continuing operations
(116)
(620)
(17)
(753)
Additions from discontinued operations
(203)
(819)
(191)
(1 213)
Reclassi\ufb01cation
1
267
(268)
-
Disposals
40
204
16
260
Currency translation di\ufb00erences
(39)
(245)
(2)
(287)
Closing balance
(3 639)
(15 650)
(1 043)
(20 332)
Impairment losses
Opening balance
(11)
(435)
(2 358)
(1)
(30)
(2 836)
Additions from continuing operations
-
(0)
(24)
-
(0)
(25)
Additions from discontinued operations
-
(13)
(56)
-
-
(69)
Reclassi\ufb01cation
-
(9)
22
(14)
-
-
Disposals
-
10
18
0
1
29
Currency translation di\ufb00erences
(1)
1
1
0
0
1
Closing balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Carrying amount
Closing balance
264
5 490
8 917
1 271
6 812
22 754
Original cost of assets fully depreciated
but still in use
0
2 214
7 979
240
-
10 433
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 51 million in 2023. The weighted
average cost of capital for capitalisation of loan interest in 2023
is in the range of 2.8 per cent and 3.6 per cent per annum.
Impairment losses in 2023 are primarily related to impairment
of production units at Xinghuo NOK 69 million and impairment
as a result of \ufb01re at Salten NOK 17 million.18. LeasesDetails of right-of-use assets
2024
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
397
733
153
2
1 285
Additions / lease modi\ufb01cations / remeasurements
8
78
60
0
148
Partial or full termination of agreements
-
(53)
(41)
(2)
(96)
Assets classi\ufb01ed as held for sale
(378)
(260)
(143)
(0)
(782)
Currency translation di\ufb00erences
33
25
7
0
65
Closing balance
60
523
36
0
619
Accumulated depreciation
Opening balance
(80)
(258)
(92)
(2)
(431)
Additions from continuing operations
(6)
(52)
(9)
-
(68)
Additions from discontinued operations
(8)
(42)
(36)
(0)
(87)
Partial or full termination of agreements
-
48
36
2
86
Assets classi\ufb01ed as held for sale
81
143
84
0
308
Currency translation di\ufb00erences
(7)
(12)
(4)
(0)
(23)
Closing balance
(20)
(174)
(22)
(0)
(216)
Impairment losses
Opening balance
-
-
-
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
40
349
15
0
403
Estimated useful life
1\u201399 years
1\u201325 years
1\u20135 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Details of right-of-use assets
2023
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
326
659
150
2
1 138
Additions / lease modi\ufb01cations / remeasurements
73
95
57
-
225
Partial or full termination of agreements
-
(30)
(63)
-
(93)
Currency translation di\ufb00erences
(3)
9
9
0
15
Closing balance
397
733
153
2
1 285
Accumulated depreciation
Opening balance
(70)
(191)
(96)
(1)
(359)
Additions from continuing operations
(2)
(45)
(4)
(0)
(52)
Additions from discontinued operations
(7)
(48)
(34)
(0)
(90)
Partial or full termination of agreements
-
30
48
-
77
Currency translation di\ufb00erences
0
(3)
(6)
(0)
(9)
Closing balance
(80)
(258)
(92)
(2)
(431)
Impairment losses
Opening balance
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
317
476
61
0
854
Estimated useful life
8\u201399 years
2\u201325 years
2\u20136 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Carrying amounts of lease liabilities and the movements during the period
Amounts in NOK million
2024
2023
Opening balance
589
578
Additions
/ lease modi\ufb01cations / remeasurements
148
225
Partial or full termination of agreements
(10)
(16)
Payments
(170)
(236)
Interest expenses on lease liabilities from continuing operations
15
13
Interest expenses on lease liabilities from discontinued operations
13
14
Liabilities classi\ufb01ed as held for sale
(195)
-
Currency translation di\ufb00erences
17
10
Closing balance (note 26)
405
589
The maturity analysis of lease liabilities is disclosed in note 26
Interest-bearing liabilities.
Amounts recognised in consolidated statement of pro\ufb01t or loss
Amounts in NOK million
2024
2023
Depreciation of right-of-use assets
(68)
(52)
Interest expenses on lease liabilities (note 15)
(15)
(13)
Leasing expenses, short-term leases (note 13)
(53)
(47)
Leasing expenses, low value assets (note 13)
(2)
(1)
Leasing expenses, variable lease payments (note 13)
(1)
(0)
Total amount recognised in consolidated statement of pro\ufb01t or loss
(138)
(113)
19. Other intangible assetsDetails of intangible assets
2024
\n \n
Intangible
Land use
Technology
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
116
911
714
1 030
384
407
3 563
Additions
-
0
12
-
-
88
100
Transferred from CiP
-
0
44
61
11
(116)
-
Disposals
-
-
(2)
-
-
-
(2)
Assets classi\ufb01ed as held for sale
-
(945)
(490)
(1 152)
(333)
(201)
(3 121)
Currency translation di\ufb00erences
6
56
31
61
24
14
192
Closing balance
121
23
309
-
86
193
732
Accumulated amortisation
Opening balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Additions from continuing operations
(2)
(1)
(25)
-
(8)
(35)
Additions from discontinued operations
-
(42)
(33)
(77)
(31)
(182)
Disposals
-
-
2
-
-
2
Assets classi\ufb01ed as held for sale
-
712
335
826
173
2 045
Currency translation di\ufb00erences
(3)
(38)
(22)
(39)
(10)
(112)
Closing balance
(70)
(23)
(257)
-
(35)
(385)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Additions from continuing operations
-
-
(1)
-
-
(129)
(130)
Currency translation di\ufb00erences
(0)
-
-
-
-
0
(0)
Closing balance
(1)
-
(1)
-
-
(129)
(131)
Carrying amount
Closing balance
50
0
51
-
51
64
216
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.
Details of intangible assets
2023
\n \n
Intangible
Technology
Land use
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
108
868
627
880
350
377
3 209
Additions
-
-
17
-
-
183
200
Transferred from CiP
-
5
67
94
3
(170)
-
Business combinations (note 4)
-
-
0
-
29
-
29
Disposals
-
-
(9)
-
-
-
(9)
Currency translation di\ufb00erences
7
38
13
56
2
17
133
Closing balance
116
911
714
1 030
384
407
3 563
Accumulated amortisation
Opening balance
(59)
(579)
(457)
(606)
(122)
(1 824)
Additions from continuing operations
(2)
(2)
(29)
-
(6)
(39)
Additions from discontinued operations
-
(41)
(28)
(65)
(31)
(166)
Disposals
-
-
9
-
-
9
Currency translation di\ufb00erences
(4)
(32)
(8)
(40)
(0)
(84)
Closing balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Currency translation di\ufb00erences
(0)
-
-
-
-
-
(0)
Closing balance
(1)
-
-
-
-
-
(1)
Carrying amount
Closing balance
49
257
200
319
225
407
1 458
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "Principle application
Employee bene\ufb01ts
Employee bene\ufb01ts include both current and non-current
bene\ufb01ts, and are expensed as incurred, together with any
social security taxes applicable. Short-term bene\ufb01ts consist
of wages and salaries, bonuses, holiday payments and other
short-term bene\ufb01ts that are expected to be settled within 12
months after the reporting period. Long-term bene\ufb01ts consist
mainly of jubilee and long-service bene\ufb01ts, post-employment
bene\ufb01ts and post-retirement bene\ufb01ts, not expected to be
wholly settled within the next twelve months.
De\ufb01ned contribution plans
De\ufb01ned contribution plans comprise of arrangements where
Elkem makes monthly contributions to the employees' pension
plans, and where the future pensions are determined by the
amount of the contributions and the return on the individual
pension plan asset. The contributions are expensed as incurred
and there is no further obligation related to the contribution
plans. Prepaid contributions are recognised as an asset.
De\ufb01ned bene\ufb01t plans
De\ufb01ned bene\ufb01t plans are pension plans where Elkem is
responsible for paying pensions at a certain level, based on
employees' salaries when retiring. De\ufb01ned bene\ufb01t plans are
recognised at present value of future liabilities considered
retained at the end of the reporting period, calculated
separately for each plan.
Multi-employer de\ufb01ned bene\ufb01t plans where available
information is insu\ufb03cient to be able to calculate each
participant's obligation, are accounted for as contribution plans.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "\n \n
Average number of full-time equivalents
3 010
2 957
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Remuneration to corporate management
Amounts in NOK million
2024
2023
Fixed compensation
(41)
(36)
Variable compensation - STI
(19)
(9)
Variable compensation - LTI
(1)
(3)
Other bene\ufb01ts
(2)
(1)
Pension bene\ufb01ts
(4)
(4)
Total remuneration to corporate management
(67)
(54)
Remuneration provided to the board of directors
(6)
(6)
Remuneration provided to the committee remuneration
(1)
(1)
For more details on the remuneration to corporate
management see \"Report on salary and other remuneration to
leading personnel in Elkem ASA for the \ufb01nancial year 2024\".
The report is published on Elkem's website.
\u2197
Shares and options granted to corporate
management and board members
\n \n
2024
2023
Number
Number of
Number
Number of
Name
Position
of shares
options
of shares
options
Helge Aasen
CEO
68 406
67 333
68 406
101 000
Morten Viga
CFO
46 896
300 000
46 896
300 000
Katja Lehland
SVP Human Resources
-
300 000
-
300 000
Asbj\u00f8rn S\u00f8vik
SVP Green Ventures & Digital
10 000
300 000
10 000
300 000
H\u00e5vard Moe
SVP Technology
10 000
300 000
10 000
300 000
Louis Vovelle
SVP Innovation and R&D
6 896
300 000
6 896
308 380
Morten Magnus Voll
SVP Strategy and Business Development
10 384
150 000
10 384
200 000
Inge Grubben-Str\u00f8mnes
SVP Silicon Products
35 189
300 000
35 189
300 000
Luiz Simao
SVP Carbon Solutions
22 000
300 000
22 000
300 000
Sandy Chen
Acting SVP Silicones
-
150 000
-
-
Li Bo (from April 2024)
1)
Chair of the board
-
-
-
-
Dag Jakob Opedal
Vice chair of the board
40 000
-
40 000
-
Zhigang Hao (until October 2024)
1)
Board member
-
-
-
-
Olivier Tillette de
Board member
15 517
-
15 517
-
Clermont-Tonnerre
1)
Dong Dachuan
Board member
-
-
-
-
(from October 2024)
1)
Yougen Ge (until October 2024)
1)
Board member
-
-
-
-
Marianne Johnsen
Board member
-
-
-
-
Grace Tang
Board member
-
-
-
-
Nathalie Brunelle
Board member
-
-
-
-
Wei Yao (from October 2024)
1)
Board member
-
-
-
-
Terje Andre Hanssen
2)
Board member
-
-
-
-
Marianne F\u00e6r\u00f8yvik
2)
Board member
4 950
-
4 950
-
Thomas Eggan
2)
Board member
-
-
-
-
Heidi Feldborg
2)
Observer
-
-
-
-
Jan Harald Karlsen
2)
Observer
-
-
-
-
1)
Representatives for the majority shareholder.
2)
Employee representatives", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "(b) Pension plans
Elkem has both de\ufb01ned contribution and de\ufb01ned bene\ufb01t
plans. For de\ufb01ned contribution plans the cost is equal to
Elkem's contribution to the employee's pension savings during
the period. For de\ufb01ned bene\ufb01t plans the cost is calculated
based on actuarial valuation methods, taking assumptions
related to the employee's salary, turnover, mortality, discount
rate, etc. into consideration.
De\ufb01ned contribution plans
De\ufb01ned contribution plans are the main pension plan for
Elkem's Norwegian entities, where the contribution to each
individual pension plan is 5 per cent of annual salary up to 7.1G
and 15 per cent of annual salary between 7.1-12G. 1G refers to
the Norwegian national insurance scheme's basic amount,
which is NOK 124 028 as at 1 May 2024. Pension on salary
above 12G is not supported by external service providers and
is therefore handled as a separate plan and included under
de\ufb01ned bene\ufb01t plans.
In addition, a Norwegian multi-employer early retirement
scheme called AFP, where su\ufb03cient information to calculate
each participant's pension obligation is not available, is
accounted for as it is a de\ufb01ned contribution plan in accordance
with the Ministry of Finance's conclusion. The participants in
the pension plan are jointly responsible for 2/3 of the plan's
pension obligation, the government is responsible for the
remaining part. The pension premium in 2024 is 2.7 per cent of
the employees' salary between 1 and 7.1G, covering this year's
pension payments and contribution to a security fund for
future pension obligations. The yearly premium for 2025 is set
to 2.7 per cent.
De\ufb01ned bene\ufb01t plans
De\ufb01ned bene\ufb01t plans are pension plans where the group is
responsible for paying pensions at a certain level, based on
employees' salaries when retiring. The group has funded and
unfunded bene\ufb01t plans in Norway, France, Germany, UK,
Canada, Japan and South Africa. The pension scheme in UK
and two of Canada's schemes are overfunded and are net in an
asset position. The schemes that are underfunded and are net
in a liability position as at 31 December 2024 are distributed
as follows; Norway 48 per cent, Germany 25 per cent, Canada
18 per cent other countries 8 per cent. In Canada provisions
are also made for medical insurance as well as pension bene\ufb01t
plans.
The Norwegian pension plans are unfunded and comprise
pension on salaries above 12G, where the expense is 15 per
cent of annual base salary that exceeds 12G plus interest
on the individual calculated pension obligation, and some
individual retirement schemes that are closed.
Breakdown of net pension expenses
Amounts in NOK million
2024
2023
Current service expenses
(20)
(18)
Administration expenses
(1)
(1)
Curtailments
0
-
Net pension expenses, de\ufb01ned bene\ufb01t plans
(21)
(19)
De\ufb01ned contribution plans
(119)
(88)
Early retirement scheme AFP (Norway)
(23)
(22)
Total pension expenses
(163)
(129)
In addition, interest expenses on net
(6)
(5)
pension liabilities are recognised as a part
of \ufb01nance expenses
Net de\ufb01ned bene\ufb01t obligations
Amounts in NOK million
2024
2023
Present value of funded pension obligations
(463)
(438)
Fair value of plan assets
494
466
Net funded pension obligations
31
28
Present value of unfunded pension obligations
(219)
(375)
Net value of funded and unfunded obligations
(188)
(347)
Movements in the de\ufb01ned bene\ufb01t obligations and plan assets
\n \n
2024
2023
De\ufb01ned
De\ufb01ned
Net
De\ufb01ned
De\ufb01ned
Net
bene\ufb01t bene\ufb01t plan pension plan
bene\ufb01t
bene\ufb01t plan
pension plan
Amounts in NOK million
obligations
assets
obligations
obligations
assets
obligations
Opening balance
(813)
466
(347)
(754)
425
(329)
Current service cost and social contribution
(20)
-
(20)
(18)
-
(18)
tax from continuing operations
Current service cost and social contribution
(10)
-
(10)
(8)
-
(8)
tax from discontinued operations
Interest (expenses) income from
(29)
22
(6)
(28)
23
(5)
continuing operations
Interest (expenses) income from
(5)
0
(5)
(6)
-
(6)
discontinued operations
Administration cost from
-
(1)
(1)
-
(1)
(1)
continuing operations
Administration cost from
-
-
-
-
-
-
discontinued operations
Remeasurement gains / (losses)
(12)
20
8
(30)
11
(19)
Contributions from employer
-
3
3
-
6
6
Bene\ufb01ts paid
63
(36)
27
44
(23)
21
Curtailments from continuing operations
0
-
0
-
-
-
Curtailments from discontinued operations
-
-
-
23
-
23
Other changes
(6)
-
(6)
4
-
4
Liabilities classi\ufb01ed as held for sale
181
-
181
-
-
-
Currency translation
(32)
20
(12)
(41)
25
(16)
Closing balance
(682)
494
(188)
(813)
466
(347)
Breakdown of pension plan assets
31.12.2024
31.12.2023
Fair value of
Fair value of
Amounts in NOK million
Distribution%
plan assets
Distribution%
plan assets
Cash, cash equivalents and money market investments
9%
47
12%
54
Bonds
15%
73
14%
67
Shares
32%
159
34%
156
Property
36%
179
33%
155
Other plan assets
7%
37
7%
33
Total pension plan assets
100%
494
100%
466
Actual return on plan assets
9%
43
8%
34
In addition, some Norwegian entities have pension
contribution funds, mainly based on excess pension assets
from settlement of the de\ufb01ned bene\ufb01t plans in 2010. The
pension contribution funds are classi\ufb01ed as non-current
pension funds, except next year's expected contributions
which are classi\ufb01ed as current (see note 24 Other assets).
Principal assumptions used for the actuarial valuations in
\n \n
2024 (2023)
Norway
France
Canada
Germany
UK
Discount rate
4.8%
(4.8%)
na
(3.0%)
4.8%
(4.8%)
3.7%
(3.7%)
4.8%
(4.8%)
Expected rate of salary increase
na
(na)
na
(3.0%)
3.5%
(3.5%)
na
(na)
na
(na)
Annual regulation of pensions paid
2.3%
(2.3%)
na
(na)
na
(na)
2.0%
(2.0%)
na
(na)
Assumptions regarding future mortality are based on
actuarial advice in accordance with published statistics and
experience in each country.
Sensitivity on pension obligations based on changes in main
actuarial assumptions
The de\ufb01ned bene\ufb01t pension schemes expose Elkem to
actuarial risk such as investment risk, interest rate risk, salary
growth risk, mortality risk and longevity risk.
A decrease in corporate bond yields, a rise in in\ufb02ation or an
increase in life expectancy would result in an increase to
plan liabilities.
The sensitivity analysis below shows estimated e\ufb00ects in the
de\ufb01ned pension obligation based on reasonable changes in
the main assumptions.
The calculations are based on a change in one assumption while
holding all other assumptions constant. Negative amounts show
an expected decrease in the net pension liability.
Assumptions
\n \n
Discount rate
Life expectancy
Salary growth
0.5%
0.5%
1 year
1 year
0.5%
0.5%
Amounts in NOK million
increase
decrease
increase decrease
increase
decrease
2024: E\ufb00ect on the pension obligation
(36)
40
18
(19)
12
(10)
2023: E\ufb00ect on the pension obligation
(43)
48
17
(17)
19
(17)
As the group's main pension plans are de\ufb01ned contribution
plans, there are no group policies for funding of the de\ufb01ned
bene\ufb01t plans. This is managed locally, based on the terms and
status for the individual plan.
Expected contribution for the pension plans next year and
average duration for the main de\ufb01ned bene\ufb01t plans
Amounts in NOK million
Norway
Canada
Germany
UK
Contribution to be paid to de\ufb01ned pension plans next year
9
22
4
7
Weighted average duration of the de\ufb01ned bene\ufb01t obligations
6 years
15 years
11 years
11 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "12. Share-based paymentComponents of share-based payments employee bene\ufb01t expenses
Amounts in NOK million
2024
2023
Share-based payment
(2)
(7)
Social security contribution
0
4
Total expenses related to share-based payments
(1)
(3)
Parameters connected to share options granted in years respectively
Amounts in NOK million
2021
2020
2019
Number of options granted
7 451 000
8 000 000
8 000 000
Date of Grant
29 Jul 2021
29 Jul 2020
29 Jul 2019
Exercise price (NOK)
31.20
19.10
23.53
Share price (NOK)
32.90
17.19
24.66
Expected lifetime*
3.34
3.12
3.12
Volatility*
34.4%
46.0%
35.8%
Interest rate*
0.9%
0.2%
1.3%
Dividend*
6.5%
6.5%
6.5%
FV per instrument*
5.19
2.95
4.08
Vesting conditions
Service
Service
Service
*Weighted average parameters of instruments
Outstanding instruments
31 December 2024
31 December 2023
Number of
Number of
Grant
instruments
Remaining
instruments
Remaining
Amounts in NOK million
Exercise price
outstanding
contractual life
outstanding
contractual life
2019 programme
23.53
-
0.00
259 190
10.58
2020 programme
19.10
2 150 000
0.58
2 433 380
1.50
2021 programme
31.20
4 667 333
1.08
4 921 950
2.01
Total outstanding
6 817 333
0.93
7 614 520
1.80
Overview of outstanding options
31 December 2024
31 December 2023
Overview of outstanding options
Number of
Weighted average
Number of
Weighted average
Amounts in NOK million
instruments
exercise price
instruments
exercise price
Outstanding options 1 January
7 614 520
27.07
11 636 203
29.18
Granted during the year
-
-
-
-
Exercised during the year
(279 190)
19.10
(1 413 303)
25.76
Forfeited during the year
-
-
(408 380)
30.03
Expired during the year
(517 997)
27.26
(2 200 000)
38.52
Outstanding options 31 December
6 817 333
27.38
7 614 520
27.07
Of which exercisable (vested)
6 817 333
27.38
5 280 854
25.25
Average share price at exercise date (NOK per share)
22.26
37.52
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "Principle
Elkem's share option scheme
The group has in 2018 - 2021 granted share options to
corporate management and selected key employees. Each
option gives the right to acquire one share in Elkem ASA
on exercise. In 2022, the board of directors decided to
terminate the option scheme and replace it with a Long-
term Bonus Scheme (LTBS). See the \"Report on salary and
other remuneration to leading personnel in Elkem ASA for the
\ufb01nancial year 2024\" for description of the LTBS. The previous
granted options are still exercisable over the exercise period.
The share options vest annually in equal tranches over a three-
year period following the date of grant, with one-third vesting
each year. The options will expire two years after vesting, in
total 5 years after the date of grant. No option holder may in
any calendar year realise a total gain on exercise of options
in excess of twice the option holder's base salary in the same
calendar year, however provided that the maximum gain for
Elkem's CEO shall be four times the CEO's base salary. See
note 11 Employee bene\ufb01ts for an overview of options granted
to Elkem's corporate management.
When the options are exercised, the corresponding number
of shares are transferred to the employee. The proceeds
received from the exercise of the options (net of
any directly
attributable transaction costs) are credited directly to equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "13. Other operating expenses
Details of operating expenses
Amounts in NOK million
2024
2023
2)
Loss on disposal of \ufb01xed assets
(1)
(0)
Freight and commission expenses
(1 200)
(1 217)
Leasing short-term and low value contracts (note 18)
(55)
(48)
Machinery, equipment, spare parts and operating materials
(778)
(753)
External services
1)
(1 415)
(1 379)
Insurance expenses
(130)
(93)
Impairment losses trade and other receivables
2
2
Grants
25
14
Other operating expenses
(731)
(699)
Total other operating expenses
(4 283)
(4 173)
1)
Including services from auditor, see speci\ufb01cation below
2)
Restated - see note 39 Changes in presentation
Research and development
During 2024, Elkem expensed NOK 294 million (NOK 335
million) related to research and innovation activities, which
includes product and business development, technical
customer support and improvement projects. In addition,
Elkem group total capitalised development expenses of NOK
45 million (NOK 100 million).
Grants relating to research and development amount to NOK
46 million (NOK 26 million). In addition NOK 58 million (NOK
35 million) is recognised as a reduction of intangible assets.
Audit fees
KPMG is the group auditor of Elkem.
Fees to KPMG and other audit \ufb01rms
Amounts in NOK million
2024
2023
KPMG
Audit fee
(23)
(23)
Other assurance services
(0)
(1)
Tax services
-
(0)
Other services
-
-
Other audit \ufb01rms
Audit fee
(4)
(4)
Other assurance services
(0)
(0)
Tax services
(2)
(2)
Other services
(1)
(1)
Total fees to KPMG and other audit \ufb01rms
(30)
(30)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "Research and development
During 2024, Elkem expensed NOK 294 million (NOK 335
million) related to research and innovation activities, which
includes product and business development, technical
customer support and improvement projects. In addition,
Elkem group total capitalised development expenses of NOK
45 million (NOK 100 million).
Grants relating to research and development amount to NOK
46 million (NOK 26 million). In addition NOK 58 million (NOK
35 million) is recognised as a reduction of intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "Audit fees
KPMG is the group auditor of Elkem.
Fees to KPMG and other audit \ufb01rms
Amounts in NOK million
2024
2023
KPMG
Audit fee
(23)
(23)
Other assurance services
(0)
(1)
Tax services
-
(0)
Other services
-
-
Other audit \ufb01rms
Audit fee
(4)
(4)
Other assurance services
(0)
(0)
Tax services
(2)
(2)
Other services
(1)
(1)
Total fees to KPMG and other audit \ufb01rms
(30)
(30)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "14. Other itemsDetails of other items
Amounts in NOK million
2024
2023
Changes in fair value commodity contracts (note 30)
(1)
(1)
Net gains (losses) on embedded EUR derivatives power contracts (note 30)
(106)
(73)
Ine\ufb00ectiveness on cash \ufb02ow hedges (note 31)
(196)
357
Net foreign exchange gains (losses) - forward currency contracts
(5)
(26)
Operating foreign exchange gains (losses)
39
350
Total other gains (losses)
(269)
608
Dividends from other shares
3
3
Change in fair value from other shares measured at fair value through pro\ufb01t or loss
8
2
Restructuring expenses (note 29)
(9)
-
Dismantling and environmental expenses (note 29)
(1)
(4)
Other
1)
(49)
(13)
Total other income (expenses)
(47)
(12)
Total other items
(316)
596
1)
Mainly expenses related to business projects and acquisitions", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "14. Other itemsDetails of other items
Amounts in NOK million
2024
2023
Changes in fair value commodity contracts (note 30)
(1)
(1)
Net gains (losses) on embedded EUR derivatives power contracts (note 30)
(106)
(73)
Ine\ufb00ectiveness on cash \ufb02ow hedges (note 31)
(196)
357
Net foreign exchange gains (losses) - forward currency contracts
(5)
(26)
Operating foreign exchange gains (losses)
39
350
Total other gains (losses)
(269)
608
Dividends from other shares
3
3
Change in fair value from other shares measured at fair value through pro\ufb01t or loss
8
2
Restructuring expenses (note 29)
(9)
-
Dismantling and environmental expenses (note 29)
(1)
(4)
Other
1)
(49)
(13)
Total other income (expenses)
(47)
(12)
Total other items
(316)
596
1)
Mainly expenses related to business projects and acquisitions15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.(ii) Currency risk
Elkem has revenues and operating costs in various currencies.
The prices of \ufb01nished goods are to a large extent determined
in international markets, primarily denominated in US dollar,
Chinese yuan and Euro. This is partly o\ufb00set by purchases of
raw materials denominated in the same currencies. Elkem
aims to establish natural hedging positions if this is possible
and economically viable. Financial derivatives are then used
to hedge the remaining net currency risk exposures. Elkem
has net positive operating cash \ufb02ows mainly in Euro, US
dollar, Chinese yuan and Brazilian real. Due to the location
of its plants, Elkem has net cost positions in certain other
currencies, mainly Norwegian krone, but also Canadian dollars
and Icelandic krona.
Elkem's policy is to hedge the net positive cash \ufb02ows in foreign
currencies against NOK to even out \ufb02uctuations in result and
cash \ufb02ow. The target is to hedge expected net cash \ufb02ow for
0\u20133 months on a 90 per cent hedging ratio. Expected net
cash \ufb02ow for 4\u201312 months should be hedged on a rolling basis
targeting a 45 per cent hedging ratio. The hedging ratio for
4\u201312 months may vary subject to internal approval. Chinese
yuan (CNY) is not included in the hedging programme. Elkem
has hedged Japanese yen until 2026, related to a long-term
customer contract. Elkem uses hedge accounting for all cash
\ufb02ow hedges over 3 months. Embedded EUR derivatives in
power contracts are included in the foreign exchange hedging
programme. To ensure an e\ufb00ective hedge, according to the
hedge accounting principles, the spot element of the forward
currency contracts is designated as hedging instruments and
highly probable future revenue as hedging object in a hedging
relationship, covering the exposure beyond 3 months.
Elkem realised a loss of NOK 125 million from hedging
programme (loss of NOK 367 million).
Elkem aims to mitigate the currency risk in the statement of
\ufb01nancial position by keeping interest-bearing debt in the same
currencies as the group\u2019s assets. Elkem has mainly interest-
bearing debt in Euro, Chinese yuan and Norwegian krone.
The table below is for Elkem continued.
Currency e\ufb00ects recognised in total comprehensive income
for the year, excluding e\ufb00ects from cash \ufb02ow hedging
\n \n
Amounts in NOK million
2024
2023
Net foreign exchange gains (losses) - forward currency contracts - recognised in other items
(5)
(26)
Operating foreign exchange gains (losses) - recognised in other items
39
350
Net foreign currency exchange gains (losses) on \ufb01nancing activities - recognised in foreign exchange gains (losses)
247
(106)
Currency translation di\ufb00erences - recognised in other comprehensive income
1 154
476
Hedging of net investment in foreign operations - recognised in other comprehensive income
(128)
(199)
Total
1 307
496
Currency exposure
\n
The amounts in the tables below are translated to NOK using
\n
exchange-rates against NOK as at 31 December.
\n
Exchange rates against NOK per 31 December
\n\n \n
2024
2023
USD
11.3484
10.1655
EUR
11.7921
11.2380
CNY
1.5390
1.4308
CAD
7.8723
7.6706
\n
Currency exposure a\ufb00ecting statement of pro\ufb01t or loss
\n
The tables show carrying amount of assets and liabilities for
\n
Elkem group total denominated in foreign currencies di\ufb00erent
\n
from the entities functional currency, where changes in
\n
currency rates will a\ufb00ect pro\ufb01t and loss. The tables include
\n
notional amount of currency exchange contracts (note 30
\n
Financial assets and liabilities). Amounts are presented in
\n
NOK based on currency rates as at 31 December 2024.
\n
31 December 2024
\n\n \n
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
-
-
-
-
-
-
-
Trade receivables
627
(7)
-
-
-
96
715
Other assets
-
-
-
-
-
-
-
Restricted deposits
-
-
-
-
-
-
-
Cash and cash equivalents
709
1 293
(123)
(282)
0
358
1 955
Total monetary assets
1 336
1 285
(123)
(282)
0
454
2 670
Interest-bearing liabilities
-
8 714
-
-
-
-
8 714
Other liabilities
-
-
-
-
-
-
-
Trade payables
341
218
-
0
1
53
613
Bills payable
-
-
-
-
-
-
-
Total monetary liabilities
341
8 932
-
0
1
53
9 327
Derivatives, notional value
396
8 871
-
-
-
164
9 431
Net currency exposure \ufb01nancial position
599
(16 518)
(123)
(282)
(1)
237
(16 088)
\n
31 December 2023
\n\n \n
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
-
-
-
-
-
-
-
Trade receivables
544
27
-
-
-
113
685
Other assets
-
-
-
-
-
-
-
Restricted deposits
-
-
-
-
-
-
-
Cash and cash equivalents
913
3 380
329
(331)
0
673
4 964
Total monetary assets
1 457
3 408
329
(331)
0
786
5 649
Interest-bearing liabilities
-
8 560
-
-
-
-
8 560
Other liabilities
-
-
-
-
-
-
-
Trade payables
650
219
-
-
0
89
959
Bills payable
-
-
-
-
-
-
-
Total monetary liabilities
650
8 778
-
-
0
89
9 518
Derivatives, notional value
167
7 847
-
-
-
305
8 318
Net currency exposure \ufb01nancial position
641
(13 217)
329
(331)
0
392
(12 187)
\n
Sensitivity on pro\ufb01t and loss from
\n
\ufb01nancial assets and liabilities
\n
The following tables demonstrate the sensitivity to a
\n
reasonable possible change in EUR and USD exchange
\n
rates by 5 per cent, with all other variables held constant.
\n
The impact on Elkem group total\u2019s pro\ufb01t before tax is due
\n
to changes in the fair value of monetary assets and liabilities
\n
including foreign currency derivatives and embedded
\n
derivatives not designated for hedging. The impact on Elkem
\n
group total\u2019s pre-tax equity is due to changes in the fair value
\n
of forward exchange contracts designated as cash \ufb02ow
\n
hedges and net investment hedges. The impact on pre-tax
\n
equity would be booked against OCI and recycled through pro\ufb01t
\n
before tax, when the hedged items are realised. In addition the
\n
pro\ufb01t and loss will be a\ufb00ected by translation di\ufb00erences on intra
\n
group balances, mainly in EUR, USD and CNY.
\n
Currency
\n \n
31.12.2024
31.12.2023
Change in
E\ufb00ect on pro\ufb01t
E\ufb00ect on
E\ufb00ect on pro\ufb01t
E\ufb00ect on
Amounts in NOK million
FX rate
before tax
pre-tax equity
before tax
pre-tax equity
EUR
5 %
(288)
(517)
(113)
(548)
EUR
-5 %
288
517
113
548
USD
5 %
50
(20)
40
(8)
USD
-5 %
(50)
20
(40)
8
Currency exposure a\ufb00ecting currency
translation di\ufb00erences /equity
The table shows Elkem group total's total assets and liabilities
denominated in the group's main currencies translated to NOK
at the currency rates at 31
December and gives an overview
of the group's total currency exposure that will a\ufb00ect currency
translation di\ufb00erences both in the consolidated statement of
comprehensive income and / or pro\ufb01t and loss.
31 December 2024
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
68
166
23
31
849
50
1 186
Trade receivables
966
176
1 798
18
84
619
3 661
Other assets
57
196
592
13
1 023
263
2 144
Restricted deposits
1
-
356
-
0
-
356
Cash and cash equivalents
1 132
1 665
1 324
(72)
1 324
698
6 070
Total monetary assets
2 224
2 202
4 093
(11)
3 279
1 630
13 418
Asset non-monetary items
2 826
7 428
13 864
974
12 822
2 100
40 014
Total assets
5 050
9 631
17 957
963
16 102
3 730
53 432
Interest-bearing liabilities
2
8 386
3 448
-
4 501
60
16 397
Other liabilities
60
246
329
17
450
235
1 337
Trade payables
469
1 200
2 046
106
949
389
5 159
Bills payable
-
-
1 549
-
(0)
-
1 549
Total monetary liabilities
532
9 832
7 371
123
5 900
685
24 442
Liabilities non-monetary items
136
772
292
216
1 338
215
2 969
Total liabilities
668
10 605
7 663
338
7 238
900
27 411
\n
31 December 2023
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
61
319
36
28
69
43
556
Trade receivables
879
243
1 366
13
101
607
3 209
Other assets
36
293
460
14
1 018
241
2 062
Restricted deposits
0
0
383
-
4
1
388
Cash and cash equivalents
1 265
3 672
1 536
(14)
(1 155)
1 063
6 367
Total monetary assets
2 242
4 526
3 781
41
37
1 955
12 583
Asset non-monetary items
2 562
6 687
13 685
1 075
12 033
1 876
37 917
Total assets
4 803
11 213
17 466
1 116
12 070
3 831
50 500
Interest-bearing liabilities
20
8 664
2 334
-
3 647
74
14 741
Other liabilities
67
222
198
9
595
290
1 381
Trade payables
756
1 172
2 418
92
576
268
5 281
Bills payable
-
-
1 466
-
-
-
1 466
Total monetary liabilities
843
10 058
6 416
101
4 818
632
22 868
Liabilities non-monetary items
118
708
264
210
1 646
228
3 174
Total liabilities
960
10 766
6 680
311
6 464
860
26 042
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "Principle application and judgements
Other gains (losses)
Other gains (losses) consist of changes in fair value of \ufb01nancial
instruments that are not designated as a part of a hedging
relationship, any ine\ufb00ective part of hedging relationships,
e\ufb00ects from discontinuation of hedging and foreign exchange
gains (losses) related to operating activities such as trade
receivables, trade payables, bank accounts / overdrafts. Foreig
n
exchange gains (losses) related to \ufb01nancing activities, mainly
interest-bearing liabilities and group loans, are classi\ufb01ed as a
part of \ufb01nancial income and expenses.
Other income (expenses)
Other income (expenses) consist of transactions and events
that are related to acquisition of business, gains / (losses)
on disposal of businesses and restructuring programmes.
In addition, performance incentives for Elkem employees
related to such items. Cost related to liquidated / wound-up
businesses, or updated regulations with retroactive e\ufb00ect
related to events / periods before purchase of the business, e.g.,
environmental measures, are also included in other income and
expenses.
Acquisition related costs may include both costs related to
completed acquisitions, acquisitions in progress and cancelled
projects.
Investments in equity instruments with an ownership below
20 per cent are normally classi\ufb01ed as other shares. Dividends
from such shares are recognised when shareholders' right to
receive dividends is determined by the shareholder's meeting.
Fair value changes related to listed companies classi\ufb01ed as
other shares are presented as other income (expenses).", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.Capitalised interest is NOK 44 million in 2024 mainly related to
discontinued operations. The weighted average cost of capital
for capitalisation of loan interest in 2024 is in the range of 2.6
per cent and 2.8 per cent per annum.Capitalised interest is NOK 51 million in 2023. The weighted
average cost of capital for capitalisation of loan interest in 2023
is in the range of 2.8 per cent and 3.6 per cent per annum.
Impairment losses in 2023 are primarily related to impairment
of production units at Xinghuo NOK 69 million and impairment
as a result of \ufb01re at Salten NOK 17 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00379": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00380": { "value": "15. Finance income and expensesDetails of net \ufb01nance income (expenses)
Amounts in NOK million
2024
2023
Interest income on loans and receivables
78
136
Fair value adjustments on \ufb01nancial instruments
16
-
Other \ufb01nancial income
12
1
Total \ufb01nance income
107
137
Net foreign exchange gains (losses)
1)
247
(106)
Interest expenses on interest-bearing liabilities measured at amortised cost
(694)
(575)
Interest expenses from other items measured at amortised cost
(9)
(17)
Interest expenses on factoring agreements
(50)
(52)
Interest expenses on lease liabilities (note 18)
(15)
(13)
Unwinding of discounted liabilities
(2)
(2)
Interest expenses on net pension liabilities (note 11)
(6)
(5)
Other \ufb01nancial expenses
(3)
(2)
Total \ufb01nance expenses
(778)
(666)
Net \ufb01nance income (expenses)
(424)
(635)
1)
Some / part of loans are designated as a hedging instrument, hence the unrealised part of net foreign exchange gains (losses) are recognised
against OCI, see note 31 Hedging.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00381": { "value": "Principle application
Foreign exchange gains (losses) related to \ufb01nancing activities
including group loans are classi\ufb01ed as a part of \ufb01nancial
income and expenses, and foreign exchange gains (losses)
related to operations are classi\ufb01ed as a part of other items.
Interest is capitalised as a part of the carrying amount of a
self-constructed item of property, plant and equipment when
the construction period takes a substantial period of time,
meaning more than 9-12 months. Judgement is applied in
determining if a project is expected to last for a substantial
period of time.
Financial expenses also include interest on net pension
liabilities, unwinding of the discount e\ufb00ect from provisions and
contingent consideration from acquisition of subsidiaries, and
interest on lease liabilities.
Interest expenses from factoring and supply \ufb01nance
agreements are presented as part of \ufb01nance expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00382": { "value": "Principle application
Foreign exchange gains (losses) related to \ufb01nancing activities
including group loans are classi\ufb01ed as a part of \ufb01nancial
income and expenses, and foreign exchange gains (losses)
related to operations are classi\ufb01ed as a part of other items.
Interest is capitalised as a part of the carrying amount of a
self-constructed item of property, plant and equipment when
the construction period takes a substantial period of time,
meaning more than 9-12 months. Judgement is applied in
determining if a project is expected to last for a substantial
period of time.
Financial expenses also include interest on net pension
liabilities, unwinding of the discount e\ufb00ect from provisions and
contingent consideration from acquisition of subsidiaries, and
interest on lease liabilities.
Interest expenses from factoring and supply \ufb01nance
agreements are presented as part of \ufb01nance expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00383": { "value": "Foreign exchange gains (losses) related to \ufb01nancing activities
including group loans are classi\ufb01ed as a part of \ufb01nancial
income and expenses, and foreign exchange gains (losses)
related to operations are classi\ufb01ed as a part of other items.
Interest is capitalised as a part of the carrying amount of a
self-constructed item of property, plant and equipment when
the construction period takes a substantial period of time,
meaning more than 9-12 months. Judgement is applied in
determining if a project is expected to last for a substantial
period of time.
Financial expenses also include interest on net pension
liabilities, unwinding of the discount e\ufb00ect from provisions and
contingent consideration from acquisition of subsidiaries, and
interest on lease liabilities.
Interest expenses from factoring and supply \ufb01nance
agreements are presented as part of \ufb01nance expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00384": { "value": "Interest is capitalised as a part of the carrying amount of a
self-constructed item of property, plant and equipment when
the construction period takes a substantial period of time,
meaning more than 9-12 months. Judgement is applied in
determining if a project is expected to last for a substantial
period of time.
Financial expenses also include interest on net pension
liabilities, unwinding of the discount e\ufb00ect from provisions and
contingent consideration from acquisition of subsidiaries, and
interest on lease liabilities.
Interest expenses from factoring and supply \ufb01nance
agreements are presented as part of \ufb01nance expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00385": { "value": "16. TaxesEstimates
Part of the basis for recognising deferred tax assets is based
on applying the loss carried forward against future taxable
income, which requires use of estimates for calculating future
taxable income.
When estimating uncertain tax positions, the most probable
amount, including interests and penalties, is used because in
most cases the outcome of the tax review is binary. See details
on current uncertain tax positions below.
When estimating uncertain tax positions, the most probable
amount, including interests and penalties, is used because in
most cases the outcome of the tax review is binary. See details
on current uncertain tax positions below.
Income tax recognised in pro\ufb01t or loss
Amounts in NOK million
2024
2023
Pro\ufb01t (loss) before income tax
1 526
2 879
Current taxes
(455)
(648)
Deferred taxes
1 043
(133)
Total income tax (expense) bene\ufb01t
588
(781)
Income taxes recognised in other comprehensive income (OCI)
Amounts in NOK million
2024
2023
Remeasurement of de\ufb01ned bene\ufb01t pension plans
(1)
4
Hedging of net investment in foreign operations
28
44
Cash \ufb02ow hedges
(9)
247
Total tax charged to OCI
18
295
Reconciliation of income tax (expense) bene\ufb01t
Amounts in NOK million
2024
2023
Pro\ufb01t (loss) before income tax
1 526
2 879
Expected income taxes, 22% of pro\ufb01t before tax (22%)
(336)
(633)
Tax e\ufb00ects of:
Di\ufb00erence in tax rates for each individual jurisdiction
(22)
(16)
Preferential tax rates
5
4
Permanent di\ufb00erences
Tax e\ufb00ects of income from Norwegian controlled foreign companies (NOKUS)
(23)
(22)
Tax e\ufb00ects share of pro\ufb01t (loss) from equity accounted companies
(17)
(5)
Tax e\ufb00ects non-deductible expenses from continuing operations
(15)
(10)
Tax e\ufb00ects non-deductible expenses from discontinued operations
(73)
(61)
Tax relief based on value of equity
7
10
Tax e\ufb00ects non-taxable income
20
14
Other e\ufb00ects
Tax e\ufb00ects of changes in unrecognised deferred tax assets
1 060
(31)
Other current taxes
(4)
(20)
Previous year tax adjustment
(14)
(12)
Total income tax (expense) bene\ufb01t
588
(781)
E\ufb00ective tax rate
-39 %
27 %
One company in China is taxed under the regulations for \"High
and new technology company\" which mean that the tax rate is
15 per cent compared to the regular 25 per cent. The company
has to con\ufb01rm to the authorities every year that they ful\ufb01l the
conditions for \"High and new technology company\" in order to
apply the preferential tax rate.
Tax e\ufb00ect of non-taxable income is mainly related to R&D,
additional R&D deduction and non-taxable R&D grants,
and additional deduction on investments in \ufb01xed assets
equipment.
Other current taxes relates mainly to taxes that are indirectly
calculated based on pro\ufb01t (loss) before income tax and
withholding taxes.
Tax e\ufb00ects of changes in unrecognised deferred tax assets
are mainly the e\ufb00ect of recognising the tax loss coming from
the acquired company Elkem Testvirksomhet (previously REC
Solar Norway AS).
Deferred tax assets and deferred tax liabilities
31.12.2024
31.12.2023
Temporary
Temporary
Amounts in NOK million
di\ufb00erence
Deferred tax
di\ufb00erence
Deferred t
ax
Property, plant and equipment and intangible assets
154
37
177
36
Pension liabilities
182
45
339
86
Trade receivables
8
2
879
5
Inventories
325
72
755
1
58
Provisions
249
65
661
1
46
Other di\ufb00erences
467
110
294
55
Debt waiver
-
-
595
1
53
Tax losses carried forward
5 065
1 107
6 151
1 2
61
Gross deferred tax assets
6 449
1 437
9 850
1 9
00
Not capitalised deferred tax asset to tax loss carry forward
(242)
(45)
(5 800)
(1 1
66)
Debt waiver
-
-
(595)
(1
53)
Unrecognised deferred tax assets other items
(1 623)
(357)
(91)
(
11)
Recognised deferred tax assets
4 584
1 036
3 366
5
70
Netting
(297)
(4
36)
Net deferred tax assets
738
1
34
Derivatives including cash \ufb02ow hedges
654
144
1 087
2
39
Property, plant and equipment and intangible assets
1 092
265
4 437
9
72
Inventories
72
16
96
20
Other di\ufb00erences
514
110
651
1
39
Gross deferred tax liabilities
2 332
535
6 271
1 3
70
Netting
(297)
(4
36)
Net deferred tax liabilities
238
9
35
Net deferred tax (liabilities) assets recognised
501
(8
01)
Unrecognised deferred tax assets other items, are mainly
related to property, plant and equipment and inventories. The
tax assets are not recognised due to uncertainty regarding
future taxable income and the long period for which the tax
asset shall be amortised.
Movements in net deferred tax assets and deferred tax liabilities
Amounts in NOK million
2024
2023
Opening balance
(801)
(972)
Recognised in pro\ufb01t or loss for the year for continuing operations
1 043
(133)
Recognised in pro\ufb01t or loss for the year for discontinued operations
-
35
E\ufb00ect of business combination
-
(20)
E\ufb00ect of assets acquisition (see note 4)
128
-
Recognised in other comprehensive income
18
295
Assets classi\ufb01ed as held for sale
112
-
Currency translation di\ufb00erences
1
(6)
Closing balance
501
(801)
Tax losses carried forward
31 December 2024
Gross tax losses
Net tax losses
Unrecognised tax
Recognised deferred tax
Amounts in NOK million
carried forward
carried forward
losses
losses carried forward
Norway
4 811
1 058
-
1 058
Malaysia
38
9
(9)
-
Paraguay
96
9
(9)
-
Uruguay
105
26
(26)
-
France
12
3
-
3
Slovakia
3
1
(1)
-
Total tax losses to carried forward
5 065
1 107
(45)
1 061
Tax losses carried forward
31 December 2023
Gross tax losses
Net tax losses
Unrecognised tax
Recognised deferred tax
Amounts in NOK million
carried forward
carried forward
losses
losses carried forward
France
2 692
695
(623)
73
China
2 774
416
(416)
-
Brazil
206
70
(70)
-
Paraguay
345
46
(46)
-
Malaysia
29
7
(7)
-
US
87
22
-
22
Canada
11
3
(3)
-
Korea
6
1
(1)
-
UK
1
-
-
-
Total tax losses to carried forward
6 151
1 261
(1 167)
95
Tax losses carried forward by expiry date
31.12.2024
31.12.2023
Total
Total
Total
Total
unrecognised
recognised
unrecognised
recognised
Amounts in NOK million
losses
losses
losses
losses
Loss car.forw.which exp. within 1 year
-
-
(5)
-
Loss car.forw.which exp. within 2 years
(7)
-
(9)
-
Loss car.forw.which exp. within 3 years
(3)
-
(10)
-
Loss car.forw.which exp. within 4 years
-
-
(3)
-
Loss car.forw.which exp. within 5 years
-
-
-
-
Loss car.forw.which exp. within 5-10 years
-
-
(40)
-
Without maturity
(35)
1 061
(1 100)
95
Total tax losses carried forward
(45)
1 061
(1 166)
95
Pending tax issues with tax authorities
The Norwegian Tax O\ufb03ce decided in February 2021 to
increase Elkem ASA\u2019s taxable income for the \ufb01scal years
2016-2019 by in total NOK 781 million, which would have led
to an increase in the income tax expense of NOK 181 million.
The reassessments relate to loan arrangements / debt
waiver agreements acquired by Elkem ASA in 2016 through
the cross-border parent-subsidiary merger with Bluestar
Silicones International Sarl. Elkem is of the opinion that the
reassessment is unfounded and has appealed. Based on legal
advice, Elkem\u2019s assessment is that the defence against the
action will be successful, and the increase in taxable income is
therefore not recognised in pro\ufb01t or loss. The amount was paid
in \ufb01rst quarter of 2021 and a corresponding receivable for the
paid income tax was recognised in 2021.
Debt waiver
Elkem Silicones France SAS has four Elkem internal debt
waiver agreements where internal loans were converted to
equity and the converted amounts were treated as taxable
income. Elkem Silicones France SAS can only reinstate the
loans to the extent that the company has an accounting
pro\ufb01t according to IFRS. All debt that is reinstated under the
agreements can be deducted against taxable income. The
gross taxable value of the agreements as of 31 December
2023 was NOK 595 million. Elkem Silicones France SAS
has not reinstated any loan amounts in 2024 or 2023 and
correspondingly no tax credit is recognised in 2024 or 2023.
Debt waiver 31 December 2023
Amounts in NOK million
2010
2012
2013
2014
Total
Gross value of debt waiver
54
186
149
207
595
Utilised 2023
-
-
-
-
-
Total debt that can be reversed
54
186
149
207
595
Deferred tax asset unrecognised
1)
14
48
38
53
153
The respective agreements expire in
3 years
5 years
6 years
7 years
1)
Based on tax rate 25.8% (25.8%), which is applicable in France.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00386": { "value": "16. TaxesEstimates
Part of the basis for recognising deferred tax assets is based
on applying the loss carried forward against future taxable
income, which requires use of estimates for calculating future
taxable income.
When estimating uncertain tax positions, the most probable
amount, including interests and penalties, is used because in
most cases the outcome of the tax review is binary. See details
on current uncertain tax positions below.
When estimating uncertain tax positions, the most probable
amount, including interests and penalties, is used because in
most cases the outcome of the tax review is binary. See details
on current uncertain tax positions below.
Income tax recognised in pro\ufb01t or loss
Amounts in NOK million
2024
2023
Pro\ufb01t (loss) before income tax
1 526
2 879
Current taxes
(455)
(648)
Deferred taxes
1 043
(133)
Total income tax (expense) bene\ufb01t
588
(781)
Income taxes recognised in other comprehensive income (OCI)
Amounts in NOK million
2024
2023
Remeasurement of de\ufb01ned bene\ufb01t pension plans
(1)
4
Hedging of net investment in foreign operations
28
44
Cash \ufb02ow hedges
(9)
247
Total tax charged to OCI
18
295
Reconciliation of income tax (expense) bene\ufb01t
Amounts in NOK million
2024
2023
Pro\ufb01t (loss) before income tax
1 526
2 879
Expected income taxes, 22% of pro\ufb01t before tax (22%)
(336)
(633)
Tax e\ufb00ects of:
Di\ufb00erence in tax rates for each individual jurisdiction
(22)
(16)
Preferential tax rates
5
4
Permanent di\ufb00erences
Tax e\ufb00ects of income from Norwegian controlled foreign companies (NOKUS)
(23)
(22)
Tax e\ufb00ects share of pro\ufb01t (loss) from equity accounted companies
(17)
(5)
Tax e\ufb00ects non-deductible expenses from continuing operations
(15)
(10)
Tax e\ufb00ects non-deductible expenses from discontinued operations
(73)
(61)
Tax relief based on value of equity
7
10
Tax e\ufb00ects non-taxable income
20
14
Other e\ufb00ects
Tax e\ufb00ects of changes in unrecognised deferred tax assets
1 060
(31)
Other current taxes
(4)
(20)
Previous year tax adjustment
(14)
(12)
Total income tax (expense) bene\ufb01t
588
(781)
E\ufb00ective tax rate
-39 %
27 %
One company in China is taxed under the regulations for \"High
and new technology company\" which mean that the tax rate is
15 per cent compared to the regular 25 per cent. The company
has to con\ufb01rm to the authorities every year that they ful\ufb01l the
conditions for \"High and new technology company\" in order to
apply the preferential tax rate.
Tax e\ufb00ect of non-taxable income is mainly related to R&D,
additional R&D deduction and non-taxable R&D grants,
and additional deduction on investments in \ufb01xed assets
equipment.
Other current taxes relates mainly to taxes that are indirectly
calculated based on pro\ufb01t (loss) before income tax and
withholding taxes.
Tax e\ufb00ects of changes in unrecognised deferred tax assets
are mainly the e\ufb00ect of recognising the tax loss coming from
the acquired company Elkem Testvirksomhet (previously REC
Solar Norway AS).
Deferred tax assets and deferred tax liabilities
31.12.2024
31.12.2023
Temporary
Temporary
Amounts in NOK million
di\ufb00erence
Deferred tax
di\ufb00erence
Deferred t
ax
Property, plant and equipment and intangible assets
154
37
177
36
Pension liabilities
182
45
339
86
Trade receivables
8
2
879
5
Inventories
325
72
755
1
58
Provisions
249
65
661
1
46
Other di\ufb00erences
467
110
294
55
Debt waiver
-
-
595
1
53
Tax losses carried forward
5 065
1 107
6 151
1 2
61
Gross deferred tax assets
6 449
1 437
9 850
1 9
00
Not capitalised deferred tax asset to tax loss carry forward
(242)
(45)
(5 800)
(1 1
66)
Debt waiver
-
-
(595)
(1
53)
Unrecognised deferred tax assets other items
(1 623)
(357)
(91)
(
11)
Recognised deferred tax assets
4 584
1 036
3 366
5
70
Netting
(297)
(4
36)
Net deferred tax assets
738
1
34
Derivatives including cash \ufb02ow hedges
654
144
1 087
2
39
Property, plant and equipment and intangible assets
1 092
265
4 437
9
72
Inventories
72
16
96
20
Other di\ufb00erences
514
110
651
1
39
Gross deferred tax liabilities
2 332
535
6 271
1 3
70
Netting
(297)
(4
36)
Net deferred tax liabilities
238
9
35
Net deferred tax (liabilities) assets recognised
501
(8
01)
Unrecognised deferred tax assets other items, are mainly
related to property, plant and equipment and inventories. The
tax assets are not recognised due to uncertainty regarding
future taxable income and the long period for which the tax
asset shall be amortised.
Movements in net deferred tax assets and deferred tax liabilities
Amounts in NOK million
2024
2023
Opening balance
(801)
(972)
Recognised in pro\ufb01t or loss for the year for continuing operations
1 043
(133)
Recognised in pro\ufb01t or loss for the year for discontinued operations
-
35
E\ufb00ect of business combination
-
(20)
E\ufb00ect of assets acquisition (see note 4)
128
-
Recognised in other comprehensive income
18
295
Assets classi\ufb01ed as held for sale
112
-
Currency translation di\ufb00erences
1
(6)
Closing balance
501
(801)
Tax losses carried forward
31 December 2024
Gross tax losses
Net tax losses
Unrecognised tax
Recognised deferred tax
Amounts in NOK million
carried forward
carried forward
losses
losses carried forward
Norway
4 811
1 058
-
1 058
Malaysia
38
9
(9)
-
Paraguay
96
9
(9)
-
Uruguay
105
26
(26)
-
France
12
3
-
3
Slovakia
3
1
(1)
-
Total tax losses to carried forward
5 065
1 107
(45)
1 061
Tax losses carried forward
31 December 2023
Gross tax losses
Net tax losses
Unrecognised tax
Recognised deferred tax
Amounts in NOK million
carried forward
carried forward
losses
losses carried forward
France
2 692
695
(623)
73
China
2 774
416
(416)
-
Brazil
206
70
(70)
-
Paraguay
345
46
(46)
-
Malaysia
29
7
(7)
-
US
87
22
-
22
Canada
11
3
(3)
-
Korea
6
1
(1)
-
UK
1
-
-
-
Total tax losses to carried forward
6 151
1 261
(1 167)
95
Tax losses carried forward by expiry date
31.12.2024
31.12.2023
Total
Total
Total
Total
unrecognised
recognised
unrecognised
recognised
Amounts in NOK million
losses
losses
losses
losses
Loss car.forw.which exp. within 1 year
-
-
(5)
-
Loss car.forw.which exp. within 2 years
(7)
-
(9)
-
Loss car.forw.which exp. within 3 years
(3)
-
(10)
-
Loss car.forw.which exp. within 4 years
-
-
(3)
-
Loss car.forw.which exp. within 5 years
-
-
-
-
Loss car.forw.which exp. within 5-10 years
-
-
(40)
-
Without maturity
(35)
1 061
(1 100)
95
Total tax losses carried forward
(45)
1 061
(1 166)
95
Pending tax issues with tax authorities
The Norwegian Tax O\ufb03ce decided in February 2021 to
increase Elkem ASA\u2019s taxable income for the \ufb01scal years
2016-2019 by in total NOK 781 million, which would have led
to an increase in the income tax expense of NOK 181 million.
The reassessments relate to loan arrangements / debt
waiver agreements acquired by Elkem ASA in 2016 through
the cross-border parent-subsidiary merger with Bluestar
Silicones International Sarl. Elkem is of the opinion that the
reassessment is unfounded and has appealed. Based on legal
advice, Elkem\u2019s assessment is that the defence against the
action will be successful, and the increase in taxable income is
therefore not recognised in pro\ufb01t or loss. The amount was paid
in \ufb01rst quarter of 2021 and a corresponding receivable for the
paid income tax was recognised in 2021.
Debt waiver
Elkem Silicones France SAS has four Elkem internal debt
waiver agreements where internal loans were converted to
equity and the converted amounts were treated as taxable
income. Elkem Silicones France SAS can only reinstate the
loans to the extent that the company has an accounting
pro\ufb01t according to IFRS. All debt that is reinstated under the
agreements can be deducted against taxable income. The
gross taxable value of the agreements as of 31 December
2023 was NOK 595 million. Elkem Silicones France SAS
has not reinstated any loan amounts in 2024 or 2023 and
correspondingly no tax credit is recognised in 2024 or 2023.
Debt waiver 31 December 2023
Amounts in NOK million
2010
2012
2013
2014
Total
Gross value of debt waiver
54
186
149
207
595
Utilised 2023
-
-
-
-
-
Total debt that can be reversed
54
186
149
207
595
Deferred tax asset unrecognised
1)
14
48
38
53
153
The respective agreements expire in
3 years
5 years
6 years
7 years
1)
Based on tax rate 25.8% (25.8%), which is applicable in France.Details of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00388": { "value": "Income taxes
Penalties and interest related to income taxes are recognised as
income tax (expense) bene\ufb01t in the statement of pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00389": { "value": "Deferred tax assets
Deferred tax assets are not recognised for start-up projects
and entities with longer periods of losses unless there is
convincing evidence of recoverability. Elkem recognises a
previously unrecognised deferred tax asset to the extent that
it has become probable that future taxable pro\ufb01t will allow
the deferred asset to be recovered. For example, when start
up projects becomes pro\ufb01table, or the market condition has
changed so the entity has longer periods with historic taxable
pro\ufb01ts and future forecasted taxable pro\ufb01ts.
Judgement has been applied in the assessment of the
probability of being able to apply the group\u2019s carry forward loss
against future taxable pro\ufb01t. Based on the current facts and
circumstances Elkem has concluded that it is not probable
that the carry forward loss will be applied against future pro\ufb01t
within a reasonable period and have therefore not recognised a
deferred tax asset. When assessing the recognition of deferred
tax assets, a \ufb01ve-year historic performance is applied in order
to determine if future pro\ufb01t is probable. All entities with carry
forward loss, except for Paraguay, have had negative taxable
result this year. To reconsider and recognise deferred tax assets,
an entity must experience stable taxable income for 3-5 years.
The exception from this is the tax loss carry forward acquired
in the asset acquisition of Elkem Testvirksomhet (previously
REC Solar Norway AS). Elkem Testvirksomhet was merged into
Elkem ASA in November 2024. It is assessed that the tax loss
carry forward can be applied towards taxable income in Elkem
ASA and towards group contributions from other Norwegian
entities, primarily Elkem Carbon AS.
Judgement has been applied in the assessment of the uncertain
tax position related to a pending tax issues with the Norwegian
tax authorities (se details below). Based on Elkem\u2019s own
assessment and the advice from third party expertise it has
been concluded that it is more likely than not that Elkem will be
successful in the appeal against the tax claim.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00387": { "value": "Deferred tax assets and deferred tax liabilities
31.12.2024
31.12.2023
Temporary
Temporary
Amounts in NOK million
di\ufb00erence
Deferred tax
di\ufb00erence
Deferred t
ax
Property, plant and equipment and intangible assets
154
37
177
36
Pension liabilities
182
45
339
86
Trade receivables
8
2
879
5
Inventories
325
72
755
1
58
Provisions
249
65
661
1
46
Other di\ufb00erences
467
110
294
55
Debt waiver
-
-
595
1
53
Tax losses carried forward
5 065
1 107
6 151
1 2
61
Gross deferred tax assets
6 449
1 437
9 850
1 9
00
Not capitalised deferred tax asset to tax loss carry forward
(242)
(45)
(5 800)
(1 1
66)
Debt waiver
-
-
(595)
(1
53)
Unrecognised deferred tax assets other items
(1 623)
(357)
(91)
(
11)
Recognised deferred tax assets
4 584
1 036
3 366
5
70
Netting
(297)
(4
36)
Net deferred tax assets
738
1
34
Derivatives including cash \ufb02ow hedges
654
144
1 087
2
39
Property, plant and equipment and intangible assets
1 092
265
4 437
9
72
Inventories
72
16
96
20
Other di\ufb00erences
514
110
651
1
39
Gross deferred tax liabilities
2 332
535
6 271
1 3
70
Netting
(297)
(4
36)
Net deferred tax liabilities
238
9
35
Net deferred tax (liabilities) assets recognised
501
(8
01)
Unrecognised deferred tax assets other items, are mainly
related to property, plant and equipment and inventories. The
tax assets are not recognised due to uncertainty regarding
future taxable income and the long period for which the tax
asset shall be amortised.
Movements in net deferred tax assets and deferred tax liabilities
Amounts in NOK million
2024
2023
Opening balance
(801)
(972)
Recognised in pro\ufb01t or loss for the year for continuing operations
1 043
(133)
Recognised in pro\ufb01t or loss for the year for discontinued operations
-
35
E\ufb00ect of business combination
-
(20)
E\ufb00ect of assets acquisition (see note 4)
128
-
Recognised in other comprehensive income
18
295
Assets classi\ufb01ed as held for sale
112
-
Currency translation di\ufb00erences
1
(6)
Closing balance
501
(801)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "17. Property, plant and equipmentDetails of property, plant and equipment
2024
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
276
9 575
26 965
2 328
6 842
45 987
Additions
-
40
71
23
2 783
2 917
Transferred from CiP
4
450
4 308
1 381
(6 144)
-
Disposals
(0)
(20)
(144)
(23)
(6)
(194)
Assets classi\ufb01ed as held for sale
(160)
(6 757)
(19 993)
(3 604)
(2 080)
(32 595)
Currency translation di\ufb00erences
15
530
1 333
188
287
2 353
Closing balance
134
3 819
12 540
293
1 682
18 468
Accumulated
depreciation
Opening balance
(3 639)
(15 650)
(1 043)
(20 332)
Additions from continuing operations
(134)
(677)
(15)
(827)
Additions from discontinued operations
(194)
(992)
(288)
(1 475)
Disposals
16
118
23
157
Assets classi\ufb01ed as held for sale
1 964
10 400
1 202
13 566
Currency translation di\ufb00erences
(133)
(706)
(77)
(917)
Closing balance
(2 121)
(7 507)
(199)
(9 827)
Impairment losses
Opening balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Additions from continuing operations
-
(3)
(35)
(0)
(0)
(38)
Additions from discontinued operations
-
(1)
(9)
(0)
-
(10)
Disposals
-
3
17
0
0
20
Assets classi\ufb01ed as held for sale
-
469
2 419
15
31
2 935
Currency translation di\ufb00erences
(1)
(41)
(197)
(1)
(3)
(242)
Closing balance
(13)
(18)
(202)
(1)
(1)
(235)
Carrying amount
Closing balance
121
1 680
4 831
92
1 681
8 405
Original cost of assets fully depreciated
0
1 919
4 903
97
-
6 919
but still in use
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 44 million in 2024 mainly related to
discontinued operations. The weighted average cost of capital
for capitalisation of loan interest in 2024 is in the range of 2.6
per cent and 2.8 per cent per annum.
Impairment losses from continuing operations in 2024 are
primarily related to lining damage at Rana of NOK 35 million.
Details of property, plant and equipment
2023
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
233
8 957
25 406
1 078
5 022
40 696
Additions
0
14
97
22
4 883
5 016
Transferred from CiP
12
532
1 534
976
(3 053)
-
Reclassi\ufb01cation
(1)
2
(286)
285
-
0
Business combinations (note 4)
21
33
25
-
2
81
Disposals
-
(76)
(227)
(17)
(13)
(333)
Currency translation di\ufb00erences
10
113
417
(15)
2
526
Closing balance
276
9 575
26 965
2 328
6 842
45 987
Accumulated depreciation
Opening balance
(3 322)
(14 437)
(580)
(18 339)
Additions from continuing operations
(116)
(620)
(17)
(753)
Additions from discontinued operations
(203)
(819)
(191)
(1 213)
Reclassi\ufb01cation
1
267
(268)
-
Disposals
40
204
16
260
Currency translation di\ufb00erences
(39)
(245)
(2)
(287)
Closing balance
(3 639)
(15 650)
(1 043)
(20 332)
Impairment losses
Opening balance
(11)
(435)
(2 358)
(1)
(30)
(2 836)
Additions from continuing operations
-
(0)
(24)
-
(0)
(25)
Additions from discontinued operations
-
(13)
(56)
-
-
(69)
Reclassi\ufb01cation
-
(9)
22
(14)
-
-
Disposals
-
10
18
0
1
29
Currency translation di\ufb00erences
(1)
1
1
0
0
1
Closing balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Carrying amount
Closing balance
264
5 490
8 917
1 271
6 812
22 754
Original cost of assets fully depreciated
but still in use
0
2 214
7 979
240
-
10 433
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 51 million in 2023. The weighted
average cost of capital for capitalisation of loan interest in 2023
is in the range of 2.8 per cent and 3.6 per cent per annum.
Impairment losses in 2023 are primarily related to impairment
of production units at Xinghuo NOK 69 million and impairment
as a result of \ufb01re at Salten NOK 17 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00391": { "value": "17. Property, plant and equipmentDetails of property, plant and equipment
2024
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
276
9 575
26 965
2 328
6 842
45 987
Additions
-
40
71
23
2 783
2 917
Transferred from CiP
4
450
4 308
1 381
(6 144)
-
Disposals
(0)
(20)
(144)
(23)
(6)
(194)
Assets classi\ufb01ed as held for sale
(160)
(6 757)
(19 993)
(3 604)
(2 080)
(32 595)
Currency translation di\ufb00erences
15
530
1 333
188
287
2 353
Closing balance
134
3 819
12 540
293
1 682
18 468
Accumulated
depreciation
Opening balance
(3 639)
(15 650)
(1 043)
(20 332)
Additions from continuing operations
(134)
(677)
(15)
(827)
Additions from discontinued operations
(194)
(992)
(288)
(1 475)
Disposals
16
118
23
157
Assets classi\ufb01ed as held for sale
1 964
10 400
1 202
13 566
Currency translation di\ufb00erences
(133)
(706)
(77)
(917)
Closing balance
(2 121)
(7 507)
(199)
(9 827)
Impairment losses
Opening balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Additions from continuing operations
-
(3)
(35)
(0)
(0)
(38)
Additions from discontinued operations
-
(1)
(9)
(0)
-
(10)
Disposals
-
3
17
0
0
20
Assets classi\ufb01ed as held for sale
-
469
2 419
15
31
2 935
Currency translation di\ufb00erences
(1)
(41)
(197)
(1)
(3)
(242)
Closing balance
(13)
(18)
(202)
(1)
(1)
(235)
Carrying amount
Closing balance
121
1 680
4 831
92
1 681
8 405
Original cost of assets fully depreciated
0
1 919
4 903
97
-
6 919
but still in use
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 44 million in 2024 mainly related to
discontinued operations. The weighted average cost of capital
for capitalisation of loan interest in 2024 is in the range of 2.6
per cent and 2.8 per cent per annum.
Impairment losses from continuing operations in 2024 are
primarily related to lining damage at Rana of NOK 35 million.
Details of property, plant and equipment
2023
Plant,
machinery,
Buildings
equipment
O\ufb03ce
and other
and motor
and other
Construction
Amounts in NOK million
Land
property
vehicles
equipment
in progress
Total
Cost
Opening balance
233
8 957
25 406
1 078
5 022
40 696
Additions
0
14
97
22
4 883
5 016
Transferred from CiP
12
532
1 534
976
(3 053)
-
Reclassi\ufb01cation
(1)
2
(286)
285
-
0
Business combinations (note 4)
21
33
25
-
2
81
Disposals
-
(76)
(227)
(17)
(13)
(333)
Currency translation di\ufb00erences
10
113
417
(15)
2
526
Closing balance
276
9 575
26 965
2 328
6 842
45 987
Accumulated depreciation
Opening balance
(3 322)
(14 437)
(580)
(18 339)
Additions from continuing operations
(116)
(620)
(17)
(753)
Additions from discontinued operations
(203)
(819)
(191)
(1 213)
Reclassi\ufb01cation
1
267
(268)
-
Disposals
40
204
16
260
Currency translation di\ufb00erences
(39)
(245)
(2)
(287)
Closing balance
(3 639)
(15 650)
(1 043)
(20 332)
Impairment losses
Opening balance
(11)
(435)
(2 358)
(1)
(30)
(2 836)
Additions from continuing operations
-
(0)
(24)
-
(0)
(25)
Additions from discontinued operations
-
(13)
(56)
-
-
(69)
Reclassi\ufb01cation
-
(9)
22
(14)
-
-
Disposals
-
10
18
0
1
29
Currency translation di\ufb00erences
(1)
1
1
0
0
1
Closing balance
(12)
(446)
(2 398)
(15)
(30)
(2 900)
Carrying amount
Closing balance
264
5 490
8 917
1 271
6 812
22 754
Original cost of assets fully depreciated
but still in use
0
2 214
7 979
240
-
10 433
Estimated useful life
Inde\ufb01nite
5\u201350 years
3\u201350 years
3\u201320 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Capitalised interest is NOK 51 million in 2023. The weighted
average cost of capital for capitalisation of loan interest in 2023
is in the range of 2.8 per cent and 3.6 per cent per annum.
Impairment losses in 2023 are primarily related to impairment
of production units at Xinghuo NOK 69 million and impairment
as a result of \ufb01re at Salten NOK 17 million.18. LeasesDetails of right-of-use assets
2024
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
397
733
153
2
1 285
Additions / lease modi\ufb01cations / remeasurements
8
78
60
0
148
Partial or full termination of agreements
-
(53)
(41)
(2)
(96)
Assets classi\ufb01ed as held for sale
(378)
(260)
(143)
(0)
(782)
Currency translation di\ufb00erences
33
25
7
0
65
Closing balance
60
523
36
0
619
Accumulated depreciation
Opening balance
(80)
(258)
(92)
(2)
(431)
Additions from continuing operations
(6)
(52)
(9)
-
(68)
Additions from discontinued operations
(8)
(42)
(36)
(0)
(87)
Partial or full termination of agreements
-
48
36
2
86
Assets classi\ufb01ed as held for sale
81
143
84
0
308
Currency translation di\ufb00erences
(7)
(12)
(4)
(0)
(23)
Closing balance
(20)
(174)
(22)
(0)
(216)
Impairment losses
Opening balance
-
-
-
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
40
349
15
0
403
Estimated useful life
1\u201399 years
1\u201325 years
1\u20135 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Details of right-of-use assets
2023
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
326
659
150
2
1 138
Additions / lease modi\ufb01cations / remeasurements
73
95
57
-
225
Partial or full termination of agreements
-
(30)
(63)
-
(93)
Currency translation di\ufb00erences
(3)
9
9
0
15
Closing balance
397
733
153
2
1 285
Accumulated depreciation
Opening balance
(70)
(191)
(96)
(1)
(359)
Additions from continuing operations
(2)
(45)
(4)
(0)
(52)
Additions from discontinued operations
(7)
(48)
(34)
(0)
(90)
Partial or full termination of agreements
-
30
48
-
77
Currency translation di\ufb00erences
0
(3)
(6)
(0)
(9)
Closing balance
(80)
(258)
(92)
(2)
(431)
Impairment losses
Opening balance
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
317
476
61
0
854
Estimated useful life
8\u201399 years
2\u201325 years
2\u20136 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Carrying amounts of lease liabilities and the movements during the period
Amounts in NOK million
2024
2023
Opening balance
589
578
Additions
/ lease modi\ufb01cations / remeasurements
148
225
Partial or full termination of agreements
(10)
(16)
Payments
(170)
(236)
Interest expenses on lease liabilities from continuing operations
15
13
Interest expenses on lease liabilities from discontinued operations
13
14
Liabilities classi\ufb01ed as held for sale
(195)
-
Currency translation di\ufb00erences
17
10
Closing balance (note 26)
405
589
The maturity analysis of lease liabilities is disclosed in note 26
Interest-bearing liabilities.
Amounts recognised in consolidated statement of pro\ufb01t or loss
Amounts in NOK million
2024
2023
Depreciation of right-of-use assets
(68)
(52)
Interest expenses on lease liabilities (note 15)
(15)
(13)
Leasing expenses, short-term leases (note 13)
(53)
(47)
Leasing expenses, low value assets (note 13)
(2)
(1)
Leasing expenses, variable lease payments (note 13)
(1)
(0)
Total amount recognised in consolidated statement of pro\ufb01t or loss
(138)
(113)
19. Other intangible assetsDetails of intangible assets
2024
\n \n
Intangible
Land use
Technology
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
116
911
714
1 030
384
407
3 563
Additions
-
0
12
-
-
88
100
Transferred from CiP
-
0
44
61
11
(116)
-
Disposals
-
-
(2)
-
-
-
(2)
Assets classi\ufb01ed as held for sale
-
(945)
(490)
(1 152)
(333)
(201)
(3 121)
Currency translation di\ufb00erences
6
56
31
61
24
14
192
Closing balance
121
23
309
-
86
193
732
Accumulated amortisation
Opening balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Additions from continuing operations
(2)
(1)
(25)
-
(8)
(35)
Additions from discontinued operations
-
(42)
(33)
(77)
(31)
(182)
Disposals
-
-
2
-
-
2
Assets classi\ufb01ed as held for sale
-
712
335
826
173
2 045
Currency translation di\ufb00erences
(3)
(38)
(22)
(39)
(10)
(112)
Closing balance
(70)
(23)
(257)
-
(35)
(385)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Additions from continuing operations
-
-
(1)
-
-
(129)
(130)
Currency translation di\ufb00erences
(0)
-
-
-
-
0
(0)
Closing balance
(1)
-
(1)
-
-
(129)
(131)
Carrying amount
Closing balance
50
0
51
-
51
64
216
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.
Details of intangible assets
2023
\n \n
Intangible
Technology
Land use
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
108
868
627
880
350
377
3 209
Additions
-
-
17
-
-
183
200
Transferred from CiP
-
5
67
94
3
(170)
-
Business combinations (note 4)
-
-
0
-
29
-
29
Disposals
-
-
(9)
-
-
-
(9)
Currency translation di\ufb00erences
7
38
13
56
2
17
133
Closing balance
116
911
714
1 030
384
407
3 563
Accumulated amortisation
Opening balance
(59)
(579)
(457)
(606)
(122)
(1 824)
Additions from continuing operations
(2)
(2)
(29)
-
(6)
(39)
Additions from discontinued operations
-
(41)
(28)
(65)
(31)
(166)
Disposals
-
-
9
-
-
9
Currency translation di\ufb00erences
(4)
(32)
(8)
(40)
(0)
(84)
Closing balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Currency translation di\ufb00erences
(0)
-
-
-
-
-
(0)
Closing balance
(1)
-
-
-
-
-
(1)
Carrying amount
Closing balance
49
257
200
319
225
407
1 458
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00392": { "value": "Principle application and judgements
Property, plant and equipment (PPE) are stated in the statement
of \ufb01nancial position at cost less accumulated depreciation and
accumulated impairment losses.
Initial cost includes expenditures that are directly attributable
to the acquisition of the asset. In projects depending on new
technology all cost up to \ufb01nal investment decision is expensed
when incurred. In projects using known technology the cost
incurred in the preparation for the \ufb01nal investment decision is
capitalised due to the close integration with the investment. This
is for example relevant for relining of furnaces.
When substantial parts of an installation are replaced with a
new component, the cost is capitalised. The replacement is
substantial when the costs associated with the replacement
account for more than approximately 70 per cent of the value of
an equivalent new installation. Upon capitalisation, the carrying
amount of the replaced part is derecognised.
Major periodic maintenance that is carried out less frequently
than every year is capitalised and depreciated over the period
until the next periodic maintenance. Major periodic maintenance
typically requires curtailment of production during the
maintenance period. Silicon products typically perform relining
of a furnace approximately every 10 to 15th year, Silicones
performs mainly biennial maintenance of production equipment,
while maintenance within Carbon Solutions is mostly performed
on a day-to-day basis. Costs related to restarting the production
after major maintenance are expensed when incurred.
Costs that do not relate to replacement of substantial parts or
major periodic maintenance that is carried out less frequently
than every year, are classi\ufb01ed as \u201cday-to-day servicing\u201d and are
expensed directly.
Depreciations are calculated based on estimated useful life and
expected residual value for each item of PPE and are recognised
in the statement of pro\ufb01t or loss using the straight-line method.
Elkem has certain leases with local governments. Unless there
are indications to the contrary it is assumed that these leases
are extended at expiry when determining the useful life of the
assets situated on the land. Depreciation commences when the
assets are ready for their intended use. Judgement is applied to
determine the time when the asset is ready for intended use.
The main rule is to classify spare parts as inventory. However,
major spare parts and stand-by equipment qualify as property,
plant, and equipment when Elkem expects to use them during
more than one period. Depreciation for major spare parts starts
when the asset is recognised in the asset register.
Accounting principle application and judgements for
impairment of assets, see Note 21 Impairment assessments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00393": { "value": "Major periodic maintenance that is carried out less frequently
than every year is capitalised and depreciated over the period
until the next periodic maintenance. Major periodic maintenance
typically requires curtailment of production during the
maintenance period. Silicon products typically perform relining
of a furnace approximately every 10 to 15th year, Silicones
performs mainly biennial maintenance of production equipment,
while maintenance within Carbon Solutions is mostly performed
on a day-to-day basis. Costs related to restarting the production
after major maintenance are expensed when incurred.
Costs that do not relate to replacement of substantial parts or
major periodic maintenance that is carried out less frequently
than every year, are classi\ufb01ed as \u201cday-to-day servicing\u201d and are
expensed directly.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00394": { "value": "Depreciations are calculated based on estimated useful life and
expected residual value for each item of PPE and are recognised
in the statement of pro\ufb01t or loss using the straight-line method.
Elkem has certain leases with local governments. Unless there
are indications to the contrary it is assumed that these leases
are extended at expiry when determining the useful life of the
assets situated on the land. Depreciation commences when the
assets are ready for their intended use. Judgement is applied to
determine the time when the asset is ready for intended use.Right-of-use assets are subject to impairment assessments as described in note 21 Impairment assessments.Judgement is used in determining when a project move
from the research phase to the development phase for
internally developed intangible assets. To ensure consistent
judgement, di\ufb00erent activities are grouped in four di\ufb00erent
phases. Expenses incurred in phase 1 are classi\ufb01ed as
research and expensed directly to pro\ufb01t and loss. Expenses
incurred in phase 2-4 are normally capitalised as long as the
criteria for capitalisation are met. Phase 4 may also contain
commercialisation/industrialisation of technology developed in
phase 1-3 into full scale plants and judgement must be applied
both in terms of separation between \ufb01xed and intangible
assets as well as the correct starting point for depreciation. In
general depreciation of the intangible assets starts when the
full-scale production facility is put into operation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00395": { "value": "18. LeasesDetails of right-of-use assets
2024
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
397
733
153
2
1 285
Additions / lease modi\ufb01cations / remeasurements
8
78
60
0
148
Partial or full termination of agreements
-
(53)
(41)
(2)
(96)
Assets classi\ufb01ed as held for sale
(378)
(260)
(143)
(0)
(782)
Currency translation di\ufb00erences
33
25
7
0
65
Closing balance
60
523
36
0
619
Accumulated depreciation
Opening balance
(80)
(258)
(92)
(2)
(431)
Additions from continuing operations
(6)
(52)
(9)
-
(68)
Additions from discontinued operations
(8)
(42)
(36)
(0)
(87)
Partial or full termination of agreements
-
48
36
2
86
Assets classi\ufb01ed as held for sale
81
143
84
0
308
Currency translation di\ufb00erences
(7)
(12)
(4)
(0)
(23)
Closing balance
(20)
(174)
(22)
(0)
(216)
Impairment losses
Opening balance
-
-
-
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
40
349
15
0
403
Estimated useful life
1\u201399 years
1\u201325 years
1\u20135 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Details of right-of-use assets
2023
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
326
659
150
2
1 138
Additions / lease modi\ufb01cations / remeasurements
73
95
57
-
225
Partial or full termination of agreements
-
(30)
(63)
-
(93)
Currency translation di\ufb00erences
(3)
9
9
0
15
Closing balance
397
733
153
2
1 285
Accumulated depreciation
Opening balance
(70)
(191)
(96)
(1)
(359)
Additions from continuing operations
(2)
(45)
(4)
(0)
(52)
Additions from discontinued operations
(7)
(48)
(34)
(0)
(90)
Partial or full termination of agreements
-
30
48
-
77
Currency translation di\ufb00erences
0
(3)
(6)
(0)
(9)
Closing balance
(80)
(258)
(92)
(2)
(431)
Impairment losses
Opening balance
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
317
476
61
0
854
Estimated useful life
8\u201399 years
2\u201325 years
2\u20136 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Carrying amounts of lease liabilities and the movements during the period
Amounts in NOK million
2024
2023
Opening balance
589
578
Additions
/ lease modi\ufb01cations / remeasurements
148
225
Partial or full termination of agreements
(10)
(16)
Payments
(170)
(236)
Interest expenses on lease liabilities from continuing operations
15
13
Interest expenses on lease liabilities from discontinued operations
13
14
Liabilities classi\ufb01ed as held for sale
(195)
-
Currency translation di\ufb00erences
17
10
Closing balance (note 26)
405
589
The maturity analysis of lease liabilities is disclosed in note 26
Interest-bearing liabilities.
Amounts recognised in consolidated statement of pro\ufb01t or loss
Amounts in NOK million
2024
2023
Depreciation of right-of-use assets
(68)
(52)
Interest expenses on lease liabilities (note 15)
(15)
(13)
Leasing expenses, short-term leases (note 13)
(53)
(47)
Leasing expenses, low value assets (note 13)
(2)
(1)
Leasing expenses, variable lease payments (note 13)
(1)
(0)
Total amount recognised in consolidated statement of pro\ufb01t or loss
(138)
(113)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00396": { "value": "Principle application and judgements
Right-of-use assets are presented separately in the statement
of \ufb01nancial position, whereas lease liabilities are presented in
interest-bearing liabilities.
Elkem`s policy in general is to own critical assets related to
the production cycle, including production buildings and land
where this is not controlled by the local government. The
group`s main lease contracts comprise o\ufb03ce buildings and
machinery / storage assets to be used at production sites.
The less signi\ufb01cant lease contracts comprise employee cars,
machinery, and equipment.
Elkem applies a single recognition and measurement approach
for all leases, except for:
\u2192
Lease contracts for which the lease term ends within
12 months as of the commencement date are not
capitalised (short-term leases). Elkem's short-term
lease commitments are related to rental of equipment
in connection with maintenance or installation of new
equipment.
\u2192
Lease contracts for which the underlying asset is of low
value, mainly o\ufb03ce equipment, are not capitalised.
\u2192
Lease of intangible assets are not capitalised.
\u2192
Lease payments on contracts that are not capitalised are
recognised as other operating expenses on a straight-line
basis over the lease term.
Right-of-use assets are subject to impairment assessments as
described in note 21 Impairment assessments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00397": { "value": "Elkem`s policy in general is to own critical assets related to
the production cycle, including production buildings and land
where this is not controlled by the local government. The
group`s main lease contracts comprise o\ufb03ce buildings and
machinery / storage assets to be used at production sites.
The less signi\ufb01cant lease contracts comprise employee cars,
machinery, and equipment.
Elkem applies a single recognition and measurement approach
for all leases, except for:
\u2192
Lease contracts for which the lease term ends within
12 months as of the commencement date are not
capitalised (short-term leases). Elkem's short-term
lease commitments are related to rental of equipment
in connection with maintenance or installation of new
equipment.
\u2192
Lease contracts for which the underlying asset is of low
value, mainly o\ufb03ce equipment, are not capitalised.
\u2192
Lease of intangible assets are not capitalised.
\u2192
Lease payments on contracts that are not capitalised are
recognised as other operating expenses on a straight-line
basis over the lease term.
Right-of-use assets are subject to impairment assessments as
described in note 21 Impairment assessments.
Details of right-of-use assets
2024
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
397
733
153
2
1 285
Additions / lease modi\ufb01cations / remeasurements
8
78
60
0
148
Partial or full termination of agreements
-
(53)
(41)
(2)
(96)
Assets classi\ufb01ed as held for sale
(378)
(260)
(143)
(0)
(782)
Currency translation di\ufb00erences
33
25
7
0
65
Closing balance
60
523
36
0
619
Accumulated depreciation
Opening balance
(80)
(258)
(92)
(2)
(431)
Additions from continuing operations
(6)
(52)
(9)
-
(68)
Additions from discontinued operations
(8)
(42)
(36)
(0)
(87)
Partial or full termination of agreements
-
48
36
2
86
Assets classi\ufb01ed as held for sale
81
143
84
0
308
Currency translation di\ufb00erences
(7)
(12)
(4)
(0)
(23)
Closing balance
(20)
(174)
(22)
(0)
(216)
Impairment losses
Opening balance
-
-
-
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
40
349
15
0
403
Estimated useful life
1\u201399 years
1\u201325 years
1\u20135 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
Details of right-of-use assets
2023
Buildings
Plant, machinery,
and other
equipment and
O\ufb03ce and other
Amounts in NOK million
Land
property
motor vehicles
equipment
Total
Cost
Opening balance
326
659
150
2
1 138
Additions / lease modi\ufb01cations / remeasurements
73
95
57
-
225
Partial or full termination of agreements
-
(30)
(63)
-
(93)
Currency translation di\ufb00erences
(3)
9
9
0
15
Closing balance
397
733
153
2
1 285
Accumulated depreciation
Opening balance
(70)
(191)
(96)
(1)
(359)
Additions from continuing operations
(2)
(45)
(4)
(0)
(52)
Additions from discontinued operations
(7)
(48)
(34)
(0)
(90)
Partial or full termination of agreements
-
30
48
-
77
Currency translation di\ufb00erences
0
(3)
(6)
(0)
(9)
Closing balance
(80)
(258)
(92)
(2)
(431)
Impairment losses
Opening balance
-
-
Closing balance
-
-
-
-
-
Carrying amount
Closing balance
317
476
61
0
854
Estimated useful life
8\u201399 years
2\u201325 years
2\u20136 years
3-4 years
Depreciation plan
Straight-line
Straight-line
Straight-line
Straight-line
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00398": { "value": "19. Other intangible assetsDetails of intangible assets
2024
\n \n
Intangible
Land use
Technology
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
116
911
714
1 030
384
407
3 563
Additions
-
0
12
-
-
88
100
Transferred from CiP
-
0
44
61
11
(116)
-
Disposals
-
-
(2)
-
-
-
(2)
Assets classi\ufb01ed as held for sale
-
(945)
(490)
(1 152)
(333)
(201)
(3 121)
Currency translation di\ufb00erences
6
56
31
61
24
14
192
Closing balance
121
23
309
-
86
193
732
Accumulated amortisation
Opening balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Additions from continuing operations
(2)
(1)
(25)
-
(8)
(35)
Additions from discontinued operations
-
(42)
(33)
(77)
(31)
(182)
Disposals
-
-
2
-
-
2
Assets classi\ufb01ed as held for sale
-
712
335
826
173
2 045
Currency translation di\ufb00erences
(3)
(38)
(22)
(39)
(10)
(112)
Closing balance
(70)
(23)
(257)
-
(35)
(385)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Additions from continuing operations
-
-
(1)
-
-
(129)
(130)
Currency translation di\ufb00erences
(0)
-
-
-
-
0
(0)
Closing balance
(1)
-
(1)
-
-
(129)
(131)
Carrying amount
Closing balance
50
0
51
-
51
64
216
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.
Details of intangible assets
2023
\n \n
Intangible
Technology
Land use
Other assets under
Amounts in NOK million
rights
and licences
Software Development
intangible
1)
construction
Total
Cost
Opening balance
108
868
627
880
350
377
3 209
Additions
-
-
17
-
-
183
200
Transferred from CiP
-
5
67
94
3
(170)
-
Business combinations (note 4)
-
-
0
-
29
-
29
Disposals
-
-
(9)
-
-
-
(9)
Currency translation di\ufb00erences
7
38
13
56
2
17
133
Closing balance
116
911
714
1 030
384
407
3 563
Accumulated amortisation
Opening balance
(59)
(579)
(457)
(606)
(122)
(1 824)
Additions from continuing operations
(2)
(2)
(29)
-
(6)
(39)
Additions from discontinued operations
-
(41)
(28)
(65)
(31)
(166)
Disposals
-
-
9
-
-
9
Currency translation di\ufb00erences
(4)
(32)
(8)
(40)
(0)
(84)
Closing balance
(65)
(654)
(514)
(711)
(159)
(2 103)
Impairment losses
Opening balance
(1)
-
-
-
-
-
(1)
Currency translation di\ufb00erences
(0)
-
-
-
-
-
(0)
Closing balance
(1)
-
-
-
-
-
(1)
Carrying amount
Closing balance
49
257
200
319
225
407
1 458
Estimated useful life
3\u201310 years
3\u201315 years
3\u201310 years
3\u201316 years
3\u201310 years
Amortisation plan
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
1)
Other intangible assets consists mainly of customer relationships.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Principle application and judgements
Judgement is used in determining when a project move
from the research phase to the development phase for
internally developed intangible assets. To ensure consistent
judgement, di\ufb00erent activities are grouped in four di\ufb00erent
phases. Expenses incurred in phase 1 are classi\ufb01ed as
research and expensed directly to pro\ufb01t and loss. Expenses
incurred in phase 2-4 are normally capitalised as long as the
criteria for capitalisation are met. Phase 4 may also contain
commercialisation/industrialisation of technology developed in
phase 1-3 into full scale plants and judgement must be applied
both in terms of separation between \ufb01xed and intangible
assets as well as the correct starting point for depreciation. In
general depreciation of the intangible assets starts when the
full-scale production facility is put into operation.
Expenditures related to research and development activities,
see note 13 Other operating expenses.
Accounting principle application and judgements for
impairment of assets, see Note 21 Impairment assessments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "Principle application and judgements
Judgement is used in determining when a project move
from the research phase to the development phase for
internally developed intangible assets. To ensure consistent
judgement, di\ufb00erent activities are grouped in four di\ufb00erent
phases. Expenses incurred in phase 1 are classi\ufb01ed as
research and expensed directly to pro\ufb01t and loss. Expenses
incurred in phase 2-4 are normally capitalised as long as the
criteria for capitalisation are met. Phase 4 may also contain
commercialisation/industrialisation of technology developed in
phase 1-3 into full scale plants and judgement must be applied
both in terms of separation between \ufb01xed and intangible
assets as well as the correct starting point for depreciation. In
general depreciation of the intangible assets starts when the
full-scale production facility is put into operation.
Expenditures related to research and development activities,
see note 13 Other operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "20. GoodwillDetails of goodwill
Amounts in NOK million
2024
2023
Opening balance
1 015
984
Business combinations (note 4)
-
23
Assets classi\ufb01ed as held for sale
(756)
-
Currency translation di\ufb00erences
70
8
Closing balance
329
1 015
Origin of goodwill per CGU and operating segment
31 December 2024
Amounts in NOK million
Silicon Products
Carbon Solutions
Total
Elkem Nagpur
42
-
42
Elkem Rana AS
40
-
40
Elkem Oil\ufb01eld Chemical FZCO Ltd.
26
-
26
Elkem Dron\ufb01eld Ltd.
19
-
19
Elkem Materials Processing Services BV
0
-
0
Elkem Ferroveld JV
-
45
45
Elkem Carbon Slovakia a.s.
-
22
22
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
-
8
8
Elkem Carbon (China) Co., Ltd.
-
1
1
NEH LLC
107
20
126
Total goodwill
234
95
329
Origin of goodwill per CGU and operating segment
31 December 2023
Amounts in NOK million
Silicones
Silicon Products
Carbon Solutions
Total
Elkem Silicones Guangdong Co., Ltd.
499
-
-
499
Elkem Silicones Korea Co., Ltd
126
-
-
126
Elkem Silicones excluding Xinghuo/Yongdeng, Elkem
Guangdong, and Elkem Silicones Korea
85
-
-
85
Elkem Rana AS
-
40
-
40
Elkem Nagpur
-
38
-
38
Elkem Oil\ufb01eld Chemical FZCO Ltd.
-
24
-
24
Elkem Dron\ufb01eld Ltd.
-
17
-
17
Elkem Materials Processing Services BV
-
0
-
0
Elkem Ferroveld JV
-
-
41
41
Elkem Carbon Slovakia a.s.
-
-
21
21
Elkem Participa\u00e7\u00f2es Ind\u00fastria e Com\u00e9rcio Limitada
-
-
9
9
Elkem Carbon (China) Co., Ltd.
-
-
1
1
NEH LLC
-
96
18
113
Total goodwill
710
215
89
1 015
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Principle application and judgements
If the fair value at the time of acquisition of the group\u2019s interest
in the net assets of the acquired subsidiary exceeds the cost
of the acquisition (negative goodwill), the di\ufb00erences are
presented directly in the statement of pro\ufb01t or loss as other
items. Judgement is applied in determining net identi\ufb01able
assets and hence in determining the amount of goodwill.
Accounting principle application and judgement for
impairment of assets, see Note 21 Impairment assessments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "21. Impairment assessmentsEstimates
The value-in-use calculations are based on estimated future
cash \ufb02ows. The uncertainty in the cash \ufb02ows relates to future
prices for both key input factors in the production and market
prices for the sale of Elkem's products. There is uncertainty
regarding these factors both for the next 12 months and for
the rest of the forecast period. There is also uncertainty in
estimating replacement investments and the growth rate
in the terminal value. The estimated future pre-tax cash
\ufb02ows are discounted using a discount rate before tax. The
estimation uncertainty in the discount rate relates to the
determination of the risk-free rate, the market risk premium
and the beta. Elkem uses a beta per business segment and
the beta is found using observable betas of comparable
companies for each business segment.
Elkem has performed
sensitivity analysis for key drivers in the impairment test to
re\ufb02ect the uncertainty in the estimates.
Impairment assessment for non-current non-\ufb01nancial assets
including goodwill
The impairment assessment for non-current non-\ufb01nancial
assets is performed on two levels.
\u2192
For non-current non-\ufb01nancial assets other than goodwill
a quarterly trigger assessment is performed for each of
the separate CGUs within the three operating segments
Silicones, Silicon Products and Carbon Solutions. If
a trigger is identi\ufb01ed an impairment assessment is
performed for the CGU.
\u2192
Goodwill acquired through business combinations are
allocated to the operating segments Silicones, Silicon
Products and Carbon Solutions. Each of the operating
segments consist of several CGUs, typically a plant
or a group of plants. Impairment testing of goodwill is
done annually, or more frequently if indicators exist,
for the group of CGUs that is included in the respective
operating segments.
On 23 January 2025 the group announced its intention to
perform a strategic review of the Silicones division. At the
end of the fourth quarter the Silicones division is classi\ufb01ed as
held for sale and discontinued operations. Immediately before
the re-classi\ufb01cation of the Silicones division as discontinued
operations an impairment assessment was performed
and no impairment loss was identi\ufb01ed. Subsequent to the
reclassi\ufb01cation, the disposal group classi\ufb01ed as held for sale
shall be measured at the lower of its carrying amount and
fair value less costs to sell. Please refer to note 40 Assets
held for sale and discontinued operations for assumptions
used in estimating fair value of the assets held for sale at 31
December 2024. The following disclosure for 2024 will cover
the continuing operations in Elkem Silicon Products and
Elkem Carbon Solutions divisions. Held for sale assets are
not reclassi\ufb01ed in comparable \ufb01gures. The 2023 impairment
assessment of the Silicones division is therefore included in
this disclosure.
The following table gives an overview of carrying amount of
total non-current non-\ufb01nancial assets and goodwill allocated
to each of the operating segments. The table also includes the
pre-tax discount rate for each operating segment.
Operating segment
\n \n
Carrying amount
Of which goodwill
Pre-tax discount rate
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Silicones
-
17 458
-
710
-
11.9 %
Silicon Products
7 447
6 874
234
215
11.1 %
11.9 %
Carbon Solutions
1 259
1 108
95
89
10.5 %
12.3 %
Total
8 706
25 440
329
1 015
Elkem analyses both quantitative and qualitative triggers that
may indicate that a CGU is impaired. Quantitative indicators
include Elkem\u2019s market capitalisation, return on capital
employed compared to WACC and EBITDA margin compared
to budget. Qualitative indicators include signi\ufb01cant adverse
changes in expected sales volumes or margins, raw material
prices, power prices and supply and changes in regulations.
The impairment assessment for goodwill allocated to the
operating segments and for the respective CGUs within the
operating segments performed at year-end is covered for each
operating segment below.
Discounted cash \ufb02ow models are applied to determine the
value in use for the operating segments. Key assumptions used
in the calculation of value in use are sales prices and volumes,
raw material prices and discount rates.
A range of important assumptions used in the impairment
assessment is common for all GGUs/operating segments
and are to large extent determined at the group level in
relation with the budget and strategic forecast process.
These assumptions are described below. In addition, certain
assumptions such as sales prices, cost of materials and supply
/ demand balance are speci\ufb01c for the respective CGUs /
operating segments. These assumptions are described within
the below impairment assessments done for each operating
segment and underlying CGUs.
Common assumptions for all operating segments
Financial forecasts
The 2025 budget approved by the board is used as a basis for
the 2026-2029 strategic plan and hence the forecasts which
is used for the impairment assessment. When preparing the
budget and strategic plan a range of both external and internal
sources are considered. External sources include market
reports and price indexes. Internal sources include agreed
sales volumes for the period, the e\ufb00ect of implemented cost
saving initiatives and planned investments and maintenance.
EBITDA level represents the operating pro\ufb01t (loss) before
depreciation and amortisation. The key assumptions used in
reaching the forecast \ufb01gures are sales prices, total volume and
product mix, operating costs, and productivity targets. See
Note 6 Operating segments for Elkem\u2019s de\ufb01nition of EBITDA.
Other operating costs
These are estimated based on the current level and adjusted
for expected in\ufb02ation in the respective locations where the
business is situated. Operating costs are also impacted by
ongoing operational e\ufb03ciency programmes. Changes to the
outcome of these initiatives may a\ufb00ect future EBITDA levels.
Capital expenditure (\u201cCapex\u201d)
A normalised capex is assumed in the long run and are based
on today\u2019s maintenance level and technology. Estimated
capital expenditures do not include capital expenditures that
signi\ufb01cantly enhance the current performance, as such e\ufb00ects
are not included in the cash \ufb02ow projection. However, capex
includes remaining investments on strategic projects in an
advanced stage where only a small part of the total investment
remains before start up.
Discount rates
The required rate of return is calculated by the WACC method.
The cost of a company's equity and liabilities, weighted to
re\ufb02ect its target capital structure of 50:50, respectively, derive
from its weighted average cost of capital. The WACC rates
are based on 10-year risk-free interest rate for the relevant
currency of the CGU. For the operating segments with
cash in\ufb02ows and out\ufb02ows in di\ufb00erent currencies these are
translated to NOK in the goodwill impairment test and a NOK
10 year risk-free interest rate is used in the WACC. The rates
are adjusted for in\ufb02ation di\ufb00erential and country risk premium.
The discount rates also consider the debt premium, market
risk premium, corporate tax rate and asset beta. The WACC
are adjusted for tax to determine a pre-tax rate that is used for
discounting the estimated future cash \ufb02ows.
Growth rates
The expected growth rates for a cash-generating unit (CGU)
converge from its current level experienced over the last few
years, to the long-term growth level in the market in which
the entity operates. The growth rates used to extrapolate cash
\ufb02ow projections beyond the explicit forecast period are based
on management\u2019s experience, assumptions in terms of marke
share and expectations for the market development in which
the entity operates. Growth rate used in Elkem\u2019s DCF models
is 2 per cent for Silicon Products and Carbon Solutions with a
signi\ufb01cant market exposure in Europe.
t
Currency rates and in\ufb02ation
The value-in-use calculation is performed in the functional
currency for the CGU. The currency rates used to translate
future incomes and expenses in other currencies than the
functional currency is based the currency rates used in
the strategic planning process. These are also used when
translating the cash in\ufb02ows and out\ufb02ows in the operating
segments to NOK in the goodwill impairment test.
The long-
term in\ufb02ation (CPI) is based on external predictions and re\ufb02ect
the CPI in which each CGU is located.
Climate related risk
The calculation of value in use re\ufb02ects the expected
development in both the cost of CO
2
quotas and the income
from CO
2
compensation going forward, in line with the current
regulatory framework. Outside of this no climate related
legislation has been passed at the current time that will impact
the group. However, there is an expectation that any increase
in cost due to new legislation will be covered by increased
sales prices, full or partial compensation by incentive schemes
or increased e\ufb00ectiveness resulting in limited impact on
operating cash \ufb02ows. See also the climate risk assessment in
note 32 Financial risk.
Mandatory tests
Silicon Products and Carbon Solutions
For Silicon Products and Carbon Solutions the goodwill
impairment test has been done based on approved business
plans for the period 2025-2029 and a terminal value for the
subsequent years. The estimated value in use exceeds the
carrying amount. Further, no triggers were identi\ufb01ed for the
CGUs in Elkem Silicon Products and Carbon Solutions.
2023 Impairment assessment
In 2023 Elkem identi\ufb01ed impairment indicators for Elkem
Silicones Xinghuo/Yongdeng, Elkem Silicones Guangdong and
Elkem Silicones excluding Xinghuo/Yongdeng, Guangdong and
Elkem Silicones Korea.
No impairment was recognised. The
assumptions used are included below.
Elkem Silicones
The Silicones division has experienced a challenging market
situation that has resulted in a weak \ufb01nancial performance in
2023. The challenging market situation can be explained by
several factors:
\u2192
Supply/demand imbalance in the market following
increased production capacity in China and delayed
recovery of demand in Chinese construction industry
after the COVID pandemic as well as lower demand for
specialties in all regions.
\u2192
Chinese commodity prices reaching a 10-year low in
August 2023 without a comparable reduction in raw
material cost resulting in a signi\ufb01cant pressure on EBITDA
and ROCE.
\u2192
Higher pressure on commodity prices compared to
specialty prices.
Based on the above indicators and weak \ufb01nancial
\n
performance, impairment triggers have been identi\ufb01ed for the
\n
following CGUs:
\n
\u2192
Xinghuo/Yongdeng
\n
\u2192
Elkem Guangdong (Polysil)
\n
\u2192
Elkem Silicones excluding Xinghuo/Yongdeng, Elkem
\n
Guangdong, and Elkem Silicones Korea
\n
Impairment tests have been performed for these CGUs in
\n
parallel with the goodwill impairment test performed for the
\n
Silicones division. The assumptions used, and the assessments
\n
made for the goodwill impairment test for the division is to
\n
a large extent applicable to the di\ufb00erent CGUs due to the
\n
global characteristics of the Silicones market and Elkem\u2019s
\n
ability to adapt production at the plants across the di\ufb00erent
\n
geographies based on supply and demand in the di\ufb00erent
\n
markets. However, there are some di\ufb00erences in markets and
\n
product mix that will impact the outcomes. Below the results
\n
for each test is summarized including sensitivities.
\n
Silicones operating segment
\n
The conclusion is no impairment for the goodwill allocated to
\n
the Silicones operating segment. Key assumptions used in
\n
reaching this conclusion:
\n
\u2192
External markets analysts expect continued challenging
\n
supply/demand balance both in China and globally for the
\n
next two years, before a gradual recovery towards the end
\n
of the forecast period resulting in a more balanced market.
\n
\u2192
The strategic capacity increase investments in China
\n
and France are expected to ramp up production during
\n
2024 and 2025. The new assets are expected to yield
\n
cost savings, more e\ufb03cient production and an improved
\n
specialty ratio that will improve both absolute and stability
\n
in margins.
\n
\u2192
Cost saving programmes initiated in 2023 are expected
\n
to give lasting reductions through reduced operating
\n
expenses going forward.
\n
\u2192
A more balanced market, combined with an increased
\n
specialty ratio, results in improved average sales prices
\n
and combined with reduced cost leads to a gradually
\n
improving EBITDA-margin throughout the forecast period.
\n
Given the challenging market situation throughout 2023 and
\n
the uncertainties regarding the timeline and level of market
\n
improvement both within the next 12 months and in the
\n
longer term, relevant and reasonable sensitivities have been
\n
performed to indicate a range of outcomes.
\n
\u2192
A scenario where volumes and prices decrease with 5
\n
per cent across all years in the forecast would result in no
\n
impairment. In this scenario employee bene\ufb01t and other
\n
operating expenses have been adjusted to re\ufb02ect lower
\n
activity. Further, as sales prices for commodity products
\n
are closely aligned with raw material prices these have
\n
also been reduced with 5 per cent.
\n
\u2192
An increase in WACC of 0.5 percentage point \u2013 would not
\n
result in an impairment.
\n
\u2192
A 11 per cent reduction in base case EBITDA for each
\n
year in the forecast period would result in a break even
\n
scenario.
\n
Elkem Silicones Xinghuo/Yongdeng
\n
Elkem has identi\ufb01ed impairment indicators within Elkem
\n
Silicones Xinghuo/Yongdeng. The total carrying amount of
\n
the CGU is NOK 9 849 million. The impairment indicators
\n
are largely due to falling sale prices and volumes caused by a
\n
supply/demand imbalance in the Silicones markets globally.
\n
The assumptions applied follow the assumptions as applied
\n
for the goodwill, see above. It is expected that 2024 and 2025
\n
will be challenging before gradually improving towards the end
\n
of the forecast period. Pre-tax discount rate used in the DCF
\n
calculation for the CGU is 10.4 per cent.
\n
Given the challenging market situation throughout 2023 and
\n
the uncertainties regarding the timeline and level of market
\n
improvement both within the next 12 months and in the
\n
longer term, relevant and reasonable sensitivities have been
\n
performed to indicate a range of outcomes.
\n
\u2192
A scenario where volumes and prices decrease with 5
\n
per cent across all years in the forecast\u2013 would result in
\n
no impairment. In this scenario employee bene\ufb01t and
\n
other operating expenses have been adjusted to re\ufb02ect
\n
lower activity. Further, as sales prices for commodities are
\n
closely aligned with raw material prices these have also
\n
been reduced with 5 per cent.
\n
\u2192
Increased WACC of 0.5 percentage point \u2013 would not
\n
result in an impairment.
\n
\u2192
A 12 per cent reduction in base case EBITDA for all future
\n
periods \u2013 would result in a break even scenario.
\n
Elkem Silicones excluding Xinghuo/Yongdeng, Elkem
\n
Guangdong, and Elkem Silicones Korea
\n
Elkem has identi\ufb01ed impairment indicators within Elkem
\n
Silicones excluding Xinghuo/Yongdeng, Elkem Guangdong,
\n
and Elkem Silicones Korea which primarily includes operations
\n
in EMEA and AMS. The total carrying amount of the CGU is
\n
NOK 6 177 million. The impairment indicators are largely due
\n
to falling sale prices and volumes caused by a supply/demand
\n
imbalance in the Silicones markets globally and pressure on
\n
specialty prices.
\n
The assumptions applied follow the assumptions as applied
\n
for the goodwill, see above. It is expected that 2024 and 2025
\n
will be challenging before gradually improving towards the end
\n
of the forecast period. Pre-tax discount rate used in the DCF
\n
calculation for the CGU is 11.5 per cent.
\n
Given the challenging market situation throughout 2023 and
\n
the uncertainties regarding the timeline and level of market
\n
improvement both within the next 12 months and in the
\n
longer term, relevant and reasonable sensitivities have been
\n
performed to indicate a range of outcomes.
\n
\u2192
A scenario where volumes and prices decrease with 5 per
\n
cent across all years in the forecast\u2013 would result in no
\n
impairment. In this scenario employee bene\ufb01t and other
\n
operating expenses have been adjusted to re\ufb02ect lower
\n
activity. Further, as sales prices are closely aligned with
\n
raw material prices these have also been reduced with 5
\n
per cent.
\n
\u2192
Increased WACC of 0.5 percentage point \u2013 would not
\n
result in an impairment.
\n
\u2192
A 12 per cent reduction in base case EBITDA for all future
\n
periods \u2013 would result in a break even scenario.
\n
Elkem Silicones Guangdong
\n
Elkem has identi\ufb01ed impairment indicators within Elkem
\n
Silicones Guangdong. The total carrying amount of the CGU
\n
is NOK 627 million. The impairment indicators are largely due
\n
to weaker \ufb01nancial performance than forecasted in last year\u2019s
\n
impairment test due to lower sales prices and volumes.
\n
The assumptions applied follow the assumptions as applied
\n
for the goodwill, see above. It is expected that 2024 and 2025
\n
will be challenging before gradually improving towards the end
\n
of the forecast period. Pre-tax discount rate used in the DCF
\n
calculation for the CGU is 9.9 per cent.
\n
Given the challenging market situation throughout 2023 and
\n
the uncertainties regarding the timeline and level of market
\n
improvement both within the next 12 months and in the
\n
longer term, relevant and reasonable sensitivities have been
\n
performed to indicate a range of outcomes.
\n
\u2192
A scenario where prices decrease with 5 per cent across
\n
all years in the forecast would result in an impairment
\n
of NOK 50 million. In this scenario employee bene\ufb01t
\n
and other operating expenses have been adjusted to
\n
re\ufb02ect lower activity. For Guangdong sales prices are
\n
less correlated with raw material prices than for the
\n
other CGUs. The raw material prices have therefore been
\n
reduced with 2 per cent
\n
\u2192
Increased WACC of 0.5 percentage point \u2013 would result in
\nan impairment of NOK 35 million", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Principle application and judgements
This disclosure covers the impairment assessment for
goodwill, intangible assets, property plant and equipment and
right-of-use assets (non-current non-\ufb01nancial assets).
Impairment is recognised when the carrying value of an asset
or cash generating unit (CGU) exceeds its recoverable amount.
As a starting point Elkem uses the value in use method for
estimating recoverable amount in an impairment test. The
value in use calculation is based on a discounted cash \ufb02ow
(DCF) model. The cash \ufb02ows are derived from the strategic
plan for the next \ufb01ve years and do not include restructuring
activities that Elkem is not yet committed to or signi\ufb01cant
future investments that will enhance the performance of the
assets of the CGU being tested. An exception from this is
ongoing projects with known technology where both future
cash in\ufb02ows and remaining investments are included.
A long-term growth rate is calculated and applied to project
future cash \ufb02ows after the \ufb01fth year. If the value in use
calculation indicates an impairment, the fair value less cost to
sell will be estimated and the higher of this amount and the
value in use is applied as the recoverable amount.
Judgement is applied by management in determining if an
impairment trigger exist. Management assesses a wide range
of quantitative and qualitative information before concluding on
the trigger review. Triggers normally assessed in Elkem include:
\u2192
performance compared to budget since the last
trigger review
\u2192
the expected development in sales prices and the cost
of materials, employees and other operating expenses in
both the short and medium term
\u2192
supply/demand balance
\u2192
regulatory changes and new technology
\u2192
competitive situation
There is signi\ufb01cant judgment required to determine the CGU
for impairment testing. For impairment testing of property,
plant and equipment intangible and right of use assets the
CGU is the lowest level that generates cash in\ufb02ows. This can
be both a single plant or a combination of plants depending on
the facts and circumstances. For goodwill the unit of testing
is a combination of CGUs and is based on the level where
synergies are expected to be realised following a business
combination. The combination of CGUs for impairment testing
of goodwill is determined to be the operating segments as
presented in note 6 Operating segments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Principle application and judgements
This disclosure covers the impairment assessment for
goodwill, intangible assets, property plant and equipment and
right-of-use assets (non-current non-\ufb01nancial assets).
Impairment is recognised when the carrying value of an asset
or cash generating unit (CGU) exceeds its recoverable amount.
As a starting point Elkem uses the value in use method for
estimating recoverable amount in an impairment test. The
value in use calculation is based on a discounted cash \ufb02ow
(DCF) model. The cash \ufb02ows are derived from the strategic
plan for the next \ufb01ve years and do not include restructuring
activities that Elkem is not yet committed to or signi\ufb01cant
future investments that will enhance the performance of the
assets of the CGU being tested. An exception from this is
ongoing projects with known technology where both future
cash in\ufb02ows and remaining investments are included.
A long-term growth rate is calculated and applied to project
future cash \ufb02ows after the \ufb01fth year. If the value in use
calculation indicates an impairment, the fair value less cost to
sell will be estimated and the higher of this amount and the
value in use is applied as the recoverable amount.
Judgement is applied by management in determining if an
impairment trigger exist. Management assesses a wide range
of quantitative and qualitative information before concluding on
the trigger review. Triggers normally assessed in Elkem include:
\u2192
performance compared to budget since the last
trigger review
\u2192
the expected development in sales prices and the cost
of materials, employees and other operating expenses in
both the short and medium term
\u2192
supply/demand balance
\u2192
regulatory changes and new technology
\u2192
competitive situation
There is signi\ufb01cant judgment required to determine the CGU
for impairment testing. For impairment testing of property,
plant and equipment intangible and right of use assets the
CGU is the lowest level that generates cash in\ufb02ows. This can
be both a single plant or a combination of plants depending on
the facts and circumstances. For goodwill the unit of testing
is a combination of CGUs and is based on the level where
synergies are expected to be realised following a business
combination. The combination of CGUs for impairment testing
of goodwill is determined to be the operating segments as
presented in note 6 Operating segments.Elkem calculates the expected credit losses (ECL) for trade
receivables and bills receivables in accordance with the
simpli\ufb01ed approach. All expected cash \ufb02ows, including cash
\ufb02ows from credit insurance contracts where such contracts
are deemed to be an integral part of the transactions, is taken
into consideration. The assessment is based on historical
experienced losses adjusted for forward-looking estimates on
changes in risk / probability that credit losses will occur for the
di\ufb00erent customer groups /segments where applicable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "22. InventoriesDetails of inventory
31.12.2024
31.12.2023
Amounts in NOK million
Cost price
Provision
Net total
Cost price
Provision
Net total
Raw materials
1 616
(1)
1 614
2 359
(39)
2 321
Semi-\ufb01nished goods
570
-
570
467
(0)
466
Finished goods
3 227
(66)
3 162
5 385
(238)
5 147
Operating materials and spare parts
695
(4)
692
1 121
(36)
1 084
Total inventories
6 108
(71)
6 038
9 331
(314)
9 018
This year's change in provision for impairment of inventory, a
gain of NOK 30 million (loss of NOK 86 million), is recognised
as a part of raw materials and energy.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00407": { "value": "Principle application and judgements
Inventory consists of raw materials, semi-\ufb01nished goods
and \ufb01nished goods, in addition to operating materials and
spare parts that do not meet the de\ufb01nition of property, plant
and equipment. Raw materials, and operating materials and
spare parts, are recognised at cost of purchase including
transport and handling to their present location. Finished and
semi-\ufb01nished goods are measured at cost of raw materials,
energy for production and cost of conversion up to the actual
completion stage. Cost of conversion comprise operating
expenses directly related to manufacturing of the products and
an allocation of direct \ufb01xed operating expenses. Judgement
is applied in determining the share of cost to be allocated to
inventory from departments that perform both production and
overhead related tasks.
The cost of CO
2
allowances that Elkem needs to purchase in
addition to allowances received from the government, see note
8 Other operating income, are based on estimated production
/ emissions for the year. The cost is allocated to cost of
conversion proportionally with estimated produced volumes
over the year as the number of allocated allowances will not be
revised unless there is a substantial change in the production
level at the plants.
The income from the Norwegian government CO
2
compensation scheme is recognised in inventory based on
estimated compensation per produced ton and accrued
proportionally with produced volumes.
Entities within the group sell goods to other group entities,
consequently \ufb01nished goods from one entity become raw
materials or semi-\ufb01nished goods for another group entity.
The classi\ufb01cation of goods in the consolidated statement
of \ufb01nancial position is based on the separate entity's
classi\ufb01cation.
The allocation of \ufb01xed production overheads to the costs of
conversion is based on the normal capacity of the production
facilities. Judgement is applied in determining normal level
of production per plant, but is also aligned with comparable
plants within the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00408": { "value": "23. Trade receivablesDetails of trade receivables
Amounts in NOK million
31.12.2024
31.12.2023
Trade receivables
1 615
2 417
Trade receivables, related parties
1)
105
29
Allowance for expected credit losses
(29)
(59)
Bills receivables
269
823
Total trade receivables
1 960
3 209
1)
Includes trade receivables to discontinued operations
Elkem has entered into factoring agreements with a credit
limit of a total of EUR 100 million (EUR 195 million),
NOK 1 179 million (NOK 2 191 million), to sell on continuing
basis trade receivables that meet speci\ufb01c conditions. The
agreements include a recourse clause for maximum 5-10 per
cent, depending on the agreement, of the face value of the
individual receivables sold. The non-recourse amount of the
receivables sold is derecognised and the recourse amount
is recognised as a current liability when the title to the
receivables is transferred. As at 31 December 2024, NOK 53
million (NOK 94 million) is recognised as current liability (see
note 29 Provisions and other liabilities). In addition, Elkem
has entered into factoring agreements without recourse.
Receivables that are sold without recourse are derecognised
in its entirety when the title is transferred, as there is no
remaining credit risk after transfer. As at 31 December 2024
NOK 1 182 million (NOK 1 806 million) of Elkem\u2019s trade
receivables are derecognised under these agreements.
Bills receivables consist of NOK 267 million (NOK 822 million)
bank acceptance bills and NOK 2 million (NOK 1 million)
commercial acceptance bills.
A total of NOK 0 million (NOK 1 531 million) in unmatured
bills receivables are endorsed to a third party where the \ufb01nal
payment of the bill is guaranteed by a highly rated \ufb01nancial
institution. Elkem will only su\ufb00er losses on an endorsed bill
if the bank that have issued the bill or all companies that has
endorsed the bill before Elkem goes bankrupt. These bills are
derecognised as there is very low remaining credit risk related
to endorsed bills.
Analysis of gross trade receivables by age, presented based on the due date
Amounts in NOK million
31.12.2024
31.12.2023
Not due
1 306
1 956
Overdue by:
1\u201330 days
251
312
31\u201360 days
75
78
61\u201390 days
31
38
More than 90 days
57
62
Total trade receivables
1)
1 720
2 445
1)
Bills receivables are not included in the ageing table
Movements in allowance for expected credit losses
Amounts in NOK million
2024
2023
Opening balance
(59)
(65)
Realised losses during the year / Received on earlier losses from continuing operations
(1)
(0)
Realised losses during the year / Received on earlier losses from discontinued operations
(0)
1
Provision for expected credit losses from continuing operations
(6)
(9)
Provision for expected credit losses from discontinued operations
(5)
(4)
Reversal of earlier provisions from continuing operations
7
11
Reversal of earlier provisions from discontinued operations
3
5
Assets classi\ufb01ed as held for sale
40
-
Currency translation di\ufb00erences
(8)
2
Closing balance
(29)
(59)
Analysis of allowance for expected credit losses, presented
based on related trade receivables
Amounts in NOK million
31.12.2024
31.12.2023
Not due
(6)
(10)
Overdue by:
1\u201330 days
(0)
(1)
31\u201360 days
(0)
(4)
61\u201390 days
(1)
(4)
More than 90 days
(21)
(41)
Total allowance for expected credit losses
(29)
(59)
Details of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00409": { "value": "23. Trade receivablesDetails of trade receivables
Amounts in NOK million
31.12.2024
31.12.2023
Trade receivables
1 615
2 417
Trade receivables, related parties
1)
105
29
Allowance for expected credit losses
(29)
(59)
Bills receivables
269
823
Total trade receivables
1 960
3 209
1)
Includes trade receivables to discontinued operations
Elkem has entered into factoring agreements with a credit
limit of a total of EUR 100 million (EUR 195 million),
NOK 1 179 million (NOK 2 191 million), to sell on continuing
basis trade receivables that meet speci\ufb01c conditions. The
agreements include a recourse clause for maximum 5-10 per
cent, depending on the agreement, of the face value of the
individual receivables sold. The non-recourse amount of the
receivables sold is derecognised and the recourse amount
is recognised as a current liability when the title to the
receivables is transferred. As at 31 December 2024, NOK 53
million (NOK 94 million) is recognised as current liability (see
note 29 Provisions and other liabilities). In addition, Elkem
has entered into factoring agreements without recourse.
Receivables that are sold without recourse are derecognised
in its entirety when the title is transferred, as there is no
remaining credit risk after transfer. As at 31 December 2024
NOK 1 182 million (NOK 1 806 million) of Elkem\u2019s trade
receivables are derecognised under these agreements.
Bills receivables consist of NOK 267 million (NOK 822 million)
bank acceptance bills and NOK 2 million (NOK 1 million)
commercial acceptance bills.
A total of NOK 0 million (NOK 1 531 million) in unmatured
bills receivables are endorsed to a third party where the \ufb01nal
payment of the bill is guaranteed by a highly rated \ufb01nancial
institution. Elkem will only su\ufb00er losses on an endorsed bill
if the bank that have issued the bill or all companies that has
endorsed the bill before Elkem goes bankrupt. These bills are
derecognised as there is very low remaining credit risk related
to endorsed bills.
Analysis of gross trade receivables by age, presented based on the due date
Amounts in NOK million
31.12.2024
31.12.2023
Not due
1 306
1 956
Overdue by:
1\u201330 days
251
312
31\u201360 days
75
78
61\u201390 days
31
38
More than 90 days
57
62
Total trade receivables
1)
1 720
2 445
1)
Bills receivables are not included in the ageing table
Movements in allowance for expected credit losses
Amounts in NOK million
2024
2023
Opening balance
(59)
(65)
Realised losses during the year / Received on earlier losses from continuing operations
(1)
(0)
Realised losses during the year / Received on earlier losses from discontinued operations
(0)
1
Provision for expected credit losses from continuing operations
(6)
(9)
Provision for expected credit losses from discontinued operations
(5)
(4)
Reversal of earlier provisions from continuing operations
7
11
Reversal of earlier provisions from discontinued operations
3
5
Assets classi\ufb01ed as held for sale
40
-
Currency translation di\ufb00erences
(8)
2
Closing balance
(29)
(59)
Analysis of allowance for expected credit losses, presented
based on related trade receivables
Amounts in NOK million
31.12.2024
31.12.2023
Not due
(6)
(10)
Overdue by:
1\u201330 days
(0)
(1)
31\u201360 days
(0)
(4)
61\u201390 days
(1)
(4)
More than 90 days
(21)
(41)
Total allowance for expected credit losses
(29)
(59)
24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00410": { "value": "Principle application and judgements
Trade and bills receivables are initially recognised at transaction
price, which in most cases corresponds to their nominal amount.
Elkem mainly has receivables without stated interest rate and
no signi\ufb01cant \ufb01nancing component and the trade and bills
receivables are therefore subsequently measured at nominal
amount, less any provision for expected credit loss. Judgement
has been applied in assessing derecognition of trade receivables
included in factoring arrangements.
When Elkem\u2019s Chinese entities sells goods to a customer a trade
receivable is established. The customer can then issue a bank
guaranteed bill that is used to settle the trade receivable. A bill
receivable is transferable and can be used to pay trade payables
(endorsed) or be settled in cash with a \ufb01nance institution
(discounted). Bills receivables are mainly bank acceptance bills
that are guaranteed by a \ufb01nancial institution
The duration of a
bill receivable is normally below 6 months.
Trade receivables are derecognised when settled, replaced by
bills receivables or when transferred to a third party and Elkem
has no further risk related to the receivables. Bills receivables
are derecognised when they are settled on due date or when the
risk and reward are transferred to a third party. Transferral to a
third party can be done by discounting a bill receivable before
due date or by endorsing the bill receivable, meaning that it
is accepted by the supplier as payment for goods or services
received. See below for details on the di\ufb00erent agreements.
Elkem calculates the expected credit losses (ECL) for trade
receivables and bills receivables in accordance with the
simpli\ufb01ed approach. All expected cash \ufb02ows, including cash
\ufb02ows from credit insurance contracts where such contracts
are deemed to be an integral part of the transactions, is taken
into consideration. The assessment is based on historical
experienced losses adjusted for forward-looking estimates on
changes in risk / probability that credit losses will occur for the
di\ufb00erent customer groups /segments where applicable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00411": { "value": "Elkem calculates the expected credit losses (ECL) for trade
receivables and bills receivables in accordance with the
simpli\ufb01ed approach. All expected cash \ufb02ows, including cash
\ufb02ows from credit insurance contracts where such contracts
are deemed to be an integral part of the transactions, is taken
into consideration. The assessment is based on historical
experienced losses adjusted for forward-looking estimates on
changes in risk / probability that credit losses will occur for the
di\ufb00erent customer groups /segments where applicable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.
25. Cash and cash equicalents and restricted deposits
\n
Principle application and judgements
\n
Cash and cash equivalents
\n
Deposits with a term of 3 months or less on acquisition are
\n
included. Bank overdrafts are presented within interest-
\n
bearing current liabilities in the statement of \ufb01nancial position.
\n
Deposits where the access are restricted for use by the
\n
bank (more than 3 months) are presented separately in the
\n
statement of \ufb01nancial position and excluded from cash and
\n
cash equivalents presented in the statement of cash \ufb02ows.
\n
Cash and cash equivalents
\n
Cash pooling is used to secure availability and access to cash
\n
across the group. Due to local legislation, not all subsidiaries are
\n
able to participate in international cash pooling arrangements.
\n
As at 31 December, NOK 1,780 million (NOK 3,058 million) of
\n
Elkem's cash and cash equivalents of NOK 4,397 million (NOK
\n
6,367 million) was outside Elkem's cash pooling arrangements,
\n
mainly in China, Canada and at headquarter.
\n
Restricted deposits
\n
As at 31 December, NOK 0 million (NOK 351 million) of Elkem's
\n
restricted deposits of NOK 7 million (NOK 388 million) was
\nrelated to bills payables, see note 28 bills payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00412": { "value": "24. Other assetsDetails of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
Provision for impairment included in total other assets,
mainly prepayments.
-
(68)
Restricted deposits consist mainly of restricted deposits
related to the ongoing tax litigation in Elkem's business
in Brazil of NOK 11 million (NOK 18 million), see note 29
Provisions and other liabilities, and deposit for pension
guarantee, related to unfunded pension liabilities for salaries
above 12G, of NOK 37 million (NOK 32 million).
Assets at fair value through pro\ufb01t (loss) relates to the sale of
Vianode AS, see note 30 Financial assets and liabilities.Details of interest-bearing liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
1)
31.12.2024
31.12.2023
1)
Lease liabilities (note 18)
338
464
67
125
Loan agreements, bank
5 856
7 767
706
18
Loan agreements, bonds
3 500
2 750
295
646
Loan agreements, other than bank
2 123
2 529
0
414
Accrued interest
-
-
23
28
Total interest-bearing liabilities
11 817
13 509
1 090
1 231
\n
1)
\nRestated - see note 39 Changes in presentation", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "Other shares
Other shares consist of equity investments in both listed and
unlisted companies. Shares in listed companies are measured
at fair value through pro\ufb01t or loss with gains and losses
presented in other items. Investments in equity instruments
that do not have a quoted market price in an active market are
classi\ufb01ed as \ufb01nancial assets measured at fair value through
other comprehensive income (OCI). Dividends from such
investments are presented as other items in the statement of
pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "Other shares
Other shares consist of equity investments in both listed and
unlisted companies. Shares in listed companies are measured
at fair value through pro\ufb01t or loss with gains and losses
presented in other items. Investments in equity instruments
that do not have a quoted market price in an active market are
classi\ufb01ed as \ufb01nancial assets measured at fair value through
other comprehensive income (OCI). Dividends from such
investments are presented as other items in the statement of
pro\ufb01t or loss.Embedded derivatives
Elkem has long-term power purchase contracts settled in Euro
which is di\ufb00erent from both Elkem and the counterparty\u2019s
functional currency. The currency portion of these contracts is
an embedded derivative and is recognised and presented as
an independent derivative.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Loans and receivables
Loans and receivables are non-derivative hold to collect
\ufb01nancial assets with \ufb01xed or determinable payments that are
not quoted in a regulated market. After initial recognition, they
are recognised at amortised cost using the e\ufb00ective interest
method. Gains and losses are recognised in the statement of
pro\ufb01t or loss when the loans and receivables are derecognised
or impaired, as well as through the amortisation process.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Details of other assets
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Other shares
36
26
-
-
Restricted deposits
60
51
-
-
Other deposits
9
15
-
-
Pension assets, de\ufb01ned bene\ufb01ts and contribution plans (note 11)
32
29
4
3
Prepayments for construction of \ufb01xed assets
13
18
-
-
Prepayments for goods and equipment
-
-
22
143
Prepayments for other expenses
-
80
82
103
Prepayments to related parties (note 37)
-
-
-
2
Receivables from related parties, interest-bearing (note 37)
0
1
-
-
Receivables from related parties, interest free (note 37)
-
-
-
8
Grants receivable (note 9)
-
220
576
671
Value added tax
68
61
297
742
Corporate income tax receivables
-
-
241
261
Interest receivables
-
-
0
0
Other receivables
0
9
13
115
Assets at fair value through pro\ufb01t (loss)
765
-
-
-
Fixed assets under disposal
-
2
-
-
Other assets
2
45
18
14
Total other assets
985
556
1 254
2 062
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "25. Cash and cash equicalents and restricted deposits
Principle application and judgements
\n
Cash and cash equivalents
\n
Deposits with a term of 3 months or less on acquisition are
\n
included. Bank overdrafts are presented within interest-
\n
bearing current liabilities in the statement of \ufb01nancial position.
\n
Deposits where the access are restricted for use by the
\n
bank (more than 3 months) are presented separately in the
\n
statement of \ufb01nancial position and excluded from cash and
\n
cash equivalents presented in the statement of cash \ufb02ows.
\n
Cash and cash equivalents
\n
Cash pooling is used to secure availability and access to cash
\n
across the group. Due to local legislation, not all subsidiaries are
\n
able to participate in international cash pooling arrangements.
\n
As at 31 December, NOK 1,780 million (NOK 3,058 million) of
\n
Elkem's cash and cash equivalents of NOK 4,397 million (NOK
\n
6,367 million) was outside Elkem's cash pooling arrangements,
\n
mainly in China, Canada and at headquarter.
\n
Restricted deposits
\n
As at 31 December, NOK 0 million (NOK 351 million) of Elkem's
\n
restricted deposits of NOK 7 million (NOK 388 million) was
related to bills payables, see note 28 bills payables.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Cash and cash equivalents
Deposits with a term of 3 months or less on acquisition are
\n
included. Bank overdrafts are presented within interest-
\n
bearing current liabilities in the statement of \ufb01nancial position.
\n
Deposits where the access are restricted for use by the
\n
bank (more than 3 months) are presented separately in the
\n
statement of \ufb01nancial position and excluded from cash and
\n
cash equivalents presented in the statement of cash \ufb02ows.
\n
Cash and cash equivalents
\n
Cash pooling is used to secure availability and access to cash
\n
across the group. Due to local legislation, not all subsidiaries are
\n
able to participate in international cash pooling arrangements.
\n
As at 31 December, NOK 1,780 million (NOK 3,058 million) of
\n
Elkem's cash and cash equivalents of NOK 4,397 million (NOK
\n
6,367 million) was outside Elkem's cash pooling arrangements,
\n
mainly in China, Canada and at headquarter.
\n
Restricted deposits
\n
As at 31 December, NOK 0 million (NOK 351 million) of Elkem's
\n
restricted deposits of NOK 7 million (NOK 388 million) was
related to bills payables, see note 28 bills payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Cash and cash equivalents
Deposits with a term of 3 months or less on acquisition are
\n
included. Bank overdrafts are presented within interest-
\n
bearing current liabilities in the statement of \ufb01nancial position.
\n
Deposits where the access are restricted for use by the
\n
bank (more than 3 months) are presented separately in the
\n
statement of \ufb01nancial position and excluded from cash and
\n
cash equivalents presented in the statement of cash \ufb02ows.
\n
Cash and cash equivalents
\n
Cash pooling is used to secure availability and access to cash
\n
across the group. Due to local legislation, not all subsidiaries are
\n
able to participate in international cash pooling arrangements.
\n
As at 31 December, NOK 1,780 million (NOK 3,058 million) of
\n
Elkem's cash and cash equivalents of NOK 4,397 million (NOK
\n
6,367 million) was outside Elkem's cash pooling arrangements,
\nmainly in China, Canada and at headquarter.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "26. Interest-bearing liabilitiesDetails of interest-bearing liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
1)
31.12.2024
31.12.2023
1)
Lease liabilities (note 18)
338
464
67
125
Loan agreements, bank
5 856
7 767
706
18
Loan agreements, bonds
3 500
2 750
295
646
Loan agreements, other than bank
2 123
2 529
0
414
Accrued interest
-
-
23
28
Total interest-bearing liabilities
11 817
13 509
1 090
1 231
\n
1)
\n
Restated - see note 39 Changes in presentation
\n
Interest-bearing liabilities by currency
31.12.2024
31.12.2023
1)
Amounts in NOK million
Currency amount
NOK
Currency amount
NOK
EUR
711
8 386
771
8 664
USD
0
2
2
20
NOK
4 501
4 501
3 647
3 647
CNY
4
6
1 632
2 334
Other currencies
-
12
-
74
Total interest-bearing liabilities
12 907
14 741
\n
1)
\n
Restated - see note 39 Changes in presentation
\n
Maturity of interest-bearing liabilities
\n
31 December 2024
2030
Amounts in NOK million
2025
2026
2027
2028
2029
and later
Total
Lease liabilities
67
41
38
34
32
193
405
Loan agreements
1 001
2 210
6 796
1 413
800
300
12 519
Accrued interest
23
23
Total interest-bearing liabilities excluding prepaid loan fees
1 090
2 251
6 834
1 446
832
493
12 947
Prepaid loan fees
(41)
Total interest-bearing liabilities
12 907
\n
Maturity of interest-bearing liabilities
\n
31 December 2023
\n
1)
2029
Amounts in NOK million
2024
2025
2026
2027
2028
and later
Total
Lease liabilities
125
79
63
48
44
230
589
Loan agreements
1 078
1 114
2 901
6 270
1 584
1 221
14 169
Accrued interest
28
28
Total interest-bearing liabilities excluding prepaid loan fees
1 231
1 193
2 964
6 318
1 628
1 452
14 786
Prepaid loan fees
(45)
Total interest-bearing liabilities
14 741
\n
1)
\n
Restated - see note 39 Changes in presentation
Loan agreements
\n
The main non-current loan agreements as at 31 December
\n
2024 are granted to Elkem in Norway for \ufb01nancing of the
\n
group; a term loan with bank institutions, bond loans and
\n
series of loans in Schuldshein market (other than bank).
\n
Loan agreements, bank
\n
The term loan of EUR 500 million (EUR 500 million)
\n
is unsecured, but there are related covenants. As at 31
\n
December 2024 the interest rate is 4.02 per cent. The term
\n
loan is linked to two sustainability KPIs,
KPI 1 Lost Time Injury
\n
Rate and KPI 2 \u2013 Product Group Carbon Footprint. The margin
\n
of the RCF and term loan shall be reduced by 0.025 per cent if
\n
both KPIs are met, and increased by 0.025 per cent if none of
\n
the KPIs are met. If one KPI is met there shall be no change to
\n
the margin. Based on initial testing of the KPI's there will be no
\n
change to the margin in 2025.
\n
Loan agreements, bonds
\n
The series of issued bond loans listed on Oslo B\u00f8rs is in the size
\n
of NOK 3 500 million (NOK 2 750 million) where of NOK 3 150
\n
million (NOK 2 750 million) is registered as bonds with \ufb02oating
\n
rate and NOK 350 million (NOK 350 million) is registered as a
\n
bond with \ufb01xed rate. The bond loans are unsecured and there
\n
are no related covenants. As of 31 December 2024 the interest
\n
rates are in the range of 4.88 per cent to 6.43 per cent.
\n
Elkem has entered into an interest swap agreement to swap
\n
the NOK 350 million bond from \ufb01xed to \ufb02oating interest rate.
\n
As at 31 December 2024 the fair value of this swap is NOK 1
\n
million (NOK 12 million).
\n
Elkem has entered into an interest rate swap agreement to
\n
swap the NOK 800 million bond loan from \ufb02oating interest
\n
rates to \ufb01xed interest rates of 4.88 per cent. As at 31 December
\n
2024 the fair value of this swap is NOK 21 million (entered into
\n
in 2024). A swap agreement has also been entered into to
\n
swap the NOK 400 million bond loan to a EUR 34 million loan
\n
with \ufb01xed interest rates of 3.72 per cent. As at 31 December
\n
2024 the fair value of this swap is negative NOK 2 million
\n
(entered into in 2024).
\n
The bond loans are listed on Oslo B\u00f8rs from January 2024,
\n
as at 31 December 2024 the fair value of the bond loans are
\n
positive NOK 2 million (negative NOK 12 million).
\n
Loan agreements, other than bank
\n
The series of loans issued in the Schuldschein market is of
\n
the size of EUR 180 million (EUR 210 million) with \ufb02oating
\n
rate and EUR 0 million (EUR 15 million) with a \ufb01xed rate. The
\n
loan series is unsecured, but there are related covenants. As
\n
of 31 December 2024 the interest rates are in the range of 4.1
\n
per cent to 4.35 per cent.
\n
Credit facilities
\n
As of 31 December 2024 the group is granted credit facilities
\n
of NOK 6 519 million. The facilities remain undrawn at 31
\n
December 2024.
\n
As of 31 December 2023 the group is granted credit facilities
\n
of NOK 6 293 million. The facilities remain undrawn at 31
\n
December 2023.
\n
The main revolving credit facilities are granted to Elkem
\n
ASA, but the facilities can be utilised by Elkem ASA and its
\n
subsidiaries. The main facilities amount to EUR 500 million,
\n
CNY 199 million and NOK 250 million respectively. See note 32
\n
Financial risk, section (c) liquidity risk for more information.
\n
Hedging
\n
Some / part of loans are designated as a hedging instrument,
\n
see note 31 Hedging.
\n
Loan covenant
\n
Elkem has \ufb01nancial covenants related to part of its loan
\n
agreements in Norway. The \ufb01nancial covenants are based
\n
on last 12 months \ufb01gures, and reported quarterly. Elkem was
\n
compliant with the covenants at the end of 2024 and 2023.
\n
Elkem initiated a waiver process in 2024, and got consent from
\n
the lenders to reduce the Interest Cover covenant from 4.0x to
\n
3.0x for each and every quarter of the 2024 \ufb01nancial year. In
\n
2025 the Interest Cover covenant will return to be 4.0x.
\n
The covenants for the interest-bearing loan facilities in Norway
\n
relate to the \ufb01nancial performance of Elkem and are as
\n
speci\ufb01ed in the table below.
\n
Covenant Elkem related to drawn loan agreements of
\n
NOK 8,019 million (NOK 8,148 million) in Elkem ASA
Amounts in NOK million
31.12.2024
Loan covenant
31.12.2023
Loan covenant
Equity ratio
49 %
> 30%
48 %
> 30%
Interest cover ratio
5.2
> 3.00
6.2
> 4.00
\n
Movements in interest-bearing liabilities 2024
\n \n
Cash
\ufb02ows
Non-cash changes
Additions, lease
modi\ufb01cations,
Liabilities
Currency
Receipts/ remeasurements
classi\ufb01ed as
translation
Amounts in NOK million
31.12.2023
Payments
and terminations
held for sale
Reclassi\ufb01cation
di\ufb00erences
31.12.2024
Lease liabilities
464
-
137
(129)
(147)
12
338
Loan agreements
13 091
2 118
-
(3 162)
(1 149)
620
11 519
Total movements non-current
13 555
2 118
137
(3 290)
(1 295)
632
11 857
Lease liabilities
125
(143)
-
(66)
147
5
67
Loan agreements
1 078
(1 121)
-
(130)
1 149
26
1 001
Total movements current
1 203
(1 264)
-
(197)
1 295
31
1 068
Total
14 758
854
137
(3 487)
-
663
12 925
\n
Movements in interest-bearing liabilities 2023
\n \n
Cash
\ufb02ows
Non-cash changes
Additions, lease
modi\ufb01cations,
Acquisition
Currency
Receipts/ remeasurements
/ Disposal of
translation
Amounts in NOK million
31.12.2022
Payments
and terminations
subsidiaries Reclassi\ufb01cation
di\ufb00erences
31.12.2023
Lease liabilities
475
-
210
-
(227)
6
464
Loan agreements
9 898
3 876
-
-
(1 183)
499
13 091
Total movements non-current
10 374
3 876
210
-
(1 410)
506
13 555
Lease liabilities
103
(209)
-
-
227
3
125
Loan agreements
84
(228)
-
31
1 183
7
1 078
Total movements current
187
(436)
-
31
1 410
11
1 203
Total
10 561
3 440
210
31
-
516
14 758
29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "26. Interest-bearing liabilitiesDetails of interest-bearing liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
1)
31.12.2024
31.12.2023
1)
Lease liabilities (note 18)
338
464
67
125
Loan agreements, bank
5 856
7 767
706
18
Loan agreements, bonds
3 500
2 750
295
646
Loan agreements, other than bank
2 123
2 529
0
414
Accrued interest
-
-
23
28
Total interest-bearing liabilities
11 817
13 509
1 090
1 231
\n
1)
\n
Restated - see note 39 Changes in presentation
\n
Interest-bearing liabilities by currency
31.12.2024
31.12.2023
1)
Amounts in NOK million
Currency amount
NOK
Currency amount
NOK
EUR
711
8 386
771
8 664
USD
0
2
2
20
NOK
4 501
4 501
3 647
3 647
CNY
4
6
1 632
2 334
Other currencies
-
12
-
74
Total interest-bearing liabilities
12 907
14 741
\n
1)
\n
Restated - see note 39 Changes in presentation
\n
Maturity of interest-bearing liabilities
\n
31 December 2024
2030
Amounts in NOK million
2025
2026
2027
2028
2029
and later
Total
Lease liabilities
67
41
38
34
32
193
405
Loan agreements
1 001
2 210
6 796
1 413
800
300
12 519
Accrued interest
23
23
Total interest-bearing liabilities excluding prepaid loan fees
1 090
2 251
6 834
1 446
832
493
12 947
Prepaid loan fees
(41)
Total interest-bearing liabilities
12 907
\n
Maturity of interest-bearing liabilities
\n
31 December 2023
\n
1)
2029
Amounts in NOK million
2024
2025
2026
2027
2028
and later
Total
Lease liabilities
125
79
63
48
44
230
589
Loan agreements
1 078
1 114
2 901
6 270
1 584
1 221
14 169
Accrued interest
28
28
Total interest-bearing liabilities excluding prepaid loan fees
1 231
1 193
2 964
6 318
1 628
1 452
14 786
Prepaid loan fees
(45)
Total interest-bearing liabilities
14 741
\n
1)
\n
Restated - see note 39 Changes in presentation
Loan agreements
\n
The main non-current loan agreements as at 31 December
\n
2024 are granted to Elkem in Norway for \ufb01nancing of the
\n
group; a term loan with bank institutions, bond loans and
\n
series of loans in Schuldshein market (other than bank).
\n
Loan agreements, bank
\n
The term loan of EUR 500 million (EUR 500 million)
\n
is unsecured, but there are related covenants. As at 31
\n
December 2024 the interest rate is 4.02 per cent. The term
\n
loan is linked to two sustainability KPIs,
KPI 1 Lost Time Injury
\n
Rate and KPI 2 \u2013 Product Group Carbon Footprint. The margin
\n
of the RCF and term loan shall be reduced by 0.025 per cent if
\n
both KPIs are met, and increased by 0.025 per cent if none of
\n
the KPIs are met. If one KPI is met there shall be no change to
\n
the margin. Based on initial testing of the KPI's there will be no
\n
change to the margin in 2025.
\n
Loan agreements, bonds
\n
The series of issued bond loans listed on Oslo B\u00f8rs is in the size
\n
of NOK 3 500 million (NOK 2 750 million) where of NOK 3 150
\n
million (NOK 2 750 million) is registered as bonds with \ufb02oating
\n
rate and NOK 350 million (NOK 350 million) is registered as a
\n
bond with \ufb01xed rate. The bond loans are unsecured and there
\n
are no related covenants. As of 31 December 2024 the interest
\n
rates are in the range of 4.88 per cent to 6.43 per cent.
\n
Elkem has entered into an interest swap agreement to swap
\n
the NOK 350 million bond from \ufb01xed to \ufb02oating interest rate.
\n
As at 31 December 2024 the fair value of this swap is NOK 1
\n
million (NOK 12 million).
\n
Elkem has entered into an interest rate swap agreement to
\n
swap the NOK 800 million bond loan from \ufb02oating interest
\n
rates to \ufb01xed interest rates of 4.88 per cent. As at 31 December
\n
2024 the fair value of this swap is NOK 21 million (entered into
\n
in 2024). A swap agreement has also been entered into to
\n
swap the NOK 400 million bond loan to a EUR 34 million loan
\n
with \ufb01xed interest rates of 3.72 per cent. As at 31 December
\n
2024 the fair value of this swap is negative NOK 2 million
\n
(entered into in 2024).
\n
The bond loans are listed on Oslo B\u00f8rs from January 2024,
\n
as at 31 December 2024 the fair value of the bond loans are
\n
positive NOK 2 million (negative NOK 12 million).
\n
Loan agreements, other than bank
\n
The series of loans issued in the Schuldschein market is of
\n
the size of EUR 180 million (EUR 210 million) with \ufb02oating
\n
rate and EUR 0 million (EUR 15 million) with a \ufb01xed rate. The
\n
loan series is unsecured, but there are related covenants. As
\n
of 31 December 2024 the interest rates are in the range of 4.1
\n
per cent to 4.35 per cent.
\n
Credit facilities
\n
As of 31 December 2024 the group is granted credit facilities
\n
of NOK 6 519 million. The facilities remain undrawn at 31
\n
December 2024.
\n
As of 31 December 2023 the group is granted credit facilities
\n
of NOK 6 293 million. The facilities remain undrawn at 31
\n
December 2023.
\n
The main revolving credit facilities are granted to Elkem
\n
ASA, but the facilities can be utilised by Elkem ASA and its
\n
subsidiaries. The main facilities amount to EUR 500 million,
\n
CNY 199 million and NOK 250 million respectively. See note 32
\n
Financial risk, section (c) liquidity risk for more information.
\n
Hedging
\n
Some / part of loans are designated as a hedging instrument,
\n
see note 31 Hedging.
\n
Loan covenant
\n
Elkem has \ufb01nancial covenants related to part of its loan
\n
agreements in Norway. The \ufb01nancial covenants are based
\n
on last 12 months \ufb01gures, and reported quarterly. Elkem was
\n
compliant with the covenants at the end of 2024 and 2023.
\n
Elkem initiated a waiver process in 2024, and got consent from
\n
the lenders to reduce the Interest Cover covenant from 4.0x to
\n
3.0x for each and every quarter of the 2024 \ufb01nancial year. In
\n
2025 the Interest Cover covenant will return to be 4.0x.
\n
The covenants for the interest-bearing loan facilities in Norway
\n
relate to the \ufb01nancial performance of Elkem and are as
\n
speci\ufb01ed in the table below.
\n
Covenant Elkem related to drawn loan agreements of
\n
NOK 8,019 million (NOK 8,148 million) in Elkem ASA
Amounts in NOK million
31.12.2024
Loan covenant
31.12.2023
Loan covenant
Equity ratio
49 %
> 30%
48 %
> 30%
Interest cover ratio
5.2
> 3.00
6.2
> 4.00
\n
Movements in interest-bearing liabilities 2024
\n \n
Cash
\ufb02ows
Non-cash changes
Additions, lease
modi\ufb01cations,
Liabilities
Currency
Receipts/ remeasurements
classi\ufb01ed as
translation
Amounts in NOK million
31.12.2023
Payments
and terminations
held for sale
Reclassi\ufb01cation
di\ufb00erences
31.12.2024
Lease liabilities
464
-
137
(129)
(147)
12
338
Loan agreements
13 091
2 118
-
(3 162)
(1 149)
620
11 519
Total movements non-current
13 555
2 118
137
(3 290)
(1 295)
632
11 857
Lease liabilities
125
(143)
-
(66)
147
5
67
Loan agreements
1 078
(1 121)
-
(130)
1 149
26
1 001
Total movements current
1 203
(1 264)
-
(197)
1 295
31
1 068
Total
14 758
854
137
(3 487)
-
663
12 925
\n
Movements in interest-bearing liabilities 2023
\n \n
Cash
\ufb02ows
Non-cash changes
Additions, lease
modi\ufb01cations,
Acquisition
Currency
Receipts/ remeasurements
/ Disposal of
translation
Amounts in NOK million
31.12.2022
Payments
and terminations
subsidiaries Reclassi\ufb01cation
di\ufb00erences
31.12.2023
Lease liabilities
475
-
210
-
(227)
6
464
Loan agreements
9 898
3 876
-
-
(1 183)
499
13 091
Total movements non-current
10 374
3 876
210
-
(1 410)
506
13 555
Lease liabilities
103
(209)
-
-
227
3
125
Loan agreements
84
(228)
-
31
1 183
7
1 078
Total movements current
187
(436)
-
31
1 410
11
1 203
Total
10 561
3 440
210
31
-
516
14 758
29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "26. Interest-bearing liabilitiesDetails of interest-bearing liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
1)
31.12.2024
31.12.2023
1)
Lease liabilities (note 18)
338
464
67
125
Loan agreements, bank
5 856
7 767
706
18
Loan agreements, bonds
3 500
2 750
295
646
Loan agreements, other than bank
2 123
2 529
0
414
Accrued interest
-
-
23
28
Total interest-bearing liabilities
11 817
13 509
1 090
1 231
\n
1)
\n
Restated - see note 39 Changes in presentation
\n
Interest-bearing liabilities by currency
31.12.2024
31.12.2023
1)
Amounts in NOK million
Currency amount
NOK
Currency amount
NOK
EUR
711
8 386
771
8 664
USD
0
2
2
20
NOK
4 501
4 501
3 647
3 647
CNY
4
6
1 632
2 334
Other currencies
-
12
-
74
Total interest-bearing liabilities
12 907
14 741
\n
1)
\n
Restated - see note 39 Changes in presentation
\n
Maturity of interest-bearing liabilities
\n
31 December 2024
2030
Amounts in NOK million
2025
2026
2027
2028
2029
and later
Total
Lease liabilities
67
41
38
34
32
193
405
Loan agreements
1 001
2 210
6 796
1 413
800
300
12 519
Accrued interest
23
23
Total interest-bearing liabilities excluding prepaid loan fees
1 090
2 251
6 834
1 446
832
493
12 947
Prepaid loan fees
(41)
Total interest-bearing liabilities
12 907
\n
Maturity of interest-bearing liabilities
\n
31 December 2023
\n
1)
2029
Amounts in NOK million
2024
2025
2026
2027
2028
and later
Total
Lease liabilities
125
79
63
48
44
230
589
Loan agreements
1 078
1 114
2 901
6 270
1 584
1 221
14 169
Accrued interest
28
28
Total interest-bearing liabilities excluding prepaid loan fees
1 231
1 193
2 964
6 318
1 628
1 452
14 786
Prepaid loan fees
(45)
Total interest-bearing liabilities
14 741
\n
1)
\n
Restated - see note 39 Changes in presentation
Loan agreements
\n
The main non-current loan agreements as at 31 December
\n
2024 are granted to Elkem in Norway for \ufb01nancing of the
\n
group; a term loan with bank institutions, bond loans and
\n
series of loans in Schuldshein market (other than bank).
\n
Loan agreements, bank
\n
The term loan of EUR 500 million (EUR 500 million)
\n
is unsecured, but there are related covenants. As at 31
\n
December 2024 the interest rate is 4.02 per cent. The term
\n
loan is linked to two sustainability KPIs,
KPI 1 Lost Time Injury
\n
Rate and KPI 2 \u2013 Product Group Carbon Footprint. The margin
\n
of the RCF and term loan shall be reduced by 0.025 per cent if
\n
both KPIs are met, and increased by 0.025 per cent if none of
\n
the KPIs are met. If one KPI is met there shall be no change to
\n
the margin. Based on initial testing of the KPI's there will be no
\n
change to the margin in 2025.
\n
Loan agreements, bonds
\n
The series of issued bond loans listed on Oslo B\u00f8rs is in the size
\n
of NOK 3 500 million (NOK 2 750 million) where of NOK 3 150
\n
million (NOK 2 750 million) is registered as bonds with \ufb02oating
\n
rate and NOK 350 million (NOK 350 million) is registered as a
\n
bond with \ufb01xed rate. The bond loans are unsecured and there
\n
are no related covenants. As of 31 December 2024 the interest
\n
rates are in the range of 4.88 per cent to 6.43 per cent.
\n
Elkem has entered into an interest swap agreement to swap
\n
the NOK 350 million bond from \ufb01xed to \ufb02oating interest rate.
\n
As at 31 December 2024 the fair value of this swap is NOK 1
\n
million (NOK 12 million).
\n
Elkem has entered into an interest rate swap agreement to
\n
swap the NOK 800 million bond loan from \ufb02oating interest
\n
rates to \ufb01xed interest rates of 4.88 per cent. As at 31 December
\n
2024 the fair value of this swap is NOK 21 million (entered into
\n
in 2024). A swap agreement has also been entered into to
\n
swap the NOK 400 million bond loan to a EUR 34 million loan
\n
with \ufb01xed interest rates of 3.72 per cent. As at 31 December
\n
2024 the fair value of this swap is negative NOK 2 million
\n
(entered into in 2024).
\n
The bond loans are listed on Oslo B\u00f8rs from January 2024,
\n
as at 31 December 2024 the fair value of the bond loans are
\n
positive NOK 2 million (negative NOK 12 million).
\n
Loan agreements, other than bank
\n
The series of loans issued in the Schuldschein market is of
\n
the size of EUR 180 million (EUR 210 million) with \ufb02oating
\n
rate and EUR 0 million (EUR 15 million) with a \ufb01xed rate. The
\n
loan series is unsecured, but there are related covenants. As
\n
of 31 December 2024 the interest rates are in the range of 4.1
\n
per cent to 4.35 per cent.
\n
Credit facilities
\n
As of 31 December 2024 the group is granted credit facilities
\n
of NOK 6 519 million. The facilities remain undrawn at 31
\n
December 2024.
\n
As of 31 December 2023 the group is granted credit facilities
\n
of NOK 6 293 million. The facilities remain undrawn at 31
\n
December 2023.
\n
The main revolving credit facilities are granted to Elkem
\n
ASA, but the facilities can be utilised by Elkem ASA and its
\n
subsidiaries. The main facilities amount to EUR 500 million,
\n
CNY 199 million and NOK 250 million respectively. See note 32
\n
Financial risk, section (c) liquidity risk for more information.
\n
Hedging
\n
Some / part of loans are designated as a hedging instrument,
\n
see note 31 Hedging.
\n
Loan covenant
\n
Elkem has \ufb01nancial covenants related to part of its loan
\n
agreements in Norway. The \ufb01nancial covenants are based
\n
on last 12 months \ufb01gures, and reported quarterly. Elkem was
\n
compliant with the covenants at the end of 2024 and 2023.
\n
Elkem initiated a waiver process in 2024, and got consent from
\n
the lenders to reduce the Interest Cover covenant from 4.0x to
\n
3.0x for each and every quarter of the 2024 \ufb01nancial year. In
\n
2025 the Interest Cover covenant will return to be 4.0x.
\n
The covenants for the interest-bearing loan facilities in Norway
\n
relate to the \ufb01nancial performance of Elkem and are as
\n
speci\ufb01ed in the table below.
\n
Covenant Elkem related to drawn loan agreements of
\n
NOK 8,019 million (NOK 8,148 million) in Elkem ASA
Amounts in NOK million
31.12.2024
Loan covenant
31.12.2023
Loan covenant
Equity ratio
49 %
> 30%
48 %
> 30%
Interest cover ratio
5.2
> 3.00
6.2
> 4.00
\n
Movements in interest-bearing liabilities 2024
\n \n
Cash
\ufb02ows
Non-cash changes
Additions, lease
modi\ufb01cations,
Liabilities
Currency
Receipts/ remeasurements
classi\ufb01ed as
translation
Amounts in NOK million
31.12.2023
Payments
and terminations
held for sale
Reclassi\ufb01cation
di\ufb00erences
31.12.2024
Lease liabilities
464
-
137
(129)
(147)
12
338
Loan agreements
13 091
2 118
-
(3 162)
(1 149)
620
11 519
Total movements non-current
13 555
2 118
137
(3 290)
(1 295)
632
11 857
Lease liabilities
125
(143)
-
(66)
147
5
67
Loan agreements
1 078
(1 121)
-
(130)
1 149
26
1 001
Total movements current
1 203
(1 264)
-
(197)
1 295
31
1 068
Total
14 758
854
137
(3 487)
-
663
12 925
\n
Movements in interest-bearing liabilities 2023
\n \n
Cash
\ufb02ows
Non-cash changes
Additions, lease
modi\ufb01cations,
Acquisition
Currency
Receipts/ remeasurements
/ Disposal of
translation
Amounts in NOK million
31.12.2022
Payments
and terminations
subsidiaries Reclassi\ufb01cation
di\ufb00erences
31.12.2023
Lease liabilities
475
-
210
-
(227)
6
464
Loan agreements
9 898
3 876
-
-
(1 183)
499
13 091
Total movements non-current
10 374
3 876
210
-
(1 410)
506
13 555
Lease liabilities
103
(209)
-
-
227
3
125
Loan agreements
84
(228)
-
31
1 183
7
1 078
Total movements current
187
(436)
-
31
1 410
11
1 203
Total
10 561
3 440
210
31
-
516
14 758
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "Principle applicationLease liabilities
See note 18 Leases for accounting policies for right-of-use
assets and lease liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "27. Trade payables
Elkem has entered into supplier \ufb01nance agreements with a
carrying amount of NOK 113 million as at 31 December 2024
(NOK 143 million). Under the agreements the suppliers have
received payment. The duration is from six to twelve months.
Range of payment due dates for comparable trade payables
that are not part of an arrangement are from 5 to 60 days.
The agreements are presented within trade payables in the
statement of \ufb01nancial positions and changes in working capital
in the statement of cash \ufb02ows.
28. Bills payables
Principle application
Bills payables
When Elkem\u2019s Chinese entities purchases goods from a
supplier a trade payable is established. Elkem can issue a bank
guaranteed bill that is used to settle Elkem\u2019s trade payable.
The issued bill payable is a document where Elkem as the
buyer formally agrees to pay for purchased goods or services
at maturity date and is normally guaranteed by a \ufb01nancial
institution. The bills payables are initially recognised when
the supplier accepts the bill of exchange and is recognised
at the amount equal to the trade payables it replaces. The
duration of a bill payable is normally below six months. When
the bill payable is guaranteed by a \ufb01nancial institution Elkem
is normally required to deposit a certain per centage of the
nominal value of the bill payable into a restricted bank account.
The deposit is assessed to be a collateral/prepayment for
the issued bill and is presented net with bills payable in the
statement of cash \ufb02ows, but presented gross in the statement
of \ufb01nancial position. All bills payables in Elkem are bank
acceptance bills which is guaranteed by a \ufb01nancial institution
and nominated in CNY.
Net bills payable
Amounts in NOK million
31.12.2024
31.12.2023
Restricted deposits bills payable
-
(351)
Bills payable
-
1 466
Net bills payable
-
1 114
29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Bills payables
When Elkem\u2019s Chinese entities purchases goods from a
supplier a trade payable is established. Elkem can issue a bank
guaranteed bill that is used to settle Elkem\u2019s trade payable.
The issued bill payable is a document where Elkem as the
buyer formally agrees to pay for purchased goods or services
at maturity date and is normally guaranteed by a \ufb01nancial
institution. The bills payables are initially recognised when
the supplier accepts the bill of exchange and is recognised
at the amount equal to the trade payables it replaces. The
duration of a bill payable is normally below six months. When
the bill payable is guaranteed by a \ufb01nancial institution Elkem
is normally required to deposit a certain per centage of the
nominal value of the bill payable into a restricted bank account.
The deposit is assessed to be a collateral/prepayment for
the issued bill and is presented net with bills payable in the
statement of cash \ufb02ows, but presented gross in the statement
of \ufb01nancial position. All bills payables in Elkem are bank
acceptance bills which is guaranteed by a \ufb01nancial institution
and nominated in CNY.Financial liabilities
Non-derivative \ufb01nancial liabilities include interest-bearing
liabilities, bills payables and trade payables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "29. Provisions and other liabilitesEstimates
Elkem has several types of provisions due to its operations.
Such liabilities are normally uncertain in timing and amount,
and recognised amounts are estimates based on available
information at the end of the reporting period. The estimated
liability is based on expected cash \ufb02ows necessary to settle
the obligation, adjusted for any related risk and discounted by
using the pre-tax interest applicable for the speci\ufb01c entity. The
estimates are updated when new or updated information is
available, or at a minimum at each reporting date. The actual
outcome will di\ufb00er from the estimate.
The estimate uncertainty primarily relates to environmental
measures related to closed production sites and land\ufb01lls.
The potential outcome can vary within a relatively wide range
depending on the \ufb01nal scope of the measures required and the
cost of ful\ufb01lling the measures. In these cases, the estimated
provision is made based on a combination of expert opinions
and management\u2019s assessment of the known facts and
circumstanc
Details of provision and other liabilities
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Employee withholding taxes and other public taxes
-
-
113
143
Value added tax
-
-
93
252
Prepayments
-
-
63
112
Prepayments from related parties (note 37)
-
-
-
10
Liabilities to related parties (note 37)
-
-
0
17
Provisions
250
262
19
101
Accrued expenses
-
-
361
389
Grants, deferred income (note 9)
-
-
0
34
Grants payable (note 9)
17
17
-
-
Advances on export exchange contracts (ACC)
-
-
72
106
Recourse liabilities factoring agreement (note 23)
-
-
53
94
Settlement liabilities factoring agreements
-
-
31
71
Other liabilities
-
-
9
53
Total provisions and other liabilities
267
279
815
1 381
Elkem has for its Carbon operations in Brazil entered into
Advances on foreign exchange contracts (ACC) with \ufb01nancial
institutions. Under these contracts Elkem receives full or
partial prepayments from the \ufb01nancial institution before the
goods are shipped. The prepayments are used to \ufb01nance
imports of raw materials.
Movements in contingent consideration
Amounts in NOK million
2024
2023
Opening balance
-
42
Fair value adjustment of contingent consideration upon payment
-
(3)
Unwinding
-
0
Payments
-
(38)
Currency translation di\ufb00erences
-
(1)
Closing balance
-
-
Movements in provision
\n \n
2024
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
44
35
203
71
5
5
363
Additional provisions recognised from
9
9
11
3
0
0
32
continuing operations
Additional provisions recognised from
130
-
-
-
8
10
148
discontinued operations
Used during the year
(101)
(0)
(13)
(8)
(2)
(10)
(134)
Reversal of provisions recognised from
-
-
(3)
-
-
-
(3)
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Liabilities classi\ufb01ed as held for sale
(85)
-
(29)
(10)
(10)
(5)
(138)
Currency translation di\ufb00erences
4
0
5
(7)
0
0
3
Closing balance
0
44
175
49
0
1
270
Hereof non-current
-
38
163
49
-
1
250
Hereof current
0
6
12
1
0
0
19
Closing balance
0
44
175
49
0
1
270
Movements in provision
\n \n
2023
Site Environmental
Other
Total
Amounts in NOK million
Restructuring restoration
measures
Litigations
Customers provisions
provisions
Opening balance
17
34
190
62
9
7
318
Additional provisions recognised from
-
2
6
5
-
-
13
continuing operations
Additional provisions recognised from
43
-
-
-
1
10
54
discontinued operations
Used during the year
(15)
(1)
(1)
(3)
(5)
(12)
(37)
Reversal of provisions recognised from
-
-
-
-
-
-
-
continuing operations
Reversal of provisions recognised from
-
-
-
-
(1)
-
(1)
discontinued operations
Currency translation di\ufb00erences
(0)
0
9
7
1
0
16
Closing balance
44
35
203
71
5
5
363
Hereof non-current
-
35
167
59
-
1
262
Hereof current
44
-
36
11
5
5
101
Closing balance
44
35
203
71
5
5
363
Restructuring
The provision is related to Elkem's cost saving programme in
Silicones division.
Site restoration
The site restoration provisions are related to the necessary site
remediation work that Elkem will have to undertake in respect
of its quartz mines.
Environmental measures
Elkem has worldwide operations representing potential
exposure towards environmental consequences. Elkem has
established clear procedures to minimise environmental
emissions, well within public emission limits. The provisions
relate to clean up costs for a closed down production site and
land\ufb01lls, mainly in Canada and Norway, and also estimated
cost for clean-up cost of polluted soil and fjord in relation to
production sites in Norway. Provisions are made for each case
based on estimates that are quality assured by external parties.
The estimates are manly unchanged from last year, except from
e\ufb00ects from in\ufb02ation. The engineering work in Canada started
in 2024 and is expected to be \ufb01nalised during \ufb01rst quarter
2025. For the other projects the timing of when the work will
start is uncertain. A reasonable possible change in the estimate
for the environmental measures are around 20 per cent.
Litigations
The provisions due to litigations are mainly related to the
Carbon Solutions division in Brazil.
Federal tax cases in Brazil can take a substantial amount
of time before resolution by the authorities, hence the time
of settlement is uncertain. The main part of the provision
is related to cases back to 2006. Provisions are made for
each case based on the estimated amount expected to be
paid, including interest and penalties. In accordance with
Brazilian regulations, agreed amounts have been transferred
to restricted bank accounts and are adjusted for interest. The
restricted cash is recognised in other non-current assets, see
note 24 Other assets.
Customers
The provisions are related to customer complaints, mainly in
the Silicones division.
Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Principle application
The cost of CO
allowances that Elkem needs to purchase in
2
addition to allowances received from the government (see
note 9 Grants), are based on estimated production / emissions
for the year. The liability related to the purchase of allowances
is accrued for using an average cost method with the
assumption that the allowances received from the government
is consumed evenly across the year. The provision for the
purchase of allowances is measured at the agreed purchase
price for forward purchases and the remaining at the market
price at the reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Contingent liabilities
Due to its operations Elkem could be included in criminal or
civil proceedings related to, among others, product liability,
environment, health and safety, anti-competitive, anti-
corruption, trade sanctions or other similar laws or regulations
or other forms of commercial disputes which could have a
material adverse e\ufb00ect on Elkem. See section litigation above
for ongoing cases and see note 16 Taxes for ongoing tax audits
by authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "30. Financial assets and liabilitiesEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.
Assets by category
31 December 2024
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-
value through
value - hedging
comprehensive
receivables at
\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
assets
Total
Derivatives, non-current
572
440
-
-
-
1 012
Other assets,
non-current
24
781
-
20
70
115
985
Trade receivables
23
-
-
-
1 960
-
1 960
Derivatives, current
130
137
-
-
-
267
Other assets, current
24
-
-
-
13
1 241
1 254
Restricted deposits
25
-
-
-
7
-
7
Cash and cash equivalents
25
-
-
-
4 397
-
4 397
Total
1 483
577
20
6 447
1 355
Liabilities by category
31 December 2024
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
26
-
-
11 817
-
11 817
Derivatives, non-current
2)
31
453
-
-
485
Provisions and other liabilities, non-current
29
-
-
-
267
267
Trade payables
27
-
-
2 076
-
2 076
Interest-bearing liabilities, current
1)
26
-
-
1 090
-
1 090
Bills payables
28
-
-
-
-
-
Derivatives, current
2)
(43)
183
-
-
140
Provisions and other liabilities, current
29
-
-
525
290
815
Total
(11)
636
15 508
557
Assets by category
31 December 2023
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-\ufb01nancial
value through
value - hedging
comprehensive
receivables at
assets
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
Total
Derivatives, non-current
745
232
-
-
-
977
Other assets,
non-current
24
7
-
18
75
456
556
Trade receivables
23
-
-
-
3 209
-
3 209
Derivatives, current
269
142
-
-
411
Other assets, current
24
-
-
-
123
1 939
2 062
Restricted deposits
25
-
-
-
388
-
388
Cash and cash equivalents
25
-
-
-
6 367
-
6 367
Total
1 022
374
18
10 163
2 394
Liabilities by category
31 December 2023
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
1)
26
-
-
13 509
-
13 509
Derivatives, non-current
2)
(127)
362
-
-
235
Provisions and other liabilities, non-current
29
-
-
-
279
279
Trade payables
27
-
-
5 281
-
5 281
Interest-bearing liabilities, current
1)
26
-
-
1 231
-
1 231
Bills payables
28
-
-
1 466
-
1 466
Derivatives, current
2)
(48)
114
-
-
66
Provisions and other liabilities, current
29
-
-
729
652
1 381
Total
(174)
475
22 216
930
1)
In addition to the hedging instruments included in derivatives, currency e\ufb00ect of EUR loan is designated as a hedging instrument in a cash
\ufb02ow hedge of highly probable future sales. This hedge terminated in 2023. See note 31 Hedging.
2)
The group applies hedge accounting for certain currency contracts and certain parts of power contracts. The negative value reported as
assets and liabilities at fair value is representing the value of parts of power contracts where hedge accounting is not applied.
There are no material di\ufb00erences between fair value and the
carrying amount for \ufb01nancial liabilities and \ufb01nancial assets at
amortised cost.
(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
(b) Details of \ufb01nancial instruments
Details of currency exchange contracts 31 December 2024
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
NOK
1 864
EUR
159
Fwd
11.7621
2025
(20)
1 869
NOK
201
JPY
1 954
Fwd
0.1028
2025
57
141
NOK
33
JPY
312
Fwd
0.1052
2026
9
23
NOK
375
USD
35
Fwd
10.7453
2025
(21)
396
USD
1
JPY
101
Fwd
0.0068
2024
0
7
NOK
818
EUR
76
Embedded
2)
10.7941
2025
(89)
894
NOK
5 984
EUR
518
Embedded
2)
11.5528
2026-2035
(483)
6 108
Total fair value
3)
(547)
Details of currency exchange contracts 31 December 2023
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
CAD
9
USD
7
Fwd
1.3454
2024
1
68
NOK
1 897
EUR
164
Fwd
11.5408
2024
43
1 848
NOK
193
JPY
1 976
Fwd
0.0975
2024
48
142
NOK
234
JPY
2 266
Fwd
0.1031
2025-2026
61
163
NOK
167
USD
16
Fwd
10.1675
2024
0
167
USD
1
JPY
168
Fwd
0.0070
2024
(0)
12
NOK
807
EUR
76
Embedded
2)
10.6493
2024
(54)
851
NOK
5 101
EUR
458
Embedded
2)
11.1367
2025-2034
(235)
5 148
Total fair value
3)
(136)
1)
Notional value of the contracts, based on currency rates 31 December.
2)
Embedded EUR derivatives in own use power contracts.
3)
The spot element of forward currency contracts with duration more than 3 months are designated as hedging
instruments in a cash \ufb02ow hedge of highly probable future sales, hence this part is classi\ufb01ed
as \"Derivatives used for
hedging\" in the table
\"Assets and liabilities classi\ufb01ed by category\" above. The interest element of these contracts and
contracts of duration < 3 months are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t or loss\".
Details commodity contracts and interest rate swap within the scope of IFRS 9 31 December 2024
\n \n
Notional
Amounts in NOK million
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Commodity contracts Power
501 GWh
2025
196
177
Commodity contracts Power
4478 GWh
2026-2035
986
1 950
Interest rate swap
1550 MNOK
2025-2029
19
301
Total fair value contracts within scope of IFRS 9
2)
1 201
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2)
Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
Details of power contracts and other commodity contracts within the scope of IFRS 9 31 December 2023
Notional
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Power contract '30-\u00f8ringen'
501 GWh
2024
303
172
Power contract '30-\u00f8ringen'
3006 GWh
2025-2030
907
1 105
Commodity contracts Platinum
1176 Oz
2024
0
3
Interest rate swap
350 MNOK
2024-2028
12
94
Total fair value contracts within scope of IFRS 9 2)
1 223
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2) Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
(c) O\ufb00setting
Financial assets
31 December 2024
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 182
-
1 182
-
-
1 182
Forward currency contracts
75
-
75
5
-
80
Total
1 257
-
1 257
5
-
1 262
Financial liabilities
31 December 2024
Gross amount
of recognised
Financial
Gross \ufb01nancial assets
Net
instruments
amount of
set o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
572
-
572
-
-
572
Forward currency contracts
50
-
50
5
-
54
Total
622
-
622
5
-
626
Financial assets
31 December 2023
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 211
(1)
1 211
-
-
1 211
Forward currency contracts
153
-
153
7
-
160
Total
1 364
(1)
1 364
7
-
1 371
Financial liabilities
31 December 2023
\n \n
Gross amount
of recognised
\ufb01nancial
Financial
Gross
assets set
Net
instruments
amount of
o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
289
-
289
-
-
289
Forward currency contracts
12
-
12
7
-
19
Total
301
-
301
7
-
308
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "30. Financial assets and liabilitiesEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.
Assets by category
31 December 2024
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-
value through
value - hedging
comprehensive
receivables at
\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
assets
Total
Derivatives, non-current
572
440
-
-
-
1 012
Other assets,
non-current
24
781
-
20
70
115
985
Trade receivables
23
-
-
-
1 960
-
1 960
Derivatives, current
130
137
-
-
-
267
Other assets, current
24
-
-
-
13
1 241
1 254
Restricted deposits
25
-
-
-
7
-
7
Cash and cash equivalents
25
-
-
-
4 397
-
4 397
Total
1 483
577
20
6 447
1 355
Liabilities by category
31 December 2024
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
26
-
-
11 817
-
11 817
Derivatives, non-current
2)
31
453
-
-
485
Provisions and other liabilities, non-current
29
-
-
-
267
267
Trade payables
27
-
-
2 076
-
2 076
Interest-bearing liabilities, current
1)
26
-
-
1 090
-
1 090
Bills payables
28
-
-
-
-
-
Derivatives, current
2)
(43)
183
-
-
140
Provisions and other liabilities, current
29
-
-
525
290
815
Total
(11)
636
15 508
557
Assets by category
31 December 2023
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-\ufb01nancial
value through
value - hedging
comprehensive
receivables at
assets
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
Total
Derivatives, non-current
745
232
-
-
-
977
Other assets,
non-current
24
7
-
18
75
456
556
Trade receivables
23
-
-
-
3 209
-
3 209
Derivatives, current
269
142
-
-
411
Other assets, current
24
-
-
-
123
1 939
2 062
Restricted deposits
25
-
-
-
388
-
388
Cash and cash equivalents
25
-
-
-
6 367
-
6 367
Total
1 022
374
18
10 163
2 394
Liabilities by category
31 December 2023
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
1)
26
-
-
13 509
-
13 509
Derivatives, non-current
2)
(127)
362
-
-
235
Provisions and other liabilities, non-current
29
-
-
-
279
279
Trade payables
27
-
-
5 281
-
5 281
Interest-bearing liabilities, current
1)
26
-
-
1 231
-
1 231
Bills payables
28
-
-
1 466
-
1 466
Derivatives, current
2)
(48)
114
-
-
66
Provisions and other liabilities, current
29
-
-
729
652
1 381
Total
(174)
475
22 216
930
1)
In addition to the hedging instruments included in derivatives, currency e\ufb00ect of EUR loan is designated as a hedging instrument in a cash
\ufb02ow hedge of highly probable future sales. This hedge terminated in 2023. See note 31 Hedging.
2)
The group applies hedge accounting for certain currency contracts and certain parts of power contracts. The negative value reported as
assets and liabilities at fair value is representing the value of parts of power contracts where hedge accounting is not applied.
There are no material di\ufb00erences between fair value and the
carrying amount for \ufb01nancial liabilities and \ufb01nancial assets at
amortised cost.
(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
(b) Details of \ufb01nancial instruments
Details of currency exchange contracts 31 December 2024
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
NOK
1 864
EUR
159
Fwd
11.7621
2025
(20)
1 869
NOK
201
JPY
1 954
Fwd
0.1028
2025
57
141
NOK
33
JPY
312
Fwd
0.1052
2026
9
23
NOK
375
USD
35
Fwd
10.7453
2025
(21)
396
USD
1
JPY
101
Fwd
0.0068
2024
0
7
NOK
818
EUR
76
Embedded
2)
10.7941
2025
(89)
894
NOK
5 984
EUR
518
Embedded
2)
11.5528
2026-2035
(483)
6 108
Total fair value
3)
(547)
Details of currency exchange contracts 31 December 2023
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
CAD
9
USD
7
Fwd
1.3454
2024
1
68
NOK
1 897
EUR
164
Fwd
11.5408
2024
43
1 848
NOK
193
JPY
1 976
Fwd
0.0975
2024
48
142
NOK
234
JPY
2 266
Fwd
0.1031
2025-2026
61
163
NOK
167
USD
16
Fwd
10.1675
2024
0
167
USD
1
JPY
168
Fwd
0.0070
2024
(0)
12
NOK
807
EUR
76
Embedded
2)
10.6493
2024
(54)
851
NOK
5 101
EUR
458
Embedded
2)
11.1367
2025-2034
(235)
5 148
Total fair value
3)
(136)
1)
Notional value of the contracts, based on currency rates 31 December.
2)
Embedded EUR derivatives in own use power contracts.
3)
The spot element of forward currency contracts with duration more than 3 months are designated as hedging
instruments in a cash \ufb02ow hedge of highly probable future sales, hence this part is classi\ufb01ed
as \"Derivatives used for
hedging\" in the table
\"Assets and liabilities classi\ufb01ed by category\" above. The interest element of these contracts and
contracts of duration < 3 months are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t or loss\".
Details commodity contracts and interest rate swap within the scope of IFRS 9 31 December 2024
\n \n
Notional
Amounts in NOK million
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Commodity contracts Power
501 GWh
2025
196
177
Commodity contracts Power
4478 GWh
2026-2035
986
1 950
Interest rate swap
1550 MNOK
2025-2029
19
301
Total fair value contracts within scope of IFRS 9
2)
1 201
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2)
Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
Details of power contracts and other commodity contracts within the scope of IFRS 9 31 December 2023
Notional
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Power contract '30-\u00f8ringen'
501 GWh
2024
303
172
Power contract '30-\u00f8ringen'
3006 GWh
2025-2030
907
1 105
Commodity contracts Platinum
1176 Oz
2024
0
3
Interest rate swap
350 MNOK
2024-2028
12
94
Total fair value contracts within scope of IFRS 9 2)
1 223
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2) Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
(c) O\ufb00setting
Financial assets
31 December 2024
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 182
-
1 182
-
-
1 182
Forward currency contracts
75
-
75
5
-
80
Total
1 257
-
1 257
5
-
1 262
Financial liabilities
31 December 2024
Gross amount
of recognised
Financial
Gross \ufb01nancial assets
Net
instruments
amount of
set o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
572
-
572
-
-
572
Forward currency contracts
50
-
50
5
-
54
Total
622
-
622
5
-
626
Financial assets
31 December 2023
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 211
(1)
1 211
-
-
1 211
Forward currency contracts
153
-
153
7
-
160
Total
1 364
(1)
1 364
7
-
1 371
Financial liabilities
31 December 2023
\n \n
Gross amount
of recognised
\ufb01nancial
Financial
Gross
assets set
Net
instruments
amount of
o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
289
-
289
-
-
289
Forward currency contracts
12
-
12
7
-
19
Total
301
-
301
7
-
308
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "30. Financial assets and liabilitiesEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.
Assets by category
31 December 2024
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-
value through
value - hedging
comprehensive
receivables at
\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
assets
Total
Derivatives, non-current
572
440
-
-
-
1 012
Other assets,
non-current
24
781
-
20
70
115
985
Trade receivables
23
-
-
-
1 960
-
1 960
Derivatives, current
130
137
-
-
-
267
Other assets, current
24
-
-
-
13
1 241
1 254
Restricted deposits
25
-
-
-
7
-
7
Cash and cash equivalents
25
-
-
-
4 397
-
4 397
Total
1 483
577
20
6 447
1 355
Liabilities by category
31 December 2024
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
26
-
-
11 817
-
11 817
Derivatives, non-current
2)
31
453
-
-
485
Provisions and other liabilities, non-current
29
-
-
-
267
267
Trade payables
27
-
-
2 076
-
2 076
Interest-bearing liabilities, current
1)
26
-
-
1 090
-
1 090
Bills payables
28
-
-
-
-
-
Derivatives, current
2)
(43)
183
-
-
140
Provisions and other liabilities, current
29
-
-
525
290
815
Total
(11)
636
15 508
557
Assets by category
31 December 2023
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-\ufb01nancial
value through
value - hedging
comprehensive
receivables at
assets
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
Total
Derivatives, non-current
745
232
-
-
-
977
Other assets,
non-current
24
7
-
18
75
456
556
Trade receivables
23
-
-
-
3 209
-
3 209
Derivatives, current
269
142
-
-
411
Other assets, current
24
-
-
-
123
1 939
2 062
Restricted deposits
25
-
-
-
388
-
388
Cash and cash equivalents
25
-
-
-
6 367
-
6 367
Total
1 022
374
18
10 163
2 394
Liabilities by category
31 December 2023
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
1)
26
-
-
13 509
-
13 509
Derivatives, non-current
2)
(127)
362
-
-
235
Provisions and other liabilities, non-current
29
-
-
-
279
279
Trade payables
27
-
-
5 281
-
5 281
Interest-bearing liabilities, current
1)
26
-
-
1 231
-
1 231
Bills payables
28
-
-
1 466
-
1 466
Derivatives, current
2)
(48)
114
-
-
66
Provisions and other liabilities, current
29
-
-
729
652
1 381
Total
(174)
475
22 216
930
1)
In addition to the hedging instruments included in derivatives, currency e\ufb00ect of EUR loan is designated as a hedging instrument in a cash
\ufb02ow hedge of highly probable future sales. This hedge terminated in 2023. See note 31 Hedging.
2)
The group applies hedge accounting for certain currency contracts and certain parts of power contracts. The negative value reported as
assets and liabilities at fair value is representing the value of parts of power contracts where hedge accounting is not applied.
There are no material di\ufb00erences between fair value and the
carrying amount for \ufb01nancial liabilities and \ufb01nancial assets at
amortised cost.
(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
(b) Details of \ufb01nancial instruments
Details of currency exchange contracts 31 December 2024
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
NOK
1 864
EUR
159
Fwd
11.7621
2025
(20)
1 869
NOK
201
JPY
1 954
Fwd
0.1028
2025
57
141
NOK
33
JPY
312
Fwd
0.1052
2026
9
23
NOK
375
USD
35
Fwd
10.7453
2025
(21)
396
USD
1
JPY
101
Fwd
0.0068
2024
0
7
NOK
818
EUR
76
Embedded
2)
10.7941
2025
(89)
894
NOK
5 984
EUR
518
Embedded
2)
11.5528
2026-2035
(483)
6 108
Total fair value
3)
(547)
Details of currency exchange contracts 31 December 2023
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
CAD
9
USD
7
Fwd
1.3454
2024
1
68
NOK
1 897
EUR
164
Fwd
11.5408
2024
43
1 848
NOK
193
JPY
1 976
Fwd
0.0975
2024
48
142
NOK
234
JPY
2 266
Fwd
0.1031
2025-2026
61
163
NOK
167
USD
16
Fwd
10.1675
2024
0
167
USD
1
JPY
168
Fwd
0.0070
2024
(0)
12
NOK
807
EUR
76
Embedded
2)
10.6493
2024
(54)
851
NOK
5 101
EUR
458
Embedded
2)
11.1367
2025-2034
(235)
5 148
Total fair value
3)
(136)
1)
Notional value of the contracts, based on currency rates 31 December.
2)
Embedded EUR derivatives in own use power contracts.
3)
The spot element of forward currency contracts with duration more than 3 months are designated as hedging
instruments in a cash \ufb02ow hedge of highly probable future sales, hence this part is classi\ufb01ed
as \"Derivatives used for
hedging\" in the table
\"Assets and liabilities classi\ufb01ed by category\" above. The interest element of these contracts and
contracts of duration < 3 months are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t or loss\".
Details commodity contracts and interest rate swap within the scope of IFRS 9 31 December 2024
\n \n
Notional
Amounts in NOK million
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Commodity contracts Power
501 GWh
2025
196
177
Commodity contracts Power
4478 GWh
2026-2035
986
1 950
Interest rate swap
1550 MNOK
2025-2029
19
301
Total fair value contracts within scope of IFRS 9
2)
1 201
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2)
Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
Details of power contracts and other commodity contracts within the scope of IFRS 9 31 December 2023
Notional
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Power contract '30-\u00f8ringen'
501 GWh
2024
303
172
Power contract '30-\u00f8ringen'
3006 GWh
2025-2030
907
1 105
Commodity contracts Platinum
1176 Oz
2024
0
3
Interest rate swap
350 MNOK
2024-2028
12
94
Total fair value contracts within scope of IFRS 9 2)
1 223
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2) Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "30. Financial assets and liabilitiesEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.
Assets by category
31 December 2024
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-
value through
value - hedging
comprehensive
receivables at
\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
assets
Total
Derivatives, non-current
572
440
-
-
-
1 012
Other assets,
non-current
24
781
-
20
70
115
985
Trade receivables
23
-
-
-
1 960
-
1 960
Derivatives, current
130
137
-
-
-
267
Other assets, current
24
-
-
-
13
1 241
1 254
Restricted deposits
25
-
-
-
7
-
7
Cash and cash equivalents
25
-
-
-
4 397
-
4 397
Total
1 483
577
20
6 447
1 355
Liabilities by category
31 December 2024
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
26
-
-
11 817
-
11 817
Derivatives, non-current
2)
31
453
-
-
485
Provisions and other liabilities, non-current
29
-
-
-
267
267
Trade payables
27
-
-
2 076
-
2 076
Interest-bearing liabilities, current
1)
26
-
-
1 090
-
1 090
Bills payables
28
-
-
-
-
-
Derivatives, current
2)
(43)
183
-
-
140
Provisions and other liabilities, current
29
-
-
525
290
815
Total
(11)
636
15 508
557
Assets by category
31 December 2023
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-\ufb01nancial
value through
value - hedging
comprehensive
receivables at
assets
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
Total
Derivatives, non-current
745
232
-
-
-
977
Other assets,
non-current
24
7
-
18
75
456
556
Trade receivables
23
-
-
-
3 209
-
3 209
Derivatives, current
269
142
-
-
411
Other assets, current
24
-
-
-
123
1 939
2 062
Restricted deposits
25
-
-
-
388
-
388
Cash and cash equivalents
25
-
-
-
6 367
-
6 367
Total
1 022
374
18
10 163
2 394
Liabilities by category
31 December 2023
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
1)
26
-
-
13 509
-
13 509
Derivatives, non-current
2)
(127)
362
-
-
235
Provisions and other liabilities, non-current
29
-
-
-
279
279
Trade payables
27
-
-
5 281
-
5 281
Interest-bearing liabilities, current
1)
26
-
-
1 231
-
1 231
Bills payables
28
-
-
1 466
-
1 466
Derivatives, current
2)
(48)
114
-
-
66
Provisions and other liabilities, current
29
-
-
729
652
1 381
Total
(174)
475
22 216
930
1)
In addition to the hedging instruments included in derivatives, currency e\ufb00ect of EUR loan is designated as a hedging instrument in a cash
\ufb02ow hedge of highly probable future sales. This hedge terminated in 2023. See note 31 Hedging.
2)
The group applies hedge accounting for certain currency contracts and certain parts of power contracts. The negative value reported as
assets and liabilities at fair value is representing the value of parts of power contracts where hedge accounting is not applied.
There are no material di\ufb00erences between fair value and the
carrying amount for \ufb01nancial liabilities and \ufb01nancial assets at
amortised cost.
(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
(b) Details of \ufb01nancial instruments
Details of currency exchange contracts 31 December 2024
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
NOK
1 864
EUR
159
Fwd
11.7621
2025
(20)
1 869
NOK
201
JPY
1 954
Fwd
0.1028
2025
57
141
NOK
33
JPY
312
Fwd
0.1052
2026
9
23
NOK
375
USD
35
Fwd
10.7453
2025
(21)
396
USD
1
JPY
101
Fwd
0.0068
2024
0
7
NOK
818
EUR
76
Embedded
2)
10.7941
2025
(89)
894
NOK
5 984
EUR
518
Embedded
2)
11.5528
2026-2035
(483)
6 108
Total fair value
3)
(547)
Details of currency exchange contracts 31 December 2023
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
CAD
9
USD
7
Fwd
1.3454
2024
1
68
NOK
1 897
EUR
164
Fwd
11.5408
2024
43
1 848
NOK
193
JPY
1 976
Fwd
0.0975
2024
48
142
NOK
234
JPY
2 266
Fwd
0.1031
2025-2026
61
163
NOK
167
USD
16
Fwd
10.1675
2024
0
167
USD
1
JPY
168
Fwd
0.0070
2024
(0)
12
NOK
807
EUR
76
Embedded
2)
10.6493
2024
(54)
851
NOK
5 101
EUR
458
Embedded
2)
11.1367
2025-2034
(235)
5 148
Total fair value
3)
(136)
1)
Notional value of the contracts, based on currency rates 31 December.
2)
Embedded EUR derivatives in own use power contracts.
3)
The spot element of forward currency contracts with duration more than 3 months are designated as hedging
instruments in a cash \ufb02ow hedge of highly probable future sales, hence this part is classi\ufb01ed
as \"Derivatives used for
hedging\" in the table
\"Assets and liabilities classi\ufb01ed by category\" above. The interest element of these contracts and
contracts of duration < 3 months are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t or loss\".
Details commodity contracts and interest rate swap within the scope of IFRS 9 31 December 2024
\n \n
Notional
Amounts in NOK million
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Commodity contracts Power
501 GWh
2025
196
177
Commodity contracts Power
4478 GWh
2026-2035
986
1 950
Interest rate swap
1550 MNOK
2025-2029
19
301
Total fair value contracts within scope of IFRS 9
2)
1 201
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2)
Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
Details of power contracts and other commodity contracts within the scope of IFRS 9 31 December 2023
Notional
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Power contract '30-\u00f8ringen'
501 GWh
2024
303
172
Power contract '30-\u00f8ringen'
3006 GWh
2025-2030
907
1 105
Commodity contracts Platinum
1176 Oz
2024
0
3
Interest rate swap
350 MNOK
2024-2028
12
94
Total fair value contracts within scope of IFRS 9 2)
1 223
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2) Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
(c) O\ufb00setting
Financial assets
31 December 2024
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 182
-
1 182
-
-
1 182
Forward currency contracts
75
-
75
5
-
80
Total
1 257
-
1 257
5
-
1 262
Financial liabilities
31 December 2024
Gross amount
of recognised
Financial
Gross \ufb01nancial assets
Net
instruments
amount of
set o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
572
-
572
-
-
572
Forward currency contracts
50
-
50
5
-
54
Total
622
-
622
5
-
626
Financial assets
31 December 2023
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 211
(1)
1 211
-
-
1 211
Forward currency contracts
153
-
153
7
-
160
Total
1 364
(1)
1 364
7
-
1 371
Financial liabilities
31 December 2023
\n \n
Gross amount
of recognised
\ufb01nancial
Financial
Gross
assets set
Net
instruments
amount of
o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
289
-
289
-
-
289
Forward currency contracts
12
-
12
7
-
19
Total
301
-
301
7
-
308
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "30. Financial assets and liabilitiesEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.
Assets by category
31 December 2024
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-
value through
value - hedging
comprehensive
receivables at
\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
assets
Total
Derivatives, non-current
572
440
-
-
-
1 012
Other assets,
non-current
24
781
-
20
70
115
985
Trade receivables
23
-
-
-
1 960
-
1 960
Derivatives, current
130
137
-
-
-
267
Other assets, current
24
-
-
-
13
1 241
1 254
Restricted deposits
25
-
-
-
7
-
7
Cash and cash equivalents
25
-
-
-
4 397
-
4 397
Total
1 483
577
20
6 447
1 355
Liabilities by category
31 December 2024
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
26
-
-
11 817
-
11 817
Derivatives, non-current
2)
31
453
-
-
485
Provisions and other liabilities, non-current
29
-
-
-
267
267
Trade payables
27
-
-
2 076
-
2 076
Interest-bearing liabilities, current
1)
26
-
-
1 090
-
1 090
Bills payables
28
-
-
-
-
-
Derivatives, current
2)
(43)
183
-
-
140
Provisions and other liabilities, current
29
-
-
525
290
815
Total
(11)
636
15 508
557
Assets by category
31 December 2023
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-\ufb01nancial
value through
value - hedging
comprehensive
receivables at
assets
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
Total
Derivatives, non-current
745
232
-
-
-
977
Other assets,
non-current
24
7
-
18
75
456
556
Trade receivables
23
-
-
-
3 209
-
3 209
Derivatives, current
269
142
-
-
411
Other assets, current
24
-
-
-
123
1 939
2 062
Restricted deposits
25
-
-
-
388
-
388
Cash and cash equivalents
25
-
-
-
6 367
-
6 367
Total
1 022
374
18
10 163
2 394
Liabilities by category
31 December 2023
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
1)
26
-
-
13 509
-
13 509
Derivatives, non-current
2)
(127)
362
-
-
235
Provisions and other liabilities, non-current
29
-
-
-
279
279
Trade payables
27
-
-
5 281
-
5 281
Interest-bearing liabilities, current
1)
26
-
-
1 231
-
1 231
Bills payables
28
-
-
1 466
-
1 466
Derivatives, current
2)
(48)
114
-
-
66
Provisions and other liabilities, current
29
-
-
729
652
1 381
Total
(174)
475
22 216
930
1)
In addition to the hedging instruments included in derivatives, currency e\ufb00ect of EUR loan is designated as a hedging instrument in a cash
\ufb02ow hedge of highly probable future sales. This hedge terminated in 2023. See note 31 Hedging.
2)
The group applies hedge accounting for certain currency contracts and certain parts of power contracts. The negative value reported as
assets and liabilities at fair value is representing the value of parts of power contracts where hedge accounting is not applied.
There are no material di\ufb00erences between fair value and the
carrying amount for \ufb01nancial liabilities and \ufb01nancial assets at
amortised cost.
(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
(b) Details of \ufb01nancial instruments
Details of currency exchange contracts 31 December 2024
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
NOK
1 864
EUR
159
Fwd
11.7621
2025
(20)
1 869
NOK
201
JPY
1 954
Fwd
0.1028
2025
57
141
NOK
33
JPY
312
Fwd
0.1052
2026
9
23
NOK
375
USD
35
Fwd
10.7453
2025
(21)
396
USD
1
JPY
101
Fwd
0.0068
2024
0
7
NOK
818
EUR
76
Embedded
2)
10.7941
2025
(89)
894
NOK
5 984
EUR
518
Embedded
2)
11.5528
2026-2035
(483)
6 108
Total fair value
3)
(547)
Details of currency exchange contracts 31 December 2023
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
CAD
9
USD
7
Fwd
1.3454
2024
1
68
NOK
1 897
EUR
164
Fwd
11.5408
2024
43
1 848
NOK
193
JPY
1 976
Fwd
0.0975
2024
48
142
NOK
234
JPY
2 266
Fwd
0.1031
2025-2026
61
163
NOK
167
USD
16
Fwd
10.1675
2024
0
167
USD
1
JPY
168
Fwd
0.0070
2024
(0)
12
NOK
807
EUR
76
Embedded
2)
10.6493
2024
(54)
851
NOK
5 101
EUR
458
Embedded
2)
11.1367
2025-2034
(235)
5 148
Total fair value
3)
(136)
1)
Notional value of the contracts, based on currency rates 31 December.
2)
Embedded EUR derivatives in own use power contracts.
3)
The spot element of forward currency contracts with duration more than 3 months are designated as hedging
instruments in a cash \ufb02ow hedge of highly probable future sales, hence this part is classi\ufb01ed
as \"Derivatives used for
hedging\" in the table
\"Assets and liabilities classi\ufb01ed by category\" above. The interest element of these contracts and
contracts of duration < 3 months are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t or loss\".
Details commodity contracts and interest rate swap within the scope of IFRS 9 31 December 2024
\n \n
Notional
Amounts in NOK million
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Commodity contracts Power
501 GWh
2025
196
177
Commodity contracts Power
4478 GWh
2026-2035
986
1 950
Interest rate swap
1550 MNOK
2025-2029
19
301
Total fair value contracts within scope of IFRS 9
2)
1 201
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2)
Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
Details of power contracts and other commodity contracts within the scope of IFRS 9 31 December 2023
Notional
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Power contract '30-\u00f8ringen'
501 GWh
2024
303
172
Power contract '30-\u00f8ringen'
3006 GWh
2025-2030
907
1 105
Commodity contracts Platinum
1176 Oz
2024
0
3
Interest rate swap
350 MNOK
2024-2028
12
94
Total fair value contracts within scope of IFRS 9 2)
1 223
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2) Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
(c) O\ufb00setting
Financial assets
31 December 2024
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 182
-
1 182
-
-
1 182
Forward currency contracts
75
-
75
5
-
80
Total
1 257
-
1 257
5
-
1 262
Financial liabilities
31 December 2024
Gross amount
of recognised
Financial
Gross \ufb01nancial assets
Net
instruments
amount of
set o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
572
-
572
-
-
572
Forward currency contracts
50
-
50
5
-
54
Total
622
-
622
5
-
626
Financial assets
31 December 2023
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 211
(1)
1 211
-
-
1 211
Forward currency contracts
153
-
153
7
-
160
Total
1 364
(1)
1 364
7
-
1 371
Financial liabilities
31 December 2023
\n \n
Gross amount
of recognised
\ufb01nancial
Financial
Gross
assets set
Net
instruments
amount of
o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
289
-
289
-
-
289
Forward currency contracts
12
-
12
7
-
19
Total
301
-
301
7
-
308
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "30. Financial assets and liabilitiesEstimates
Estimates are used to estimate fair value for \ufb01nancial assets and
liabilities where there are no listed prices or direct observable
prices. Calculation of fair value is in such cases based on
observable prices for similar contracts, as far as possible. For
contracts with a duration beyond the period of observable
prices, the assumptions are derived based on the latest
observable data. Due to the current market situation in the
energy market with very high prices and high volatility there is
signi\ufb01cant uncertainty in the estimation of forward power prices
with direct impact on the value of the power contracts classi\ufb01ed
as
\ufb01nancial instruments. The estimated value of the power
co
ntracts can be impacted by the changes in the power prices
bot
h within the next 12 months, but also in the period beyond
12
months. There is also uncertainty related to the discount rate
us
ed for discounting future cash \ufb02ows and the expectation to
the
development in the consumer price index going forward.
Se
e assumptions used at the balance sheet date in chapter (a)
Fai
r value measurement below, and sensitivity of the main power
co
ntracts in note 32 Financial risk.
Assets by category
31 December 2024
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-
value through
value - hedging
comprehensive
receivables at
\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
assets
Total
Derivatives, non-current
572
440
-
-
-
1 012
Other assets,
non-current
24
781
-
20
70
115
985
Trade receivables
23
-
-
-
1 960
-
1 960
Derivatives, current
130
137
-
-
-
267
Other assets, current
24
-
-
-
13
1 241
1 254
Restricted deposits
25
-
-
-
7
-
7
Cash and cash equivalents
25
-
-
-
4 397
-
4 397
Total
1 483
577
20
6 447
1 355
Liabilities by category
31 December 2024
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
26
-
-
11 817
-
11 817
Derivatives, non-current
2)
31
453
-
-
485
Provisions and other liabilities, non-current
29
-
-
-
267
267
Trade payables
27
-
-
2 076
-
2 076
Interest-bearing liabilities, current
1)
26
-
-
1 090
-
1 090
Bills payables
28
-
-
-
-
-
Derivatives, current
2)
(43)
183
-
-
140
Provisions and other liabilities, current
29
-
-
525
290
815
Total
(11)
636
15 508
557
Assets by category
31 December 2023
Assets at fair value
Assets at fair
Assets at fair
through other
Loans and
Non-\ufb01nancial
value through
value - hedging
comprehensive
receivables at
assets
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
income
amortised cost
Total
Derivatives, non-current
745
232
-
-
-
977
Other assets,
non-current
24
7
-
18
75
456
556
Trade receivables
23
-
-
-
3 209
-
3 209
Derivatives, current
269
142
-
-
411
Other assets, current
24
-
-
-
123
1 939
2 062
Restricted deposits
25
-
-
-
388
-
388
Cash and cash equivalents
25
-
-
-
6 367
-
6 367
Total
1 022
374
18
10 163
2 394
Liabilities by category
31 December 2023
Liabilities
at fair value
Liabilities at fair
through
value - hedging
Liabilities at
Non-\ufb01nancial
Amounts in NOK million
Note
pro\ufb01t or loss
instruments
amortised cost
liabilities
Total
Interest-bearing liabilities, non-current
1)
26
-
-
13 509
-
13 509
Derivatives, non-current
2)
(127)
362
-
-
235
Provisions and other liabilities, non-current
29
-
-
-
279
279
Trade payables
27
-
-
5 281
-
5 281
Interest-bearing liabilities, current
1)
26
-
-
1 231
-
1 231
Bills payables
28
-
-
1 466
-
1 466
Derivatives, current
2)
(48)
114
-
-
66
Provisions and other liabilities, current
29
-
-
729
652
1 381
Total
(174)
475
22 216
930
1)
In addition to the hedging instruments included in derivatives, currency e\ufb00ect of EUR loan is designated as a hedging instrument in a cash
\ufb02ow hedge of highly probable future sales. This hedge terminated in 2023. See note 31 Hedging.
2)
The group applies hedge accounting for certain currency contracts and certain parts of power contracts. The negative value reported as
assets and liabilities at fair value is representing the value of parts of power contracts where hedge accounting is not applied.
There are no material di\ufb00erences between fair value and the
carrying amount for \ufb01nancial liabilities and \ufb01nancial assets at
amortised cost.
(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
(b) Details of \ufb01nancial instruments
Details of currency exchange contracts 31 December 2024
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
NOK
1 864
EUR
159
Fwd
11.7621
2025
(20)
1 869
NOK
201
JPY
1 954
Fwd
0.1028
2025
57
141
NOK
33
JPY
312
Fwd
0.1052
2026
9
23
NOK
375
USD
35
Fwd
10.7453
2025
(21)
396
USD
1
JPY
101
Fwd
0.0068
2024
0
7
NOK
818
EUR
76
Embedded
2)
10.7941
2025
(89)
894
NOK
5 984
EUR
518
Embedded
2)
11.5528
2026-2035
(483)
6 108
Total fair value
3)
(547)
Details of currency exchange contracts 31 December 2023
Notional
Purchase
Purchase
Sale
Sale
Type of
Currency
Fair value
amount
1)
currency
ccy million
currency
ccy million
instrument
deal rate
Due
NOK
NOK
CAD
9
USD
7
Fwd
1.3454
2024
1
68
NOK
1 897
EUR
164
Fwd
11.5408
2024
43
1 848
NOK
193
JPY
1 976
Fwd
0.0975
2024
48
142
NOK
234
JPY
2 266
Fwd
0.1031
2025-2026
61
163
NOK
167
USD
16
Fwd
10.1675
2024
0
167
USD
1
JPY
168
Fwd
0.0070
2024
(0)
12
NOK
807
EUR
76
Embedded
2)
10.6493
2024
(54)
851
NOK
5 101
EUR
458
Embedded
2)
11.1367
2025-2034
(235)
5 148
Total fair value
3)
(136)
1)
Notional value of the contracts, based on currency rates 31 December.
2)
Embedded EUR derivatives in own use power contracts.
3)
The spot element of forward currency contracts with duration more than 3 months are designated as hedging
instruments in a cash \ufb02ow hedge of highly probable future sales, hence this part is classi\ufb01ed
as \"Derivatives used for
hedging\" in the table
\"Assets and liabilities classi\ufb01ed by category\" above. The interest element of these contracts and
contracts of duration < 3 months are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t or loss\".
Details commodity contracts and interest rate swap within the scope of IFRS 9 31 December 2024
\n \n
Notional
Amounts in NOK million
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Commodity contracts Power
501 GWh
2025
196
177
Commodity contracts Power
4478 GWh
2026-2035
986
1 950
Interest rate swap
1550 MNOK
2025-2029
19
301
Total fair value contracts within scope of IFRS 9
2)
1 201
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2)
Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
Details of power contracts and other commodity contracts within the scope of IFRS 9 31 December 2023
Notional
Volume GWh / Oz
Due
Fair value
amount\u00a0
1)
Power contract '30-\u00f8ringen'
501 GWh
2024
303
172
Power contract '30-\u00f8ringen'
3006 GWh
2025-2030
907
1 105
Commodity contracts Platinum
1176 Oz
2024
0
3
Interest rate swap
350 MNOK
2024-2028
12
94
Total fair value contracts within scope of IFRS 9 2)
1 223
1)
Notional value of underlying asset at the end of reporting period, calculated as volume * price * currency rate as at 31 December
(if other currencies than NOK).
2) Certain power contracts
are designated as hedging instruments, the remaining contracts / parts of contracts are classi\ufb01ed as
\"Assets/liabilities at fair value through pro\ufb01t and loss\".
(c) O\ufb00setting
Financial assets
31 December 2024
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 182
-
1 182
-
-
1 182
Forward currency contracts
75
-
75
5
-
80
Total
1 257
-
1 257
5
-
1 262
Financial liabilities
31 December 2024
Gross amount
of recognised
Financial
Gross \ufb01nancial assets
Net
instruments
amount of
set o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
572
-
572
-
-
572
Forward currency contracts
50
-
50
5
-
54
Total
622
-
622
5
-
626
Financial assets
31 December 2023
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 211
(1)
1 211
-
-
1 211
Forward currency contracts
153
-
153
7
-
160
Total
1 364
(1)
1 364
7
-
1 371
Financial liabilities
31 December 2023
\n \n
Gross amount
of recognised
\ufb01nancial
Financial
Gross
assets set
Net
instruments
amount of
o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
289
-
289
-
-
289
Forward currency contracts
12
-
12
7
-
19
Total
301
-
301
7
-
308
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Principle application
Financial assets
Non-derivative \ufb01nancial assets include trade receivables,
restricted deposits and cash and cash equivalents.
Financial liabilities
Non-derivative \ufb01nancial liabilities include interest-bearing
liabilities, bills payables and trade payables.
Embedded derivatives
Elkem has long-term power purchase contracts settled in Euro
which is di\ufb00erent from both Elkem and the counterparty\u2019s
functional currency. The currency portion of these contracts is
an embedded derivative and is recognised and presented as
an independent derivative.
Commodity contracts within the scope of IFRS 9
Non-\ufb01nancial commodity contracts where the relevant
commodity is readily convertible to cash and where the
contracts are not for own use, fall within the scope of IFRS 9
Financial instruments - recognition and measurement. Elkem\u2019s
principle is that power delivered in a di\ufb00erent grid area than
the grid area where the power is consumed will meet the own
use criteria.
The group currently has no energy contracts in Norway that
do not meet the own use criteria except for the 30-\u00f8ringen
power contract and one other power contract. The 30-\u00f8ringen
contract originally had net settlement and was therefore
classi\ufb01ed as a derivative and cannot subsequently be
reclassi\ufb01ed to own use. The other contract entered into in
2024 has net settlement. Both derivatives are designated as
hedging instrument in cash \ufb02ow hedges.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Principle application
Financial assets
Non-derivative \ufb01nancial assets include trade receivables,
restricted deposits and cash and cash equivalents.
Financial liabilities
Non-derivative \ufb01nancial liabilities include interest-bearing
liabilities, bills payables and trade payables.
Embedded derivatives
Elkem has long-term power purchase contracts settled in Euro
which is di\ufb00erent from both Elkem and the counterparty\u2019s
functional currency. The currency portion of these contracts is
an embedded derivative and is recognised and presented as
an independent derivative.
Commodity contracts within the scope of IFRS 9
Non-\ufb01nancial commodity contracts where the relevant
commodity is readily convertible to cash and where the
contracts are not for own use, fall within the scope of IFRS 9
Financial instruments - recognition and measurement. Elkem\u2019s
principle is that power delivered in a di\ufb00erent grid area than
the grid area where the power is consumed will meet the own
use criteria.
The group currently has no energy contracts in Norway that
do not meet the own use criteria except for the 30-\u00f8ringen
power contract and one other power contract. The 30-\u00f8ringen
contract originally had net settlement and was therefore
classi\ufb01ed as a derivative and cannot subsequently be
reclassi\ufb01ed to own use. The other contract entered into in
2024 has net settlement. Both derivatives are designated as
hedging instrument in cash \ufb02ow hedges.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Financial assets
Non-derivative \ufb01nancial assets include trade receivables,
restricted deposits and cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Embedded derivatives
Elkem has long-term power purchase contracts settled in Euro
which is di\ufb00erent from both Elkem and the counterparty\u2019s
functional currency. The currency portion of these contracts is
an embedded derivative and is recognised and presented as
an independent derivative.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "(a) Fair value measurement
Elkem's \ufb01nancial instruments measured to fair value are
categorised into three levels based on the inputs to the
valuation techniques used to measure fair value.
Level 1 inputs are quoted prices (unadjusted) in active markets
for identical assets or liabilities that the entity can access at the
measurement date.
Level 2 inputs are inputs, other than quoted prices included
within level 1, that are observable for the asset or liability, either
directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
Assets and liabilities measured at fair value
31.12
Total
Total
Amounts in NOK million
Level 1
Level 2
Level 3
2024
Level 1
Level 2
Level 3
2023
Financial assets at fair value through pro\ufb01t or loss
15
16
1 451
1 483
7
24
990
1 022
Derivatives designated in a hedging relationship
-
81
496
577
-
153
221
374
Assets at fair value through other comprehensive income
-
-
20
20
-
-
18
18
Total assets
15
97
1 968
2 080
7
178
1 229
1 414
Financial liabilities at fair value through pro\ufb01t or loss
-
(11)
-
(11)
-
(174)
-
(174)
Derivatives designated in a hedging relationship
-
636
-
636
-
475
-
475
Total liabilities
-
625
-
625
-
301
-
301
Level 1:
Financial assets measured at level 1 apply to external quoted
shares, which are measured based on the quoted prices.
Level 2:
Financial assets and liabilities measured at level 2 applies to
forward currency contracts, interest rate swaps and embedded
currency derivatives.
The contracts are measured at fair value by estimating the
future cash \ufb02ows.
Level 3:
The \ufb01nancial assets and liabilities at fair value through pro\ufb01t or
loss measured at level 3 consist of power derivative contracts,
shares in unlisted companies and other assets measured at fair
value through pro\ufb01t and loss.
When valuing the power contracts observable data is used,
such as power price, currency rates, CPI and CfD, when
available. The power prices for long-term electricity contracts
in Norway are not directly observable in the market for the
whole contract length. Power prices are observable until
2031, CfD prices are only observable for a short time period
and currency rates are observable until 2027. Valuation of the
contracts for the remaining periods are based on the latest
observable data adjusted for CPI, if relevant.
Overview of contracts and the assumptions used for
assessment of fair value for the level 3 contracts
Power contract \"30-\u00f8ringen\"
\"30-\u00f8ringen\" power contract lasts until 31 December 2030
and the power from the contract is restricted to be used at
Elkem ASA plants. For the years 2019 - 2020 the price under
the contract was \ufb01xed except if the spot price at the relevant
grid points exceeds a certain threshold, in which case the price
equals the spot price. For the last 10 years of the contract,
starting 1 January 2021, the price is \ufb01xed based on the average
spot price the \ufb01ve years preceding 1 January 2021, adjusted
for in\ufb02ation. The \ufb01xed price and the threshold price are
based on a start date and thereafter adjusted with in\ufb02ation
annually. Changes in fair value for the \"30-\u00f8ringen\" contract
was classi\ufb01ed as other items before 1 January 2021. Due to the
change in the contact's price structure of the instrument from
2021, the contract is designated as a hedging instrument from
1 January 2021. This means that fair value changes from the
e\ufb00ective part of the hedging relationship from 1 January 2021 is
recognised as raw materials and energy in statement of pro\ufb01t
or loss in the same period(s) as the hedged objects a\ufb00ects the
pro\ufb01t or loss. The ine\ufb00ective part of the hedging relationship is
recognised in other items.
Power contract with Axpo
In February 2024 Elkem has entered into a new \ufb01nancial
power contract with Axpo covering the period 2027 to 2035.
The contract has been designated as hedging instrument in
a cash \ufb02ow hedge of highly probable future purchases, hence
changes in fair value for the power contract are from the
inception of the contract booked against OCI. Please refer to
note 31 Hedging.
Assumptions for valuation of the contracts
\u2192
Discount rate: 5.60 per cent (4.98 per cent) p.a. for both
contracts. The assumptions are based on the estimated
risk of the contract, including credit risk.
\u2192
In\ufb02ation: 2 per cent (2 per cent) p.a.
\u2192
Power prices: Market prices per 31 December 2024
until 2035.
\u2192
CfDs: 4-year average historic CfD prices based on Nord
Pool prices for 30-\u00f8ringen. For Axpo the implicit CFD at
the contractual agreement date is used.
\u2192
Exchange rate EUR: Observable rates for the next 5 years,
thereafter calculated rates based on long-term interest
rates is used to translate estimated future power prices to
NOK for 30-\u00f8ringen which is priced in NOK.
For external shares measured at level 3, book value of equity
adjusted for excess values at purchase date is used as an
approximation of fair value.
The Vianode receivable at fair value through pro\ufb01t and loss
In February 2024 Elkem group sold its shares in Vianode AS,
a synthetic graphite manufacturer for a total nominal amount
of NOK 847 million to AV Anodos AS a company controlled
by Altor from 4th quarter of 2024. NOK 10 million of the
compensation was received at closing while NOK 315 million
(second instalment) and NOK 522 million (third instalment)
are tied to Vianode meeting two future milestones relating
to the building of a full-scale plant. Interest shall accrue on
the second instalment if the due date is later than 30 June
2025 and for the third instalment 31 December 2027. At initial
recognition in the \ufb01rst quarter of 2024 the fair value of the
receivable was estimated to NOK 749 million after the payment
of the NOK 10 million. The receivable is measured at fair value
through pro\ufb01t and loss and is included in Level 3.
Vianode AS and AV Anodos are dependent on additional
funding around the end of the \ufb01rst quarter of 2025 to be able
to perform the investments necessary to meet the milestones
required for the settlement of Elkem\u2019s receivable. If additional
funding is not obtained there is a risk that Elkem\u2019s receivable
will be worth zero.
Based on the need for additional funding and recent market
developments Elkem considers that the value of the deferred
payments is uncertain. Elkem monitors the situation closely.
Based on information available at year end it has been assessed
that the fair value of the receivable is NOK 765 million.
Movements in fair value measurement level 3
Amounts in NOK million
2024
2023
Opening balance
1 229
2 016
Acquisition / business combinations
0
2
Transfer to investment in equity accounted companies
-
(11)
Transfer from investment in equity accounted companies
759
-
Change in fair value recognised in OCI, cash \ufb02ow hedges
412
(704)
Hedge ine\ufb00ectiveness
(338)
58
Disposal
-
(1)
Settlement / realised e\ufb00ects
(109)
(137)
Other changes in fair value through pro\ufb01t or loss, unrealised
15
4
Currency translation di\ufb00erences
0
1
Net bills payable
1 968
1 229
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "(c) O\ufb00setting
Financial assets
31 December 2024
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 182
-
1 182
-
-
1 182
Forward currency contracts
75
-
75
5
-
80
Total
1 257
-
1 257
5
-
1 262
Financial liabilities
31 December 2024
Gross amount
of recognised
Financial
Gross \ufb01nancial assets
Net
instruments
amount of
set o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
572
-
572
-
-
572
Forward currency contracts
50
-
50
5
-
54
Total
622
-
622
5
-
626
Financial assets
31 December 2023
Gross amount
of \ufb01nancial
Net
Financial
liabilities set
amounts
instruments
Gross
o\ufb00 in the
of \ufb01nancial
not set o\ufb00 in
amount of
statement
assets
the statement
Cash
\ufb01nancial
of \ufb01nancial
recognised /
of \ufb01nancial
collateral
Net
Amounts in NOK million
assets
position
presented
position
pledged
amount
Power contracts including embedded derivatives
1 211
(1)
1 211
-
-
1 211
Forward currency contracts
153
-
153
7
-
160
Total
1 364
(1)
1 364
7
-
1 371
Financial liabilities
31 December 2023
\n \n
Gross amount
of recognised
\ufb01nancial
Financial
Gross
assets set
Net
instruments
amount of
o\ufb00 in the
amounts
not set o\ufb00 in
recognised
statement
of \ufb01nancial
the statement
Cash
\ufb01nancial
of \ufb01nancial
liabilities
of \ufb01nancial
collateral
Net
Amounts in NOK million
liabilities
position
presented
position
pledged
amount
Power contracts including embedded derivatives
289
-
289
-
-
289
Forward currency contracts
12
-
12
7
-
19
Total
301
-
301
7
-
308
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "31. HedgingEstimates
See disclosures describing estimation uncertainty for \ufb01nancial
assets in note 30 Financial assets and liabilities.
Elkem's hedging instruments
Cash \ufb02ow hedge
Elkem has forward currency contracts and embedded EUR
derivatives in power contracts where the spot element is
designated as hedging instruments and Elkem's highly
probable future revenue in corresponding currencies is
designated as the hedging objects in this hedging relationship,
de\ufb01ned as a cash \ufb02ow hedge. In addition, certain power
derivative contracts, are designated as hedging instruments
in a cash \ufb02ow hedge of price \ufb02uctuations for highly probable
future purchases. Hence, the e\ufb00ective part of changes in
fair value of the \ufb01nancial instruments is booked against OCI,
and recycled to pro\ufb01t or loss as an adjustment of revenue
and power cost (included in raw materials and energy) when
realised. The ine\ufb00ective part of changes in the fair value
of the \ufb01nancial instrument is recognised in other items in
the statement of pro\ufb01t and loss. Elkem should primarily
pursue a \ufb02oating interest rate policy for long-term \ufb01nancing.
Interest rate hedging will be considered in speci\ufb01c cases, e.g.
when there is a need to protect \ufb01nancial covenants in loan
agreements. In 2024, Elkem entered into interest rate swaps
to change from \ufb02oating to \ufb01xed interest rates. In 2023 Elkem
issued \ufb01nancing with \ufb01xed interest rate and entered into a
interest rate swap from \ufb01xed to \ufb02oating interest rate. Hence,
the e\ufb00ective part of changes in fair value of the \ufb01nancial
instruments is booked against OCI, and recycled to pro\ufb01t or
loss as an adjustment interest expense when realised.
Net investment hedge
Elkem has a EUR 500 term loan. EUR 275 million of the loan
was designated as a hedge of the net investment in the group\u2019s
subsidiaries with EUR as functional currency. In November
2023 EUR 45 million was discontinued as a consequence of
reduced value of net investments in euro, reducing the amount
of the loan designated as a hedge of the net investment to
EUR 230 million. In June 2024 a further EUR 30 million was
discontinued, reducing the amount of the loan designated as
a hedge of the net investment to EUR 200 million
The fair
value and carrying amount of the borrowing at 31 December
2024 was NOK 2 358 million (NOK 2 585 million). The change
in foreign exchange loss of NOK 128 million (a loss of NOK
199 million) on translation of the borrowing from EUR to
NOK at the end of the reporting period is recognised in other
comprehensive income and accumulated in the foreign
currency translation reserve in the statement of changes in
equity. There was no ine\ufb00ectiveness recognised from the net
investment hedge.
See note 32 Financial risk for Elkem's hedging policy.
Cash \ufb02ow hedging instruments, by
type
31.12.2024
31.12.2024
31.12.2023
31.12.2023
Assets
Liabilities
Assets
Liabilities
Amounts in NOK million
fair value
fair value
fair value
fair value
Forward currency contracts
60
43
141
12
Financial power contracts
496
-
220
-
Power contracts embedded derivatives
-
591
-
463
Interest rate swap
21
3
12
Commodity contracts Platinum
-
-
0
-
Total hedging instruments
577
636
374
475
Less non-current portion:
Forward currency contracts
8
-
60
-
Financial power contracts
415
-
162
-
Power contracts embedded derivatives
451
362
Interest rate swap
17
2
9
-
Commodity contracts Platinum
-
-
-
-
Current portion of hedging instruments
137
183
142
114
As at 31 December 2024 \ufb01nancial power contracts designated
in a hedging relationship comprise 15 per cent of expected
consumption in Norway in 2025, 14 per cent in 2026, 21per
cent in the period 2027-2030 and 6 per cent from 2031-2035
Elkem has hedged approximately 22 per cent of the expected
revenues in EUR and approximately 4 per cent of expected
revenues in USD for 2025. For the years 2026-2035 EUR is
hedged at a range of 2 - 6 per cent.
Financial instruments
31 December 2024
E\ufb00ects to be recycled from OCI
Hereof
Within
Net fair
recognised
Within
Within
Within
4 years
Amounts in NOK million
value
in OCI
1 year
2 years
3 years
or more
Forward currency contracts
25
17
9
8
-
-
Embedded EUR derivatives
(572)
(591)
(140)
(124)
(84)
(243)
Power contracts
1 182
496
81
84
80
252
Interest rate swaps
19
18
3
3
4
7
Total
1)
654
(59)
(46)
(28)
(1)
16
Financial instruments
31 December 2023
\n \n
E\ufb00ects to be recycled from OCI
Hereof
Within
Net fair
recognised
Within
Within
Within
4 years
Amounts in NOK million
value
in OCI
1 year
2 years
3 years
or more
Forward currency contracts
153
129
69
52
8
-
Embedded EUR derivatives
(289)
(463)
(101)
(96)
(84)
(182)
Power contracts
1 211
220
58
42
38
83
Interest rate swap
12
12
3
3
3
4
Commodity contracts Platinum
0
0
0
-
-
-
Total
1)
1 087
(102)
28
1
(36)
(95)
1)
Hedge accounting is applied for certain contracts and for parts of contracts.
Of total changes in fair value of power contracts designated as
hedging instruments a loss of NOK 197 million (gain of NOK
357 million) is recognised in pro\ufb01t or loss, and classi\ufb01ed as
other items (see note 14 Other items), due to ine\ufb00ectiveness
in the hedging relationship and discontinuation of hedging.
The ine\ufb00ectiveness on cash \ufb02ow hedges primarily relates to
Elkem's hedges of future power purchase. The ine\ufb00ectiveness
is caused by the extraordinary developments in the Norwegian
power market with signi\ufb01cant di\ufb00erences in prices between
the di\ufb00erent price areas. Consequently, the cumulative change
in fair value of some of the hedging instruments are higher
than the cumulative changes in the present value of the hedge
objects from the inception of the hedge. The di\ufb00erence between
the two is the recognised as ine\ufb00ectiveness. Of the loss of NOK
196 million (gain of NOK 357 million) recognised in 2024, a loss
of NOK 300 million (gain of NOK 273 million) relates to hedge
ine\ufb00ectiveness caused by these price di\ufb00erences. The loss is
partially reduced by a gain of NOK 102 million (NOK 84 million)
related to discontinuation of power hedging caused by furnace
curtailments in Norway and a gain of NOK 1 million related to
cash \ufb02ow hedges of future sale of goods in currency.
Realised e\ufb00ects hedge accounting
Amounts in NOK million
31.12.2024
31.12.2023
Realised e\ufb00ects from forward currency contracts, recognised in revenue
10
(229)
Realised e\ufb00ects from embedded derivatives EUR, recognised in revenue
(135)
(122)
Realised e\ufb00ects from EUR loans, recognised in revenue
-
(15)
Realised e\ufb00ects from power contracts, recognised in raw materials and energy
13
112
Realised e\ufb00ects hedge discontinuation, recognised in other items
102
85
Realised e\ufb00ects from interest rate swap, recognised in \ufb01nance expenses
(4)
(1)
Total realised e\ufb00ects hedge accounting
(14)
(170)
In addition, Elkem applies hedge accounting principles related
to currency risk from a net investment in foreign operation, see
note 26 Interest-bearing liabilities.
Movements in OCI related to hedging instruments
2024
Opening
Net change
Reclassi\ufb01ed
Closing
Amounts in NOK million
balance
in fair value
to P&L
balance
Hedging of future sales, forward currency contracts
129
(102)
(10)
17
Hedging of future sales, embedded EUR derivatives in own use power contracts
1)
(463)
(263)
135
(591)
Hedging of future sales, platinum contracts from discontinued operations
0
0
(0)
-
Hedging of future need for power, contract '30-\u00f8ringen'
2)
220
322
(115)
427
Hedging of future need for power, contract Axpo
-
69
-
69
Change in fair value of derivatives designated as a hedging of future interest expense
12
2
4
18
Total (before tax)
(102)
29
14
(59)
Movements in OCI related to hedging instruments
2023
Opening
Net change
Reclassi\ufb01ed
Closing
Amounts in NOK million
balance
in fair value
to P&L
balance
Hedging of future sales, forward currency contracts
30
(130)
229
129
Hedging of future sales, embedded EUR derivatives in own use power contracts
1)
(263)
(322)
122
(463)
Hedging of future sales, currency e\ufb00ects EUR loan
(8)
(7)
15
-
Hedging of future sales, platinum contracts
2
(1)
(1)
0
Hedging of future need for power, contracts with \ufb01nancial institutions
28
(22)
(6)
0
Hedging of future need for power, contract '30-\u00f8ringen'
2)
1 235
(824)
(190)
220
Change in fair value of derivatives designated as a hedging of future interest expense
-
11
1
12
Total (before tax)
1 023
(1 294)
170
(102)
1)
Hedge accounting from 2016.
2)
Hedge accounting from 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "Principle application and judgements
Elkem has applied IFRS 9 for hedge accounting. Elkem applies
cash \ufb02ow hedging and net investment hedging. Cash \ufb02ow
hedging is applied to two power contracts, interest rate swaps
and for hedging of sales in foreign currency.
The 30-\u00f8ringen power contract is delivered in the power
price area NO2 in the south of Norway but is used to hedge
cash \ufb02ows for all the Norwegian plants including plants in
other power price areas. At initial hedge designation there
was a strong economic relationship between the prices in the
di\ufb00erent price areas. However, due to the at times signi\ufb01cant
di\ufb00erences in prices between the price areas the last 2.5
years, signi\ufb01cant judgement is required to assess if there is
still an economic relationship between the hedged item and
the hedging instrument. There is an expectation that the price
di\ufb00erences will be reduced over time due to for example grid
improvements and changes in the supply/demand balance.
Given the strict requirements in IFRS 9 for being allowed to
discontinue hedging and the fact that the 30-\u00f8ringen is a long-
term contract with expiry in 2030 it has been assessed that
there is still an economic relationship between the hedging
item and the hedged object.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "32. Financial risk
Elkem is exposed to \ufb01nancial risk from \ufb02uctuations in market
prices for \ufb01nished goods, raw materials, currency exchange
rates and interest rates (a) Market risk. In addition, Elkem is
exposed to \ufb01nancial risks related to (b) Counterparty credit
risk (c) Liquidity risk and (d) Climate risk. This may have
considerable impact on Elkem\u2019s \ufb01nancial performance.
Elkem\u2019s principle is to organise resources close to the value
chain. Risk management is an integrated part of Elkem\u2019s
business activities, included in the line management\u2019s
responsibility. Financial risk, including \ufb01nancing, liquidity,
currency, interest rates, and counterparty risks are generally
managed centrally by Group Finance and Treasury. Elkem
has \ufb01nancial risk policies in place, approved by the board
of directors.
Elkem\u2019s \ufb01nancial risk exposure and business performance are
evaluated regularly, and the main risks are analysed in terms
of impact, likelihood and correlation. Based on the overall risk
evaluation Elkem may accept or seek to further reduce the
risks arising from operational activities.
(a) Market risk
(i) Price risk
Commodity prices
Elkem is exposed to \ufb02uctuations in market prices for \ufb01nished
goods and raw materials. The market risk assessment is
based on a holistic approach as prices for Elkem\u2019s products
tend to \ufb02uctuate with underlying macroeconomic conditions.
The same dynamics tend to apply to prices for the main raw
materials, giving Elkem a certain degree of natural hedging.
For the main upstream products and raw materials Elkem
seeks to reduce the risk exposure by entering sales and
purchase contracts for corresponding time periods and
volumes. The goal is to partly o\ufb00set changes in sales prices
through changes in raw material costs.
A signi\ufb01cant part of Elkem's sales consist of specialised
products. These products have generally more stable pricing.
Elkem\u2019s integrated value chain mitigates the supply chain and
pricing risks and also give \ufb02exibility to realise value at various
levels through the value chain. Elkem aims to ensure sales
volumes and raw material supply by entering into long-term
customer relationships.
Power
Electric power is a key input factor and Elkem enters into long-
term power contracts to reduce the future exposure to changes
in power prices, particularly in Norway where electricity prices
based on hydro power tend to have di\ufb00erent pricing dynamics
than for Elkem\u2019s products and other raw materials.
Normally all plants have covered their main future need for
power by entering into power contracts, primarily classi\ufb01ed as
own use contracts according to IFRS 9, hence such contracts
are o\ufb00-balance. In addition to the own use contracts certain
\ufb01nancial power contracts are classi\ufb01ed as derivatives and
designated in a cash \ufb02ow hedging relationship in accordance
with IFRS (see notes 30 Financial assets and liabilities and 31
Hedging). For plants located in Norway, Elkem\u2019s policy is that
minimum 80 per cent of the expected power consumption
shall be covered by \ufb01xed price contracts for current and next
year. This includes both own use and derivative contracts at fair
value. For the following periods, the ratio extends until 4 years
ahead, declining with 10 percentage point per year ending at
50 per cent. Elkem currently ful\ufb01ls this minimum hedge policy,
and also has a substantial amount of contracts at \ufb01xed price
for the period after 5 years. Optimisation of 24-hour-, seasonal-
and capacity utilisation variations are solved through utilising
\ufb01nancial and physical contracts that are traded bilaterally. The
purpose of entering into long term power contracts is to reduce
volatility in the power cost and to increase the predictability of
the cost base. Fair value of commodity contracts is especially
sensitive for future changes in energy prices.
Changes in fair value of commodity contracts, classi\ufb01ed as
\ufb01nancial instruments, re\ufb02ect unrealised gains or losses, and
are calculated as the di\ufb00erence between market price and
contract price, discounted to present value. Valuations are
based on market information where this is available, if not,
valuations are based on estimated market price for non-
observable parameters.
Valuation of the power contracts
The assumptions for the fair value measurement of power
contracts are described in note 30 Financial assets and liabilities.
Sensitivity analysis - power contracts
Sensitivity on the \"30-\u00f8ringen\" and Axpo contracts is as follows.
Power contracts
\u00a0 \u00a0
31.12.2024
31.12.2023
Amounts in NOK million
\u00a0
Fair value
Adjusted NPV
Fair value
Adjusted NPV
Discount rate (used 5.6% (5.0%))
change with -3.5 %-point
1 182
1 313
1 211
1 323
Discount rate (used 5.6% (5.0%))
change with +3.5 %-point
1 182
1 073
1 211
1 115
CPI (used 2.0%)
change to 1%
1 182
1 204
1 211
1 241
CPI (used 2.0%)
change to 3%
1 182
1 160
1 211
1 180
Power price
decrease -10%
1 182
904
1 211
982
Power price
increase + 10%
1 182
1 461
1 211
1 439
\n
(ii) Currency risk
Elkem has revenues and operating costs in various currencies.
The prices of \ufb01nished goods are to a large extent determined
in international markets, primarily denominated in US dollar,
Chinese yuan and Euro. This is partly o\ufb00set by purchases of
raw materials denominated in the same currencies. Elkem
aims to establish natural hedging positions if this is possible
and economically viable. Financial derivatives are then used
to hedge the remaining net currency risk exposures. Elkem
has net positive operating cash \ufb02ows mainly in Euro, US
dollar, Chinese yuan and Brazilian real. Due to the location
of its plants, Elkem has net cost positions in certain other
currencies, mainly Norwegian krone, but also Canadian dollars
and Icelandic krona.
Elkem's policy is to hedge the net positive cash \ufb02ows in foreign
currencies against NOK to even out \ufb02uctuations in result and
cash \ufb02ow. The target is to hedge expected net cash \ufb02ow for
0\u20133 months on a 90 per cent hedging ratio. Expected net
cash \ufb02ow for 4\u201312 months should be hedged on a rolling basis
targeting a 45 per cent hedging ratio. The hedging ratio for
4\u201312 months may vary subject to internal approval. Chinese
yuan (CNY) is not included in the hedging programme. Elkem
has hedged Japanese yen until 2026, related to a long-term
customer contract. Elkem uses hedge accounting for all cash
\ufb02ow hedges over 3 months. Embedded EUR derivatives in
power contracts are included in the foreign exchange hedging
programme. To ensure an e\ufb00ective hedge, according to the
hedge accounting principles, the spot element of the forward
currency contracts is designated as hedging instruments and
highly probable future revenue as hedging object in a hedging
relationship, covering the exposure beyond 3 months.
Elkem realised a loss of NOK 125 million from hedging
programme (loss of NOK 367 million).
Elkem aims to mitigate the currency risk in the statement of
\ufb01nancial position by keeping interest-bearing debt in the same
currencies as the group\u2019s assets. Elkem has mainly interest-
bearing debt in Euro, Chinese yuan and Norwegian krone.
The table below is for Elkem continued.
Currency e\ufb00ects recognised in total comprehensive income
for the year, excluding e\ufb00ects from cash \ufb02ow hedging
\n \n
Amounts in NOK million
2024
2023
Net foreign exchange gains (losses) - forward currency contracts - recognised in other items
(5)
(26)
Operating foreign exchange gains (losses) - recognised in other items
39
350
Net foreign currency exchange gains (losses) on \ufb01nancing activities - recognised in foreign exchange gains (losses)
247
(106)
Currency translation di\ufb00erences - recognised in other comprehensive income
1 154
476
Hedging of net investment in foreign operations - recognised in other comprehensive income
(128)
(199)
Total
1 307
496
Currency exposure
\n
The amounts in the tables below are translated to NOK using
\n
exchange-rates against NOK as at 31 December.
\n
Exchange rates against NOK per 31 December
\n\n \n
2024
2023
USD
11.3484
10.1655
EUR
11.7921
11.2380
CNY
1.5390
1.4308
CAD
7.8723
7.6706
\n
Currency exposure a\ufb00ecting statement of pro\ufb01t or loss
\n
The tables show carrying amount of assets and liabilities for
\n
Elkem group total denominated in foreign currencies di\ufb00erent
\n
from the entities functional currency, where changes in
\n
currency rates will a\ufb00ect pro\ufb01t and loss. The tables include
\n
notional amount of currency exchange contracts (note 30
\n
Financial assets and liabilities). Amounts are presented in
\n
NOK based on currency rates as at 31 December 2024.
\n
31 December 2024
\n\n \n
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
-
-
-
-
-
-
-
Trade receivables
627
(7)
-
-
-
96
715
Other assets
-
-
-
-
-
-
-
Restricted deposits
-
-
-
-
-
-
-
Cash and cash equivalents
709
1 293
(123)
(282)
0
358
1 955
Total monetary assets
1 336
1 285
(123)
(282)
0
454
2 670
Interest-bearing liabilities
-
8 714
-
-
-
-
8 714
Other liabilities
-
-
-
-
-
-
-
Trade payables
341
218
-
0
1
53
613
Bills payable
-
-
-
-
-
-
-
Total monetary liabilities
341
8 932
-
0
1
53
9 327
Derivatives, notional value
396
8 871
-
-
-
164
9 431
Net currency exposure \ufb01nancial position
599
(16 518)
(123)
(282)
(1)
237
(16 088)
\n
31 December 2023
\n\n \n
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
-
-
-
-
-
-
-
Trade receivables
544
27
-
-
-
113
685
Other assets
-
-
-
-
-
-
-
Restricted deposits
-
-
-
-
-
-
-
Cash and cash equivalents
913
3 380
329
(331)
0
673
4 964
Total monetary assets
1 457
3 408
329
(331)
0
786
5 649
Interest-bearing liabilities
-
8 560
-
-
-
-
8 560
Other liabilities
-
-
-
-
-
-
-
Trade payables
650
219
-
-
0
89
959
Bills payable
-
-
-
-
-
-
-
Total monetary liabilities
650
8 778
-
-
0
89
9 518
Derivatives, notional value
167
7 847
-
-
-
305
8 318
Net currency exposure \ufb01nancial position
641
(13 217)
329
(331)
0
392
(12 187)
\n
Sensitivity on pro\ufb01t and loss from
\n
\ufb01nancial assets and liabilities
\n
The following tables demonstrate the sensitivity to a
\n
reasonable possible change in EUR and USD exchange
\n
rates by 5 per cent, with all other variables held constant.
\n
The impact on Elkem group total\u2019s pro\ufb01t before tax is due
\n
to changes in the fair value of monetary assets and liabilities
\n
including foreign currency derivatives and embedded
\n
derivatives not designated for hedging. The impact on Elkem
\n
group total\u2019s pre-tax equity is due to changes in the fair value
\n
of forward exchange contracts designated as cash \ufb02ow
\n
hedges and net investment hedges. The impact on pre-tax
\n
equity would be booked against OCI and recycled through pro\ufb01t
\n
before tax, when the hedged items are realised. In addition the
\n
pro\ufb01t and loss will be a\ufb00ected by translation di\ufb00erences on intra
\n
group balances, mainly in EUR, USD and CNY.
\n
Currency
\n \n
31.12.2024
31.12.2023
Change in
E\ufb00ect on pro\ufb01t
E\ufb00ect on
E\ufb00ect on pro\ufb01t
E\ufb00ect on
Amounts in NOK million
FX rate
before tax
pre-tax equity
before tax
pre-tax equity
EUR
5 %
(288)
(517)
(113)
(548)
EUR
-5 %
288
517
113
548
USD
5 %
50
(20)
40
(8)
USD
-5 %
(50)
20
(40)
8
Currency exposure a\ufb00ecting currency
translation di\ufb00erences /equity
The table shows Elkem group total's total assets and liabilities
denominated in the group's main currencies translated to NOK
at the currency rates at 31
December and gives an overview
of the group's total currency exposure that will a\ufb00ect currency
translation di\ufb00erences both in the consolidated statement of
comprehensive income and / or pro\ufb01t and loss.
31 December 2024
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
68
166
23
31
849
50
1 186
Trade receivables
966
176
1 798
18
84
619
3 661
Other assets
57
196
592
13
1 023
263
2 144
Restricted deposits
1
-
356
-
0
-
356
Cash and cash equivalents
1 132
1 665
1 324
(72)
1 324
698
6 070
Total monetary assets
2 224
2 202
4 093
(11)
3 279
1 630
13 418
Asset non-monetary items
2 826
7 428
13 864
974
12 822
2 100
40 014
Total assets
5 050
9 631
17 957
963
16 102
3 730
53 432
Interest-bearing liabilities
2
8 386
3 448
-
4 501
60
16 397
Other liabilities
60
246
329
17
450
235
1 337
Trade payables
469
1 200
2 046
106
949
389
5 159
Bills payable
-
-
1 549
-
(0)
-
1 549
Total monetary liabilities
532
9 832
7 371
123
5 900
685
24 442
Liabilities non-monetary items
136
772
292
216
1 338
215
2 969
Total liabilities
668
10 605
7 663
338
7 238
900
27 411
\n
31 December 2023
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
61
319
36
28
69
43
556
Trade receivables
879
243
1 366
13
101
607
3 209
Other assets
36
293
460
14
1 018
241
2 062
Restricted deposits
0
0
383
-
4
1
388
Cash and cash equivalents
1 265
3 672
1 536
(14)
(1 155)
1 063
6 367
Total monetary assets
2 242
4 526
3 781
41
37
1 955
12 583
Asset non-monetary items
2 562
6 687
13 685
1 075
12 033
1 876
37 917
Total assets
4 803
11 213
17 466
1 116
12 070
3 831
50 500
Interest-bearing liabilities
20
8 664
2 334
-
3 647
74
14 741
Other liabilities
67
222
198
9
595
290
1 381
Trade payables
756
1 172
2 418
92
576
268
5 281
Bills payable
-
-
1 466
-
-
-
1 466
Total monetary liabilities
843
10 058
6 416
101
4 818
632
22 868
Liabilities non-monetary items
118
708
264
210
1 646
228
3 174
Total liabilities
960
10 766
6 680
311
6 464
860
26 042
\n
(iii) Interest rate risk
Elkem's interest rate risk arises from interest-bearing liabilities
granted by external \ufb01nancial institutions, factoring agreements
(Note 23 Trade receivables), liabilities related to factoring
agreements and advances on export exchange contracts
(Note 29 Provisions and other liabilities). In addition Elkem
has supplier \ufb01nance agreements of NOK 113 million (NOK
143 million) classi\ufb01ed as trade payables. Elkem's liabilities are
mainly drawn in Euro, Chinese yuan and Norwegian krone.
Elkem\u2019s policy is to primarily have \ufb02oating interest rates
on its debt \ufb01nancing. Whilst this exposes the company to
\ufb02uctuations in interest rates, the group will bene\ufb01t from
lower rates during economic downturns. The prices and
sales volumes of Elkem's core products tend to correlate with
general economic conditions. Interest rates remained low
for several years due to a low-rate economic environment.
However, from 2022 to 2024, interest rates increased as many
central banks hiked rates to control in\ufb02ation.
Elkem has two \ufb01nancial covenants in its EUR 1 000 million
bank facility and Schuldschein loans: an Equity Ratio equal to
or greater than 30 per cent, and an Interest Cover Ratio of not
less than 4.0x. Due to the high interest rate environment in
2023 and 2024, combined with weaker results. Elkem initiated
a waiver process in 2024, and got consent from the lenders to
reduce the Interest Cover covenant from 4.0x to 3.0x for each
and every quarter of the 2024 \ufb01nancial year. In addition. Elkem
entered into \ufb01xed rate swaps to reduce \ufb01nancing costs and
hedge against the uncertainty of future interest rate hikes.
Elkem has the following items exposed to interest rate risk
31 December 2024
Amounts in NOK million
Floating
Fixed
Total
Interest-bearing liabilities (note 26)
11 707
1 200
12 907
Derecognised trade receivables under factoring agreements (note 23)
1 182
-
1 182
Advances on export exchange contracts (note 29)
72
-
72
Recourse liability factoring agreement (note 29)
53
-
53
Settlement liability factoring agreements (note 29)
31
-
31
Supplier \ufb01nance agreements (note 27)
113
-
113
Cash and cash equivalents (note 25)
(4 397)
-
(4 397)
Restricted deposits (note 25)
(7)
-
(7)
Receivables from related parties (note 24)
(0)
-
(0)
Net exposure
8 753
1 200
9 953
\n
Sensitivity
The interest rate sensitivity is based on a parallel shift in the
interest rates that Elkem is exposed to. If interest rates had been
100 basis points higher for a full year, based on net debt as at 31
December 2024, with all other variables held constant, the pro\ufb01t
(loss) for the year would have been NOK 68 million (NOK 97
million) lower. The expense that Elkem is charged for the issued
bills relates to the fact that Elkem does not receive interest on
the deposit that is paid into a restricted bank account when a bill
is issued (note 28 bills payables).
(b) Counterparty credit risk
Credit risk is the risk of \ufb01nancial losses to the group if a
customer or counterparty fails to meet contractual obligations.
For Elkem this arises mainly to trade receivable and \ufb01nancial
trading counterparties.
Trade receivables are generally secured by credit insurance
from a reputable credit insurance company. For customers
where credit insurance cannot be obtained, other methods
are generally used to secure the sales proceeds, such as
prepayment, letter of credit, documentary credit or guarantees.
In particular, when sales are made in countries with a high
political risk, or to remote customers, trade \ufb01nance products
are used to reduce the credit risk. Of Elkem's revenue outside
China 85 per cent - 95 per cent is covered by credit insurance
or other trade \ufb01nance tools.
Elkem realised credit losses of NOK 2.2 million (NOK 1.6 million)
on trade receivables.
The maximum exposure to credit risk for trade receivables for
the group is NOK 3 164 million as at 31 December 2024
(NOK 3 218 million). See note 23 Trade receivables.
Evaluation of \ufb01nancial counterparties is based on external credit
ratings from Moody's and / or Standard and Poor's. The general
policy is that \ufb01nancial counterparties should have a rating
equal to, or higher than, A- (or the equivalent) from the rating
agencies, but exceptions may be made on a case-by-case basis,
mainly for local banks in emerging markets. Elkem has not had
any losses in 2024 or 2023 related to \ufb01nancial counterparties.
(c) Liquidity risk
Liquidity risk is the risk that the group will encounter di\ufb03culty
in meeting the obligations associated with its \ufb01nancial
liabilities. Elkem is exposed to liquidity risk related to its
operations and \ufb01nancing.
Elkem's cash \ufb02ow will \ufb02uctuate due to economic conditions and
\ufb01nancial performance. In order to assess its future operational
liquidity risk, short-term and long-term cash \ufb02ow forecasts are
provided. The short-term forecast is updated each week, and
the long-term cash \ufb02ow projection is updated each quarter.
In order to mitigate the operational liquidity risk, Elkem has cash
and revolving credit facilities with banks. As at 31 December
2024 Elkem has unrestricted cash and cash equivalents of NOK
6 070 million (NOK 6 367 million). In addition, revolving credit
facilities amount to NOK 6 519 million (NOK 6 293 million), of
which NOK 6 519 million is undrawn (NOK 6 293 million).
The external loan agreements contain two \ufb01nancial covenants.
The ratio of EBITDA to consolidated Net interest payable,
a
s de\ufb01ned herein, for each measurement period, where the
p
eriod is calculated as the 12 months ending on the last day
o
f a \ufb01nancial quarter, must exceed 4. Elkem initiated a waiver
p
rocess in 2024, and got consent from the lenders to reduce
t
he Interest Cover covenant from 4.0x to 3.0x for each and
e
very quarter of the 2024 \ufb01nancial year. Additionally, the ratio
o
f total equity to total assets must be more than 30 per cent
a
t all times. Elkem complies with these covenants as of 31
D
ecember 2024 and also complied with the covenants as of 31
D
ecember 2023, see note 26 Interest-bearing liabilities.
T
he policy is to have cash equivalents and available credit
f
acilities to cover known capital needs and generally not less
t
han 10 per cent of annual total operating income. In addition,
t
he policy is to ensure that the main credit facilities have a
r
emaining maturity of at least 12 months. The maturity pro\ufb01le
o
f the credit facilities as at 31 December 2024 for Elkem
c
ontinued is shown in the table below.
Year / maturity
Amounts in NOK million
2024
2027
Total
Total amount of credit facilities
623
5 896
6 519
\n
The table below analyses the Elkem group continuing's
\ufb01nancial liabilities and assets into relevant maturity
groupings based on the remaining period at the date of the
statement of \ufb01nancial position to the contractual maturity
date. The amounts disclosed in the table are the contractual
undiscounted cash \ufb02ows, and the amounts are including
interest payments.
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2030
\u00a0
Carrying
Amounts in NOK million
2025
2026
2027
2028
2029
and later
Total
amount
Trade receivables
1 960
-
-
-
-
-
1 960
1 960
Derivative assets
272
243
247
261
279
199
1 501
1 279
Total assets
2 233
243
247
261
279
199
3 462
3 240
Trade payables
2 076
-
-
-
-
-
2 076
2 076
Derivative liabilities
141
94
85
56
62
312
750
625
Lease liabilities
67
54
49
43
40
216
468
405
Loan agreements
1 581
2 738
7 225
1 552
864
335
14 296
12 519
Bills payables
-
-
-
-
-
-
-
-
Total liabilities
3 865
2 886
7 358
1 651
966
863
17 590
15 625
\n
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2029
\u00a0
Carrying
Amounts in NOK million
2024
2025
2026
2027
2028
and later
Total
amount
Trade receivables
3 209
-
-
-
-
-
3 209
3 209
Derivative assets
384
292
241
240
239
124
1 520
1 388
Total assets
3 593
292
241
240
239
124
4 729
4 597
Trade payables
5 281
-
-
-
-
-
5 281
5 281
Derivative liabilities
67
54
51
42
20
117
352
301
Lease liabilities
125
105
84
65
58
264
701
589
Loan agreements
1 798
1 781
3 505
6 726
1 711
1 326
16 848
14 169
Bills payables
1 466
-
-
-
-
-
1 466
1 466
Total liabilities
8 737
1 940
3 640
6 833
1 789
1 708
24 646
21 805
\n
(d) Climate risk
Governance
In Elkem the responsibility for climate-related issues sits with
the board, and the management of risks and opportunities
related to climate is integrated into Elkem\u2019s overall business
strategy. The audit committee has board level responsibility
related to managing sustainability, non-\ufb01nancial reporting,
internal control, and sustainability-related risk. The CEO,
supported by the CFO and SVP Technology, ensures daily
operational responsibility for climate-related issues. Regular
reporting to the board and proactive engagement with
stakeholders, including investors and banks, are integral to
Elkem's governance structure.
Strategy
Elkem's climate strategy spans short-, medium-, and long-
term horizons, evaluating transition risks and opportunities.
Recognising its role in the full silicon value chain, Elkem
addresses speci\ufb01c climate risks tied to its carbon-intensive
production process. Elkem has established its climate
roadmap, which is the company's transition plan that
outlines the initiatives and actions to be taken to meet the
goal of the Paris Agreement of well below 2\u00b0C temperature
increase. Elkem proactively identi\ufb01es climate impacts and
pursues a dual-play growth strategy focused on reducing
fossil CO
emissions and promoting circular economies. The
2
climate roadmap integrates with Elkem's corporate strategy,
emphasising its commitment to a sustainable future.
Risk Management
Climate-related considerations are a key part of Elkem's risk
management process, with a comprehensive assessment
presented annually to the board. The evaluation identi\ufb01es
potential \ufb01nancial impacts on Elkem's EBIT and equity within
a 5 year timeframe. The risk mapping process categorises
risks into strategic, \ufb01nancial, raw material, production and
process, and market and product risks. Climate related risks
can be split into transitional and physical climate risks. The
key transitional risks include regulatory risks, such as changes
in the framework for CO
quotas and CO
compensation.
2
2
Elkem monitors physical climate risks through site-speci\ufb01c
analyses, recognising the potential impact of climate change
on its operations. Central physical climate risks for Elkem are
drought and extreme weather events, but the e\ufb00ects di\ufb00er
from site to site. Elkem has not identi\ufb01ed any immediate need
for action related to the buildings and assets identi\ufb01ed.
In addressing emission abatement project pro\ufb01tability, Elkem
employs an internal carbon price aligned with market trends.
Risks are categorised by \ufb01nancial impact (high, medium,
low) and frequency (low, medium, high). As Elkem navigates
climate-related challenges and opportunities, the company
remains committed to responsible governance, sustainable
strategies, and e\ufb00ective risk management practices.
Key risks and opportunities
Elkem\u2019s key transitional climate risk is changes to existing
regulations and carbon pricing mechanisms, and the
emergence of new regulations. Use of a carbon material is
necessary when producing silicon and ferrosilicon, hence
emissions of CO
is inevitable, resulting in signi\ufb01cant scope
2
1 emissions. Elkem falls under the ambit of EU\u2019s emission
trading system (ETS), and changes to the number of free
allowances and pricing of quotas in\ufb02uence Elkem\u2019s cost of
raw materials and energy for production. In addition, Elkem is
eligible for CO
compensation in Norway for the implicit CO
2
2
quota costs in Norwegian electricity prices. In March 2024
the Norwegian government and the parties representing the
industry agreed on a revised CO
compensation scheme.
2
The new scheme has a cap of NOK 7 billion in annual
compensation to the industry. The cap will be KPI adjusted
annually. In the new scheme 40 per cent of compensation will
be dependent on investments in climate and energy e\ufb03ciency
measures by the recipients. It has been assessed that there
is reasonable assurance that Elkem will continue to receive
CO
2
compensation and ful\ufb01l the requirements to receive
full compensation including the 40 per cent conditioned by
climate and energy e\ufb03ciency measures.
Elkem is not covered by Carbon Border Adjustment
Mechanism (CBAM) currently, but if Norway choses to adopt
CBAM this would also a\ufb00ect Elkem, and there is signi\ufb01cant
concern that the scheme has shortcomings that would be
unfavourable for Elkem when competing in global markets. To
mitigate this risk Elkem is working to reduce its CO
2
emissions
through the use of biocarbon as a reductant, and research and
testing of carbon capture technology.
China does not currently have a CO
2
emission trading system,
but introduction of such a scheme could potentially increase
operational costs.
Elkem\u2019s production sites face di\ufb00erent levels of physical
climate risk. Changes to severity and frequency of extreme
weather could pose risk to many of the sites, but the location
and infrastructure mitigates this risk. Elkem has not identi\ufb01ed
any immediate need for action related to buildings and assets
identi\ufb01ed. Elkem is however, monitoring temperature increases,
increased dry spells, ocean rise, and extreme weather events to
secure assets and avoid business interruptions.
Elkem\u2019s opportunities related to climate change are signi\ufb01cant.
Elkem\u2019s products are a key component to the green transition,
examples of this being silicones used in electric vehicles (EVs),
silicones, silicon and foundry products used in renewable and
nuclear energy production, and silicones and microsilica in
construction. There is also a potential in recycling and reuse
related to silicone production.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "(a) Market risk
(i) Price risk
Commodity prices
Elkem is exposed to \ufb02uctuations in market prices for \ufb01nished
goods and raw materials. The market risk assessment is
based on a holistic approach as prices for Elkem\u2019s products
tend to \ufb02uctuate with underlying macroeconomic conditions.
The same dynamics tend to apply to prices for the main raw
materials, giving Elkem a certain degree of natural hedging.
For the main upstream products and raw materials Elkem
seeks to reduce the risk exposure by entering sales and
purchase contracts for corresponding time periods and
volumes. The goal is to partly o\ufb00set changes in sales prices
through changes in raw material costs.
A signi\ufb01cant part of Elkem's sales consist of specialised
products. These products have generally more stable pricing.
Elkem\u2019s integrated value chain mitigates the supply chain and
pricing risks and also give \ufb02exibility to realise value at various
levels through the value chain. Elkem aims to ensure sales
volumes and raw material supply by entering into long-term
customer relationships.
Power
Electric power is a key input factor and Elkem enters into long-
term power contracts to reduce the future exposure to changes
in power prices, particularly in Norway where electricity prices
based on hydro power tend to have di\ufb00erent pricing dynamics
than for Elkem\u2019s products and other raw materials.
Normally all plants have covered their main future need for
power by entering into power contracts, primarily classi\ufb01ed as
own use contracts according to IFRS 9, hence such contracts
are o\ufb00-balance. In addition to the own use contracts certain
\ufb01nancial power contracts are classi\ufb01ed as derivatives and
designated in a cash \ufb02ow hedging relationship in accordance
with IFRS (see notes 30 Financial assets and liabilities and 31
Hedging). For plants located in Norway, Elkem\u2019s policy is that
minimum 80 per cent of the expected power consumption
shall be covered by \ufb01xed price contracts for current and next
year. This includes both own use and derivative contracts at fair
value. For the following periods, the ratio extends until 4 years
ahead, declining with 10 percentage point per year ending at
50 per cent. Elkem currently ful\ufb01ls this minimum hedge policy,
and also has a substantial amount of contracts at \ufb01xed price
for the period after 5 years. Optimisation of 24-hour-, seasonal-
and capacity utilisation variations are solved through utilising
\ufb01nancial and physical contracts that are traded bilaterally. The
purpose of entering into long term power contracts is to reduce
volatility in the power cost and to increase the predictability of
the cost base. Fair value of commodity contracts is especially
sensitive for future changes in energy prices.
Changes in fair value of commodity contracts, classi\ufb01ed as
\ufb01nancial instruments, re\ufb02ect unrealised gains or losses, and
are calculated as the di\ufb00erence between market price and
contract price, discounted to present value. Valuations are
based on market information where this is available, if not,
valuations are based on estimated market price for non-
observable parameters.
Valuation of the power contracts
The assumptions for the fair value measurement of power
contracts are described in note 30 Financial assets and liabilities.
Sensitivity analysis - power contracts
Sensitivity on the \"30-\u00f8ringen\" and Axpo contracts is as follows.
Power contracts
\u00a0 \u00a0
31.12.2024
31.12.2023
Amounts in NOK million
\u00a0
Fair value
Adjusted NPV
Fair value
Adjusted NPV
Discount rate (used 5.6% (5.0%))
change with -3.5 %-point
1 182
1 313
1 211
1 323
Discount rate (used 5.6% (5.0%))
change with +3.5 %-point
1 182
1 073
1 211
1 115
CPI (used 2.0%)
change to 1%
1 182
1 204
1 211
1 241
CPI (used 2.0%)
change to 3%
1 182
1 160
1 211
1 180
Power price
decrease -10%
1 182
904
1 211
982
Power price
increase + 10%
1 182
1 461
1 211
1 439
\n
(ii) Currency risk
Elkem has revenues and operating costs in various currencies.
The prices of \ufb01nished goods are to a large extent determined
in international markets, primarily denominated in US dollar,
Chinese yuan and Euro. This is partly o\ufb00set by purchases of
raw materials denominated in the same currencies. Elkem
aims to establish natural hedging positions if this is possible
and economically viable. Financial derivatives are then used
to hedge the remaining net currency risk exposures. Elkem
has net positive operating cash \ufb02ows mainly in Euro, US
dollar, Chinese yuan and Brazilian real. Due to the location
of its plants, Elkem has net cost positions in certain other
currencies, mainly Norwegian krone, but also Canadian dollars
and Icelandic krona.
Elkem's policy is to hedge the net positive cash \ufb02ows in foreign
currencies against NOK to even out \ufb02uctuations in result and
cash \ufb02ow. The target is to hedge expected net cash \ufb02ow for
0\u20133 months on a 90 per cent hedging ratio. Expected net
cash \ufb02ow for 4\u201312 months should be hedged on a rolling basis
targeting a 45 per cent hedging ratio. The hedging ratio for
4\u201312 months may vary subject to internal approval. Chinese
yuan (CNY) is not included in the hedging programme. Elkem
has hedged Japanese yen until 2026, related to a long-term
customer contract. Elkem uses hedge accounting for all cash
\ufb02ow hedges over 3 months. Embedded EUR derivatives in
power contracts are included in the foreign exchange hedging
programme. To ensure an e\ufb00ective hedge, according to the
hedge accounting principles, the spot element of the forward
currency contracts is designated as hedging instruments and
highly probable future revenue as hedging object in a hedging
relationship, covering the exposure beyond 3 months.
Elkem realised a loss of NOK 125 million from hedging
programme (loss of NOK 367 million).
Elkem aims to mitigate the currency risk in the statement of
\ufb01nancial position by keeping interest-bearing debt in the same
currencies as the group\u2019s assets. Elkem has mainly interest-
bearing debt in Euro, Chinese yuan and Norwegian krone.
The table below is for Elkem continued.
Currency e\ufb00ects recognised in total comprehensive income
for the year, excluding e\ufb00ects from cash \ufb02ow hedging
\n \n
Amounts in NOK million
2024
2023
Net foreign exchange gains (losses) - forward currency contracts - recognised in other items
(5)
(26)
Operating foreign exchange gains (losses) - recognised in other items
39
350
Net foreign currency exchange gains (losses) on \ufb01nancing activities - recognised in foreign exchange gains (losses)
247
(106)
Currency translation di\ufb00erences - recognised in other comprehensive income
1 154
476
Hedging of net investment in foreign operations - recognised in other comprehensive income
(128)
(199)
Total
1 307
496
Currency exposure
\n
The amounts in the tables below are translated to NOK using
\n
exchange-rates against NOK as at 31 December.
\n
Exchange rates against NOK per 31 December
\n\n \n
2024
2023
USD
11.3484
10.1655
EUR
11.7921
11.2380
CNY
1.5390
1.4308
CAD
7.8723
7.6706
\n
Currency exposure a\ufb00ecting statement of pro\ufb01t or loss
\n
The tables show carrying amount of assets and liabilities for
\n
Elkem group total denominated in foreign currencies di\ufb00erent
\n
from the entities functional currency, where changes in
\n
currency rates will a\ufb00ect pro\ufb01t and loss. The tables include
\n
notional amount of currency exchange contracts (note 30
\n
Financial assets and liabilities). Amounts are presented in
\n
NOK based on currency rates as at 31 December 2024.
\n
31 December 2024
\n\n \n
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
-
-
-
-
-
-
-
Trade receivables
627
(7)
-
-
-
96
715
Other assets
-
-
-
-
-
-
-
Restricted deposits
-
-
-
-
-
-
-
Cash and cash equivalents
709
1 293
(123)
(282)
0
358
1 955
Total monetary assets
1 336
1 285
(123)
(282)
0
454
2 670
Interest-bearing liabilities
-
8 714
-
-
-
-
8 714
Other liabilities
-
-
-
-
-
-
-
Trade payables
341
218
-
0
1
53
613
Bills payable
-
-
-
-
-
-
-
Total monetary liabilities
341
8 932
-
0
1
53
9 327
Derivatives, notional value
396
8 871
-
-
-
164
9 431
Net currency exposure \ufb01nancial position
599
(16 518)
(123)
(282)
(1)
237
(16 088)
\n
31 December 2023
\n\n \n
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
-
-
-
-
-
-
-
Trade receivables
544
27
-
-
-
113
685
Other assets
-
-
-
-
-
-
-
Restricted deposits
-
-
-
-
-
-
-
Cash and cash equivalents
913
3 380
329
(331)
0
673
4 964
Total monetary assets
1 457
3 408
329
(331)
0
786
5 649
Interest-bearing liabilities
-
8 560
-
-
-
-
8 560
Other liabilities
-
-
-
-
-
-
-
Trade payables
650
219
-
-
0
89
959
Bills payable
-
-
-
-
-
-
-
Total monetary liabilities
650
8 778
-
-
0
89
9 518
Derivatives, notional value
167
7 847
-
-
-
305
8 318
Net currency exposure \ufb01nancial position
641
(13 217)
329
(331)
0
392
(12 187)
\n
Sensitivity on pro\ufb01t and loss from
\n
\ufb01nancial assets and liabilities
\n
The following tables demonstrate the sensitivity to a
\n
reasonable possible change in EUR and USD exchange
\n
rates by 5 per cent, with all other variables held constant.
\n
The impact on Elkem group total\u2019s pro\ufb01t before tax is due
\n
to changes in the fair value of monetary assets and liabilities
\n
including foreign currency derivatives and embedded
\n
derivatives not designated for hedging. The impact on Elkem
\n
group total\u2019s pre-tax equity is due to changes in the fair value
\n
of forward exchange contracts designated as cash \ufb02ow
\n
hedges and net investment hedges. The impact on pre-tax
\n
equity would be booked against OCI and recycled through pro\ufb01t
\n
before tax, when the hedged items are realised. In addition the
\n
pro\ufb01t and loss will be a\ufb00ected by translation di\ufb00erences on intra
\n
group balances, mainly in EUR, USD and CNY.
\n
Currency
\n \n
31.12.2024
31.12.2023
Change in
E\ufb00ect on pro\ufb01t
E\ufb00ect on
E\ufb00ect on pro\ufb01t
E\ufb00ect on
Amounts in NOK million
FX rate
before tax
pre-tax equity
before tax
pre-tax equity
EUR
5 %
(288)
(517)
(113)
(548)
EUR
-5 %
288
517
113
548
USD
5 %
50
(20)
40
(8)
USD
-5 %
(50)
20
(40)
8
Currency exposure a\ufb00ecting currency
translation di\ufb00erences /equity
The table shows Elkem group total's total assets and liabilities
denominated in the group's main currencies translated to NOK
at the currency rates at 31
December and gives an overview
of the group's total currency exposure that will a\ufb00ect currency
translation di\ufb00erences both in the consolidated statement of
comprehensive income and / or pro\ufb01t and loss.
31 December 2024
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
68
166
23
31
849
50
1 186
Trade receivables
966
176
1 798
18
84
619
3 661
Other assets
57
196
592
13
1 023
263
2 144
Restricted deposits
1
-
356
-
0
-
356
Cash and cash equivalents
1 132
1 665
1 324
(72)
1 324
698
6 070
Total monetary assets
2 224
2 202
4 093
(11)
3 279
1 630
13 418
Asset non-monetary items
2 826
7 428
13 864
974
12 822
2 100
40 014
Total assets
5 050
9 631
17 957
963
16 102
3 730
53 432
Interest-bearing liabilities
2
8 386
3 448
-
4 501
60
16 397
Other liabilities
60
246
329
17
450
235
1 337
Trade payables
469
1 200
2 046
106
949
389
5 159
Bills payable
-
-
1 549
-
(0)
-
1 549
Total monetary liabilities
532
9 832
7 371
123
5 900
685
24 442
Liabilities non-monetary items
136
772
292
216
1 338
215
2 969
Total liabilities
668
10 605
7 663
338
7 238
900
27 411
\n
31 December 2023
Amounts in NOK million
USD
EUR
CNY
CAD
NOK
Other
Total
Other non-current assets
61
319
36
28
69
43
556
Trade receivables
879
243
1 366
13
101
607
3 209
Other assets
36
293
460
14
1 018
241
2 062
Restricted deposits
0
0
383
-
4
1
388
Cash and cash equivalents
1 265
3 672
1 536
(14)
(1 155)
1 063
6 367
Total monetary assets
2 242
4 526
3 781
41
37
1 955
12 583
Asset non-monetary items
2 562
6 687
13 685
1 075
12 033
1 876
37 917
Total assets
4 803
11 213
17 466
1 116
12 070
3 831
50 500
Interest-bearing liabilities
20
8 664
2 334
-
3 647
74
14 741
Other liabilities
67
222
198
9
595
290
1 381
Trade payables
756
1 172
2 418
92
576
268
5 281
Bills payable
-
-
1 466
-
-
-
1 466
Total monetary liabilities
843
10 058
6 416
101
4 818
632
22 868
Liabilities non-monetary items
118
708
264
210
1 646
228
3 174
Total liabilities
960
10 766
6 680
311
6 464
860
26 042
\n
(iii) Interest rate risk
Elkem's interest rate risk arises from interest-bearing liabilities
granted by external \ufb01nancial institutions, factoring agreements
(Note 23 Trade receivables), liabilities related to factoring
agreements and advances on export exchange contracts
(Note 29 Provisions and other liabilities). In addition Elkem
has supplier \ufb01nance agreements of NOK 113 million (NOK
143 million) classi\ufb01ed as trade payables. Elkem's liabilities are
mainly drawn in Euro, Chinese yuan and Norwegian krone.
Elkem\u2019s policy is to primarily have \ufb02oating interest rates
on its debt \ufb01nancing. Whilst this exposes the company to
\ufb02uctuations in interest rates, the group will bene\ufb01t from
lower rates during economic downturns. The prices and
sales volumes of Elkem's core products tend to correlate with
general economic conditions. Interest rates remained low
for several years due to a low-rate economic environment.
However, from 2022 to 2024, interest rates increased as many
central banks hiked rates to control in\ufb02ation.
Elkem has two \ufb01nancial covenants in its EUR 1 000 million
bank facility and Schuldschein loans: an Equity Ratio equal to
or greater than 30 per cent, and an Interest Cover Ratio of not
less than 4.0x. Due to the high interest rate environment in
2023 and 2024, combined with weaker results. Elkem initiated
a waiver process in 2024, and got consent from the lenders to
reduce the Interest Cover covenant from 4.0x to 3.0x for each
and every quarter of the 2024 \ufb01nancial year. In addition. Elkem
entered into \ufb01xed rate swaps to reduce \ufb01nancing costs and
hedge against the uncertainty of future interest rate hikes.
Elkem has the following items exposed to interest rate risk
31 December 2024
Amounts in NOK million
Floating
Fixed
Total
Interest-bearing liabilities (note 26)
11 707
1 200
12 907
Derecognised trade receivables under factoring agreements (note 23)
1 182
-
1 182
Advances on export exchange contracts (note 29)
72
-
72
Recourse liability factoring agreement (note 29)
53
-
53
Settlement liability factoring agreements (note 29)
31
-
31
Supplier \ufb01nance agreements (note 27)
113
-
113
Cash and cash equivalents (note 25)
(4 397)
-
(4 397)
Restricted deposits (note 25)
(7)
-
(7)
Receivables from related parties (note 24)
(0)
-
(0)
Net exposure
8 753
1 200
9 953
\n
Sensitivity
The interest rate sensitivity is based on a parallel shift in the
interest rates that Elkem is exposed to. If interest rates had been
100 basis points higher for a full year, based on net debt as at 31
December 2024, with all other variables held constant, the pro\ufb01t
(loss) for the year would have been NOK 68 million (NOK 97
million) lower. The expense that Elkem is charged for the issued
bills relates to the fact that Elkem does not receive interest on
the deposit that is paid into a restricted bank account when a bill
is issued (note 28 bills payables).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "(b) Counterparty credit risk
Credit risk is the risk of \ufb01nancial losses to the group if a
customer or counterparty fails to meet contractual obligations.
For Elkem this arises mainly to trade receivable and \ufb01nancial
trading counterparties.
Trade receivables are generally secured by credit insurance
from a reputable credit insurance company. For customers
where credit insurance cannot be obtained, other methods
are generally used to secure the sales proceeds, such as
prepayment, letter of credit, documentary credit or guarantees.
In particular, when sales are made in countries with a high
political risk, or to remote customers, trade \ufb01nance products
are used to reduce the credit risk. Of Elkem's revenue outside
China 85 per cent - 95 per cent is covered by credit insurance
or other trade \ufb01nance tools.
Elkem realised credit losses of NOK 2.2 million (NOK 1.6 million)
on trade receivables.
The maximum exposure to credit risk for trade receivables for
the group is NOK 3 164 million as at 31 December 2024
(NOK 3 218 million). See note 23 Trade receivables.
Evaluation of \ufb01nancial counterparties is based on external credit
ratings from Moody's and / or Standard and Poor's. The general
policy is that \ufb01nancial counterparties should have a rating
equal to, or higher than, A- (or the equivalent) from the rating
agencies, but exceptions may be made on a case-by-case basis,
mainly for local banks in emerging markets. Elkem has not had
any losses in 2024 or 2023 related to \ufb01nancial counterparties.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "(c) Liquidity risk
Liquidity risk is the risk that the group will encounter di\ufb03culty
in meeting the obligations associated with its \ufb01nancial
liabilities. Elkem is exposed to liquidity risk related to its
operations and \ufb01nancing.
Elkem's cash \ufb02ow will \ufb02uctuate due to economic conditions and
\ufb01nancial performance. In order to assess its future operational
liquidity risk, short-term and long-term cash \ufb02ow forecasts are
provided. The short-term forecast is updated each week, and
the long-term cash \ufb02ow projection is updated each quarter.
In order to mitigate the operational liquidity risk, Elkem has cash
and revolving credit facilities with banks. As at 31 December
2024 Elkem has unrestricted cash and cash equivalents of NOK
6 070 million (NOK 6 367 million). In addition, revolving credit
facilities amount to NOK 6 519 million (NOK 6 293 million), of
which NOK 6 519 million is undrawn (NOK 6 293 million).
The external loan agreements contain two \ufb01nancial covenants.
The ratio of EBITDA to consolidated Net interest payable,
a
s de\ufb01ned herein, for each measurement period, where the
p
eriod is calculated as the 12 months ending on the last day
o
f a \ufb01nancial quarter, must exceed 4. Elkem initiated a waiver
p
rocess in 2024, and got consent from the lenders to reduce
t
he Interest Cover covenant from 4.0x to 3.0x for each and
e
very quarter of the 2024 \ufb01nancial year. Additionally, the ratio
o
f total equity to total assets must be more than 30 per cent
a
t all times. Elkem complies with these covenants as of 31
D
ecember 2024 and also complied with the covenants as of 31
D
ecember 2023, see note 26 Interest-bearing liabilities.
T
he policy is to have cash equivalents and available credit
f
acilities to cover known capital needs and generally not less
t
han 10 per cent of annual total operating income. In addition,
t
he policy is to ensure that the main credit facilities have a
r
emaining maturity of at least 12 months. The maturity pro\ufb01le
o
f the credit facilities as at 31 December 2024 for Elkem
c
ontinued is shown in the table below.
Year / maturity
Amounts in NOK million
2024
2027
Total
Total amount of credit facilities
623
5 896
6 519
\n
The table below analyses the Elkem group continuing's
\ufb01nancial liabilities and assets into relevant maturity
groupings based on the remaining period at the date of the
statement of \ufb01nancial position to the contractual maturity
date. The amounts disclosed in the table are the contractual
undiscounted cash \ufb02ows, and the amounts are including
interest payments.
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2030
\u00a0
Carrying
Amounts in NOK million
2025
2026
2027
2028
2029
and later
Total
amount
Trade receivables
1 960
-
-
-
-
-
1 960
1 960
Derivative assets
272
243
247
261
279
199
1 501
1 279
Total assets
2 233
243
247
261
279
199
3 462
3 240
Trade payables
2 076
-
-
-
-
-
2 076
2 076
Derivative liabilities
141
94
85
56
62
312
750
625
Lease liabilities
67
54
49
43
40
216
468
405
Loan agreements
1 581
2 738
7 225
1 552
864
335
14 296
12 519
Bills payables
-
-
-
-
-
-
-
-
Total liabilities
3 865
2 886
7 358
1 651
966
863
17 590
15 625
\n
31 December 2023
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2029
\u00a0
Carrying
Amounts in NOK million
2024
2025
2026
2027
2028
and later
Total
amount
Trade receivables
3 209
-
-
-
-
-
3 209
3 209
Derivative assets
384
292
241
240
239
124
1 520
1 388
Total assets
3 593
292
241
240
239
124
4 729
4 597
Trade payables
5 281
-
-
-
-
-
5 281
5 281
Derivative liabilities
67
54
51
42
20
117
352
301
Lease liabilities
125
105
84
65
58
264
701
589
Loan agreements
1 798
1 781
3 505
6 726
1 711
1 326
16 848
14 169
Bills payables
1 466
-
-
-
-
-
1 466
1 466
Total liabilities
8 737
1 940
3 640
6 833
1 789
1 708
24 646
21 805
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "33. Capital managment
Elkem focuses on having a balanced capital structure, which
seeks to re\ufb02ect the return requirements for the shareholders and
the need for a strong \ufb01nancial position to facilitate the group\u2019s
strategy for growth and specialisation. The target is to have
a leverage between 1.0x and 2.0x over a cycle. The leverage
ratio is de\ufb01ned as net interest-bearing assets, less non-current
interest-bearing assets (see note 26 Interest-bearing liabilities),
divided by EBITDA, as de\ufb01ned in the APM section.
Elkem is managing its \ufb01nancing and liquidity position to
reduce liquidity risk and to ensure that the company can meet
its \ufb01nancial obligations at all times. Elkem has centralised the
responsibility for group \ufb01nancing and liquidity handling. The
policy is to raise \ufb01nancing at parent company level, however,
country speci\ufb01c exceptions may be made due to local
legislation or currency restrictions. Loan maturities are subject
to liquidity and re\ufb01nancing risk and the company aims to have
a long-term and smooth maturity pro\ufb01le on its loan portfolio.
Cash pooling is used to secure availability and access
to cash across the group. Due to local legislation, not all
subsidiaries are able to participate in international cash pooling
arrangements. In these cases, repatriation of excess cash
is mainly executed through dividend payments and inter-
company deposits, while liquidity needs are covered through
capital injections and inter-company loans. Liquidity forecasts
are prepared and updated on a regular basis. The short-
term forecasts are updated weekly. Elkem\u2019s cash position
is reported on a daily basis and tracked against respective
forecasts. The policy is that available liquidity reserves, de\ufb01ned
as cash and cash equivalents and available long-term credit
facilities, should exceed 10 per cent of total operating income.
Financial covenants are applicable in some of Elkem\u2019s loan
agreements. Financial covenants, if required, are standardised
across all loan agreements. Financial covenants and other
\ufb01nancial policy targets are monitored monthly and included in
Elkem\u2019s management reports. Elkem initiated a waiver process
in 2024, and got consent from the lenders\u2019 to reduce the
Interest Cover covenant from 4.0x to 3.0x for each and every
quarter of the 2024 \ufb01nancial year. In 2025 the Interest Cover
covenant will return to be 4.0x.
Elkem intends to pay dividends re\ufb02ecting the underlying
earnings and cash \ufb02ow. Elkem envisages a dividend pay-
out ratio of 30 - 50 per cent based on pro\ufb01t for the year.
When deciding the annual dividend level, Elkem\u2019s leverage,
capital expenditure plans and \ufb01nancing requirements will be
taken into consideration. Focus will also be on maintaining
appropriate strategic \ufb02exibility. For 2024 the Board have
proposed to pay a dividend of NOK 0.3 per share.
For the year 2023 Elkem did not pay any dividend.
31 December 2024, Elkem's equity was NOK 26,020 million,
including non-controlling interests of NOK 109 million. The
equity ratio was 49 per cent.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "33. Capital managment
Elkem focuses on having a balanced capital structure, which
seeks to re\ufb02ect the return requirements for the shareholders and
the need for a strong \ufb01nancial position to facilitate the group\u2019s
strategy for growth and specialisation. The target is to have
a leverage between 1.0x and 2.0x over a cycle. The leverage
ratio is de\ufb01ned as net interest-bearing assets, less non-current
interest-bearing assets (see note 26 Interest-bearing liabilities),
divided by EBITDA, as de\ufb01ned in the APM section.
Elkem is managing its \ufb01nancing and liquidity position to
reduce liquidity risk and to ensure that the company can meet
its \ufb01nancial obligations at all times. Elkem has centralised the
responsibility for group \ufb01nancing and liquidity handling. The
policy is to raise \ufb01nancing at parent company level, however,
country speci\ufb01c exceptions may be made due to local
legislation or currency restrictions. Loan maturities are subject
to liquidity and re\ufb01nancing risk and the company aims to have
a long-term and smooth maturity pro\ufb01le on its loan portfolio.
Cash pooling is used to secure availability and access
to cash across the group. Due to local legislation, not all
subsidiaries are able to participate in international cash pooling
arrangements. In these cases, repatriation of excess cash
is mainly executed through dividend payments and inter-
company deposits, while liquidity needs are covered through
capital injections and inter-company loans. Liquidity forecasts
are prepared and updated on a regular basis. The short-
term forecasts are updated weekly. Elkem\u2019s cash position
is reported on a daily basis and tracked against respective
forecasts. The policy is that available liquidity reserves, de\ufb01ned
as cash and cash equivalents and available long-term credit
facilities, should exceed 10 per cent of total operating income.
Financial covenants are applicable in some of Elkem\u2019s loan
agreements. Financial covenants, if required, are standardised
across all loan agreements. Financial covenants and other
\ufb01nancial policy targets are monitored monthly and included in
Elkem\u2019s management reports. Elkem initiated a waiver process
in 2024, and got consent from the lenders\u2019 to reduce the
Interest Cover covenant from 4.0x to 3.0x for each and every
quarter of the 2024 \ufb01nancial year. In 2025 the Interest Cover
covenant will return to be 4.0x.
Elkem intends to pay dividends re\ufb02ecting the underlying
earnings and cash \ufb02ow. Elkem envisages a dividend pay-
out ratio of 30 - 50 per cent based on pro\ufb01t for the year.
When deciding the annual dividend level, Elkem\u2019s leverage,
capital expenditure plans and \ufb01nancing requirements will be
taken into consideration. Focus will also be on maintaining
appropriate strategic \ufb02exibility. For 2024 the Board have
proposed to pay a dividend of NOK 0.3 per share.
For the year 2023 Elkem did not pay any dividend.
31 December 2024, Elkem's equity was NOK 26,020 million,
including non-controlling interests of NOK 109 million. The
equity ratio was 49 per cent.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "34. Number of shares
The development in share capital and other paid-in equity is
set out in the consolidated statement of changes in equity. The
largest shareholders are listed in note 22 Shareholders to the
\ufb01nancial statement of Elkem ASA.
Number of shares
\u00a0
2024
2023
\u00a0
Shares
Treasury
Total issued
Shares
Treasury
Total issued
\u00a0
outstanding
shares
shares
outstanding
shares
shares
Beginning of the year
633 890 288
5 551 090
639 441 378
634 476 985
4 964 393
639 441 378
Increase in treasury shares
-
-
-
(2 000 000)
2 000 000
-
Sale of treasury shares
279 190
(279 190)
-
1 413 303
(1 413 303)
-
End of the year
634 169 478
5 271 900
639 441 378
633 890 288
5 551 090
639 441 378
\n
The share capital of Elkem ASA is NOK 3 197 206 890 divided
on 639 441 378 shares of NOK 5 nominal value. Of this amount
Elkem ASA held 5 271 900 treasury shares, 0.8 per cent of total
issued shares. Elkem has in 2024 sold 279 190 shares
in connection with Elkem's share option scheme. Total
consideration was NOK 5 million.
In the annual general meeting held on 18 April 2024, the board
of directors was granted an authorisation to repurchase the
company\u2019s own shares within a total nominal value of up to
NOK 319 720 689. The maximum amount that can be paid
for each share is NOK 150 and the minimum is NOK 1. The
authorisation is valid until the annual general meeting in 2025,
but not later than 30 June 2025. The authorisation can be used
to acquire shares as the board of directors deems appropriate,
provided however, that acquisition of shares shall not be by
subscription. Shares acquired under the authorisation may
either be used to ful\ufb01l Elkem's obligations in connection with
acquisitions, incentive arrangements for employees, ful\ufb01lment
of earn-out arrangements, sale of shares to strengthen Elkem's
equity or deletion of shares.
In the annual general meeting held on 18 April 2024, the board
of directors was granted an authorisation to increase the
company\u2019s share capital with an amount up to NOK 319 720 689
- corresponding to 10 per cent of the current share capital. The
authorisation is valid until the annual general meeting in 2025,
but not later than 30 June 2025. The authorisation can be used
to cover share capital increases against contribution in kind
and in connection with mergers.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "34. Number of shares
The development in share capital and other paid-in equity is
set out in the consolidated statement of changes in equity. The
largest shareholders are listed in note 22 Shareholders to the
\ufb01nancial statement of Elkem ASA.
Number of shares
\u00a0
2024
2023
\u00a0
Shares
Treasury
Total issued
Shares
Treasury
Total issued
\u00a0
outstanding
shares
shares
outstanding
shares
shares
Beginning of the year
633 890 288
5 551 090
639 441 378
634 476 985
4 964 393
639 441 378
Increase in treasury shares
-
-
-
(2 000 000)
2 000 000
-
Sale of treasury shares
279 190
(279 190)
-
1 413 303
(1 413 303)
-
End of the year
634 169 478
5 271 900
639 441 378
633 890 288
5 551 090
639 441 378
\n
The share capital of Elkem ASA is NOK 3 197 206 890 divided
on 639 441 378 shares of NOK 5 nominal value. Of this amount
Elkem ASA held 5 271 900 treasury shares, 0.8 per cent of total
issued shares. Elkem has in 2024 sold 279 190 shares
in connection with Elkem's share option scheme. Total
consideration was NOK 5 million.
In the annual general meeting held on 18 April 2024, the board
of directors was granted an authorisation to repurchase the
company\u2019s own shares within a total nominal value of up to
NOK 319 720 689. The maximum amount that can be paid
for each share is NOK 150 and the minimum is NOK 1. The
authorisation is valid until the annual general meeting in 2025,
but not later than 30 June 2025. The authorisation can be used
to acquire shares as the board of directors deems appropriate,
provided however, that acquisition of shares shall not be by
subscription. Shares acquired under the authorisation may
either be used to ful\ufb01l Elkem's obligations in connection with
acquisitions, incentive arrangements for employees, ful\ufb01lment
of earn-out arrangements, sale of shares to strengthen Elkem's
equity or deletion of shares.
In the annual general meeting held on 18 April 2024, the board
of directors was granted an authorisation to increase the
company\u2019s share capital with an amount up to NOK 319 720 689
- corresponding to 10 per cent of the current share capital. The
authorisation is valid until the annual general meeting in 2025,
but not later than 30 June 2025. The authorisation can be used
to cover share capital increases against contribution in kind
and in connection with mergers.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "34. Number of shares
The development in share capital and other paid-in equity is
set out in the consolidated statement of changes in equity. The
largest shareholders are listed in note 22 Shareholders to the
\ufb01nancial statement of Elkem ASA.
Number of shares
\u00a0
2024
2023
\u00a0
Shares
Treasury
Total issued
Shares
Treasury
Total issued
\u00a0
outstanding
shares
shares
outstanding
shares
shares
Beginning of the year
633 890 288
5 551 090
639 441 378
634 476 985
4 964 393
639 441 378
Increase in treasury shares
-
-
-
(2 000 000)
2 000 000
-
Sale of treasury shares
279 190
(279 190)
-
1 413 303
(1 413 303)
-
End of the year
634 169 478
5 271 900
639 441 378
633 890 288
5 551 090
639 441 378
\n
The share capital of Elkem ASA is NOK 3 197 206 890 divided
on 639 441 378 shares of NOK 5 nominal value. Of this amount
Elkem ASA held 5 271 900 treasury shares, 0.8 per cent of total
issued shares. Elkem has in 2024 sold 279 190 shares
in connection with Elkem's share option scheme. Total
consideration was NOK 5 million.
In the annual general meeting held on 18 April 2024, the board
of directors was granted an authorisation to repurchase the
company\u2019s own shares within a total nominal value of up to
NOK 319 720 689. The maximum amount that can be paid
for each share is NOK 150 and the minimum is NOK 1. The
authorisation is valid until the annual general meeting in 2025,
but not later than 30 June 2025. The authorisation can be used
to acquire shares as the board of directors deems appropriate,
provided however, that acquisition of shares shall not be by
subscription. Shares acquired under the authorisation may
either be used to ful\ufb01l Elkem's obligations in connection with
acquisitions, incentive arrangements for employees, ful\ufb01lment
of earn-out arrangements, sale of shares to strengthen Elkem's
equity or deletion of shares.
In the annual general meeting held on 18 April 2024, the board
of directors was granted an authorisation to increase the
company\u2019s share capital with an amount up to NOK 319 720 689
- corresponding to 10 per cent of the current share capital. The
authorisation is valid until the annual general meeting in 2025,
but not later than 30 June 2025. The authorisation can be used
to cover share capital increases against contribution in kind
and in connection with mergers.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "35. Earnings per share
\u00a0
2024
2023
Weighted average number of shares outstanding
634 005 481
634 991 082
E\ufb00ects of dilution
128 351
798 645
Weighted average number of shares outstanding - diluted
634 133 832
635 789 727
Owners of the parent's share of pro\ufb01t (loss) (NOK million) from Elkem group total operations
488
72
Earnings per share (NOK)
0.77
0.11
Diluted earnings per share (NOK)
0.77
0.11
Owners of the parent's share of pro\ufb01t (loss) (NOK million) from continuing operations
2 026
1 999
Earnings per share (NOK)
3,20
3,15
Diluted earnings per share (NOK)
3,20
3,14
Owners of the parent's share of pro\ufb01t (loss) (NOK million) from discontinued operations
(1 538)
(1 927)
Earnings per share (NOK)
(2,43)
(3,04)
Diluted earnings per share (NOK)
(2,42)
(3,03)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00514": { "value": "Principle application and judgements
The calculation of basic earnings per share (EPS) has been
based on pro\ufb01t attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding.
The calculation of diluted EPS has been based on pro\ufb01t
attributable to ordinary shareholders and weighted-average
number of ordinary shares outstanding after adjustment for
the e\ufb00ects of all dilutive potential ordinary shares.
\u00a0
2024
2023
Weighted average number of shares outstanding
634 005 481
634 991 082
E\ufb00ects of dilution
128 351
798 645
Weighted average number of shares outstanding - diluted
634 133 832
635 789 727
Owners of the parent's share of pro\ufb01t (loss) (NOK million) from Elkem group total operations
488
72
Earnings per share (NOK)
0.77
0.11
Diluted earnings per share (NOK)
0.77
0.11
Owners of the parent's share of pro\ufb01t (loss) (NOK million) from continuing operations
2 026
1 999
Earnings per share (NOK)
3,20
3,15
Diluted earnings per share (NOK)
3,20
3,14
Owners of the parent's share of pro\ufb01t (loss) (NOK million) from discontinued operations
(1 538)
(1 927)
Earnings per share (NOK)
(2,43)
(3,04)
Diluted earnings per share (NOK)
(2,42)
(3,03)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00515": { "value": "36. Supplemental information to the consolidated statement of cash \ufb02ows
The following table gives a detailed overview of changes
in working capital in the statement of cash \ufb02ows. Working
capital is de\ufb01ned as accounts receivables, inventories, other
current assets, accounts payables, current employee bene\ufb01t
obligations and other current liabilities. Accounts receivables
are de\ufb01ned as trade receivables less bills receivables. Other
current assets are de\ufb01ned as other current assets less
current receivables to related parties, current interest-bearing
receivables, tax receivables, grants receivable, assets at fair
value through pro\ufb01t or loss and accrued interest income.
Accounts payables are de\ufb01ned as trade payables less trade
payables related to purchase of non-current assets. Other
current liabilities are de\ufb01ned as provisions and other current
liabilities less current provisions, contingent considerations,
contract obligations and liabilities to related parties.
Changes in working capital
Amounts in NOK million
2024
2023
Changes in accounts receivable
13
924
Changes in inventories
(447)
1 660
Changes in other current assets
(97)
(375)
Changes in accounts payable
(45)
(349)
Changes in other current liabilities including employee bene\ufb01t obligations
(53)
(275)
Total
(629)
1 584
\n
Liquidity e\ufb00ects of contingent considerations
Amounts in NOK million
2024
2023
Settlement of contingent consideration
-
39
Discounting element on settlement of contingent consideration
-
4
Fair value adjustment on settlement of contingent consideration
-
(3)
Foreign exchange gains (losses) from date of control
-
(2)
Total payment of contingent consideration related to acquisitions (IFRS 3)
-
38
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "37. Related partiesElkem ASA is owned 52.9 per cent by Bluestar Elkem
International Co. Ltd S.A., Luxembourg, which is under control
of Sinochem Holdings Co., Ltd (Sinochem), a company
registered and domiciled in China. All companies under control
by Sinochem are considered to be related parties, including
among others China Blue Chemicals Ltd and Jiangxi Xinghuo
space\ufb02ight New Material Co., Ltd..
Elkem also consider equity accounted companies as
related parties.
The structure of Elkem group is disclosed in note 4
Composition of the group and note 5 Equity accounted
investments and joint operations.
Transactions with related parties
2024
\u00a0
Sale of
Purchase
Sale of
Purchase of
Interest
Financial
Amounts in NOK million
goods
of goods
services
1)
services
income
expenses
Bluestar Elkem International Co. Ltd S.A.
-
-
-
-
-
-
Joint ventures and associates
-
(202)
20
(192)
0
-
Related parties within Sinochem
130
(619)
1
(112)
-
-
Other related parties
4
(8)
-
(23)
-
-
Total
133
(830)
21
(327)
0
-
\n
Transactions with related parties
2023
\u00a0
Sale of
Purchase
Sale of
Purchase of
Interest
Financial
Amounts in NOK million
goods
of goods
services
1)
services
income
expenses
Bluestar Elkem International Co. Ltd S.A.
-
-
-
-
-
-
Joint ventures and associates
-
(282)
77
(223)
0
-
Related parties within Sinochem
206
(636)
2
(102)
-
-
Other related parties
-
(17)
-
(23)
-
-
Total
206
(935)
79
(348)
0
-
\n
1) Including sub-lese
Balances with related parties
\u00a0
Non-current
Current
Amounts in NOK million
31.12.2024
31.12.2023
31.12.2024
31.12.2023
Receivables from joint ventures and associates, interest-bearing
0
1
-
-
Receivables from joint ventures and associates, interest free
-
-
4
0
Receivables from related parties within Sinochem, interest free
-
-
10
8
Trade receivables, joint ventures and associates
-
-
18
12
Trade receivables, related parties within Sinochem
-
-
1
16
Prepayments to related parties within Sinochem
-
-
-
2
Liabilities to related parties within Sinochem, interest free
-
-
(14)
(17)
Trade payables, Bluestar Elkem Investment Co. Ltd. S.A
-
-
(48)
(5)
Trade payables, joint ventures and associates
-
-
(47)
(94)
Trade payables, related parties within Sinochem
-
-
(4)
(54)
Prepayments from joint ventures and associates
-
-
(3)
(10)
Prepayments from related parties within Sinochem
-
-
(1)
(0)
Net balances with related parties
0
1
(83)
(141)
\n
Outstanding balances at year-end are unsecured, and the
current receivables and payables are interest-free, with an
exception of the non-current receivables. The interest rate
for the non-current receivables to the joint ventures and
associates are currently 3.0 per cent (3.8 per cent).
Information about main transactions with related parties:
Related parties within Sinochem
\u2192
Sale of silicone to China Bluestar International Chemical
Ltd,
Jiangxi Xinghuo Space\ufb02ight New Material Co., Ltd
and other companies within Sinochem
\u2192
Purchase of raw materials from companies within Sinochem
Equity accounted companies
\u2192
Purchase of short and deep sea transport from North Sea
Containerline AS and EPB Chartering AS
\u2192
Purchase of warehousing for Combined Cargo
Warehousing BV
\u2192
Purchase of services related to steam from Jiangxi
Guoxing Intelligence Energy Co. Ltd
\u2192
Purchase of services related to shared infrastructure such
as laboratory analysis, IT and telephone, warehousing
and purchase of basic chemistry products such as gas,
nitrogen, compressed air from GIE Osiris
There are no other contingent liabilities or commitments
related to the joint ventures and associates.
Key management personnel and board of directors
Information on transactions with key management personnel
and /or their related parties, see note 11 Employee bene\ufb01ts and
\"Report on salary and other remuneration to leading personnel
in Elkem ASA for the \ufb01nancial year 2024\".", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Related parties' relationships are de\ufb01ned to be entities outside
Elkem group that are under control (either directly or indirectly),
joint control or signi\ufb01cant in\ufb02uence by the owners of Elkem.
The related party disclosure is prepared based on related
parties of Elkem group total. A signi\ufb01cant level of related party
transactions and balances are with the Silicones segment which
is classi\ufb01ed as discontinued operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00548": { "value": "38. Pledge of assets and guarantees
Pledges
The main part of Elkem's interest-bearing liabilities are not
pledged. Details of liabilities that have pledged assets or
guarantees related to them are stated below.
Pledged liabilities
Amounts in NOK million
31.12.2024
31.12.2023
Pledged liabilities
53
94
\n
Book value pledged assets
Amounts in NOK million
31.12.2024
31.12.2023
Building
-
10
Machinery and plant
-
7
Accounts receivables
53
102
Inventories
-
67
\n
Elkem makes limited use of guarantees, see speci\ufb01cation below.
Guarantee commitments
Amounts in NOK million
31.12.2024
31.12.2023
Guarantee commitment KLIF (Climate and Pollution Agency)
40
40
Guarantee commitment tax cases Brazil
42
47
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00549": { "value": "39. Changes in presentation
Elkem has with e\ufb00ect from 1 January 2024 changed
presentation of the items mentioned below;
\u2192
Presentation of grants related to income is changed from
other operating income to net presentation where the
grants are deducted from the expenses for which the
grants have compensated in the statement of pro\ufb01t or loss.
\u2192
Presentation of capitalised salary of own developed \ufb01xed
and intangible assets is changed from other operating
expenses to employee bene\ufb01t expenses in the statement
of pro\ufb01t and loss.
\u2192
Presentation of changes in inventories of \ufb01nished goods
and work in progress for the activity cost part is changed
from other operating expenses to raw materials and
energy for production in the statement of pro\ufb01t and loss.
Elkem has with e\ufb00ect from 1 July 2024 changed presentation
of the items mentioned below;
\u2192
Elkem has with e\ufb00ect from 1 July 2024 changed its
de\ufb01nition of net interest-bearing debt (NIBD). Going
forward bills payable net of restricted deposits, will be
followed up as a part of managing Elkem\u2019s day-to-day
liquidity positions. Bills payable are deemed to be part of
the operational activities linked to the product cycle and
hence no longer included in NIBD. As a consequence,
bills payable and restricted deposits are moved from cash
\ufb02ow from \ufb01nancing activities to cash \ufb02ow from operating
activities, included in line-item changes in provisions, bills
and other in the statement of cash \ufb02ows.
The impact on comparable \ufb01gures in the statement of pro\ufb01t or
loss and statement of cash \ufb02ows are shown in the tables below.
Consolidated statement of pro\ufb01t or loss
2024
Impact
Impact
2024
before
Impact
capitalised
changes in
after
Amounts in NOK million
change
grants
salary
inventories
change
Other operating income
1 711
(644)
-
-
1 066
Raw materials and energy
(9 024)
593
-
118
(8 313)
Employee bene\ufb01t expenses
(2 807)
26
15
-
(2 766)
Other operating expenses
(4 175)
25
(15)
(118)
(4 283)
Operating pro\ufb01t (loss)
2 094
-
-
-
2 094
\n
Consolidated statement of pro\ufb01t or loss
Financial
Impact
Impact
Financial
statement
Impact
capitalised
changes in
statement
Amounts in NOK million
2023
grants
salary
inventories
2023 restated
Other operating income
915
(584)
-
-
331
Raw materials and energy
(11 493)
550
-
118
(10 825)
Employee bene\ufb01t expenses
(2 706)
20
25
-
(2 662)
Other operating expenses
(4 045)
14
(25)
(118)
(4 173)
Operating pro\ufb01t (loss)
1 682
-
-
-
1 682
\n
Consolidated statement of cash \ufb02ows
2024
2024
before
after
Amounts in NOK million
change
Impact
change
Changes in provisions, bills and other
(48)
21
(27)
Net changes in bills payable and restricted deposits
21
(21)
-
Change in cash and cash equivalents
(536)
-
(536)
\n
Consolidated statement of cash \ufb02ows
Financial
Financial
statement
statement
2023
Amounts in NOK million
2023
Impact
restated
Changes in provisions, bills and other
190
(237)
(47)
Net changes in bills payable and restricted deposits
(237)
237
-
Change in cash and cash equivalents
(3 017)
-
(3 017)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00550": { "value": "40.Assets held for sale and discontinued operation
Principle application and judgements
\n
On 23 January 2025 the group announced its intention to
\n
perform a strategic review of the Silicones division. At the end
\n
of the fourth quarter, signi\ufb01cant judgement has been applied to
\n
conclude that a sale is highly probable to occur within one year
\n
and that the held for sale criteria is met. Elkem Silicones is an
\n
operating segment and represents a major line of business per
\n
31 December 2024. Silicones division is therefore classi\ufb01ed as
\n
discontinued operations in the 2024 \ufb01nancial statement.
\n
Continuing operations include internal transactions with the
\n
Silicones division that are expected to continue after the sale.
\n
This includes sale of goods from Elkem Silicon Products to
\n
Elkem Silicones. Financial income and expense are eliminated.
\n
Discontinued operations are still included in the segment
\n
reporting as it will continue to be the followed up by the Chief
\n
operating decision maker in the same manner as before the
\n
reclassi\ufb01cation. This will be continuously reviewed as the
\n
strategic review process progresses. Please refer to note 6
\n
Operating segments for segment disclosures.
\n
Estimates
\n
The calculations for fair value less cost to sell are based on
\n
estimated future cash \ufb02ows. These cash \ufb02ows are uncertain
\n
due to potential changes in the prices of key production
\n
input factors and the market prices of Elkem\u2019s products. This
\n
uncertainty a\ufb00ects both the next 12 months and the rest of the
\n
forecast period. Additionally, there is uncertainty in estimating
\n
replacement investments and the growth rate for the terminal
\n
value. The estimated future pre-tax cash \ufb02ows are discounted
\n
using a pre-tax discount rate. The uncertainty in this discount
\n
rate relates to the determination of the risk-free rate, the
\n
market risk premium and the beta. Elkem uses a beta speci\ufb01c
\n
to each business segment, found using observable betas of
\n
comparable companies for each business segment. To address
\n
the uncertainty in these estimates, Elkem has conducted
\n
sensitivity analyses on key drivers in the fair value less cost to
\n
sell calculations.
\n
Internal transactions are eliminated in the presentation of pro\ufb01t
\n
and loss from discontinued operations in the below table
\n
Pro\ufb01t and loss from discontinued operations
Amounts in NOK million
31.12.2024
31.12.2023
Revenue
14 113
13 230
Other operating income
20
19
Share of pro\ufb01t(loss) from equity accounted investments
2
1
Total operating income
14 134
13 250
Raw materials and energy
(8 718)
(8 615)
Employee bene\ufb01t expenses
(2 469)
(2 413)
Other operating expenses
(2 431)
(2 500)
Amortisation and depreciation
(1 744)
(1 468)
Impairment loss
(10)
(69)
Other items
(145)
(80)
Operating pro\ufb01t (loss)
(1 382)
(1 895)
Share of pro\ufb01t(loss) from equity accounted \ufb01nancial investment
-
-
Finance Income
41
45
Foreign exchange gains (losses)
-
-
Finance expenses
(138)
(77)
Pro\ufb01t (loss) before income tax
(1 480)
(1 928)
Income tax (expenses) bene\ufb01ts
(58)
0
Pro\ufb01t (loss) for the year from discontinued operations
(1 538)
(1 927)
Cumulative income or expense recognised in other comprehensive
\n
income\u00a0from discontinued operations
\n\n \n
Amounts in NOK million
2024
2023
Exchange di\ufb00erences on translation of discontinued operations
2 048
1 333
\n
Earnings per share - discontinued operations
\n\n \n
Amounts in NOK million
2024
2023
Basic earnings per share in NOK
(2.43)
(3.04)
Diluted earnings per share in NOK
(2.42)
(3.03)
\n
The below tables shows pro\ufb01t and loss from continuing
\n
operations, from the Silicones operating segment and
\n
eliminations booked in discontinued operations in order to
\n
show the pro\ufb01t and loss from Elkem group total
\n
Reconciliation between continuing and discontinued operations with
\n
Elkem group total 2024
\n\n \n
Silicones
Eliminations in
Elkem
Continuing
operating
discontinued
group
Amounts in NOK million
operations
segment
operations
total
Revenue
17 810
15 069
(956)
31 922
Other operating income
1 066
20
(1)
1 086
Share of pro\ufb01t(loss) from equity accounted investments
(6)
2
-
(4)
Total operating income
18 870
15 091
(957)
33 004
Raw materials and energy
(8 313)
(9 439)
720
(17 032)
Employee bene\ufb01t expenses
(2 766)
(2 469)
-
(5 234)
Other operating expenses
(4 283)
(2 663)
232
(6 714)
Amortisation and depreciation
(931)
(1 744)
-
(2 674)
Impairment loss
(168)
(10)
-
(178)
Other items
(316)
(145)
-
(460)
Operating pro\ufb01t (loss)
2 094
(1 377)
(5)
712
Share of pro\ufb01t(loss) from equity accounted \ufb01nancial investment
(143)
-
-
(143)
Finance Income
107
41
(0)
147
Foreign exchange gains (losses)
247
-
-
247
Finance expenses
(778)
(471)
332
(916)
Pro\ufb01t (loss) before income tax
1 526
(1 807)
328
47
Income tax (expenses) bene\ufb01ts
588
(58)
(0)
530
Pro\ufb01t (loss) for the year from continuing operations
2 115
(1 865)
328
577
\n
Reconciliation between continuing and discontinued operations with
\n
Elkem group total 2023
\n\n \n
Silicones
Eliminations in
Elkem
Continuing
operating
discontinued
group
Amounts in NOK million
operations
segment
operations
total
Revenue
21 134
14 142
(912)
34 364
Other operating income
331
19
(1)
350
Share of pro\ufb01t(loss) from equity accounted investments
44
1
-
46
Total operating income
21 510
14 163
(912)
34 760
Raw materials and energy
(10 825)
(9 658)
1 042
(19 441)
Employee bene\ufb01t expenses
(2 662)
(2 413)
-
(5 074)
Other operating expenses
(4 173)
(2 697)
197
(6 673)
Amortisation and depreciation
(844)
(1 468)
-
(2 312)
Impairment loss
(25)
(69)
-
(94)
Other items
596
(80)
-
516
Operating pro\ufb01t (loss)
3 577
(2 222)
327
1 682
Share of pro\ufb01t(loss) from equity accounted \ufb01nancial investment
(63)
0
-
(63)
Finance Income
137
46
(1)
182
Foreign exchange gains (losses)
(106)
0
-
(106)
Finance expenses
(666)
(358)
281
(743)
Pro\ufb01t (loss) before income tax
2 879
(2 534)
606
951
Income tax (expenses) bene\ufb01ts
(781)
0
0
(781)
Pro\ufb01t (loss) for the year from continuing operations
2 097
(2 534)
606
170
\n
Cash \ufb02ows from internal transactions are eliminated in cash
\n
\ufb02ows from discontinued operations in the below table .
\n
Cash \ufb02ows from discontinued operations
\n\n \n
Amounts in NOK million
2024
2023
Net cash in\ufb02ow from operating activities
262
41
Net cash in\ufb02ow from investing activities
(1 734)
(3 235)
Net cash out\ufb02ow from \ufb01nancing activities
769
1 131
Net increase (decrease) in cash generated from discontinued operations
(703)
(2 064)
Assets reclassi\ufb01ed as held for sale in relation to the discontinued operation
\n
as at 31 December 2024:
\n\n \n
Amounts in NOK million
2024
Property, plant and equipment
16 095
Right of use assets
474
Other intangible assets
1 075
Goodwill
756
Deferred tax assets
36
Investments in equity accounted companies
157
Other assets
201
Total non-current assets
18 793
Inventories
3 783
Trade receivables
1 700
Other assets
891
Restricted deposits
350
Cash and cash equivalents
1 673
Total current assets
8 396
Total assets
27 189
\n
Liabilities directly associated with assets classi\ufb01ed as held for sale
\n
as at 31 December 2024:
\n\n \n
Amounts in NOK million
2024
Interest-bearing liabilities
3 290
Deferred tax liabilities
137
Employee bene\ufb01t obligations
292
Provisions and other liabilities
12
Total non-current liabilities
3 731
Trade payable
3 084
Income tax payables
52
Interest-bearing liabilities
200
Bills payable
1 549
Employee bene\ufb01t obligations
530
Provisions and other liabilities
522
Total current liabilities
5 937
Total liabilities
9 668
\n
Immediately before the re-presentation of the Silicones division
\n
as discontinued operations an impairment assessment was
\n
performed and no impairment loss was identi\ufb01ed. Subsequent
\n
to the reclassi\ufb01cation, the disposal group classi\ufb01ed as held for
\n
sale shall be measured at the lower of its carrying amount and
\n
fair value less costs to sell. An estimate of fair value less cost to
\n
sell of the disposal group has been performed, and no loss was
\n
recognised. In estimating fair value less cost to sell the income
\n
approach (discounted cash \ufb02ow method) is used. Future
\n
cash \ufb02ows are estimated using a combination of external and
\n
internal sources. In estimating future cash \ufb02ows the following
\n
assumptions are used:
\n
Key assumptions for fair value less cost to sell estimate
\n
Financial performance 2024
\n
Silicones markets remained challenging in 2024 due to weak
\n
market sentiment and Chinese overcapacity. The Chinese
\n
property market has been in a severe downturn since 2021.
\n
During the second half of 2024 there were some positive
\n
developments. The Chinese central bank announced its
\n
biggest stimulus package since the pandemic. Further, several
\n
producers, including Elkem announced global price increases
\n
for specialties which gave a positive impact on pro\ufb01tability.
\n
DMC prices in China showed a modest increase in the last two
\n
quarters of 2024. The EBITDA-margin for the Silicones segment
\n
in 2024 is 3.5 per cent and with an improving trend through the
\n
year. The 2024 EBITDA of NOK 521 million is an improvement
\n
from a negative EBITDA of NOK 605 million in 2023.
\n
Financial forecasts 2025-2029
\n
The 2025 budget and 2026-2029 strategic plan approved
\n
by the board is used a basis for the forecasts which is used
\n
for the fair value estimate. When preparing the budget and
\n
strategic plan a range of both external and internal sources are
\n
considered. External sources include market reports and price
\n
indexes. Internal sources include agreed sales volumes
for the
\n
period, the e\ufb00ect of implemented cost saving initiatives and
\n
planned investments and maintenance.
\n
EBITDA level represents the operating pro\ufb01t (loss) before
\n
depreciation and amortisation. The key assumptions used in
\n
reaching the forecast \ufb01gures are sales prices, total volume and
\n
product mix, operating costs, and productivity targets. See
\n
Note 6 Operating segments for Elkem\u2019s de\ufb01nition of EBITDA.
\n
\u2192
External markets
analysts expect continued challenging
\n
supply/demand balance both in China and globally for the
\n
next two years, before a gradual recovery towards the end
\n
of the forecast period resulting in a more balanced market
\n
\u2192
The Silicon division capacity increase following strategic
\n
investments in China in the previous years was ramped
\n
up during 2024 and is performing better than target. The
\n
Silicon division production in France is expected to ramp
\n
up production during 2025 and
reach full capacity during
\n
the \ufb01rst half of 2025. These new assets are expected
\n
to yield cost savings, more e\ufb03cient production and an
\n
improved specialty ratio that will improve both absolute
\n
and stability in margins
\n
\u2192
Cost saving programmes initiated in 2023 and continued
\n
in 2024 are expected to give permanent cost reductions
\n
through improved productivity and better process quality.
\n
\u2192
A more balanced market, combined with an increased
\n
specialty ratio, results in improved average sales prices
\n
and combined with reduced cost leads to a gradually
\n
improving EBITDA-margin throughout the forecast period.
\n
Forecasted sales prices are based on a weighted average
\n
of sales prices for commodity and specialty volumes.
\n
Other operating costs
\n
These are estimated based on the current level and adjusted
\n
for expected in\ufb02ation in the respective locations where the
\n
business is situated. Operating costs are also impacted by
\n
ongoing operational e\ufb03ciency programmes. Changes to the
\n
outcome of these initiatives may a\ufb00ect future EBITDA levels.
\n
Capital expenditure (\u201cCapex\u201d)
\n
A normalised capex is assumed in the long run and are based
\n
on today\u2019s maintenance level and technology. Capex includes
\n
remaining investments on strategic projects in an advanced
\n
stage where the projects are substantially commenced per 31
\n
December 2024.
\n
Discount rate
\n
A weighted average cost of capital is used to discount the
\n
cash \ufb02ows. The WACC is calculate by using a target capital
\n
structure of 50:50. Cash in\ufb02ows and out\ufb02ows in di\ufb00erent
\n
currencies are translated to NOK and a NOK 10 year risk-free
\n
interest rate is used in the WACC. The discount rates also
\n
consider the debt premium, market risk premium, corporate
\n
tax rate and asset beta. For the Elkem Silicones division the
\n
cash \ufb02ows have been discounted with a pre-tax rate of
\n
10.5 per cent, derived from a WACC of 8.44 per cent.
\n
Growth rates and in\ufb02ation
\n
The expected growth rates converge from its current level,
\n
to the long-term growth level in the markets in which the
\n
entity operates. The growth rates used to extrapolate cash
\n
\ufb02ow projections in the terminal value are based on expected
\n
in\ufb02ation in relevant markets, assumptions in terms of market
\n
share and expectations for the market development in which
\n
the entity operates.
\n
Currency rates
\n
The fair value calculation is performed in the presentation
\n
currency for the Silicones segment which is NOK. The currency
\n
rates used to translate future incomes and expenses in other
\n
currencies than the functional currency is based the currency
\n
rates used in the strategic planning process.
\n
Steady state 2030 and onwards
\n
After the forecast period 2025-2029 the cash \ufb02ows from
\n
operations are expected to a reach a steady state. The steady
\n
state cash \ufb02ows in 2030 is used to calculate the terminal
\n
value. An EBITDA-margin of 17.5 per cent and a growth rate of
\n
2 per cent is estimated in the steady state.
The estimated fair value less cost of sale of Elkem Silicones
\n
is higher than the net value of Silicones assets and liabilities
\n
held for sale of NOK 17.5 billion as at 31 December 2024, and
\n
no reduction of the carrying amount to fair value less cost to
\n
sell is recognised. There is signi\ufb01cant uncertainty regarding
\n
the sales value of Elkem Silicones and therefore a range of
\n
fair values are presented to illustrate the sensitivity in the fair
\n
value. In estimating the range of values the same cash \ufb02ows
\n
has been used for the forecast period 2025-2029. However,
\n
di\ufb00erent WACCs is used to discount estimated future cash
\n
\ufb02ows and di\ufb00erent EBITDA-margins is used in the steady state
\n
and applied in calculation the terminal value. The range can be
\n
summarized in the following matrix:
\n
Sensitivity of fair value less cost to
\n
sell of discontinued operations
\u00a0\u00a0
EBITDA-margin in steady state (in per cent)
Amounts in NOK billion
\u00a0
17.5 %
15.0 %
12.7 %
\u00a0
8.44%
21.1
17.1
13.3
WACC(in per cent)
9.44%
17.9
14.5
11.4
\u00a0
10.0%
16.4
13.4
10.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00551": { "value": "40.Assets held for sale and discontinued operation
Principle application and judgements
\n
On 23 January 2025 the group announced its intention to
\n
perform a strategic review of the Silicones division. At the end
\n
of the fourth quarter, signi\ufb01cant judgement has been applied to
\n
conclude that a sale is highly probable to occur within one year
\n
and that the held for sale criteria is met. Elkem Silicones is an
\n
operating segment and represents a major line of business per
\n
31 December 2024. Silicones division is therefore classi\ufb01ed as
\n
discontinued operations in the 2024 \ufb01nancial statement.
\n
Continuing operations include internal transactions with the
\n
Silicones division that are expected to continue after the sale.
\n
This includes sale of goods from Elkem Silicon Products to
\n
Elkem Silicones. Financial income and expense are eliminated.
\n
Discontinued operations are still included in the segment
\n
reporting as it will continue to be the followed up by the Chief
\n
operating decision maker in the same manner as before the
\n
reclassi\ufb01cation. This will be continuously reviewed as the
\n
strategic review process progresses. Please refer to note 6
\n
Operating segments for segment disclosures.
\n
Estimates
\n
The calculations for fair value less cost to sell are based on
\n
estimated future cash \ufb02ows. These cash \ufb02ows are uncertain
\n
due to potential changes in the prices of key production
\n
input factors and the market prices of Elkem\u2019s products. This
\n
uncertainty a\ufb00ects both the next 12 months and the rest of the
\n
forecast period. Additionally, there is uncertainty in estimating
\n
replacement investments and the growth rate for the terminal
\n
value. The estimated future pre-tax cash \ufb02ows are discounted
\n
using a pre-tax discount rate. The uncertainty in this discount
\n
rate relates to the determination of the risk-free rate, the
\n
market risk premium and the beta. Elkem uses a beta speci\ufb01c
\n
to each business segment, found using observable betas of
\n
comparable companies for each business segment. To address
\n
the uncertainty in these estimates, Elkem has conducted
\n
sensitivity analyses on key drivers in the fair value less cost to
\n
sell calculations.
\n
Internal transactions are eliminated in the presentation of pro\ufb01t
\n
and loss from discontinued operations in the below table
\n
Pro\ufb01t and loss from discontinued operations
Amounts in NOK million
31.12.2024
31.12.2023
Revenue
14 113
13 230
Other operating income
20
19
Share of pro\ufb01t(loss) from equity accounted investments
2
1
Total operating income
14 134
13 250
Raw materials and energy
(8 718)
(8 615)
Employee bene\ufb01t expenses
(2 469)
(2 413)
Other operating expenses
(2 431)
(2 500)
Amortisation and depreciation
(1 744)
(1 468)
Impairment loss
(10)
(69)
Other items
(145)
(80)
Operating pro\ufb01t (loss)
(1 382)
(1 895)
Share of pro\ufb01t(loss) from equity accounted \ufb01nancial investment
-
-
Finance Income
41
45
Foreign exchange gains (losses)
-
-
Finance expenses
(138)
(77)
Pro\ufb01t (loss) before income tax
(1 480)
(1 928)
Income tax (expenses) bene\ufb01ts
(58)
0
Pro\ufb01t (loss) for the year from discontinued operations
(1 538)
(1 927)
Cumulative income or expense recognised in other comprehensive
\n
income\u00a0from discontinued operations
\n\n \n
Amounts in NOK million
2024
2023
Exchange di\ufb00erences on translation of discontinued operations
2 048
1 333
\n
Earnings per share - discontinued operations
\n\n \n
Amounts in NOK million
2024
2023
Basic earnings per share in NOK
(2.43)
(3.04)
Diluted earnings per share in NOK
(2.42)
(3.03)
\n
The below tables shows pro\ufb01t and loss from continuing
\n
operations, from the Silicones operating segment and
\n
eliminations booked in discontinued operations in order to
\n
show the pro\ufb01t and loss from Elkem group total
\n
Reconciliation between continuing and discontinued operations with
\n
Elkem group total 2024
\n\n \n
Silicones
Eliminations in
Elkem
Continuing
operating
discontinued
group
Amounts in NOK million
operations
segment
operations
total
Revenue
17 810
15 069
(956)
31 922
Other operating income
1 066
20
(1)
1 086
Share of pro\ufb01t(loss) from equity accounted investments
(6)
2
-
(4)
Total operating income
18 870
15 091
(957)
33 004
Raw materials and energy
(8 313)
(9 439)
720
(17 032)
Employee bene\ufb01t expenses
(2 766)
(2 469)
-
(5 234)
Other operating expenses
(4 283)
(2 663)
232
(6 714)
Amortisation and depreciation
(931)
(1 744)
-
(2 674)
Impairment loss
(168)
(10)
-
(178)
Other items
(316)
(145)
-
(460)
Operating pro\ufb01t (loss)
2 094
(1 377)
(5)
712
Share of pro\ufb01t(loss) from equity accounted \ufb01nancial investment
(143)
-
-
(143)
Finance Income
107
41
(0)
147
Foreign exchange gains (losses)
247
-
-
247
Finance expenses
(778)
(471)
332
(916)
Pro\ufb01t (loss) before income tax
1 526
(1 807)
328
47
Income tax (expenses) bene\ufb01ts
588
(58)
(0)
530
Pro\ufb01t (loss) for the year from continuing operations
2 115
(1 865)
328
577
\n
Reconciliation between continuing and discontinued operations with
\n
Elkem group total 2023
\n\n \n
Silicones
Eliminations in
Elkem
Continuing
operating
discontinued
group
Amounts in NOK million
operations
segment
operations
total
Revenue
21 134
14 142
(912)
34 364
Other operating income
331
19
(1)
350
Share of pro\ufb01t(loss) from equity accounted investments
44
1
-
46
Total operating income
21 510
14 163
(912)
34 760
Raw materials and energy
(10 825)
(9 658)
1 042
(19 441)
Employee bene\ufb01t expenses
(2 662)
(2 413)
-
(5 074)
Other operating expenses
(4 173)
(2 697)
197
(6 673)
Amortisation and depreciation
(844)
(1 468)
-
(2 312)
Impairment loss
(25)
(69)
-
(94)
Other items
596
(80)
-
516
Operating pro\ufb01t (loss)
3 577
(2 222)
327
1 682
Share of pro\ufb01t(loss) from equity accounted \ufb01nancial investment
(63)
0
-
(63)
Finance Income
137
46
(1)
182
Foreign exchange gains (losses)
(106)
0
-
(106)
Finance expenses
(666)
(358)
281
(743)
Pro\ufb01t (loss) before income tax
2 879
(2 534)
606
951
Income tax (expenses) bene\ufb01ts
(781)
0
0
(781)
Pro\ufb01t (loss) for the year from continuing operations
2 097
(2 534)
606
170
\n
Cash \ufb02ows from internal transactions are eliminated in cash
\n
\ufb02ows from discontinued operations in the below table .
\n
Cash \ufb02ows from discontinued operations
\n\n \n
Amounts in NOK million
2024
2023
Net cash in\ufb02ow from operating activities
262
41
Net cash in\ufb02ow from investing activities
(1 734)
(3 235)
Net cash out\ufb02ow from \ufb01nancing activities
769
1 131
Net increase (decrease) in cash generated from discontinued operations
(703)
(2 064)
Assets reclassi\ufb01ed as held for sale in relation to the discontinued operation
\n
as at 31 December 2024:
\n\n \n
Amounts in NOK million
2024
Property, plant and equipment
16 095
Right of use assets
474
Other intangible assets
1 075
Goodwill
756
Deferred tax assets
36
Investments in equity accounted companies
157
Other assets
201
Total non-current assets
18 793
Inventories
3 783
Trade receivables
1 700
Other assets
891
Restricted deposits
350
Cash and cash equivalents
1 673
Total current assets
8 396
Total assets
27 189
\n
Liabilities directly associated with assets classi\ufb01ed as held for sale
\n
as at 31 December 2024:
\n\n \n
Amounts in NOK million
2024
Interest-bearing liabilities
3 290
Deferred tax liabilities
137
Employee bene\ufb01t obligations
292
Provisions and other liabilities
12
Total non-current liabilities
3 731
Trade payable
3 084
Income tax payables
52
Interest-bearing liabilities
200
Bills payable
1 549
Employee bene\ufb01t obligations
530
Provisions and other liabilities
522
Total current liabilities
5 937
Total liabilities
9 668
\n
Immediately before the re-presentation of the Silicones division
\n
as discontinued operations an impairment assessment was
\n
performed and no impairment loss was identi\ufb01ed. Subsequent
\n
to the reclassi\ufb01cation, the disposal group classi\ufb01ed as held for
\n
sale shall be measured at the lower of its carrying amount and
\n
fair value less costs to sell. An estimate of fair value less cost to
\n
sell of the disposal group has been performed, and no loss was
\n
recognised. In estimating fair value less cost to sell the income
\n
approach (discounted cash \ufb02ow method) is used. Future
\n
cash \ufb02ows are estimated using a combination of external and
\n
internal sources. In estimating future cash \ufb02ows the following
\n
assumptions are used:
\n
Key assumptions for fair value less cost to sell estimate
\n
Financial performance 2024
\n
Silicones markets remained challenging in 2024 due to weak
\n
market sentiment and Chinese overcapacity. The Chinese
\n
property market has been in a severe downturn since 2021.
\n
During the second half of 2024 there were some positive
\n
developments. The Chinese central bank announced its
\n
biggest stimulus package since the pandemic. Further, several
\n
producers, including Elkem announced global price increases
\n
for specialties which gave a positive impact on pro\ufb01tability.
\n
DMC prices in China showed a modest increase in the last two
\n
quarters of 2024. The EBITDA-margin for the Silicones segment
\n
in 2024 is 3.5 per cent and with an improving trend through the
\n
year. The 2024 EBITDA of NOK 521 million is an improvement
\n
from a negative EBITDA of NOK 605 million in 2023.
\n
Financial forecasts 2025-2029
\n
The 2025 budget and 2026-2029 strategic plan approved
\n
by the board is used a basis for the forecasts which is used
\n
for the fair value estimate. When preparing the budget and
\n
strategic plan a range of both external and internal sources are
\n
considered. External sources include market reports and price
\n
indexes. Internal sources include agreed sales volumes
for the
\n
period, the e\ufb00ect of implemented cost saving initiatives and
\n
planned investments and maintenance.
\n
EBITDA level represents the operating pro\ufb01t (loss) before
\n
depreciation and amortisation. The key assumptions used in
\n
reaching the forecast \ufb01gures are sales prices, total volume and
\n
product mix, operating costs, and productivity targets. See
\n
Note 6 Operating segments for Elkem\u2019s de\ufb01nition of EBITDA.
\n
\u2192
External markets
analysts expect continued challenging
\n
supply/demand balance both in China and globally for the
\n
next two years, before a gradual recovery towards the end
\n
of the forecast period resulting in a more balanced market
\n
\u2192
The Silicon division capacity increase following strategic
\n
investments in China in the previous years was ramped
\n
up during 2024 and is performing better than target. The
\n
Silicon division production in France is expected to ramp
\n
up production during 2025 and
reach full capacity during
\n
the \ufb01rst half of 2025. These new assets are expected
\n
to yield cost savings, more e\ufb03cient production and an
\n
improved specialty ratio that will improve both absolute
\n
and stability in margins
\n
\u2192
Cost saving programmes initiated in 2023 and continued
\n
in 2024 are expected to give permanent cost reductions
\n
through improved productivity and better process quality.
\n
\u2192
A more balanced market, combined with an increased
\n
specialty ratio, results in improved average sales prices
\n
and combined with reduced cost leads to a gradually
\n
improving EBITDA-margin throughout the forecast period.
\n
Forecasted sales prices are based on a weighted average
\n
of sales prices for commodity and specialty volumes.
\n
Other operating costs
\n
These are estimated based on the current level and adjusted
\n
for expected in\ufb02ation in the respective locations where the
\n
business is situated. Operating costs are also impacted by
\n
ongoing operational e\ufb03ciency programmes. Changes to the
\n
outcome of these initiatives may a\ufb00ect future EBITDA levels.
\n
Capital expenditure (\u201cCapex\u201d)
\n
A normalised capex is assumed in the long run and are based
\n
on today\u2019s maintenance level and technology. Capex includes
\n
remaining investments on strategic projects in an advanced
\n
stage where the projects are substantially commenced per 31
\n
December 2024.
\n
Discount rate
\n
A weighted average cost of capital is used to discount the
\n
cash \ufb02ows. The WACC is calculate by using a target capital
\n
structure of 50:50. Cash in\ufb02ows and out\ufb02ows in di\ufb00erent
\n
currencies are translated to NOK and a NOK 10 year risk-free
\n
interest rate is used in the WACC. The discount rates also
\n
consider the debt premium, market risk premium, corporate
\n
tax rate and asset beta. For the Elkem Silicones division the
\n
cash \ufb02ows have been discounted with a pre-tax rate of
\n
10.5 per cent, derived from a WACC of 8.44 per cent.
\n
Growth rates and in\ufb02ation
\n
The expected growth rates converge from its current level,
\n
to the long-term growth level in the markets in which the
\n
entity operates. The growth rates used to extrapolate cash
\n
\ufb02ow projections in the terminal value are based on expected
\n
in\ufb02ation in relevant markets, assumptions in terms of market
\n
share and expectations for the market development in which
\n
the entity operates.
\n
Currency rates
\n
The fair value calculation is performed in the presentation
\n
currency for the Silicones segment which is NOK. The currency
\n
rates used to translate future incomes and expenses in other
\n
currencies than the functional currency is based the currency
\n
rates used in the strategic planning process.
\n
Steady state 2030 and onwards
\n
After the forecast period 2025-2029 the cash \ufb02ows from
\n
operations are expected to a reach a steady state. The steady
\n
state cash \ufb02ows in 2030 is used to calculate the terminal
\n
value. An EBITDA-margin of 17.5 per cent and a growth rate of
\n
2 per cent is estimated in the steady state.
The estimated fair value less cost of sale of Elkem Silicones
\n
is higher than the net value of Silicones assets and liabilities
\n
held for sale of NOK 17.5 billion as at 31 December 2024, and
\n
no reduction of the carrying amount to fair value less cost to
\n
sell is recognised. There is signi\ufb01cant uncertainty regarding
\n
the sales value of Elkem Silicones and therefore a range of
\n
fair values are presented to illustrate the sensitivity in the fair
\n
value. In estimating the range of values the same cash \ufb02ows
\n
has been used for the forecast period 2025-2029. However,
\n
di\ufb00erent WACCs is used to discount estimated future cash
\n
\ufb02ows and di\ufb00erent EBITDA-margins is used in the steady state
\n
and applied in calculation the terminal value. The range can be
\n
summarized in the following matrix:
\n
Sensitivity of fair value less cost to
\n
sell of discontinued operations
\u00a0\u00a0
EBITDA-margin in steady state (in per cent)
Amounts in NOK billion
\u00a0
17.5 %
15.0 %
12.7 %
\u00a0
8.44%
21.1
17.1
13.3
WACC(in per cent)
9.44%
17.9
14.5
11.4
\u00a0
10.0%
16.4
13.4
10.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00552": { "value": "Principle application and judgements
On 23 January 2025 the group announced its intention to
\n
perform a strategic review of the Silicones division. At the end
\n
of the fourth quarter, signi\ufb01cant judgement has been applied to
\n
conclude that a sale is highly probable to occur within one year
\n
and that the held for sale criteria is met. Elkem Silicones is an
\n
operating segment and represents a major line of business per
\n
31 December 2024. Silicones division is therefore classi\ufb01ed as
\n
discontinued operations in the 2024 \ufb01nancial statement.
\n
Continuing operations include internal transactions with the
\n
Silicones division that are expected to continue after the sale.
\n
This includes sale of goods from Elkem Silicon Products to
\n
Elkem Silicones. Financial income and expense are eliminated.
\n
Discontinued operations are still included in the segment
\n
reporting as it will continue to be the followed up by the Chief
\n
operating decision maker in the same manner as before the
\n
reclassi\ufb01cation. This will be continuously reviewed as the
\n
strategic review process progresses. Please refer to note 6
\nOperating segments for segment disclosures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00555": { "value": "Principle application and judgements
On 23 January 2025 the group announced its intention to
\n
perform a strategic review of the Silicones division. At the end
\n
of the fourth quarter, signi\ufb01cant judgement has been applied to
\n
conclude that a sale is highly probable to occur within one year
\n
and that the held for sale criteria is met. Elkem Silicones is an
\n
operating segment and represents a major line of business per
\n
31 December 2024. Silicones division is therefore classi\ufb01ed as
\n
discontinued operations in the 2024 \ufb01nancial statement.
\n
Continuing operations include internal transactions with the
\n
Silicones division that are expected to continue after the sale.
\n
This includes sale of goods from Elkem Silicon Products to
\n
Elkem Silicones. Financial income and expense are eliminated.
\n
Discontinued operations are still included in the segment
\n
reporting as it will continue to be the followed up by the Chief
\n
operating decision maker in the same manner as before the
\n
reclassi\ufb01cation. This will be continuously reviewed as the
\n
strategic review process progresses. Please refer to note 6
\nOperating segments for segment disclosures.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00556": { "value": "41. Events after the reporting periodNo events have taken place after the reporting period that
would have had a material impact on the \ufb01nancial statements
\nor any assessments carried out.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Drammensveien 169, 0277 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300CVBE06T0SH6T76", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }