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"1.1 Corporate informationNel ASA (Nel) is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy. The company is domiciled in Norway. The company specializes in electrolyser technology for production of renewable hydrogen. Nel\u2019s product offerings are key enablers for a renewable hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.The group has two divisions: Nel Alkaline Electrolyser and Nel PEM Electrolyser. The ultimate parent of the group Nel ASA (org. no 979 938 799) was formed in 1998, incorporated in Norway. Nel ASA is a Norwegian public limited liability company listed on the Oslo Stock Exchange. The group\u2019s head office is in Karenslyst all\u00e9 49, N-0279 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__12": { "value": "Nel ASA (Nel) is a global, dedicated hydrogen company, delivering optimal solutions to produce, store and distribute hydrogen from renewable energy.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__14": { "value": "Nel ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__13": { "value": "Nel ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__6": { "value": "Nel ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__8": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__9": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__11": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__10": { "value": "Karenslyst all\u00e9 49, N-0279 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__15": { "value": "1.2 Basis of preparationThe group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). Accounts are based on the principle of historical cost, except for certain financial instruments, which are measured at fair value. The consolidated financial statements are presented in Norwegian kroner (NOK). The functional currency of Nel ASA is NOK. All values are rounded to the nearest thousand, unless when indicated otherwise. As a result of rounding differences numbers or percentages may not add up to the total. The financial statements are prepared based on a going concern assumption. The consolidated financial statements were approved by the Board of Directors and the Chief Executive Officer on February 25, 2025.DEFINITION AND APPLYING OF MATERIALITY JUDGEMENTS IN PREPARATION OF THESE CONSOLIDATED FINANCIAL STATEMENTSThese consolidated financial statements aim to provide useful financial information which increase the understandability of Nel and its performance. To meet the information needs of its primary users, Nel apply materi\u00acality judgments which are necessary to meet this objective, and Nel has made such judgments related to recognition, measurement, presentation and disclosures. Within these consolidated financial statements information is considered material if omitting, misstating or obscuring it could reasonably be expected to influence decisions taken by primary users based on the information provided. In practice this will lead to Nel omitting certain information if it is assessed it will obscure the material information. The materiality judgments are reassessed at each reporting date and updated based on changed facts and Nel specific circumstances.BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2024. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights.The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in the statement of comprehensive income.FOREIGN EXCHANGE AND CURRENCYTransactions and balancesTransactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are recognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closing rates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.Consolidation of subsidiariesThe individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements, the statement of comprehensive income items from the subsidiaries are converted to NOK using the respective monthly average exchange rates, while statement of financial position items is converted using the rate at year-end. Exchange rate gains and losses are recognised net within Other comprehensive income and accumulated in Currency translation differences in \u2018Other components of equity\u2019.STATEMENT OF COMPREHENSIVE INCOMEThe Group present a single statement of \u2018Consolidated statement of comprehensive income\u2019 which comprise all components of profit or loss, OCI and the comprehensive income for the period.STATEMENT OF CASH FLOWSThe Group uses the indirect method for the presentation of the cash flow statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__16": { "value": "The group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__17": { "value": "The consolidated financial statements are presented in Norwegian kroner (NOK). The functional currency of Nel ASA is NOK.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__18": { "value": "The consolidated financial statements were approved by the Board of Directors and the Chief Executive Officer on February 25, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__20-1": { "value": "BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2024. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights.The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in the statement of comprehensive income.CUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__19": { "value": "BASIS OF CONSOLIDATIONThe consolidated financial statements comprise the financial statements of the parent company and its subsidiaries as of 31 December 2024. Consolidation of a subsidiary begins when the group obtains control over the subsidiary and ceases when the group loses control of the subsidiary. Control is achieved if, and only if, the group has power over the investee, is exposed to, or has rights to, variable returns from its involvement with the investee, and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: i) The contractual arrangement with the other vote holders of the investee, ii) Rights arising from other contractual arrangements and iii) The group\u2019s voting rights and potential voting rights.The group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the group gains control until the date the group ceases to control the subsidiary.Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the group. There are no non-controlling interests in the Group as all subsidiaries are 100 % owned. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are fully eliminated upon consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities and other components of equity while any transaction gain or loss is recognised in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__22": { "value": "FOREIGN EXCHANGE AND CURRENCYTransactions and balancesTransactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are recognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closing rates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__21-1": { "value": "FOREIGN EXCHANGE AND CURRENCYTransactions and balancesTransactions in foreign currencies are converted to functional currency to the exchange rate on the transaction date. Exchange rate gains and losses are recognised within \u2018finance cost\u2019 in the profit or loss. Foreign currency monetary items are translated into functional currency using the balance sheet closing rates. Non-monetary items that are measured in terms of historical cost in a foreign currency continue to be translated using the exchange rate that prevailed at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates that prevailed at the date when the fair value was measured.All foreign currency translations are recognised in profit or loss as finance cost except for foreign currency translations where a hedging relationship exists, and hedge accounting has been applied. Additional information is provided in note 6.2 and 6.5.Currency riskNel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow.The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. (Amounts in thousands)PROFIT AND LOSS CHANGES IN EXCHANGE RATE NOK/FOREIGN CURRENCIESNET PROFIT IN VALUE IN VALUE IN FOREIGN CURRENCIESCURRENCYNOK-10% -5% +5% +10%DKK -1 180 -1 840 184 92 -92 -184 USD -6 747 -72 484 7 248 3 624 -3 624 -7 248 SEK -132 471 -134 776 13 478 6 739 -6 739 -13 478 GBP 4 150 57 020 -5 702 -2 851 2 851 5 702 EUR 33 020 383 938 -38 394 -19 197 19 197 38 394 Effect on net income (loss) -23 186 -11 593 11 593 23 186 STATEMENT OF FINANCIAL POSITIONNET RECEIVABLES/LIABILITIES IN FOREIGN CURRENCIESUSD 9 432 107 083 -10 708 -5 354 5 354 10 708 SEK -8 173 -8 413 841 421 -421 -841 GBP 934 13 289 -1 329 -664 664 1 329 EUR 53 528 631 368 -63 137 -31 568 31 568 63 137 Effect on net income (loss) -74 333 -37 166 37 166 74 333 Total effect on Net income (loss) and Equity -97 519 -48 759 48 759 97 519 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__23": { "value": "Consolidation of subsidiariesThe individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements, the statement of comprehensive income items from the subsidiaries are converted to NOK using the respective monthly average exchange rates, while statement of financial position items is converted using the rate at year-end. Exchange rate gains and losses are recognised net within Other comprehensive income and accumulated in Currency translation differences in \u2018Other components of equity\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__24": { "value": "STATEMENT OF CASH FLOWSThe Group uses the indirect method for the presentation of the cash flow statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__25-1": { "value": "1.3 Significant accounting policiesAccounting policies and estimate uncertainty are largely incorporated into the individual notes.Table of contents for where the significant policies are elaborated.Revenue from contracts with customers 2.1Research and development 3.1Goodwill 3.1Property, plant and equipment 3.2Leases 3.3Investment in associates and joint ventures 3.4Inventories 4.1Trade receivables 4.2Impairment of non-derivative financial assets 4.4Government grants 5.3Provisions 5.5Derivative financial instruments and hedge accounting 6.52.1 Revenue from contracts with customersThe revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects.The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 31% (35%) and 69% (65%) of revenue in 2024 (2023), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred.Revenue this year include NOK 54 million from renegotiation of the Nikola supply agreement, and a milestone was reached on the technology licensing agreement. Both which had no expenses direct raw material expenses.Significant accounting judgements \u2013 revenue recognitionThe Group applied the following judgements that The other important criterion is that an enforceable right significantly affect the determination of the timing of to payment exists in the contract between the group and revenue from contracts with customers: the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, Performance obligationsthe group should be able to recover costs incurred and a In determining whether revenue from a specific contract reasonable margin.can be classified as customised and in turn recognised using a progress-based measurement, several criteria must Determining whether revenue from a contract should be evaluated. The first criterion is related to alternative use. be recognised over time or at point in time could have a Manufacturing a customised product or piece of equipment significant effect on the financial statements and is to some for a specific customer that would require significant cost to extent dependent upon judgements from management. modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. Estimation uncertainty \u2013 revenue recognitionThe Group applied the following estimations that ii) Amountsignificantly affect the determination of the i) timing and ii) Liquidated damages (LDs)amount of revenue from contracts with customers:LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As i) Timingthe payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be Total contract costsaccounted for as a reduction of revenue. If a project does In a customised customer project, Nel uses cost-to-cost not meet the defined milestone in a contract, a provision input method when measuring progress; thus, the total reducing the transaction price is made unless it is highly cost estimates can significantly impact measured progress probable that LD will not be imposed. The estimated LD and revenue recognition. The total project cost comprises provision is highly judgmental. The assessment of the LD estimates on the ability to execute the planned engineering provision is based on experience from similar LD situations and design phase, the availability of skilled resources, in addition to client relationship, contractual position and performance of subcontractors, commodity prices, foreign status on negotiations. Nel estimates variable consideration currency and Nel\u2019s manufacturing capacity, productivity and using the most likely amount.quality.TYPE OF GOODS OR SERVICESThe group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) Service and aftermarket. The equipment and projects sales are generated from both standard and customised equipment.Standard equipmentThe group recognises revenue at the point in time at which it satisfies a performance obligation by transferring the control of a good or service to the customer, generally this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If customer acceptance of products is not assured, revenue is recorded only upon formal customer acceptance.The point in time measurement basis for standard equipment has been the main method of recognising revenue in segment PEM Electrolyser and the aftermarket in the segment Alkaline Electrolyser.Customised equipmentMost of Nel\u2019s revenue stems from standard equipment, however, in certain contracts the customisation required qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as revenue over-time if Nel has an enforceable right to payment for performance completed to date.ProjectsThe project contracts typically comprise \u2022 equipment (standard product or customised), \u2022 supervision of installation and commissioning of the equipment\u2022 engineering services, sold separately or part of the projectMost projects are determined to be a bundle of goods where all of the components constitute the combined output, i.e. one performance obligation. The performance obligation is satisfied over time and Nel recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally, contracts usually include service agreement and extended warranty for a specific period. Both service and extended warranty are separate performance obligations satisfied over 12 months or more, refer service and aftermarket.The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large-scale electrolyser systems.Service and aftermarket Service and aftermarket comprise operations and maintenance (O&M), extended warranty, repair, replacement parts and accessories.For separately sold operating and maintenance contracts where the group has agreed to provide routine maintenance services over a period of time for a fixed price, revenue is recognised on a straight-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of replacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon delivery of the replacement parts and accessories.CONTRACT BALANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.ESTIMATION UNCERTAINTY - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.PensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The US subsidiary have pension plans that meet their respective requirements.2.8 Income taxesTAXThe tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeCUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.3.2 Property, plant and equipmentProperty, plant and equipment comprise owned and leased assets.Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.USEFUL LIFE, DEPRECIATION PLAN\u2022 Office machines and other equipment has a useful life of 3-5 years\u2022 Production equipment has a useful life of 3-8 years\u2022 Buildings has a useful life of 30-40 years\u2022 Technical installations have a useful life of 15-10 years\u2022 Right of use assets has a useful life of 2-10 yearsImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.3.3 LeasesAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments.The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions.Short-term leases and leases of low value assetsNel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16Significant accounting judgements - Estimating the incremental borrowing rate (IBR)The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).The group has lease contracts for various items like manufacturing facilities, offices, warehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, warehouse and parking have about 5 years and motor vehicles, and other equipment generally have lease terms between 3 and 5 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group\u2019s two significant leases in the manufacturing facilities at Her\u00f8ya (Alkaline Norway) and Wallingford (PEM US).Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee.The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities4.1 InventoriesInventories comprises purchased raw materials, work in progress and finished goods. Obsolescence is considered for inventories, and write-down is performed on obsolete goods. Inventories are measured under the weighted-average cost formula. The cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items bought or produced during the period. The average is calculated on a quarterly basis.Inventories are measured at the lowest of cost and net realisable value less costs to sell. In both 2024 and 2023, all items of inventories are measured at cost. The amount of inventories recognised as an expense was NOK 584.0 (783.0) million during the period.4.2 Trade receivablesTrade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in statement of comprehensive income.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information.MEASUREMENT OF ECLsECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENTATION OF ALLOWANCE FOR ECL IN THE STATEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.4.4 Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \u201cgross\u201d in Nel\u2019s financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income.PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%.EMPLOYEE BENEFITSNel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2024 to be finally measured and paid in 2025 is 35.5 NOK (46.5) million.In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2024, Nel have no provisions for settlement and claims. Nel ASA is one of three corporate defendants in a law suit initiated by Iwatani Corporation of America. The matter is currently in an early stage of the discovery phase which is expected to continue throughout 2025. Nel has so far seen a limited amount of basis for the different claims, including but not limited to evidence and witness statements. A potential court case is expected at the earliest in the second half of 2026. Nel and the other defendants strongly reject the allegations made in the law suit. Based on the facts of the matter, the chance of the future event occurring is remote to reasonable possible. Nel has currently not made any provision related to the claim. ONEROUS CONTRACTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2024, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Euro and British pound. In addition, highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2024, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__27": { "value": "1.4 Changes in accounting policiesA few amendments to IFRS have been issued and effective January 1, 2024. These are implemented for the first time in the current year:Amendments to IFRS 16 Leases\u2014 Lease liability in a sale-and-leasebackThe amendments to IFRS 16 require a seller-lessee to account for variable lease payments that arise in a sale-and-leaseback transaction. Seller-lessees are required to reassess and potentially restate sale-and-leaseback transactions entered into since the implementation of IFRS 16 in 2019. The adoption of the amendments to IFRS 16 did not have any material impact in the group consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements \u2014 Classification of liabilities as current or non-current and non-current liabilities with covenants The group has adopted the amendments to IAS 1 for the first time in the current year. The group does not have any liabilities with covenants and therefore, the adoption of this definition did not have any material impact in the group consolidated financial statements.Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial instruments: Disclosures \u2014 Supplier Finance ArrangementsThe group has no supplier finance arrangements and therefore, the amendments to IAS 7 and IFRS 7 did not have any material impact in the group consolidation financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__26": { "value": "1.4 Changes in accounting policiesA few amendments to IFRS have been issued and effective January 1, 2024. These are implemented for the first time in the current year:Amendments to IFRS 16 Leases\u2014 Lease liability in a sale-and-leasebackThe amendments to IFRS 16 require a seller-lessee to account for variable lease payments that arise in a sale-and-leaseback transaction. Seller-lessees are required to reassess and potentially restate sale-and-leaseback transactions entered into since the implementation of IFRS 16 in 2019. The adoption of the amendments to IFRS 16 did not have any material impact in the group consolidated financial statements.Amendments to IAS 1 Presentation of Financial Statements \u2014 Classification of liabilities as current or non-current and non-current liabilities with covenants The group has adopted the amendments to IAS 1 for the first time in the current year. The group does not have any liabilities with covenants and therefore, the adoption of this definition did not have any material impact in the group consolidated financial statements.Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial instruments: Disclosures \u2014 Supplier Finance ArrangementsThe group has no supplier finance arrangements and therefore, the amendments to IAS 7 and IFRS 7 did not have any material impact in the group consolidation financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__28-1": { "value": "1.5 Significant accounting judgements and estimation uncertaintyThe preparation of financial statements requires management to make judgements and estimates that influence amounts recognised in certain accounts for assets, liabilities, income and expenses. The actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous assessment.JUDGEMENTSThe following are Nel\u2019s accounting policies that involves significant judgement and complexity which have most significant effect on the amounts recognised in the consolidated financial statements, including reference to where it is discussed:Revenue recognition 2.1Deferred tax assets 2.8Development costs 3.1Leases 3.3ASSUMPTIONS AND ESTIMATION UNCERTAINTYRevenue recognition 2.1Share-based payments 2.5Impairment of goodwill and intangible assets 3.1Significant accounting judgements \u2013 revenue recognitionThe Group applied the following judgements that The other important criterion is that an enforceable right significantly affect the determination of the timing of to payment exists in the contract between the group and revenue from contracts with customers: the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, Performance obligationsthe group should be able to recover costs incurred and a In determining whether revenue from a specific contract reasonable margin.can be classified as customised and in turn recognised using a progress-based measurement, several criteria must Determining whether revenue from a contract should be evaluated. The first criterion is related to alternative use. be recognised over time or at point in time could have a Manufacturing a customised product or piece of equipment significant effect on the financial statements and is to some for a specific customer that would require significant cost to extent dependent upon judgements from management. modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. Estimation uncertainty \u2013 revenue recognitionThe Group applied the following estimations that ii) Amountsignificantly affect the determination of the i) timing and ii) Liquidated damages (LDs)amount of revenue from contracts with customers:LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As i) Timingthe payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be Total contract costsaccounted for as a reduction of revenue. If a project does In a customised customer project, Nel uses cost-to-cost not meet the defined milestone in a contract, a provision input method when measuring progress; thus, the total reducing the transaction price is made unless it is highly cost estimates can significantly impact measured progress probable that LD will not be imposed. The estimated LD and revenue recognition. The total project cost comprises provision is highly judgmental. The assessment of the LD estimates on the ability to execute the planned engineering provision is based on experience from similar LD situations and design phase, the availability of skilled resources, in addition to client relationship, contractual position and performance of subcontractors, commodity prices, foreign status on negotiations. Nel estimates variable consideration currency and Nel\u2019s manufacturing capacity, productivity and using the most likely amount.quality.ESTIMATION UNCERTAINTY - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.Significant accounting judgements - Estimating the incremental borrowing rate (IBR)The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee.The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__29-1": { "value": "2.0 Discontinued operationNel completed the distribution (repayment of paid-in share capital) and separate listing of Cavendish Hydrogen ASA (CAVEN) in June 2024. CAVEN and its subsidiaries have historically been reported as a separate operating segment within Nel, Nel Hydrogen Fueling. On June 7, 2024, the shares in CAVEN were distributed to shareholders in Nel ASA. Shareholders of Nel received one CAVEN share for every 50 shares held in Nel, with rounding to the nearest whole share. The shares in CAVEN were listed on the Euronext Oslo Stock Exchange on 12 June 2024. Following the distribution, Nel\u2019s ownership in CAVEN was reduced from 100% to 0%. Considering a loss of control, the CAVEN group is no longer consolidated as part of Nel group from 7 June 2024. The comparative condensed consolidated statement of comprehensive income has been restated to show the discontinued operation separately from continuing operations.There was no public offering of shares in CAVEN in connection with the listing that priced the non-cash dividend. The fair value based on non-observable market assumptions of the net assets distributed to the shareholders was NOK 1 063 million (approximately NOK 0.63 of non-cash dividend distributed per share held in Nel), compared to a book value of NOK 970 million. A gain from the distribution of discontinued operation of NOK 93 million was recognised in 2024. The cumulative exchange differences related to a foreign operation that have been included in the foreign currency translation reserve are reclassified to profit or loss when the foreign operation is distributed. A total exchange gain of NOK 51 million has been reclassified from OCI to the income statement on distribution of the foreign operations in CAVEN.RESULTS OF DISCONTINUED OPERATION(Amounts in NOK thousands) 01.01.-07.06.2024 FULL YEAR 2023REVENUE AND INCOMERevenue from contracts with customers 157 220 331 269Other income 2 084 14 664Total revenue and income 159 304 345 933OPERATING EXPENSESRaw materials 73 048 141 788Personnel expenses 107 605 275 643Depreciation, amortisation and impairment 23 884 54 094Other operating expenses 84 854 130 391Total operating expenses 289 391 601 916Operating loss -130 087 -255 983Finance income 2 590 1 750Finance cost -3 685 -44 036Share of loss from associates and joint ventures 0 0Net financial items -1 095 -42 286Pre-tax income (loss) -131 182 -298 269Tax expense (income) -280 -9 177Results of discontinued operation, net of tax -130 902 -289 092Reclassification of foreign currency translation reserve 51 337 0Gain related to distribution of discontinued operation 92 854 0Net income (loss) from discontinued operation 13 289 -289 092CASH FLOWS FROM/(USED IN) DISCONTINUED OPERATION(Amounts in NOK thousands) 2024 2023CASH FLOW FROM OPERATING ACTIVITIESContinuing operation -82 836 -463 931Discontinued operation -158 745 -205 737Net cash flow from operating activities -241 581 -669 668CASH FLOW FROM INVESTING ACTIVITIESContinuing operation -548 205 -597 734Discontinued operation -33 705 -49 078Net cash flow from investing activities -581 910 -646 812CASH FLOW FROM FINANCING ACTIVITIESContinuing operation -37 109 1 548 962Discontinued operation -3 459 -7 225Dividends paid (spin-off) -625 420 0Net cash flow from financing activities -665 988 1 541 737NET CHANGE IN CASH AND CASH EQUIVALENTSContinuing operation -666 521 486 921Discontinued operation -195 910 -262 040Dividends paid (spin-off) -625 420 0Net change in cash and cash equivalents -1 487 851 224 881Cash flows from discontinued operation includes consolidated cash flows until 7 June 2024.EFFECT OF DISTRIBUTION OF THE FINANCIAL POSITION AT THE DATE OF DISTRIBUTION(Amounts in NOK thousands) 7 JUNE 2024ASSETSTechnology -114 598Customer relationship -364Property, plant and equipment -131 180Non-current financial assets -11 736Inventories -248 292Trade receivables -78 231Contract assets -2 311Other current assets -38 706LIABILITIESDeferred tax liabilities 721Long-term debt 22 543Non-current lease liabilities 5 501Non-current deferred income 14 352Trade payables 13 394Current lease liabilities 4 467Current contract liabilities 125 570Other current liabilities 42 494Provisions 52 121Net assets and liabilities -344 253Cash distributed -625 420Equity impact -969 673Fair value dividend adjustment 92 854Fair value dividend paid 1 062 527ALTERNATIVE PERFORMANCE MEASURES (APMS) FROM DISCONTINUED OPERATION(Amounts in NOK thousands) 2023Order intake 289 696Order backlog 364 205EBITDA -201 890EFFECT OF DISTRIBUTION OF THE FINANCIAL POSITION OPENING BALANCE 2024(Amounts in NOK thousands) ASSETS 2023 Non-current assetsTechnology 97 605 Property, plant and equipment 133 541 Non-current financial assets 11 637 Total non-current assets 242 783 Current assetsInventories 282 299 Trade receivables 80 777 Contract assets 10 325 Receivables group 72 521 Other current assets 29 742 Cash and cash equivalents 92 648 Total current assets 568 311 TOTAL ASSETS 811 094 EQUITY AND LIABILITIES EquityShare capital 45 666 Share premium 1 728 013 Other capital reserves 35 605 Retained earnings OB (1 247 994)Retained earnings YTD (302 000)TOTAL EQUITY 259 289 Non-current liabilitiesDeferred tax liabilities 1 152 Long-term debt 22 458 Long term debt group 154 768 Non current lease liabilities 6 742 Non current deferred income 15 642 Other non-current liabilities 144 Total non-current liabilities 200 907 Current liabilitiesTrade payables 25 739 Short term liabilities group 87 935 Current lease liabilities 4 951 Current contract liabilities 169 781 Other current liabilities 17 381 Provisions 45 111 Total current liabilities 350 898 TOTAL LIABILITIES 551 806 TOTAL EQUITY AND LIABILITIES 811 0945.3 Deferred income(Amounts in NOK thousands)2024 2023Government grants69 279 50 601Discontinued operation0 15 642TOTAL deferred income69 279 66 243GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \u201cgross\u201d in Nel\u2019s financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income. (Amounts in NOK thousands)GOVERNMENT GRANTS 2024 2023As of 31.12. 66 243 64 049Grants received 23 247 9 280Income recognised within 'other income' in 2024 (note 2.2) -4 570 -2 953Discontinued operation -15 642 -9 075Translation difference 0 4 942As of 31.12. 69 279 66 243The aging schedule shows the remaining governments grants divided in the year the grants was initially received. DEFERRED INCOME AGING SCHEDULE <2021 2021 2022 2023 2024 SUMGovernment grants as of 31.12.202425 302 12 174 4 489 8 636 18 677 69 279Government grants as of 31.12.202325 302 12 174 4 489 8 636 50 601The table below show the split of deferred income (government grant) per operating segment.OPERATING SEGMENT COUNTRY 2024 2023Alkaline Norway 69 279 50 601Discontinued operation Denmark 0 15 642Balance as of 31.12. 69 279 66 243The group is not aware of any unfulfilled conditions associated with these grants", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__33-1": { "value": "2.1 Revenue from contracts with customersThe revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects.The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 31% (35%) and 69% (65%) of revenue in 2024 (2023), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred.Revenue this year include NOK 54 million from renegotiation of the Nikola supply agreement, and a milestone was reached on the technology licensing agreement. Both which had no expenses direct raw material expenses.Significant accounting judgements \u2013 revenue recognitionThe Group applied the following judgements that The other important criterion is that an enforceable right significantly affect the determination of the timing of to payment exists in the contract between the group and revenue from contracts with customers: the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, Performance obligationsthe group should be able to recover costs incurred and a In determining whether revenue from a specific contract reasonable margin.can be classified as customised and in turn recognised using a progress-based measurement, several criteria must Determining whether revenue from a contract should be evaluated. The first criterion is related to alternative use. be recognised over time or at point in time could have a Manufacturing a customised product or piece of equipment significant effect on the financial statements and is to some for a specific customer that would require significant cost to extent dependent upon judgements from management. modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. Estimation uncertainty \u2013 revenue recognitionThe Group applied the following estimations that ii) Amountsignificantly affect the determination of the i) timing and ii) Liquidated damages (LDs)amount of revenue from contracts with customers:LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As i) Timingthe payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be Total contract costsaccounted for as a reduction of revenue. If a project does In a customised customer project, Nel uses cost-to-cost not meet the defined milestone in a contract, a provision input method when measuring progress; thus, the total reducing the transaction price is made unless it is highly cost estimates can significantly impact measured progress probable that LD will not be imposed. The estimated LD and revenue recognition. The total project cost comprises provision is highly judgmental. The assessment of the LD estimates on the ability to execute the planned engineering provision is based on experience from similar LD situations and design phase, the availability of skilled resources, in addition to client relationship, contractual position and performance of subcontractors, commodity prices, foreign status on negotiations. Nel estimates variable consideration currency and Nel\u2019s manufacturing capacity, productivity and using the most likely amount.quality.TYPE OF GOODS OR SERVICESThe group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) Service and aftermarket. The equipment and projects sales are generated from both standard and customised equipment.Standard equipmentThe group recognises revenue at the point in time at which it satisfies a performance obligation by transferring the control of a good or service to the customer, generally this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If customer acceptance of products is not assured, revenue is recorded only upon formal customer acceptance.The point in time measurement basis for standard equipment has been the main method of recognising revenue in segment PEM Electrolyser and the aftermarket in the segment Alkaline Electrolyser.Customised equipmentMost of Nel\u2019s revenue stems from standard equipment, however, in certain contracts the customisation required qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as revenue over-time if Nel has an enforceable right to payment for performance completed to date.ProjectsThe project contracts typically comprise \u2022 equipment (standard product or customised), \u2022 supervision of installation and commissioning of the equipment\u2022 engineering services, sold separately or part of the projectMost projects are determined to be a bundle of goods where all of the components constitute the combined output, i.e. one performance obligation. The performance obligation is satisfied over time and Nel recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally, contracts usually include service agreement and extended warranty for a specific period. Both service and extended warranty are separate performance obligations satisfied over 12 months or more, refer service and aftermarket.The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large-scale electrolyser systems.Service and aftermarket Service and aftermarket comprise operations and maintenance (O&M), extended warranty, repair, replacement parts and accessories.For separately sold operating and maintenance contracts where the group has agreed to provide routine maintenance services over a period of time for a fixed price, revenue is recognised on a straight-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of replacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon delivery of the replacement parts and accessories.CONTRACT BALANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__31-1": { "value": "2.1 Revenue from contracts with customersThe revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects.The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 31% (35%) and 69% (65%) of revenue in 2024 (2023), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred.Revenue this year include NOK 54 million from renegotiation of the Nikola supply agreement, and a milestone was reached on the technology licensing agreement. Both which had no expenses direct raw material expenses.Significant accounting judgements \u2013 revenue recognitionThe Group applied the following judgements that The other important criterion is that an enforceable right significantly affect the determination of the timing of to payment exists in the contract between the group and revenue from contracts with customers: the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, Performance obligationsthe group should be able to recover costs incurred and a In determining whether revenue from a specific contract reasonable margin.can be classified as customised and in turn recognised using a progress-based measurement, several criteria must Determining whether revenue from a contract should be evaluated. The first criterion is related to alternative use. be recognised over time or at point in time could have a Manufacturing a customised product or piece of equipment significant effect on the financial statements and is to some for a specific customer that would require significant cost to extent dependent upon judgements from management. modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. Estimation uncertainty \u2013 revenue recognitionThe Group applied the following estimations that ii) Amountsignificantly affect the determination of the i) timing and ii) Liquidated damages (LDs)amount of revenue from contracts with customers:LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As i) Timingthe payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be Total contract costsaccounted for as a reduction of revenue. If a project does In a customised customer project, Nel uses cost-to-cost not meet the defined milestone in a contract, a provision input method when measuring progress; thus, the total reducing the transaction price is made unless it is highly cost estimates can significantly impact measured progress probable that LD will not be imposed. The estimated LD and revenue recognition. The total project cost comprises provision is highly judgmental. The assessment of the LD estimates on the ability to execute the planned engineering provision is based on experience from similar LD situations and design phase, the availability of skilled resources, in addition to client relationship, contractual position and performance of subcontractors, commodity prices, foreign status on negotiations. Nel estimates variable consideration currency and Nel\u2019s manufacturing capacity, productivity and using the most likely amount.quality.TYPE OF GOODS OR SERVICESThe group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) Service and aftermarket. The equipment and projects sales are generated from both standard and customised equipment.Standard equipmentThe group recognises revenue at the point in time at which it satisfies a performance obligation by transferring the control of a good or service to the customer, generally this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If customer acceptance of products is not assured, revenue is recorded only upon formal customer acceptance.The point in time measurement basis for standard equipment has been the main method of recognising revenue in segment PEM Electrolyser and the aftermarket in the segment Alkaline Electrolyser.Customised equipmentMost of Nel\u2019s revenue stems from standard equipment, however, in certain contracts the customisation required qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as revenue over-time if Nel has an enforceable right to payment for performance completed to date.ProjectsThe project contracts typically comprise \u2022 equipment (standard product or customised), \u2022 supervision of installation and commissioning of the equipment\u2022 engineering services, sold separately or part of the projectMost projects are determined to be a bundle of goods where all of the components constitute the combined output, i.e. one performance obligation. The performance obligation is satisfied over time and Nel recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally, contracts usually include service agreement and extended warranty for a specific period. Both service and extended warranty are separate performance obligations satisfied over 12 months or more, refer service and aftermarket.The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large-scale electrolyser systems.Service and aftermarket Service and aftermarket comprise operations and maintenance (O&M), extended warranty, repair, replacement parts and accessories.For separately sold operating and maintenance contracts where the group has agreed to provide routine maintenance services over a period of time for a fixed price, revenue is recognised on a straight-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of replacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon delivery of the replacement parts and accessories. The following table show the revenue from contracts with customers by type of goods or service:2024 2023SEGMENTS PEM ALKALINE TOTAL PEM ALKALINE TOTALType of goods or serviceEquipment and projects 315,593 970,461 1,286,054 424,135 796,282 1,220,417Service and aftermarket 64,956 38,898 103,855 50,034 79,351 129,385TOTAL Revenue from contracts with customers 380,549 1,009,360 1,389,909 474,169 875,633 1,349,802Timing of revenue recognitionRevenue recognised at point in time 252,419 181,731 434,150 398,801 79,065 477,866Revenue recognised over time 128,130 827,629 955,759 75,368 796,567 871,935TOTAL Revenue from contracts with customers 380,549 1,009,360 1,389,909 474,169 875,632 1,349,802Onerous contracts. In the circumstance that the unavoidable costs directly related to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognised in its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019.CONTRACT BALANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.2024 2023CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT BALANCESASSETSLIABILITIES TOTALASSETSLIABILITIES TOTALRights to consideration on contracts in progress381 457 -159 913 221 545 382 621 910 532 1 293 153Less - advances and progress billings -357 303 -423 480 -780 782 -332 854 -1 625 820 -1 958 674TOTAL Contract assets (liabilities) 24 155 -583 392 49 767 -715 288CONTRACT LIABILITIES 2024 2023Balance as of 01.01. -715 288 -672 291Revenue from amounts included in contract liabilities at the beginning of the period 419 690 492 165Billings and advances received not recognised as revenue in the period -460 192 -554 127Discontinued operation 119 764 0Basis adjustment - effect of hedge accounting 52 634 18 966Balance as of 31.12. -583 392 -715 288CONTRACT ASSETS 2024 2023Balance as of 01.01.49 76796 322Transfers from contract assets recognised at the beginning of the period to receivables -35 778 -84 288Increases due to measure of progress in the period 22 175 46 747Revenue recognised in the period from performance obligations satisfied in previous periods -4 312 -5 793 Discontinued operation -10 325 0Revaluation 2 627 -3 221 Balance as of 31.12. 24 155 49 767Order backlogThe performance obligations in contracts with customers vary from a few months to 4 years. The order backlog as of December 31, 2024, was NOK 1 614 million (2023: NOK 2 093 million). The order backlog in Alkaline and PEM is NOK 1 290 million and NOK 324 million, respectively. Refer to the \u201cAlternative performance measures\u201d section for full definitions of backlog and reconciliations. The transaction price allocated to the remaining performance obligations is illustrated in table below:AS OF 31.12.2024 2025 2026 2027 2028 OR LATER TOTAL BACKLOGPartly unsatisfied performance obligations484 893 361 123 380 587 66 586 1 292 189Unsatisfied performance obligations115 408 0 79 503 126 910 321 821TOTAL backlog600 301 361 123 460 090 192 496 1 614 010AS OF 31.12.2023 2024 2025 2026 2027 OR LATER TOTAL BACKLOGPartly unsatisfied performance obligations1 469 651 363 735 54 748 0 1 888 135Unsatisfied performance obligations205 323 0 0 0 205 323TOTAL backlog1 674 974 363 735 54 748 0 2 093 4585.5 ProvisionsPROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 650ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%.EMPLOYEE BENEFITSNel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2024 to be finally measured and paid in 2025 is 35.5 NOK (46.5) million.In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2024, Nel have no provisions for settlement and claims. Nel ASA is one of three corporate defendants in a law suit initiated by Iwatani Corporation of America. The matter is currently in an early stage of the discovery phase which is expected to continue throughout 2025. Nel has so far seen a limited amount of basis for the different claims, including but not limited to evidence and witness statements. A potential court case is expected at the earliest in the second half of 2026. Nel and the other defendants strongly reject the allegations made in the law suit. Based on the facts of the matter, the chance of the future event occurring is remote to reasonable possible. Nel has currently not made any provision related to the claim. ONEROUS CONTRACTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__30": { "value": "2.1 Revenue from contracts with customersThe revenue in Nel is from sale of hydrogen electrolyser equipment including installation, commissioning, and long-term service agreements. Additionally, Nel earns revenue from replacement parts and accessories in the aftermarket, and from engineering studies. Project execution is key in Nel\u2019s large construction projects.The group\u2019s revenues result from the sale of goods or services and reflect the consideration to which the group is and expect to be entitled. IFRS 15 requires the group to assess revenue recognition based on a five-step model. For its customer contracts, the group identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognises the revenue when (or as) the performance obligations are satisfied. Revenue recognition is determined on a contract-by-contract basis by determining the terms and performance obligations given in a specific contract. Based on the specific contract and its obligations, revenue under IFRS 15 is either recognised at a point in time or over time, 31% (35%) and 69% (65%) of revenue in 2024 (2023), respectively. Revenue is recognised over-time using the method that best depicts the pattern of the transfer of control over time. The method applied is the cost-to-cost input method, adjusted as time and goods are delivered to the customer. Contract costs are expensed as incurred.Revenue this year include NOK 54 million from renegotiation of the Nikola supply agreement, and a milestone was reached on the technology licensing agreement. Both which had no expenses direct raw material expenses.Significant accounting judgements \u2013 revenue recognitionThe Group applied the following judgements that The other important criterion is that an enforceable right significantly affect the determination of the timing of to payment exists in the contract between the group and revenue from contracts with customers: the customer. Right to payment entails that the group has a right to receive payment from the customer if the contract would be terminated. Upon termination at a certain time, Performance obligationsthe group should be able to recover costs incurred and a In determining whether revenue from a specific contract reasonable margin.can be classified as customised and in turn recognised using a progress-based measurement, several criteria must Determining whether revenue from a contract should be evaluated. The first criterion is related to alternative use. be recognised over time or at point in time could have a Manufacturing a customised product or piece of equipment significant effect on the financial statements and is to some for a specific customer that would require significant cost to extent dependent upon judgements from management. modify to be able to transfer it to another customer, then the contract would likely meet the criteria of no alternative use. Estimation uncertainty \u2013 revenue recognitionThe Group applied the following estimations that ii) Amountsignificantly affect the determination of the i) timing and ii) Liquidated damages (LDs)amount of revenue from contracts with customers:LDs are pre-defined penalties for breaches of contract. LDs are most commonly used with respect to delay. As i) Timingthe payment to the customer is not in exchange for a distinct good or service that transfers to Nel, LD\u2019s must be Total contract costsaccounted for as a reduction of revenue. If a project does In a customised customer project, Nel uses cost-to-cost not meet the defined milestone in a contract, a provision input method when measuring progress; thus, the total reducing the transaction price is made unless it is highly cost estimates can significantly impact measured progress probable that LD will not be imposed. The estimated LD and revenue recognition. The total project cost comprises provision is highly judgmental. The assessment of the LD estimates on the ability to execute the planned engineering provision is based on experience from similar LD situations and design phase, the availability of skilled resources, in addition to client relationship, contractual position and performance of subcontractors, commodity prices, foreign status on negotiations. Nel estimates variable consideration currency and Nel\u2019s manufacturing capacity, productivity and using the most likely amount.quality.TYPE OF GOODS OR SERVICESThe group generates revenue from customer contracts from two principal sources: i) Equipment and projects and ii) Service and aftermarket. The equipment and projects sales are generated from both standard and customised equipment.Standard equipmentThe group recognises revenue at the point in time at which it satisfies a performance obligation by transferring the control of a good or service to the customer, generally this upon agreed incoterms, which is mainly at shipment. The customer has control of a good or service when it has the ability to direct the use of and obtain substantially all of the remaining benefits from the good or service. If customer acceptance of products is not assured, revenue is recorded only upon formal customer acceptance.The point in time measurement basis for standard equipment has been the main method of recognising revenue in segment PEM Electrolyser and the aftermarket in the segment Alkaline Electrolyser.Customised equipmentMost of Nel\u2019s revenue stems from standard equipment, however, in certain contracts the customisation required qualifies customised equipment. Customised equipment occurs when Nel is creating a good that it cannot sell to another customer without significant re-work and Nel would incur significant economic losses to direct the asset for another use. Such sale of customised equipment is recognised as revenue over-time if Nel has an enforceable right to payment for performance completed to date.ProjectsThe project contracts typically comprise \u2022 equipment (standard product or customised), \u2022 supervision of installation and commissioning of the equipment\u2022 engineering services, sold separately or part of the projectMost projects are determined to be a bundle of goods where all of the components constitute the combined output, i.e. one performance obligation. The performance obligation is satisfied over time and Nel recognise revenue over the period the performance obligation is satisfied, using a cost-to-cost input method that best depicts the pattern of the transfer of control over time. The contracts have mainly firm contract price including clauses for penalties (LDs). Additionally, contracts usually include service agreement and extended warranty for a specific period. Both service and extended warranty are separate performance obligations satisfied over 12 months or more, refer service and aftermarket.The progress-based measurement of revenue has been the main method of recognising revenue from electrolyser projects of large-scale electrolyser systems.Service and aftermarket Service and aftermarket comprise operations and maintenance (O&M), extended warranty, repair, replacement parts and accessories.For separately sold operating and maintenance contracts where the group has agreed to provide routine maintenance services over a period of time for a fixed price, revenue is recognised on a straight-line basis over the contract period as the stand-ready obligation is time elapsed.For sales of replacement cell stacks and accessories, revenue is recognised when performance obligation is satisfied, generally upon delivery of the replacement parts and accessories. The following table show the revenue from contracts with customers by type of goods or service:2024 2023SEGMENTS PEM ALKALINE TOTAL PEM ALKALINE TOTALType of goods or serviceEquipment and projects 315,593 970,461 1,286,054 424,135 796,282 1,220,417Service and aftermarket 64,956 38,898 103,855 50,034 79,351 129,385TOTAL Revenue from contracts with customers 380,549 1,009,360 1,389,909 474,169 875,633 1,349,802Timing of revenue recognitionRevenue recognised at point in time 252,419 181,731 434,150 398,801 79,065 477,866Revenue recognised over time 128,130 827,629 955,759 75,368 796,567 871,935TOTAL Revenue from contracts with customers 380,549 1,009,360 1,389,909 474,169 875,632 1,349,802Onerous contracts. In the circumstance that the unavoidable costs directly related to project is expected to exceed the economic benefits expected to be received under the contract, the estimated loss on the contract will be recognised in its entirety in the period when such loss is identified. Additional information for onerous contracts is disclosed in note 5.5 \u2018Provisions\u2019.CONTRACT BALANCESEquipment contracts with a customer will have milestone payments with variable structures. The contract price will be invoiced when certain criteria are met. A typical payment structure could be at the milestones; contract acceptance, placement of major supplier purchases, prior to delivery/shipment of equipment and complete installation and commissioning. The payment structure of the contracts typically results in advance payments and progress billings exceed the satisfaction of performance obligations in progress. Consequently, creating a net contract liability. In certain circumstances based on the order value, credit worthiness of geographic location, the group may require payment in advance of shipment. Expect for performance requirements, agreed liquidated damages and warranty, the group does not accept returns of product or provide customers refunds or other similar concessions.Contract assetsA contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. As of the balance sheet date, the cumulative costs incurred plus recognised profit (less recognised loss) on each contract is compared against the advances and progress billings. Where the cumulative costs incurred plus the recognised profits (less recognised losses) exceed advances and progress billings, the balance is presented as due from customers on construction contracts within \u201ccontract assets\u201d. When the contract assets become an unconditional right to consideration they are reclassified and presented separately as trade receivables, usually when invoices are issued to the customers.Contract liabilitiesA contract liability is the obligation to transfer goods or services to a customer for which the group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the group transfers goods or services to the customer, a contract liability is recognised when the payment is made, or the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the group performs under the contract. Where advances and progress billings exceed the cumulative costs incurred plus recognised profits (less recognised losses), the balance is presented as due to customers on construction contracts within \u201ccontract liabilities\u201d.2024 2023CONTRACT CONTRACT CONTRACT CONTRACT CONTRACT BALANCESASSETSLIABILITIES TOTALASSETSLIABILITIES TOTALRights to consideration on contracts in progress381 457 -159 913 221 545 382 621 910 532 1 293 153Less - advances and progress billings -357 303 -423 480 -780 782 -332 854 -1 625 820 -1 958 674TOTAL Contract assets (liabilities) 24 155 -583 392 49 767 -715 288CONTRACT LIABILITIES 2024 2023Balance as of 01.01. -715 288 -672 291Revenue from amounts included in contract liabilities at the beginning of the period 419 690 492 165Billings and advances received not recognised as revenue in the period -460 192 -554 127Discontinued operation 119 764 0Basis adjustment - effect of hedge accounting 52 634 18 966Balance as of 31.12. -583 392 -715 288CONTRACT ASSETS 2024 2023Balance as of 01.01.49 76796 322Transfers from contract assets recognised at the beginning of the period to receivables -35 778 -84 288Increases due to measure of progress in the period 22 175 46 747Revenue recognised in the period from performance obligations satisfied in previous periods -4 312 -5 793 Discontinued operation -10 325 0Revaluation 2 627 -3 221 Balance as of 31.12. 24 155 49 767Order backlogThe performance obligations in contracts with customers vary from a few months to 4 years. The order backlog as of December 31, 2024, was NOK 1 614 million (2023: NOK 2 093 million). The order backlog in Alkaline and PEM is NOK 1 290 million and NOK 324 million, respectively. Refer to the \u201cAlternative performance measures\u201d section for full definitions of backlog and reconciliations. The transaction price allocated to the remaining performance obligations is illustrated in table below:AS OF 31.12.2024 2025 2026 2027 2028 OR LATER TOTAL BACKLOGPartly unsatisfied performance obligations484 893 361 123 380 587 66 586 1 292 189Unsatisfied performance obligations115 408 0 79 503 126 910 321 821TOTAL backlog600 301 361 123 460 090 192 496 1 614 010AS OF 31.12.2023 2024 2025 2026 2027 OR LATER TOTAL BACKLOGPartly unsatisfied performance obligations1 469 651 363 735 54 748 0 1 888 135Unsatisfied performance obligations205 323 0 0 0 205 323TOTAL backlog1 674 974 363 735 54 748 0 2 093 458", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__38": { "value": "2.2 Other income(Amounts in NOK thousands) OTHER INCOME 2024 2023Government grants4 570 2 953Research and design study reports93 593 69 891Insurance compensation0 4 078Other income6 861 419TOTAL Other income105 024 77 341Research and design study reports comprise contracts with Department of Energy in the PEM electrolyser segment. The performance is delivery of research reports and has been assessed as not part of ordinary course of business selling electrolyser equipment. While the income from such services can increase and decrease based on contracts and has been somewhat recurring over several years, it does not have the same characteristics as equipment sale and related services. Therefore, the income is reported as other income.Government grants within \u2018other income\u2019 SEGMENT COUNTRY 2024 2023Alkaline Norway4 570 2 953TOTAL4 570 2 953Government grants related to assets, amortised4 570 2 953TOTAL4 570 2 953", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__37-1": { "value": "2.2 Other income(Amounts in NOK thousands) OTHER INCOME 2024 2023Government grants4 570 2 953Research and design study reports93 593 69 891Insurance compensation0 4 078Other income6 861 419TOTAL Other income105 024 77 341Research and design study reports comprise contracts with Department of Energy in the PEM electrolyser segment. The performance is delivery of research reports and has been assessed as not part of ordinary course of business selling electrolyser equipment. While the income from such services can increase and decrease based on contracts and has been somewhat recurring over several years, it does not have the same characteristics as equipment sale and related services. Therefore, the income is reported as other income.Government grants within \u2018other income\u2019 SEGMENT COUNTRY 2024 2023Alkaline Norway4 570 2 953TOTAL4 570 2 953Government grants related to assets, amortised4 570 2 953TOTAL4 570 2 9532.6 Other operating expenses(Amounts in NOK thousands) 2024 2023Research and development expenditure41 589 43 264Utilities21 344 23 031Professional fees98 919 84 703Travel expenses24 554 27 106IT and communication costs46 475 25 955Changes in provisions63 450 32 071Repair and maintenance13 724 15 030Premises costs 18 901 22 898Sub supplier services 127 699 62 472Freight19 433 28 387Other expenses42 224 73 256TOTAL Other operating expenses518 313 438 175", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__40": { "value": "2.3 Segment informationNel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions have their production facilities and majority of employees in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. During 2024, the former segment Electrolyser has been split into PEM Electrolyser and Alkaline Electrolyser. Although both PEM and Alkaline electrolysers have the same output, their production relies on different inputs and production facilities have lines of production entirely segregated. The disaggregated electrolyser segment is of relevance to the CODM. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.Billing of goods and services between operating segments are effected on an arm\u2019s length basis.NEL ALKALINE ELECTROLYSERThe Nel Alkaline Electrolyser division is a global supplier of hydrogen production equipment based on alkaline water electrolysis technology. Nel Alkaline Electrolyser currently has production facilities in Her\u00f8ya, Norway.NEL PEM ELECTROLYSERThe Nel PEM Electrolyser division is a global supplier of hydrogen production equipment based on PEM water electrolysis technology. Nel PEM Electrolyser currently has production facilities in Wallingford, Connecticut, USA. 2024 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION 1)BASED ON CUSTOMER LOCATION PEM ALKALINE OTHER TOTALNorway1 98334 759 0 36 743United States 155 866 0 0 155 866North America ex United States 8 245 500 262 0 508 507Asia 52 935 142 621 0 195 556Europe ex Norway 95 604 319 380 0 414 984Middle East 9 771 0 0 9 771Africa 1 798 6 544 0 8 341South America 2 136 5 793 0 7 930Oceania 52 210 0 0 52 210TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 380 549 1 009 360 0 1 389 909Other operating income 99 655 3 177 2 192 105 024Operating expenses excluding depreciation, amortisation and impairment -645 088 -885 865 -136 922 -1 667 875EBITDA -164 884 126 672 -134 730 -172 942Depreciation and amortisation-99 045-110 188 -7 253 -216 486Impairment of tangible and intangible assets 0 0 0 0OPERATING LOSS -263 929 16 484 -141 983 -389 428Finance income 354 775 130 947 132 076Finance costs -3 662 -6 572 3 401 -6 833Share of loss from associates and joint ventures 0 0 0 0Tax income (expense) 5 861 0 693 6 554NET INCOME (LOSS) -261 376 10 687 -6 942 -257 631TOTAL ASSETS 1 755 003 2 508 284 2 040 925 6 304 212TOTAL LIABILITIES 404 971 854 859 67 106 1 326 936Capital expenditures 225 506 421 038 646 5441) Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments.In 2024, the group recognised revenue from three single customers which individually each is above 10% of total revenues. The amounts recognised from the three customers are NOK 339 million, NOK 145 million and NOK 144 million, all related to delivery of Alkaline Electrolysers.In 2023, revenue from single customers above 10% of total revenues include NOK 430 million in revenues from a single customer(Amounts in NOK thousands) 2023 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION CONTINUING 1)BASED ON CUSTOMER LOCATION PEM ALKALINE OTHER OPERATIONSNorway7 00435 575 0 42 579United States 274 495 469 163 0 743 657North America ex United States 15 180 0 0 15 180Asia 83 783 61 625 0 145 408Europe ex Norway 32 516 296 341 0 328 857Middle East 45 718 0 0 45 718Africa 1 271 11 312 0 12 584South America 7 648 1 616 0 9 264Oceania 6 555 0 0 6 555TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 474 170 875 632 0 1 349 802Other operating income 76 398 943 0 77 341Operating expenses excluding depreciation, amortisation and impairment -680 338 -905 389 -113 243 -1 698 970EBITDA-129 771 -28 814-113 243 -271 828Depreciation and amortisation-90 980-71 000 -8 288 -170 268Impairment of tangible and intangible assets 0 -1 424 0 -1 424OPERATING LOSS -220 751 -101 238 -121 531 -443 520Finance income 400 2 945 170 409 173 754Finance costs -8 096 -23 943 -268 746 -300 785Share of loss from associates and joint ventures 0 0 -3 714 -3 714Tax income (expense) 7 237 0 924 8 161PRE-TAX INCOME (LOSS) -221 210 -122 236 -222 658 -566 104TOTAL ASSETS 1 591 380 2 028 033 3 426 513 7 045 926TOTAL LIABILITIES 475 056 794 575 62 432 1 332 063Capital expenditures 251 811 439 098 0 690 9091) Other comprises parent company, holding entity, excess values on intangi-ble assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments. PROPERTY, PLANT AND EQUIPMENT GEOGRAPHICAL AREA 2024 2023Norway 1 147 001 906 172Denmark 0 114 157USA 517 078 282 856South Korea 0 2 493Balance as of 31.12. 1 664 079 1 305 678", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__39": { "value": "2.3 Segment informationNel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions have their production facilities and majority of employees in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. During 2024, the former segment Electrolyser has been split into PEM Electrolyser and Alkaline Electrolyser. Although both PEM and Alkaline electrolysers have the same output, their production relies on different inputs and production facilities have lines of production entirely segregated. The disaggregated electrolyser segment is of relevance to the CODM. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.Billing of goods and services between operating segments are effected on an arm\u2019s length basis.NEL ALKALINE ELECTROLYSERThe Nel Alkaline Electrolyser division is a global supplier of hydrogen production equipment based on alkaline water electrolysis technology. Nel Alkaline Electrolyser currently has production facilities in Her\u00f8ya, Norway.NEL PEM ELECTROLYSERThe Nel PEM Electrolyser division is a global supplier of hydrogen production equipment based on PEM water electrolysis technology. Nel PEM Electrolyser currently has production facilities in Wallingford, Connecticut, USA. 2024 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION 1)BASED ON CUSTOMER LOCATION PEM ALKALINE OTHER TOTALNorway1 98334 759 0 36 743United States 155 866 0 0 155 866North America ex United States 8 245 500 262 0 508 507Asia 52 935 142 621 0 195 556Europe ex Norway 95 604 319 380 0 414 984Middle East 9 771 0 0 9 771Africa 1 798 6 544 0 8 341South America 2 136 5 793 0 7 930Oceania 52 210 0 0 52 210TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 380 549 1 009 360 0 1 389 909Other operating income 99 655 3 177 2 192 105 024Operating expenses excluding depreciation, amortisation and impairment -645 088 -885 865 -136 922 -1 667 875EBITDA -164 884 126 672 -134 730 -172 942Depreciation and amortisation-99 045-110 188 -7 253 -216 486Impairment of tangible and intangible assets 0 0 0 0OPERATING LOSS -263 929 16 484 -141 983 -389 428Finance income 354 775 130 947 132 076Finance costs -3 662 -6 572 3 401 -6 833Share of loss from associates and joint ventures 0 0 0 0Tax income (expense) 5 861 0 693 6 554NET INCOME (LOSS) -261 376 10 687 -6 942 -257 631TOTAL ASSETS 1 755 003 2 508 284 2 040 925 6 304 212TOTAL LIABILITIES 404 971 854 859 67 106 1 326 936Capital expenditures 225 506 421 038 646 5441) Other comprises parent company, holding entity, excess values on intangible assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments.In 2024, the group recognised revenue from three single customers which individually each is above 10% of total revenues. The amounts recognised from the three customers are NOK 339 million, NOK 145 million and NOK 144 million, all related to delivery of Alkaline Electrolysers.In 2023, revenue from single customers above 10% of total revenues include NOK 430 million in revenues from a single customer(Amounts in NOK thousands) 2023 OPERATING SEGMENTSREVENUES BY GEOGRAPHIC REGION CONTINUING 1)BASED ON CUSTOMER LOCATION PEM ALKALINE OTHER OPERATIONSNorway7 00435 575 0 42 579United States 274 495 469 163 0 743 657North America ex United States 15 180 0 0 15 180Asia 83 783 61 625 0 145 408Europe ex Norway 32 516 296 341 0 328 857Middle East 45 718 0 0 45 718Africa 1 271 11 312 0 12 584South America 7 648 1 616 0 9 264Oceania 6 555 0 0 6 555TOTAL REVENUE FROM CONTRACTS WITH CUSTOMERS 474 170 875 632 0 1 349 802Other operating income 76 398 943 0 77 341Operating expenses excluding depreciation, amortisation and impairment -680 338 -905 389 -113 243 -1 698 970EBITDA-129 771 -28 814-113 243 -271 828Depreciation and amortisation-90 980-71 000 -8 288 -170 268Impairment of tangible and intangible assets 0 -1 424 0 -1 424OPERATING LOSS -220 751 -101 238 -121 531 -443 520Finance income 400 2 945 170 409 173 754Finance costs -8 096 -23 943 -268 746 -300 785Share of loss from associates and joint ventures 0 0 -3 714 -3 714Tax income (expense) 7 237 0 924 8 161PRE-TAX INCOME (LOSS) -221 210 -122 236 -222 658 -566 104TOTAL ASSETS 1 591 380 2 028 033 3 426 513 7 045 926TOTAL LIABILITIES 475 056 794 575 62 432 1 332 063Capital expenditures 251 811 439 098 0 690 9091) Other comprises parent company, holding entity, excess values on intangi-ble assets and related depreciation and tax expense (income) derived from the consolidation of the financial statements not allocated to the operating segments. PROPERTY, PLANT AND EQUIPMENT GEOGRAPHICAL AREA 2024 2023Norway 1 147 001 906 172Denmark 0 114 157USA 517 078 282 856South Korea 0 2 493Balance as of 31.12. 1 664 079 1 305 678", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__41": { "value": "Nel operates within two operating segments, Nel Alkaline Electrolyser and Nel PEM Electrolyser. The identification of segments in the group is made based on the different products the division offers as well as geographical areas the divisions have their production facilities and majority of employees in. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its operating segments separately for the purpose of making decisions about resource allocation and performance assessment. During 2024, the former segment Electrolyser has been split into PEM Electrolyser and Alkaline Electrolyser. Although both PEM and Alkaline electrolysers have the same output, their production relies on different inputs and production facilities have lines of production entirely segregated. The disaggregated electrolyser segment is of relevance to the CODM. Segment performance is evaluated based on profit or loss and is measured consistently with profit or loss in the consolidated financial statements.Billing of goods and services between operating segments are effected on an arm\u2019s length basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__43-1": { "value": "2.4 Raw materials(Amounts in NOK thousands)2024 2023Raw material 503 355 705 086Freight expense 572 6 714Other consumables 48 3 336TOTAL 503 976 715 136In addition to products produced internally, Nel also delivers equipment produced using Nel\u2019s design or sourced based on a functional design. The ratio of raw material expense to revenues will depend not only on improvements leading to lower raw material spend or on the cost price of raw materials used in production, but also on the share of revenue generated by equipment sourced from third parties.2.5 Personnel expenses(Amounts in NOK thousands)2024 2023Salaries 545 753 442 823Social security tax 67 757 59 008Pension expense 26 710 18 5791)Other payroll expenses 34 925 38 596Capitalised salary to technology development -29 559 -13 346TOTAL 645 586 545 6601) Included here are expenses amounting to NOK 2.7 million (4.2 in 2023) related to the Group\u2019s share option program. 2024 2023Average number of full time employees 423 374Hereof women 90 81SHARE OPTION PROGRAM UNTIL END OF 2021Nel compensate employees with share options as part of a program to incentivize and retain key employees. The share option program was distributed groupwide until end of 2021 and granted shares to all employees employed in the group during 2021 on certain tenure conditions. When granted, there is only service-time based vesting conditions. Vesting requires the option holder to still be an employee in the Group. The share-based payment is equity-settled. Each option, when exercised, will give the right to acquire one share in the Group. The options are granted without consideration. The share option program for all employees was terminated in 2022 and was replaced by a Short term incentive (STI) in the form of an annual bonus scheme linked to employee performance and Nel\u2019s financial performance.Options granted July 2021:A total of 7.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 15.125 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 14.00) and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Share option program beyond 2022:All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days.Options granted 2023:Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024:Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO OPTIONSThe CEO was awarded 500.000 options. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option.Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company\u2019s share price\u2022 the strike price of the options\u2022 the expected lifetime of the options\u2022 the risk-free interest rate equalling the expected lifetime\u2022 the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2024 was NOK 2.7 (4.2) million. The total social security accruals at the end of the year are NOK 0.0 (0.0) million (social security costs are zero because none of the options are in-the-money at the end of 2024). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.0 (0.0) million as of 31 December 2024.Key assumptions option pricing model per share option program2024 2023Volatility 65.86% 67.59%Interest rate 3.72% 3.56%Dividend 0.00 0.00ESTIMATION UNCERTAINTY - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.(amounts in NOK thousands and number of options/shares in thousands)REMAINING SHARE OPTION OPENING CLOSING STRIKE CONTRACTUAL 1)PROGRAMBALANCE GRANTED EXERCISED FORFEITEDBALANCEPRICE VALUE LIFE2020 Share Option Plan7,9890 0 -7,989 0 7.80 - - 2021 Share Option Plan 5,693 0 0 -2,287 3,405 15.13 - 0.64 2023 Share Option Plan 1,220 0 0 -490 730 17.02 - 3.17 2024 Share Option Plan 0 1,650 0 -450 1,200 5.32 - 4.16 2023 CEO 500 0 0 0 500 13.85 - 3.50 2024 CEO 0 500 0 0 500 6.16 - 4.50 TOTAL 15,402 2,150 0 -11,217 6,335SHARE OPTIONS HELD BY MEMBERS OF GROUP MANAGEMENT2)EXPIRY VESTED EXPENSE FOR THE 3) NAME 2023 2024 2025 2026 2027 TOTAL 2025 2026 2027 2028 2029PERIOD H\u00e5kon Volldal00 0 500 500 1,000 0 0 0 500 500 694 Kjell Christian Bj\u00f8rnsen 62 93 0 150 150 455 155 0 0 150 150 176 Marius L\u00f8ken 0 0 0 0 150 150 0 0 0 0 150 48 Tushar Ghuwalewala 25 38 0 40 50 153 63 0 0 40 50 40 Kai Rune Heggland 18 27 0 40 50 135 45 0 0 40 50 51 Hans Hide 64 96 0 150 150 460 160 0 0 150 150 177 Stein Ove Erdal 64 96 0 150 150 460 160 0 0 150 150 177 Todd Cartwright 0 0 0 0 150 150 0 0 0 0 150 48 Other employees 1,763 1,060 0 200 350 3,373 2,823 0 0 200 350 1,308 TOTAL 1,996 1,410 0 1,230 1,700 6,335 3,405 0 0 1,230 1,700 2,7181) The value of the share options equals share price less strike price, capped at 10.0 for 2021, 2023. 2024 and CEO program.2) All share options are granted, vested and expired at the beginning of March in a given fiscal year, except for share option program 2021 which is August and CEO which is July.3) Cost of period does not include social security. The total social security accruals at the end of the year are NOK 0.0 (0.0) million as none of the options are in-the-money. Share options program 2020 expired during the period, and 5 191 042 vested options expired during the period without any payment. Next expiry date is 19 August 2025 for options granted 2021.PensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The US subsidiary have pension plans that meet their respective requirements.2.6 Other operating expenses(Amounts in NOK thousands) 2024 2023Research and development expenditure41 589 43 264Utilities21 344 23 031Professional fees98 919 84 703Travel expenses24 554 27 106IT and communication costs46 475 25 955Changes in provisions63 450 32 071Repair and maintenance13 724 15 030Premises costs 18 901 22 898Sub supplier services 127 699 62 472Freight19 433 28 387Other expenses42 224 73 256TOTAL Other operating expenses518 313 438 175", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__42-1": { "value": "2.4 Raw materials(Amounts in NOK thousands)2024 2023Raw material 503 355 705 086Freight expense 572 6 714Other consumables 48 3 336TOTAL 503 976 715 136In addition to products produced internally, Nel also delivers equipment produced using Nel\u2019s design or sourced based on a functional design. The ratio of raw material expense to revenues will depend not only on improvements leading to lower raw material spend or on the cost price of raw materials used in production, but also on the share of revenue generated by equipment sourced from third parties.4.1 InventoriesInventories comprises purchased raw materials, work in progress and finished goods. Obsolescence is considered for inventories, and write-down is performed on obsolete goods. Inventories are measured under the weighted-average cost formula. The cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items bought or produced during the period. The average is calculated on a quarterly basis.(Amounts in NOK thousands)2024 2023Raw material66 842 39 496Work in progress102 787 126 111Finished goods375 919 261 274Allowance for obsolete inventory-13 799 -5 189Discontinued operation0 282 298Balance as of 31.12.531 748 703 990Inventories are measured at the lowest of cost and net realisable value less costs to sell. In both 2024 and 2023, all items of inventories are measured at cost. The amount of inventories recognised as an expense was NOK 584.0 (783.0) million during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__50-1": { "value": "2.5 Personnel expenses(Amounts in NOK thousands)2024 2023Salaries 545 753 442 823Social security tax 67 757 59 008Pension expense 26 710 18 5791)Other payroll expenses 34 925 38 596Capitalised salary to technology development -29 559 -13 346TOTAL 645 586 545 6601) Included here are expenses amounting to NOK 2.7 million (4.2 in 2023) related to the Group\u2019s share option program. 2024 2023Average number of full time employees 423 374Hereof women 90 81SHARE OPTION PROGRAM UNTIL END OF 2021Nel compensate employees with share options as part of a program to incentivize and retain key employees. The share option program was distributed groupwide until end of 2021 and granted shares to all employees employed in the group during 2021 on certain tenure conditions. When granted, there is only service-time based vesting conditions. Vesting requires the option holder to still be an employee in the Group. The share-based payment is equity-settled. Each option, when exercised, will give the right to acquire one share in the Group. The options are granted without consideration. The share option program for all employees was terminated in 2022 and was replaced by a Short term incentive (STI) in the form of an annual bonus scheme linked to employee performance and Nel\u2019s financial performance.Options granted July 2021:A total of 7.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 15.125 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 14.00) and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Share option program beyond 2022:All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days.Options granted 2023:Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024:Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO OPTIONSThe CEO was awarded 500.000 options. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option.Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company\u2019s share price\u2022 the strike price of the options\u2022 the expected lifetime of the options\u2022 the risk-free interest rate equalling the expected lifetime\u2022 the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2024 was NOK 2.7 (4.2) million. The total social security accruals at the end of the year are NOK 0.0 (0.0) million (social security costs are zero because none of the options are in-the-money at the end of 2024). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.0 (0.0) million as of 31 December 2024.Key assumptions option pricing model per share option program2024 2023Volatility 65.86% 67.59%Interest rate 3.72% 3.56%Dividend 0.00 0.00ESTIMATION UNCERTAINTY - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.(amounts in NOK thousands and number of options/shares in thousands)REMAINING SHARE OPTION OPENING CLOSING STRIKE CONTRACTUAL 1)PROGRAMBALANCE GRANTED EXERCISED FORFEITEDBALANCEPRICE VALUE LIFE2020 Share Option Plan7,9890 0 -7,989 0 7.80 - - 2021 Share Option Plan 5,693 0 0 -2,287 3,405 15.13 - 0.64 2023 Share Option Plan 1,220 0 0 -490 730 17.02 - 3.17 2024 Share Option Plan 0 1,650 0 -450 1,200 5.32 - 4.16 2023 CEO 500 0 0 0 500 13.85 - 3.50 2024 CEO 0 500 0 0 500 6.16 - 4.50 TOTAL 15,402 2,150 0 -11,217 6,335SHARE OPTIONS HELD BY MEMBERS OF GROUP MANAGEMENT2)EXPIRY VESTED EXPENSE FOR THE 3) NAME 2023 2024 2025 2026 2027 TOTAL 2025 2026 2027 2028 2029PERIOD H\u00e5kon Volldal00 0 500 500 1,000 0 0 0 500 500 694 Kjell Christian Bj\u00f8rnsen 62 93 0 150 150 455 155 0 0 150 150 176 Marius L\u00f8ken 0 0 0 0 150 150 0 0 0 0 150 48 Tushar Ghuwalewala 25 38 0 40 50 153 63 0 0 40 50 40 Kai Rune Heggland 18 27 0 40 50 135 45 0 0 40 50 51 Hans Hide 64 96 0 150 150 460 160 0 0 150 150 177 Stein Ove Erdal 64 96 0 150 150 460 160 0 0 150 150 177 Todd Cartwright 0 0 0 0 150 150 0 0 0 0 150 48 Other employees 1,763 1,060 0 200 350 3,373 2,823 0 0 200 350 1,308 TOTAL 1,996 1,410 0 1,230 1,700 6,335 3,405 0 0 1,230 1,700 2,7181) The value of the share options equals share price less strike price, capped at 10.0 for 2021, 2023. 2024 and CEO program.2) All share options are granted, vested and expired at the beginning of March in a given fiscal year, except for share option program 2021 which is August and CEO which is July.3) Cost of period does not include social security. The total social security accruals at the end of the year are NOK 0.0 (0.0) million as none of the options are in-the-money. Share options program 2020 expired during the period, and 5 191 042 vested options expired during the period without any payment. Next expiry date is 19 August 2025 for options granted 2021.PensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The US subsidiary have pension plans that meet their respective requirements.2.6 Other operating expenses(Amounts in NOK thousands) 2024 2023Research and development expenditure41 589 43 264Utilities21 344 23 031Professional fees98 919 84 703Travel expenses24 554 27 106IT and communication costs46 475 25 955Changes in provisions63 450 32 071Repair and maintenance13 724 15 030Premises costs 18 901 22 898Sub supplier services 127 699 62 472Freight19 433 28 387Other expenses42 224 73 256TOTAL Other operating expenses518 313 438 1752.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__44-1": { "value": "2.5 Personnel expenses(Amounts in NOK thousands)2024 2023Salaries 545 753 442 823Social security tax 67 757 59 008Pension expense 26 710 18 5791)Other payroll expenses 34 925 38 596Capitalised salary to technology development -29 559 -13 346TOTAL 645 586 545 6601) Included here are expenses amounting to NOK 2.7 million (4.2 in 2023) related to the Group\u2019s share option program. 2024 2023Average number of full time employees 423 374Hereof women 90 81PensionsThe group has defined contribution pension scheme for its employees. This scheme is funded through payments to insurance companies. A defined contribution plan is one under which the group pays fixed contributions to a separate legal entity. The group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the group pays contribution to publicly or privately administered pension insurance plans on an obligatory, contractual or voluntary basis. The group has no further payment obligations once the contributions have been paid. The contributions are recognised as a salary expense when they fall due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.The parent company and the Norwegian subsidiaries have pension plans that meet the requirements of the Pension Act of Norway. The US subsidiary have pension plans that meet their respective requirements.5.5 ProvisionsPROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 650ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%.EMPLOYEE BENEFITSNel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2024 to be finally measured and paid in 2025 is 35.5 NOK (46.5) million.In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2024, Nel have no provisions for settlement and claims. Nel ASA is one of three corporate defendants in a law suit initiated by Iwatani Corporation of America. The matter is currently in an early stage of the discovery phase which is expected to continue throughout 2025. Nel has so far seen a limited amount of basis for the different claims, including but not limited to evidence and witness statements. A potential court case is expected at the earliest in the second half of 2026. Nel and the other defendants strongly reject the allegations made in the law suit. Based on the facts of the matter, the chance of the future event occurring is remote to reasonable possible. Nel has currently not made any provision related to the claim. ONEROUS CONTRACTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__46": { "value": "2024 2023Average number of full time employees 423 374Hereof women 90 81", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__52-1": { "value": "SHARE OPTION PROGRAM UNTIL END OF 2021Nel compensate employees with share options as part of a program to incentivize and retain key employees. The share option program was distributed groupwide until end of 2021 and granted shares to all employees employed in the group during 2021 on certain tenure conditions. When granted, there is only service-time based vesting conditions. Vesting requires the option holder to still be an employee in the Group. The share-based payment is equity-settled. Each option, when exercised, will give the right to acquire one share in the Group. The options are granted without consideration. The share option program for all employees was terminated in 2022 and was replaced by a Short term incentive (STI) in the form of an annual bonus scheme linked to employee performance and Nel\u2019s financial performance.Options granted July 2021:A total of 7.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 15.125 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 14.00) and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Share option program beyond 2022:All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days.Options granted 2023:Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024:Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO OPTIONSThe CEO was awarded 500.000 options. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option.Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company\u2019s share price\u2022 the strike price of the options\u2022 the expected lifetime of the options\u2022 the risk-free interest rate equalling the expected lifetime\u2022 the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2024 was NOK 2.7 (4.2) million. The total social security accruals at the end of the year are NOK 0.0 (0.0) million (social security costs are zero because none of the options are in-the-money at the end of 2024). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.0 (0.0) million as of 31 December 2024.5.5 ProvisionsPROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 650ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%.EMPLOYEE BENEFITSNel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2024 to be finally measured and paid in 2025 is 35.5 NOK (46.5) million.In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2024, Nel have no provisions for settlement and claims. Nel ASA is one of three corporate defendants in a law suit initiated by Iwatani Corporation of America. The matter is currently in an early stage of the discovery phase which is expected to continue throughout 2025. Nel has so far seen a limited amount of basis for the different claims, including but not limited to evidence and witness statements. A potential court case is expected at the earliest in the second half of 2026. Nel and the other defendants strongly reject the allegations made in the law suit. Based on the facts of the matter, the chance of the future event occurring is remote to reasonable possible. Nel has currently not made any provision related to the claim. ONEROUS CONTRACTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__51-1": { "value": "SHARE OPTION PROGRAM UNTIL END OF 2021Nel compensate employees with share options as part of a program to incentivize and retain key employees. The share option program was distributed groupwide until end of 2021 and granted shares to all employees employed in the group during 2021 on certain tenure conditions. When granted, there is only service-time based vesting conditions. Vesting requires the option holder to still be an employee in the Group. The share-based payment is equity-settled. Each option, when exercised, will give the right to acquire one share in the Group. The options are granted without consideration. The share option program for all employees was terminated in 2022 and was replaced by a Short term incentive (STI) in the form of an annual bonus scheme linked to employee performance and Nel\u2019s financial performance.Options granted July 2021:A total of 7.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 15.125 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 14.00) and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Share option program beyond 2022:All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days.Options granted 2023:Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024:Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO OPTIONSThe CEO was awarded 500.000 options. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option.Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company\u2019s share price\u2022 the strike price of the options\u2022 the expected lifetime of the options\u2022 the risk-free interest rate equalling the expected lifetime\u2022 the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2024 was NOK 2.7 (4.2) million. The total social security accruals at the end of the year are NOK 0.0 (0.0) million (social security costs are zero because none of the options are in-the-money at the end of 2024). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.0 (0.0) million as of 31 December 2024.5.5 ProvisionsPROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 650ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%.EMPLOYEE BENEFITSNel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2024 to be finally measured and paid in 2025 is 35.5 NOK (46.5) million.In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2024, Nel have no provisions for settlement and claims. Nel ASA is one of three corporate defendants in a law suit initiated by Iwatani Corporation of America. The matter is currently in an early stage of the discovery phase which is expected to continue throughout 2025. Nel has so far seen a limited amount of basis for the different claims, including but not limited to evidence and witness statements. A potential court case is expected at the earliest in the second half of 2026. Nel and the other defendants strongly reject the allegations made in the law suit. Based on the facts of the matter, the chance of the future event occurring is remote to reasonable possible. Nel has currently not made any provision related to the claim. ONEROUS CONTRACTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__47": { "value": "SHARE OPTION PROGRAM UNTIL END OF 2021Nel compensate employees with share options as part of a program to incentivize and retain key employees. The share option program was distributed groupwide until end of 2021 and granted shares to all employees employed in the group during 2021 on certain tenure conditions. When granted, there is only service-time based vesting conditions. Vesting requires the option holder to still be an employee in the Group. The share-based payment is equity-settled. Each option, when exercised, will give the right to acquire one share in the Group. The options are granted without consideration. The share option program for all employees was terminated in 2022 and was replaced by a Short term incentive (STI) in the form of an annual bonus scheme linked to employee performance and Nel\u2019s financial performance.Options granted July 2021:A total of 7.8 million share options were granted. Pursuant to the vesting schedule, 40% of the options will vest two years after the day of grant, and 60% of the options will vest three years after the day of grant. The exercise price is equal NOK 15.125 per share based on the average price of the Nel ASA share price the five trading days before grant date (NOK 14.00) and including an 8% premium. Gain per instrument is capped at NOK 10.00 maximum per share option. The options that have not been exercised will lapse 4 years after the date of grant.Share option program beyond 2022:All options have only service-time based vesting conditions. Vesting requires the option holder still to be an employee in the company. Specifically, options do not vest after the date the employee serves his or her notice to terminate the engagement with the company or has been notified in writing of the termination of employment by the company. The strike price is a premium of 8 % over the highest of the closing share price on grant date and the volume-weighted average price over the past 5 preceding trading days.Options granted 2023:Options were awarded in 2023 based on 2022 employment for a selection of employees. A total of 1.4 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. Options granted 2024:Options were awarded in 2024 based on 2023 employment for a selection of employees. A total of 1.65 million share options were granted, with a 3-year vesting period, 5-year expiry and a cap on gain per option of 10 NOK per share. CEO OPTIONSThe CEO was awarded 500.000 options. Each option vests after three years of grant and may, subject to continued employment, be exercised over a two-year period thereafter. Each option entitles him to acquire one new share of the Company at an exercise price equal to the listed price at the date of grant plus 10%. A maximum profit level has been implemented which limits the accumulated profit for all options to NOK 25 million, and to NOK 30 per option.Assumptions, costs and social security provisionsThe Group uses the Black-Scholes-Merton option pricing model at time of grant to determine the impact of stock option grants in accordance with IFRS 2 - Share-based payment. The model utilises the following parameters as input: \u2022 the company\u2019s share price\u2022 the strike price of the options\u2022 the expected lifetime of the options\u2022 the risk-free interest rate equalling the expected lifetime\u2022 the volatility associated with the historical price development of the underlying shareAs all employee options granted are \u201cnon-transferable\u201d, and the gains are taxed with personal income tax (higher), whereas gains on ordinary shares are taxed with capital gains tax (lower), it is reasonable to assume that participants tend to exercise early. Hence estimated lifetime of the options is expected to be shorter than the time from grant until expiry. However, exercise patterns are monitored and expected option lifetime for future grants will reflect exercise behaviour.To estimate the volatility in the option pricing model comparable companies have been used. Nel has been through a rapid development in recent years and the assumption made at grant was that traded history the previous years was not the best estimate for the future years. Hence, volatility input to the Black-Scholes-Merton model is based on a group of peer companies.Further the total fair value of the share-based instruments is amortised over the vesting period of the instrument. IFRS 2 presumes that the fair value of the services expected to be received is the same as the fair value of the equity instruments granted at grant date. Therefore, although the services are recognised over the vesting period, they are measured only once, at grant date, unless the arrangement is modified.Social security tax provisions are accrued on a quarterly basis and becomes payable at exercise of the options. The social security tax provisions are estimated based on the gain on the share-based instruments multiplied with the relevant social security tax rate.The total expense recognised for the share-based programs, excluding social security, during 2024 was NOK 2.7 (4.2) million. The total social security accruals at the end of the year are NOK 0.0 (0.0) million (social security costs are zero because none of the options are in-the-money at the end of 2024). The total intrinsic value of the company\u2019s share-based instruments is NOK 0.0 (0.0) million as of 31 December 2024.Key assumptions option pricing model per share option program2024 2023Volatility 65.86% 67.59%Interest rate 3.72% 3.56%Dividend 0.00 0.00ESTIMATION UNCERTAINTY - Share-based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate evaluation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. The groups\u2019 equity-settled share-based payments are measured at fair value at the grant date.(amounts in NOK thousands and number of options/shares in thousands)REMAINING SHARE OPTION OPENING CLOSING STRIKE CONTRACTUAL 1)PROGRAMBALANCE GRANTED EXERCISED FORFEITEDBALANCEPRICE VALUE LIFE2020 Share Option Plan7,9890 0 -7,989 0 7.80 - - 2021 Share Option Plan 5,693 0 0 -2,287 3,405 15.13 - 0.64 2023 Share Option Plan 1,220 0 0 -490 730 17.02 - 3.17 2024 Share Option Plan 0 1,650 0 -450 1,200 5.32 - 4.16 2023 CEO 500 0 0 0 500 13.85 - 3.50 2024 CEO 0 500 0 0 500 6.16 - 4.50 TOTAL 15,402 2,150 0 -11,217 6,335SHARE OPTIONS HELD BY MEMBERS OF GROUP MANAGEMENT2)EXPIRY VESTED EXPENSE FOR THE 3) NAME 2023 2024 2025 2026 2027 TOTAL 2025 2026 2027 2028 2029PERIOD H\u00e5kon Volldal00 0 500 500 1,000 0 0 0 500 500 694 Kjell Christian Bj\u00f8rnsen 62 93 0 150 150 455 155 0 0 150 150 176 Marius L\u00f8ken 0 0 0 0 150 150 0 0 0 0 150 48 Tushar Ghuwalewala 25 38 0 40 50 153 63 0 0 40 50 40 Kai Rune Heggland 18 27 0 40 50 135 45 0 0 40 50 51 Hans Hide 64 96 0 150 150 460 160 0 0 150 150 177 Stein Ove Erdal 64 96 0 150 150 460 160 0 0 150 150 177 Todd Cartwright 0 0 0 0 150 150 0 0 0 0 150 48 Other employees 1,763 1,060 0 200 350 3,373 2,823 0 0 200 350 1,308 TOTAL 1,996 1,410 0 1,230 1,700 6,335 3,405 0 0 1,230 1,700 2,7181) The value of the share options equals share price less strike price, capped at 10.0 for 2021, 2023. 2024 and CEO program.2) All share options are granted, vested and expired at the beginning of March in a given fiscal year, except for share option program 2021 which is August and CEO which is July.3) Cost of period does not include social security. The total social security accruals at the end of the year are NOK 0.0 (0.0) million as none of the options are in-the-money. Share options program 2020 expired during the period, and 5 191 042 vested options expired during the period without any payment. Next expiry date is 19 August 2025 for options granted 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__58": { "value": "2.6 Other operating expenses(Amounts in NOK thousands) 2024 2023Research and development expenditure41 589 43 264Utilities21 344 23 031Professional fees98 919 84 703Travel expenses24 554 27 106IT and communication costs46 475 25 955Changes in provisions63 450 32 071Repair and maintenance13 724 15 030Premises costs 18 901 22 898Sub supplier services 127 699 62 472Freight19 433 28 387Other expenses42 224 73 256TOTAL Other operating expenses518 313 438 175", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__64": { "value": "2.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__63": { "value": "2.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__62": { "value": "2.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__61": { "value": "2.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__60": { "value": "2.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__59": { "value": "2.7 Finance income and cost(Amounts in NOK thousands) 2024 2023Interest income 127 764 166 850Change in fair value financial instruments 0 592Other 4 312 6 313Finance income 132 076 173 755Interest expense 0 649Interest expense lease liabilities 16 481 14 251Net foreign exchange loss -13 566 -26 547Change in fair value financial instruments 2 650 311 559Other 1 269 875Finance cost 6 833 300 787Net finance income (cost) 125 243 -127 032The change in fair value financial instruments in 2023 was mainly due to change in fair value of Nel\u2019s shareholdings in Everfuel of NOK -304 million. The shareholdings in Everfuel were also sold in 2023, and there are limited equity instruments in the group in 2024, therefore limited impact on the financial results.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__75": { "value": "2.8 Income taxesTAXThe tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.CALCULATIONS OF THE TAX BASE FOR THE YEAR 2024 2023 RESTATEDIncome (loss) before tax -264 185 -574 266Permanent differences 69 312 402 732Change in temporary differences -170 061 22 220Use of tax losses carried forward -143 689 -127 462The year's taxable income -508 623 -276 776RECONCILIATION OF TAX EXPENSE TO NORWEGIAN NOMINAL STATUTORY TAX RATE 2024 2023 RESTATEDNominal tax rate 22 %22 %Income (loss) before tax -264 185 -574 266Tax this years income (loss), estimated -58 121 -126 339Tax effect of: Tax rates different from Norway 2 863 2 386Permanent differences 10 366 83 904Change in deferred tax -6 554 -8 160Change in not recognized deferred tax assets (tax liabilities) 33 474 38 108Other differences 11 418 1 941Income tax expense -6 554 -8 162INCOME TAX EXPENSE COMPRISE 2024 2023 RESTATEDIncome tax payable00Change in deferred tax -6 554 -8 162Total income tax expense (income) -6 554 -8 162TAX EFFECTS OF TEMPORARY DIFFERENCES 2024 2023 RESTATEDTrade receivables and customers contracts-16 989-6 554Intangible assets 1 158 26 524Property, plant and equipment 46 962 23 204Inventories -206 558Accrued warranty -13 217 -11 233Leases -9 755 -8 047Deferred income -17 374 -13 478Other accruals -13 000 -38 506Tax losses carry forward -519 562 -411 854Deferred tax asset, net -515 983 -439 385RECONCILIATION TO STATEMENT OF FINANCIAL POSITION 2024 2023 RESTATEDDeferred tax asset, net -515 983 -439 385Deferred tax asset not recognised in statement of financial position 550 796 477 822Deferred tax liability in the statement of financial position 34 813 38 436CHANGES IN RECOGNISED DEFERRED TAX LIABILITY 2024 2023 RESTATEDBalance as of 01.01. 38 436 45 529Recognised in the income statement -6 554 -8 160Translation differences on deferred taxes 3 652 1 069Discontinued operation -721 0Balance as of 31.12. 34 813 38 436Table below show net operating losses carried forward by country multiplied with the tax rate, the deferred tax asset from historical losses not recognised. TAX LOSSES CARRY FORWARD BY COUNTRY 2024 2023Norway 283 092 240 470United States 236 471 171 385Balance as of 31.12. 519 562 411 854", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__69-1": { "value": "2.8 Income taxesTAXThe tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__68-1": { "value": "2.8 Income taxesTAXThe tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__67": { "value": "2.8 Income taxesTAXThe tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.CALCULATIONS OF THE TAX BASE FOR THE YEAR 2024 2023 RESTATEDIncome (loss) before tax -264 185 -574 266Permanent differences 69 312 402 732Change in temporary differences -170 061 22 220Use of tax losses carried forward -143 689 -127 462The year's taxable income -508 623 -276 776RECONCILIATION OF TAX EXPENSE TO NORWEGIAN NOMINAL STATUTORY TAX RATE 2024 2023 RESTATEDNominal tax rate 22 %22 %Income (loss) before tax -264 185 -574 266Tax this years income (loss), estimated -58 121 -126 339Tax effect of: Tax rates different from Norway 2 863 2 386Permanent differences 10 366 83 904Change in deferred tax -6 554 -8 160Change in not recognized deferred tax assets (tax liabilities) 33 474 38 108Other differences 11 418 1 941Income tax expense -6 554 -8 162INCOME TAX EXPENSE COMPRISE 2024 2023 RESTATEDIncome tax payable00Change in deferred tax -6 554 -8 162Total income tax expense (income) -6 554 -8 162TAX EFFECTS OF TEMPORARY DIFFERENCES 2024 2023 RESTATEDTrade receivables and customers contracts-16 989-6 554Intangible assets 1 158 26 524Property, plant and equipment 46 962 23 204Inventories -206 558Accrued warranty -13 217 -11 233Leases -9 755 -8 047Deferred income -17 374 -13 478Other accruals -13 000 -38 506Tax losses carry forward -519 562 -411 854Deferred tax asset, net -515 983 -439 385RECONCILIATION TO STATEMENT OF FINANCIAL POSITION 2024 2023 RESTATEDDeferred tax asset, net -515 983 -439 385Deferred tax asset not recognised in statement of financial position 550 796 477 822Deferred tax liability in the statement of financial position 34 813 38 436CHANGES IN RECOGNISED DEFERRED TAX LIABILITY 2024 2023 RESTATEDBalance as of 01.01. 38 436 45 529Recognised in the income statement -6 554 -8 160Translation differences on deferred taxes 3 652 1 069Discontinued operation -721 0Balance as of 31.12. 34 813 38 436Table below show net operating losses carried forward by country multiplied with the tax rate, the deferred tax asset from historical losses not recognised. TAX LOSSES CARRY FORWARD BY COUNTRY 2024 2023Norway 283 092 240 470United States 236 471 171 385Balance as of 31.12. 519 562 411 854", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__66": { "value": "2.8 Income taxesTAXThe tax expense in the statement of comprehensive income comprises of the tax payable for the period and of the change in deferred tax. Deferred tax is calculated at the prevailing tax rate in the respective countries where the parent company and subsidiaries are tax resident. Deferred tax is calculated based on temporary differences that exist between accounting and tax values, as well as any tax loss carry forward at the end of the financial year. The deferred tax asset is recognised if it is probable that the company will have a sufficient tax profit to be able to utilise the tax asset.Significant accounting judgements - Deferred tax assetDeferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.The group has NOK 2 332 million of tax amounts from tax losses carried forward (NOK 1 818 million in 2023). These losses relate to subsidiaries that have a history of losses, and to some extent may not be used to offset taxable income elsewhere in the group. While the losses do not expire, the group has determined that it cannot recognise deferred tax assets from the tax losses carried forward based on its history of losses. Deferred tax assets not recognised in the statement of financial statement amount to NOK 520 million in 2024 (412 in 2023) related to tax losses carry forward.CALCULATIONS OF THE TAX BASE FOR THE YEAR 2024 2023 RESTATEDIncome (loss) before tax -264 185 -574 266Permanent differences 69 312 402 732Change in temporary differences -170 061 22 220Use of tax losses carried forward -143 689 -127 462The year's taxable income -508 623 -276 776RECONCILIATION OF TAX EXPENSE TO NORWEGIAN NOMINAL STATUTORY TAX RATE 2024 2023 RESTATEDNominal tax rate 22 %22 %Income (loss) before tax -264 185 -574 266Tax this years income (loss), estimated -58 121 -126 339Tax effect of: Tax rates different from Norway 2 863 2 386Permanent differences 10 366 83 904Change in deferred tax -6 554 -8 160Change in not recognized deferred tax assets (tax liabilities) 33 474 38 108Other differences 11 418 1 941Income tax expense -6 554 -8 162INCOME TAX EXPENSE COMPRISE 2024 2023 RESTATEDIncome tax payable00Change in deferred tax -6 554 -8 162Total income tax expense (income) -6 554 -8 162TAX EFFECTS OF TEMPORARY DIFFERENCES 2024 2023 RESTATEDTrade receivables and customers contracts-16 989-6 554Intangible assets 1 158 26 524Property, plant and equipment 46 962 23 204Inventories -206 558Accrued warranty -13 217 -11 233Leases -9 755 -8 047Deferred income -17 374 -13 478Other accruals -13 000 -38 506Tax losses carry forward -519 562 -411 854Deferred tax asset, net -515 983 -439 385RECONCILIATION TO STATEMENT OF FINANCIAL POSITION 2024 2023 RESTATEDDeferred tax asset, net -515 983 -439 385Deferred tax asset not recognised in statement of financial position 550 796 477 822Deferred tax liability in the statement of financial position 34 813 38 436CHANGES IN RECOGNISED DEFERRED TAX LIABILITY 2024 2023 RESTATEDBalance as of 01.01. 38 436 45 529Recognised in the income statement -6 554 -8 160Translation differences on deferred taxes 3 652 1 069Discontinued operation -721 0Balance as of 31.12. 34 813 38 436Table below show net operating losses carried forward by country multiplied with the tax rate, the deferred tax asset from historical losses not recognised. TAX LOSSES CARRY FORWARD BY COUNTRY 2024 2023Norway 283 092 240 470United States 236 471 171 385Balance as of 31.12. 519 562 411 854", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__76": { "value": "2.9 Earnings per shareEarnings per share are calculated by dividing the profit/loss for the year by the corresponding weighted average of the number of outstanding shares during the reporting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shares with dilutive effect that have been outstanding during the period. Potential shares relate to agreements that confer the right to issue shares in future. Options are excluded if their effect would have been anti-dilutive.Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the average number of shares outstanding.(Amounts in NOK thousands) 2024 2023Net loss attributable to the equity holders of the parent company and for the purpose of basic and diluted shares -257 631 -855 196Basic earnings per shareIssued ordinary shares at 1 January 1 671 325 1 563 325Share options exercised 0 0Share issued 0 108 000Issued ordinary shares at 31 December 1 671 325 1 671 325Effect of weighting (share options exercised and share issued during the year) 0 -19 500Weighted-average number of shares outstanding for the purpose of basic earnings per share 1 671 325 1 651 825Basic earnings per share for loss attributable to the equity holders of the parent company (NOK) -0,15 -0,52Diluted earnings per shareWeighted-average number of shares outstanding for the purpose of basic earnings per share 1 671 325 1 651 8251)Effect of share options on issue 0 0Weighted-average number of shares outstanding for the purpose of diluted earnings per share 1 671 325 1 651 825Diluted earnings per share for loss attributable to the equity holders of the parent company (NOK) -0,15 -0,521) As of 31 December, 2024, 6 335 431 weighted-average options were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive (earnings per share is negative).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__77": { "value": "Earnings per share are calculated by dividing the profit/loss for the year by the corresponding weighted average of the number of outstanding shares during the reporting period. \u2018Diluted earnings per share\u2019 is based on the same calculation as for earnings per share, but it also considers all potential shares with dilutive effect that have been outstanding during the period. Potential shares relate to agreements that confer the right to issue shares in future. Options are excluded if their effect would have been anti-dilutive.Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the average number of shares outstanding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__97-1": { "value": "3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeCUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__83": { "value": "3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeCUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group\u2019 CGUs are \u2022 Electrolyser Norway and \u2022 Electrolyser US SPECIFICATION OF ALLOCATED GOODWILL PER CGU 2024 2023Electrolyser US350 389 313 941Electrolyser Norway61 364 61 364Balance as of 31.12.411 753 375 305Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2024, the market capitalisation of the group was about equal to the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2023 the market capitalisation was 3 times above the book value of equity, indicating a decline in value in the last twelve months.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin\u2022 EBITDA margins\u2022 Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2029 applying a growth rate of 2.0%Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 13.9 % to 14.3 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount.(Amounts in NOK thousands) ELECTROLYSER ELECTROLYSER USNORWAYGoodwill 350 389 61 364Other intangible assets 303 722 300 424Other invested capital 623 555 1 505 216Carrying value 1 277 666 1 867 004Recoverable amount 1 339 079 2 919 817Headroom 61 413 1 052 813Pre-tax nominal discount rate 14,3 % 13,9 %Terminal growth rate 2,0 % 2,0 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0%-2,0% 0,0% 2,0% 4,0%-2,0% -264 147 556 965 1 373 -1,0% -444 -81 279 640 999 0,0% -585 -261 61* 384 705 CHANGES IN WACC1,0% -699 -406 -114 177 467 2,0% -792 -524 -259 7 272 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin.Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0% -2,0% 0,0% 2,0% 4,0%-2,0% 1 003 1 643 2 278 2 911 3 544 -1,0% 479 1 036 1 589 2 140 2 691 CHANGES IN WACC0,0% 71 564 1053* 1 540 2 026 1,0% -253 188 625 1 060 1 495 2,0% -517 -118 277 670 1 063 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* -41 million -925 millionWACCGross margin** -1,7% -5,7%Free cash flow margin*** -0,4% -4,5%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.Further elaboration to the table above, for the CGU Electrolyser US:The sensitivity table above shows that if the revenue assumption in terminal year 2030 in the impairment test is reduced by NOK 41 million, the headroom is 0 all other equal.Additionally, the sensitivity in the impairment test shows that if the gross margin assumption in terminal year 2030 is reduced by 1.7%, the headroom is zero all other equal.Finally, it shows that if the free cash flow margin assumption in terminal year 2030 is reduced by 0.4%, the headroom is zero all else equal.The following tables show the same sensitivities in scenarios where WACC is +/- 1.KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* 87 million -633 millionWACC +1%Gross margin** 3,6% -3,9%Free cash flow margin*** 0,9% -3,1%Revenue growth* -159 million -1 196 millionWACC -1Gross margin** -6,6% -7,4%Free cash flow margin*** -1,7% -5,8%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__82-1": { "value": "3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeCUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group\u2019 CGUs are \u2022 Electrolyser Norway and \u2022 Electrolyser US SPECIFICATION OF ALLOCATED GOODWILL PER CGU 2024 2023Electrolyser US350 389 313 941Electrolyser Norway61 364 61 364Balance as of 31.12.411 753 375 305Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2024, the market capitalisation of the group was about equal to the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2023 the market capitalisation was 3 times above the book value of equity, indicating a decline in value in the last twelve months.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin\u2022 EBITDA margins\u2022 Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2029 applying a growth rate of 2.0%Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 13.9 % to 14.3 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount.(Amounts in NOK thousands) ELECTROLYSER ELECTROLYSER USNORWAYGoodwill 350 389 61 364Other intangible assets 303 722 300 424Other invested capital 623 555 1 505 216Carrying value 1 277 666 1 867 004Recoverable amount 1 339 079 2 919 817Headroom 61 413 1 052 813Pre-tax nominal discount rate 14,3 % 13,9 %Terminal growth rate 2,0 % 2,0 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0%-2,0% 0,0% 2,0% 4,0%-2,0% -264 147 556 965 1 373 -1,0% -444 -81 279 640 999 0,0% -585 -261 61* 384 705 CHANGES IN WACC1,0% -699 -406 -114 177 467 2,0% -792 -524 -259 7 272 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin.Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0% -2,0% 0,0% 2,0% 4,0%-2,0% 1 003 1 643 2 278 2 911 3 544 -1,0% 479 1 036 1 589 2 140 2 691 CHANGES IN WACC0,0% 71 564 1053* 1 540 2 026 1,0% -253 188 625 1 060 1 495 2,0% -517 -118 277 670 1 063 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* -41 million -925 millionWACCGross margin** -1,7% -5,7%Free cash flow margin*** -0,4% -4,5%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.Further elaboration to the table above, for the CGU Electrolyser US:The sensitivity table above shows that if the revenue assumption in terminal year 2030 in the impairment test is reduced by NOK 41 million, the headroom is 0 all other equal.Additionally, the sensitivity in the impairment test shows that if the gross margin assumption in terminal year 2030 is reduced by 1.7%, the headroom is zero all other equal.Finally, it shows that if the free cash flow margin assumption in terminal year 2030 is reduced by 0.4%, the headroom is zero all else equal.The following tables show the same sensitivities in scenarios where WACC is +/- 1.KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* 87 million -633 millionWACC +1%Gross margin** 3,6% -3,9%Free cash flow margin*** 0,9% -3,1%Revenue growth* -159 million -1 196 millionWACC -1Gross margin** -6,6% -7,4%Free cash flow margin*** -1,7% -5,8%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.3.2 Property, plant and equipmentProperty, plant and equipment comprise owned and leased assets.Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.(Amounts in NOK thousands)OFFICE MACHINES RIGHT-OF-ASSET UNDER AND OTHER PRODUCTION TECHNICAL USE ASSETS CONSTRUCTIONEQUIPMENTEQUIPMENT BUILDINGSINSTALLATIONS(NOTE 3.3) TOTALAcquisition cost as of 01.01.202381 614 107 614 440 535 125 218 12 139 232 833 999 953Additions 482 427 60 420 22 173 3 778 4 791 31 397 604 986Disposals 0 -2 936 0 0 0 0 -2 936Reclassification -5 658 486 5 172 0 0 0 0Remeasurement 0 0 0 0 0 28 661 28 661Currency effects -6 200 4 545 -2 005 6 033 34 1 459 3 866Acquisition cost as of 31.12.2023 552 183 170 128 465 875 135 029 16 964 294 350 1 634 529Additions 362 760 37 321 125 491 1 107 672 29 196 556 546Disposals 0 -116 0 0 0 0 -116Reclassification -604 363 131 001 464 223 0 9 139 0 0Remeasurement 0 0 0 0 0 22 353 22 353Discontinued operation 0 -84 121 -9 638 -96 429 -546 -26 927 -217 660Currency effects 25 550 12 004 13 366 0 0 5 691 56 611Acquisition cost as of 31.12.2024 336 129 266 217 1 059 318 39 707 26 229 324 663 2 052 263Accumulated depreciation as of 0 49 562 82 656 18 001 2 343 61 902 214 46401.01.2023Depreciation 0 29 146 46 866 4 674 826 31 820 113 331Impairment 0 0 360 187 0 0 547Reversed depreciation disposals 0 -2 936 0 0 0 0 -2 936Currency effects 0 1 672 860 911 2 0 3 445Accumulated depreciation as of 0 77 443 130 742 23 774 3 171 93 722 328 85131.12.2023Depreciation 0 20 378 84 187 633 1 544 29 734 136 476Discontinued operation 0 -42 860 -7 317 -19 437 -58 -14 454 -84 127Currency effects 0 3 259 3 725 0 0 0 6 984Accumulated depreciation as of 0 58 219 211 337 4 970 4 656 109 002 388 18431.12.2024Carrying value as of 31.12.2023 552 183 92 685 335 134 111 255 13 793 200 628 1 305 678Carrying value as of 31.12.2024 336 129 207 997 847 981 34 737 21 573 215 662 1 664 079Useful life 3-5 years 3-8 years 30-40 years 15-20 years 2-10 yearsDepreciation plan Straight-line Straight-line Straight-line Straight-line Straight-lineProperty, plant and equipment is included in \u2018other invested capital\u2019 allocated to the differenct CGU\u2019s. See note 11 for impairment considerations for other invested capital.USEFUL LIFE, DEPRECIATION PLAN\u2022 Office machines and other equipment has a useful life of 3-5 years\u2022 Production equipment has a useful life of 3-8 years\u2022 Buildings has a useful life of 30-40 years\u2022 Technical installations have a useful life of 15-10 years\u2022 Right of use assets has a useful life of 2-10 yearsAlkaline Her\u00f8ya expansionn 2024, Nel continued executing the expansion at Her\u00f8ya in Norway with the opening of an additional 500 MW alkaline production line, to a total of 1 000 MW capacity. There is no contractual commitment related to the production lines at Her\u00f8ya beyond 2024. Subsequent to 2024, the production at Her\u00f8ya is temporarily halted. A re-opening is dependent on order intake for Alkaline electrolysers.PEM Wallingford expansionIn 2024, Nel expanded its electrolyser manufacturing facility in Wallingford, Connecticut. The expansion will bring annual production capacity towards 500MW in 2025. The carrying amount for the PEM expansion is NOK 291 million as of 31 December 2024. Total contractual commitments beyond December 2024 for the PEM expansion are NOK 55 million, including purchase contracts for all the physical equipment needed.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.3.3 LeasesAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments.The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions.Short-term leases and leases of low value assetsNel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16Significant accounting judgements - Estimating the incremental borrowing rate (IBR)The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).The group has lease contracts for various items like manufacturing facilities, offices, warehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, warehouse and parking have about 5 years and motor vehicles, and other equipment generally have lease terms between 3 and 5 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group\u2019s two significant leases in the manufacturing facilities at Her\u00f8ya (Alkaline Norway) and Wallingford (PEM US). Right-of-use assets(Amounts in NOK thousands)OFFICE, MANUFACTUR-WAREHOUSE MOTOR ING FACILITIESAND PARKINGVEHICLES EQUIPMENT TOTALAs of 01.01.2023124 06144 839 1 608 423 170 931Additions 0 23 756 7 641 0 31 397Remeasurement 7 542 21 013 94 13 28 661Depreciation -14 487 -15 283 -1 913 -137 -31 820Translation difference 875 670 -116 30 1 459As of 31.12.2023 117 990 74 994 7 314 329 200 628Additions 5 137 24 059 0 0 29 196Remeasurement 18 208 4 145 0 0 22 353Depreciation -15 659 -13 905 -170 0 -29 734Discontinued operation 0 -5 368 -6 775 -329 -12 473Translation difference 2 711 2 975 5 0 5 691As of 31.12.2024 (note 3.2) 128 387 86 900 375 0 215 662From June 2024, the group remeasured the lease term within the lease agreement of Wallingford (US), as the lease was extended by 7 years by exercise of options. The extension was based on an evaluation of Nel\u2019s plan to increase the production capacity in the United States, including the budget planned for capital expenditure in 2024 and 2025, and economic incentives to not reallocate skilled staff and its fixed assets to a new production facility. Nel has another option to further extend the lease term beyond May 2031. As of 31 December 2024, the economic incentives for the extension due in May 2031 were considered unclear and not reasonably certain due to the uncertainties about the size of the capacity expansion, total investment and location. Nel is not reasonably certain to exercise such option, and potential lease payments beyond May 2031 has not been recognised as right of use assets or lease liabilities.The remeasurements resulted in an increase of the right-of-use assets and lease liabilities of NOK 15.0 million in 2024.Lease liabilitiesThe table below show the carrying amounts of lease liabilities (both current and non-current portion) and the movements during the period:(Amounts in NOK thousands)2024 2023Balance as of 01.01. 237 203 200 615Additions 29 196 31 397Remeasurement 22 353 28 661Accretion of interest 16 481 14 812Lease payments -39 809 -40 585Discontinued operation -11 693 0Translation differences 6 270 2 304Balance as of 31.12. 260 002 237 203Current44 479 38 067Non-current 215 523 199 136Balance as of 31.12.260 002 237 203Maturity analysis of undiscounted cash flow in lease liabilities:2025 2026 2027 2028 >2028 TOTAL Lease liabilities 45 726 45 227 40 518 39 871 173 199 344 540The difference between discounted cash flows and undiscounted cash flows (discount effect) is NOK 84.5 (86.5) million as of 31.12.2024. The discount effect is mainly related to manufacturing facility at Her\u00f8ya, Norway, with included lease term until 2035 and manufacturing facility in Wallingford, US, with included lease term until 2031.Reconciliation of liabilities arising from financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2024 2023Balance as of 01.01.237 203 200 615Cash flows principal amount-23 328 -25 773Cash flows interests-16 481 -14 812Non-cash changes:Additions and remeasurements51 549 60 058Accretion of interest expense16 481 14 812Discontinued operation-11 693 0Foreign currency effects6 270 2 304Balance as of 31.12.260 002 237 203Amounts recognised in profit or loss (Amounts in NOK thousands)2024 2023Depreciation expense of right-of-use assets-29 734 -31 820Interest expense on lease liabilities-17 710 -16 041Expense relating to leases of low-value assets-146 -241Expense relating to short-term leases, excluding short-term leases of low-value assets-1 953 -885TOTAL amount recognised in profit or loss-49 544 -48 987Other informationTotal cash outflow for leases as a lessee41 908 41 711Weighted incremental borrowing rate used as discount rate for the measuring of lease liabilities6,6 % 6,7 %Extension and termination optionsThe Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee.The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.Set out below are the material undiscounted potential future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease term.2025 2026 2027-2029 >2029Extension options not reasonably certain to exercise0 0 0 67 180Termination options expected to be exercised0 0 0 0TOTAL0 0 0 67 180AS A LESSORThe group have no leases as lessor except for sub-lease. All sub-leases are office space that has been presented as right-of-use assets as part of the property, plant and equipment. When considering the lease term of the sub-lease and the head lease a major part of the economic life of the asset is retained by the Group. All sub-leases have been classified as operating leases and the lease payments received is recognised on a straight-line basis over the lease term as part of \u2018other operating income\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__81": { "value": "3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeCUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group\u2019 CGUs are \u2022 Electrolyser Norway and \u2022 Electrolyser US SPECIFICATION OF ALLOCATED GOODWILL PER CGU 2024 2023Electrolyser US350 389 313 941Electrolyser Norway61 364 61 364Balance as of 31.12.411 753 375 305Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2024, the market capitalisation of the group was about equal to the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2023 the market capitalisation was 3 times above the book value of equity, indicating a decline in value in the last twelve months.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin\u2022 EBITDA margins\u2022 Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2029 applying a growth rate of 2.0%Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 13.9 % to 14.3 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount.(Amounts in NOK thousands) ELECTROLYSER ELECTROLYSER USNORWAYGoodwill 350 389 61 364Other intangible assets 303 722 300 424Other invested capital 623 555 1 505 216Carrying value 1 277 666 1 867 004Recoverable amount 1 339 079 2 919 817Headroom 61 413 1 052 813Pre-tax nominal discount rate 14,3 % 13,9 %Terminal growth rate 2,0 % 2,0 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0%-2,0% 0,0% 2,0% 4,0%-2,0% -264 147 556 965 1 373 -1,0% -444 -81 279 640 999 0,0% -585 -261 61* 384 705 CHANGES IN WACC1,0% -699 -406 -114 177 467 2,0% -792 -524 -259 7 272 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin.Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0% -2,0% 0,0% 2,0% 4,0%-2,0% 1 003 1 643 2 278 2 911 3 544 -1,0% 479 1 036 1 589 2 140 2 691 CHANGES IN WACC0,0% 71 564 1053* 1 540 2 026 1,0% -253 188 625 1 060 1 495 2,0% -517 -118 277 670 1 063 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* -41 million -925 millionWACCGross margin** -1,7% -5,7%Free cash flow margin*** -0,4% -4,5%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.Further elaboration to the table above, for the CGU Electrolyser US:The sensitivity table above shows that if the revenue assumption in terminal year 2030 in the impairment test is reduced by NOK 41 million, the headroom is 0 all other equal.Additionally, the sensitivity in the impairment test shows that if the gross margin assumption in terminal year 2030 is reduced by 1.7%, the headroom is zero all other equal.Finally, it shows that if the free cash flow margin assumption in terminal year 2030 is reduced by 0.4%, the headroom is zero all else equal.The following tables show the same sensitivities in scenarios where WACC is +/- 1.KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* 87 million -633 millionWACC +1%Gross margin** 3,6% -3,9%Free cash flow margin*** 0,9% -3,1%Revenue growth* -159 million -1 196 millionWACC -1Gross margin** -6,6% -7,4%Free cash flow margin*** -1,7% -5,8%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__79": { "value": "3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__78": { "value": "3.1 Intangible assetsRESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeCUSTOMER RELATIONSHIPCustomer relationship is acquired through business combinations. Customer relationship is initially measured at cost and subsequently amortised over useful life, using the straight-line method. At period end customer relationship is recognised at historical cost after the deduction of accumulated depreciation and impairments.GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group\u2019 CGUs are \u2022 Electrolyser Norway and \u2022 Electrolyser US SPECIFICATION OF ALLOCATED GOODWILL PER CGU 2024 2023Electrolyser US350 389 313 941Electrolyser Norway61 364 61 364Balance as of 31.12.411 753 375 305Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2024, the market capitalisation of the group was about equal to the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2023 the market capitalisation was 3 times above the book value of equity, indicating a decline in value in the last twelve months.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin\u2022 EBITDA margins\u2022 Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2029 applying a growth rate of 2.0%Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 13.9 % to 14.3 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount.(Amounts in NOK thousands) ELECTROLYSER ELECTROLYSER USNORWAYGoodwill 350 389 61 364Other intangible assets 303 722 300 424Other invested capital 623 555 1 505 216Carrying value 1 277 666 1 867 004Recoverable amount 1 339 079 2 919 817Headroom 61 413 1 052 813Pre-tax nominal discount rate 14,3 % 13,9 %Terminal growth rate 2,0 % 2,0 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0%-2,0% 0,0% 2,0% 4,0%-2,0% -264 147 556 965 1 373 -1,0% -444 -81 279 640 999 0,0% -585 -261 61* 384 705 CHANGES IN WACC1,0% -699 -406 -114 177 467 2,0% -792 -524 -259 7 272 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin.Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0% -2,0% 0,0% 2,0% 4,0%-2,0% 1 003 1 643 2 278 2 911 3 544 -1,0% 479 1 036 1 589 2 140 2 691 CHANGES IN WACC0,0% 71 564 1053* 1 540 2 026 1,0% -253 188 625 1 060 1 495 2,0% -517 -118 277 670 1 063 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* -41 million -925 millionWACCGross margin** -1,7% -5,7%Free cash flow margin*** -0,4% -4,5%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.Further elaboration to the table above, for the CGU Electrolyser US:The sensitivity table above shows that if the revenue assumption in terminal year 2030 in the impairment test is reduced by NOK 41 million, the headroom is 0 all other equal.Additionally, the sensitivity in the impairment test shows that if the gross margin assumption in terminal year 2030 is reduced by 1.7%, the headroom is zero all other equal.Finally, it shows that if the free cash flow margin assumption in terminal year 2030 is reduced by 0.4%, the headroom is zero all else equal.The following tables show the same sensitivities in scenarios where WACC is +/- 1.KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* 87 million -633 millionWACC +1%Gross margin** 3,6% -3,9%Free cash flow margin*** 0,9% -3,1%Revenue growth* -159 million -1 196 millionWACC -1Gross margin** -6,6% -7,4%Free cash flow margin*** -1,7% -5,8%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__87": { "value": "RESEARCH AND DEVELOPMENTResearchResearch activities are defined as activities whose purpose is to generate new technological understanding or knowledge. Research costs are expensed as incurred.DevelopmentCapitalised development costs are recognised at historical cost after the deduction of accumulated amortisations and impairments. The capitalised value is amortised over the period of expected future earnings from the related project on a straight-line basis. TechnologyAs an indication of the level of internal technology costs, Nel currently has 69 and 47 full time employees working directly with R&D in the Alkaline and PEM division, respectively.Nel invests in development of large-scale industrialisation of Electrolyser products.ALKALINEIn its Alkaline division, Nel prioritizes the development of a pressurized alkaline Electrolyser targeting 1000Nm3/h single cell stack to increase product efficiency and safety. In addition, Nel\u2019s electrolyser divisions initiated the development of product concepts to larger sized projects meeting the requirements of a more sophisticated and complex electrolyser system.The Alkaline segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 311.4 (211.8) million as of 31.12.2024.PEMIn the Proton Membrane division, the R&D team focused on the collaboration with General Motors applying the know-how acquired from the development of fuel cells into the development of a new electrolyser cell stack series.The PEM segment has recognised on the statement of financial position, capitalized technology from internal development of NOK 104.5 (117.4) million as of 31.12.2024.Significant accounting judgements - Development costsDevelopment expenditures on an individual project are recognised as an intangible asset when the group can demonstrate:\u2022 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale\u2022 How the asset will generate future economic benefits\u2022 Its intention to complete and its ability and intention to use or sell the asset\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during developmentTo demonstrate technical feasibility and availability of resources, it should be a high certainty that Nel have the intention and ability to complete. Nel categorise its intention and ability to complete in a matrix with the overarching risk to complete buckets low, medium and high. In the phase of a project where the risk of completing is medium to high, then the development costs are expensed as incurred. A capitalised development project commence amortisation when a succesful pilot is demonstrated. After a succesful pilot, the technology is in the condition necessary for it to be capable of operating in the manner indented by management and enters \u2018ramp-up\u2019 stage. Subsequent expenditure is maintenance of existing technology (expensed). Total technology spend for 2024 was NOK 364.7 (318.1) million, of which NOK 136.0 (118.3) million and NOK 228.7 (151.9) million has been capitalised and expensed, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__88-1": { "value": "USEFUL LIFE, AMORTISATION PLAN\u2022 Technology has a useful life of 3-7 years\u2022 Customer relationship has a useful life of 7-10 years\u2022 Goodwill has indefinite lifeProperty, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.USEFUL LIFE, DEPRECIATION PLAN\u2022 Office machines and other equipment has a useful life of 3-5 years\u2022 Production equipment has a useful life of 3-8 years\u2022 Buildings has a useful life of 30-40 years\u2022 Technical installations have a useful life of 15-10 years\u2022 Right of use assets has a useful life of 2-10 yearsAS A LESSEEAt commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments.The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__90": { "value": "GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__85": { "value": "GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__84": { "value": "GOODWILLGoodwill recognised in the statement of financial positions has been acquired through business combinations. Goodwill occurs as the residual in the business combination, being the excess of the aggregate of the consideration transferred and any previous interest held, over the net identifiable assets acquired and liabilities assumed. Goodwill is initially measured at cost which is net of tax amount.Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the group\u2019s cash-generating units (CGUs) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquire are assigned to those units.(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group\u2019 CGUs are \u2022 Electrolyser Norway and \u2022 Electrolyser US SPECIFICATION OF ALLOCATED GOODWILL PER CGU 2024 2023Electrolyser US350 389 313 941Electrolyser Norway61 364 61 364Balance as of 31.12.411 753 375 305Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2024, the market capitalisation of the group was about equal to the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2023 the market capitalisation was 3 times above the book value of equity, indicating a decline in value in the last twelve months.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin\u2022 EBITDA margins\u2022 Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2029 applying a growth rate of 2.0%Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 13.9 % to 14.3 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount.(Amounts in NOK thousands) ELECTROLYSER ELECTROLYSER USNORWAYGoodwill 350 389 61 364Other intangible assets 303 722 300 424Other invested capital 623 555 1 505 216Carrying value 1 277 666 1 867 004Recoverable amount 1 339 079 2 919 817Headroom 61 413 1 052 813Pre-tax nominal discount rate 14,3 % 13,9 %Terminal growth rate 2,0 % 2,0 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0%-2,0% 0,0% 2,0% 4,0%-2,0% -264 147 556 965 1 373 -1,0% -444 -81 279 640 999 0,0% -585 -261 61* 384 705 CHANGES IN WACC1,0% -699 -406 -114 177 467 2,0% -792 -524 -259 7 272 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin.Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0% -2,0% 0,0% 2,0% 4,0%-2,0% 1 003 1 643 2 278 2 911 3 544 -1,0% 479 1 036 1 589 2 140 2 691 CHANGES IN WACC0,0% 71 564 1053* 1 540 2 026 1,0% -253 188 625 1 060 1 495 2,0% -517 -118 277 670 1 063 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* -41 million -925 millionWACCGross margin** -1,7% -5,7%Free cash flow margin*** -0,4% -4,5%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.Further elaboration to the table above, for the CGU Electrolyser US:The sensitivity table above shows that if the revenue assumption in terminal year 2030 in the impairment test is reduced by NOK 41 million, the headroom is 0 all other equal.Additionally, the sensitivity in the impairment test shows that if the gross margin assumption in terminal year 2030 is reduced by 1.7%, the headroom is zero all other equal.Finally, it shows that if the free cash flow margin assumption in terminal year 2030 is reduced by 0.4%, the headroom is zero all else equal.The following tables show the same sensitivities in scenarios where WACC is +/- 1.KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* 87 million -633 millionWACC +1%Gross margin** 3,6% -3,9%Free cash flow margin*** 0,9% -3,1%Revenue growth* -159 million -1 196 millionWACC -1Gross margin** -6,6% -7,4%Free cash flow margin*** -1,7% -5,8%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__92-1": { "value": "(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALAcquisition cost as of 01.01.2023886 556 99 195 662 485 1 648 237Additions from internal development 163 940 0 0 163 940Additions acquired separately 2 302 0 0 2 302Disposals -34 356 0 0 -34 356Currency effects 22 651 1 039 9 725 33 415Acquisition cost as of 31.12.2023 1 041 094 100 234 672 210 1 813 538Additions from internal development 119 194 0 0 119 194Discontinued operation -210 341 -3 011 -213 352Currency effects 46 194 121 36 448 82 763Acquisition cost as of 31.12.2024 996 142 97 343 708 658 1 802 143Accumulated amortisation and impairment as of 01.01.2023 339 169 77 705 296 905 713 779Amortisation 96 175 14 308 0 110 483Reversed amortisation disposals -34 356 0 0 -34 356Impairment 1 424 0 0 1 424Currency effects 7 161 0 0 7 161Accumulated amortisation and impairment as of 31.12.2023 409 572 92 013 296 905 798 491Amortisation 72 167 7 843 0 80 010Discontinued operation -113 234 -2 513 -115 747Currency effects 10 215 0 0 10 215Accumulated amortisation and impairment as of 31.12.2024 378 721 97 343 296 905 772 970Carrying value as of 31.12.2023 631 521 8 220 375 305 1 015 046Carrying value as of 31.12.2024 617 420 0 411 753 1 029 173Impairment loss NOK 0.0 (1.4) million, from categories Technology and Goodwill, is included within \u201cImpairment of tangible and intangible assets\u201d in profit or loss. The impairment of technology in 2023 is related to not material development projects in Alkaline segment. Specification of carrying amount2024(Amounts in NOK thousands) TECHNOLOGY GOODWILL TOTALInternal development415 880 0 415 880Acquired separately35 763 0 35 763Acquired through business combinations165 777 411 753 577 530Carrying value as of 31.12.2024 617 420 411 753 1 029 1732023(Amounts in NOK thousands) CUSTOMER TECHNOLOGY RELATIONSHIP GOODWILL TOTALInternal development 446 220 0 0 446 220Acquired separately 209 0 0 209Acquired through business combinations185 092 8 220 375 305 568 618Carrying value as of 31.12.2023631 521 8 220 375 305 1 015 046ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs. The Group\u2019 CGUs are \u2022 Electrolyser Norway and \u2022 Electrolyser US SPECIFICATION OF ALLOCATED GOODWILL PER CGU 2024 2023Electrolyser US350 389 313 941Electrolyser Norway61 364 61 364Balance as of 31.12.411 753 375 305Market capitalisationThe group considers the relationship between its market capitalisation and its book value, among other factors, when reviewing indicators of impairment. As of 31 December 2024, the market capitalisation of the group was about equal to the book value of equity, indicating no impairment of goodwill and impairment of the assets. In 2023 the market capitalisation was 3 times above the book value of equity, indicating a decline in value in the last twelve months.Key assumptionsThe calculations of value in use are sensitive to several assumptions, the following are assessed key assumptions in the measured value: \u2022 Revenue growth and gross margin\u2022 EBITDA margins\u2022 Discount rate / Weighted average cost of capital (WACC)Forecast periodFor each CGU, a recoverable amount has been measured. The impairment test has been based on the business and strategy plans approved by the Board of Directors and management\u2019s best estimate of cash flows. The recoverable amount is based on a discounted cash flow model determined value in use, which are based on the following:i) the future expectations reflected in the current budget and strategy over the next 5-year period (forecast period); and ii) Terminal value beyond year 2029 applying a growth rate of 2.0%Discount rateDiscount rates represent the current market assessment of the risks, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC considers the cost of debt and equity. The cost of equity is derived from the expected return on investment by the group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the group is obliged to service. Segment specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data. Adjustments to the discount rate are made to factor in the specific amount and timing of the future cash flows to reflect a pre-tax nominal discount rate. Pre-tax nominal discount rate is in the range of 13.9 % to 14.3 %.ANNUAL IMPAIRMENT TEST \u2013 RESULTS AND SENSITIVITYThe impairment test has been prepared in accordance with IAS 36 impairment of non-financial assets following the discounted cash flow methodology for value in use within the standard. The cash flows projections relate to the cash-generating unit in the current condition which means future investments not commenced has not been included in the valuation. It excludes cash inflows and investments forecasted to meet the market demand before 2030. In addition, the standard encourages a conservative valuation to ensure that assets are not carried at more than their recoverable amount.(Amounts in NOK thousands) ELECTROLYSER ELECTROLYSER USNORWAYGoodwill 350 389 61 364Other intangible assets 303 722 300 424Other invested capital 623 555 1 505 216Carrying value 1 277 666 1 867 004Recoverable amount 1 339 079 2 919 817Headroom 61 413 1 052 813Pre-tax nominal discount rate 14,3 % 13,9 %Terminal growth rate 2,0 % 2,0 %ELECTROLYSER USElectrolyser US is the Group\u2019 segment for the PEM electrolyser technology. The CGU covers the production and manufacturing of PEM electrolyser equipment in Wallingford, Connecticut, US. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin. Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0%-2,0% 0,0% 2,0% 4,0%-2,0% -264 147 556 965 1 373 -1,0% -444 -81 279 640 999 0,0% -585 -261 61* 384 705 CHANGES IN WACC1,0% -699 -406 -114 177 467 2,0% -792 -524 -259 7 272 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment ELECTROLYSER NORWAYElectrolyser Norway is the Group\u2019 segment for the Alkaline electrolyser technology. The CGU covers the production, manufacturing and development of both atmospheric alkaline and pressurised alkaline electrolyser equipment in Her\u00f8ya and Notodden, Norway. The operations consist of both assembly of electrolyser, marketing activities and product development.The table below show the sensitivity analysis for the range of +/-2 percentage points in WACC and +/-4 percentage points in EBITDA margin.Sensitivity in headroom(amounts in NOK million) PERCENTAGE POINT CHANGE IN EBITDA MARGIN-4,0% -2,0% 0,0% 2,0% 4,0%-2,0% 1 003 1 643 2 278 2 911 3 544 -1,0% 479 1 036 1 589 2 140 2 691 CHANGES IN WACC0,0% 71 564 1053* 1 540 2 026 1,0% -253 188 625 1 060 1 495 2,0% -517 -118 277 670 1 063 * Represents headroom in impairment calculation for the CGU. Negative numbers in the table indicate impairment.Additional sensitivities \u2013assumptionsThe sensitivities in the table show the change in assumptions that results in zero headroom, at perpetuity growth 2.0%, all else being equal. The table shows the sensitivities for the WACC used, but also for WACC +/- one percentage point: KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* -41 million -925 millionWACCGross margin** -1,7% -5,7%Free cash flow margin*** -0,4% -4,5%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.Further elaboration to the table above, for the CGU Electrolyser US:The sensitivity table above shows that if the revenue assumption in terminal year 2030 in the impairment test is reduced by NOK 41 million, the headroom is 0 all other equal.Additionally, the sensitivity in the impairment test shows that if the gross margin assumption in terminal year 2030 is reduced by 1.7%, the headroom is zero all other equal.Finally, it shows that if the free cash flow margin assumption in terminal year 2030 is reduced by 0.4%, the headroom is zero all else equal.The following tables show the same sensitivities in scenarios where WACC is +/- 1.KEY ASSUMPTION ASSUMPTION CHANGERevenue growth* 87 million -633 millionWACC +1%Gross margin** 3,6% -3,9%Free cash flow margin*** 0,9% -3,1%Revenue growth* -159 million -1 196 millionWACC -1Gross margin** -6,6% -7,4%Free cash flow margin*** -1,7% -5,8%* If revenue assumption in terminal changes with the assumption change, the headroom is zero.**If average gross margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.***If free cash flow margin rate assumption in the CGU is reduced with this percentage point in the terminal, the headroom is zero.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__95-1": { "value": "ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__94-1": { "value": "ESTIMATION UNCERTAINTY - Impairment of goodwill and intangible assetsImpairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the budget and strategy forecasts for the next five years and do not include restructuring activities that the group is not yet committed to or significant future investments which has not commenced that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in this note.GOODWILL AND INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES - IMPAIRMENT CONSIDERATIONSGoodwill, and CGUs where goodwill has been allocated, are required to be tested for impairment annually. The group performed its annual impairment test in December yearly. Impairment losses are recognised where the recoverable amount is less than the carrying amount. The group has not recognised goodwill impairment expense this year.ANNUAL IMPAIRMENT TEST - ASSUMPTIONSCGUThe annual impairment test is performed for all the Group\u2019 Cash Generating Units (CGUs). A CGU is defined as the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups thereof. The way management monitors operations assisted in the judgements of identifying the CGUs.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__102": { "value": "3.2 Property, plant and equipmentProperty, plant and equipment comprise owned and leased assets.Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__99": { "value": "3.2 Property, plant and equipmentProperty, plant and equipment comprise owned and leased assets.Property, plant and equipment are measured using the cost model; thus, recognised at cost price after deduction for accumulated depreciation and any impairment. Cost prices include purchase price and costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. The assets are depreciated using the straight-line method over the expected useful life of the asset. Costs of direct maintenance on the operating assets are expensed as incurred. Additional investments and improvements are added to the asset\u2019s cost price and depreciated in line with the remaining useful life of the asset.(Amounts in NOK thousands)OFFICE MACHINES RIGHT-OF-ASSET UNDER AND OTHER PRODUCTION TECHNICAL USE ASSETS CONSTRUCTIONEQUIPMENTEQUIPMENT BUILDINGSINSTALLATIONS(NOTE 3.3) TOTALAcquisition cost as of 01.01.202381 614 107 614 440 535 125 218 12 139 232 833 999 953Additions 482 427 60 420 22 173 3 778 4 791 31 397 604 986Disposals 0 -2 936 0 0 0 0 -2 936Reclassification -5 658 486 5 172 0 0 0 0Remeasurement 0 0 0 0 0 28 661 28 661Currency effects -6 200 4 545 -2 005 6 033 34 1 459 3 866Acquisition cost as of 31.12.2023 552 183 170 128 465 875 135 029 16 964 294 350 1 634 529Additions 362 760 37 321 125 491 1 107 672 29 196 556 546Disposals 0 -116 0 0 0 0 -116Reclassification -604 363 131 001 464 223 0 9 139 0 0Remeasurement 0 0 0 0 0 22 353 22 353Discontinued operation 0 -84 121 -9 638 -96 429 -546 -26 927 -217 660Currency effects 25 550 12 004 13 366 0 0 5 691 56 611Acquisition cost as of 31.12.2024 336 129 266 217 1 059 318 39 707 26 229 324 663 2 052 263Accumulated depreciation as of 0 49 562 82 656 18 001 2 343 61 902 214 46401.01.2023Depreciation 0 29 146 46 866 4 674 826 31 820 113 331Impairment 0 0 360 187 0 0 547Reversed depreciation disposals 0 -2 936 0 0 0 0 -2 936Currency effects 0 1 672 860 911 2 0 3 445Accumulated depreciation as of 0 77 443 130 742 23 774 3 171 93 722 328 85131.12.2023Depreciation 0 20 378 84 187 633 1 544 29 734 136 476Discontinued operation 0 -42 860 -7 317 -19 437 -58 -14 454 -84 127Currency effects 0 3 259 3 725 0 0 0 6 984Accumulated depreciation as of 0 58 219 211 337 4 970 4 656 109 002 388 18431.12.2024Carrying value as of 31.12.2023 552 183 92 685 335 134 111 255 13 793 200 628 1 305 678Carrying value as of 31.12.2024 336 129 207 997 847 981 34 737 21 573 215 662 1 664 079Useful life 3-5 years 3-8 years 30-40 years 15-20 years 2-10 yearsDepreciation plan Straight-line Straight-line Straight-line Straight-line Straight-lineProperty, plant and equipment is included in \u2018other invested capital\u2019 allocated to the differenct CGU\u2019s. See note 11 for impairment considerations for other invested capital.USEFUL LIFE, DEPRECIATION PLAN\u2022 Office machines and other equipment has a useful life of 3-5 years\u2022 Production equipment has a useful life of 3-8 years\u2022 Buildings has a useful life of 30-40 years\u2022 Technical installations have a useful life of 15-10 years\u2022 Right of use assets has a useful life of 2-10 yearsAlkaline Her\u00f8ya expansionn 2024, Nel continued executing the expansion at Her\u00f8ya in Norway with the opening of an additional 500 MW alkaline production line, to a total of 1 000 MW capacity. There is no contractual commitment related to the production lines at Her\u00f8ya beyond 2024. Subsequent to 2024, the production at Her\u00f8ya is temporarily halted. A re-opening is dependent on order intake for Alkaline electrolysers.PEM Wallingford expansionIn 2024, Nel expanded its electrolyser manufacturing facility in Wallingford, Connecticut. The expansion will bring annual production capacity towards 500MW in 2025. The carrying amount for the PEM expansion is NOK 291 million as of 31 December 2024. Total contractual commitments beyond December 2024 for the PEM expansion are NOK 55 million, including purchase contracts for all the physical equipment needed.ImpairmentAn assessment of impairment of property, plant and equipment is made if there is an indication of impairment. If the impairment test reveals that an asset\u2019s carrying amount is higher than the recoverable amount, an impairment loss will be recognised. Property, plant and equipment is included in \u2018other invested capital\u2019 allocated to the respective CGU\u2019s for the annual impairment test where goodwill is allocated. See note 3.1 for impairment considerations for other invested capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__101": { "value": "Costs of direct maintenance on the operating assets are expensed as", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__113-1": { "value": "3.3 LeasesAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments.The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions.Short-term leases and leases of low value assetsNel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16Significant accounting judgements - Estimating the incremental borrowing rate (IBR)The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).The group has lease contracts for various items like manufacturing facilities, offices, warehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, warehouse and parking have about 5 years and motor vehicles, and other equipment generally have lease terms between 3 and 5 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group\u2019s two significant leases in the manufacturing facilities at Her\u00f8ya (Alkaline Norway) and Wallingford (PEM US).Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee.The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__111-1": { "value": "3.3 LeasesAt inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group uses the definition of a lease in IFRS 16.AS A LESSEEAt commencement date or on modification of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component based on its relative stand-alone prices. The Group has not chosen to follow the practical expedient to account for the lease and non-lease components as a single component. Non-lease components are treated separately in other standards than IFRS 16. The group recognise a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. Refer to section significant accounting judgements \u2013 estimating the incremental borrowing rate (IBR) for additional information. Lease payments included in the measurement of the lease liability comprise the following: i) fixed payments and ii) variable lease payments that depend on an index, initially measured using the index or rate as at the commencement date. The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset. Payments for insurance, property tax and VAT are excluded from the lease payments amount as they are defined as variable lease payments.The Group presents right-of-use assets in \u2018property, plant and equipment\u2019 and the lease liabilities within \u2018lease liabilities\u2019, divided into current and non-current portions.Short-term leases and leases of low value assetsNel have elected the practical expedient of treating short-term leases and low value assets outside the scope of IFRS 16Significant accounting judgements - Estimating the incremental borrowing rate (IBR)The Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its IBR to measure lease liabilities. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The IBR therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available (such as for subsidiaries that do not enter into financing transactions). The Group determines its incremental borrowing rate by considering various interest rates (risk free rate as 10-year government bonds, and risk premiums) and makes certain adjustments to reflect the terms of the lease, the type of the asset leased and certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).The group has lease contracts for various items like manufacturing facilities, offices, warehouse, parking, vehicles and other equipment used in its operations. Leases of manufacturing facilities generally have lease terms between 10 and 15 years, while offices, warehouse and parking have about 5 years and motor vehicles, and other equipment generally have lease terms between 3 and 5 years. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to the leased assets. \u2018Manufacturing facilities\u2019 comprise the Group\u2019s two significant leases in the manufacturing facilities at Her\u00f8ya (Alkaline Norway) and Wallingford (PEM US). Right-of-use assets(Amounts in NOK thousands)OFFICE, MANUFACTUR-WAREHOUSE MOTOR ING FACILITIESAND PARKINGVEHICLES EQUIPMENT TOTALAs of 01.01.2023124 06144 839 1 608 423 170 931Additions 0 23 756 7 641 0 31 397Remeasurement 7 542 21 013 94 13 28 661Depreciation -14 487 -15 283 -1 913 -137 -31 820Translation difference 875 670 -116 30 1 459As of 31.12.2023 117 990 74 994 7 314 329 200 628Additions 5 137 24 059 0 0 29 196Remeasurement 18 208 4 145 0 0 22 353Depreciation -15 659 -13 905 -170 0 -29 734Discontinued operation 0 -5 368 -6 775 -329 -12 473Translation difference 2 711 2 975 5 0 5 691As of 31.12.2024 (note 3.2) 128 387 86 900 375 0 215 662From June 2024, the group remeasured the lease term within the lease agreement of Wallingford (US), as the lease was extended by 7 years by exercise of options. The extension was based on an evaluation of Nel\u2019s plan to increase the production capacity in the United States, including the budget planned for capital expenditure in 2024 and 2025, and economic incentives to not reallocate skilled staff and its fixed assets to a new production facility. Nel has another option to further extend the lease term beyond May 2031. As of 31 December 2024, the economic incentives for the extension due in May 2031 were considered unclear and not reasonably certain due to the uncertainties about the size of the capacity expansion, total investment and location. Nel is not reasonably certain to exercise such option, and potential lease payments beyond May 2031 has not been recognised as right of use assets or lease liabilities.The remeasurements resulted in an increase of the right-of-use assets and lease liabilities of NOK 15.0 million in 2024.Lease liabilitiesThe table below show the carrying amounts of lease liabilities (both current and non-current portion) and the movements during the period:(Amounts in NOK thousands)2024 2023Balance as of 01.01. 237 203 200 615Additions 29 196 31 397Remeasurement 22 353 28 661Accretion of interest 16 481 14 812Lease payments -39 809 -40 585Discontinued operation -11 693 0Translation differences 6 270 2 304Balance as of 31.12. 260 002 237 203Current44 479 38 067Non-current 215 523 199 136Balance as of 31.12.260 002 237 203Maturity analysis of undiscounted cash flow in lease liabilities:2025 2026 2027 2028 >2028 TOTAL Lease liabilities 45 726 45 227 40 518 39 871 173 199 344 540The difference between discounted cash flows and undiscounted cash flows (discount effect) is NOK 84.5 (86.5) million as of 31.12.2024. The discount effect is mainly related to manufacturing facility at Her\u00f8ya, Norway, with included lease term until 2035 and manufacturing facility in Wallingford, US, with included lease term until 2031.Reconciliation of liabilities arising from financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2024 2023Balance as of 01.01.237 203 200 615Cash flows principal amount-23 328 -25 773Cash flows interests-16 481 -14 812Non-cash changes:Additions and remeasurements51 549 60 058Accretion of interest expense16 481 14 812Discontinued operation-11 693 0Foreign currency effects6 270 2 304Balance as of 31.12.260 002 237 203Amounts recognised in profit or loss (Amounts in NOK thousands)2024 2023Depreciation expense of right-of-use assets-29 734 -31 820Interest expense on lease liabilities-17 710 -16 041Expense relating to leases of low-value assets-146 -241Expense relating to short-term leases, excluding short-term leases of low-value assets-1 953 -885TOTAL amount recognised in profit or loss-49 544 -48 987Other informationTotal cash outflow for leases as a lessee41 908 41 711Weighted incremental borrowing rate used as discount rate for the measuring of lease liabilities6,6 % 6,7 %Extension and termination optionsThe Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group\u2019s business needs. Significant accounting judgements - Determining the lease term of contracts with renewal and termination options - Group as a lessee.The Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate.In general, the renewal periods for leases of manufacturing facilities, offices, warehouse and parking with longer non-cancellable periods (i.e. 6-10 years) are not included as part of the lease term as these are not reasonably certain to be exercised. In addition, the renewal options for leases of motor vehicles are not included as part of the lease term because the Group typically leases motor vehicles for not more than three years and, hence is not exercising any renewal options. The periods covered by termination options are included as part of the lease term only when they are reasonably certain not to be exercised.Set out below are the material undiscounted potential future rental payments relating to periods following the exercise date of extension and termination options that are not included in the lease term.2025 2026 2027-2029 >2029Extension options not reasonably certain to exercise0 0 0 67 180Termination options expected to be exercised0 0 0 0TOTAL0 0 0 67 180AS A LESSORThe group have no leases as lessor except for sub-lease. All sub-leases are office space that has been presented as right-of-use assets as part of the property, plant and equipment. When considering the lease term of the sub-lease and the head lease a major part of the economic life of the asset is retained by the Group. All sub-leases have been classified as operating leases and the lease payments received is recognised on a straight-line basis over the lease term as part of \u2018other operating income\u2019.The reconciliation of lease liabilities arising from financing activities and maturity analysis for lease liabilities are disclosed in note 3.3 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__117-1": { "value": "Lease liabilitiesThe table below show the carrying amounts of lease liabilities (both current and non-current portion) and the movements during the period:(Amounts in NOK thousands)2024 2023Balance as of 01.01. 237 203 200 615Additions 29 196 31 397Remeasurement 22 353 28 661Accretion of interest 16 481 14 812Lease payments -39 809 -40 585Discontinued operation -11 693 0Translation differences 6 270 2 304Balance as of 31.12. 260 002 237 203Current44 479 38 067Non-current 215 523 199 136Balance as of 31.12.260 002 237 203Maturity analysis of undiscounted cash flow in lease liabilities:2025 2026 2027 2028 >2028 TOTAL Lease liabilities 45 726 45 227 40 518 39 871 173 199 344 540The difference between discounted cash flows and undiscounted cash flows (discount effect) is NOK 84.5 (86.5) million as of 31.12.2024. The discount effect is mainly related to manufacturing facility at Her\u00f8ya, Norway, with included lease term until 2035 and manufacturing facility in Wallingford, US, with included lease term until 2031.Reconciliation of liabilities arising from financing activities in statement of cash flows, split in cash flows and non-cash changes.(Amounts in NOK thousands)2024 2023Balance as of 01.01.237 203 200 615Cash flows principal amount-23 328 -25 773Cash flows interests-16 481 -14 812Non-cash changes:Additions and remeasurements51 549 60 058Accretion of interest expense16 481 14 812Discontinued operation-11 693 0Foreign currency effects6 270 2 304Balance as of 31.12.260 002 237 2035.2 Long-term debt(Amounts in NOK thousands) LONG-TERM DEBT - LENDER 2024 2023Discontinued operation 0 22 458Balance as of 31.12. 0 22 458The reconciliation of lease liabilities arising from financing activities and maturity analysis for lease liabilities are disclosed in note 3.3 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__128": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__127": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__126": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__124-1": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2024 2023 2024 2023Sagim SAS France Alkaline 37.0% Associate 100 100 100 100SUM associated companies 100 100 100 100TOTAL associated companies and joint ventures 100 100 100 100SHORT-TERM INVESTMENTSPerformance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 2.3 (24.0) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__123-1": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2024 2023 2024 2023Sagim SAS France Alkaline 37.0% Associate 100 100 100 100SUM associated companies 100 100 100 100TOTAL associated companies and joint ventures 100 100 100 1007.1 Composition of the groupThe following subsidiaries are included in the consolidated financial statements:COUNTRY OF CONSOLIDATED OWNERSHIP/ OWNERSHIP/ COMPANYINCORPORATION MAIN OPERATIONSFROM:VOTES 2024VOTES 2023Nel Hydrogen Electrolyser AS Norway Alkaline electrolysers 01.10.2015 100 % 100 %Nel Hydrogen A/S Denmark Hydrogen fueling stations 01.07.2015 0 % 100 %Nel Fuel AS Norway Investment/holding 01.07.2015 100 % 100 %Proton Energy Systems Inc United States PEM electrolysers 01.07.2017 100 % 100 %Nel Korea Co. Ltd South Korea Service of H2Station\u00ae 01.07.2018 0 % 100 %Nel Hydrogen Inc United States Service of H2Station\u00ae 01.01.2019 0 % 100 %Nel US Holding Inc United States Investment/holding 23.05.2024 100 % naNel Hydrogen Electrolyser Germany GmbH Germany Electrolysers sales office 24.10.2022 100 % 100 %Nel Hydrogen Electrolyser Belgium BV Belgium Electrolyser sales office 27.09.2021 100 % 100 %Nel Austria GmbH Austria Fueling sales office 30.03.2022 0 % 100 %Nel Hydrogen Chile SpA Chile Electrolyser sales office 01/06/2023 100 % 100 %Nel Electrolyser Inc United Stattes Electrolyser distributor 24.05.2024 100 % naAll subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__122": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2024 2023 2024 2023Sagim SAS France Alkaline 37.0% Associate 100 100 100 100SUM associated companies 100 100 100 100TOTAL associated companies and joint ventures 100 100 100 100", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__121": { "value": "3.4 Investments in associated companies and joint venturesAn associate is an entity where the group has significant influence, but not control or joint control.A joint venture is an entity where the group has joint control contractually together with one or several other parties, whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities. The group\u2019s investments in its associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which includes transaction costs. The statement of profit or loss reflects the group\u2019s share of the profit or loss in equity-accounted investees. Any change in OCI of those investees are presented as part of the group\u2019s OCI. No dividends have been received during 2024 or 2023.The group is not committed to financing the losses and has not provided any guarantee of equity-accounted investees\u2019 obligations. This means that if equity in any of the equity-accounted investees are negative, Nel recognise book value of shares as NOK 0 at the end of the year, without any provisions for liabilities.(Amounts in NOK thousands) ACQUISITION COST CARRYING VALUESCOUNTRY SEGMENT OWNERSHIP TYPE 2024 2023 2024 2023Sagim SAS France Alkaline 37.0% Associate 100 100 100 100SUM associated companies 100 100 100 100TOTAL associated companies and joint ventures 100 100 100 100", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__129-1": { "value": "3.5 Non-current financial assets(Amounts in NOK thousands)2024 2023Investment in equity instruments 0 9 800Long-term investments 203 010 147 053Fair value of derivatives 0 407Prepayments 159 161Other non-current financial assets 0 1 837Balance as of 31.12. 203 169 159 259LONG-TERM INVESTMENTSNel occasionally enters contracts with customers with specific guarantee clauses that require Nel to purchase certain performance bonds or advance payment guarantee products from financial institutions. The products are secured by cash collateral. In addition, Nel has some lease agreements which require deposits in a restricted bank account throughout the lease term.Both cash collateral and deposits are assessed as investments (i.e. not cash or cash equivalents) as the maturity exceeds 3 months. Long-term investments include the investments that exceed 12 months. Performance and warranty bondsNOK 96.3 (66.4) million relates to outstanding irrevocable letters of credit used as assurance for bid and contract performance, these letters of credit mature between 31 December 2024 and 31 January 2027. As of 31 December 2024, the customers have drawn NOK 0.0 (0.0) million on the letters of credit.Advance payment guaranteeGenerally, in the contracts with customers, Nel receives advance payments. As of 31 December 2024, Nel has NOK 54.3 (9.5) million as cash collateral for irrevocable letters of credit issued for advance payment guarantees with financial institutions. As of 31 December 2024, the customers have drawn NOK 0.0 (0.0) million on the letters of credit. Lease payments guarantee (deposits) and other collateralDeposits for lease payments comprise security for lease payments throughout the lease terms for cars, office premises and manufacturing facilities. In addition, collateral for bank credit lines. As of 31 December 2024, the Group has NOK 44.9 (67.1) million in such deposits.6.6 Financial instrumentsFINANCIAL INSTRUMENTS AND FAIR VALUES 2024CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging3 452 3 452 3 452 3 452SUM 3 452 3 452 3 452 3 452LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-7 477 -7 477 -7 477 -7 477SUM -7 477 -7 477 -7 477 -7 4772023CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging18 354 0 0 18 354 0 18 354 0 18 354Financial asset - equity instruments0 9 800 0 9 800 0 0 9 800 9 800SUM 18 354 9 8000 28 155 0 18 354 9 800 28 155LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-16 123 0 0 -16 123 0 -16 123 0 -16 123SUM -16 1230 0 -16 123 0 -16 123 0 -16 123Financial liabilities not measured at fair valueLong-term debt0 0 22 458 22 458 0 22 458 0 22 458SUM0 0 22 458 22 458 0 22 458 0 22 458The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__131-1": { "value": "4.1 InventoriesInventories comprises purchased raw materials, work in progress and finished goods. Obsolescence is considered for inventories, and write-down is performed on obsolete goods. Inventories are measured under the weighted-average cost formula. The cost of each item is determined from the weighted average of the cost of similar items at the beginning of a period and the cost of similar items bought or produced during the period. The average is calculated on a quarterly basis.Inventories are measured at the lowest of cost and net realisable value less costs to sell. In both 2024 and 2023, all items of inventories are measured at cost. The amount of inventories recognised as an expense was NOK 584.0 (783.0) million during the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__135": { "value": "4.2 Trade receivablesTrade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in statement of comprehensive income. (Amounts in NOK thousands)2024 2023Receivables from third-party customers777 685 843 964Receivables from a joint venture0 0Receivables from an associate0 0Gross trade receivables 777 685 843 964Allowance for expected credit losses-77 006 -31 557Balance as of 31.12.700 679 812 407Trade receivables are non-interest bearing and are generally on terms 30 to 60 daysMovements in the allowance for impairment in respect of trade receivables(Amounts in NOK thousands)2024 2023Balance as of 01.01.31 557 2 270Discontinued operation-22 408Net remeasurement of loss allowance67 857 29 287Balance as of 31.12.77 006 31 557See Note 6.2 on credit risk of trade receivables, which explains how the group manages and measures expected credit loss of trade receivables that are neither past due nor impaired.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information.MEASUREMENT OF ECLsECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENTATION OF ALLOWANCE FOR ECL IN THE STATEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__136-1": { "value": "4.2 Trade receivablesTrade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in statement of comprehensive income. (Amounts in NOK thousands)2024 2023Receivables from third-party customers777 685 843 964Receivables from a joint venture0 0Receivables from an associate0 0Gross trade receivables 777 685 843 964Allowance for expected credit losses-77 006 -31 557Balance as of 31.12.700 679 812 407Trade receivables are non-interest bearing and are generally on terms 30 to 60 daysMovements in the allowance for impairment in respect of trade receivables(Amounts in NOK thousands)2024 2023Balance as of 01.01.31 557 2 270Discontinued operation-22 408Net remeasurement of loss allowance67 857 29 287Balance as of 31.12.77 006 31 557See Note 6.2 on credit risk of trade receivables, which explains how the group manages and measures expected credit loss of trade receivables that are neither past due nor impaired.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information.MEASUREMENT OF ECLsECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENTATION OF ALLOWANCE FOR ECL IN THE STATEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivable from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of a receivable progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased.The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2024 and 2023.Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019s view of economic conditions over the expected lives of the receivables.WEIGHTED-AVERAGE GROSS CARRYING 12024LOSS RATEAMOUNT LOSS ALLOWANCECurrent (not past due) 0,1 % 186 526 31 775 1-30 days past due 0,2 % 127 316 318 31-60 days past due 0,5 % 4 990 27 61-90 days past due 2,0 % 4 330 89 91 days to one year past due 30,0 % 51 269 15 381 More than one year past due 7,3 % 403 254 29 416 Total 777 685 77 006 9,9 %WEIGHTED-AVERAGE GROSS CARRYING 2023LOSS RATEAMOUNT LOSS ALLOWANCECurrent (not past due) 0,1 % 183 159 184 1-30 days past due 0,2 % 135 484 271 31-60 days past due 0,5 % 127 945 640 61-90 days past due 2,0 % 29 066 581 91 days to one year past due 8,1 % 368 310 29 881 More than one year past due 10,0 % - - Total 843 964 31 557 3,7 %1 A customer of Nel entered administration in November 2024. A provision for expected credit losses has been recognised at the end of this year, adding to the loss allowance in the current (not past due) bucket.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__137-1": { "value": "4.2 Trade receivablesTrade receivables are initially recognised at their transaction price, i.e. the amount of consideration to which Nel expects to be entitled for transferring the promised goods or services to the customer. Trade receivables are subsequently accounted for at amortised cost and are reviewed for impairment on an ongoing basis. Trade receivables are generally not discounted. Trade receivables are presented net of expected credit losses. Changes in the expected credit loss are recognised within other operating expenses in statement of comprehensive income.Nel recognises loss allowances for \u2018Expected Credit Loss\u2019 (ECL) on:a) Financial assets measured at amortised cost; andb) Contract assetsLoss allowance for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward-looking information.MEASUREMENT OF ECLsECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to Nel in accordance with the contract and the cash flows that Nel expects to receive).PRESENTATION OF ALLOWANCE FOR ECL IN THE STATEMENT OF FINANCIAL POSITIONLoss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__143": { "value": "4.3 Prepaid expenses and other current assets(Amounts in NOK thousands)2024 2023VAT net receivable32 034 41 623Short-term investments2 260 24 013Prepayments230 731 214 855Other current assets7 052 145 456Fair value of derivatives3 451 21 396Balance as of 31.12.275 529 447 342SHORT-TERM INVESTMENTSPerformance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 2.3 (24.0) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__142": { "value": "4.3 Prepaid expenses and other current assets(Amounts in NOK thousands)2024 2023VAT net receivable32 034 41 623Short-term investments2 260 24 013Prepayments230 731 214 855Other current assets7 052 145 456Fair value of derivatives3 451 21 396Balance as of 31.12.275 529 447 342SHORT-TERM INVESTMENTSPerformance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 2.3 (24.0) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__141": { "value": "4.3 Prepaid expenses and other current assets(Amounts in NOK thousands)2024 2023VAT net receivable32 034 41 623Short-term investments2 260 24 013Prepayments230 731 214 855Other current assets7 052 145 456Fair value of derivatives3 451 21 396Balance as of 31.12.275 529 447 342SHORT-TERM INVESTMENTSPerformance and warranty bonds, advance payment guarantee and lease payments guarantee (deposits)Guarantees are included as short-term investments with NOK 2.3 (24.0) million. This is the short-term equivalent to the long-term investments, see note 3.5 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__147": { "value": "4.4 Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__146": { "value": "4.4 Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.(Amounts in NOK thousands)2024 2023Cash and cash equivalents1 856 388 3 347 803Restricted bank deposits for employees' withheld taxes at 31.1219 193 15 628Balance as of 31.12.1 875 580 3 363 4312024 2023Norwegian Kroner 1 831 126 3 096 630US Dollars 55 827 132 411Danish Kroner -7 316 57 406Swedish Kroner -26 275 5 557Euro 10 835 54 429GB Pounds 11 379 11 174Korean Won 0 5 815Polish Zloty 6 9Balance as of 31.12. 1 875 580 3 363 431Cash and cash equivalents are 98% (92%) in the Norwegian Krone (NOK) at the end of 2024. NOK 1 564 million is placed in 30-days locked interest accounts in a portfolio of banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__145": { "value": "4.4 Cash and cash equivalentsCash and cash equivalents include cash, bank deposits and all other monetary items due within three months or less.(Amounts in NOK thousands)2024 2023Cash and cash equivalents1 856 388 3 347 803Restricted bank deposits for employees' withheld taxes at 31.1219 193 15 628Balance as of 31.12.1 875 580 3 363 4312024 2023Norwegian Kroner 1 831 126 3 096 630US Dollars 55 827 132 411Danish Kroner -7 316 57 406Swedish Kroner -26 275 5 557Euro 10 835 54 429GB Pounds 11 379 11 174Korean Won 0 5 815Polish Zloty 6 9Balance as of 31.12. 1 875 580 3 363 431Cash and cash equivalents are 98% (92%) in the Norwegian Krone (NOK) at the end of 2024. NOK 1 564 million is placed in 30-days locked interest accounts in a portfolio of banks.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__150": { "value": "5.1 Share capital and shareholdersSHARE CAPITALThe share capital comprises the number of shares multiplied by their par value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.As of 31 December 2024, the group\u2019s share capital was NOK 334.3 (334.3) million, consisting of 1 671 325 304 (1 671 325 304) shares each with a par value of NOK 0.20 (0.20).The parent company has only one share class and no special regulations relating to the shares; thus, one share represents one vote.As of 31 December 2024, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity.SHAREHOLDERS AS OF 31.12.2024 COUNTRY NUMBER OF SHARES OWNERSHIPThe Vanguard Group, Inc. United States 63 343 459 3,79 %BlackRock, Inc. United States 58 407 373 3,49 %Svenska Handelsbanken AB Sweden 30 050 347 1,80 %Storebrand ASA Norway 21 355 002 1,28 %DNB Bank ASA Norway 20 509 252 1,23 %KLP Kapitalforvaltning Norway 20 930 000 1,25 %Mirae Asset Global Investments Co., Ltd. United Kingdom 18 551 741 1,11 %Legal & General Group Plc United Kingdom 17 658 530 1,06 %Folketrygdfondet Norway 17 505 000 1,05 %Montpensier Finance SAS France 16 611 599 0,99 %Van Eck Associates Corp. United States 16 355 528 0,98 %BNP Paribas SA France 10 794 117 0,65 %Deutsche Bank AG Germany 7 836 687 0,47 %SAS Rue la Boetie France 6 795 582 0,41 %Deutscher Sparkassen-und Giroverband eV Germany 6 534 530 0,39 %Swedbank AB Sweden 6 196 169 0,37 %green benefit AG Germany 5 789 841 0,35 %Penserra Capital Management LLC United States 5 781 371 0,35 %Dimensional Holdings, Inc. United States 5 207 156 0,31 %Assicurazioni Generali SpA Italy 4 018 000 0,24 %Total 20 largest shareholders 360 231 284 21,55 %Total remaining shareholders 1 311 094 020 78,45 %Total number of shares 1 671 325 304 100,00 %", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__149": { "value": "5.1 Share capital and shareholdersSHARE CAPITALThe share capital comprises the number of shares multiplied by their par value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.As of 31 December 2024, the group\u2019s share capital was NOK 334.3 (334.3) million, consisting of 1 671 325 304 (1 671 325 304) shares each with a par value of NOK 0.20 (0.20).The parent company has only one share class and no special regulations relating to the shares; thus, one share represents one vote.As of 31 December 2024, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity.SHAREHOLDERS AS OF 31.12.2024 COUNTRY NUMBER OF SHARES OWNERSHIPThe Vanguard Group, Inc. United States 63 343 459 3,79 %BlackRock, Inc. United States 58 407 373 3,49 %Svenska Handelsbanken AB Sweden 30 050 347 1,80 %Storebrand ASA Norway 21 355 002 1,28 %DNB Bank ASA Norway 20 509 252 1,23 %KLP Kapitalforvaltning Norway 20 930 000 1,25 %Mirae Asset Global Investments Co., Ltd. United Kingdom 18 551 741 1,11 %Legal & General Group Plc United Kingdom 17 658 530 1,06 %Folketrygdfondet Norway 17 505 000 1,05 %Montpensier Finance SAS France 16 611 599 0,99 %Van Eck Associates Corp. United States 16 355 528 0,98 %BNP Paribas SA France 10 794 117 0,65 %Deutsche Bank AG Germany 7 836 687 0,47 %SAS Rue la Boetie France 6 795 582 0,41 %Deutscher Sparkassen-und Giroverband eV Germany 6 534 530 0,39 %Swedbank AB Sweden 6 196 169 0,37 %green benefit AG Germany 5 789 841 0,35 %Penserra Capital Management LLC United States 5 781 371 0,35 %Dimensional Holdings, Inc. United States 5 207 156 0,31 %Assicurazioni Generali SpA Italy 4 018 000 0,24 %Total 20 largest shareholders 360 231 284 21,55 %Total remaining shareholders 1 311 094 020 78,45 %Total number of shares 1 671 325 304 100,00 %", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__151": { "value": "As of 31 December 2024, Nel ASA owns 418 033 treasury shares which are recognised at par value NOK 0.20 within \u2018treasury shares\u2019 as a reduction of share capital and total equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__153": { "value": "5.2 Long-term debt(Amounts in NOK thousands) LONG-TERM DEBT - LENDER 2024 2023Discontinued operation 0 22 458Balance as of 31.12. 0 22 458The reconciliation of lease liabilities arising from financing activities and maturity analysis for lease liabilities are disclosed in note 3.3 leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__156": { "value": "5.3 Deferred income(Amounts in NOK thousands)2024 2023Government grants69 279 50 601Discontinued operation0 15 642TOTAL deferred income69 279 66 243GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \u201cgross\u201d in Nel\u2019s financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income. (Amounts in NOK thousands)GOVERNMENT GRANTS 2024 2023As of 31.12. 66 243 64 049Grants received 23 247 9 280Income recognised within 'other income' in 2024 (note 2.2) -4 570 -2 953Discontinued operation -15 642 -9 075Translation difference 0 4 942As of 31.12. 69 279 66 243The aging schedule shows the remaining governments grants divided in the year the grants was initially received. DEFERRED INCOME AGING SCHEDULE <2021 2021 2022 2023 2024 SUMGovernment grants as of 31.12.202425 302 12 174 4 489 8 636 18 677 69 279Government grants as of 31.12.202325 302 12 174 4 489 8 636 50 601The table below show the split of deferred income (government grant) per operating segment.OPERATING SEGMENT COUNTRY 2024 2023Alkaline Norway 69 279 50 601Discontinued operation Denmark 0 15 642Balance as of 31.12. 69 279 66 243The group is not aware of any unfulfilled conditions associated with these grants", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__155": { "value": "5.3 Deferred income(Amounts in NOK thousands)2024 2023Government grants69 279 50 601Discontinued operation0 15 642TOTAL deferred income69 279 66 243GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \u201cgross\u201d in Nel\u2019s financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income. (Amounts in NOK thousands)GOVERNMENT GRANTS 2024 2023As of 31.12. 66 243 64 049Grants received 23 247 9 280Income recognised within 'other income' in 2024 (note 2.2) -4 570 -2 953Discontinued operation -15 642 -9 075Translation difference 0 4 942As of 31.12. 69 279 66 243The aging schedule shows the remaining governments grants divided in the year the grants was initially received. DEFERRED INCOME AGING SCHEDULE <2021 2021 2022 2023 2024 SUMGovernment grants as of 31.12.202425 302 12 174 4 489 8 636 18 677 69 279Government grants as of 31.12.202325 302 12 174 4 489 8 636 50 601The table below show the split of deferred income (government grant) per operating segment.OPERATING SEGMENT COUNTRY 2024 2023Alkaline Norway 69 279 50 601Discontinued operation Denmark 0 15 642Balance as of 31.12. 69 279 66 243The group is not aware of any unfulfilled conditions associated with these grants", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__158": { "value": "GOVERNMENT GRANTSGovernment grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grants relate to an expense item, it is normally recognised as other operating income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. Grants received that relate to an acquisition or development of assets has been presented \u201cgross\u201d in Nel\u2019s financial statements. A gross presentation entails that the grant received is presented separately as deferred income. The deferred income is presented as a non-current liability and is amortised over the useful life of the related asset. The amortised part of the deferred income is presented as other operating income in the statement of comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__161": { "value": "5.4 Other liabilitiesOTHER CURRENT LIABILITIES(Amounts in NOK thousands)2024 2023Vacation allowance and other salary related accruals 60 500 58 502Public duties payable 44 462 35 606Other current liabilities 59 596 127 985Fair value of derivatives 9 237 16 123Balance as of 31.12. 173 795 238 216OTHER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2024 2023Contingent liabilities 5 263 4 860Balance as of 31.12. 5 263 4 860", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__160": { "value": "5.4 Other liabilitiesOTHER CURRENT LIABILITIES(Amounts in NOK thousands)2024 2023Vacation allowance and other salary related accruals 60 500 58 502Public duties payable 44 462 35 606Other current liabilities 59 596 127 985Fair value of derivatives 9 237 16 123Balance as of 31.12. 173 795 238 216OTHER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2024 2023Contingent liabilities 5 263 4 860Balance as of 31.12. 5 263 4 860", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__163": { "value": "OTHER CURRENT LIABILITIES(Amounts in NOK thousands)2024 2023Vacation allowance and other salary related accruals 60 500 58 502Public duties payable 44 462 35 606Other current liabilities 59 596 127 985Fair value of derivatives 9 237 16 123Balance as of 31.12. 173 795 238 216", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__162": { "value": "OTHER NON-CURRENT LIABILITIES(Amounts in NOK thousands)2024 2023Contingent liabilities 5 263 4 860Balance as of 31.12. 5 263 4 860", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__171": { "value": "PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 650", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__170-1": { "value": "PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 6506.7 Contractual commitments and commitments for future investments Nel is committed to future investments for PEM expansion in Wallingford, Connecticut, see note 3.2 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__168-1": { "value": "PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.ACCRUED WARRANTYThe groups warranty to customers is limited to replacement parts and services and generally expires one year from the date of shipment or contract completion. Such warranties are limited in time, for most products not exceeding 12 months. Warranty is based on both contractual commitments and caused by liability under background law. Estimated warranty obligations are recorded in the period in which the related revenue is recognised or when a project is installed or commissioned. The group quantifies and records an estimate for warranty related costs, which is principally based on historical experience. The accounting for warranties requires the Group to make assumptions and apply judgments when estimating product failure rates and expected material and labour costs. The group adjusts accruals as warranty claim data and historical experience warrant. If actual results are not consistent with the assumptions and judgments used to calculate the warranty liability because either failure rates or repair costs differ from the groups assumptions, the group may be exposed to gains or losses that could be material. Accrued warranty provision is based on experience assumptions and provision comprises a percentage of revenue from contracts with customers, in the range of 3% to 5%.EMPLOYEE BENEFITSNel has short term incentive bonuses in place for all employees. The provision for bonus incurred in 2024 to be finally measured and paid in 2025 is 35.5 NOK (46.5) million.In addition, the employee benefits include provision for social security on stock options for social security payable in Norway, calculated at the intrinsic value at year end. The provision fluctuates with the number of active options, timing of exercise and Nel ASA share price. See note 2.5 for further information on share option program.SETTLEMENT AND CLAIMSSettlement and claims comprise disputes, claims and fines where cash outflow is assessed probable (more likely that not to occur). At the end of 2024, Nel have no provisions for settlement and claims. Nel ASA is one of three corporate defendants in a law suit initiated by Iwatani Corporation of America. The matter is currently in an early stage of the discovery phase which is expected to continue throughout 2025. Nel has so far seen a limited amount of basis for the different claims, including but not limited to evidence and witness statements. A potential court case is expected at the earliest in the second half of 2026. Nel and the other defendants strongly reject the allegations made in the law suit. Based on the facts of the matter, the chance of the future event occurring is remote to reasonable possible. Nel has currently not made any provision related to the claim. ONEROUS CONTRACTSAn onerous contract is a contract in which the unavoidable costs (i.e. the lower of the cost of fulfilling the contract and any compensation or penalties arising from failure to fulfil it) exceed the economic benefits expected to be received under the contract. For all contracts that are onerous, the present obligation under the contract is recognised and measured as a provision.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__164": { "value": "PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETSThe group makes provisions when a legal or constructive obligation exists as a result of past events, it is more likely than not that a transfer of financial resources will be required to settle the obligation, and the amount of the obligation can be reliably estimated. When the group expects some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. When the effect is significant, provisions are calculated by discounting expected cash flows at a pre-tax rate that reflects the time value of money and if appropriate the risks specific to the liability. Increase in provisions as a result of time passing, is presented as interest expense.Information regarding significant contingent liabilities is disclosed. A contingent asset is not recognised, but information is disclosed if there is a possibility that a significant advantage will accrue to the group.(Amounts in NOK thousands)ACCRUED EMPLOYEE SETTLEMENT ONEROUS WARRANTYBENEFITSAND CLAIMSCONTRACTS TOTALAs of 01.01.2023 68 546 21 792 21 762 41 340 153 440Additions 44 902 36 896 0 23 249 105 047Used during the year -40 056 -13 490 -1 000 -37 769 -92 315Reversal of unused provisions -15 131 0 -22 434 -2 441 -40 006Foreign currency translation 1 551 1 261 1 672 1 067 5 551As of 31.12.2023 59 812 46 458 0 25 446 131 717Additions 24 562 26 602 0 7 518 58 682Used during the year -15 721 -22 904 0 -18 818 -57 443Reversal of unused provisions 0 -1 519 0 0 -1 519Discontinued operation -24 355 -14 640 0 -6 164 -45 159Foreign currency translation 1 180 1 517 0 674 3 371As of 31.12.2024 45 478 35 515 0 8 657 89 650", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__175-1": { "value": "6.1 Operational risk factorsOBJECTIVES, POLICIES AND PROCESSES FOR MANAGING CAPITALThe group\u2019s objective is to manage the capital structure to safeguard its ability to continue as a going concern, develop the business to provide long-term returns for shareholders and provide benefits for other stakeholders. The group sets and adjusts the targeted size of capital based on business strategy, risk and financial market conditions. The risk assessment includes risk associated with market development, product development and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust the amount of new share issue or increase the debt by taking up loans. A failure to adequately assess the capital structure requirements of its business or inability to deliver on the targeted capital structure may have a material adverse effect on Nel.Technological changeThe renewable hydrogen industry in which Nel operates targets markets where abatement of climate emissions is hard. While many applications currently have no credible alternative for large-scale decarbonization other than through the use of renewable hydrogen, there is a risk that other technologies may emerge that better addresses climate change. The renewable hydrogen market relies on continued availability of renewable energy at acceptable costs. Disruptions in the value chain for renewable energy assets or an insufficient build-out rate of renewable energy may significantly delay the market potential for renewable hydrogen.Along with the significant market potential of the renewable hydrogen market comes increased competition. This also results in increased activity n research and development across the hydrogen industry. Nel\u2019s electrolyser technology consist of both Alkaline and PEM. Currently, Nel\u2019s Alkaline technology platform presents the advantage of having the better solution for large scale installations based on lowest cost and the highest efficiency. Nel\u2019s PEM technology platform has the advantage of being more compact and easier to integrate into turnkey deliveries and having a dynamic response suitable for intermittent operation, making it a better solution for small- and mid-sized installations. Both technology platforms require continued development and cost reduction efforts to become commercially viable in large market segments without government incentives. It is a risk that one or both of the existing technologies in Nel becomes obsolete, or that competitors develop fundamentally better versions of PEM or Alkaline technology. In addition, Nel continuously monitors the developments and possibilities of a disruptive technology emerging. Today, Anion Exchange Membrane (AEM) and Solid Oxide (SOEL) represent possible disruptors. While all technologies can potentially co-exist, the competing technology and sharing market potential, including the required investment in new technology constitutes a material risk for Nel. There are risks associated with technological change, both related to technology elements within the field of hydrogen as well as technology elements outside the field of hydrogen that potentially could make renewable hydrogen less relevant for the future.If any of these circumstances materialize in a negative direction, it may have a significant adverse effect on the group\u2019s business, prospects, financial results or results of operations.Expansion riskThe uneven pace of Nel\u2019s anticipated expansion in facilities, staff and operations may place serious demands on the group\u2019s managerial, technical, financial, and other resources. The organisation is currently relatively small and there is no guarantee that the group will be able to build a capable organisation at a speed that is required to meet the demands of its customers or potential customers. Nel\u2019s failure to manage its growth effectively or to implement its strategy in a timely manner may significantly harm its ability to achieve profitability.Dependence of third parties in manufacturingThe group\u2019s electrolyser manufacturing operations rely on external subcontractors and suppliers of services and goods. This operating model inherently contains a risk to the group\u2019s ability to deliver to customers, its goodwill and branding. If suppliers fail to deliver or to meet agreed or generally accepted standards in areas such as environmental compliance, human rights, labor relations and product quality, this could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations. The company aims at addressing reputational risk through supplier selection. The majority of the external spending is directed towards large industrial companies with full ISO compliance and smaller vendors that are in compliance with local legislation. Further, Nel conducts regular quality reviews, including production site visits for risk assessment. Nel is dependent on a limited number of third-party sub-suppliers for its electrolyser equipment. Contract manufactured or purchased components are designed and selected in order to reduce the risk of a critical supply situation. However, if Nel fails to develop or maintain its relationships with its suppliers or such suppliers are prevented from supplying, Nel may be unable to deliver on the agreed time, quality and cost and may experience order cancellations, additional costs, customer claims and loss of market share. To reduce the sourcing risk Nel\u2019s supply chain strategy is to have dual supply chains on all components. Nel currently has few components with single source. Another supply chain risk is whether the suppliers can follow the expected growth of the industry. In addition to making its current supply chain more robust, Nel is working to facilitate increasing volumes from important sub-suppliers.Project riskNel participates in large commercial projects. Large commercial projects are subject to risks of delay and cost overruns inherent in any large construction project from numerous factors, including:\u2022 unexpectedly long delivery times for, or shortages of, key equipment, parts and materials;\u2022 unforeseen design and engineering problems leading to delays;\u2022 labor disputes and work stoppages;\u2022 HSE accidents/incidents or other safety hazards;\u2022 disputes with suppliers;\u2022 last minute changes to the customer\u2019s specifications;\u2022 adverse weather conditions or any other force majeure events; and\u2022 inability or delay in obtaining regulatory approvals or permitsFailure to complete a commercial project on time may result in delays, renegotiation or cancellation of the contract. Further, significant delays could have a negative impact on Nel\u2019s reputation and customer relationships. Nel could also be exposed to contractual penalties for failure to complete the project and commence operations in a timely manner, all of which would aadversely affect Nel\u2019s business, financial condition and results of operations.Key personnelThe successful development and performance of the group\u2019s business depends on the group\u2019s ability to attract and retain skilled professionals with appropriate experience and expertise. Further, if the group loses the service of its senior management or key personnel, it may not be able to execute its business strategy. There is no assurance that the group will be able to attract or retain such personnel on acceptable terms or at all. Any failure to attract or retain such personnel could have a material adverse effect on the group\u2019s business and operations.Customer riskNel\u2019s ability to grow and generate incremental revenue depends on its ability to successfully acquire new customers, and to maintain and grow its relationships with existing customers. There can be no assurance that Nel will be able to secure new customers, or maintain its relationships with existing customers, in the future. Further, a number of Nel\u2019s existing and potential customers are themselves planning substantial growth, and should these customers fail to succeed with their business plans or fail to fulfill their contracts with Nel, Nel\u2019s sales to such customers may be adversely affected, and Nel\u2019s revenues and results may suffer as a result. Intellectual property rightsNel seeks to protect important proprietary manufacturing processes, documentation and other written materials, and other intellectual property primarily under patent, trade secret and copyright laws. It also typically requires employees, consultants and companies that have access to its proprietary information to execute confidentiality agreements. The steps taken by Nel to protect its proprietary information may not be adequate to prevent misappropriation of its technology. In addition, Nel\u2019s proprietary rights may not be adequately protected because:\u2022 third parties may not be deterred from misappropriating its technologies despite the existence of laws or contracts prohibiting misappropriation:\u2022 policing unauthorised use of Nel\u2019s intellectual property is difficult, expensive and time-consuming, and the group may be unable to determine the extent of any unauthorised use; and\u2022 the laws and legislation of countries in which the group sells or plans to sell its products may offer little or no protection for its proprietary technologies.Unauthorised copying or other misappropriation of Nel\u2019s proprietary technologies could enable third parties to benefit from its technologies without paying for doing so. Any inability to adequately protect its proprietary rights could harm the group\u2019s ability to compete, to generate revenue and to grow its business. This could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.Some of the group\u2019s patents are due to expire within the next couple of years, which means that the group will lose the sole right to certain technology in certain areas. Although the company believes that this will have little effect on the company\u2019s competitive position, no assurance can be made to this point.The group may not obtain sufficient patent protection on the technology embodied in its products and production processes, which could significantly harm its competitive position. Patents may provide only limited protection for its technology and may not be sufficient to provide competitive advantages. For example, competitors could be successful in challenging any issued patents or, alternatively, could develop similar or more advantageous technologies on their own or design around the group\u2019s patents. Also, patent protection in certain countries may not be available, be limited in scope and/or not be readily enforceable, making it difficult for the group to effectively protect its intellectual property from misuse or infringement. Any inability to obtain and enforce intellectual property rights could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations. In addition, given the costs of obtaining patent protection and the sometimes limited potential for protection, the group may choose not to protect certain innovations that later turn out to be important. There is also a general risk that the group receives information subject to confidentiality agreements, regarding other parties\u2019 know-how and trade secrets in relation to technology which may hinder the group from development of similar intellectual assets.Adverse publicity and product liabilityProduct liability claims against the group could result in adverse publicity and potentially monetary damage. It is possible that its products could result in injury, whether by product malfunctions, defects, improper installation or other causes. The successful assertion of product liability claims against the group could result in potentially significant monetary damage, which could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.2 Financial risk factorsThe key financial risks the group is exposed to are related to liquidity, currency, interest rate, and credit risk.Liquidity riskLiquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast-growing, emerging market, with a long list of initiatives in many regions. The need to address growth opportunities ahead of actual market demand, balanced with the need to conserve cash, is a continual challenge. The timing of addressing such elements and risks is important. Moving too fast could result in an unnecessarily high cost level, with cash requirements beyond the current financing plan.However, the group has a strong liquidity position, NOK 1 875.6 million, as per 31.12.2024. The strong cash position is a good basis for the group\u2019s growth strategy. The group monitors its risks associated with lack of capital up against the company\u2019s planned activities.The group will, if necessary, attempt to raise capital through private placements, debt financing, partnerships, and strategic alliances or from other sources. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation of the group.Currency riskNel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow.The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. (Amounts in thousands)PROFIT AND LOSS CHANGES IN EXCHANGE RATE NOK/FOREIGN CURRENCIESNET PROFIT IN VALUE IN VALUE IN FOREIGN CURRENCIESCURRENCYNOK-10% -5% +5% +10%DKK -1 180 -1 840 184 92 -92 -184 USD -6 747 -72 484 7 248 3 624 -3 624 -7 248 SEK -132 471 -134 776 13 478 6 739 -6 739 -13 478 GBP 4 150 57 020 -5 702 -2 851 2 851 5 702 EUR 33 020 383 938 -38 394 -19 197 19 197 38 394 Effect on net income (loss) -23 186 -11 593 11 593 23 186 STATEMENT OF FINANCIAL POSITIONNET RECEIVABLES/LIABILITIES IN FOREIGN CURRENCIESUSD 9 432 107 083 -10 708 -5 354 5 354 10 708 SEK -8 173 -8 413 841 421 -421 -841 GBP 934 13 289 -1 329 -664 664 1 329 EUR 53 528 631 368 -63 137 -31 568 31 568 63 137 Effect on net income (loss) -74 333 -37 166 37 166 74 333 Total effect on Net income (loss) and Equity -97 519 -48 759 48 759 97 519 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.Interest rate riskThe group does not have any interest-bearing long-term debt. Due to the low amount of debt in the group it is assessed that a change in interest rates will not have a material effect on the financial statements.Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amounts of financial assets and contract assets represent the maximum credit exposure.Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivable from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of a receivable progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased.The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2024 and 2023.Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019s view of economic conditions over the expected lives of the receivables.WEIGHTED-AVERAGE GROSS CARRYING 12024LOSS RATEAMOUNT LOSS ALLOWANCECurrent (not past due) 0,1 % 186 526 31 775 1-30 days past due 0,2 % 127 316 318 31-60 days past due 0,5 % 4 990 27 61-90 days past due 2,0 % 4 330 89 91 days to one year past due 30,0 % 51 269 15 381 More than one year past due 7,3 % 403 254 29 416 Total 777 685 77 006 9,9 %WEIGHTED-AVERAGE GROSS CARRYING 2023LOSS RATEAMOUNT LOSS ALLOWANCECurrent (not past due) 0,1 % 183 159 184 1-30 days past due 0,2 % 135 484 271 31-60 days past due 0,5 % 127 945 640 61-90 days past due 2,0 % 29 066 581 91 days to one year past due 8,1 % 368 310 29 881 More than one year past due 10,0 % - - Total 843 964 31 557 3,7 %1 A customer of Nel entered administration in November 2024. A provision for expected credit losses has been recognised at the end of this year, adding to the loss allowance in the current (not past due) bucket.6.3 Market risk factorsMarket development riskSignificant markets for renewable hydrogen products or renewable energy as a major source for hydrogen production may develop more slowly than the group anticipates. This would significantly harm Nel\u2019s revenues and may cause Nel to be unable to recover the expenditure it has incurred and expects to incur in terms of the development and industrialization of its products.Regulatory issuesThe group\u2019s operations are subject to numerous environmental requirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Many of these laws and regulations are becoming increasingly stringent. The cost of compliance with these requirements can be expected to increase over time. The group\u2019s electrolyser production depends on discharge permits. From time to time, breaches of the allowed emission limits set out in such permits may occur. If such limits of the relevant permits should be exceeded or the permits adjusted or revoked, this may have a significant effect on the group\u2019s operations and result, as the group may be ordered to permanently or temporarily halt production, be subject to fines and/or need to take on additional costs to undertake corrective measures.The group cannot predict the impact of new or changed laws or regulations relating to health, safety, the environment or other concerns or changes in the ways that such laws or regulations are administered, interpreted or enforced. To the extent that any of these requirements impose substantial costs or constrain the group\u2019s ability to expand or change its processes, the group\u2019s business, prospects, financial results and results of operations could suffer. The renewable hydrogen industry is in its development phase and is not currently subject to industry specific government regulations in the European Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transportation and installation of renewable hydrogen infrastructure products. However, given that the production of electrical energy has typically been an area of significant government regulation, the Company expects it will encounter industry specific government regulations in the future in the jurisdictions and markets in which it operates. For example, regulatory approvals or permits may be required for the design, installation and operation of Nel\u2019s products. To the extent there are delays in gaining such regulatory approval, Nel\u2019s development and growth may be constrained. Nel\u2019s business will suffer if environmental policies change and no longer encourage the development and growth of clean power technologies.Nel depends substantially on government subsidies. Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, the subsidies for its technology. It is also possible that government financial support for Nel\u2019s technology will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability of profitable investment opportunities for Nel would be significantly lower, which could have a material adverse effect on Nel\u2019s business, financial condition, results of operations and cash flows.CompetitionThe group competes with a large number of competitors. Many competitors are developing and are currently producing products based on technologies that may have costs similar to, or lower than, the group\u2019s projected costs. Many of the group\u2019s existing and potential competitors may have longer operating histories, greater name recognition, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, access to larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than the group. As a result, they may be able to respond more quickly than the group to the changing customer demands or to devote greater resources to the development, promotion and sales of their products. The group\u2019s business relies on sales of its products, and competitors with more diversified product offerings may be better positioned to withstand a decline in the demand for products of the types that the group offers. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire a significant market share, which would harm the group\u2019s business. If the group fails to compete successfully, it could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__176": { "value": "OBJECTIVES, POLICIES AND PROCESSES FOR MANAGING CAPITALThe group\u2019s objective is to manage the capital structure to safeguard its ability to continue as a going concern, develop the business to provide long-term returns for shareholders and provide benefits for other stakeholders. The group sets and adjusts the targeted size of capital based on business strategy, risk and financial market conditions. The risk assessment includes risk associated with market development, product development and risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the group may adjust the amount of new share issue or increase the debt by taking up loans. A failure to adequately assess the capital structure requirements of its business or inability to deliver on the targeted capital structure may have a material adverse effect on Nel.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__178": { "value": "Liquidity riskLiquidity risk is the potential loss that occurs when the group fails to fulfil its contractual obligations when they fall due. Nel is operating in a fast-growing, emerging market, with a long list of initiatives in many regions. The need to address growth opportunities ahead of actual market demand, balanced with the need to conserve cash, is a continual challenge. The timing of addressing such elements and risks is important. Moving too fast could result in an unnecessarily high cost level, with cash requirements beyond the current financing plan.However, the group has a strong liquidity position, NOK 1 875.6 million, as per 31.12.2024. The strong cash position is a good basis for the group\u2019s growth strategy. The group monitors its risks associated with lack of capital up against the company\u2019s planned activities.The group will, if necessary, attempt to raise capital through private placements, debt financing, partnerships, and strategic alliances or from other sources. The group may fail to raise capital on acceptable terms, or not do it at all, and this can result in a liquidation of the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__179-1": { "value": "Currency riskNel operates internationally and is subject to currency risks arising from foreign currency transactions and exposures. As the group presents its consolidated results in NOK, any change in exchange rates between NOK and its subsidiaries\u2019 functional currencies, primarily with respect to changes in USD, affects its consolidated statement of income and consolidated statement of financial position. As the group expands its operations with projects in new markets the currency risk exposure increases. The group is on an overall level managed as a NOK company for currency risk management purposes with primary focus on NOK cash flow.The group\u2019s gross foreign currency risk exposure is significant, with the majority of revenue and expenses denominated in foreign currency. The group mitigates the currency risk exposure by entering into forward currency contracts with financial institutions. The group has a residual net currency risk exposure considering hedging which is considered low to medium. (Amounts in thousands)PROFIT AND LOSS CHANGES IN EXCHANGE RATE NOK/FOREIGN CURRENCIESNET PROFIT IN VALUE IN VALUE IN FOREIGN CURRENCIESCURRENCYNOK-10% -5% +5% +10%DKK -1 180 -1 840 184 92 -92 -184 USD -6 747 -72 484 7 248 3 624 -3 624 -7 248 SEK -132 471 -134 776 13 478 6 739 -6 739 -13 478 GBP 4 150 57 020 -5 702 -2 851 2 851 5 702 EUR 33 020 383 938 -38 394 -19 197 19 197 38 394 Effect on net income (loss) -23 186 -11 593 11 593 23 186 STATEMENT OF FINANCIAL POSITIONNET RECEIVABLES/LIABILITIES IN FOREIGN CURRENCIESUSD 9 432 107 083 -10 708 -5 354 5 354 10 708 SEK -8 173 -8 413 841 421 -421 -841 GBP 934 13 289 -1 329 -664 664 1 329 EUR 53 528 631 368 -63 137 -31 568 31 568 63 137 Effect on net income (loss) -74 333 -37 166 37 166 74 333 Total effect on Net income (loss) and Equity -97 519 -48 759 48 759 97 519 The table shows the gross foreign currency exposure based on each entity in the group\u2019s functional currency, before hedging. Nel\u2019s hedging strategy and designated instruments are elaborated and disclosed in note 6.5. The figures exclude translation of intercompany loans in Nel ASA.Interest rate riskThe group does not have any interest-bearing long-term debt. Due to the low amount of debt in the group it is assessed that a change in interest rates will not have a material effect on the financial statements.6.3 Market risk factorsMarket development riskSignificant markets for renewable hydrogen products or renewable energy as a major source for hydrogen production may develop more slowly than the group anticipates. This would significantly harm Nel\u2019s revenues and may cause Nel to be unable to recover the expenditure it has incurred and expects to incur in terms of the development and industrialization of its products.Regulatory issuesThe group\u2019s operations are subject to numerous environmental requirements. Such laws and regulations govern, among other matters, air pollution emissions, wastewater discharges, solid and hazardous waste management, and the use, composition, handling, distribution and transportation of hazardous materials. Many of these laws and regulations are becoming increasingly stringent. The cost of compliance with these requirements can be expected to increase over time. The group\u2019s electrolyser production depends on discharge permits. From time to time, breaches of the allowed emission limits set out in such permits may occur. If such limits of the relevant permits should be exceeded or the permits adjusted or revoked, this may have a significant effect on the group\u2019s operations and result, as the group may be ordered to permanently or temporarily halt production, be subject to fines and/or need to take on additional costs to undertake corrective measures.The group cannot predict the impact of new or changed laws or regulations relating to health, safety, the environment or other concerns or changes in the ways that such laws or regulations are administered, interpreted or enforced. To the extent that any of these requirements impose substantial costs or constrain the group\u2019s ability to expand or change its processes, the group\u2019s business, prospects, financial results and results of operations could suffer. The renewable hydrogen industry is in its development phase and is not currently subject to industry specific government regulations in the European Union, Asia and the United States, as well as other jurisdictions, relating to matters such as design, storage, transportation and installation of renewable hydrogen infrastructure products. However, given that the production of electrical energy has typically been an area of significant government regulation, the Company expects it will encounter industry specific government regulations in the future in the jurisdictions and markets in which it operates. For example, regulatory approvals or permits may be required for the design, installation and operation of Nel\u2019s products. To the extent there are delays in gaining such regulatory approval, Nel\u2019s development and growth may be constrained. Nel\u2019s business will suffer if environmental policies change and no longer encourage the development and growth of clean power technologies.Nel depends substantially on government subsidies. Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, the subsidies for its technology. It is also possible that government financial support for Nel\u2019s technology will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements or be significantly reduced or discontinued for other reasons. Without government subsidies, or with reduced government subsidies, the availability of profitable investment opportunities for Nel would be significantly lower, which could have a material adverse effect on Nel\u2019s business, financial condition, results of operations and cash flows.CompetitionThe group competes with a large number of competitors. Many competitors are developing and are currently producing products based on technologies that may have costs similar to, or lower than, the group\u2019s projected costs. Many of the group\u2019s existing and potential competitors may have longer operating histories, greater name recognition, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, access to larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than the group. As a result, they may be able to respond more quickly than the group to the changing customer demands or to devote greater resources to the development, promotion and sales of their products. The group\u2019s business relies on sales of its products, and competitors with more diversified product offerings may be better positioned to withstand a decline in the demand for products of the types that the group offers. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire a significant market share, which would harm the group\u2019s business. If the group fails to compete successfully, it could have a significant adverse effect on the group\u2019s business, prospects, financial results and results of operations.6.4 Climate-related risks and opportunitiesClimate-related opportunitiesNel is a pure play renewable hydrogen company. Climate-related opportunities are the driver for the revenue and activity growth included in the company\u2019s impairment tests. In addition, the climate-related opportunities also impact the assessment of probable future economic benefits from capitalised technology development.Climate-related risksThe company pursue solely climate-related opportunities; therefore, the company does not have any transformation of any legacy business negatively impacted by the climate-related scenarios. Further analysis of the climate-related risks below:Regulatory risks and GeopoliticsWhile climate change is the megatrend, the anticipated role of renewable hydrogen as a sustainable activity contributing to climate change mitigation could change. How geopolitics will impact and shape climate policies going forward constitutes a risk for Nel. We would not be significantly impacted by the introduction of a potential carbon tax or restrictions on the use of carbon-intensive assets. Further, we do not consume products from conflict areas and our consumption of rare materials is limited. However, we identify opportunities in the enactment of a low carbon economy.Reputation RiskNel recognizes the importance of maintaining a strong brand in the developing renewable hydrogen industry. Reputational risk comprises: i) any damage to brand value that will cause lost opportunities, ii) challenges in recruiting and retaining talent that in turn could halt technology developments and damage customer experience, and iii) challenges in attracting investors due to damaged reputation which could affect the going concern status of the group.Physical RiskNone of our manufacturing facilities are located in environments overly exposed to physical risks. Relatedly, our facilities are not located in the areas most exposed to sustained long-term shifts in climate patterns. However, our delivered solutions require continuous access to water and electricity, a shortage of which could impact our products\u2019 performance.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__181": { "value": "Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Nel is exposed to credit risk from its operating activities (primarily trade receivables and contract assets) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The carrying amounts of financial assets and contract assets represent the maximum credit exposure.Expected credit loss assessment The Group uses an allowance matrix to measure the ECLs of trade receivable from individual customers, which comprise a very large number of small balances. Loss rates are calculated using a factor method based on the probability of a receivable progressing through successive stages of delinquency to write-off. Roll rates are calculated separately for exposures in different segments based on the following common credit risk characteristics - geographic region, age of customer relationship and type of products purchased.The following table provides information about the exposure to credit risk and ECLs for trade receivables from individual customers as of 31 December 2024 and 2023.Loss rates are based on actual credit loss experience over the past two years. These rates are multiplied by a factor to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and Nel\u2019s view of economic conditions over the expected lives of the receivables.WEIGHTED-AVERAGE GROSS CARRYING 12024LOSS RATEAMOUNT LOSS ALLOWANCECurrent (not past due) 0,1 % 186 526 31 775 1-30 days past due 0,2 % 127 316 318 31-60 days past due 0,5 % 4 990 27 61-90 days past due 2,0 % 4 330 89 91 days to one year past due 30,0 % 51 269 15 381 More than one year past due 7,3 % 403 254 29 416 Total 777 685 77 006 9,9 %WEIGHTED-AVERAGE GROSS CARRYING 2023LOSS RATEAMOUNT LOSS ALLOWANCECurrent (not past due) 0,1 % 183 159 184 1-30 days past due 0,2 % 135 484 271 31-60 days past due 0,5 % 127 945 640 61-90 days past due 2,0 % 29 066 581 91 days to one year past due 8,1 % 368 310 29 881 More than one year past due 10,0 % - - Total 843 964 31 557 3,7 %1 A customer of Nel entered administration in November 2024. A provision for expected credit losses has been recognised at the end of this year, adding to the loss allowance in the current (not past due) bucket.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__187-1": { "value": "6.5 Hedge accountingDERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2024, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Euro and British pound. In addition, highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2024, the Group held the following instruments to hedge exposures to changes in foreign currency.MORE THAN MATURITY/HEDGING INSTRUMENTS 2025-Q1 2025-Q2 2025-Q3 2025-Q4ONE YEAR TOTALUSD forward contracts, net00 0 0 0 0Average NOK:USD forward contracts rate 0,00 0,00 0,00 0,00 0,00 0,00USDHedged NOK, net (nominal amount) 0 0 0 0 0 0Fair value USD forward contracts 0 0 0 0 0 0SEK forward contracts, net00 0 0 0 0Average NOK:SEK forward contracts rate 0,00 0,00 0,00 0,00 0,00 0,00SEKHedged NOK, net (nominal amount) 0 0 0 0 0 0Fair value SEK forward contracts 0 0 0 0 0 0GBP forward contracts, net0773 0 0 0 773Average NOK:GBP forward contracts rate 0,00 13,41 0,00 0,00 0,00 13,41GBPHedged NOK, net (nominal amount) 0 10 366 0 0 0 10 366Fair value GBP forward contracts -86 -631 0 0 0 -716EUR forward contracts, net52 6515 980 9 217 7 223 0 75 071Average NOK:EUR forward contracts rate 11,78 11,78 11,93 11,90 0,00 11,81EURHedged NOK, net (nominal amount) 619 997 70 447 109 951 85 959 0 886 354Fair value EUR forward contracts -1 755 -706 -74 -775 0 -3 310TOTAL hedged NOK, net (nominal amount)619 99780 813 109 951 85 959 0 896 720TOTAL fair value, NOK -1 841 -1 336 -74 -775 0 -4 026The effects that hedge accounting has had on the statement of financial position, statement of profit or loss and OCI and statement of changes in equityHedging instruments are measured at fair value and recognised in the statement of financial position as either an asset or a liability depending on the whether the instrument has a positive or negative value. The fair values recognised represents unrealised gains/losses driven by the changes in foreign exchange rates.Statement of financial positionThe table below show the fair value of forward exchange contracts designated as hedging instruments in the statement of financial position.(Amounts in NOK thousands)CURRENT NON-CURRENT OTHER CURRENT NON-CURRENT TYPE OF HEDGE ITEMSASSETSASSETSLIABILITESLIABILITIES TOTALRevenue11 877407 -16 123 0 -3 839Raw materials 6 070 0 0 0 6 070As of 31.12.2023 17 948 407 -16 123 0 2 232Revenue 3 452 0 -7 477 0 -4 025As of 31.12.2024 3 452 0 -7 477 0 -4 025Profit or loss and OCIThe table below includes the reconciliation of movements in hedging reserve, cash flow hedges, in OCI during the year.(Amounts in NOK thousands)PROPERTY PLANT AND REVENUE RAW MATERIALS FINANCE COSTSEQUIPMENT TOTALAs of 01.01.2023-6 502-2 132 0 0 -8 634Effective portion of changes in fair value -13 236 -3 938 -1 330 0 -18 504Reclassified to profit or loss 6 042 0 1 330 0 7 372Reclassified to statement of financial positions 27 045 0 0 0 27 045(basis adjustment)As of 01.01.2024 13 350 -6 070 0 0 7 279Effective portion of changes in fair value -47 623 10 084 -14 570 0 -52 108Reclassified to profit or loss -4 438 0 14 570 0 10 132Reclassified to statement of financial positions 37 126 -4 014 0 0 33 112(basis adjustment)As of 31.12.2024 -1 585 0 0 0 -1 585During the year, a hedging gain of NOK 4.4 (-6.0) million has been realised and reclassified to profit or loss within \u2018Revenue from contracts with customers\u2019. The timeline below illustrates when the unrealised changes in fair value of the foreign currency forward contracts may be reclassified to profit or loss and statement of financial position.(Amounts in NOK thousands)2024 2025 2026 2027 TOTALRevenue 12 943 407 0 0 13 350Raw materials -6 070 0 0 0 -6 070As of 31.12.2023 7 279Revenue -1 585 0 0 -1 585As of 31.12.2024 -1 585Economic relationship and effectivenessThe hedged item creates an exposure to buy a foreign currency and sell the functional currency. The forward contract is to sell foreign currency and buy the functional currency. As the hedged exposure is exactly matched by the currency leg of the forward contract (i.e. they are the same amount of currency with the same payment date), there is a clear economic relationship between the hedging instrument and the hedged item. Hedging less than 100 % is considered when natural hedge positions could occur during the hedging period, or to limit the risk of over-hedging given the inherent uncertainties in any estimated cash flow.If there\u2019s no change in the hedge item cash magnitude (e.g. contract termination or amendment) the hedge would be effective as long as the timing of the hedge instrument and hedge item are aligned. The company has recognised ineffectiveness in the income statement in 2024 of about NOK 2 (0) million in finance costs.The Group does not have any fair value hedge or net investment hedge. Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.6.6 Financial instrumentsFINANCIAL INSTRUMENTS AND FAIR VALUES 2024CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging3 452 3 452 3 452 3 452SUM 3 452 3 452 3 452 3 452LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-7 477 -7 477 -7 477 -7 477SUM -7 477 -7 477 -7 477 -7 4772023CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging18 354 0 0 18 354 0 18 354 0 18 354Financial asset - equity instruments0 9 800 0 9 800 0 0 9 800 9 800SUM 18 354 9 8000 28 155 0 18 354 9 800 28 155LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-16 123 0 0 -16 123 0 -16 123 0 -16 123SUM -16 1230 0 -16 123 0 -16 123 0 -16 123Financial liabilities not measured at fair valueLong-term debt0 0 22 458 22 458 0 22 458 0 22 458SUM0 0 22 458 22 458 0 22 458 0 22 458The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__186": { "value": "6.5 Hedge accountingDERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2024, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Euro and British pound. In addition, highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2024, the Group held the following instruments to hedge exposures to changes in foreign currency.MORE THAN MATURITY/HEDGING INSTRUMENTS 2025-Q1 2025-Q2 2025-Q3 2025-Q4ONE YEAR TOTALUSD forward contracts, net00 0 0 0 0Average NOK:USD forward contracts rate 0,00 0,00 0,00 0,00 0,00 0,00USDHedged NOK, net (nominal amount) 0 0 0 0 0 0Fair value USD forward contracts 0 0 0 0 0 0SEK forward contracts, net00 0 0 0 0Average NOK:SEK forward contracts rate 0,00 0,00 0,00 0,00 0,00 0,00SEKHedged NOK, net (nominal amount) 0 0 0 0 0 0Fair value SEK forward contracts 0 0 0 0 0 0GBP forward contracts, net0773 0 0 0 773Average NOK:GBP forward contracts rate 0,00 13,41 0,00 0,00 0,00 13,41GBPHedged NOK, net (nominal amount) 0 10 366 0 0 0 10 366Fair value GBP forward contracts -86 -631 0 0 0 -716EUR forward contracts, net52 6515 980 9 217 7 223 0 75 071Average NOK:EUR forward contracts rate 11,78 11,78 11,93 11,90 0,00 11,81EURHedged NOK, net (nominal amount) 619 997 70 447 109 951 85 959 0 886 354Fair value EUR forward contracts -1 755 -706 -74 -775 0 -3 310TOTAL hedged NOK, net (nominal amount)619 99780 813 109 951 85 959 0 896 720TOTAL fair value, NOK -1 841 -1 336 -74 -775 0 -4 026The effects that hedge accounting has had on the statement of financial position, statement of profit or loss and OCI and statement of changes in equityHedging instruments are measured at fair value and recognised in the statement of financial position as either an asset or a liability depending on the whether the instrument has a positive or negative value. The fair values recognised represents unrealised gains/losses driven by the changes in foreign exchange rates.Statement of financial positionThe table below show the fair value of forward exchange contracts designated as hedging instruments in the statement of financial position.(Amounts in NOK thousands)CURRENT NON-CURRENT OTHER CURRENT NON-CURRENT TYPE OF HEDGE ITEMSASSETSASSETSLIABILITESLIABILITIES TOTALRevenue11 877407 -16 123 0 -3 839Raw materials 6 070 0 0 0 6 070As of 31.12.2023 17 948 407 -16 123 0 2 232Revenue 3 452 0 -7 477 0 -4 025As of 31.12.2024 3 452 0 -7 477 0 -4 025Profit or loss and OCIThe table below includes the reconciliation of movements in hedging reserve, cash flow hedges, in OCI during the year.(Amounts in NOK thousands)PROPERTY PLANT AND REVENUE RAW MATERIALS FINANCE COSTSEQUIPMENT TOTALAs of 01.01.2023-6 502-2 132 0 0 -8 634Effective portion of changes in fair value -13 236 -3 938 -1 330 0 -18 504Reclassified to profit or loss 6 042 0 1 330 0 7 372Reclassified to statement of financial positions 27 045 0 0 0 27 045(basis adjustment)As of 01.01.2024 13 350 -6 070 0 0 7 279Effective portion of changes in fair value -47 623 10 084 -14 570 0 -52 108Reclassified to profit or loss -4 438 0 14 570 0 10 132Reclassified to statement of financial positions 37 126 -4 014 0 0 33 112(basis adjustment)As of 31.12.2024 -1 585 0 0 0 -1 585During the year, a hedging gain of NOK 4.4 (-6.0) million has been realised and reclassified to profit or loss within \u2018Revenue from contracts with customers\u2019. The timeline below illustrates when the unrealised changes in fair value of the foreign currency forward contracts may be reclassified to profit or loss and statement of financial position.(Amounts in NOK thousands)2024 2025 2026 2027 TOTALRevenue 12 943 407 0 0 13 350Raw materials -6 070 0 0 0 -6 070As of 31.12.2023 7 279Revenue -1 585 0 0 -1 585As of 31.12.2024 -1 585Economic relationship and effectivenessThe hedged item creates an exposure to buy a foreign currency and sell the functional currency. The forward contract is to sell foreign currency and buy the functional currency. As the hedged exposure is exactly matched by the currency leg of the forward contract (i.e. they are the same amount of currency with the same payment date), there is a clear economic relationship between the hedging instrument and the hedged item. Hedging less than 100 % is considered when natural hedge positions could occur during the hedging period, or to limit the risk of over-hedging given the inherent uncertainties in any estimated cash flow.If there\u2019s no change in the hedge item cash magnitude (e.g. contract termination or amendment) the hedge would be effective as long as the timing of the hedge instrument and hedge item are aligned. The company has recognised ineffectiveness in the income statement in 2024 of about NOK 2 (0) million in finance costs.The Group does not have any fair value hedge or net investment hedge. Nel uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:Level 1: Inputs are quoted prices in active markets for identical assets or liabilities that are accessible at the measurement date.Level 2: The fair value of financial instruments that are not quoted in an active market is determined using valuation techniques which maximise the use of observable market price and rely as little as possible on entity-specific estimates. Level 3: Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__193": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2024, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Euro and British pound. In addition, highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2024, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__192": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2024, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Euro and British pound. In addition, highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2024, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__191": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.Cash flow hedgesFor the purpose of hedge accounting, hedges are classified as cash flow hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or a highly probable forecast transaction. Nel accounts for a hedge of foreign currency risk as a cash flow hedge, including also exposures to an unrecognised firm commitment. When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in OCI and accumulated in the hedging reserve. The effective portion of changes in the fair value of the derivative that is recognised in OCI is limited to the cumulative change in fair value of the hedged item, determined on a present value basis, from inception of the hedge. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.The group designates the currency forward contracts on a \u2018forward basis\u2019, which includes both the spot element and the forward element. Then the full fair value of the hedging instrument is used in measuring ineffectiveness. The amount accumulated in the hedging reserve is reclassified to profit or loss in the same period or periods during which the hedged expected future cash flows affect profit or loss.If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is discontinued, the amount that has been accumulated in the hedging reserve remains in equity until it is reclassified to profit or loss in the same period or periods as the hedged expected cash flows affect profit or loss.The Group is exposed to certain risk relating to its ongoing business operations. In 2024, foreign exchange forward contracts are designated as hedging instruments in cash flow hedges of firm sale commitment in U.S. dollar, Euro and British pound. In addition, highly probably forecast transactions in Euro and Swedish Krona. The foreign exchange forward contract balances vary in particular with the magnitude of firm commitment foreign currency sales and changes in foreign exchange forward rates. As of 31 December 2024, the Group held the following instruments to hedge exposures to changes in foreign currency", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__188-1": { "value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGThe Group holds derivative financial instruments to hedge its foreign currency risk exposures. Derivatives are both initially and subsequently to initial recognition measured at fair value, and changes therein are generally recognised in profit or loss.The group designates certain derivatives as hedging instruments to hedge the variability in cash flows associated with firm commitments and highly probable forecast transactions arising from changes in foreign exchange rates. At the inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other.The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__198": { "value": "6.6 Financial instrumentsFINANCIAL INSTRUMENTS AND FAIR VALUES 2024CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging3 452 3 452 3 452 3 452SUM 3 452 3 452 3 452 3 452LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-7 477 -7 477 -7 477 -7 477SUM -7 477 -7 477 -7 477 -7 4772023CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging18 354 0 0 18 354 0 18 354 0 18 354Financial asset - equity instruments0 9 800 0 9 800 0 0 9 800 9 800SUM 18 354 9 8000 28 155 0 18 354 9 800 28 155LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-16 123 0 0 -16 123 0 -16 123 0 -16 123SUM -16 1230 0 -16 123 0 -16 123 0 -16 123Financial liabilities not measured at fair valueLong-term debt0 0 22 458 22 458 0 22 458 0 22 458SUM0 0 22 458 22 458 0 22 458 0 22 458The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__197": { "value": "6.6 Financial instrumentsFINANCIAL INSTRUMENTS AND FAIR VALUES 2024CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging3 452 3 452 3 452 3 452SUM 3 452 3 452 3 452 3 452LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-7 477 -7 477 -7 477 -7 477SUM -7 477 -7 477 -7 477 -7 4772023CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging18 354 0 0 18 354 0 18 354 0 18 354Financial asset - equity instruments0 9 800 0 9 800 0 0 9 800 9 800SUM 18 354 9 8000 28 155 0 18 354 9 800 28 155LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-16 123 0 0 -16 123 0 -16 123 0 -16 123SUM -16 1230 0 -16 123 0 -16 123 0 -16 123Financial liabilities not measured at fair valueLong-term debt0 0 22 458 22 458 0 22 458 0 22 458SUM0 0 22 458 22 458 0 22 458 0 22 458The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__196": { "value": "6.6 Financial instrumentsFINANCIAL INSTRUMENTS AND FAIR VALUES 2024CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging3 452 3 452 3 452 3 452SUM 3 452 3 452 3 452 3 452LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-7 477 -7 477 -7 477 -7 477SUM -7 477 -7 477 -7 477 -7 4772023CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging18 354 0 0 18 354 0 18 354 0 18 354Financial asset - equity instruments0 9 800 0 9 800 0 0 9 800 9 800SUM 18 354 9 8000 28 155 0 18 354 9 800 28 155LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-16 123 0 0 -16 123 0 -16 123 0 -16 123SUM -16 1230 0 -16 123 0 -16 123 0 -16 123Financial liabilities not measured at fair valueLong-term debt0 0 22 458 22 458 0 22 458 0 22 458SUM0 0 22 458 22 458 0 22 458 0 22 458The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__195": { "value": "6.6 Financial instrumentsFINANCIAL INSTRUMENTS AND FAIR VALUES 2024CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging3 452 3 452 3 452 3 452SUM 3 452 3 452 3 452 3 452LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-7 477 -7 477 -7 477 -7 477SUM -7 477 -7 477 -7 477 -7 4772023CARRYING AMOUNT FAIR VALUEFAIR VALUE MANDATORILY FINANCIAL ASSETS - HEDGING AT FVTPL AND LIABILTIES AT INSTRUMENTS- OTHERSAMORTISED COST TOTAL LEVEL 1 LEVEL 2 LEVEL 3 TOTALAssetsFinancial assets measured at fair valueForward exchange contracts used for hedging18 354 0 0 18 354 0 18 354 0 18 354Financial asset - equity instruments0 9 800 0 9 800 0 0 9 800 9 800SUM 18 354 9 8000 28 155 0 18 354 9 800 28 155LiabilitiesFinancial liabilities measured at fair valueForward exchange contracts used for hedging-16 123 0 0 -16 123 0 -16 123 0 -16 123SUM -16 1230 0 -16 123 0 -16 123 0 -16 123Financial liabilities not measured at fair valueLong-term debt0 0 22 458 22 458 0 22 458 0 22 458SUM0 0 22 458 22 458 0 22 458 0 22 458The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__201": { "value": "The management assessed that cash and short-term deposits, trade receivables, other current assets, trade payables and other current liabilities\u2019 carrying amounts is a reasonable approximation of their fair value largely due to the short-term maturities of these instruments.Nel enters into forward exchange contracts with financial institutions, where the fair value of such instruments is based on valuation techniques including market observable inputs. The most frequently applied valuation techniques include forward pricing and swap models using net present value calculations. The models used incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates and interest rate curves. The valuation is performed by banks or external valuation providers.For recurring fair value measurements using significant unobservable inputs (Level 3), the effect of the measurements on profit or loss for the period has been 0.0 (0.0) million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__204": { "value": "6.7 Contractual commitments and commitments for future investments Nel is committed to future investments for PEM expansion in Wallingford, Connecticut, see note 3.2 for additional information.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__207": { "value": "7.1 Composition of the groupThe following subsidiaries are included in the consolidated financial statements:COUNTRY OF CONSOLIDATED OWNERSHIP/ OWNERSHIP/ COMPANYINCORPORATION MAIN OPERATIONSFROM:VOTES 2024VOTES 2023Nel Hydrogen Electrolyser AS Norway Alkaline electrolysers 01.10.2015 100 % 100 %Nel Hydrogen A/S Denmark Hydrogen fueling stations 01.07.2015 0 % 100 %Nel Fuel AS Norway Investment/holding 01.07.2015 100 % 100 %Proton Energy Systems Inc United States PEM electrolysers 01.07.2017 100 % 100 %Nel Korea Co. Ltd South Korea Service of H2Station\u00ae 01.07.2018 0 % 100 %Nel Hydrogen Inc United States Service of H2Station\u00ae 01.01.2019 0 % 100 %Nel US Holding Inc United States Investment/holding 23.05.2024 100 % naNel Hydrogen Electrolyser Germany GmbH Germany Electrolysers sales office 24.10.2022 100 % 100 %Nel Hydrogen Electrolyser Belgium BV Belgium Electrolyser sales office 27.09.2021 100 % 100 %Nel Austria GmbH Austria Fueling sales office 30.03.2022 0 % 100 %Nel Hydrogen Chile SpA Chile Electrolyser sales office 01/06/2023 100 % 100 %Nel Electrolyser Inc United Stattes Electrolyser distributor 24.05.2024 100 % naAll subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__205": { "value": "7.1 Composition of the groupThe following subsidiaries are included in the consolidated financial statements:COUNTRY OF CONSOLIDATED OWNERSHIP/ OWNERSHIP/ COMPANYINCORPORATION MAIN OPERATIONSFROM:VOTES 2024VOTES 2023Nel Hydrogen Electrolyser AS Norway Alkaline electrolysers 01.10.2015 100 % 100 %Nel Hydrogen A/S Denmark Hydrogen fueling stations 01.07.2015 0 % 100 %Nel Fuel AS Norway Investment/holding 01.07.2015 100 % 100 %Proton Energy Systems Inc United States PEM electrolysers 01.07.2017 100 % 100 %Nel Korea Co. Ltd South Korea Service of H2Station\u00ae 01.07.2018 0 % 100 %Nel Hydrogen Inc United States Service of H2Station\u00ae 01.01.2019 0 % 100 %Nel US Holding Inc United States Investment/holding 23.05.2024 100 % naNel Hydrogen Electrolyser Germany GmbH Germany Electrolysers sales office 24.10.2022 100 % 100 %Nel Hydrogen Electrolyser Belgium BV Belgium Electrolyser sales office 27.09.2021 100 % 100 %Nel Austria GmbH Austria Fueling sales office 30.03.2022 0 % 100 %Nel Hydrogen Chile SpA Chile Electrolyser sales office 01/06/2023 100 % 100 %Nel Electrolyser Inc United Stattes Electrolyser distributor 24.05.2024 100 % naAll subsidiaries are 100 % owned. There is no uncertainty about control and no restrictions on the ability to access or use assets and settle liabilities in the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__208-1": { "value": "7.2 Executive management remunerationNel Executive Management Compensation and number of shares owned2024(Amounts in NOK thousands)PENSION OTHER TOTAL NUMBER OF 1)REMUNERATION OF MANAGEMENT 2024 SALARY BONUSEXPENSEREMUNERATION REMUNERATIONSHARES2)H\u00e5kon Volldal, CEO 4 762 1 550 202 0 6 514 0Kjell Christian Bj\u00f8rnsen, CFO 3 152 933 202 0 4 287 20 000Marius L\u00f8ken, CTO 2 869 502 202 0 3 573 03)Esa Laukkanen, former COO 3 130 620 0 1 639 5 389 0Kai Rune Heggland, SVP Alkaline operations 2 104 103 115 0 2 322 8 766Tushar Ghuwalewala, SVP PEM operations 2 609 364 78 0 3 051 0Todd Cartwright, CCO 3 405 0 90 645 4 140 0Hans Hide, SVP Projects 2 362 419 202 0 2 983 30 000Stein Ove Erdal, Chief Legal Officer 2 569 619 202 0 3 390 04)Anne Liberg, CHRO 1 438 0 151 0 1 589 05)Caroline Duyckaerts, former CHRO 1 412 348 142 1 457 3 359 0TOTAL 29 812 5 458 1 586 3 741 40 597 58 7661) Other remuneration is mainly related to share option program and severance pay2) Has a six months notice period, plus is entitled to six months severence pay.3) Left Nel end of October 20244) Employed in Nel from April 20245) Left Nel end of May 202420232023(Amounts in NOK thousands)PENSION OTHER TOTAL NUMBER OF 1)REMUNERATION OF MANAGEMENT 2023 SALARY BONUSEXPENSEREMUNERATION REMUNERATIONSHARES2)H\u00e5kon Volldal, CEO 4 364 589 201 0 5 154 0Kjell Christian Bj\u00f8rnsen, CFO 3 011 116 201 0 3 328 20 0003)Marius L\u00f8ken, CTO 1 432 0 102 0 1 534 04)Anders S\u00f8reng, former CTO 712 0 32 0 744 naEsa Laukkanen, COO 2 964 55 0 0 3 019 0Robert Borin, SVP Nel Hydrogen Fueling 3 231 106 304 0 3 641 05)Filip Smeets, former CCO 2 603 69 91 2 180 4 943 0Hans Hide, SVP Projects 2 268 85 201 0 2 554 30 000Stein Ove Erdal, Senior Vice President Legal and General Counsel 2 371 126 201 0 2 698 0Caroline Duyckaerts, Chief Human Resources Officer 1 937 67 201 0 2 204 0TOTAL 24 893 1 214 1 534 2 180 29 821 50 0001) Other remuneration is mainly related to share option program and severance pay2) Has a six months notice period, plus is entitled to six months severence pay.3) Employed in Nel from June 20234) Left Nel end of March 20235) Left Nel end of December 2023The Board of Directors determines the remuneration of the CEO based on a proposal from the Remuneration Committee and approves the general terms of the company\u2019s incentive plans for Executive Management and other key employees. The CEO determines the compensation to the other members of Nel\u2019s Executive Management. Nel\u2019s approach is to provide the CEO and other members of Nel\u2019s executive Management as well as employees with a market competitive offer for our renewable industry. The compensation should be: \u2022 attractive to recruit and retain executives and other talents to Nel; \u2022 market competitive in the respective locations but not market leading, fitting for our renewable industry; \u2022 Support the creation of sustainable value to Nel\u2019s shareholders Total compensation for each member of Executive Management is compared to the relevant market on a regular basis. Nel\u2019s remuneration of the Executive Management includes the Base Salary, Bonus, Share Option Program, Pension (defined contribution plans) and other compensation elements such as car, cell phone and internet connection.EXECUTIVE MANAGEMENT Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__209": { "value": "7.3 External audit remunerationFEES TO THE GROUP AUDITOR 2024 2023Statutory auditing services 3 395 2 949Attestation services 218 103Non-auditing services 267 512TOTAL 3 880 3 564In addition to the fees included in the remuneration table above, the group incurred NOK 1.9 (1.2) million in 2024 of attestation services and non-auditing services provided by companies other than EY, the group auditor.FEES TO OTHER AUDITORS ELECTED BY SUBSIDIARIES 2024 2023Statutory auditing services 0 0Attestation services 1 909 1 217Non-auditing services00TOTAL 1 909 1 217", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__210": { "value": "7.4 Related partiesEXECUTIVE MANAGEMENT Information on key management compensation is disclosed in note \u20187.2 executive management remuneration\u2019.ASSOCIATED AND JOINT VENTURESNel\u2019s significant transactions with associated companies and joint ventures are described in note 3.4 Investments in associated companies and joint ventures.Transactions with related parties are at arm\u2019s length principles.BOARD OF DIRECTORSMembers of Nel\u2019s Board of Directors\u2019 remuneration and share ownership are disclosed in the tables below.2024BOARD AUDIT REMUNERATION NUMBER OF BOARD OF DIRECTORS 2024MEMBERCOMMITTEECOMMITTEE TOTALSHARES OWNERSHIPOle Enger - Chair of the Board 731 0 75 806 149 462 0,01 %Tom R\u00f8tjer 391 0 0 391 0 0,00 %Beatriz Malo de Molina 391 125 0 516 0 0,00 %Charlotta Falvin 391 90 0 481 46 000 0,00 %Hanne Blume 391 0 105 496 0 0,00 %Jens Bj\u00f8rn Staff 391 0 0 391 0 0,00 %Arvid Moss 391 0 0 391 0 0,00 %TOTAL 3 075 215 180 3 470 195 462 0,01 %2023AUDIT REMUNERATION NUMBER OF BOARD OF DIRECTORS 2023 REMUNERATIONCOMMITTEECOMMITTEE TOTALSHARES OWNERSHIPOle Enger - Chair of the Board 672 0 65 737 149 462 0,01 %Tom R\u00f8tjer 366 0 0 366 0 0,00 %Beatriz Malo de Molina 366 115 0 481 0 0,00 %Charlotta Falvin 366 80 0 446 46 000 0,00 %Hanne Blume 366 0 95 461 0 0,00 %2)Jens Bj\u00f8rn Staff 234 0 0 234 0 0,00 %2)Arvid Moss 234 0 0 234 0 0,00 %1),2)Finn Jebsen 131 0 0 131 na na2)Jon Andr\u00e9 L\u00f8kke 131 0 0 131 na naTOTAL 2 866 195 160 3 221 195 462 0,01 %1) Consisting of shares held through Fateburet AS2) At the Annual General Meeting in 2023, Jens Bj\u00f8rn Staff and Arvid Moss were elected as board members, replacing Finn Jebsen and Jon Andr\u00e9 L\u00f8kke.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__212": { "value": "7.5 Events after the balance sheet dateInformation about the group\u2019s financial position that has occurred after the balance sheet date is disclosed if the information is considered to be significant for the group\u2019s current financial statements and future position. \u2022 About 73% of the net trade receivables past due in group accounts note 6.2 are related to one customer. This year includes no revenue from this customer. Nel has security for the unpaid net trade receivables from this customer in the sold goods. Subsequent to the year, on 15 January 2025, the parties agreed that Nel use the collateral as consideration for the receivables. The collateral value, i.e. the payment for the goods, will offset the receivables from this customer.\u2022 Initiated a process to adjust capacity to market demand by reducing the workforce and temporarily halting productions at the Alkaline production facility in Her\u00f8ya, Norway", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "s7__6__213": { "value": "7.6 Going concernThe financial statement is presented on the going concern assumption under International Financial Reporting Standards. As per the date of this report the group has sufficient working capital for its planned business activities over the next twelve-month period.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300G6XN5IXMRKEG37", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }