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"value": "NOTE 1 CORPORATE INFORMATION Integrated Wind Solutions ASA is a public limited liability company incorporated and domiciled in Norway. Its registered office is St\u00f8perigata 2, 0250 Oslo, Norway. The Company is listed on Euronext Oslo B\u00f8rs at the Oslo Stock Exchange with the ticker IWS. The consolidated financial statements of the Company comprise Integrated Wind Solutions ASA and its subsidiaries, together referred to as IWS or the Group. The consolidated financial statements for the period ended 31 December 2024 were authorised for issue by the Board of Directors on 28 April 2025 and will be presented for approval at the Annual General Meeting by the end of Q2 2025.Basis of preparation The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments, which are measured at fair value, pensions, which are measured according to IAS 19, and receivables and payables denominated in foreign currencies, which are translated at period-end exchange rates. The consolidated financial statements are presented in EUR rounded off to the nearest thousand, except as otherwise indicated. The consolidated financial statements have been prepared on a going concern basis. The material accounting policies applied in the preparation of these consolidated financial statements are set out below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Integrated Wind Solutions ASA",
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Integrated Wind Solutions ASA",
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"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "The consolidated financial statements for the period ended 31 December 2024 were authorised for issue by the Board of Directors on 28 April 2025 and will be presented for approval at the Annual General Meeting by the end of Q2 2025.",
"dimensions": {
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"entity": "scheme:549300JCAQFRMWSL7M59",
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"value": "NOTE 2 MATERIAL ACCOUNTING POLICIES Basis of preparation The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments, which are measured at fair value, pensions, which are measured according to IAS 19, and receivables and payables denominated in foreign currencies, which are translated at period-end exchange rates. The consolidated financial statements are presented in EUR rounded off to the nearest thousand, except as otherwise indicated. The consolidated financial statements have been prepared on a going concern basis. The material accounting policies applied in the preparation of these consolidated financial statements are set out below. Basis of consolidation The consolidated financial statements include Integrated Wind Solutions ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, which is when the Group obtains control over the subsidiaries, and continue to be consolidated until such control ceases. Revenue recognition Time charter revenue Revenue from time charter contracts is generated from the leasing of vessels and the provision of related services such as accommodation, victualling, mobilisation, and other sundry services that might be agreed in the contracts. Consequently, a time charter contract consists of a leasing component of the vessel (the bareboat element) and a service component. The service component is within the scope of IFRS 15, whilst the leasing component is within the scope of IFRS 16. Revenue and operating expenses include the sale of the vessel\u2019s fuel inventory to the customer at the inception of a charter contract. The Group recognises as revenue the net margin when fuel is purchased on behalf of a customer. In addition, some contracts will have regulations regarding sundry income, which comprises income for the mark-up on costs recharged to customers, e.g. specific equipment requests. Revenue is recognised on consumption or delivery of the requested charter equipment. Income from contract termination fees is based on contractual penalties triggered by the customer\u2019s termination of contracts and is recognised as income when such fee is probable. Service revenue Engineering fees, service fees, management fees, management-on-hire fees and consulting fees are recognised as services are rendered. Revenue for these types of revenue streams is earned by satisfaction of performance obligations over time as the customer simultaneously receives and consumes the benefits provided as the Group performs. Construction revenue Construction revenue is earned over time as the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Progress towards the completion of performance obligations in construction contracts is measured using an input method. The measure of completion is calculated by comparing the cost to date with the total expected cost to complete. Inputs that do not contribute towards transferring control of goods or services to the customer are excluded from the measure of progress towards completion. As a practical expedient, no adjustment of the promised amount of consideration is made for the effects of a financing component when payments are made for goods or services in one year or less. Prepayments from customers for which the service component has yet to be provided are recognised as deferred income (contract liability) and recognised as revenue over the period when services are performed. Leases as a lessee Right-of-use assets are recorded according to principles as outlined in IFRS 16. The Group applies recognition exemptions in respect of short-term leases and leases of low-value items. Foreign currency The consolidated financial statements are presented in EUR, which is also the functional currency of the Company. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable on the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions. Classification of items in the statement of financial position Current assets and current liabilities include items that fall due for payment within one year after the reporting date. The short-term part of long-term debt maturing within 12 months after the balance sheet date is classified as short-term debt. Vessels, vessels under construction and other fixed assets Tangible non-current assets such as vessels, vessels under construction and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. The cost of acquired vessels includes expenditures that are directly attributable to the acquisition of the vessels. Costs related to vessels under construction include all directly attributable costs incurred to bring the vessel to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include yard instalments, supervision costs, site team costs, hedging losses or gains, major spare parts, borrowing costs, legal fees and guarantee fees. Borrowing costs consist of interest costs and other costs that are incurred in connection with the borrowing of funds specifically for the purpose of vessels and vessels under construction, and capitalised general borrowing costs. The costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. The depreciable amount of an asset is calculated as cost less residual value and impairment charges. The residual value is based on the estimated salvage value of the vessel. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation commences when the asset is available for its intended use. Expected useful lives, depreciation methods and residual values are reviewed annually and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 30 years Vessel dry-docking 5 years Other fixed assets 3 \u2013 5 years Upon initial recognition of a new vessel, the estimated dry dock cost is recognised as a separate component. Subsequent costs related to dry-docking are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking is being performed, and depreciation is recognised from completion of the dry-docking until the estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component. Impairment As many assets do not generate cash flows entirely independently of other assets, they are tested for impairment in groups of assets described as cash-generating units (CGUs). A CGU is the smallest identifiable group of assets that generates inflows that are largely independent of the cash flows from other CGUs. The impairment review of a CGU covers all of its tangible assets, intangible assets and attributable goodwill. Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination Vessels, vessels under construction and other fixed assets are assessed for impairment indicators each reporting period. Each vessel is considered a separate CGU. If impairment indicators are identified, the recoverable amount is estimated, and if the carrying amount of an asset or CGU exceeds its recoverable amount, an impairment loss is recognised. Inventory Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in-first-out principle (FIFO). Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where 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. The expense relating to any provision is recognised through profit and loss net of any reimbursement. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable Share-based payments For cash-settled share-based payments, a provision is recorded for the rights granted, reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period the beneficiaries are expected to perform the related service (vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expenses in the income statement. The amount of unrecognised compensation expense related to non-vested share-based payment arrangements granted in the cash-settled plans is dependent on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments. Pensions The Group is required to provide a pension plan for its onshore employees, and the Group has implemented a defined contribution plan. The plan, which is fully funded, complies with the requirements of the Mandatory Occupational Pension Act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees in a separately administered scheme. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement 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 expected. The Group has no further payment obligations once the contributions have been paid. The liability arising from the >12G plan is classified as a non-current liability in the statement of financial position. Changes in the liability are recognised as employee benefit expenses in the income statement in the periods during which services are rendered by employees. The liability becomes payable to the employee upon retirement or termination, voluntary or involuntary, of employment. Government Grants Grants are recognised when it is reasonably certain that the Group will comply with the conditions and the grants will be received. Grants related to income are deducted in reporting the related expense. Grants related to assets are deducted in arriving at the carrying amount of the asset and recognised in profit or loss over the life of the depreciable asset as a reduced depreciation expense. Grants are presented as cash flows from financing activities. Grants are classified within financing activities in the statement of cash flows. Taxes The income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising from investments in subsidiaries, except where the Group controls the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or, on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income. The Group\u2019s vessel-owning companies are subject to the Norwegian tonnage tax (NTT) regime, where incurred tonnage tax is recognised within other operating expenses. Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters. Financial instruments Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when there is a legal right to offset the amounts and an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets Initial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 Revenue from Contracts with Customers. For a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories: i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR), and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets required to be measured at fair value. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments. Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual level, taking into account facts and circumstances for the individual customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Cash flow hedges The Group applies cash flow hedge accounting for parts of its risk management positions related to currency risk. Gains and losses on the hedging instruments are recognised in Other comprehensive income, to the extent that the hedge is effective, and accumulated in the hedging reserve in equity and reclassified into operating revenues or cost when the corresponding forecasted sale or consumption is recognised. When a hedged transaction results in the recognition of a non-financial asset, the accumulated hedging gain or loss is transferred from the hedging reserve to the carrying amount of the asset. Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified, and no dividends are allocated to them. Dividends Dividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting. A corresponding amount is recognised directly towards equity. Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares. Cash flow statement The cash flow statement is presented using the indirect method. Cash and cash equivalents Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less. New and amended standards and interpretations Revised IFRS standards during 2024 have been assessed not to have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 18, which replaces IAS 1 for reporting periods beginning on or after 1 January 2027, introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, amendments to IAS 7 remove the optionality around the classification of cash flows from dividends and interest. The Group is currently working to identify all impacts the amendments will have on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__22": {
"value": "Basis of preparation The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act. The consolidated financial statements have been prepared on a historical cost basis, except for liabilities for cash-settled share-based payments, which are measured at fair value, pensions, which are measured according to IAS 19, and receivables and payables denominated in foreign currencies, which are translated at period-end exchange rates. The consolidated financial statements are presented in EUR rounded off to the nearest thousand, except as otherwise indicated. The consolidated financial statements have been prepared on a going concern basis. The material accounting policies applied in the preparation of these consolidated financial statements are set out below.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__19": {
"value": "The consolidated financial statements of IWS have been prepared in accordance with IFRS Accounting Standards as adopted by the European Union and the additional applicable disclosure requirements of the Norwegian accounting act.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__20-1": {
"value": "The consolidated financial statements are presented in EUR rounded off to the nearest thousand, except as otherwise indicated.Foreign currency The consolidated financial statements are presented in EUR, which is also the functional currency of the Company. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable on the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__21": {
"value": "The consolidated financial statements have been prepared on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__24": {
"value": "Basis of consolidation The consolidated financial statements include Integrated Wind Solutions ASA and its subsidiaries. The financial statements of the subsidiaries are prepared for the same reporting period as the Parent Company, using consistent accounting policies. All intercompany transactions and balances are eliminated in the consolidation. Subsidiaries are fully consolidated from the date of acquisition, which is when the Group obtains control over the subsidiaries, and continue to be consolidated until such control ceases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__25": {
"value": "Revenue recognition Time charter revenue Revenue from time charter contracts is generated from the leasing of vessels and the provision of related services such as accommodation, victualling, mobilisation, and other sundry services that might be agreed in the contracts. Consequently, a time charter contract consists of a leasing component of the vessel (the bareboat element) and a service component. The service component is within the scope of IFRS 15, whilst the leasing component is within the scope of IFRS 16. Revenue and operating expenses include the sale of the vessel\u2019s fuel inventory to the customer at the inception of a charter contract. The Group recognises as revenue the net margin when fuel is purchased on behalf of a customer. In addition, some contracts will have regulations regarding sundry income, which comprises income for the mark-up on costs recharged to customers, e.g. specific equipment requests. Revenue is recognised on consumption or delivery of the requested charter equipment. Income from contract termination fees is based on contractual penalties triggered by the customer\u2019s termination of contracts and is recognised as income when such fee is probable. Service revenue Engineering fees, service fees, management fees, management-on-hire fees and consulting fees are recognised as services are rendered. Revenue for these types of revenue streams is earned by satisfaction of performance obligations over time as the customer simultaneously receives and consumes the benefits provided as the Group performs. Construction revenue Construction revenue is earned over time as the Group\u2019s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Progress towards the completion of performance obligations in construction contracts is measured using an input method. The measure of completion is calculated by comparing the cost to date with the total expected cost to complete. Inputs that do not contribute towards transferring control of goods or services to the customer are excluded from the measure of progress towards completion. As a practical expedient, no adjustment of the promised amount of consideration is made for the effects of a financing component when payments are made for goods or services in one year or less. Prepayments from customers for which the service component has yet to be provided are recognised as deferred income (contract liability) and recognised as revenue over the period when services are performed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__26": {
"value": "Leases as a lessee Right-of-use assets are recorded according to principles as outlined in IFRS 16. The Group applies recognition exemptions in respect of short-term leases and leases of low-value items.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__28": {
"value": "Foreign currency The consolidated financial statements are presented in EUR, which is also the functional currency of the Company. Transactions in foreign currencies are recorded at the rate of exchange on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate applicable on the reporting date. Realised and unrealised foreign currency gains or losses on monetary items are presented as finance income or finance expense. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rates applicable at the dates of the initial transactions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "Vessels, vessels under construction and other fixed assets Tangible non-current assets such as vessels, vessels under construction and other fixed assets are carried at historical cost less accumulated depreciation and impairment losses. The cost of acquired vessels includes expenditures that are directly attributable to the acquisition of the vessels. Costs related to vessels under construction include all directly attributable costs incurred to bring the vessel to the location and condition necessary for it to be capable of operating in the manner intended by management. Examples of such costs include yard instalments, supervision costs, site team costs, hedging losses or gains, major spare parts, borrowing costs, legal fees and guarantee fees. Borrowing costs consist of interest costs and other costs that are incurred in connection with the borrowing of funds specifically for the purpose of vessels and vessels under construction, and capitalised general borrowing costs. The costs of vessels under construction are capitalised, classified as vessels under construction and presented as a tangible asset. The capitalised costs are reclassified from vessels under construction to vessels when the asset is available for its intended use. The depreciable amount of an asset is calculated as cost less residual value and impairment charges. The residual value is based on the estimated salvage value of the vessel. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation commences when the asset is available for its intended use. Expected useful lives, depreciation methods and residual values are reviewed annually and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 30 years Vessel dry-docking 5 years Other fixed assets 3 \u2013 5 years Upon initial recognition of a new vessel, the estimated dry dock cost is recognised as a separate component. Subsequent costs related to dry-docking are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking is being performed, and depreciation is recognised from completion of the dry-docking until the estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "The depreciable amount of an asset is calculated as cost less residual value and impairment charges. The residual value is based on the estimated salvage value of the vessel. Depreciation is calculated on a straight-line basis over the useful life of the assets, and depreciation commences when the asset is available for its intended use. Expected useful lives, depreciation methods and residual values are reviewed annually and adjusted prospectively, if appropriate. The following estimated useful lives are applied to the respective components of the asset: Vessels 30 years Vessel dry-docking 5 years Other fixed assets 3 \u2013 5 years Upon initial recognition of a new vessel, the estimated dry dock cost is recognised as a separate component. Subsequent costs related to dry-docking are recognised in the carrying amount of the vessels if certain recognition criteria are satisfied. The recognition is made as the dry-docking is being performed, and depreciation is recognised from completion of the dry-docking until the estimated time to the next dry-docking or overhaul. Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__31": {
"value": "Ordinary repairs and maintenance expenses are recognised in the income statement as incurred. Upgrades and material replacement of parts and equipment are capitalised as costs of vessels and depreciated together with the respective component.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__33": {
"value": "Impairment As many assets do not generate cash flows entirely independently of other assets, they are tested for impairment in groups of assets described as cash-generating units (CGUs). A CGU is the smallest identifiable group of assets that generates inflows that are largely independent of the cash flows from other CGUs. The impairment review of a CGU covers all of its tangible assets, intangible assets and attributable goodwill. Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination Vessels, vessels under construction and other fixed assets are assessed for impairment indicators each reporting period. Each vessel is considered a separate CGU. If impairment indicators are identified, the recoverable amount is estimated, and if the carrying amount of an asset or CGU exceeds its recoverable amount, an impairment loss is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__32": {
"value": "Impairment As many assets do not generate cash flows entirely independently of other assets, they are tested for impairment in groups of assets described as cash-generating units (CGUs). A CGU is the smallest identifiable group of assets that generates inflows that are largely independent of the cash flows from other CGUs. The impairment review of a CGU covers all of its tangible assets, intangible assets and attributable goodwill. Goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs that are expected to benefit from the synergies of the business combination Vessels, vessels under construction and other fixed assets are assessed for impairment indicators each reporting period. Each vessel is considered a separate CGU. If impairment indicators are identified, the recoverable amount is estimated, and if the carrying amount of an asset or CGU exceeds its recoverable amount, an impairment loss is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__34": {
"value": "Inventory Inventories are measured at the lower of cost and net realisable value. Cost is determined in accordance with the first-in-first-out principle (FIFO).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) because of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Where 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. The expense relating to any provision is recognised through profit and loss net of any reimbursement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__36": {
"value": "Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, using assumptions that market participants would use when pricing the asset or liability. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level of input that is significant to the fair value measurement as a whole: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__37": {
"value": "Share-based payments For cash-settled share-based payments, a provision is recorded for the rights granted, reflecting the vested portion of the fair value of the rights at the reporting date. The provision is accrued over the period the beneficiaries are expected to perform the related service (vesting period). The cash-settled share-based payments are remeasured to fair value at each reporting date until the award is settled. Any changes in the fair value of the provision are recognised as administration expenses in the income statement. The amount of unrecognised compensation expense related to non-vested share-based payment arrangements granted in the cash-settled plans is dependent on the final intrinsic value of the awards. Social security tax liability is recognised on the intrinsic value of the cash-settled share-based payments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "Pensions The Group is required to provide a pension plan for its onshore employees, and the Group has implemented a defined contribution plan. The plan, which is fully funded, complies with the requirements of the Mandatory Occupational Pension Act in Norway (\u201cLov om obligatorisk tjenestepensjon\u201d). Contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees in a separately administered scheme. G refers to the Norwegian National Insurance basic amount. Contributions to the pension plan are recognised as an employee benefit expense in the income statement 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 expected. The Group has no further payment obligations once the contributions have been paid. The liability arising from the >12G plan is classified as a non-current liability in the statement of financial position. Changes in the liability are recognised as employee benefit expenses in the income statement in the periods during which services are rendered by employees. The liability becomes payable to the employee upon retirement or termination, voluntary or involuntary, of employment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "Government Grants Grants are recognised when it is reasonably certain that the Group will comply with the conditions and the grants will be received. Grants related to income are deducted in reporting the related expense. Grants related to assets are deducted in arriving at the carrying amount of the asset and recognised in profit or loss over the life of the depreciable asset as a reduced depreciation expense. Grants are presented as cash flows from financing activities. Grants are classified within financing activities in the statement of cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "Taxes The income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising from investments in subsidiaries, except where the Group controls the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or, on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income. The Group\u2019s vessel-owning companies are subject to the Norwegian tonnage tax (NTT) regime, where incurred tonnage tax is recognised within other operating expenses. Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__40": {
"value": "Taxes The income tax expense consists of current income tax and changes in deferred tax. Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. Deferred income tax is calculated on temporary differences arising from investments in subsidiaries, except where the Group controls the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets and liabilities are determined using tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax liabilities and deferred tax assets are recognised at nominal values and classified as non-current liabilities and non-current assets in the statement of financial position. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or, on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realised simultaneously. Current income tax and deferred tax are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or other comprehensive income. The Group\u2019s vessel-owning companies are subject to the Norwegian tonnage tax (NTT) regime, where incurred tonnage tax is recognised within other operating expenses. Companies subject to NTT are exempt from ordinary tax on income derived from operations in international waters.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "Financial instruments Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when there is a legal right to offset the amounts and an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets Initial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 Revenue from Contracts with Customers. For a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories: i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR), and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets required to be measured at fair value. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments. Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual level, taking into account facts and circumstances for the individual customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__42": {
"value": "Financial instruments Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position when there is a legal right to offset the amounts and an intention either to settle on a net basis or to realise the asset and settle the liability simultaneously. Financial assets Initial recognition and measurement: Financial assets are classified at initial recognition and subsequently measured at either i) amortised cost or ii) fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 Revenue from Contracts with Customers. For a financial asset to be classified and measured at amortised cost, it needs to give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Subsequent measurement: Financial assets are classified in two categories: i. Financial assets at amortised cost (debt instruments) The Group measures financial assets at amortised cost if both of the following conditions are met: i) The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest method (EIR), and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables. ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets required to be measured at fair value. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments. Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual level, taking into account facts and circumstances for the individual customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__47": {
"value": "ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets required to be measured at fair value. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments. Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual level, taking into account facts and circumstances for the individual customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "ii. Financial assets at fair value through profit or loss The category includes financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets required to be measured at fair value. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value, with net changes in fair value recognised in the statement of profit or loss. This category includes derivative instruments and listed equity investments. Derecognition: A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when either i) The rights to receive cash flows from the asset have expired or ii) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. For trade receivables and contract assets, the Group applies a simplified approach to calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. Receivables are reviewed and assessed on an individual level, taking into account facts and circumstances for the individual customer. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "Financial liabilities At initial recognition, financial liabilities are classified as financial liabilities at fair value through profit or loss, financial liabilities measured at amortised cost or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of financial liabilities measured at amortised cost, net of directly attributable transaction costs. The subsequent measurement of financial liabilities depends on their classification, as described below: i) Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ii) Financial liabilities measured at amortised cost: After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. Derecognition: A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "Cash flow hedges The Group applies cash flow hedge accounting for parts of its risk management positions related to currency risk. Gains and losses on the hedging instruments are recognised in Other comprehensive income, to the extent that the hedge is effective, and accumulated in the hedging reserve in equity and reclassified into operating revenues or cost when the corresponding forecasted sale or consumption is recognised. When a hedged transaction results in the recognition of a non-financial asset, the accumulated hedging gain or loss is transferred from the hedging reserve to the carrying amount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "Cash flow hedges The Group applies cash flow hedge accounting for parts of its risk management positions related to currency risk. Gains and losses on the hedging instruments are recognised in Other comprehensive income, to the extent that the hedge is effective, and accumulated in the hedging reserve in equity and reclassified into operating revenues or cost when the corresponding forecasted sale or consumption is recognised. When a hedged transaction results in the recognition of a non-financial asset, the accumulated hedging gain or loss is transferred from the hedging reserve to the carrying amount of the asset.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified, and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__49": {
"value": "Share capital Ordinary shares are classified as equity. Costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Own equity instruments acquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Voting rights relating to treasury shares are nullified, and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__51": {
"value": "Dividends Dividend payments are recognised as a liability in the Group\u2019s financial statements from the date when the dividend is approved by the General Meeting. A corresponding amount is recognised directly towards equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__52": {
"value": "Earnings per share The Group presents basic and diluted earnings per share data for its ordinary shares. Basic earnings per share is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. Diluted earnings per share is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of all dilutive potential ordinary shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__53-1": {
"value": "Cash flow statement The cash flow statement is presented using the indirect method.Cash and cash equivalents Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__55": {
"value": "Cash and cash equivalents Cash represents cash on hand and deposits with banks that are repayable on demand. Cash includes restricted employee taxes withheld. Cash equivalents represent short-term, highly liquid investments which are readily convertible into known amounts of cash with original maturities of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__57": {
"value": "New and amended standards and interpretations Revised IFRS standards during 2024 have been assessed not to have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 18, which replaces IAS 1 for reporting periods beginning on or after 1 January 2027, introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, amendments to IAS 7 remove the optionality around the classification of cash flows from dividends and interest. The Group is currently working to identify all impacts the amendments will have on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__56": {
"value": "New and amended standards and interpretations Revised IFRS standards during 2024 have been assessed not to have an impact on the consolidated financial statements of the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 18, which replaces IAS 1 for reporting periods beginning on or after 1 January 2027, introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, amendments to IAS 7 remove the optionality around the classification of cash flows from dividends and interest. The Group is currently working to identify all impacts the amendments will have on the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "NOTE 3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and judgements on historical experience and various other factors that are expected to be reasonable under the circumstances, the results of which form the basis for making judgements concerning the carrying values of assets and liabilities that are not readily apparent from other sources. In general, management must apply judgement, make assumptions, and apply estimates when preparing the financial statements. Critical judgements in applying accounting policies Judgement has been applied in identifying the CGUs used for goodwill impairment testing. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Significant estimates in applying accounting policies Estimates are based on the actual underlying business and external factors such as forecasted interest rates, foreign exchange rates and market fluctuations outside of the control of the Group. Consequently, there will be a substantial risk that estimates will deviate from actual conditions. Management has applied significant estimates and assumptions mainly relating to the following two items: i) Recognition of revenue from construction contracts. The estimation technique used for revenue and profit recognition with respect to construction contracts requires forecasts to be made of the outcomes, changes in the scope of work and changes in costs. Contract assets require significant accounting estimates and have been recognised on the basis that they are considered highly probable not to reverse. The key judgements and estimates related to the revenue and profit of construction contracts are the cost to complete. Each contract is subject to regular review of revenue and cost to complete by management. ii) Impairment testing of vessels and vessels under construction The carrying values of vessels and vessels under construction are tested for impairment whenever there are indications that the value may be impaired. Such impairment assessment calculations demand a high degree of estimation, where management must make complex assessments of expected future cash flows and which discount rates to use.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "NOTE 3 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of financial statements requires management to make estimates, judgements and assumptions that affect the amounts reported in the financial statements and accompanying notes. Management bases its estimates and judgements on historical experience and various other factors that are expected to be reasonable under the circumstances, the results of which form the basis for making judgements concerning the carrying values of assets and liabilities that are not readily apparent from other sources. In general, management must apply judgement, make assumptions, and apply estimates when preparing the financial statements. Critical judgements in applying accounting policies Judgement has been applied in identifying the CGUs used for goodwill impairment testing. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Significant estimates in applying accounting policies Estimates are based on the actual underlying business and external factors such as forecasted interest rates, foreign exchange rates and market fluctuations outside of the control of the Group. Consequently, there will be a substantial risk that estimates will deviate from actual conditions. Management has applied significant estimates and assumptions mainly relating to the following two items: i) Recognition of revenue from construction contracts. The estimation technique used for revenue and profit recognition with respect to construction contracts requires forecasts to be made of the outcomes, changes in the scope of work and changes in costs. Contract assets require significant accounting estimates and have been recognised on the basis that they are considered highly probable not to reverse. The key judgements and estimates related to the revenue and profit of construction contracts are the cost to complete. Each contract is subject to regular review of revenue and cost to complete by management. ii) Impairment testing of vessels and vessels under construction The carrying values of vessels and vessels under construction are tested for impairment whenever there are indications that the value may be impaired. Such impairment assessment calculations demand a high degree of estimation, where management must make complex assessments of expected future cash flows and which discount rates to use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "NOTE 4 SEGMENT INFORMATION The Board of Directors and CEO Group Management team is the Chief Operating Decision Maker (CODM) for the IWS Group. CODM monitors the operating results of the Group\u2019s financial performance at the business unit level. The Group is organised into business units based on its services and has two reportable segments: \u2022 IWS Fleet owns and operates CSOVs. \u2022 IWS Services provides design, engineering, and construction solutions along with operations- and management services to the offshore wind industry. No operating segments have been aggregated to form the above reportable operating segments. Segment performance is evaluated based on profit or loss before tax and is measured consistently with profit or loss before tax in the consolidated financial statements. The operating segment disclosure has been amended to present inter-segment revenue and balances separately from external customer revenue and consolidated balances. Comparative figures have been re-presented to align with the updated presentation format. The amendment has no impact on IWS\u2019s consolidated financial statements. The following table presents revenue and profit information for the Group\u2019s operating segments for the years ended 31 December 2024 and 2023, respectively: Group functions/ 1IWS Fleet IWS Services eliminationsConsolidated 2024 2023 2024 2023 2024 2023 2024 2023 re-presented re-presented re-presented In EUR thousand External customer revenue 25 528 244 29 985 22 242 209 114 55 722 22 600 Internal revenue - - 47 10 -47 -10 - - Share of net profit of equity-- - - - 661 370 661 370 2accounted investeesOperating expenses -14 710 -1 279 -29 850 -21 138 -2 557 -3 201 -47 117 -25 618 EBITDA 10 818 -1 035 182 1 114 -1 734 -2 727 9 266 -2 648 Depreciation and amortisation -2 812 - -331 -406 -241 -151 -3 384 -557 EBIT 8 006 -1 035 -149 708 -1 975 -2 878 5 882 -3 205 Net finance income 314 1 360 -228 -350 1 181 1 174 1 267 2 184 Profit before tax 8 320 325 -377 358 -794 -1 704 7 149 -1 021 The Group had, in 2024, four major customers that individually contributed more than 10% of the Group's revenues, at 23%, 18%, 12% and 11% (2023: four major customers that individually contributed more than 10% of the Group's revenues at 31%, 13%, 12% and 12%). The following table presents assets and liabilities information for the Group\u2019s operating segments as of 31 December 2024 and 2023, respectively: Group functions/ IWS Fleet IWS Services eliminations Consolidated 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 In EUR thousand re-presented re-presented re-presented Equity-accounted investees 31 31 - - 24 244 13 096 24 275 13 127 Other non-current assets 228 579 99 354 6 986 6 895 -1 475 -1 611 234 090 104 638 Other current assets 14 103 749 11 845 9 596 555 1 065 26 503 11 410 Cash and cash equivalents 23 055 3 621 3 576 3 976 5 826 23 378 32 457 30 975 Segment assets 265 768 103 755 22 407 20 467 29 150 35 928 317 325 160 150 Borrowings 118 908 45 602 1 458 911 -6 923 -16 615 113 443 29 898 Non-current liabilities 175 46 221 374 1 374 745 1 770 1 165 Current liabilities 6 403 3 303 5 084 3 017 1 634 -302 13 121 6 018 Segment liabilities 125 486 48 951 6 763 4 302 -3 915 -16 172 128 334 37 081 Net assets 140 282 54 804 15 644 16 165 33 065 52 100 188 991 123 069 1) Group functions/eliminations include revenue, expenses, assets, and liabilities of the parent company. 2) The Group\u2019s share of the net profit in PEAK Wind for 2024 is net of EUR 390 thousand amortisation of acquisition-related intangible assets (EUR 339 thousand in 2023). A geographical breakdown of assets is not disclosed in this note, as the assets are not necessarily tied to specific locations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "NOTE 5 REVENUES FROM CONTRACTS WITH CUSTOMERS Operating revenue In EUR thousand Segment 2024 2023 Service element of time-charter contracts, including victualling IWS Fleet 14 187 - Revenue from construction contracts IWS Services 27 567 11 929 Other operating revenue IWS Fleet 1 936 244 IWS Services 2 418 10 313 Group functions 209 114 Lease element of time-charter contracts IWS Fleet 9 405 - Total 55 722 22 600 The Group earns its revenue primarily from vessel operations on time-charter contracts to the offshore wind industry in IWS Fleet, and construction-related services in IWS Services. Time-charter contracts in IWS Fleet consist of leasing vessels and providing services, including accommodation, victualling, and other sundry services. Therefore, time-charter revenue is separated into a leasing component of the vessel (the bareboat element) and a service component. Time-charter termination fees are presented within the service component. Revenue from construction contracts is based on an input method of measure of completion, comparing the cost to date with the total expected cost to complete. Furthermore, the Group provides consulting services and third-party technical services, which are classified as other operating revenue. Revenue by geographical markets In EUR thousand 2024 2023 UK 18 413 3 814 Netherlands 11 266 - Taiwan 7 260 4 089 Poland 4 466 - Belgium 4 216 3 621 Greece 3 810 - France 3 103 4 138 Denmark 1 386 1 673 Norway 768 1 218 Other 1 034 4 047 Total 55 722 22 600 The geographical distribution of revenue is based on the location of clients. The revenue for 2024 and 2023 is mainly generated from vessel operations, construction work related to electrical and technical solutions to the global offshore wind sector, and the rendering of advisory services. The performance obligations in the contracts with customers have an original expected duration of one year or less. Closing balances of receivables from contracts with customers are disclosed in Note 13. Contract balances In EUR thousand 31.12.2024 31.12.2023 Trade receivables 18 528 5 127 Contract assets 4 472 4 431 Contract liabilities - 331 Revenue recognised in the year relating to contract liabilities at the beginning of the year was EUR 331 thousand (2023: EUR 804 thousand). Contract liabilities are presented within other current liabilities on the balance sheet. No impairment losses have been recognised for contract assets in 2024 or 2023. Revenue order backlog The revenue order backlog is presented without any inflation adjustments. The IWS Fleet revenue backlog is presented including an estimated EUR 5,000 per day in gross victualling revenue. Timing of backlog is based on the Group\u2019s best estimates per year-end. IWS Fleet IWS Services Total In EUR thousand 2024 2023 2024 2023 2024 2023 Within twelve months 39 199 12 484 17 795 14 680 56 994 27 164 After twelve months 44 600 20 910 2 699 195 47 299 21 105 Total 83 799 33 394 20 494 14 875 104 293 48 269",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "NOTE 5 REVENUES FROM CONTRACTS WITH CUSTOMERS Operating revenue In EUR thousand Segment 2024 2023 Service element of time-charter contracts, including victualling IWS Fleet 14 187 - Revenue from construction contracts IWS Services 27 567 11 929 Other operating revenue IWS Fleet 1 936 244 IWS Services 2 418 10 313 Group functions 209 114 Lease element of time-charter contracts IWS Fleet 9 405 - Total 55 722 22 600 The Group earns its revenue primarily from vessel operations on time-charter contracts to the offshore wind industry in IWS Fleet, and construction-related services in IWS Services. Time-charter contracts in IWS Fleet consist of leasing vessels and providing services, including accommodation, victualling, and other sundry services. Therefore, time-charter revenue is separated into a leasing component of the vessel (the bareboat element) and a service component. Time-charter termination fees are presented within the service component. Revenue from construction contracts is based on an input method of measure of completion, comparing the cost to date with the total expected cost to complete. Furthermore, the Group provides consulting services and third-party technical services, which are classified as other operating revenue. Revenue by geographical markets In EUR thousand 2024 2023 UK 18 413 3 814 Netherlands 11 266 - Taiwan 7 260 4 089 Poland 4 466 - Belgium 4 216 3 621 Greece 3 810 - France 3 103 4 138 Denmark 1 386 1 673 Norway 768 1 218 Other 1 034 4 047 Total 55 722 22 600 The geographical distribution of revenue is based on the location of clients. The revenue for 2024 and 2023 is mainly generated from vessel operations, construction work related to electrical and technical solutions to the global offshore wind sector, and the rendering of advisory services. The performance obligations in the contracts with customers have an original expected duration of one year or less. Closing balances of receivables from contracts with customers are disclosed in Note 13. Contract balances In EUR thousand 31.12.2024 31.12.2023 Trade receivables 18 528 5 127 Contract assets 4 472 4 431 Contract liabilities - 331 Revenue recognised in the year relating to contract liabilities at the beginning of the year was EUR 331 thousand (2023: EUR 804 thousand). Contract liabilities are presented within other current liabilities on the balance sheet. No impairment losses have been recognised for contract assets in 2024 or 2023. Revenue order backlog The revenue order backlog is presented without any inflation adjustments. The IWS Fleet revenue backlog is presented including an estimated EUR 5,000 per day in gross victualling revenue. Timing of backlog is based on the Group\u2019s best estimates per year-end. IWS Fleet IWS Services Total In EUR thousand 2024 2023 2024 2023 2024 2023 Within twelve months 39 199 12 484 17 795 14 680 56 994 27 164 After twelve months 44 600 20 910 2 699 195 47 299 21 105 Total 83 799 33 394 20 494 14 875 104 293 48 269",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__63": {
"value": "NOTE 6 PAYROLL AND REMUNERATION Employee benefits In EUR thousand 2024 2023 Salary and holiday pay -12 061 -9 007 Employer\u2019s national insurance contribution -972 -662 Pension expenses -1 018 -900 Other personnel expenses -509 -369 Total employee benefits -14 560 -10 938 Average number of full-time equivalent employees during the year 169 190 Remuneration to Group Management Long-Pension term 2024 In EUR thousand Salary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 375 247 62 259 23 966 COO Christopher Andersen Heidenreich 307 163 50 200 24 744 CFO Marius Magelie 276 147 42 214 4 683 Total 958 557 154 673 51 2 393 Long-Pension term 2023 In EUR thousand Salary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 305 159 56 183 22 725 COO Christopher Andersen Heidenreich 252 137 45 141 23 598 CFO Marius Magelie 227 123 38 108 4 500 Total 784 419 139 432 49 1 823 Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation consists of a base salary and benefits including pension schemes, insurance, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The variable compensation consists of a variable bonus limited to 12 months\u2019 salary and a long-term incentive plan. 2021 Long-term incentive plan A total of 646,450 synthetic share options were awarded in 2021 and 2022. The exercise price of the synthetic share options is NOK 35.87 subject to certain adjusting events, including payment of dividend and issue of new shares. No synthetic share options have been forfeited. The synthetic options of the CEO and COO vest and become exercisable with 1/3 on 1 January 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2026 and the settlement of the option value is paid in cash. The synthetic options of the CFO vest and become exercisable with 1/3 on 31 December 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2027 and the settlement of the option value is paid in cash. 2024 Long-term incentive plan ndA total of 900,000 synthetic share options were granted on the 2 of February 2024. The exercise price of the new synthetic share options is NOK 43.00 subject to certain adjusting events, including payment of dividend and issue of new thshares. The new synthetic share options of the CEO and COO vest and become exercisable with 1/4 on the 30 of June th2027, 2028, 2029 and 2030, with the exercise period for all vesting dates ending on the 30 of June 2030. The synthetic thshare options of the CFO vest and become exercisable on the 30 of June 2028, 2029, 2030 and 2031, with the exercise thperiod for all vesting dates ending on 30 of June 2031. The settlement of the option value is paid in cash. No synthetic share options have been forfeited. Synthetic share options outstanding under long-term incentive plan 2024 2023 CEO Lars-Henrik R\u00f8ren 603 750 243 750 COO Christopher Andersen Heidenreich 467 500 187 500 CFO Marius Magelie 435 200 175 200 Total number of synthetic shares 1 506 450 606 450 The weighted average exercise price of all outstanding synthetic share options under the long-term incentive plans is NOK 40.13. The fair value of the synthetic share options is estimated at the grant date and each year-end using the Black-Scholes-Merton option pricing model, taking into account the terms and conditions on which the share options were granted and applying management\u2019s best estimate for the number of synthetic share options expected to vest and volatility of the share price. The expensed amount under the share option plan in 2024 totals EUR 673 thousand (2023: EUR 425 thousand). Pension Post-employment benefits are recognised in accordance with IAS 19 Employee Benefits. Contributions to defined contribution plans are recognised in the income statement in the period in which they accrue. For employees in the Norwegian companies the Group offers a defined contribution plan whereby contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Plans and benefit levels in the Group\u2019s foreign subsidiaries vary between companies and countries. Remuneration to Board of Directors In EUR thousand 2024 2023 Sigurd E. Thorvildsen 43 44 Cathrine Haavind 34 35 Jens-Julius Ramdahl Nygaard 34 35 Daniel Gold 34 35 Synne Syrrist 34 35 Total 179 184 The remuneration to the Board of Directors is recognised as an operating expense in the income statement. The Chair of the Board receives an annual fee of NOK 450,000, and other board members receive an annual fee of NOK 350,000 each. In addition, each member of the audit committee and the remuneration committee receives an annual fee of NOK 50,000. Directors and key management and their related parties\u2019 shares in the Company 2024 2023 Management 1CEO Lars-Henrik R\u00f8ren93 750 93 750 2COO Christopher Andersen Heidenreich45 170 45 170 3CFO Marius Gr\u00f8sfjeld Magelie39 062 39 062 Members of the board of directors 4Sigurd E. Thorvildsen156 250 156 250 5Cathrine Haavind6 250 6 250 6Jens-Julius Ramdahl Nygaard121 875 121 875 7Daniel Gold2 780 021 2 780 021 Synne Syrrist 12 500 12 500 Total 3 254 878 3 254 878 1) Indirect shareholding via R\u00f8ren Invest AS 2) Indirect shareholding via Aconcagua AS 3) Indirect shareholding via MGM Invest AS 4) Indirect shareholding via Millennium Falcon AS 5) Indirect shareholding via Cruella AS 6) Indirect shareholding of 75,000 shares via JJ & MH Holding AS 7) Indirect shareholding via QVT Family Office Fund ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "Remuneration to Group Management Long-Pension term 2024 In EUR thousand Salary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 375 247 62 259 23 966 COO Christopher Andersen Heidenreich 307 163 50 200 24 744 CFO Marius Magelie 276 147 42 214 4 683 Total 958 557 154 673 51 2 393 Long-Pension term 2023 In EUR thousand Salary Bonus cost incentives Other Total CEO Lars-Henrik R\u00f8ren 305 159 56 183 22 725 COO Christopher Andersen Heidenreich 252 137 45 141 23 598 CFO Marius Magelie 227 123 38 108 4 500 Total 784 419 139 432 49 1 823 Remuneration to senior executives consists of fixed and variable compensation. The fixed compensation consists of a base salary and benefits including pension schemes, insurance, car allowance, parking, newspaper and communications to the extent deemed appropriate. The fixed compensation will normally constitute the main part of the remuneration to senior executives. The variable compensation consists of a variable bonus limited to 12 months\u2019 salary and a long-term incentive plan. 2021 Long-term incentive plan A total of 646,450 synthetic share options were awarded in 2021 and 2022. The exercise price of the synthetic share options is NOK 35.87 subject to certain adjusting events, including payment of dividend and issue of new shares. No synthetic share options have been forfeited. The synthetic options of the CEO and COO vest and become exercisable with 1/3 on 1 January 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2026 and the settlement of the option value is paid in cash. The synthetic options of the CFO vest and become exercisable with 1/3 on 31 December 2024, 2025, and 2026. The exercise period for all vesting dates ends on 21 June 2027 and the settlement of the option value is paid in cash. 2024 Long-term incentive plan ndA total of 900,000 synthetic share options were granted on the 2 of February 2024. The exercise price of the new synthetic share options is NOK 43.00 subject to certain adjusting events, including payment of dividend and issue of new thshares. The new synthetic share options of the CEO and COO vest and become exercisable with 1/4 on the 30 of June th2027, 2028, 2029 and 2030, with the exercise period for all vesting dates ending on the 30 of June 2030. The synthetic thshare options of the CFO vest and become exercisable on the 30 of June 2028, 2029, 2030 and 2031, with the exercise thperiod for all vesting dates ending on 30 of June 2031. The settlement of the option value is paid in cash. No synthetic share options have been forfeited. Synthetic share options outstanding under long-term incentive plan 2024 2023 CEO Lars-Henrik R\u00f8ren 603 750 243 750 COO Christopher Andersen Heidenreich 467 500 187 500 CFO Marius Magelie 435 200 175 200 Total number of synthetic shares 1 506 450 606 450 The weighted average exercise price of all outstanding synthetic share options under the long-term incentive plans is NOK 40.13. The fair value of the synthetic share options is estimated at the grant date and each year-end using the Black-Scholes-Merton option pricing model, taking into account the terms and conditions on which the share options were granted and applying management\u2019s best estimate for the number of synthetic share options expected to vest and volatility of the share price. The expensed amount under the share option plan in 2024 totals EUR 673 thousand (2023: EUR 425 thousand). Pension Post-employment benefits are recognised in accordance with IAS 19 Employee Benefits. Contributions to defined contribution plans are recognised in the income statement in the period in which they accrue. For employees in the Norwegian companies the Group offers a defined contribution plan whereby contributions on salary up until 12G are funded in a life insurance company, whereas contributions on salary over 12G are pledged towards the participating employees. G refers to the Norwegian National Insurance basic amount. Plans and benefit levels in the Group\u2019s foreign subsidiaries vary between companies and countries. Remuneration to Board of Directors In EUR thousand 2024 2023 Sigurd E. Thorvildsen 43 44 Cathrine Haavind 34 35 Jens-Julius Ramdahl Nygaard 34 35 Daniel Gold 34 35 Synne Syrrist 34 35 Total 179 184 The remuneration to the Board of Directors is recognised as an operating expense in the income statement. The Chair of the Board receives an annual fee of NOK 450,000, and other board members receive an annual fee of NOK 350,000 each. In addition, each member of the audit committee and the remuneration committee receives an annual fee of NOK 50,000. Directors and key management and their related parties\u2019 shares in the Company 2024 2023 Management 1CEO Lars-Henrik R\u00f8ren93 750 93 750 2COO Christopher Andersen Heidenreich45 170 45 170 3CFO Marius Gr\u00f8sfjeld Magelie39 062 39 062 Members of the board of directors 4Sigurd E. Thorvildsen156 250 156 250 5Cathrine Haavind6 250 6 250 6Jens-Julius Ramdahl Nygaard121 875 121 875 7Daniel Gold2 780 021 2 780 021 Synne Syrrist 12 500 12 500 Total 3 254 878 3 254 878 1) Indirect shareholding via R\u00f8ren Invest AS 2) Indirect shareholding via Aconcagua AS 3) Indirect shareholding via MGM Invest AS 4) Indirect shareholding via Millennium Falcon AS 5) Indirect shareholding via Cruella AS 6) Indirect shareholding of 75,000 shares via JJ & MH Holding AS 7) Indirect shareholding via QVT Family Office Fund ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "NOTE 7 OPERATING EXPENSES In EUR thousand 2024 2023 Materials directly related to projects -12 986 -5 265 Contractors -4 726 -6 138 Other costs of goods sold -1 269 -549 Vessel operating expenses -9 637 -96 Rental and leasing costs -357 -307 Management fee - -97 Consultancy fees and external personnel -384 -219 Provisions for bad debts -21 -4 Miscellaneous -3 177 -2 005 Total operating expenses -32 557 -14 680 Auditor fees In EUR thousand 2024 2023 Audit services (expensed) -248 -270 Other assurance services -46 -20 Tax advisory -0 -3 Total fees to auditor, excl. VAT -294 -293",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__6__66": {
"value": "NOTE 7 OPERATING EXPENSES In EUR thousand 2024 2023 Materials directly related to projects -12 986 -5 265 Contractors -4 726 -6 138 Other costs of goods sold -1 269 -549 Vessel operating expenses -9 637 -96 Rental and leasing costs -357 -307 Management fee - -97 Consultancy fees and external personnel -384 -219 Provisions for bad debts -21 -4 Miscellaneous -3 177 -2 005 Total operating expenses -32 557 -14 680 Auditor fees In EUR thousand 2024 2023 Audit services (expensed) -248 -270 Other assurance services -46 -20 Tax advisory -0 -3 Total fees to auditor, excl. VAT -294 -293",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "NOTE 7 OPERATING EXPENSES In EUR thousand 2024 2023 Materials directly related to projects -12 986 -5 265 Contractors -4 726 -6 138 Other costs of goods sold -1 269 -549 Vessel operating expenses -9 637 -96 Rental and leasing costs -357 -307 Management fee - -97 Consultancy fees and external personnel -384 -219 Provisions for bad debts -21 -4 Miscellaneous -3 177 -2 005 Total operating expenses -32 557 -14 680 Auditor fees In EUR thousand 2024 2023 Audit services (expensed) -248 -270 Other assurance services -46 -20 Tax advisory -0 -3 Total fees to auditor, excl. VAT -294 -293",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "Auditor fees In EUR thousand 2024 2023 Audit services (expensed) -248 -270 Other assurance services -46 -20 Tax advisory -0 -3 Total fees to auditor, excl. VAT -294 -293",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2024 2023 Interest income 1 678 1 039 Other finance income - 1 200 Total finance income 1 678 2 239 Interest expenses -421 -121 Other finance expenses -231 -108 Total finance expenses -652 -229 Net foreign currency exchange gains 241 174 Net finance income 1 267 2 184",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2024 2023 Interest income 1 678 1 039 Other finance income - 1 200 Total finance income 1 678 2 239 Interest expenses -421 -121 Other finance expenses -231 -108 Total finance expenses -652 -229 Net foreign currency exchange gains 241 174 Net finance income 1 267 2 184",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "NOTE 8 FINANCE INCOME AND EXPENSES In EUR thousand 2024 2023 Interest income 1 678 1 039 Other finance income - 1 200 Total finance income 1 678 2 239 Interest expenses -421 -121 Other finance expenses -231 -108 Total finance expenses -652 -229 Net foreign currency exchange gains 241 174 Net finance income 1 267 2 184",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "NOTE 9 PROPERTY, PLANT AND EQUIPMENT Vessels Leased Other 2024 under tangible tangible In EUR thousand Vessels construction assets assets Total Cost 1 January - 95 672 1 755 410 97 837 Additions 376 134 110 37 103 134 626 Reclassification 148 041 -149 913 - - -1 872 Disposals - - -33 - -33 Currency translation differences - - - 1 1 Cost 31 December 148 417 79 869 1 759 514 230 559 Accumulated depreciation 1 January - - -272 -201 -473 Depreciation -2 780 - -374 -82 -3 236 Disposals - - 32 - 32 Currency translation differences - - - 1 1 Accumulated depreciation 31 December -2 780 - -614 -282 -3 676 Carrying amount 31 December 145 637 79 869 1 145 232 226 883 Vessels Leased Other 2023 under tangible tangible In EUR thousand construction assets assets Total Cost 1 January 50 674 145 244 51 063 Additions 48 191 1 625 210 50 026 Disposals - -23 -44 -67 Currency translation differences -3 193 8 0 -3 185 Cost 31 December 95 672 1 755 410 97 837 Accumulated depreciation 1 January - -18 -116 -134 Depreciation - -278 -116 -394 Disposals - 23 31 54 Currency translation differences - 1 0 1 Accumulated depreciation 31 December - -272 -201 -473 Carrying amount 31 December 95 672 1 483 209 97 364 The carrying value of vessels under construction includes yard instalments, other directly attributable project costs, guarantee fees and capitalised borrowing costs. Borrowing costs of EUR 2.8 million relating to the Green Senior Secured Credit Facility have been capitalised in 2024 (EUR 1.2 million in 2023). General borrowing costs have been capitalised using the effective interest rate of 4.1% (2023: nil). Enova grants of EUR 1.9 million were reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the Enova project reports for IWS Skywalker and IWS Windwalker in 2024 (2023: nil). Refer to Note 17 for additional details. Impairment indicators Identification of impairment indicators for the Group\u2019s vessels and vessels under construction is based on developments in market rates, forecasted operating expenses, technological development, changes in regulatory requirements, interest rates, and an assessment of the progress of the construction. Demand for CSOVs remains strong, as reflected in day rates, and is forecast to continue to outstrip supply. Construction work for the remaining vessels under construction is progressing well. Furthermore, orders for similar spec vessels are being placed at prices in excess of the build cost of the Group\u2019s vessels. The conditions mentioned support the conclusion that there are no impairment indicators identified as of 31 December 2024. Commitments on shipbuilding contracts Through its subsidiary, IWS Fleet AS, the Group has two CSOVs under construction at the shipyard China Merchants Industry Holdings Co., Ltd at year-end 2024 (five at year-end 2023). The vessels shall be delivered in Q2 and Q3 2025. The remaining instalments for IWS Moonwalker and IWS Sunwalker amount to EUR 40 million, which will be paid in 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "NOTE 10 INTANGIBLE ASSETS 2024 Other intangible In EUR thousand Goodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3 -2 -5 Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January - -846 -846 Amortisation - -148 -148 Disposals - - - Currency translation differences - 1 1 Accumulated amortisation 31 December - -993 -993 Carrying amount 31 December 5 003 1 003 6 006 2023 Other intangible In EUR thousand Goodwill assets Total Cost 1 January 5 017 2 002 7 019 Additions - - - Disposals - - - Currency translation differences -11 -4 -15 Cost 31 December 5 006 1 998 7 004 Accumulated amortisation 1 January - -683 -683 Amortisation - -164 -164 Disposals - - - Currency translation differences - 1 1 Accumulated amortisation 31 December - -846 -846 Carrying amount 31 December 5 006 1 152 6 158 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,893 thousand (2023: EUR 3,896 thousand) and Green Ducklings EUR 1,110 thousand (2023: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 1,003 thousand (2023: EUR 1,152 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2024 2023 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand % EUR thousand % ProCon 3 893 11.2 3 896 13.1 Green Ducklings 1 110 10.1 1 110 10.6 Total 5 003 5 006 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2024. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2023: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, given that the remaining assumptions are constant. Impairment sensitivity to In EUR thousand Change changes in key estimates Revenue growth -20% - EBIT margin -3 % point - Discount rate +2 % point -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__74": {
"value": "NOTE 10 INTANGIBLE ASSETS 2024 Other intangible In EUR thousand Goodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3 -2 -5 Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January - -846 -846 Amortisation - -148 -148 Disposals - - - Currency translation differences - 1 1 Accumulated amortisation 31 December - -993 -993 Carrying amount 31 December 5 003 1 003 6 006 2023 Other intangible In EUR thousand Goodwill assets Total Cost 1 January 5 017 2 002 7 019 Additions - - - Disposals - - - Currency translation differences -11 -4 -15 Cost 31 December 5 006 1 998 7 004 Accumulated amortisation 1 January - -683 -683 Amortisation - -164 -164 Disposals - - - Currency translation differences - 1 1 Accumulated amortisation 31 December - -846 -846 Carrying amount 31 December 5 006 1 152 6 158 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,893 thousand (2023: EUR 3,896 thousand) and Green Ducklings EUR 1,110 thousand (2023: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 1,003 thousand (2023: EUR 1,152 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2024 2023 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand % EUR thousand % ProCon 3 893 11.2 3 896 13.1 Green Ducklings 1 110 10.1 1 110 10.6 Total 5 003 5 006 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2024. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2023: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, given that the remaining assumptions are constant. Impairment sensitivity to In EUR thousand Change changes in key estimates Revenue growth -20% - EBIT margin -3 % point - Discount rate +2 % point -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "NOTE 10 INTANGIBLE ASSETS 2024 Other intangible In EUR thousand Goodwill assets Total Cost 1 January 5 006 1 998 7 004 Additions - - - Disposals - - - Currency translation differences -3 -2 -5 Cost 31 December 5 003 1 996 6 999 Accumulated amortisation 1 January - -846 -846 Amortisation - -148 -148 Disposals - - - Currency translation differences - 1 1 Accumulated amortisation 31 December - -993 -993 Carrying amount 31 December 5 003 1 003 6 006 2023 Other intangible In EUR thousand Goodwill assets Total Cost 1 January 5 017 2 002 7 019 Additions - - - Disposals - - - Currency translation differences -11 -4 -15 Cost 31 December 5 006 1 998 7 004 Accumulated amortisation 1 January - -683 -683 Amortisation - -164 -164 Disposals - - - Currency translation differences - 1 1 Accumulated amortisation 31 December - -846 -846 Carrying amount 31 December 5 006 1 152 6 158 Goodwill is included in intangible assets in the balance sheet and consists of goodwill from the acquisitions of ProCon EUR 3,893 thousand (2023: EUR 3,896 thousand) and Green Ducklings EUR 1,110 thousand (2023: EUR 1,110 thousand). Other intangible assets consist of acquisition-related intangibles with definite lives. These assets are amortised over their expected useful lives, which do not exceed ten years. The net book value of other intangible assets consists of customer relationships in ProCon of EUR 1,003 thousand (2023: EUR 1,152 thousand). Impairment review \u2013 goodwill Goodwill is, for impairment testing, allocated to the ProCon and Green Ducklings CGUs. 2024 2023 Pre-tax Pre-tax Carrying discount Carrying discount amount rate amount rate Goodwill allocated to each of the CGUs EUR thousand % EUR thousand % ProCon 3 893 11.2 3 896 13.1 Green Ducklings 1 110 10.1 1 110 10.6 Total 5 003 5 006 At the end of each reporting period, goodwill is reviewed to identify any indication that it may be impaired. The annual test has not indicated any impairment loss to be recognised for 2024. The recoverable amounts of cash-generating units have been determined on a value-in-use basis. The key assumptions for the recoverable amounts are budgeted revenue, EBIT margins, and discount rates. Pre-tax discount rates were used in the impairment testing. The discount rates are calculated using market-related risk premiums derived from external sources. The long-term growth rates and discount rates have been applied to the budgeted cash flows of each cash-generating unit. A long-term growth rate of 3% has been used (2023: 3%). The long-term growth rate used for the impairment testing of goodwill does not reflect long-term planning assumptions used by the Group for investment proposals. Budgeted cash flows for the first 12 months are determined by local management based on experience and market conditions. These are included in the Group\u2019s consolidated budget. The group forecasts five-year cash flows. Forecasts for years 2-5 are developed by Group management with input from local management. Sensitivity analysis The table below shows the impairment of goodwill and acquisition-related intangible assets under reasonable possible changes in key estimates, given that the remaining assumptions are constant. Impairment sensitivity to In EUR thousand Change changes in key estimates Revenue growth -20% - EBIT margin -3 % point - Discount rate +2 % point -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__76": {
"value": "NOTE 11 EQUITY-ACCOUNTED INVESTEES In EUR thousand 2024 2023 PEAK Wind Group ApS (associated company) 24 244 13 096 Havfram Fleet Management AS (joint venture) 31 31 Book value 31.12 24 275 13 127 PEAK Wind Group ApS IWS owns 49% of the shares in PEAK Wind Group ApS, a Danish non-listed company providing operations and asset management advisory and services for the offshore wind sector globally. IWS exercised its fixed-price option to increase its ownership of PEAK Wind Group ApS from 30% to 49% in September 2024 (pre-dilution from the share-based option program to key employees). Gross consideration for the additional 19% ownership amounted to EUR 9.5 million. Furthermore, the previously recognised fair value of the fixed-price option, EUR 1.2 million, has been added to the carrying value of the investment. A preliminary purchase price allocation has been performed. Purchase price in excess of book value of assets and liabilities has been allocated between acquisition-related intangible assets (contracts with customers) with useful lives of between 2 and 16 years, and goodwill. Goodwill recognised on the investment in PEAK Wind therefore increased from EUR 8.5 million to EUR 15.5 million. Retrospective adjustments of the purchase price allocation of the amounts recognised at the acquisition date may occur in order to reflect new information obtained about facts and circumstances that existed at the acquisition date. The investment in PEAK Wind Group ApS is classified as an associated company and accounted for using the equity method of accounting. In EUR thousand 2024 2023 Book value 01.01 13 096 12 754 Purchase price of additional shares (19%) 10 732 - Share of profit 1 052 709 Depreciation excess values -390 -339 Dividends received -241 - Exchange rate differences -5 -28 Book value 31.12 24 244 13 096 Peak Wind Group ApS net assets (100% basis) 17 894 15 393 Group\u2019s share of net assets (49% at 31.12.2024, 30% at 31.12.2023) 8 768 4 618 Goodwill 15 476 8 478 Book value 31.12 24 244 13 096 The PEAK Wind group encompasses the parent company PEAK Wind Group ApS and in total six subsidiaries. Havfram Fleet Management AS IWS also owns 50% of the shares in the joint venture Havfram Fleet Management AS, a technical ship management company, which is accounted for using the equity method of accounting. In EUR thousand 2024 2023 Book value 01.01 31 - Share of profit - - Book value 31.12 31 31",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__78": {
"value": "NOTE 12 INCOME TAXES Income tax expense In EUR thousand 2024 2023 Current income tax -1 064 - Changes in deferred tax 223 -159 Total income tax (expense)/income -841 -159 Reconciliation of effective tax rate In EUR thousand 2024 2023 Pre-tax profit 7 149 -1 021 Share of net profit of equity-accounted investees 661 370 Pre-tax profit, excluding net profit of equity-accounted investees 6 488 -1 391 Income taxes calculated at 22% -1 427 306 Adjustment in respect of current income tax of previous years -76 - Profit/loss subject to tonnage tax 1 250 -972 Changes in unrecognised deferred tax asset 218 562 Other -806 -55 Tax expense -841 -159 The Group\u2019s ship-owning companies are taxed in accordance with the tonnage tax regime. Deferred tax relates to the following In EUR thousand 2024 2023 Intangible assets -644 -593 Other temporary differences -387 -46 Losses available for offsetting against future taxable income 946 638 Not recognised deferred tax asset on losses - -218 Net deferred tax asset/(liability) -85 -219 The calculated net deferred tax liability of EUR 85 thousand (2023: EUR 219 thousand) includes deferred tax assets of EUR 523 thousand and deferred tax liability of EUR 608 thousand (2023: EUR 201 thousand and EUR 420 thousand, respectively). Recognition of deferred tax assets is subject to strict requirements with respect to the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an assessment by the Group, deferred tax assets arising from tax loss carry forward have not been recognised for the activities in Norway. The utilisation of the tax loss carry forward is not limited in time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__77": {
"value": "NOTE 12 INCOME TAXES Income tax expense In EUR thousand 2024 2023 Current income tax -1 064 - Changes in deferred tax 223 -159 Total income tax (expense)/income -841 -159 Reconciliation of effective tax rate In EUR thousand 2024 2023 Pre-tax profit 7 149 -1 021 Share of net profit of equity-accounted investees 661 370 Pre-tax profit, excluding net profit of equity-accounted investees 6 488 -1 391 Income taxes calculated at 22% -1 427 306 Adjustment in respect of current income tax of previous years -76 - Profit/loss subject to tonnage tax 1 250 -972 Changes in unrecognised deferred tax asset 218 562 Other -806 -55 Tax expense -841 -159 The Group\u2019s ship-owning companies are taxed in accordance with the tonnage tax regime. Deferred tax relates to the following In EUR thousand 2024 2023 Intangible assets -644 -593 Other temporary differences -387 -46 Losses available for offsetting against future taxable income 946 638 Not recognised deferred tax asset on losses - -218 Net deferred tax asset/(liability) -85 -219 The calculated net deferred tax liability of EUR 85 thousand (2023: EUR 219 thousand) includes deferred tax assets of EUR 523 thousand and deferred tax liability of EUR 608 thousand (2023: EUR 201 thousand and EUR 420 thousand, respectively). Recognition of deferred tax assets is subject to strict requirements with respect to the ability to substantiate that sufficient taxable profit will be available against which the unutilised tax losses can be used. Based on these requirements and an assessment by the Group, deferred tax assets arising from tax loss carry forward have not been recognised for the activities in Norway. The utilisation of the tax loss carry forward is not limited in time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__79": {
"value": "NOTE 13 RECEIVABLES In EUR thousand 31.12.2024 31.12.2023 Undue 10 418 3 467 0-30 days 5 780 766 31-60 days 1 043 208 61-90 days 1 120 - > 90 days 192 690 Total gross trade receivables 18 553 5 131 Allowance for doubtful debt -25 -4 Trade receivables carrying value 18 528 5 127 Other receivables 3 503 1 852 Total receivables 22 031 6 979 No losses have been realised on trade receivables in 2024 or 2023. See Note 19 for information about the Group\u2019s policies related to credit risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__80": {
"value": "NOTE 14 CASH AND CASH EQUIVALENTS Cash and cash equivalents per currency 31.12.2024 31.12.2023 In EUR thousand Deposits Deposits NOK 5 170 1 209 DKK 2 941 3 255 EUR 21 997 26 030 GBP 1 357 6 Other 992 475 Total cash and cash equivalents 32 457 30 975 Restricted cash and cash equivalents In EUR thousand 31.12.2024 31.12.2023 Restricted cash and cash equivalents 161 130 Unrestricted cash and cash equivalents 32 296 30 845 Total cash and cash equivalents 32 457 30 975 The restricted cash and cash equivalents include withholding tax from the employees\u2019 salaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__81": {
"value": "Restricted cash and cash equivalents In EUR thousand 31.12.2024 31.12.2023 Restricted cash and cash equivalents 161 130 Unrestricted cash and cash equivalents 32 296 30 845 Total cash and cash equivalents 32 457 30 975 The restricted cash and cash equivalents include withholding tax from the employees\u2019 salaries.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__83": {
"value": "NOTE 15 FINANCIAL INSTRUMENTS Financial assets Fair value of trade receivables, other short-term assets, cash and cash equivalents approximate their carrying amounts, due to the short-term maturities of these instruments, all categorised in fair value level 2. Financial liabilities The fair value of trade payables approximates their carrying amounts due to the short-term maturities of these instruments, all of which are categorised in fair value level 2. The fair value of other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of these approximates the carrying amounts. Debt instruments In EUR thousand Currency Interest rate Maturity 31.12.2024 31.12.2023 from 2.6% to Green Senior Secured Credit Facility EUR Mar 2028 -111 044 -27 831 EURIBOR + 2.6% Sydbank overdraft facility DKK 5.2% - -1 196 -563 Lease liabilities -1 203 -1 504 Total interest-bearing debt -113 443 -29 898 The EUR 186.9 million Green Senior Secured Credit Facility with Skandinaviska Enskilda Banken AB (\u201cSEB\u201d), SpareBank 1 S\u00f8r-Norge, Export Finance Norway (\u201cEksfin\u201d) and Nordic Investment Bank (\u201cNIB\u201d) had a committed undrawn amount of EUR 68.3 million at the end of 2024. The facility is restricted to part-finance the contracted yard price on delivery of the Group\u2019s CSOVs, and the drawdown of the facility is made at delivery from the yard of the respective vessel. The debt financing corresponds to a leverage ratio of up to 65% of the contracted yard price for the vessels, which is subject to having a pre-defined contract backlog upon delivery of the vessel. If the contracted backlog for the vessel is below the specified level upon delivery from the yard, the leverage is reduced to between 54% and 65% of the contracted yard price. The final maturity of the EUR 54.4 million commercial tranche with SEB and SpareBank 1 S\u00f8r-Norge is in 2028. The final maturity of the EUR 82.6 million Eksfin tranche, for which SEB and SpareBank 1 S\u00f8r-Norge have provided bank guarantees of EUR 28.0 million, is in 2035, subject to the refinancing of the commercial tranche and bank guarantees. The final maturity of the EUR 50.0 million NIB tranches is in 2037, subject to the refinancing of the commercial tranche. The Eksfin tranche qualifies for an attractive 12-year fixed interest rate with the Commercial Interest Reference Rates (\u201cCIRR\u201d) prevalent when the contracts and subcontracts for the vessels were signed. The Facility is subject to complying with conditions specified in the loan agreement (covenants). Non-compliance with covenants could lead to the Facility becoming repayable within twelve months after the reporting period. The Facility is also subject to a customary security package, including mortgages over the vessels, and security over vessel earnings and earnings accounts. Financial covenants are reported quarterly and relate to the following: Minimum Liquidity Cash and cash equivalents of the IWS Fleet group shall, on a consolidated basis, at all times be at least the higher of EUR 1.5 million per vessel and 7.5% of the interest-bearing debt. Working Capital The working capital of the IWS Fleet group, shall, on a consolidated basis, be positive at all times. Equity Ratio The equity ratio of the IWS Fleet group shall, on a consolidated basis, be minimum 30% at all times. Leverage Ratio The ratio of net interest-bearing debt to EBITDA calculated on a twelve-month rolling basis (excluding interest bearing debt and EBITDA relating to a vessel for the first 12 months\u2019 period after delivery of the vessel) shall not exceed: \u2022 For Q2-Q4 2025: 5.5x \u2022 For Q1-Q4 2026: 5.3x \u2022 For Q1-Q4 2027: 5.1x \u2022 For Q1 2028: 4.9x Further, the facility is subject to certain customary vessel covenants that is reported semi-annually related to inter alia insurance, compliance with laws, classification and repairs and minimum market value of vessels (the consolidated market value of the vessels shall not at any time be less than 130% of the outstanding amount under the Facility). The Group was in compliance with all covenants throughout 2024 and at the year-end 2024. The overdraft facility has an approved limit of EUR 6.2 million. Debt repayment schedule In EUR thousand 31.12.2024 31.12.2023 Within one year -15 050 -4 240 Between one and two years -11 041 -3 188 Between two and three years -9 141 -2 439 Between three and four years -78 209 -2 456 Between four and five years -2 -17 575 Beyond five years - - Total interest-bearing debt -113 443 -29 898 Net interest-bearing debt In EUR thousand 31.12.2024 31.12.2023 Non-current interest-bearing debt -98 393 -25 658 Current interest-bearing debt -15 050 -4 240 Total interest-bearing debt -113 443 -29 898 Cash and cash equivalent 32 457 30 975 Net interest-bearing debt -80 986 1 077 Changes in liabilities arising from financing activities in 2024 Non-current interest-bearing Current interest-In EUR thousand debt bearing debt Total Balance as at 1 January 2024 -25 658 -4 240 -29 898 Proceeds from borrowings -83 413 -9 843 -93 256 Repayment of borrowings - 8 519 8 519 Reclassifications 9 901 -9 901 - Payment of lease liabilities - 416 416 Non-cash movements 759 - 759 New leases 18 9 27 Total changes from financing cash flow -98 393 -15 040 -113 433 Foreign exchange adjustments - -10 -10 Balance as at 31 December 2024 -98 393 -15 050 -113 443 Changes in liabilities arising from financing activities in 2023 Non-current interest-bearing Current interest-In EUR thousand debt bearing debt Total Balance as at 1 January 2023 -44 -1 621 -1 665 Proceeds from borrowings -24 864 -3 261 -28 125 Repayment of borrowings - 998 998 Reclassifications 166 -166 - Payment of lease liabilities - 233 233 Non-cash movements 293 - 293 New leases -1 209 -415 -1 624 Total changes from financing cash flow -25 614 -2 611 -28 225 Foreign exchange adjustments - -8 -8 Balance as at 31 December 2023 -25 658 -4 240 -29 898 Commitments on mortgages IWS Services has ownership mortgages totalling EUR 2.3 million on goods receivables, inventory, intellectual property rights and other tangible fixed assets with a total carrying amount of EUR 10.3 million (EUR 9.3 million in 2023). Bank guarantees on advance payments, performance guarantees and vendor credit IWS Services has signed advance payments and performance bank guarantees for contracted projects totalling EUR 9.3 million (EUR 4.0 million in 2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__82-1": {
"value": "NOTE 15 FINANCIAL INSTRUMENTS Financial assets Fair value of trade receivables, other short-term assets, cash and cash equivalents approximate their carrying amounts, due to the short-term maturities of these instruments, all categorised in fair value level 2. Financial liabilities The fair value of trade payables approximates their carrying amounts due to the short-term maturities of these instruments, all of which are categorised in fair value level 2. The fair value of other non-current liabilities is estimated by discounting future cash flows using rates for debt on similar terms, credit risk and remaining maturities, categorised in fair value level 3. The fair value of these approximates the carrying amounts. Debt instruments In EUR thousand Currency Interest rate Maturity 31.12.2024 31.12.2023 from 2.6% to Green Senior Secured Credit Facility EUR Mar 2028 -111 044 -27 831 EURIBOR + 2.6% Sydbank overdraft facility DKK 5.2% - -1 196 -563 Lease liabilities -1 203 -1 504 Total interest-bearing debt -113 443 -29 898 The EUR 186.9 million Green Senior Secured Credit Facility with Skandinaviska Enskilda Banken AB (\u201cSEB\u201d), SpareBank 1 S\u00f8r-Norge, Export Finance Norway (\u201cEksfin\u201d) and Nordic Investment Bank (\u201cNIB\u201d) had a committed undrawn amount of EUR 68.3 million at the end of 2024. The facility is restricted to part-finance the contracted yard price on delivery of the Group\u2019s CSOVs, and the drawdown of the facility is made at delivery from the yard of the respective vessel. The debt financing corresponds to a leverage ratio of up to 65% of the contracted yard price for the vessels, which is subject to having a pre-defined contract backlog upon delivery of the vessel. If the contracted backlog for the vessel is below the specified level upon delivery from the yard, the leverage is reduced to between 54% and 65% of the contracted yard price. The final maturity of the EUR 54.4 million commercial tranche with SEB and SpareBank 1 S\u00f8r-Norge is in 2028. The final maturity of the EUR 82.6 million Eksfin tranche, for which SEB and SpareBank 1 S\u00f8r-Norge have provided bank guarantees of EUR 28.0 million, is in 2035, subject to the refinancing of the commercial tranche and bank guarantees. The final maturity of the EUR 50.0 million NIB tranches is in 2037, subject to the refinancing of the commercial tranche. The Eksfin tranche qualifies for an attractive 12-year fixed interest rate with the Commercial Interest Reference Rates (\u201cCIRR\u201d) prevalent when the contracts and subcontracts for the vessels were signed. The Facility is subject to complying with conditions specified in the loan agreement (covenants). Non-compliance with covenants could lead to the Facility becoming repayable within twelve months after the reporting period. The Facility is also subject to a customary security package, including mortgages over the vessels, and security over vessel earnings and earnings accounts. Financial covenants are reported quarterly and relate to the following: Minimum Liquidity Cash and cash equivalents of the IWS Fleet group shall, on a consolidated basis, at all times be at least the higher of EUR 1.5 million per vessel and 7.5% of the interest-bearing debt. Working Capital The working capital of the IWS Fleet group, shall, on a consolidated basis, be positive at all times. Equity Ratio The equity ratio of the IWS Fleet group shall, on a consolidated basis, be minimum 30% at all times. Leverage Ratio The ratio of net interest-bearing debt to EBITDA calculated on a twelve-month rolling basis (excluding interest bearing debt and EBITDA relating to a vessel for the first 12 months\u2019 period after delivery of the vessel) shall not exceed: \u2022 For Q2-Q4 2025: 5.5x \u2022 For Q1-Q4 2026: 5.3x \u2022 For Q1-Q4 2027: 5.1x \u2022 For Q1 2028: 4.9x Further, the facility is subject to certain customary vessel covenants that is reported semi-annually related to inter alia insurance, compliance with laws, classification and repairs and minimum market value of vessels (the consolidated market value of the vessels shall not at any time be less than 130% of the outstanding amount under the Facility). The Group was in compliance with all covenants throughout 2024 and at the year-end 2024. The overdraft facility has an approved limit of EUR 6.2 million. Debt repayment schedule In EUR thousand 31.12.2024 31.12.2023 Within one year -15 050 -4 240 Between one and two years -11 041 -3 188 Between two and three years -9 141 -2 439 Between three and four years -78 209 -2 456 Between four and five years -2 -17 575 Beyond five years - - Total interest-bearing debt -113 443 -29 898 Net interest-bearing debt In EUR thousand 31.12.2024 31.12.2023 Non-current interest-bearing debt -98 393 -25 658 Current interest-bearing debt -15 050 -4 240 Total interest-bearing debt -113 443 -29 898 Cash and cash equivalent 32 457 30 975 Net interest-bearing debt -80 986 1 077 Changes in liabilities arising from financing activities in 2024 Non-current interest-bearing Current interest-In EUR thousand debt bearing debt Total Balance as at 1 January 2024 -25 658 -4 240 -29 898 Proceeds from borrowings -83 413 -9 843 -93 256 Repayment of borrowings - 8 519 8 519 Reclassifications 9 901 -9 901 - Payment of lease liabilities - 416 416 Non-cash movements 759 - 759 New leases 18 9 27 Total changes from financing cash flow -98 393 -15 040 -113 433 Foreign exchange adjustments - -10 -10 Balance as at 31 December 2024 -98 393 -15 050 -113 443 Changes in liabilities arising from financing activities in 2023 Non-current interest-bearing Current interest-In EUR thousand debt bearing debt Total Balance as at 1 January 2023 -44 -1 621 -1 665 Proceeds from borrowings -24 864 -3 261 -28 125 Repayment of borrowings - 998 998 Reclassifications 166 -166 - Payment of lease liabilities - 233 233 Non-cash movements 293 - 293 New leases -1 209 -415 -1 624 Total changes from financing cash flow -25 614 -2 611 -28 225 Foreign exchange adjustments - -8 -8 Balance as at 31 December 2023 -25 658 -4 240 -29 898 Commitments on mortgages IWS Services has ownership mortgages totalling EUR 2.3 million on goods receivables, inventory, intellectual property rights and other tangible fixed assets with a total carrying amount of EUR 10.3 million (EUR 9.3 million in 2023). Bank guarantees on advance payments, performance guarantees and vendor credit IWS Services has signed advance payments and performance bank guarantees for contracted projects totalling EUR 9.3 million (EUR 4.0 million in 2023).NOTE 19 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial risk management The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates, and implements necessary actions to manage and mitigate these risks, and the Board of Directors reviews and agrees to the policies for managing them. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments and derivative financial instruments. Interest rate risk At year-end 2024, the Group had interest-bearing debt of EUR 113.4 million consisting of a senior secured credit facility, a bank overdraft facility and lease liabilities. A change in the interest rate of +/- 100 bps would impact the interest expense for the Group with approximately EUR 0.3 million per year. The Group also had bank deposits of EUR 32,457 thousand with a floating interest rate which is impacted mainly by the development in the Euro Interbank Offered Rate (EURIBOR). The Group continually assesses the need for hedging its interest rate risk exposure. At year-end 2024 and 2023, the Group had no interest rate hedging contracts. Foreign currency risk The Group is subject to foreign currency risk from contracts with customers. Contracts with customers are denominated primarily in EUR, GBP, and DKK. The currency risk exposure is assessed individually for each major contract, and currency hedging contracts are signed when the risk is considered to be unacceptably high. At year-end 2024, the Group did not have any currency hedging contracts, as revenue denominated in USD and the related currency hedging contracts were completed in 2024. The value changes on the currency hedges are reported as other comprehensive income. The main functional currencies of the legal entities in the Group are EUR and DKK. The Group is subject to exposure on the translation of the net assets of foreign currency subsidiaries and associates into its reporting currency, EUR. Financial instruments denominated in currencies other than the functional currencies of the companies at 31 December 2023 include bank deposits, trade debtors, and trade creditors. A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.2 million lower (EUR 0.1 million in 2023) and has no impact on other comprehensive income (EUR 0.0 million in 2023). A 10% weakening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.2 million higher (EUR 0.1 million in 2023) and has no impact on other comprehensive income (EUR 0.0 million in 2023). Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and liabilities and translation risk, are not included in the analysis. The yard contracts for the vessels under construction are denominated in EUR, which is the functional currency of the ship-owning companies. Commodity price risk The Group has, in 2024 and 2023, had limited exposure to risks associated with price fluctuations on commodities. Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables, contract assets, and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Before entering into a customer contract, the Group evaluates the credit quality of the customer, its financial position, credit rating, and other factors. If the counterparty is assessed not to have adequate credit quality, the Group may demand guarantees and/or prepayments to reduce credit risk to an acceptable level. The group has applied the practical simplified approach in accordance with IFRS 9 to calculate loss on receivables. When calculating loss provisions, receivables are reviewed and assessed on an individual level, taking into account the facts and circumstances of the individual customer. A loss provision of EUR 21 thousand has been recognised for receivables in 2024 (EUR 4 thousand in 2023). Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, to the extent possible, that it has sufficient liquidity and undrawn committed credit facilities at all times to meet its short- and medium-term obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Management monitors monthly forecasts of the Group\u2019s liquidity reserve based on expected cash flows. In August 2024, IWS signed a Green Senior Secured Credit Facility of up to EUR 186.9 million. The loan agreement is an upscaling of the previous EUR 118.7 million credit facility. The undrawn amount of the facility at 31 December 2024 amounts to EUR 68.3 million, which will be used for long-term post-delivery financing of IWS Moonwalker and IWS Sunwalker. The Green Senior Secured Credit Facility is subject to complying with conditions specified in the loan agreement (covenants) as disclosed in Note 15. Non-compliance with covenants could lead to the facility becoming repayable within twelve months after the reporting period. The Group was in compliance with all covenants throughout 2024 and at the year-end 2024. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments as at 31 December 2024 and 31 December 2023 at the interest rates prevailing at the balance sheet dates. Undiscounted cash flows for financial liabilities 31.12.2024In EUR thousand < 1 year 1-2 years 2-5 years > 5 years Total Trade payables 8 776 - - - 8 776 Interest-bearing debt 14 634 11 435 87 356 - 113 425 Lease liabilities 431 394 538 - 1 363 Minimum interest payment 3 687 3 140 3 637 - 10 464 Total 27 528 14 969 91 531 - 134 028 Undiscounted cash flows for financial liabilities 31.12.2023In EUR thousand < 1 year 1-2 years 2-5 years > 5 years Total Trade payables 1 689 - - - 1 689 Interest-bearing debt 3 824 3 262 21 602 - 28 688 Lease liabilities 430 422 912 - 1 763 Minimum interest payment 1 083 904 1 613 - 3 600 Total 7 026 4 588 24 127 - 35 740",
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__86": {
"value": "NOTE 16 SHARE CAPITAL AND EARNINGS PER SHARE Share capital Number Par Share Paid-in Total paid-in In EUR thousand, unless stated otherwise of shares value capital premium capital Share capital 1 January 2023 28 538 198 NOK 2.00 5 758 97 497 103 255 Equity issue 31 January 2023 10 606 060 NOK 2.00 1 945 30 141 32 086 Equity issue costs -829 -829 Share capital 31 December 2023 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 1 January 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 31 December 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 All issued shares have a par value of NOK 2.00 and are of equal rights. The share capital is denominated in NOK. On 31 January 2025, IWS completed a share issue targeted towards retail investors to ensure compliance with the minimum number of shareholders required for an uplisting to Euronext Oslo B\u00f8rs. The Company issued 810,800 shares, increasing the total number of shares outstanding to 39,955,058. Earnings per share Basic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2024 or 31 December 2023. 2024 2023 Profit/(loss) attributable to equity holders of the Parent Company (in EUR thousand) 4 285 -1 299 Weighted average number of shares outstanding, basic and diluted 39 144 258 38 243 469 Basic and diluted earnings per share (EUR) 0.11 -0.03",
"dimensions": {
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"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__85": {
"value": "NOTE 16 SHARE CAPITAL AND EARNINGS PER SHARE Share capital Number Par Share Paid-in Total paid-in In EUR thousand, unless stated otherwise of shares value capital premium capital Share capital 1 January 2023 28 538 198 NOK 2.00 5 758 97 497 103 255 Equity issue 31 January 2023 10 606 060 NOK 2.00 1 945 30 141 32 086 Equity issue costs -829 -829 Share capital 31 December 2023 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 1 January 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 Share capital 31 December 2024 39 144 258 NOK 2.00 7 703 126 809 134 512 All issued shares have a par value of NOK 2.00 and are of equal rights. The share capital is denominated in NOK. On 31 January 2025, IWS completed a share issue targeted towards retail investors to ensure compliance with the minimum number of shareholders required for an uplisting to Euronext Oslo B\u00f8rs. The Company issued 810,800 shares, increasing the total number of shares outstanding to 39,955,058. Earnings per share Basic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2024 or 31 December 2023. 2024 2023 Profit/(loss) attributable to equity holders of the Parent Company (in EUR thousand) 4 285 -1 299 Weighted average number of shares outstanding, basic and diluted 39 144 258 38 243 469 Basic and diluted earnings per share (EUR) 0.11 -0.03",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__84": {
"value": "Earnings per share Basic earnings per share are calculated by dividing profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share are calculated by dividing the profit/(loss) for the year attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on the conversion of all potentially dilutive ordinary shares to ordinary shares. The Company did not have any potentially dilutive ordinary shares as per 31 December 2024 or 31 December 2023. 2024 2023 Profit/(loss) attributable to equity holders of the Parent Company (in EUR thousand) 4 285 -1 299 Weighted average number of shares outstanding, basic and diluted 39 144 258 38 243 469 Basic and diluted earnings per share (EUR) 0.11 -0.03",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__87": {
"value": "NOTE 17 GOVERNMENT GRANTS Government Grants In EUR thousand 2024 2023 At 1 January 1 275 814 Received during the year 1 123 516 Released to the Income Statement - -8 Released as a reduction of newbuilding cost price -1 872 - Currency translation differences -1 -47 At 31 December 525 1 275 Current liabilities 525 1 275 Non-current liabilities - - Grants from Enova The Group has been awarded grants in NOK of amounts up to the equivalent of EUR 4,715 thousand (2023: EUR 4,948 thousand) by the Norwegian state enterprise Enova for advanced technology to support environmental initiatives that will help reduce CO2 emissions of the Group\u2019s first six newbuildings. In 2024, IWS received EUR 1,123 thousand of the grants (EUR 508 thousand in 2023). The grants are held as a liability until it is reasonably certain that the Group will comply with the conditions of the grants. Enova grants are reclassified from liabilities and deducted from the cost of vessels/vessels under construction upon the approval of the project reports. In 2024, EUR 1,872 thousand was reclassified from current liabilities and deducted from the cost of vessels/vessels under construction (2023: EUR nil). Grants from SkatteFUNN IWS has had a project approved for SkatteFUNN (a Norwegian government R&D tax incentive program designed to encourage R&D in Norwegian trade and industry). The project was approved for the period from 2021 to 2022, with final payout in 2023. EUR 8 thousand was recognised as a reduction in payroll costs in 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__88": {
"value": "NOTE 18 LEASES Leases as a lessee The group leases offices, office equipment and vehicles. Rental contracts are for periods of up to five years. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases and/or leases of low-value items. Leases for which the Group is a lessee are presented as part of Other fixed assets in the balance sheet, with a reconciliation presented in note 9. Amounts recognised in the income statement In EUR thousand 2024 2023 Interest on lease liabilities 104 76 Expenses relating to short-term leases and leases of low-value items 357 307 Total 461 383 Maturity analysis of lease liabilities is presented in note 15. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__89": {
"value": "NOTE 19 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES Financial risk management The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s management identifies, evaluates, and implements necessary actions to manage and mitigate these risks, and the Board of Directors reviews and agrees to the policies for managing them. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments and derivative financial instruments. Interest rate risk At year-end 2024, the Group had interest-bearing debt of EUR 113.4 million consisting of a senior secured credit facility, a bank overdraft facility and lease liabilities. A change in the interest rate of +/- 100 bps would impact the interest expense for the Group with approximately EUR 0.3 million per year. The Group also had bank deposits of EUR 32,457 thousand with a floating interest rate which is impacted mainly by the development in the Euro Interbank Offered Rate (EURIBOR). The Group continually assesses the need for hedging its interest rate risk exposure. At year-end 2024 and 2023, the Group had no interest rate hedging contracts. Foreign currency risk The Group is subject to foreign currency risk from contracts with customers. Contracts with customers are denominated primarily in EUR, GBP, and DKK. The currency risk exposure is assessed individually for each major contract, and currency hedging contracts are signed when the risk is considered to be unacceptably high. At year-end 2024, the Group did not have any currency hedging contracts, as revenue denominated in USD and the related currency hedging contracts were completed in 2024. The value changes on the currency hedges are reported as other comprehensive income. The main functional currencies of the legal entities in the Group are EUR and DKK. The Group is subject to exposure on the translation of the net assets of foreign currency subsidiaries and associates into its reporting currency, EUR. Financial instruments denominated in currencies other than the functional currencies of the companies at 31 December 2023 include bank deposits, trade debtors, and trade creditors. A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.2 million lower (EUR 0.1 million in 2023) and has no impact on other comprehensive income (EUR 0.0 million in 2023). A 10% weakening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.2 million higher (EUR 0.1 million in 2023) and has no impact on other comprehensive income (EUR 0.0 million in 2023). Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and liabilities and translation risk, are not included in the analysis. The yard contracts for the vessels under construction are denominated in EUR, which is the functional currency of the ship-owning companies. Commodity price risk The Group has, in 2024 and 2023, had limited exposure to risks associated with price fluctuations on commodities. Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables, contract assets, and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Before entering into a customer contract, the Group evaluates the credit quality of the customer, its financial position, credit rating, and other factors. If the counterparty is assessed not to have adequate credit quality, the Group may demand guarantees and/or prepayments to reduce credit risk to an acceptable level. The group has applied the practical simplified approach in accordance with IFRS 9 to calculate loss on receivables. When calculating loss provisions, receivables are reviewed and assessed on an individual level, taking into account the facts and circumstances of the individual customer. A loss provision of EUR 21 thousand has been recognised for receivables in 2024 (EUR 4 thousand in 2023). Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, to the extent possible, that it has sufficient liquidity and undrawn committed credit facilities at all times to meet its short- and medium-term obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Management monitors monthly forecasts of the Group\u2019s liquidity reserve based on expected cash flows. In August 2024, IWS signed a Green Senior Secured Credit Facility of up to EUR 186.9 million. The loan agreement is an upscaling of the previous EUR 118.7 million credit facility. The undrawn amount of the facility at 31 December 2024 amounts to EUR 68.3 million, which will be used for long-term post-delivery financing of IWS Moonwalker and IWS Sunwalker. The Green Senior Secured Credit Facility is subject to complying with conditions specified in the loan agreement (covenants) as disclosed in Note 15. Non-compliance with covenants could lead to the facility becoming repayable within twelve months after the reporting period. The Group was in compliance with all covenants throughout 2024 and at the year-end 2024. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments as at 31 December 2024 and 31 December 2023 at the interest rates prevailing at the balance sheet dates. Undiscounted cash flows for financial liabilities 31.12.2024In EUR thousand < 1 year 1-2 years 2-5 years > 5 years Total Trade payables 8 776 - - - 8 776 Interest-bearing debt 14 634 11 435 87 356 - 113 425 Lease liabilities 431 394 538 - 1 363 Minimum interest payment 3 687 3 140 3 637 - 10 464 Total 27 528 14 969 91 531 - 134 028 Undiscounted cash flows for financial liabilities 31.12.2023In EUR thousand < 1 year 1-2 years 2-5 years > 5 years Total Trade payables 1 689 - - - 1 689 Interest-bearing debt 3 824 3 262 21 602 - 28 688 Lease liabilities 430 422 912 - 1 763 Minimum interest payment 1 083 904 1 613 - 3 600 Total 7 026 4 588 24 127 - 35 740",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__91": {
"value": "Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and borrowings, deposits, debt and equity investments and derivative financial instruments. Interest rate risk At year-end 2024, the Group had interest-bearing debt of EUR 113.4 million consisting of a senior secured credit facility, a bank overdraft facility and lease liabilities. A change in the interest rate of +/- 100 bps would impact the interest expense for the Group with approximately EUR 0.3 million per year. The Group also had bank deposits of EUR 32,457 thousand with a floating interest rate which is impacted mainly by the development in the Euro Interbank Offered Rate (EURIBOR). The Group continually assesses the need for hedging its interest rate risk exposure. At year-end 2024 and 2023, the Group had no interest rate hedging contracts. Foreign currency risk The Group is subject to foreign currency risk from contracts with customers. Contracts with customers are denominated primarily in EUR, GBP, and DKK. The currency risk exposure is assessed individually for each major contract, and currency hedging contracts are signed when the risk is considered to be unacceptably high. At year-end 2024, the Group did not have any currency hedging contracts, as revenue denominated in USD and the related currency hedging contracts were completed in 2024. The value changes on the currency hedges are reported as other comprehensive income. The main functional currencies of the legal entities in the Group are EUR and DKK. The Group is subject to exposure on the translation of the net assets of foreign currency subsidiaries and associates into its reporting currency, EUR. Financial instruments denominated in currencies other than the functional currencies of the companies at 31 December 2023 include bank deposits, trade debtors, and trade creditors. A 10% strengthening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.2 million lower (EUR 0.1 million in 2023) and has no impact on other comprehensive income (EUR 0.0 million in 2023). A 10% weakening of functional currencies against non-functional currencies would result in pre-tax profit being EUR 1.2 million higher (EUR 0.1 million in 2023) and has no impact on other comprehensive income (EUR 0.0 million in 2023). Financial assets and liabilities held in the functional currency of the Group\u2019s subsidiaries, as well as non-financial assets and liabilities and translation risk, are not included in the analysis. The yard contracts for the vessels under construction are denominated in EUR, which is the functional currency of the ship-owning companies. Commodity price risk The Group has, in 2024 and 2023, had limited exposure to risks associated with price fluctuations on commodities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__92": {
"value": "Credit risk Credit risk refers to the risk that a counterparty defaults on its contractual obligations, resulting in financial loss to the Group. The Group is exposed to credit risk from its operating activities through trade receivables, contract assets, and from its financing activities, including deposits with banks. The Group aims to do business with creditworthy counterparties only. Before entering into a customer contract, the Group evaluates the credit quality of the customer, its financial position, credit rating, and other factors. If the counterparty is assessed not to have adequate credit quality, the Group may demand guarantees and/or prepayments to reduce credit risk to an acceptable level. The group has applied the practical simplified approach in accordance with IFRS 9 to calculate loss on receivables. When calculating loss provisions, receivables are reviewed and assessed on an individual level, taking into account the facts and circumstances of the individual customer. A loss provision of EUR 21 thousand has been recognised for receivables in 2024 (EUR 4 thousand in 2023).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__93": {
"value": "Liquidity risk The Group\u2019s approach to managing liquidity risk is to ensure, to the extent possible, that it has sufficient liquidity and undrawn committed credit facilities at all times to meet its short- and medium-term obligations without incurring unacceptable losses or risking damage to the Group\u2019s reputation. Management monitors monthly forecasts of the Group\u2019s liquidity reserve based on expected cash flows. In August 2024, IWS signed a Green Senior Secured Credit Facility of up to EUR 186.9 million. The loan agreement is an upscaling of the previous EUR 118.7 million credit facility. The undrawn amount of the facility at 31 December 2024 amounts to EUR 68.3 million, which will be used for long-term post-delivery financing of IWS Moonwalker and IWS Sunwalker. The Green Senior Secured Credit Facility is subject to complying with conditions specified in the loan agreement (covenants) as disclosed in Note 15. Non-compliance with covenants could lead to the facility becoming repayable within twelve months after the reporting period. The Group was in compliance with all covenants throughout 2024 and at the year-end 2024. The table below summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments as at 31 December 2024 and 31 December 2023 at the interest rates prevailing at the balance sheet dates. Undiscounted cash flows for financial liabilities 31.12.2024In EUR thousand < 1 year 1-2 years 2-5 years > 5 years Total Trade payables 8 776 - - - 8 776 Interest-bearing debt 14 634 11 435 87 356 - 113 425 Lease liabilities 431 394 538 - 1 363 Minimum interest payment 3 687 3 140 3 637 - 10 464 Total 27 528 14 969 91 531 - 134 028 Undiscounted cash flows for financial liabilities 31.12.2023In EUR thousand < 1 year 1-2 years 2-5 years > 5 years Total Trade payables 1 689 - - - 1 689 Interest-bearing debt 3 824 3 262 21 602 - 28 688 Lease liabilities 430 422 912 - 1 763 Minimum interest payment 1 083 904 1 613 - 3 600 Total 7 026 4 588 24 127 - 35 740",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__94": {
"value": "NOTE 20 RELATED PARTY TRANSACTIONS The Group has agreements with Awilco AS for assistance and execution of the shipbuilding contracts and has, in the previous period, had agreements with Awilhelmsen Management AS (AWM) for office space and the rendering of administrative services and Awilco Technical Services AS (ATS) for the rendering of technical sub-management services. Address commission The Group has agreements to pay an address commission to Awilco AS, its largest shareholder, for services in assisting IWS with the conclusion and execution of the first six vessels only. The address commission amounts to 1% of the yard price and is payable to Awilco AS on the same payment schedule as payments to the yard. Address commission is capitalised as part of the acquisition costs of the vessels under construction and constituted EUR 1.2 million for the year ended 2024 (2023: EUR 0.5 million). Management services Awilhelmsen Management AS (AWM) provided, up until June 2023, IWS with administrative and general services, including accounting, payroll, legal, secretary function and IT. IWS paid AWM a yearly management fee based on AWM's costs plus a margin of 5%. AWM is 100% owned by Awilhelmsen AS, which owns 100% of Awilco AS. IWS also had, up until June 2023, a sublease agreement on market terms with AWM to pay a proportional share of costs for offices and common areas. The sublease was terminated when the Company moved into new premises. Technical services Awilco Technical Services AS (ATS) assisted IWS, up until August 2023, in the management of the Group\u2019s newbuilding program. For these services, IWS paid ATS a management fee based on an hourly rate. ATS is 100% owned by Awilco AS, which is 100% owned by Awilhelmsen AS. IWS also provided management services to ATS on similar terms. IWS provides technical management services to Awilco LNG Technical Management AS (which is indirectly 38.6% owned by Awilco AS) on similar terms. Purchases and sales to/from related parties 2024 2023 In EUR thousand Sales Purchases Sales Purchases Awilco AS - 1 160 - 526 Awilhelmsen Management AS - 1 - 168 Awilco Technical Services AS - 3 44 60 Awilco LNG Technical Management AS 494 18 128 - Awilco LNG ASA - 1 - - Havfram Fleet Management AS 285 - 42 - Total 779 1 183 214 754 Balances with related parties 31.12.2024 31.12.2023 Receivables/ Payables/ Receivables/ Payables/ In EUR thousand assets liabilities assets liabilities Awilco AS - - - - Awilco Technical Services AS - - 1 - Awilco LNG Technical Management AS 152 - 208 - Havfram Fleet Management AS 402 - - - Total 554 - 209 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__96": {
"value": "NOTE 21 SUBSIDIARIES The consolidated financial statements include the financial statements of Integrated Wind Solutions ASA and its subsidiaries listed in the tables below. Companies owned by Integrated Wind Solutions ASA Date of Ownership/ Company Country acquisition Nature of business voting rights 1)IWS Fleet ASNorway 23 July 2020 Commercial- and technical management 74.62% 2)IWS Services A/SDenmark 29 June 2021 Consulting and advisory services 100% Companies owned by IWS Fleet AS Date of Ownership/ Company Country acquisition Nature of business voting rights Awind 1 AS Norway 25 January 2021 Vessel owner 100% 3)Awind 2 AS Norway 25 January 2021 Vessel owner 100% 3)Awind 3 AS Norway 25 January 2021 Vessel owner 100% Awind 4 AS Norway 1 January 2021 Vessel owner 100% Awind 5 AS Norway 1 January 2021 Vessel owner 100% 3)Awind 6 AS Norway 1 January 2021 Vessel owner 100% IWS Fleet Management AS Norway 30 April 2022 Technical management 100% Companies owned by IWS Services A/S Company Country Date of acquisition Nature of business Ownership IWS Services Inc. (formerly ProCon USA 17 September 2021 Consulting and advisory services 100% Wind Energy USA Inc.) Green Ducklings A/S Denmark 15 July 2021 Consulting and advisory services 100% Green Ducklings Limited UK 18 September 2023 Consulting and advisory services 100% 4)ProCon Group ApS Denmark 17 September 2021 Holding company 75%4)ProCon Technic A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Taiwan Co., Ltd Taiwan 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Ltd UK 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Sp. z o.o. Poland 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy GmbH Germany 17 September 2021 Electrical- and technical solutions 75%1) IWS\u2019s ownership decreased from 100% to 74.62% on 12 June 2024 when IWS and Sumitomo Corporation commenced a strategic partnership whereby Sumitomo Corporation Invested EUR 60 million in IWS Fleet. 2) IWS\u2019s ownership of IWS Services A/S increased from 97% to 100% on 20 December 2024 when IWS Services repurchased shares owned by non-controlling interests. 3) Vessel is currently under construction 4) 100% of voting rights All subsidiaries are included in the consolidated financial statement from their respective acquisition dates. There have been no changes to the ownership/voting rights since the date of acquisition other than as described above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__95": {
"value": "NOTE 21 SUBSIDIARIES The consolidated financial statements include the financial statements of Integrated Wind Solutions ASA and its subsidiaries listed in the tables below. Companies owned by Integrated Wind Solutions ASA Date of Ownership/ Company Country acquisition Nature of business voting rights 1)IWS Fleet ASNorway 23 July 2020 Commercial- and technical management 74.62% 2)IWS Services A/SDenmark 29 June 2021 Consulting and advisory services 100% Companies owned by IWS Fleet AS Date of Ownership/ Company Country acquisition Nature of business voting rights Awind 1 AS Norway 25 January 2021 Vessel owner 100% 3)Awind 2 AS Norway 25 January 2021 Vessel owner 100% 3)Awind 3 AS Norway 25 January 2021 Vessel owner 100% Awind 4 AS Norway 1 January 2021 Vessel owner 100% Awind 5 AS Norway 1 January 2021 Vessel owner 100% 3)Awind 6 AS Norway 1 January 2021 Vessel owner 100% IWS Fleet Management AS Norway 30 April 2022 Technical management 100% Companies owned by IWS Services A/S Company Country Date of acquisition Nature of business Ownership IWS Services Inc. (formerly ProCon USA 17 September 2021 Consulting and advisory services 100% Wind Energy USA Inc.) Green Ducklings A/S Denmark 15 July 2021 Consulting and advisory services 100% Green Ducklings Limited UK 18 September 2023 Consulting and advisory services 100% 4)ProCon Group ApS Denmark 17 September 2021 Holding company 75%4)ProCon Technic A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy A/S Denmark 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Taiwan Co., Ltd Taiwan 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Ltd UK 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy Sp. z o.o. Poland 17 September 2021 Electrical- and technical solutions 75%4)ProCon Wind Energy GmbH Germany 17 September 2021 Electrical- and technical solutions 75%1) IWS\u2019s ownership decreased from 100% to 74.62% on 12 June 2024 when IWS and Sumitomo Corporation commenced a strategic partnership whereby Sumitomo Corporation Invested EUR 60 million in IWS Fleet. 2) IWS\u2019s ownership of IWS Services A/S increased from 97% to 100% on 20 December 2024 when IWS Services repurchased shares owned by non-controlling interests. 3) Vessel is currently under construction 4) 100% of voting rights All subsidiaries are included in the consolidated financial statement from their respective acquisition dates. There have been no changes to the ownership/voting rights since the date of acquisition other than as described above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__97": {
"value": "NOTE 22 EVENTS AFTER THE REPORTING DATEShare issue In January 2025, IWS completed a share issue targeted towards retail investors to ensure compliance with the minimum number of shareholders required for an uplisting to Euronext Oslo B\u00f8rs. 810,800 shares were issued with a subscription price of NOK 37, raising gross proceeds of EUR 2,561 thousand. Uplisting Integrated Wind Solutions completed the uplisting from Euronext Growth to Euronext Oslo B\u00f8rs, with the first trading day on the 3rd of February 2025. Newbuildings The naming ceremony for IWS Starwalker was held on 5 February in Denmark while the vessel was undergoing final quayside preparations. The vessel commenced its charter contract with the Dogger Bank Wind Farm on 10 February. IWS Moonwalker and IWS Sunwalker are currently under construction for expected delivery in Q2 2025 and Q3 2025, respectively. Chartering IWS Fleet has in 2025 signed charter contracts for more than EUR 30m. IWS Skywalker\u2019s contracts with Dogger Bank Wind Farm were in January 2025 extended from Q2 2026 to Q3 2027 on improved terms. Furthermore, IWS Starwalker, the fourth CSOV, signed a new contract with Dogger Bank Wind Farm that commenced on 10 February 2025. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:549300JCAQFRMWSL7M59",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}