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"value": "Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda",
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"s7_notes__7__16": {
"value": "The AutoStore group is an innovative robotic and software technology provider and a pioneer of cube storage automation.",
"dimensions": {
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"s7_notes__7__7": {
"value": "1.1Corporate InformationThe financial statements of AutoStore Holdings Ltd. and its subsidiaries ( \u201cAutoStore group\u201d, \u201cthe company\u201d or \u201cthe group\u201d) for the period ended December 31, 2023, were authorized for issue by the Board of Directors on April 24, 2024. AutoStore Holdings Ltd. has shares traded on the Oslo Stock Exchange, with the ticker symbol AUTO. The company\u2019s registered office is located at Park Place, 55 Par La Ville Road, Third Floor, Hamilton HM11, Bermuda. The group\u2019s corporate headquarters is located at Stokkastrandvegen 85, 5578 Nedre Vats, Norway. The AutoStore group is an innovative robotic and software technology provider and a pioneer of cube storage automation. The group operates in the warehouse automation industry and the strongly growing cube storage segment. The group develops warehouse solutions for the future and helps its customers to enable space-saving and increase performance while reducing labor and energy costs. Group simplificationTo simplify the group structure, the intermediate holding companies, Automate Holdings S.a.r.l., Automate Intermediate Holdings I S.a.r.l, Automate Bidco AS and Terminator Bidco AS are liquidated as of December 31, 2023. Automate Intermediate Holdings II S.a.r.l. is kept as a separate subsidiary of AutoStore Holdings Ltd. for the purpose of continued holding of external financing. Automate Holdco I AS will be the direct subsidiary of AutoStore Holdings Ltd., being the intermediate owner of the AutoStore entities. Reference is made to note 6.1 for a list of subsidiaries and the new group structure. The largest entity of the group is AutoStore AS, registered in Norway. In 2023, the AutoStore group announced the opening of a new production facility in Thailand. As the parent company is incorporated in Bermuda, the Norwegian FSA has granted AutoStore Group an exemption from including the separate financial statements of AutoStore Holdings Ltd. as part of the annual report.",
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"s7_notes__7__17": {
"value": "1.2Basis of PreparationThe consolidated financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the European Union (\u201cEU\u201d), herein referred to as \u201cIFRS\u201d, and additional requirements in the Norwegian Securities Trading Act. The financial statements are prepared based on the going concern assumption. All figures are presented in millions (000,000), except when otherwise indicated. In the statement of comprehensive income/loss, gains are presented as positive amounts and expenses/costs are presented as negative amounts. In the notes, both income and expenses are presented as positive numbers, except for note 2.2, which is presented the same way as in the statement of compre-hensive income/loss.AutoStore has selected a presentation in which the description of accounting policies, as well as estimates, assumptions, and judgmental considerations, are disclosed in the notes to which the policies relate.Presentation and functional currencyThe consolidated financial statements are presented in US Dollars (USD), while the functional currency of the parent company and some of the largest subsidiaries are in Norwegian kroner (NOK). Functional currency in each entity of the AutoStore Group is deter-mined based on the primary economic environment in which the entity operates, i.e. normally the one in which the entity primarily generates and expends cash. When the factors or indicators are mixed and the functional currency is not obvious, management uses its judgment to determine the functional currency that most faith-fully represents the economic effects of the underlying transactions, events, and conditions. As part of this approach, management has given priority to the primary indicators before considering the other indicators, which are designed to provide additional supporting evidence to determine an entity\u2019s functional currency. Climate changeIn preparing the consolidated financial statements for the year ended December 31, 2023, the group has considered the potential impact of climate risk. Management has specifically considered how the current valuation of assets and liabilities may be impacted by risks related to climate change, resource use, carbon footprint, and circular economy, as well as the group\u2019s plans to mitigate those risk factors. The climate-related risks that have been assessed related to the group\u2019s operations and value chain were among others physical, transition, regulatory, technological, and reputational risks.Especially, the group\u2019s risk assessments have considered the following: \u2013 Transition/reputational risks such as lack of measurable commit-ments, e.g. a decarbonization plan related to resource use and circularity for the operations. This will likely not have a high impact in the short term, but risks increase the longer a plan is not implemented. By setting targets and developing an action plan, AutoStore will address this risk in the coming year, and thus limit any potential financial effects. \u2013 Regulatory/reputational risk related to production and use of material. The main financial risks regarding resource use and circularity stem from the risks of not using recycled plastic. This is considered to have a low financial impact and likelihood of occurrence in the short term, but the risk will increase over time and potentially become high in the longer term without action, potentially increasing future production costs in the event of regulatory changes, new taxes, and rising carbon prices. AutoStore is actively working on reduction of emissions in the future through use of recycled plastic in bins to address these potential future risks. As of December 31, 2023, climate risk is not expected to have any significant impact on the group\u2019s assets or liabilities, but management will continue to monitor and assess the actual and potential effects of climate risk going forward.In arriving at this conclusion, the group has reviewed each line item (and related estimates) in the statement of financial position and identified those line items that could have the potential of being significantly impacted by climate-related risks, including the group\u2019s plans to mitigate against those risks. The line items have been mapped and compared against the climate risks identified through the overall enterprise risk assessment process, as well as related to the group\u2019s reporting on climate risk in accordance with TCFD. Those line items that have the potential to be significantly impacted are those taking into consideration forward-looking information. Such items have been reviewed in detail to confirm: \u2013 That the projected cash flows and growth rate used for goodwill impairment assessments are consistent with the climate-related risk assumptions described above and the actions that are planned to mitigate against those risks. \u2013 Useful life of intangible assets is appropriate given the risk of future regulation, taxes, increased carbon prices, or change in consumer behavior, potentially requiring AutoStore to change the development and production process (e.g. introduction of recycled plastic and more use of other recycled materials in the production process).Business impact of global conflictsAs a result of escalating conflicts in the Middle East in late 2023, integral global trade corridors through the Red Sea and Suez Canal have become increasingly under threat. This trade route is central to the shipping of goods between Europe and Asia and is utilized by AutoStore to transport products to the APAC region from the company\u2019s production facility in Poland. This business represents around eight percent of AutoStore\u2019s revenue in 2023. Further escalations of the conflict could necessitate circumnavigation via the African continent in a significantly longer route. This alternation augments the risk of escalating transportation costs within these supply chains. In 2023, the group continued its focus on further developing lean and efficient operations including refined production and sourcing strategies. This included the announcement of the opening of a new production facility in Thailand, which is seen to mitigate the risk.Russia\u2019s invasion of Ukraine in February 2022 continues to pose an increased risk of negative impacts on the global economy. AutoStore\u2019s business has seen a limited direct impact of Russia\u2019s invasion of Ukraine and subsequent sanctions in 2023. However, additional macro-level complexity and implications may have negative impacts going forward.",
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"s7_notes__7__18": {
"value": "1.3New and Amended Standards and InterpretationsThe group has opted to present revenue and other operating income combined in the consolidated statement of comprehensive income. The group has not made any other voluntary accounting policy changes in 2023. New and amended standards adopted by the group The group applied certain amendments to standards for the first time, which are effective for annual periods beginning on or after January 1, 2023. Below is a list of the amended standards that applied for the first time in 2023, but did not have any material impact on the consoli-dated financial statements of 2023:Amendments to IFRS 17 \u2013 Insurance Contracts and Initial Application of IFRS 17 and IFRS 9 \u2014 Comparative InformationAmendments to IAS 8 \u2013 Definition of Accounting Estimates Amendments to IAS 12 \u2013 Deferred Tax related to Assets and Liabilities arising from a Single TransactionAmendments to IAS 12 \u2013 International tax reform - pillar two model rulesNew amended standards that applied for the first time in 2023 with significant material impact to the consolidated financial statements in 2023 include:Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgments, in which it provides guidance and examples to help entities apply materiality judgments to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on January 1, 2023. The amendments have had an impact on the group\u2019s disclosures of accounting policies by removing immaterial disclosure information and making the disclosure more entity-specific. The measurement, recognition, or presentation of any items in the group\u2019s financial statements have not changed. Standards issued but not yet effectiveThe group has not early adopted any accounting standard, interpre-tation, or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and inter-pretations, if relevant, when they become effective. Below is a list of new amendments not yet effective:Amendments to IFRS 16 \u2013 Lease liability in a sale and leaseback Amendments to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with CovenantsAmendments to IAS 7 and IFRS 7 \u2013 Supplier Finance ArrangementsAmendments to IAS 21 \u2013 Lack of exchangeabilityThe group does not expect any significant effects related to upcoming standards and amendments.",
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"value": "1.4Significant Judgments, Estimates and AssumptionsThe preparation of the consolidated financial statements in accordance with IFRS and applying the chosen accounting policies requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. Actual results may differ from these estimates. The estimates and the underlying assumptions are reviewed on an ongoing basis. The accounting policies applied by management, which include a significant degree of estimates and assumptions or judgments that may have the most significant effect on the amounts recognized in the financial statements, are summarized below:Estimates and assumptions: \u2013 Useful lives of intangible assets (note 3.4) \u2013 Valuation of share-based payments (note 7.4)Accounting judgments: \u2013 Capitalization of development costs (note 3.4) \u2013 Determination of functional currency (note 1.2) \u2013 Determination of performance obligations (note 2.1) \u2013 Accounting assessment of Ocado settlement agreement (note 7.2)A detailed description of the significant accounting estimates and judgments is included in the individual note where applicable.Significant accounting estimates and assumptionsImpairment testing of goodwill, trademarks, and internal development projects in progressThe calculation of value in use for the AutoStore system CGU is most sensitive to the following assumptions: \u2013 Compound annual growth rate (CAGR) of sales in the forecast period \u2013 Operating cash flow margin \u2013 Pre-tax discount rate \u2013 Terminal growth rateCAGR of sales in the forecast period The expected growth in operating revenues is based on the expected high growth in the industry and the group\u2019s market share. The growth forecast is based on management\u2019s expectations of future conditions in the markets, including the entry of new participants to the market. Operating cash flow marginThe operating cash flow margin is determined based on an analysis of historical levels of revenues, cost of materials and operating expenses, while forward-looking estimates are derived using scenario-weighted assumptions for these profit and loss/cash flow measures.Pre-tax discount rateThe pre-tax discount rate, which is set to 11.9% as of December 31, 2023 (11.7% 2022), reflects the current market assessment of the risks specific to the CGU. The pre-tax discount rate for the group is estimated based on the weighted average cost of capital (WACC). Terminal growth rateThe terminal growth rate, which is set to 2.0% as of December 31, 2023, (2.0% 2022), is the estimated long-term rate of growth in the economy where the business operates, aligned with long-term global inflation targets. Climate-related matters AutoStore constantly monitors the latest government regulations concerning climate-related matters. As of December 31, 2023, no regulation has been passed that is expected to materially impact the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required.Significant judgmentThe settlement agreement between Ocado Group and AutoStore has required significant accounting judgment, where the key consideration has been related to whether the obtained access to Ocado\u2019s patents and the access granted to own patents could potentially lead to an allocation of the GBP 200 million to any intan-gible asset. However, management has concluded that no parts of the GBP 200 million should be allocated to any intangible asset (or other assets) as the recognition criteria for intangible asset are not considered to be met.Significant accounting estimates and assumptionsSocial security contributionsThe group recognizes a liability for social security contributions with respect to options to be exercised. The amount of the liability is dependent on the number of options that are expected to be exercised (that is, vesting conditions are taken into account). The expense is allocated over the period from the grant date to the end of the vesting period. From the end of the vesting period to the date of actual exercise, the liability is adjusted by reference to the current market value of the shares (that is, fair value of the liability at the end of the reporting period). Social security contri-bution is calculated for the intrinsic value of the options (share price \u2013 strike value) over the vesting period. Valuation assessmentThe group has performed valuation calculations for the option program for both the fair value at grant date, subsequent measurement, and the ongoing calculation for social security contribution. See below for a summary of the model applied, inputs to the model, and calculation of the fair value at grant date. The fair value of the share options is estimated at the grant date using the Black-Scholes-Merton model and a Monte Carlo Simulation for the options, taking into account the terms and conditions on which the share options were granted.",
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"s7_notes__7__20": {
"value": "Accounting policiesSignificant judgment The group\u2019s revenue from contracts with distributors relates to sales of modules and components of the AutoStore system and related services connected to the AutoStore system. The group has applied significant judgment in the determination of performance obliga-tions within contracts and has evaluated that each component of the AutoStore system represents distinct performance obligations and should be accounted for separately.",
"dimensions": {
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"s7_notes__7__5": {
"value": "Accounting policiesSignificant judgment The group\u2019s revenue from contracts with distributors relates to sales of modules and components of the AutoStore system and related services connected to the AutoStore system. The group has applied significant judgment in the determination of performance obliga-tions within contracts and has evaluated that each component of the AutoStore system represents distinct performance obligations and should be accounted for separately.Employee benefit expenses comprise all types of remuneration to all employees of the group (i.e. full-time, part-time, permanent, casual or temporary staff, and directors and other management personnel) and are expensed when earned.Ordinary salaries can be both fixed pay and hourly wages and are earned and paid periodically. Holiday pay is earned on the basis of ordinary pay and is normally paid in the holiday months of the following year. The employer\u2019s national insurance contribution (social security) is calculated and expensed for all payroll-related costs, including pensions. Pension contributions are earned on a monthly basis. Other employee expenses consist of other benefits such as insurance, cars and telephones, and remuneration to the Board of DirectorsAccounting PoliciesExpected Credit LossesAutoStore\u2019s customer base consists of several large customers. The group\u2019s historical defaults have been low. However, the group updates its provision matrix at each reporting date with the focus on the forward-looking estimates of each customer. In determining the forward-looking information, AutoStore considers factors that impact the customer base the most, i.e. general trends and changes in the economy, such as inflation/growth rates, unemployment rates, interest rates, and FX rates. In addition, industry- or geography-specific indicators that might have a significant impact on inferring future default levels are considered.As of December 31, 2023, historical losses are close to zero, and there is no forward-looking information indicating that this will change in the near future. The customer base remains unchanged from previous periods and mainly consists of large companies.Accounting policiesGroup as a lesseeAt the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low-value assets.Measuring the lease liabilityThe lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that is not paid at the commencement date. Lease payments do not include variable lease payments and non-lease components, such as payments related to maintenance activities, including shared costs (e.g. cleaning of shared areas in the building). The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (effective interest method), reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-sub-stance fixed lease payments. Variable lease payments that are not included in the lease liability are expensed in the period they relate.AutoStore presents its lease liabilities as separate line items in the consolidated statement of financial position. Cash flows related to payments for the principal portion of the lease liability and interest are classified within financing activities. Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset includes the corresponding amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, and initial direct costs incurred. The right-of-use asset is subsequently depreciated on a straight-line basis over the lease term and assessed for impairment by applying the same policies for impairment as for property, plant and equipment (note 3.5).Recognized goodwill originates from the acquisition of AutoStore by Thomas H. Lee Partners in 2019 and the acquisition of Locai in 2021. No additional goodwill was recognized during 2022 and 2023.For the purpose of impairment testing of goodwill AutoStore performed its annual impairment test for goodwill and intangible assets with indefinite lives as of December 31, 2023, and no impairment was recognized. The goodwill acquired in the business combination of AutoStore by Thomas H. Lee Partners in 2019 and the acquisition of Locai in 2021 was, from the acquisition date, allocated to the AutoStore system CGU. The key assumptions used to determine the recoverable amount of the CGU are disclosed in note 3.5.Accounting policiesSignificant accounting judgmentsCapitalization of internal development costsDevelopment expenditures on an individual project, which represent new applications/technology, are recognized as an intangible asset when the group can demonstrate: \u2013 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2013 Its intention to complete and its ability and intention to use or sell the asset \u2013 How the asset will generate future economic benefits \u2013 The availability of resources to complete the asset \u2013 The ability to measure reliably the expenditure during devol-opmentOther costs are classified as research and are expensed as incurred. Amortization of the capitalized asset begins when the asset is available for its intended use and is amortized over the period of expected future life. When an asset is available for its intended use, it is reclassified from internal development to the respective relevant asset class. Initial capitalization of direct costs is based on manage-ment\u2019s judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied, and the expected period of benefits. The assessment of when product development is capitalized is highly subjective, as the outcome of these projects may be uncertain. Capitalized development is subject to impairment assessment with references to note 3.5.Significant accounting estimates and assumptionsUseful lives of intangibles The useful lives of intangible assets are assessed as either finite or indefinite, and may in some cases involve considerable judgment. Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets with finite useful lives are amortized over their useful economic life and assessed for impairment whenever AutoStore finds any indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Trademarks that have existed for a long period of time and have a sound reputation at the time of acquisition are assessed by the group as having an indefinite useful life, and are not amortized. Only trade-marks that are purchased through the acquisition of companies are capitalized in the consolidated financial statements. See note 3.5 for impairment considerations and annual testing of the group\u2019s intangible assets with indefinite useful lives. No general indicators for impairment of intangible assets were identified in the current or prior year.The group\u2019s classification of intangible assetsSoftware and technology The value of the group\u2019s intangible assets primarily relates to the underlying robot/robot technology and the integrated software that controls and optimizes the performance of every robot and moving part of the system. The underlying base technology was recognized through the acquisition of the AutoStore group by Thomas H. Lee Partners in 2019. Base technology capitalized through the acqui-sition is amortized over the expected useful life of 25 years. New products and features being developed with shorter expected useful lives using this base technology are generally amortized over five years.Internal developmentThe majority of the ongoing development activities relate to add-on features and improvements to the base technology. Internally developed assets are amortized from the time when the assets are available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management and reclassified to software and technology. PatentsThe patents are intangible assets arising from legal rights. AutoStore has patents related to IT/communication, Robots, Ports, Grid, Bins, and system layout. Patents are amortized over 13-18 years, which is the period of the contractual or other legal rights and the period (determined by economic factors) over which the group expects to obtain economic benefits from the asset. Customer relationshipsCustomer relationships were recognized through the acquisition of the AutoStore Group in 2019, and represent the value of the company\u2019s distributor relationships at the time of the acquisition. Customer relationships are amortized on a straight-line basis over five years, being the estimated useful life of benefit from the acquisition date of customer relationships. Trademarks Trademarks are recognized through the acquisition of the AutoStore Group in 2019. Trademarks have an indefinite useful life and are tested for impairment annually.Accounting policiesAutoStore evaluates external and internal indications of impairment for property, plant, and equipment (\u201cPP&E\u201d); right-of-use assets; intan-gible assets; and goodwill at the reporting date. External indicators AutoStore monitors include significant decline in asset value, adverse changes in technological, market, economical or legal environment, increased interest rates affecting the asset\u2019s value, and carrying amounts exceeding market capitalization. AutoStore also monitors internal indicators including physical damage or obsolescence of the asset, significant adverse changes, or worse economic performance affecting, or expected to affect, the asset.The group tests goodwill and trademarks with indefinite useful lives (see notes 3.3 and 3.4) and internal development projects for impairment annually, or more often when circumstances indicate that the carrying value may be impaired.Impairment assessment of PP&E, right-of-use assets, and intangible assets with finite useful lifeWhen reviewing for indication of impairment of PPE, right-of-use assets, and intangible assets with finite useful life, AutoStore considers the relationship between the estimated market capital-ization of the group and its book value. In addition, AutoStore considers factors such as industry growth, the impact of general economic conditions, changes to the technological and legal environment, and the group\u2019s market share and performance compared to previous forecasts in this assessment, among other factors. No impairments have been recognized to the AutoStore group\u2019s PPE, right-of-use assets, and intangible assets with finite useful life on December 31, 2023.Impairment assessment of goodwill and intangible assets with indefinite useful lifeThe group performs the impairment test of goodwill and assets with indefinite useful life on December 31, or when circumstances indicate that the carrying value may be impaired. AutoStore system - Cash-generating unit (\u201cCGU\u201d) The group is being monitored as one unit by management and operates as a separate business. Cash flows are reported in the same format as in the quarterly and annual reports, on a group level.Following the acquisition by Thomas H. Lee Partners in July 2019 and the acquisition of Locai in 2021, the goodwill was allocated to one CGU (the \u201cAutoStore system CGU\u201d). The group has deter-mined one operating segment, i.e. AutoStore system according to IFRS 8 Operating Segments, which is the same level as the CGU determined for the goodwill impairment test. The AutoStore system is currently the smallest identifiable group of assets that generates cash inflows to the group, and these are largely independent of the cash inflows from other assets. As the group\u2019s trademark is an intan-gible asset with an indefinite useful life that does not generate largely independent cash inflows, impairment is tested based on the AutoStore system CGU, and any impairment is made proportionate to the asset\u2019s carrying amount. Basis for determining the recoverable amountThe CGU\u2019s recoverable amount has been determined based on its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The cash flows are derived from the detailed budget and forecast calculations for the next five years approved by the Board of Directors of the group. Restructuring activities and significant future investments are excluded from the budgets. A long-term growth rate is calculated and applied to project future cash flows after the forecast period. The recoverable amount is sensitive to revenue growth in the forecast period, the discount rate, expected future cash flows, and the terminal growth rate.Classification of financial instrumentsAll of the group\u2019s financial assets and liabilities are classified at amortized cost (see table below). Amortized 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 effective interest rate method). The amortization is included as finance costs in the statement of comprehensive income.References are made to note 2.6 for expected credit losses (ECLs) for the group\u2019s trade receivables. IBOR reformThe group has non-current interest-bearing loans and borrowings with indexed interest rates based on EURIBOR and LIBOR. In June 2023, the IBOR reform led to the discontinuation of LIBOR as a benchmark rate, and it was replaced by new benchmark rates, known as Alternative Risk-Free Rates (RFRs). EURIBOR is already reformed, and no further changes are expected as of this date. The group transitioned any LIBOR-related loans to SOFR in July 2023, which did not create any significant effects on the group\u2019s financial reporting.Net foreign exchange differences mainly relate to changes in foreign exchange gain/loss on the group\u2019s interest-bearing liabilities in currencies other than the functional currency (note 4.2). Interest income and interest expenses on interest-bearing liabilities and receivables are calculated using the effective interest method. Interest expenses mainly relate to interest on the group\u2019s inter-est-bearing liabilities (note 4.2).Interest expense on lease liabilities relates mainly to office buildings and production facilities in Norway, Poland, U.S., and Thailand, as well as vehicles. Interest expense on lease liabilities represents the interest rate implicit in the lease, or the incremental borrowing rate used to measure the lease liabilities recognized in the financial position. For further information, see note 3.2Accounting policiesIn determining fair value measurement, AutoStore uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole.Fair value disclosuresManagement has assessed that the fair values of cash and short-term deposits, trade and other receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments and the current risk-free interest rates. Interest-bearing liabilities (Facility B)The fair values of the group\u2019s interest-bearing liabilities (Facility B) are determined by using the Discounted Cash Flow (DCF) method using a discount rate that reflects the issuer\u2019s borrowing rate as of the end of the reporting period. The fair values of the group\u2019s inter-est-bearing liabilities (Facility B) are in most cases similar to the carrying amount, as the interest rates are floating and the non- performance risk as of December 31, 2023, was assessed to be insignificant. The group\u2019s interest-bearing liabilities (Facility B) are classified as Level 2 in the fair value hierarchy as the discount rate, which is considered the lowest level input that is significant to the fair value measurement, is composed of building blocks such as market interest (e.g. SOFR) and credit spreads, which are either directly or indirectly observable.For the purpose of AutoStore\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019s capital management is to ensure that it maintains healthy working capital and financial stability to support its growing business operations and maximize shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares, perform prepayments of debt, or draw on short-term credit.To achieve this overall objective, the group\u2019s capital management, among other things, aims to ensure that it reinvests or returns excess cash flows from operations that are not necessary to maintain a healthy operating working capital to its investors. There has been no breach of the financial covenants in the current or previous periods. Reference is made to note 4.2.Accounting policiesAutoStore classifies provisions in the following categories: \u2013ssurance-type warranties: A provision for expected warranty claims on products sold during the year, based on experience of the level of repairs and returns. \u2013nerous shared cost: A provision for unfavorable terms related to the service element (shared cost) in a lease agreement. The provision includes the expected future payments above the market rate for these services discounted to present value. \u2013ocial security for share-based payments: Contains a provision for the accrued social security on share options and restrictive share units, which will be paid when the options are exercised. \u2013 Refund liability: A provision for the expected discount to be refunded to customers (distributors) after the reporting date. The provision is recognized as variable consideration by applying the expected value method to the discount based on historical sales and specific forward-looking factors. Reference is made to note 2.1.A provision is made and calculated based on management assump-tions at the time the provision is made and is updated as and when new information becomes available. All provisions are reviewed at the end of the financial year.Accounting policiesThe group has share-based programs for its key employees, which are accounted for as equity-settled transactions. The share option program for key employees gives the employee the right to purchase shares in the ultimate parent company AutoStore Holdings Ltd. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recog-nized as of the beginning and end of that period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award, unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as of the date of modifi-cation, is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee. Where an award is canceled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. See note 6.2 for the potential impact of share options on the group\u2019s earnings per share.",
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"s7_notes__7__19": {
"value": "2.1Revenue from Contracts withCustomersThe principal business activities of the group are to develop and manufacture an automated warehouse system based on robotics, referred to as \u201cthe AutoStore system.\u201d The AutoStore system has a variety of applications, and the modularity creates high flexibility and eliminates most limitations to scalability. The AutoStore system is distributed and sold through distributors (or partners), where the distributors are the AutoStore Group\u2019s customers. The distributors are responsible for the installation of the system and any subse-quent service to the end-user of the AutoStore system. Accounting policiesSignificant judgment The group\u2019s revenue from contracts with distributors relates to sales of modules and components of the AutoStore system and related services connected to the AutoStore system. The group has applied significant judgment in the determination of performance obliga-tions within contracts and has evaluated that each component of the AutoStore system represents distinct performance obligations and should be accounted for separately. Revenue streamsAutoStore systemThe AutoStore system consists of different modules for warehouse storage and handling. The AutoStore system includes, but is not limited to: Grid, Port, Robot, AutoStore Control System and spare parts, referred to as components of the AutoStore system. Revenue from components of the AutoStore system is recognized at a point in time when the distributor obtains control over the components, which is generally upon shipment. The AutoStore Control System consists of technical equipment with an integrated on-premise software license. The group may also provide upgrades and maintenance of the AutoStore Control System component. Revenue from maintenance and upgrades is recognized over time on a monthly basis over the subscription license period. The group\u2019s contract liabilities related to upgrades and maintenance of the AutoStore Control System is presented under the line \u201cother current liabilities\u201d in the financial position. The AutoStore Group generally acts as a principal. For freight or shipment of components of the AutoStore system (freight element), the group acts as an agent in these transactions, as the nature of the group\u2019s promise is to arrange for the shipping service on behalf of the distributor. Revenue for the shipping service is recognized at a point in time when the shipping service is arranged on a net basis (sales freight income less sales freight expense).As most of AutoStore\u2019s revenues are recognized and invoiced upon shipment, the group does not have any significant contract balances except for trade receivables. The group presents its trade receiv-ables arising from contracts with customers separately from other receivables. Accounting policies for trade receivables are presented in note 2.6. Warranties AutoStore typically provides warranties for general repairs of defects that existed at the time of sale, as required by law. These assurance- type warranties are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Reference is made to note 7.1.Variable consideration To estimate the variable consideration for discounts, the group applies the expected value method. The group then applies the requirements on constraining estimates of variable consideration and recognizes a refund liability for the discounts. The refund liability for discounts is presented in note 7.1.Rendering of servicesRendering of services consists of services related to the AutoStore system, such as installation, maintenance, and training of personnelin connection with the delivery of components of the AutoStore system. These services are treated as separate performance obliga-tions because AutoStore will only provide these services upon request by the distributor, and they are not obligated to provide theservices to fulfill the promises to the customer. Revenue from rendering services is recognized as the services are performed. Disaggregated revenue information The group\u2019s revenue from contracts with customers has been disaggregated and is presented in the tables below:USD million2023 2022Major products and servicesAutoStore system 644.8 584.5 Rendering of services 1.7 0.6 1Total revenue 646.5 585.0 Geographical informationNorway 13.9 17.7 Germany 100.0 107.1 Europe, excl. Norway and Germany 279.1 220.0U.S. 186.7 169.4 Asia 33.8 45.9 Other 32.9 24.8 1Total revenue 646.5 585.0 The geographic information is based on the customer\u2019s country of domicile. Timing of revenue recognition Goods transferred at a point in time 630.2 575.7 Goods and services transferred over time 16.3 9.3 1Total revenue 646.5 585.0 Revenue from contracts with customers 646.5 585.0 Other operating income -0.8 -1.5 Total revenue and other operating income 645.7 583.5 1 Excl. other operating income.",
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"s7_notes__7__21": {
"value": "2.2Segment InformationAutoStore has one technology that is developed centrally and sold in different markets. The technology is sold globally through AutoStore Group\u2019s distribution partners, who in turn sell to the end-customer. Responsibility for the business is shared by top management. The chief operating decision maker (CODM) of the AutoStore Group, which is defined as the Board of Directors, monitors the operating results of the group as one business unit for the purpose of making decisions about resource allocation and performance assessment, hence only one segment is reported. Segment performance is evaluated with a main focus on total revenue, gross profit, and EBITDA. Total revenue is measured consistently with the total of revenue and other operating income in the statement of comprehensive income, while gross profit and EBITDA are defined below.Geographical marketsFor information on the group\u2019s geographical markets, reference is made to note 2.1. Information about major customersThe group has four customers (distributors) that individually contribute more than 10% of the group\u2019s total revenue in 2023 (together these four companies contributed 59% of the group\u2019s total revenue in 2023 and 79% in 2022). USD million2023 2022Revenue and other operating income 645.7 583.5 Cost of materials -207.6 -242.8 Gross profit (excluding depreciation and amortization) 438.1 340.8 Employee benefit expenses -79.1 -39.4 Other operating expenses -310.4 -76.6 EBITDA 48.5 224.7 Gross profit is the group\u2019s revenue and other operating income, less cost of materials.USD million2023 2022Profit/loss for the period-32.6 99.7Income tax expense -13.7 27.5Finance income -10.4 -4.2Finance costs 43.1 44.0Depreciation 10.6 6.6Amortization of intangible assets 51.5 51.1EBITDA48.5 224.7EBITDA is the group\u2019s profit/loss for the period after adding back the income tax expense, finance costs, depreciation and amortization, and deducting the finance income. In the table below, non-current assets are broken down by geographical areas based on the location of the operations.USD million31.12.2023 31.12.2022Balance sheet itemsAssets 2,131.8 2,041.0 Liabilities 856.8 693.2 Equity 1,274.9 1,347.8 Non-current operating assetsLocated in Norway 1,581.1 1,643.0 Located in foreign countries 53.8 26.4 Total non-current operating assets 1,634.9 1,669.5 Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets, and intangible assets, including goodwill.",
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"s7_notes__7__22": {
"value": "2.3InventoriesUSD million31.12.2023 31.12.2022Raw materials 55.8 53.3 Work in progress 0.2 0.0 Finished goods 26.8 30.2 Total inventories (gross) 82.9 83.5 Provision for obsolete inventories - - Total inventories at the lower of cost and net realizable value 82.9 83.5 During the reporting period, the group has recognized USD 207.3 million of inventories as an expense, compared to USD 240.4 million in 2022. In 2023, a write-down expense of USD 0.1 million was recognized. No write-down expenses for inventories were recognized in 2022.",
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"s7_notes__7__25": {
"value": "Employee benefit expenses comprise all types of remuneration to all employees of the group (i.e. full-time, part-time, permanent, casual or temporary staff, and directors and other management personnel) and are expensed when earned.Ordinary salaries can be both fixed pay and hourly wages and are earned and paid periodically. Holiday pay is earned on the basis of ordinary pay and is normally paid in the holiday months of the following year. The employer\u2019s national insurance contribution (social security) is calculated and expensed for all payroll-related costs, including pensions. Pension contributions are earned on a monthly basis. Other employee expenses consist of other benefits such as insurance, cars and telephones, and remuneration to the Board of Directors",
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"s7_notes__7__24": {
"value": "2.4Employee Benefit ExpensesEmployee benefit expenses comprise all types of remuneration to all employees of the group (i.e. full-time, part-time, permanent, casual or temporary staff, and directors and other management personnel) and are expensed when earned.Ordinary salaries can be both fixed pay and hourly wages and are earned and paid periodically. Holiday pay is earned on the basis of ordinary pay and is normally paid in the holiday months of the following year. The employer\u2019s national insurance contribution (social security) is calculated and expensed for all payroll-related costs, including pensions. Pension contributions are earned on a monthly basis. Other employee expenses consist of other benefits such as insurance, cars and telephones, and remuneration to the Board of Directors. PensionsThe group offers defined contribution schemes in all markets asoccupational pension plans, ensuring both compliance with local formal requirements as well as ensuring an attractive overall value proposition to current and future employees.The programs are defined contribution plans. Contributions are paidto pension insurance plans and charged to the income statement in the period to which the contributions relate. Once the contributionshave been paid, there are no further payment obligations for the group.USD million2023 2022Salaries 48.3 44.3 Social security costs 17.6 -11.2 Pension costs 3.5 2.8 Other employee expenses 9.7 3.5 Total employee benefit expenses 79.1 39.4 Average number of full-time employees (FTEs) 1,000 873Social security costs for the year ended 2022 were positive due to a reduction in the provision for social security tax on management options following the reduced share price for the company. References are made to note 7.1. Remuneration to the Board of DirectorsRemuneration to the members of the Board is determined by the Annual General Meeting (\u201cAGM\u201d). The remuneration reflects the Board\u2019s responsibilities, expertise, time and commitment. External members of the Board of Directors of AutoStore Holdings Ltd. are partly compensated through RSUs (restricted stock options). Vesting period is two years from grant date. The conditions for these grants and the terms and assumptions are disclosed in note 7.4.Remuneration to Executive Management The Board of Directors has established a Remuneration Committee composed of three board members. The members of the Remuneration Committee shall be appointed for a one-year term. The appointed members in 2023 of the Remuneration Committee are James C. Carlisle (Co-chair), Michael K. Kaczmarek, and Andreas Hansson. Kristin Skogen Lund resigned from the Board and the Remuneration Committee in October 2023. The Remuneration Committee is a preparatory and advisory body in relation to the company\u2019s strategy for the remuneration and performance evaluation of executive management. It also monitors the organization\u2019s needs in terms of required workforce capabilities and expertise.Principles for determining salaryThe main principle for determining salary for each executive man- agement member has been a fixed annual salary with the addition of benefits in kind such as telephone, insurance, and internet subscription. The fixed salary has been determined on the basis of the following factors: competitive salary level, scope of work, and responsibilities, as well as an assessment of the business and individual performance.PensionAll executive management members are enrolled in the defined contribution pension scheme.Share incentive programsMembers of the executive management team have been granted share options under the company\u2019s share incentive program, described in note 7.4.BonusIn 2023, management is eligible for an annual short-term incentivebonus of their annual gross salary based on achievement of certainindividual and company goals. Loans and guaranteesThe company has not granted any loans, guarantees, or made any other similar commitments to any of its board members or members of management. No member of the Board of Directors or management is entitled to benefits upon termination of their position. Executive Management - Effect on share options following resignation Mats Hovland Vikse succeeded Karl Johan Lier, who retired from the company March 2023, as the company\u2019s new CEO effective from January 1, 2023.In November 2022, it was announced that former CFO Bent Skisaker would step down to pursue other opportunities. He remained in the role until the new CFO, Paul Harrison, took charge effectively on October 30, 2023.All the above-mentioned executives retain their share options according to announced option- and long-term incentive programs.Remuneration to the Board of DirectorsUSD millionTitle2023 2022James C. Carlisle Chair of the Board - - 1Samuel Merksamer Co-chair of the Board - - 1 Vikas J. ParekhCo-chair of the Board - - 2Sumer Juneja Board member - -Hege Skryseth Board member 0.05 0.05 Viveka Ekberg Board member 0.06 0.06 3Kristin Skogen Lund Board member 0.02 0.05 Michael K. Kaczmarek Board member - - 4Nils Magnus Tornling Board member - - 4Edzard Overbeek Board member - -Andreas Hansson Board member - - 5Ram Trichur Board member - - 6Kjersti Wiklund Board member - - Total remuneration0.13 0.151 Vikas J. Parekh replaced Sam Merksamer as Co-chair of the Board, effective from April 20, 2023. 2 Sumer Juneja was appointed to the Board effective from April 20, 2023.3 Kristin Skogen Lund resigned as Board member on October 27, 2023.4 Nils Magnus Tornling resigned as Board member on September 29, 2022, and was replaced by Edzard Overbeek on April 20, 2023 (resigned as Board member on April 19, 2024).5 Ram Trichur resigned as Board member on September 25, 2022. 6 Kjersti Wiklund was appointed to the Board effective from October 27, 2023.Remuneration to Executive Management 2023OtherTotalcompen-remuner-USD millionSalary Bonus Pensionsationation1Mats Hovland Vikse (CEO) 0.58 0.03 0.01 0.00 0.62 2Karl Johan Lier (CEO) 0.16 0.04 0.01 0.01 0.22 3Paul Harrison (CFO) 0.13 - 0.01 - 0.15 4Bent Mathias Skisaker (CFO) 0.22 0.24 0.01 0.00 0.48 Israel Losada Salvador (COO) 0.30 0.02 0.01 0.00 0.34 Anette Matre (CPIO) 0.21 0.02 0.01 0.01 0.26 5Michael Dickson (CRO) 0.33 0.05 0.01 0.00 0.40 Carlos Roman Fernandez (CPO) 0.27 0.03 - - 0.30 Jenny Sveen Hovda (General Counsel) 0.27 0.03 0.01 0.00 0.31 Total remuneration 2.47 0.47 0.11 0.03 3.07 Remuneration to Executive Management 2022Karl Johan Lier (CEO) 0.32 - 0.01 0.02 0.35 Bent Mathias Skisaker (CFO) 0.22 0.04 0.01 - 0.27 6Israel Losada Salvador (COO) 0.14 0.05 0.01 - 0.27Jone Gjerde (COO) 0.09 0.03 0.01 - 0.13 Anette Matre (CPIO) 0.17 0.03 0.01 0.01 0.22 Mats Hovland Vikse (CRO) 0.22 0.04 0.01 - 0.27 Carlos Roman Fernandez (CPO) 0.12 0.02 - - 0.15 Jenny Sveen Hovda (General Counsel) 0.20 - 0.01 - 0.21 Total remuneration 1.48 0.21 0.08 0.03 1.80 1 Appointed as Chief Executive Officer on January 1, 2023.2 Resigned as Chief Executive Officer, was employed until March 31, 2023.3 Appointed as Chief Financial Officer on October 31, 2023. 4 Resigned as Chief Financial Officer on October 31, 2023.5 Appointed as Chief Revenue Officer on January 1, 2023.6 Appointed as Chief Operational Officer on June 1, 2022.7 Resigned as Chief Operational Officer on June 1, 2022.Shares held by the Board of DirectorsNumber of sharesTitle31.12.2023 31.12.2022James C. Carlisle Chair of the Board - - 1Samuel Merksamer Co-chair of the Board - - 1 Vikas J. ParekhCo-chair of the Board - -2Sumer Juneja Board member - -Hege Skryseth Board member - - Viveka Ekberg Board member 236,774 236,774 3Kristin Skogen Lund Board member - 6,451 Michael K. Kaczmarek Board member - - 4Nils Magnus Tornling Board member - - 4Edzard Overbeek Board member - -Andreas Hansson Board member 200,000 - 5Ram Trichur Board member - - 6Kjersti Wiklund Board member - - Total shares 436,744 243,225 Total shares outstanding in AutoStore Holdings Ltd. 3,356,390,367 3,339,147,928 Ownership % by the Board of Directors0.0% 0.0%1 Vikas J. Parekh replaced Sam Merksamer as Co-chair of the Board, effective from April 20, 2023. 2 Sumer Juneja was appointed to the Board effective from April 20, 2023. 3 Kristin Skogen Lund resigned as Board member on October 27, 2023.4 Nils Magnus Tornling resigned as Board member on September 29, 2022, and was replaced by Edzard Overbeek on April 20, 2023 (resigned as Board member on April 19, 2024).5 Ram Trichur resigned as Board member on September 25, 2022. 6 Kjersti Wiklund was appointed to the Board effective from October 27, 2023.Share options held by the Board of Directors (note 7.4)Number of share optionsTitle31.12.2023 31.12.2022James C. Carlisle Chair of the Board - -1Samuel Merksamer Co-chair of the Board - -1 Vikas J. ParekhCo-chair of the Board - - 2Sumer Juneja Board member - - Hege Skryseth Board member 67,658 29,032 Viveka Ekberg Board member 67,658 29,032 3Kristin Skogen Lund Board member 29,032 29,032 Michael K. Kaczmarek Board member - -4Nils Magnus Tornling Board member - - 4Edzard Overbeek Board member 38,626 -Andreas Hansson Board member 38,626 - 5Ram Trichur Board member - - 6Kjersti Wiklund Board member 38,626 - Total share options 280,226 87,096 Total share options outstanding in AutoStore Holdings Ltd. 73,591,851 90,661,375 % of share options outstanding owned 0.4% 0.1%by the Board of Directors1 Vikas J. Parekh replaced Sam Merksamer as Co-chair of the Board, effective from April 20, 2023. 2 Sumer Juneja was appointed to the Board effective from April 20, 2023. 3 Kristin Skogen Lund resigned as Board member on October 27, 2023.4 Nils Magnus Tornling resigned as Board member on September 29, 2022, and was replaced by Edzard Overbeek on April 20, 2023 (resigned as Board member on April 19, 2024).5 Ram Trichur resigned as Board member on September 25, 2022. 6 Kjersti Wiklund was appointed to the Board effective from October 27, 2023.Shares held by Executive ManagementNumber of sharesTitle31.12.20231Mats Hovland Vikse CEO 1,917,569 2Paul Harrison CFO -Israel Losada Salvador COO 26,368 Anette Matre CPIO 1,100,002 3Michael Dickson CRO 52,521 Carlos Roman Fernandez CPO 2,582,288 Jenny Sveen Hovda General Counsel 61,843 Total shares 5,740,591 Total shares outstanding in AutoStore Holdings Ltd. 3,356,390,367 Ownership % by Executive Management0.2%1 Appointed as Chief Executive Officer on January 1, 2023.2 Appointed as Chief Financial Officer on October 31, 2023.3 Appointed as Chief Revenue Officer on January 1, 2023.Number of sharesTitle31.12.2022Karl Johan Lier CEO 23,183,898 Bent Mathias Skisaker CFO 1,060,386 1Israel Losada Salvador COO 26,368 Anette Matre CPIO 1,100,002 Mats Hovland Vikse CRO 1,917,569 Carlos Roman Fernandez CPO 2,582,288 Jenny Sveen Hovda General Counsel 61,843 Total shares 29,932,354 Total shares outstanding in AutoStore Holdings Ltd. 3,339,147,928 Ownership % by Executive Management0.9 %1 Appointed as Chief Operational Officer on June 1, 2022.Share options held by ExecutiveManagement (note 7.4)Number of share optionsTitle31.12.20231Mats Hovland Vikse CEO 6,753,236 2Paul Harrison CFO 740,157 Israel Losada Salvador COO 306,634 Anette Matre CPIO 1,553,040 3Michael Dickson CRO 1,184,949 Carlos Roman Fernandez CPO 2,497,233 Jenny Sveen Hovda General Counsel 272,924 Total share options 12,568,016 Total share options outstanding in AutoStore Holdings Ltd. 73,591,851 % of share options outstanding owned by Executive Management17.1 %1 Appointed as Chief Executive Officer on January 1, 2023.2 Appointed as Chief Financial Officer on October 31, 2023.3 Appointed as Chief Revenue Officer on January 1, 2023.Number of share optionsTitle31.12.2022Karl Johan Lier CEO 22,516,432 Bent Mathias Skisaker CFO 6,418,157 1Israel Losada Salvador COO 162,017 Anette Matre CPIO 2,948,861 Mats Hovland Vikse CRO 6,479,080 Carlos Roman Fernandez CPO 2,863,989 Jenny Sveen Hovda General Counsel 140,415 Total share options 41,528,951 Total share options outstanding in AutoStore Holdings Ltd. 90,661,375 % of share options outstanding owned by Executive Management45.8 %1 Appointed as Chief Operational Officer on June 1, 2022.",
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"s7_notes__7__23": {
"value": "2.4Employee Benefit ExpensesEmployee benefit expenses comprise all types of remuneration to all employees of the group (i.e. full-time, part-time, permanent, casual or temporary staff, and directors and other management personnel) and are expensed when earned.Ordinary salaries can be both fixed pay and hourly wages and are earned and paid periodically. Holiday pay is earned on the basis of ordinary pay and is normally paid in the holiday months of the following year. The employer\u2019s national insurance contribution (social security) is calculated and expensed for all payroll-related costs, including pensions. Pension contributions are earned on a monthly basis. Other employee expenses consist of other benefits such as insurance, cars and telephones, and remuneration to the Board of Directors. PensionsThe group offers defined contribution schemes in all markets asoccupational pension plans, ensuring both compliance with local formal requirements as well as ensuring an attractive overall value proposition to current and future employees.The programs are defined contribution plans. Contributions are paidto pension insurance plans and charged to the income statement in the period to which the contributions relate. Once the contributionshave been paid, there are no further payment obligations for the group.USD million2023 2022Salaries 48.3 44.3 Social security costs 17.6 -11.2 Pension costs 3.5 2.8 Other employee expenses 9.7 3.5 Total employee benefit expenses 79.1 39.4 Average number of full-time employees (FTEs) 1,000 873Social security costs for the year ended 2022 were positive due to a reduction in the provision for social security tax on management options following the reduced share price for the company. References are made to note 7.1. Remuneration to the Board of DirectorsRemuneration to the members of the Board is determined by the Annual General Meeting (\u201cAGM\u201d). The remuneration reflects the Board\u2019s responsibilities, expertise, time and commitment. External members of the Board of Directors of AutoStore Holdings Ltd. are partly compensated through RSUs (restricted stock options). Vesting period is two years from grant date. The conditions for these grants and the terms and assumptions are disclosed in note 7.4.Remuneration to Executive Management The Board of Directors has established a Remuneration Committee composed of three board members. The members of the Remuneration Committee shall be appointed for a one-year term. The appointed members in 2023 of the Remuneration Committee are James C. Carlisle (Co-chair), Michael K. Kaczmarek, and Andreas Hansson. Kristin Skogen Lund resigned from the Board and the Remuneration Committee in October 2023. The Remuneration Committee is a preparatory and advisory body in relation to the company\u2019s strategy for the remuneration and performance evaluation of executive management. It also monitors the organization\u2019s needs in terms of required workforce capabilities and expertise.Principles for determining salaryThe main principle for determining salary for each executive man- agement member has been a fixed annual salary with the addition of benefits in kind such as telephone, insurance, and internet subscription. The fixed salary has been determined on the basis of the following factors: competitive salary level, scope of work, and responsibilities, as well as an assessment of the business and individual performance.PensionAll executive management members are enrolled in the defined contribution pension scheme.Share incentive programsMembers of the executive management team have been granted share options under the company\u2019s share incentive program, described in note 7.4.BonusIn 2023, management is eligible for an annual short-term incentivebonus of their annual gross salary based on achievement of certainindividual and company goals. Loans and guaranteesThe company has not granted any loans, guarantees, or made any other similar commitments to any of its board members or members of management. No member of the Board of Directors or management is entitled to benefits upon termination of their position. Executive Management - Effect on share options following resignation Mats Hovland Vikse succeeded Karl Johan Lier, who retired from the company March 2023, as the company\u2019s new CEO effective from January 1, 2023.In November 2022, it was announced that former CFO Bent Skisaker would step down to pursue other opportunities. He remained in the role until the new CFO, Paul Harrison, took charge effectively on October 30, 2023.All the above-mentioned executives retain their share options according to announced option- and long-term incentive programs.Remuneration to the Board of DirectorsUSD millionTitle2023 2022James C. Carlisle Chair of the Board - - 1Samuel Merksamer Co-chair of the Board - - 1 Vikas J. ParekhCo-chair of the Board - - 2Sumer Juneja Board member - -Hege Skryseth Board member 0.05 0.05 Viveka Ekberg Board member 0.06 0.06 3Kristin Skogen Lund Board member 0.02 0.05 Michael K. Kaczmarek Board member - - 4Nils Magnus Tornling Board member - - 4Edzard Overbeek Board member - -Andreas Hansson Board member - - 5Ram Trichur Board member - - 6Kjersti Wiklund Board member - - Total remuneration0.13 0.151 Vikas J. Parekh replaced Sam Merksamer as Co-chair of the Board, effective from April 20, 2023. 2 Sumer Juneja was appointed to the Board effective from April 20, 2023.3 Kristin Skogen Lund resigned as Board member on October 27, 2023.4 Nils Magnus Tornling resigned as Board member on September 29, 2022, and was replaced by Edzard Overbeek on April 20, 2023 (resigned as Board member on April 19, 2024).5 Ram Trichur resigned as Board member on September 25, 2022. 6 Kjersti Wiklund was appointed to the Board effective from October 27, 2023.Remuneration to Executive Management 2023OtherTotalcompen-remuner-USD millionSalary Bonus Pensionsationation1Mats Hovland Vikse (CEO) 0.58 0.03 0.01 0.00 0.62 2Karl Johan Lier (CEO) 0.16 0.04 0.01 0.01 0.22 3Paul Harrison (CFO) 0.13 - 0.01 - 0.15 4Bent Mathias Skisaker (CFO) 0.22 0.24 0.01 0.00 0.48 Israel Losada Salvador (COO) 0.30 0.02 0.01 0.00 0.34 Anette Matre (CPIO) 0.21 0.02 0.01 0.01 0.26 5Michael Dickson (CRO) 0.33 0.05 0.01 0.00 0.40 Carlos Roman Fernandez (CPO) 0.27 0.03 - - 0.30 Jenny Sveen Hovda (General Counsel) 0.27 0.03 0.01 0.00 0.31 Total remuneration 2.47 0.47 0.11 0.03 3.07 Remuneration to Executive Management 2022Karl Johan Lier (CEO) 0.32 - 0.01 0.02 0.35 Bent Mathias Skisaker (CFO) 0.22 0.04 0.01 - 0.27 6Israel Losada Salvador (COO) 0.14 0.05 0.01 - 0.27Jone Gjerde (COO) 0.09 0.03 0.01 - 0.13 Anette Matre (CPIO) 0.17 0.03 0.01 0.01 0.22 Mats Hovland Vikse (CRO) 0.22 0.04 0.01 - 0.27 Carlos Roman Fernandez (CPO) 0.12 0.02 - - 0.15 Jenny Sveen Hovda (General Counsel) 0.20 - 0.01 - 0.21 Total remuneration 1.48 0.21 0.08 0.03 1.80 1 Appointed as Chief Executive Officer on January 1, 2023.2 Resigned as Chief Executive Officer, was employed until March 31, 2023.3 Appointed as Chief Financial Officer on October 31, 2023. 4 Resigned as Chief Financial Officer on October 31, 2023.5 Appointed as Chief Revenue Officer on January 1, 2023.6 Appointed as Chief Operational Officer on June 1, 2022.7 Resigned as Chief Operational Officer on June 1, 2022.Shares held by the Board of DirectorsNumber of sharesTitle31.12.2023 31.12.2022James C. Carlisle Chair of the Board - - 1Samuel Merksamer Co-chair of the Board - - 1 Vikas J. ParekhCo-chair of the Board - -2Sumer Juneja Board member - -Hege Skryseth Board member - - Viveka Ekberg Board member 236,774 236,774 3Kristin Skogen Lund Board member - 6,451 Michael K. Kaczmarek Board member - - 4Nils Magnus Tornling Board member - - 4Edzard Overbeek Board member - -Andreas Hansson Board member 200,000 - 5Ram Trichur Board member - - 6Kjersti Wiklund Board member - - Total shares 436,744 243,225 Total shares outstanding in AutoStore Holdings Ltd. 3,356,390,367 3,339,147,928 Ownership % by the Board of Directors0.0% 0.0%1 Vikas J. Parekh replaced Sam Merksamer as Co-chair of the Board, effective from April 20, 2023. 2 Sumer Juneja was appointed to the Board effective from April 20, 2023. 3 Kristin Skogen Lund resigned as Board member on October 27, 2023.4 Nils Magnus Tornling resigned as Board member on September 29, 2022, and was replaced by Edzard Overbeek on April 20, 2023 (resigned as Board member on April 19, 2024).5 Ram Trichur resigned as Board member on September 25, 2022. 6 Kjersti Wiklund was appointed to the Board effective from October 27, 2023.Share options held by the Board of Directors (note 7.4)Number of share optionsTitle31.12.2023 31.12.2022James C. Carlisle Chair of the Board - -1Samuel Merksamer Co-chair of the Board - -1 Vikas J. ParekhCo-chair of the Board - - 2Sumer Juneja Board member - - Hege Skryseth Board member 67,658 29,032 Viveka Ekberg Board member 67,658 29,032 3Kristin Skogen Lund Board member 29,032 29,032 Michael K. Kaczmarek Board member - -4Nils Magnus Tornling Board member - - 4Edzard Overbeek Board member 38,626 -Andreas Hansson Board member 38,626 - 5Ram Trichur Board member - - 6Kjersti Wiklund Board member 38,626 - Total share options 280,226 87,096 Total share options outstanding in AutoStore Holdings Ltd. 73,591,851 90,661,375 % of share options outstanding owned 0.4% 0.1%by the Board of Directors1 Vikas J. Parekh replaced Sam Merksamer as Co-chair of the Board, effective from April 20, 2023. 2 Sumer Juneja was appointed to the Board effective from April 20, 2023. 3 Kristin Skogen Lund resigned as Board member on October 27, 2023.4 Nils Magnus Tornling resigned as Board member on September 29, 2022, and was replaced by Edzard Overbeek on April 20, 2023 (resigned as Board member on April 19, 2024).5 Ram Trichur resigned as Board member on September 25, 2022. 6 Kjersti Wiklund was appointed to the Board effective from October 27, 2023.Shares held by Executive ManagementNumber of sharesTitle31.12.20231Mats Hovland Vikse CEO 1,917,569 2Paul Harrison CFO -Israel Losada Salvador COO 26,368 Anette Matre CPIO 1,100,002 3Michael Dickson CRO 52,521 Carlos Roman Fernandez CPO 2,582,288 Jenny Sveen Hovda General Counsel 61,843 Total shares 5,740,591 Total shares outstanding in AutoStore Holdings Ltd. 3,356,390,367 Ownership % by Executive Management0.2%1 Appointed as Chief Executive Officer on January 1, 2023.2 Appointed as Chief Financial Officer on October 31, 2023.3 Appointed as Chief Revenue Officer on January 1, 2023.Number of sharesTitle31.12.2022Karl Johan Lier CEO 23,183,898 Bent Mathias Skisaker CFO 1,060,386 1Israel Losada Salvador COO 26,368 Anette Matre CPIO 1,100,002 Mats Hovland Vikse CRO 1,917,569 Carlos Roman Fernandez CPO 2,582,288 Jenny Sveen Hovda General Counsel 61,843 Total shares 29,932,354 Total shares outstanding in AutoStore Holdings Ltd. 3,339,147,928 Ownership % by Executive Management0.9 %1 Appointed as Chief Operational Officer on June 1, 2022.Share options held by ExecutiveManagement (note 7.4)Number of share optionsTitle31.12.20231Mats Hovland Vikse CEO 6,753,236 2Paul Harrison CFO 740,157 Israel Losada Salvador COO 306,634 Anette Matre CPIO 1,553,040 3Michael Dickson CRO 1,184,949 Carlos Roman Fernandez CPO 2,497,233 Jenny Sveen Hovda General Counsel 272,924 Total share options 12,568,016 Total share options outstanding in AutoStore Holdings Ltd. 73,591,851 % of share options outstanding owned by Executive Management17.1 %1 Appointed as Chief Executive Officer on January 1, 2023.2 Appointed as Chief Financial Officer on October 31, 2023.3 Appointed as Chief Revenue Officer on January 1, 2023.Number of share optionsTitle31.12.2022Karl Johan Lier CEO 22,516,432 Bent Mathias Skisaker CFO 6,418,157 1Israel Losada Salvador COO 162,017 Anette Matre CPIO 2,948,861 Mats Hovland Vikse CRO 6,479,080 Carlos Roman Fernandez CPO 2,863,989 Jenny Sveen Hovda General Counsel 140,415 Total share options 41,528,951 Total share options outstanding in AutoStore Holdings Ltd. 90,661,375 % of share options outstanding owned by Executive Management45.8 %1 Appointed as Chief Operational Officer on June 1, 2022.",
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"s7_notes__7__26": {
"value": "2.5Other OperatingExpensesUSD million2023 2022Meetings, travel, and representation expenses 8.7 6.5 Lease expenses 4.2 1.7 Business services expenses 6.5 6.0 IT expenses 10.5 7.9 Marketing and distribution expenses 11.4 6.8 Consulting expenses 23.7 42.7 Other operating expenses 6.3 5.1 Ocado settlement expense (note 7.2) 239.0 - Total other operating expenses 310.4 76.6 USD million2023 2022Audit fee 2.0 2.2 Tax advisory services - 0.1 Other advisory services 0.1 0.3 Total auditor fees (excl. VAT) 2.1 2.7",
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"s7_notes__7__28": {
"value": "Accounting PoliciesExpected Credit LossesAutoStore\u2019s customer base consists of several large customers. The group\u2019s historical defaults have been low. However, the group updates its provision matrix at each reporting date with the focus on the forward-looking estimates of each customer. In determining the forward-looking information, AutoStore considers factors that impact the customer base the most, i.e. general trends and changes in the economy, such as inflation/growth rates, unemployment rates, interest rates, and FX rates. In addition, industry- or geography-specific indicators that might have a significant impact on inferring future default levels are considered.As of December 31, 2023, historical losses are close to zero, and there is no forward-looking information indicating that this will change in the near future. The customer base remains unchanged from previous periods and mainly consists of large companies.",
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"s7_notes__7__27": {
"value": "2.6Trade and Other ReceivablesAutoStore operates in a business-to-business (B2B) market, and the group sells products to distribution partners. The distribution partners include some of the largest companies in the automated warehousing market, including, among others, Swisslog, Bastian Solutions, Element Logic, Dematic, Fortna, Okamura and SoftBank Robotics. The group\u2019s trade receivables consist solely of amounts receivable from revenue from contracts with customers. Trade receivables are generally on terms of 30 to 60 days. As most of the group\u2019s revenue is recognized at a point in time, AutoStore does not have any significant contract assets (in terms of the distinction between contract assets and receivables). Accounting PoliciesExpected Credit LossesAutoStore\u2019s customer base consists of several large customers. The group\u2019s historical defaults have been low. However, the group updates its provision matrix at each reporting date with the focus on the forward-looking estimates of each customer. In determining the forward-looking information, AutoStore considers factors that impact the customer base the most, i.e. general trends and changes in the economy, such as inflation/growth rates, unemployment rates, interest rates, and FX rates. In addition, industry- or geography-specific indicators that might have a significant impact on inferring future default levels are considered.As of December 31, 2023, historical losses are close to zero, and there is no forward-looking information indicating that this will change in the near future. The customer base remains unchanged from previous periods and mainly consists of large companies.USD million31.12.2023 31.12.2022Trade receivables from customers at nominal value 110.7 90.0 Allowance for expected credit losses - - Total trade receivables 110.7 90.0 Prepaid rent and other expenses 1.0 0.7 VAT receivables 9.0 17.1 Tax reimbursement 19.7 - Other 12.7 2.3 Total other receivables 42.4 20.0 As of December 31, the aging analysis Trade receivablesof trade receivables is as follows:Past due but not impairedUSD millionNot due < 30 days 31-60 days > 60 days TotalAging analysis of trade receivablesTrade receivables at January 1, 2022 41.7 3.6 0.6 0.6 46.5 Trade receivables at December 31, 2022 81.9 6.1 0.9 1.0 90.0 Trade receivables at December 31, 2023 93.7 11.8 3.9 1.4 110.7 For details regarding the group\u2019s procedures for managing credit risk, reference is made to note 4.7. ",
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"s7_notes__7__29": {
"value": "2.7Trade and Other PayablesUSD million31.12.2023 31.12.2022Trade payables 43.8 49.0 VAT payables - - Withholding payroll taxes and social security 2.7 2.4 Other payables - - Total trade and other payables46.5 51.5 For trade and other payables aging analysis, reference is made to note 4.3.",
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"s7_notes__7__30": {
"value": "3.1Property, Plant, and EquipmentProperty, plant, and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses. Repair and maintenance costs are recognized in profit or loss as incurred.Office Fixtures machinery and USD millionand fittings Vehiclesequipment TotalCost at January 1, 2022 11.8 0.3 3.3 15.4 Additions 3.0 0.1 5.9 9.0 Disposals - - - - Currency translation effects -0.0 -0.0 -0.0 -0.1 Cost at December 31, 2022 14.8 0.4 9.2 24.3 Cost at January 1, 2023 14.8 0.4 9.2 24.3 Additions 7.6 0.0 9.2 16.8 Disposals -0.1 - -0.0 -0.1 Currency translation effects 0.2 0.1 0.2 0.5 Cost at December 31, 2023 22.5 0.5 18.6 41.5 Accumulated depreciation at January 1, 2022 3.3 0.1 0.8 4.2 Depreciation for the year 1.1 0.1 1.7 2.9 Impairment for the year - - - - Disposals - - --Currency translation effects -0.0 -0.0 -0.0 -0.0 Accumulated depreciation at December 31, 2022 4.4 0.2 2.5 7.1 Office Fixtures machinery and USD millionand fittings Vehiclesequipment TotalAccumulated depreciation at January 1, 2023 4.4 0.2 2.5 7.1 Depreciation for the year 2.9 0.1 1.2 4.1 Impairment for the year - - - - Disposals -0.1 - - -0.1 Currency translation effects 0.1 0.0 0.1 0.2 Accumulated depreciation at December 31, 2023 7.3 0.3 3.8 11.3 Carrying amount at January 1, 2022 8.5 0.2 2.5 11.2 Carrying amount at December 31, 2022 10.4 0.2 6.7 17.3 Carrying amount at December 31, 2023 15.2 0.2 14.8 30.2 Economic life (years) 3-7 5 3-7Depreciation plan Straight-line methodMethod of measurement Cost-model",
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"s7_notes__7__32": {
"value": "Accounting policiesGroup as a lesseeAt the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low-value assets.Measuring the lease liabilityThe lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that is not paid at the commencement date. Lease payments do not include variable lease payments and non-lease components, such as payments related to maintenance activities, including shared costs (e.g. cleaning of shared areas in the building). The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (effective interest method), reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-sub-stance fixed lease payments. Variable lease payments that are not included in the lease liability are expensed in the period they relate.AutoStore presents its lease liabilities as separate line items in the consolidated statement of financial position. Cash flows related to payments for the principal portion of the lease liability and interest are classified within financing activities. Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset includes the corresponding amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, and initial direct costs incurred. The right-of-use asset is subsequently depreciated on a straight-line basis over the lease term and assessed for impairment by applying the same policies for impairment as for property, plant and equipment (note 3.5).",
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"s7_notes__7__31": {
"value": "3.2Right-of-Use Assets and Related Lease LiabilitiesAutoStore mainly has leases related to office buildings and production facilities in Norway, Poland, U.S., and Thailand. Additionally, the group leases a small number of vehicles (cars and trucks). The group also leases machinery and equipment, however, these are expensed as incurred as they are either considered short-term or of low value.Accounting policiesGroup as a lesseeAt the lease commencement date, the group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for short-term leases (defined as 12 months or less) and low-value assets.Measuring the lease liabilityThe lease liability is initially measured at the present value of the lease payments for the right to use the underlying asset during the lease term that is not paid at the commencement date. Lease payments do not include variable lease payments and non-lease components, such as payments related to maintenance activities, including shared costs (e.g. cleaning of shared areas in the building). The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (effective interest method), reducing the carrying amount to reflect the lease payments made, and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-sub-stance fixed lease payments. Variable lease payments that are not included in the lease liability are expensed in the period they relate.AutoStore presents its lease liabilities as separate line items in the consolidated statement of financial position. Cash flows related to payments for the principal portion of the lease liability and interest are classified within financing activities. Measuring the right-of-use assetThe right-of-use asset is initially measured at cost. The cost of the right-of-use asset includes the corresponding amount of the initial measurement of the lease liability, any lease payments made at or before the commencement date, and initial direct costs incurred. The right-of-use asset is subsequently depreciated on a straight-line basis over the lease term and assessed for impairment by applying the same policies for impairment as for property, plant and equipment (note 3.5). The group presents its right-of-use assets as separate line items in the consolidated statement of financial position. The right-of-use assets recognized are presented in the table below:Office buildings and production USD millionVehiclesfacilities TotalCarrying amount of right-of-use assets at January 1, 2022 0.1 11.6 11.6 Addition of right-of-use assets 0.3 23.7 24.0 Depreciation of right-of-use assets -0.1 -3.6 -3.7 Currency translation effect 0.0 -0.6 -0.6 Carrying amount of right-of-use assets at December 31, 20220.3 31.0 31.3Addition of right-of-use assets 0.2 23.0 23.2 Depreciation of right-of-use assets -0.1 -6.1 -6.3 Currency translation effect -0.1 2.6 2.6 Carrying amount of right-of-use assets at December 31, 20230.3 50.6 50.8Lease term or remaining useful life 2-3 years 2-14 yearsDepreciation method Straight-line methodUSD million2023 2022Expenses in the period related to practical expedients and variable paymentsShort-term lease expenses 3.5 1.7 Low-value assets lease expenses 0.7 - Variable lease expenses in the period (not included in the lease liabilities) - - Total lease expenses in the period 4.2 1.7 The lease expenses in the period related to short-term leases and low-value assets are included in other operating expenses in the consolidated statement of comprehensive income, and the payments are presented in the group\u2019s operating activities in the consolidated statement of cash flows.The group\u2019s lease liabilitiesUSD million31.12.2023 31.12.2022Undiscounted lease liabilities and maturity of cash outflowsLess than one year 12.1 7.3 One to three years 23.1 13.8 More than three years 30.5 26.9 Total undiscounted lease liabilities 65.7 48.0 USD millionNotes2023 2022Summary of lease liabilities in the financial statementsAt beginning of period 35.7 16.5 New and remeasured leases recognized during the year 23.8 23.8 Cash payments for the principal portion of the lease liability 4.2 -4.7 -3.8 Cash payments for the interest portion of the lease liability 4.2 -2.8 -1.2 Interest expense on lease liabilities 4.5 2.8 1.2 Currency translation effects 4.5 3.0 -0.8 Total lease liabilities 57.8 35.7 Current lease liabilities in the statement of financial position 10.0 6.8 Non-current lease liabilities in the statement of financial position 47.8 28.9 Total cash outflow at December 31 presented under financing activites in the cash flow -7.5 -5.0 Inflation adjustmentsIn addition to the lease liabilities presented above, the group is committed to paying variable lease payments for its office buildings and manufacturing facilities, mainly related to future inflation adjust- ments in Norway, U.S., and Poland which are not included in the initial calculation of lease liabilities. The lease liability and right-of- use asset will be adjusted when the inflation adjustment has a cash flow effect.Extension and termination optionsAutoStore has certain lease contracts that include extension and termination options. Management applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. These options are negotiated by management to provide flexibility in managing the group\u2019s business needs. The group includes the renewal period for leases as a part of the lease term for leases where management is reasonably certain to exercise the option to renew the leases. Furthermore, the periods covered by termination options are included as part of the lease term only when the options are reasonably certain not to be exercised. As most of the contracts represent relatively standardized office facilities, extension options are in most cases not taken into consideration when determining the lease term when the initial contract term is five years and above.Lease commitments not yet commencedAs of December 31, 2023, the group has two lease contracts that have not yet commenced which are related to office buildings. The future lease payments for these non-cancellable lease contracts are USD 1.1 million within one year, USD 7.0 million within five years and USD 9.5 million after five years. Other mattersAutoStore\u2019s leases do not contain provisions or restrictions that impact the group\u2019s dividend policies or financing possibilities. Further, the group does not have significant residual value guarantees related to its leases.The group does not have any other significant exposure related to its leases which require further disclosures.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__34": {
"value": "Recognized goodwill originates from the acquisition of AutoStore by Thomas H. Lee Partners in 2019 and the acquisition of Locai in 2021. No additional goodwill was recognized during 2022 and 2023.For the purpose of impairment testing of goodwill AutoStore performed its annual impairment test for goodwill and intangible assets with indefinite lives as of December 31, 2023, and no impairment was recognized. The goodwill acquired in the business combination of AutoStore by Thomas H. Lee Partners in 2019 and the acquisition of Locai in 2021 was, from the acquisition date, allocated to the AutoStore system CGU. The key assumptions used to determine the recoverable amount of the CGU are disclosed in note 3.5.",
"dimensions": {
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"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__33": {
"value": "3.3GoodwillRecognized goodwill originates from the acquisition of AutoStore by Thomas H. Lee Partners in 2019 and the acquisition of Locai in 2021. No additional goodwill was recognized during 2022 and 2023.For the purpose of impairment testing of goodwill AutoStore performed its annual impairment test for goodwill and intangible assets with indefinite lives as of December 31, 2023, and no impairment was recognized. The goodwill acquired in the business combination of AutoStore by Thomas H. Lee Partners in 2019 and the acquisition of Locai in 2021 was, from the acquisition date, allocated to the AutoStore system CGU. The key assumptions used to determine the recoverable amount of the CGU are disclosed in note 3.5.USD million Goodwill Cost at January 1, 2022 1,224.2 Additions through acquisition - Currency translation effects -127.8 Cost at December 31, 2022 1,096.4 Additions through acquisition - Currency translation effects -34.5 Cost at December 31, 2023 1,061.9 Carrying amount at January 1, 2022 1,224.2 Carrying amount at December 31, 2022 1,096.4 Carrying amount at December 31, 2023 1,061.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__36": {
"value": "Accounting policiesSignificant accounting judgmentsCapitalization of internal development costsDevelopment expenditures on an individual project, which represent new applications/technology, are recognized as an intangible asset when the group can demonstrate: \u2013 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2013 Its intention to complete and its ability and intention to use or sell the asset \u2013 How the asset will generate future economic benefits \u2013 The availability of resources to complete the asset \u2013 The ability to measure reliably the expenditure during devol-opmentOther costs are classified as research and are expensed as incurred. Amortization of the capitalized asset begins when the asset is available for its intended use and is amortized over the period of expected future life. When an asset is available for its intended use, it is reclassified from internal development to the respective relevant asset class. Initial capitalization of direct costs is based on manage-ment\u2019s judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied, and the expected period of benefits. The assessment of when product development is capitalized is highly subjective, as the outcome of these projects may be uncertain. Capitalized development is subject to impairment assessment with references to note 3.5.Significant accounting estimates and assumptionsUseful lives of intangibles The useful lives of intangible assets are assessed as either finite or indefinite, and may in some cases involve considerable judgment. Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets with finite useful lives are amortized over their useful economic life and assessed for impairment whenever AutoStore finds any indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Trademarks that have existed for a long period of time and have a sound reputation at the time of acquisition are assessed by the group as having an indefinite useful life, and are not amortized. Only trade-marks that are purchased through the acquisition of companies are capitalized in the consolidated financial statements. See note 3.5 for impairment considerations and annual testing of the group\u2019s intangible assets with indefinite useful lives. No general indicators for impairment of intangible assets were identified in the current or prior year.The group\u2019s classification of intangible assetsSoftware and technology The value of the group\u2019s intangible assets primarily relates to the underlying robot/robot technology and the integrated software that controls and optimizes the performance of every robot and moving part of the system. The underlying base technology was recognized through the acquisition of the AutoStore group by Thomas H. Lee Partners in 2019. Base technology capitalized through the acqui-sition is amortized over the expected useful life of 25 years. New products and features being developed with shorter expected useful lives using this base technology are generally amortized over five years.Internal developmentThe majority of the ongoing development activities relate to add-on features and improvements to the base technology. Internally developed assets are amortized from the time when the assets are available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management and reclassified to software and technology. PatentsThe patents are intangible assets arising from legal rights. AutoStore has patents related to IT/communication, Robots, Ports, Grid, Bins, and system layout. Patents are amortized over 13-18 years, which is the period of the contractual or other legal rights and the period (determined by economic factors) over which the group expects to obtain economic benefits from the asset. Customer relationshipsCustomer relationships were recognized through the acquisition of the AutoStore Group in 2019, and represent the value of the company\u2019s distributor relationships at the time of the acquisition. Customer relationships are amortized on a straight-line basis over five years, being the estimated useful life of benefit from the acquisition date of customer relationships. Trademarks Trademarks are recognized through the acquisition of the AutoStore Group in 2019. Trademarks have an indefinite useful life and are tested for impairment annually.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__35": {
"value": "3.4Other Intangible AssetsNature of the group\u2019s intangible assetsAt the acquisition of AutoStore by Thomas H. Lee Partners in 2019, the group recognized intangible assets for technology, trademarks, patents, and customer relations. Subsequently, the group has recog-nized intangible assets comprising internal development projects related to the AutoStore system. In connection with the acquisition of Locai in 2021, the group has recognized intangible assets for software and technology.Accounting policiesSignificant accounting judgmentsCapitalization of internal development costsDevelopment expenditures on an individual project, which represent new applications/technology, are recognized as an intangible asset when the group can demonstrate: \u2013 The technical feasibility of completing the intangible asset so that the asset will be available for use or sale \u2013 Its intention to complete and its ability and intention to use or sell the asset \u2013 How the asset will generate future economic benefits \u2013 The availability of resources to complete the asset \u2013 The ability to measure reliably the expenditure during devol-opmentOther costs are classified as research and are expensed as incurred. Amortization of the capitalized asset begins when the asset is available for its intended use and is amortized over the period of expected future life. When an asset is available for its intended use, it is reclassified from internal development to the respective relevant asset class. Initial capitalization of direct costs is based on manage-ment\u2019s judgment that technological and economic feasibility is confirmed, usually when a product development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied, and the expected period of benefits. The assessment of when product development is capitalized is highly subjective, as the outcome of these projects may be uncertain. Capitalized development is subject to impairment assessment with references to note 3.5.Significant accounting estimates and assumptionsUseful lives of intangibles The useful lives of intangible assets are assessed as either finite or indefinite, and may in some cases involve considerable judgment. Intangible assets with indefinite useful lives are tested for impairment at least annually. Intangible assets with finite useful lives are amortized over their useful economic life and assessed for impairment whenever AutoStore finds any indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Trademarks that have existed for a long period of time and have a sound reputation at the time of acquisition are assessed by the group as having an indefinite useful life, and are not amortized. Only trade-marks that are purchased through the acquisition of companies are capitalized in the consolidated financial statements. See note 3.5 for impairment considerations and annual testing of the group\u2019s intangible assets with indefinite useful lives. No general indicators for impairment of intangible assets were identified in the current or prior year.The group\u2019s classification of intangible assetsSoftware and technology The value of the group\u2019s intangible assets primarily relates to the underlying robot/robot technology and the integrated software that controls and optimizes the performance of every robot and moving part of the system. The underlying base technology was recognized through the acquisition of the AutoStore group by Thomas H. Lee Partners in 2019. Base technology capitalized through the acqui-sition is amortized over the expected useful life of 25 years. New products and features being developed with shorter expected useful lives using this base technology are generally amortized over five years.Internal developmentThe majority of the ongoing development activities relate to add-on features and improvements to the base technology. Internally developed assets are amortized from the time when the assets are available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management and reclassified to software and technology. PatentsThe patents are intangible assets arising from legal rights. AutoStore has patents related to IT/communication, Robots, Ports, Grid, Bins, and system layout. Patents are amortized over 13-18 years, which is the period of the contractual or other legal rights and the period (determined by economic factors) over which the group expects to obtain economic benefits from the asset. Customer relationshipsCustomer relationships were recognized through the acquisition of the AutoStore Group in 2019, and represent the value of the company\u2019s distributor relationships at the time of the acquisition. Customer relationships are amortized on a straight-line basis over five years, being the estimated useful life of benefit from the acquisition date of customer relationships. Trademarks Trademarks are recognized through the acquisition of the AutoStore Group in 2019. Trademarks have an indefinite useful life and are tested for impairment annually. SoftwareCustomerInternalTrade-and Patent relation-develop -USD millionmarkstechnologyrightsshipsment TotalCost at January 1, 2022 7.2 486.1 95.4 123.2 13.9 725.8 Additions - - - - 34.1 34.1 Reclassification - 18.7 5.6 - -24.3 - Currency translation effects -1.2 -48.0 -7.3 -6.2 -0.3 -63.0 Cost at December 31, 2022 6.0 456.7 93.7 117.0 23.5 697.0 Additions - - 6.7 - 29.5 36.2 Reclassification - 7.5 - - -7.5 - Currency translation effects - -14.2 -1.9 -1.6 0.3 -17.4 Cost at December 31, 2023 6.0 450.0 98.5 115.4 45.8 715.8 Accumulated amortization at January 1, 2022 - 49.3 12.8 59.6 0.0 121.6 Amortization for the year - 22.8 5.6 22.7 - 51.1 Currency translation effects - -0.2 -0.1 -0.1 - -0.4 Accumulated amortization at December 31, 2022 - 71.9 18.3 82.1 - 172.3 Amortization for the year - 24.9 5.9 20.6 - 51.5 Currency translation effects - Accumulated amortization at December 31, 2023 - 96.8 24.2 102.7 - 223.8 Carrying amount at December 31, 2022 6.0 384.8 75.4 34.9 23.5 524.6 Carrying amount at December 31, 2023 6.0 353.1 74.3 12.7 45.8 492.0 Economic life (years) Indefinite5-25 13-18 5N/AAmortization methodN/A Straight-lineMethod of measurementCost-modelThe group has recognized additions to other intangible assets of USD 36.2 million during the twelve months ended December 31, 2023. Of this amount, USD 29.5 million relates to internal devel-opment and the remaining USD 6.7 million relates to new patents. USD 7.5 million of internal development is ready for its intended useand has been reclassified to software and technology.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__38": {
"value": "Accounting policiesAutoStore evaluates external and internal indications of impairment for property, plant, and equipment (\u201cPP&E\u201d); right-of-use assets; intan-gible assets; and goodwill at the reporting date. External indicators AutoStore monitors include significant decline in asset value, adverse changes in technological, market, economical or legal environment, increased interest rates affecting the asset\u2019s value, and carrying amounts exceeding market capitalization. AutoStore also monitors internal indicators including physical damage or obsolescence of the asset, significant adverse changes, or worse economic performance affecting, or expected to affect, the asset.The group tests goodwill and trademarks with indefinite useful lives (see notes 3.3 and 3.4) and internal development projects for impairment annually, or more often when circumstances indicate that the carrying value may be impaired.Impairment assessment of PP&E, right-of-use assets, and intangible assets with finite useful lifeWhen reviewing for indication of impairment of PPE, right-of-use assets, and intangible assets with finite useful life, AutoStore considers the relationship between the estimated market capital-ization of the group and its book value. In addition, AutoStore considers factors such as industry growth, the impact of general economic conditions, changes to the technological and legal environment, and the group\u2019s market share and performance compared to previous forecasts in this assessment, among other factors. No impairments have been recognized to the AutoStore group\u2019s PPE, right-of-use assets, and intangible assets with finite useful life on December 31, 2023.Impairment assessment of goodwill and intangible assets with indefinite useful lifeThe group performs the impairment test of goodwill and assets with indefinite useful life on December 31, or when circumstances indicate that the carrying value may be impaired. AutoStore system - Cash-generating unit (\u201cCGU\u201d) The group is being monitored as one unit by management and operates as a separate business. Cash flows are reported in the same format as in the quarterly and annual reports, on a group level.Following the acquisition by Thomas H. Lee Partners in July 2019 and the acquisition of Locai in 2021, the goodwill was allocated to one CGU (the \u201cAutoStore system CGU\u201d). The group has deter-mined one operating segment, i.e. AutoStore system according to IFRS 8 Operating Segments, which is the same level as the CGU determined for the goodwill impairment test. The AutoStore system is currently the smallest identifiable group of assets that generates cash inflows to the group, and these are largely independent of the cash inflows from other assets. As the group\u2019s trademark is an intan-gible asset with an indefinite useful life that does not generate largely independent cash inflows, impairment is tested based on the AutoStore system CGU, and any impairment is made proportionate to the asset\u2019s carrying amount. Basis for determining the recoverable amountThe CGU\u2019s recoverable amount has been determined based on its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The cash flows are derived from the detailed budget and forecast calculations for the next five years approved by the Board of Directors of the group. Restructuring activities and significant future investments are excluded from the budgets. A long-term growth rate is calculated and applied to project future cash flows after the forecast period. The recoverable amount is sensitive to revenue growth in the forecast period, the discount rate, expected future cash flows, and the terminal growth rate.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__37": {
"value": "3.5Impairment ConsiderationsAccounting policiesAutoStore evaluates external and internal indications of impairment for property, plant, and equipment (\u201cPP&E\u201d); right-of-use assets; intan-gible assets; and goodwill at the reporting date. External indicators AutoStore monitors include significant decline in asset value, adverse changes in technological, market, economical or legal environment, increased interest rates affecting the asset\u2019s value, and carrying amounts exceeding market capitalization. AutoStore also monitors internal indicators including physical damage or obsolescence of the asset, significant adverse changes, or worse economic performance affecting, or expected to affect, the asset.The group tests goodwill and trademarks with indefinite useful lives (see notes 3.3 and 3.4) and internal development projects for impairment annually, or more often when circumstances indicate that the carrying value may be impaired.Impairment assessment of PP&E, right-of-use assets, and intangible assets with finite useful lifeWhen reviewing for indication of impairment of PPE, right-of-use assets, and intangible assets with finite useful life, AutoStore considers the relationship between the estimated market capital-ization of the group and its book value. In addition, AutoStore considers factors such as industry growth, the impact of general economic conditions, changes to the technological and legal environment, and the group\u2019s market share and performance compared to previous forecasts in this assessment, among other factors. No impairments have been recognized to the AutoStore group\u2019s PPE, right-of-use assets, and intangible assets with finite useful life on December 31, 2023.Impairment assessment of goodwill and intangible assets with indefinite useful lifeThe group performs the impairment test of goodwill and assets with indefinite useful life on December 31, or when circumstances indicate that the carrying value may be impaired. AutoStore system - Cash-generating unit (\u201cCGU\u201d) The group is being monitored as one unit by management and operates as a separate business. Cash flows are reported in the same format as in the quarterly and annual reports, on a group level.Following the acquisition by Thomas H. Lee Partners in July 2019 and the acquisition of Locai in 2021, the goodwill was allocated to one CGU (the \u201cAutoStore system CGU\u201d). The group has deter-mined one operating segment, i.e. AutoStore system according to IFRS 8 Operating Segments, which is the same level as the CGU determined for the goodwill impairment test. The AutoStore system is currently the smallest identifiable group of assets that generates cash inflows to the group, and these are largely independent of the cash inflows from other assets. As the group\u2019s trademark is an intan-gible asset with an indefinite useful life that does not generate largely independent cash inflows, impairment is tested based on the AutoStore system CGU, and any impairment is made proportionate to the asset\u2019s carrying amount. Basis for determining the recoverable amountThe CGU\u2019s recoverable amount has been determined based on its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. The cash flows are derived from the detailed budget and forecast calculations for the next five years approved by the Board of Directors of the group. Restructuring activities and significant future investments are excluded from the budgets. A long-term growth rate is calculated and applied to project future cash flows after the forecast period. The recoverable amount is sensitive to revenue growth in the forecast period, the discount rate, expected future cash flows, and the terminal growth rate.The table below outlines the carrying amounts of goodwill and intan- gible assets with indefinite useful lives and intangible assets not yet commenced amortization, which are tested for impairment annually:USD million31.12.2023 31.12.2022AutoStore system - CGUGoodwill 1,061.9 1,096.4 Trademarks 6.0 6.0 Internal development projects in progress 45.8 23.5 Total carrying amount 1,113.7 1,125.9 The recoverable amount is sensitive to revenue growth in the forecast period, the discount rate, expected future cash flows, and the terminal growth rate (further described below). The recoverable amount of the cash-generating unit is higher than its carrying amount and no impairment loss is recognized during the year. The carrying amount of the CGU includes goodwill, intangible assets, and trade-marks, together with other operational assets and net working capital. Management believes that no reasonably possible change in the key assumptions would cause the carrying amount of the CGU to materially exceed its recoverable amount. The result of the annual impairment test is further supported by a by a price-to-book (P/B) level of 5.0 on traded shares as of December 31, 2023. Significant accounting estimates and assumptionsImpairment testing of goodwill, trademarks, and internal development projects in progressThe calculation of value in use for the AutoStore system CGU is most sensitive to the following assumptions: \u2013 Compound annual growth rate (CAGR) of sales in the forecast period \u2013 Operating cash flow margin \u2013 Pre-tax discount rate \u2013 Terminal growth rateCAGR of sales in the forecast period The expected growth in operating revenues is based on the expected high growth in the industry and the group\u2019s market share. The growth forecast is based on management\u2019s expectations of future conditions in the markets, including the entry of new participants to the market. Operating cash flow marginThe operating cash flow margin is determined based on an analysis of historical levels of revenues, cost of materials and operating expenses, while forward-looking estimates are derived using scenario-weighted assumptions for these profit and loss/cash flow measures.Pre-tax discount rateThe pre-tax discount rate, which is set to 11.9% as of December 31, 2023 (11.7% 2022), reflects the current market assessment of the risks specific to the CGU. The pre-tax discount rate for the group is estimated based on the weighted average cost of capital (WACC). Terminal growth rateThe terminal growth rate, which is set to 2.0% as of December 31, 2023, (2.0% 2022), is the estimated long-term rate of growth in the economy where the business operates, aligned with long-term global inflation targets. Climate-related matters AutoStore constantly monitors the latest government regulations concerning climate-related matters. As of December 31, 2023, no regulation has been passed that is expected to materially impact the group. The group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required.",
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},
"s7_notes__7__40": {
"value": "Classification of financial instrumentsAll of the group\u2019s financial assets and liabilities are classified at amortized cost (see table below). Amortized 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 effective interest rate method). The amortization is included as finance costs in the statement of comprehensive income.References are made to note 2.6 for expected credit losses (ECLs) for the group\u2019s trade receivables. IBOR reformThe group has non-current interest-bearing loans and borrowings with indexed interest rates based on EURIBOR and LIBOR. In June 2023, the IBOR reform led to the discontinuation of LIBOR as a benchmark rate, and it was replaced by new benchmark rates, known as Alternative Risk-Free Rates (RFRs). EURIBOR is already reformed, and no further changes are expected as of this date. The group transitioned any LIBOR-related loans to SOFR in July 2023, which did not create any significant effects on the group\u2019s financial reporting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__39": {
"value": "4.1Overview of Financial InstrumentsClassification of financial instrumentsAll of the group\u2019s financial assets and liabilities are classified at amortized cost (see table below). Amortized 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 effective interest rate method). The amortization is included as finance costs in the statement of comprehensive income.References are made to note 2.6 for expected credit losses (ECLs) for the group\u2019s trade receivables. IBOR reformThe group has non-current interest-bearing loans and borrowings with indexed interest rates based on EURIBOR and LIBOR. In June 2023, the IBOR reform led to the discontinuation of LIBOR as a benchmark rate, and it was replaced by new benchmark rates, known as Alternative Risk-Free Rates (RFRs). EURIBOR is already reformed, and no further changes are expected as of this date. The group transitioned any LIBOR-related loans to SOFR in July 2023, which did not create any significant effects on the group\u2019s financial reporting.The carrying amount of the group\u2019s financial assets and liabilities is presented in the tables below:USD millionNotes 31.12.2023 31.12.2022Financial assetsFinancial assets at amortized cost:Trade receivables 2.6 110.7 90.0Cash and cash equivalents 4.4 253.3 174.8Other non-current assets 1.9 1.6Total financial assets 365.9 266.4USD millionNotes 31.12.2023 31.12.2022Financial liabilities Financial liabilities at amortized cost:Non-current interest-bearing liabilities 4.2 432.8 421.8 Current interest-bearing liabilities 1.2 1.0 Other non-current liabilities 4.2 57.0 - Other current liabilities 4.2 120.8 - Trade payables 2.7 43.8 49.0 Non-current lease liabilities 3.2 47.8 28.9 Current lease liabilities 3.2 10.0 6.8 Total financial liabilities713.4 507.5 Significant finance income and finance costs arising from the group\u2019s financial instruments are disclosed separately in note 4.5. There are no changes in classification and measurement for the group\u2019s assets and liabilities from 2022 to 2023.",
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"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__41": {
"value": "4.2Interest-bearingLiabilitiesUSD millionMaturity Interest rate 31.12.2023 31.12.2022Senior Facilities: Facility B (EUR) 30.07.26 EURIBOR +2.5% 269.6 260.2Senior Facilities: Facility B (USD) 30.07.26 SOFR +3.25% 167.0 167.0 Capitalized fees - Facility B -3.7 -5.4 Total non-current interest-bearing liabilities 432.8 421.8 In November 2021, the group established a revolving credit facility (RCF) which may be drawn at any time up to USD 150 million. The group has not drawn any amounts on the RCF as of December 31, 2023.As a result of the transition from Interbank Offered Rates (IBOR) to Alternative Risk-Free Rates (RFRs), LIBOR is being phased out as a reference rate. For Facility B (USD), SOFR is used as a reference rate instead of LIBOR from July 31, 2023.Management has assessed that the fair value of interest-bearing liabilities (Facility B) is not significantly different from their carrying amounts. Reference is made to note 4.6.USD million31.12.2023 31.12.2022Liability related to the settlement of the Ocado litigationNon-current 57.0 - Current 120.8 - Total other liabilities 177.8 - To reflect the GBP 200 million settlement payment to Ocado Group in 2023, AutoStore has recorded an operating expense of USD 239.0 million, with a corresponding financial liability discounted using the prevailing market interest rate for a similar instrument with a similar credit rating (8.4%). Of the total amount, USD 120.8 million matures within the next 12 months and is presented under other current liabilities, while the remaining amount, USD 57.0 million, is presented under other non-current liabilities. AutoStore will pay Ocado Group GBP 200 million in installments over 2 years. The first payment was made in July 2023. Please see note 7.2.01.01.2023 01.01.2022 USD million- 31.12.2023- 31.12.2022Analysis of cash flow from settlement with OcadoSettlement liability 239.0 - Change in estimate due to reclassification from provision to liability -7.9 - Payment to Ocado for the period (cash effect) -62.2 - Finance cost (discounting effect)9.0 - Effect on cash flows from operating activities177.9 - USD million31.12.2023 31.12.2022Secured balance sheet liabilitiesNon-current interest-bearing liabilities (Facility B) 432.8 421.8 Balance sheet value of assets pledged as security for secured liabilitiesProperty, plant, and equipment 30.2 17.3 Right-of-use assets 50.8 31.3 Intangible assets 492.0 524.6 Other non-current assets 1.9 1.6 Inventories 82.9 83.5 Trade receivables 110.7 90.0 Other receivables 42.2 19.9 Cash and cash equivalents 205.5 126.5 Total assets pledged as security for interest-bearing liabilities (Facility B) 1,016.2 894.5 The group has not given any guarantees to or on behalf of third parties in the current and previous periods. Covenant requirementsThe revolving credit facility contains a \u201cspringing\u201d financial covenant which will be set at a senior secured net leverage ratio of 6.75x. The financial covenant under the revolving credit facility will only be tested on a semi-annual date if, at that semi-annual date, the cash drawings under revolving credit facility (subject to certain carve-outs and net cash and cash equivalents of the group) exceed 40% of the total commitment under the revolving credit facility.The credit agreements contain certain additional \u201cincurrence\u201d covenants that are tested upon the occurrence of an event, rather than on an ongoing basis, and which limit, among other things, the company\u2019s use of capital. These covenants can only be violated as a result of a voluntary action, including but not limited to (i) incurring debt; (ii) paying a dividend or otherwise distributing value outside the restricted group; (iii) making a non-controlling investment; (iv) selling an asset; (v) completing certain mergers; (vi) granting a guarantee of third-party indebtedness; (viii) making a loan to a third party; (ix) permitting a dividend blocker; (x) entering into a transaction with an affiliate; or (xi) granting a lien. Each of these covenants is subject to customary carve-outs, permissions, and certain debt baskets, and for so long as the group remains listed with a senior secured net leverage that does not exceed 3.50x, the restric-tions specified in paragraphs (i) to (x) (inclusive) are suspended.Based on the above, no covenant testing was required as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__42": {
"value": "4.3Aging of Financial LiabilitiesContractual undiscounted cash flows from financial liabilities are presented below:Less than 6 to 12 1 to 3 Over 3 Notes6 monthsmonthsyearsyears TotalUSD millionLease liability 3.2 6.0 6.0 23.1 30.5 65.7 1Non-current interest-bearing liabilities (Facility B) 4.2 15.9 15.9 484.3 -516.1Liability related to the settlement of the Ocado litigation 4.2 63.5 63.5 63.5 - 190.6 2Current interest-bearing liabilities (Facility B) 1.2 - - - 1.2 Trade payables 2.7 43.8 - - - 43.8 Total at December 31, 2023130.5 85.5 571.0 30.5 187.5Lease liability 3.2 3.6 3.6 13.8 26.9 48.0 1Non-current interest-bearing liabilities (Facility B) 4.2 13.0 13.0 52.2 440.2 518.5 2Current interest-bearing liabilities (Facility B) 1.0 - - - 1.0 Trade payables 2.7 49.0 - - - 49.0 Total at December 31, 2022 66.7 16.7 66.0 467.1 616.5 1 Cash flows disclosed for non-current interest-bearing liabilities (Facility B) include estimated interest payments based on current level of interest.2 Current interest-bearing liabilities (Facility B) is presented under the line item \u201cOther current liabilities\u201d in the financial position.Please see note 4.2 for reconciliation of changes in liabilities related to the Ocado settlement incurred this year.Reconciliation of changes in liabilities incurred as a result of financing activities in 2023:Non-cash changesCash Foreign 01.01. flow exchange New leases Other 31.12. USD millionNotes2023effectmovementrecognizedchanges2023Lease liabilities 3.2 35.7 -7.5 3.0 23.8 2.8 57.8 Non-current interest-bearing liabilities 4.2 421.8 -31.0 9.4 - 32.7 432.8 (Facility B)Current interest-bearing liabilities 1.0 -1.0 - - 1.2 1.2 (Facility B)Total liabilities from financing 458.5 -39.6 12.4 23.8 36.7 491.9 Please see note 4.2 for reconciliation of changes in liabilities related to the Ocado settlement incurred this year.The \u2018Other changes\u2019 column includes the effect of reclassification of non-current portion of lease liabilities, the effect of accrued interest during the year, and amortization on interest-bearing liabilities. The group classifies interest paid as cash flows from financing activities. Reconciliation of changes in liabilities incurred as a result of financing activities in 2022:Non-cash changesCash Foreign 01.01. flow exchange New leases Other 31.12. USD millionNotes2022effectmovementrecognizedchanges2022Lease liabilities 3.2 16.5 -5.0 -0.8 23.8 1.2 35.7 Non-current interest-bearing liabilities 4.2 435.6 -14.4 -16.1 - 16.8 421.8(Facility B) Current interest-bearing liabilities 0.7 -0.7 - - 1.0 1.0 (Facility B)Total liabilities from financing 452.8 -20.1 -16.9 23.8 19.0 458.5 Cash flow effects related to non-current interest-bearing liabilities disclosed above consist of interest payments. The \u2018Other changes\u2019 column includes the effect of reclassification of non-current portion lease liabilities, the effect of accrued interest during the year, and amortization on interest-bearing liabilities. The group classifies interest paid as cash flows from financing activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__43": {
"value": "4.4Cash and Cash EquivalentsThe group has a cash-pool arrangement in DNB held by AutoStore AS. The system is a multi-currency group account system that consists of three group accounts in NOK, USD, and EUR, that are linked to a common limit account. The cash pool arrangement is presented net (i.e. negative and positive balances are presented as net amount) and classified as bank deposit, unrestricted in the consolidated statement of financial position.There is no net credit facility in the group\u2019s cash pool arrangement. For the group\u2019s credit facility (RCF), references are made to note 4.2.USD million31.12.2023 31.12.2022Bank deposits, unrestricted 243.3 172.1 Bank deposits, restricted 9.9 2.8 Total cash and cash equivalents 253.3 174.8 Bank deposits, restricted, consist of deposits and employee tax funds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__45": {
"value": "Net foreign exchange differences mainly relate to changes in foreign exchange gain/loss on the group\u2019s interest-bearing liabilities in currencies other than the functional currency (note 4.2). Interest income and interest expenses on interest-bearing liabilities and receivables are calculated using the effective interest method. Interest expenses mainly relate to interest on the group\u2019s inter-est-bearing liabilities (note 4.2).Interest expense on lease liabilities relates mainly to office buildings and production facilities in Norway, Poland, U.S., and Thailand, as well as vehicles. Interest expense on lease liabilities represents the interest rate implicit in the lease, or the incremental borrowing rate used to measure the lease liabilities recognized in the financial position. For further information, see note 3.2",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__44": {
"value": "4.5Finance Income and Finance CostsNet foreign exchange differences mainly relate to changes in foreign exchange gain/loss on the group\u2019s interest-bearing liabilities in currencies other than the functional currency (note 4.2). Interest income and interest expenses on interest-bearing liabilities and receivables are calculated using the effective interest method. Interest expenses mainly relate to interest on the group\u2019s inter-est-bearing liabilities (note 4.2).Interest expense on lease liabilities relates mainly to office buildings and production facilities in Norway, Poland, U.S., and Thailand, as well as vehicles. Interest expense on lease liabilities represents the interest rate implicit in the lease, or the incremental borrowing rate used to measure the lease liabilities recognized in the financial position. For further information, see note 3.2.USD millionNotes2023 2022Finance incomeNet foreign exchange gain 2.0 - Interest income Financial assets 8.4 4.2 Total finance income 10.4 4.2 Finance costsNet foreign exchange loss - 21.2 Interest expenses Interest-bearing liabilities 4.2 31.0 19.7 Amortization of transaction cost Interest-bearing liabilities 4.2 1.7 2.3 Interest on lease liability Lease liabilities 3.2 2.8 1.2 Other financial expenses Interest-bearing liabilities 4.2 7.5 -0.4 Total finance costs 43.1 44.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__47": {
"value": "Accounting policiesIn determining fair value measurement, AutoStore uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole.Fair value disclosuresManagement has assessed that the fair values of cash and short-term deposits, trade and other receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments and the current risk-free interest rates. Interest-bearing liabilities (Facility B)The fair values of the group\u2019s interest-bearing liabilities (Facility B) are determined by using the Discounted Cash Flow (DCF) method using a discount rate that reflects the issuer\u2019s borrowing rate as of the end of the reporting period. The fair values of the group\u2019s inter-est-bearing liabilities (Facility B) are in most cases similar to the carrying amount, as the interest rates are floating and the non- performance risk as of December 31, 2023, was assessed to be insignificant. The group\u2019s interest-bearing liabilities (Facility B) are classified as Level 2 in the fair value hierarchy as the discount rate, which is considered the lowest level input that is significant to the fair value measurement, is composed of building blocks such as market interest (e.g. SOFR) and credit spreads, which are either directly or indirectly observable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__46": {
"value": "4.6Fair Value MeasurementAccounting policiesIn determining fair value measurement, AutoStore uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy based on the lowest level input that is significant to the fair value measurement as a whole.Fair value disclosuresManagement has assessed that the fair values of cash and short-term deposits, trade and other receivables, trade payables, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments and the current risk-free interest rates. Interest-bearing liabilities (Facility B)The fair values of the group\u2019s interest-bearing liabilities (Facility B) are determined by using the Discounted Cash Flow (DCF) method using a discount rate that reflects the issuer\u2019s borrowing rate as of the end of the reporting period. The fair values of the group\u2019s inter-est-bearing liabilities (Facility B) are in most cases similar to the carrying amount, as the interest rates are floating and the non- performance risk as of December 31, 2023, was assessed to be insignificant. The group\u2019s interest-bearing liabilities (Facility B) are classified as Level 2 in the fair value hierarchy as the discount rate, which is considered the lowest level input that is significant to the fair value measurement, is composed of building blocks such as market interest (e.g. SOFR) and credit spreads, which are either directly or indirectly observable. Liability related to the Ocado settlementThe fair value of the liability related to the settlement of the Ocado litigation is determined using the Discounted Cash Flow (DCF) method using a discount rate that reflects the prevailing market rate of interest for a similar instrument with a similar credit rating. The liability is classified as Level 2 in the fair value hierarchy as the discount rate, which is considered the lowest level input that is significant to the fair value measurement, is composed of building blocks such as market interest and credit spreads, which are either directly or indirectly observable. Set out below is a comparison, by class, of the carrying amounts and fair values of the group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:Carrying USD millionNotes Dateamount Fair value Level 1 Level 2 Level 3Liabilities disclosed at fair valueInterest-bearing liabilities 4.2 December 31, 2022 422.8 422.8 XInterest-bearing liabilities 4.2 December 31, 2023 434.1 434.1 XLiability related to the settle-4.2 December 31, 2022 - - Xment of the Ocado litigationLiability related to the settle-4.2 December 31, 2023 17 7.9 17 7.9 Xment of the Ocado litigation The type and nature of the group\u2019s funding did not change in 2023 compared to 2022, therefore a transfer between levels did not occur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__49": {
"value": "market risk, financial risk, credit risk, and liquidity risk. The group seeks to minimize potential adverse effects of such risks through sound business practice, risk management, and hedging. At the current time, the liquidity risk of the group is assessed to be low based on the operating cash flows, scheduled repayments of debt, and the availability of credit facilities.Risk management is carried out by the group\u2019s management under policies approved by the Chief Executive Officer. The Board reviews and agrees on policies for managing each of these risks, which are summarized below.Market risksAutoStore Group is exposed to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest rate risk and foreign currency risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__51": {
"value": "liquidity risk. The group seeks to minimize potential adverse effects of such risks through sound business practice, risk management, and hedging. At the current time, the liquidity risk of the group is assessed to be low based on the operating cash flows, scheduled repayments of debt, and the availability of credit facilities.Risk management is carried out by the group\u2019s management under policies approved by the Chief Executive Officer. The Board reviews and agrees on policies for managing each of these risks, which are summarized below.Market risksAutoStore Group is exposed to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest rate risk and foreign currency risk.Interest rate riskAutoStore\u2019s exposure to the risk of changes in market interest rates relates primarily to the group\u2019s Senior Facilities, which have base interest rates in SOFR and EURIBOR. The group does not currently hedge the base interest rates. Interest rate sensitivityThe table below shows the sensitivity of the group\u2019s Senior Facilities. The sensitivity to a possible change in interest rates, with all other variables held constant, on the group\u2019s profit before tax, is illustrated below. In calculating the sensitivity analyses, the group assumes that the sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective financial risks.Increase/decrease Increase/decrease Increase/decrease1in profit before tax in equity (OCI effects) USD million in basis points At December 31, 2023 +/- 100 6.1 - At December 31, 2022 +/- 100 4.3 - 1 100 bps was selected by forecasting the future interest rate change. 2 The group has no financial instruments through OCI and hence the effects on equity are zero.Foreign currency riskThe group\u2019s international business activities, supply chain, and global distribution network expose it to foreign exchange transaction risk and translation risk. The group\u2019s risk of changes in foreign exchange rates relates primarily to the group\u2019s operating activities (revenues and expenses denominated in a foreign currency), external financing through interest-bearing liabilities, and the group\u2019s net investment in foreign subsidiaries. The group\u2019s presentation currency is USD. Accordingly, changes in the value of the currencies in which it generated revenues and incurs costs in relation to USD affect the group\u2019s overall revenue, profit or loss, and financial position. Transactional risk arises when the group\u2019s entities enter into transactions in currencies different than the entities\u2019 functional currencies. A significant part of revenues are denominated in EUR and USD, with a smaller portion in NOK. Furthermore, a signi-ficant amount of the materials used in the group\u2019s production are sourced from suppliers located in countries that have adopted Zloty (\u201cPLN\u201d) and EUR. The group\u2019s suppliers are generally paid in EUR in addition to PLN; as such, the group has significant costs in EUR and PLN. A large portion of the group\u2019s operations are conducted in Norway, where transactions to a large extent are made in NOK and, as such, the group has significant costs in NOK. In case of unfavorable exchange rate fluctuations, such as a strong currency in the country of a supplier, and AutoStore due to compet-itive pressure being unable to raise its prices, the group may face reduced gross margins, leading to a decline in net results and a competitive disadvantage. Products and services provided and invoiced by the group in markets with weaker local currencies may also lead to lower profit margins, which could have an adverse effect on the group\u2019s business, results of operations, financial position, and cash flows.AutoStore tries to limit its foreign currency exposure through having similar currencies for its revenues and operating expenses. The group\u2019s interest-bearing liabilities are also denominated in the foreign currencies, EUR and USD, thus, the group has a natural hedge which reduces the impact from currency fluctuations in these currencies. The group does not hedge currency exposure with the use of financial instruments at the current time, but monitors the net exposure over time. The group also has foreign currency exposure to its liability related to the Ocado settlement, which is denominated in GBP. Foreign currency sensitivityThe following table illustrates the sensitivity of AutoStore\u2019s interest- bearing liabilities denominated in USD and EUR to a hypothetical increase or decrease in the foreign exchange rates in the period, holding all other variables constant: Change in Increase/decrease Increase/decrease1USD million DateFX rate in profit before tax in equity (OCI effects) Increase/decrease in NOK/USD December 31, 2023 +/- 10% 16.7 - Increase/decrease in NOK/EUR December 31, 2023 +/- 10% 27.0 - Increase/decrease in NOK/GBP December 31, 2023 +/- 10% 17.8 - Increase/decrease in NOK/USD December 31, 2022 +/- 10% 16.7 - Increase/decrease in NOK/EUR December 31, 2022 +/- 10% 26.0 - 1 The group has no financial instruments through OCI and hence the effects on equity are zero.Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The group is mainly exposed to credit risk from its operating activities.In order to offset the risk on trade receivables, the company has entered into a credit insurance agreement. Additionally, the group manages its credit risks by trading only with recognized, creditworthy third parties (mainly distributors/partners). It is the group\u2019s policy that all customers wishing to trade on credit terms are subject to credit verification procedures, which include an assessment of credit rating, short-term liquidity, and financial position. The group obtains sufficient collateral (where appropriate) from customers as a means of mitigating the risk of financial loss from defaults. In addition, receivable balances are monitored on an ongoing basis, with the result that the group\u2019s exposure to losses has been insignificant and the overall credit risk is assessed as low (i.e. the group has not experienced any losses in the past).For an overview of the aging of trade receivables and the expected credit losses recognized for trade receivables, refer to note 2.6. Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The group monitors its risk of a shortage of funds by monitoring its working capital, overdue trade receivables, and establishing credit facilities.The group\u2019s business requires access to significant credit and guarantee lines and other financing instruments. The business could be negatively affected if the group is unable to meet its capital requirements in the future, for example as a result of a weak financial market environment, a significant deterioration of its credit standing, a breach of or default under a credit facility agreement, or if access to capital becomes cost-prohibitive. The group\u2019s business activities could also be negatively affected if its customers or suppliers do not have access to financing on economically viable terms. The group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities and the Senior Facilities agreement to finance working capital and invest-ments. The group has flexible debt financing through a Revolving Credit Facility as part of the Senior Facilities and may further draw funds or establish additional incremental revolving facilities if deemed necessary (see note 4.2). Additionally, the group has a significant positive cash flow from operating activities, which limits its liquidity risk. An overview of the maturity profile of the group\u2019s financial liabilities with corresponding cash flow effects is presented in note 4.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__7__48": {
"value": "4.7Financial RiskOverviewAutoStore is exposed to a range of financial risks affecting its financial performance, including market risk, financial risk, credit risk, and liquidity risk. The group seeks to minimize potential adverse effects of such risks through sound business practice, risk management, and hedging. At the current time, the liquidity risk of the group is assessed to be low based on the operating cash flows, scheduled repayments of debt, and the availability of credit facilities.Risk management is carried out by the group\u2019s management under policies approved by the Chief Executive Officer. The Board reviews and agrees on policies for managing each of these risks, which are summarized below.Market risksAutoStore Group is exposed to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest rate risk and foreign currency risk.Interest rate riskAutoStore\u2019s exposure to the risk of changes in market interest rates relates primarily to the group\u2019s Senior Facilities, which have base interest rates in SOFR and EURIBOR. The group does not currently hedge the base interest rates. Interest rate sensitivityThe table below shows the sensitivity of the group\u2019s Senior Facilities. The sensitivity to a possible change in interest rates, with all other variables held constant, on the group\u2019s profit before tax, is illustrated below. In calculating the sensitivity analyses, the group assumes that the sensitivity of the relevant statement of profit or loss item is the effect of the assumed changes in respective financial risks.Increase/decrease Increase/decrease Increase/decrease1in profit before tax in equity (OCI effects) USD million in basis points At December 31, 2023 +/- 100 6.1 - At December 31, 2022 +/- 100 4.3 - 1 100 bps was selected by forecasting the future interest rate change. 2 The group has no financial instruments through OCI and hence the effects on equity are zero.Foreign currency riskThe group\u2019s international business activities, supply chain, and global distribution network expose it to foreign exchange transaction risk and translation risk. The group\u2019s risk of changes in foreign exchange rates relates primarily to the group\u2019s operating activities (revenues and expenses denominated in a foreign currency), external financing through interest-bearing liabilities, and the group\u2019s net investment in foreign subsidiaries. The group\u2019s presentation currency is USD. Accordingly, changes in the value of the currencies in which it generated revenues and incurs costs in relation to USD affect the group\u2019s overall revenue, profit or loss, and financial position. Transactional risk arises when the group\u2019s entities enter into transactions in currencies different than the entities\u2019 functional currencies. A significant part of revenues are denominated in EUR and USD, with a smaller portion in NOK. Furthermore, a signi-ficant amount of the materials used in the group\u2019s production are sourced from suppliers located in countries that have adopted Zloty (\u201cPLN\u201d) and EUR. The group\u2019s suppliers are generally paid in EUR in addition to PLN; as such, the group has significant costs in EUR and PLN. A large portion of the group\u2019s operations are conducted in Norway, where transactions to a large extent are made in NOK and, as such, the group has significant costs in NOK. In case of unfavorable exchange rate fluctuations, such as a strong currency in the country of a supplier, and AutoStore due to compet-itive pressure being unable to raise its prices, the group may face reduced gross margins, leading to a decline in net results and a competitive disadvantage. Products and services provided and invoiced by the group in markets with weaker local currencies may also lead to lower profit margins, which could have an adverse effect on the group\u2019s business, results of operations, financial position, and cash flows.AutoStore tries to limit its foreign currency exposure through having similar currencies for its revenues and operating expenses. The group\u2019s interest-bearing liabilities are also denominated in the foreign currencies, EUR and USD, thus, the group has a natural hedge which reduces the impact from currency fluctuations in these currencies. The group does not hedge currency exposure with the use of financial instruments at the current time, but monitors the net exposure over time. The group also has foreign currency exposure to its liability related to the Ocado settlement, which is denominated in GBP. Foreign currency sensitivityThe following table illustrates the sensitivity of AutoStore\u2019s interest- bearing liabilities denominated in USD and EUR to a hypothetical increase or decrease in the foreign exchange rates in the period, holding all other variables constant: Change in Increase/decrease Increase/decrease1USD million DateFX rate in profit before tax in equity (OCI effects) Increase/decrease in NOK/USD December 31, 2023 +/- 10% 16.7 - Increase/decrease in NOK/EUR December 31, 2023 +/- 10% 27.0 - Increase/decrease in NOK/GBP December 31, 2023 +/- 10% 17.8 - Increase/decrease in NOK/USD December 31, 2022 +/- 10% 16.7 - Increase/decrease in NOK/EUR December 31, 2022 +/- 10% 26.0 - 1 The group has no financial instruments through OCI and hence the effects on equity are zero.Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The group is mainly exposed to credit risk from its operating activities.In order to offset the risk on trade receivables, the company has entered into a credit insurance agreement. Additionally, the group manages its credit risks by trading only with recognized, creditworthy third parties (mainly distributors/partners). It is the group\u2019s policy that all customers wishing to trade on credit terms are subject to credit verification procedures, which include an assessment of credit rating, short-term liquidity, and financial position. The group obtains sufficient collateral (where appropriate) from customers as a means of mitigating the risk of financial loss from defaults. In addition, receivable balances are monitored on an ongoing basis, with the result that the group\u2019s exposure to losses has been insignificant and the overall credit risk is assessed as low (i.e. the group has not experienced any losses in the past).For an overview of the aging of trade receivables and the expected credit losses recognized for trade receivables, refer to note 2.6. Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The group monitors its risk of a shortage of funds by monitoring its working capital, overdue trade receivables, and establishing credit facilities.The group\u2019s business requires access to significant credit and guarantee lines and other financing instruments. The business could be negatively affected if the group is unable to meet its capital requirements in the future, for example as a result of a weak financial market environment, a significant deterioration of its credit standing, a breach of or default under a credit facility agreement, or if access to capital becomes cost-prohibitive. The group\u2019s business activities could also be negatively affected if its customers or suppliers do not have access to financing on economically viable terms. The group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities and the Senior Facilities agreement to finance working capital and invest-ments. The group has flexible debt financing through a Revolving Credit Facility as part of the Senior Facilities and may further draw funds or establish additional incremental revolving facilities if deemed necessary (see note 4.2). Additionally, the group has a significant positive cash flow from operating activities, which limits its liquidity risk. An overview of the maturity profile of the group\u2019s financial liabilities with corresponding cash flow effects is presented in note 4.3.",
"dimensions": {
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"s7_notes__7__50": {
"value": "Credit riskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The group is mainly exposed to credit risk from its operating activities.In order to offset the risk on trade receivables, the company has entered into a credit insurance agreement. Additionally, the group manages its credit risks by trading only with recognized, creditworthy third parties (mainly distributors/partners). It is the group\u2019s policy that all customers wishing to trade on credit terms are subject to credit verification procedures, which include an assessment of credit rating, short-term liquidity, and financial position. The group obtains sufficient collateral (where appropriate) from customers as a means of mitigating the risk of financial loss from defaults. In addition, receivable balances are monitored on an ongoing basis, with the result that the group\u2019s exposure to losses has been insignificant and the overall credit risk is assessed as low (i.e. the group has not experienced any losses in the past).For an overview of the aging of trade receivables and the expected credit losses recognized for trade receivables, refer to note 2.6.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__53": {
"value": "For the purpose of AutoStore\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019s capital management is to ensure that it maintains healthy working capital and financial stability to support its growing business operations and maximize shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares, perform prepayments of debt, or draw on short-term credit.To achieve this overall objective, the group\u2019s capital management, among other things, aims to ensure that it reinvests or returns excess cash flows from operations that are not necessary to maintain a healthy operating working capital to its investors. There has been no breach of the financial covenants in the current or previous periods. Reference is made to note 4.2.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__52": {
"value": "4.8Equity and ShareholdersFor the purpose of AutoStore\u2019s capital management, capital includes issued capital and all other equity reserves attributable to the equity holders of the parent. The primary objective of the group\u2019s capital management is to ensure that it maintains healthy working capital and financial stability to support its growing business operations and maximize shareholder value.The group manages its capital structure and makes adjustments in light of changes in economic conditions. To maintain or adjust the capital structure, the group may adjust the dividend payment to shareholders, return capital to shareholders, issue new shares, perform prepayments of debt, or draw on short-term credit.To achieve this overall objective, the group\u2019s capital management, among other things, aims to ensure that it reinvests or returns excess cash flows from operations that are not necessary to maintain a healthy operating working capital to its investors. There has been no breach of the financial covenants in the current or previous periods. Reference is made to note 4.2.Issued capital and reserves:Number of shares Par value perShare capitalShare capital in AutoStore Holdings Ltd.authorized and fully paidshare (USD) (USD million)At January 1, 2022 3,428,540,429 0.01 34.29 At December 31, 2022 3,428,540,429 0.01 34.29 At December 31, 2023 3,428,540,429 0.01 34.29 The above-presented shares are issued and fully paid, and include a total of 72,150,062 treasury shares as of December 31, 2023. The authorized share capital of AutoStore Holdings Ltd. is USD 42,500,000, consisting of 4,250,000,000 shares.Reconciliation of the group\u2019s equity is presented in the statement of changes in equity.2023Shareholders of the group Country Account type Total shares Ownership Voting rights(AutoStore Holdings Ltd.)The Bank of New York Mellon U.S. Nominee 1,316,777,725 38.41% 38.41%Citibank, N.A. Ireland Nominee 1,152,242,709 33.61% 33.61%State Street Bank and Trust Comp U.S. Nominee 121,254,888 3.54% 3.54%Alecta Tjanstepension Omsesidigt Luxembourg Ordinary 93,158,350 2.72% 2.72%The Bank of New York Mellon U.S. Nominee 83,704,717 2.44% 2.44%AutoStore Holdings Ltd. Norway Ordinary 72,150,062 2.10% 2.10%JPMorgan Chase Bank, N.A., London UK Nominee 38,891,922 1.13% 1.13%Folketrygdfondet Norway Ordinary 37,893,814 1.11% 1.11%Brown Brothers Harriman & Co. U.S. Nominee 36,056,619 1.05% 1.05%Lyngneset Invest AS Norway Ordinary 23,183,898 0.68% 0.68%State Street Bank and Trust Company U.S. Nominee 20,260,146 0.59% 0.59%Sumitomo Mitsui Trust Bank (U.S.A.) U.S. Nominee 19,681,773 0.57% 0.57%Credit Suisse (Luxembourg) S.A. Ireland Nominee 18,093,214 0.53% 0.53%The Northern Trust Comp, London Br UK Nominee 17,136,868 0.50% 0.50%State Street Bank and Trust Comp U.S. Nominee 14,948,811 0.44% 0.44%JPMorgan Chase Bank, N.A., London UK Nominee 13,926,737 0.41% 0.41%Polysys AS Norway Ordinary 10,800,000 0.32% 0.32%Brown Brothers Harriman (Lux.) SCA Luxembourg Nominee 10,484,892 0.31% 0.31%The Bank of New York Mellon U.S. Nominee 10,354,214 0.30% 0.30%State Street Bank and Trust Comp U.S. Nominee 10,261,578 0.30% 0.30%Other shareholders 307,27 7,492 8.96% 8.96%At December 31, 2023 3,428,540,429 100% 100%The shareholder information is from the Euronext VPS share register.Employee share purchase planOutcome of the employee share purchase plan 2022On June 7, 2022, the group introduced an annual share purchase plan for all permanent employees. Through this program, a total of 1,816,191 shares in AutoStore have been delivered to permanent employees for a purchase price of NOK 16.7. Shares purchased are subject to a two-year lock-up period. The first block of 1,402,060 shares was delivered to applicants on September 9, 2022, and the second block of 325,696 shares was delivered to applicants on November 8, 2022. The remaining 88,435 shares were delivered during the first quarter of 2023. The shares delivered were existing shares held in treasury by AutoStore.Outcome of the employee share purchase plan 2023On June 14, 2023, a total of 652,101 shares were acquired for a purchase price of NOK 19.04 by AutoStore permanent employees. Shares purchased are subject to a two-year lock-up period. The shares delivered were existing shares held in treasury by AutoStore.Long-term incentive program (LTIP)Certain members of the company\u2019s management and other leading employees are part of the long-term incentive program for AutoStore, which connects company and individual performance through either options, performance share units (PSUs), or restricted stock units (RSUs). For more information, reference is made to note 7.4, the remuneration policy and the remuneration report for 2023.Exercise of options under the long-term incentive program during 2023On April 27, 2023, 13,631,906 treasury shares held by AutoStore were delivered to option holders due to exercise of options under the 2019-2020 share incentive program. Reference is made to note 7.4 for additional information. On August 17, 2023, 2,344,670 treasury shares held by AutoStore were delivered to option holders due to exercise of options under the 2019-2020 share incentive program. Reference is made to note 7.4 for additional information. On November 9, 2023, 110,934 treasury shares held by AutoStore were delivered to option holders due to exercise of options under the 2019-2020 share incentive program. Reference is made to note 7.4 for additional information. Share-based bonus programIn July 2022, the group introduced an annual share-bonus program for employees of AutoStore, whereby meeting annual financial performance targets can release bonuses for permanent employees not on individual short-term incentives. For performance year 2022, 362,099 shares were delivered to employees under this program, released in the second quarter of 2023. The shares delivered were existing shares held in treasury by AutoStore. In the third quarter of 2023, 550,475 shares were delivered. The shares delivered were existing shares held in treasury by AutoStore.2022Shareholders of the group Country Account type Total shares Ownership Voting rights(AutoStore Holdings Ltd.)The Bank of New York Mellon U.S. Nominee 1,316,409,731 38.40% 38.40%Citibank, N.A. Ireland Nominee 1,133,373,367 33.06% 33.06%State Street Bank and Trust Comp U.S. Nominee 128,792,039 3.76% 3.76%NTGS SE Lux-Alecta Tjanstepensn OM Luxembourg Ordinary 90,928,350 2.65% 2.65%AutoStore Holdings Ltd. Norway Ordinary 89,392,501 2.61% 2.61%The Bank of New York Mellon U.S. Nominee 85,404,717 2.49% 2.49%JPMorgan Chase Bank, N.A., London United Kingdom Nominee 65,003,480 1.90% 1.90%Folketrygdfondet Norway Ordinary 52,327,053 1.53% 1.53%State Street Bank and Trust Comp U.S. Nominee 30,747,612 0.90% 0.90%Lyngneset Invest AS Norway Ordinary 23,183,898 0.68% 0.68%Sumitomo Mitsui Trust Bank (U.S.A) U.S. Nominee 20,482,771 0.60% 0.60%Citibank, N.A. Ireland Nominee 13,951,446 0.41% 0.41%The Bank of New York Mellon U.S. Nominee 12,844,341 0.37% 0.37%Brown Brothers Harriman & Co. U.S. Nominee 12,580,978 0.37% 0.37%The Northern Trust Comp, London Br United Kingdom Nominee 11,763,522 0.34% 0.34%Jakob Hatteland Holding AS Norway Ordinary 10,950,000 0.32% 0.32%Polysys AS Norway Ordinary 10,800,000 0.32% 0.32%State Street Bank and Trust Comp U.S. Nominee 10,316,264 0.30% 0.30%J.P. Morgan SE Luxembourg Nominee 10,072,047 0.29% 0.29%Brown Brothers Harriman & Co. U.S. Nominee 7,842,569 0.23% 0.23%Other shareholders 291,373,743 8.50% 8.50%At December 31, 2022 3,428,540,429 100% 100%USD million2023 2022DividendsTotal dividends paid in the period - - Dividends per share in the period - - The group did not pay dividends to shareholders during the twelve-month period ended December 31, 2023 or the twelve-month period ended December 31, 2022. There are no proposed dividends as of the date of authorization of this annual report. Share price information at December 31, 2023Share price December 31, 2023 (NOK) 19.98 Number of shares 3,428,540,429 Market capitalization December 31, 2023 (NOK) 68,502,237,771 USD/NOK exchange rate December 31, 2023 10.71 Market capitalization December 31, 2023 (USD) 6,394,667,654",
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"s7_notes__7__55": {
"value": "5.1TaxesAutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.USD million31.12.2023 31.12.2022Current income tax expenseTax payable 9.7 31.9 Tax receivable liquidated entities -19.8 - 1Adjustment for income tax payable for previous years 2.5 - Change deferred tax liabilities/deferred tax assets -9.1 -15.8 Currency effects 2.9 11.4 Withholding tax - - Total income tax expense -13.7 27.5 Current income tax payable consists of:Income tax payable for the year as above 9.7 31.9 - of which paid in fiscal year -29.1 -5.80 - not due from prior years 26.8 0.70 - tax on group contribution from subsidiaries - - - payment of withholding tax - - Income tax payable 7.4 26.8 1 Adjustment for differences between estimated tax expense reported in consolidated financial statements for 2022 and final tax returns. USD million31.12.2023 31.12.2022Deferred tax assetsProperty, plant, and equipment 0.8 0.8 Intangible assets - - Other current assets -11.1 - Liabilities -16.4 -17.5 Losses carried forward (including tax credit) -0.8 0.0 Basis for deferred tax assets -27.5 -16.7 Calculated deferred tax assets 5.7 3.8 - Deferred tax assets not recognized - -2.2 Net deferred tax assets recognized in balance sheet 5.7 1.6 Deferred tax liabilitiesProperty, plant, and equipment (including leased assets) 4.7 2.1 Intangible assets 400.9 458.8 Other current assets -0.2 -0.5 Liabilities -42.4 -12.0 Untaxed profit - - Basis for deferred tax liabilities 363.0 448.4 Calculated deferred tax liabilities 96.7 101.6 - Deferred tax not recognized - - Net deferred tax liabilities recognized in balance sheet 96.7 101.6 Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 6.2)For 2022, additional group contribution was granted to the subsidiary Automate Bidco to cover estimated interest expenses and foreign exchange costs until the company was liquidated in December 2023. This resulted in additional taxes payable being recognized for 2022, of which USD 20.5 million were paid in 2023. Upon liquidation in 2023, negative tax expense related to currency losses in Automate Bidco for 2023, has been offset against the taxes paid for 2022, resulting in a tax receivable of USD 19.8 million being recognized as of December 31, 2023.The group\u2019s operations are subject to income tax in various foreign jurisdictions. The statutory income tax rates vary from 4.4% to 25%, which results in a difference between the statutory income tax rate in Norway and the average tax rate applicable to the group. The average tax rate for the group\u2019s deferred tax liabilities is 26.6% for 2023 and 22.3% for 2022. The average tax rate for the group\u2019s tax expense is 29.6% in 2023 (21.6%). A reconciliation of the differences between the theoretical tax expense under the rate applicable in Norway and the actual tax expense is as follows: USD million2023 2022Profit/loss before tax -46.3 127.2 Tax expense 22% (Norway tax rate) -10.2 28.0 1Permanent differences 1.4 0.4 Change to prior year tax expense -2.5 - Effects of foreign tax rates -0.3 -0.8 Currency effects -2.0 - Other adjustments -0.1 -0.1 Recognized income tax expense / benefit -13.7 27.5 1 The corporate tax rate in Norway (22%) is used as a starting point, as the parent company AutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.Pillar Two: Global Minimum Taxation Pillar Two introduces a global minimum Effective Tax Rate (ETR) via a system where multinational groups with consolidated revenue over \u20ac750m are subject to a minimum ETR of 15% on income arising in low-tax jurisdictions. Currently AutoStore is below thresholds.",
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"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__54": {
"value": "5.1TaxesAutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.USD million31.12.2023 31.12.2022Current income tax expenseTax payable 9.7 31.9 Tax receivable liquidated entities -19.8 - 1Adjustment for income tax payable for previous years 2.5 - Change deferred tax liabilities/deferred tax assets -9.1 -15.8 Currency effects 2.9 11.4 Withholding tax - - Total income tax expense -13.7 27.5 Current income tax payable consists of:Income tax payable for the year as above 9.7 31.9 - of which paid in fiscal year -29.1 -5.80 - not due from prior years 26.8 0.70 - tax on group contribution from subsidiaries - - - payment of withholding tax - - Income tax payable 7.4 26.8 1 Adjustment for differences between estimated tax expense reported in consolidated financial statements for 2022 and final tax returns. USD million31.12.2023 31.12.2022Deferred tax assetsProperty, plant, and equipment 0.8 0.8 Intangible assets - - Other current assets -11.1 - Liabilities -16.4 -17.5 Losses carried forward (including tax credit) -0.8 0.0 Basis for deferred tax assets -27.5 -16.7 Calculated deferred tax assets 5.7 3.8 - Deferred tax assets not recognized - -2.2 Net deferred tax assets recognized in balance sheet 5.7 1.6 Deferred tax liabilitiesProperty, plant, and equipment (including leased assets) 4.7 2.1 Intangible assets 400.9 458.8 Other current assets -0.2 -0.5 Liabilities -42.4 -12.0 Untaxed profit - - Basis for deferred tax liabilities 363.0 448.4 Calculated deferred tax liabilities 96.7 101.6 - Deferred tax not recognized - - Net deferred tax liabilities recognized in balance sheet 96.7 101.6 Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 6.2)For 2022, additional group contribution was granted to the subsidiary Automate Bidco to cover estimated interest expenses and foreign exchange costs until the company was liquidated in December 2023. This resulted in additional taxes payable being recognized for 2022, of which USD 20.5 million were paid in 2023. Upon liquidation in 2023, negative tax expense related to currency losses in Automate Bidco for 2023, has been offset against the taxes paid for 2022, resulting in a tax receivable of USD 19.8 million being recognized as of December 31, 2023.The group\u2019s operations are subject to income tax in various foreign jurisdictions. The statutory income tax rates vary from 4.4% to 25%, which results in a difference between the statutory income tax rate in Norway and the average tax rate applicable to the group. The average tax rate for the group\u2019s deferred tax liabilities is 26.6% for 2023 and 22.3% for 2022. The average tax rate for the group\u2019s tax expense is 29.6% in 2023 (21.6%). A reconciliation of the differences between the theoretical tax expense under the rate applicable in Norway and the actual tax expense is as follows: USD million2023 2022Profit/loss before tax -46.3 127.2 Tax expense 22% (Norway tax rate) -10.2 28.0 1Permanent differences 1.4 0.4 Change to prior year tax expense -2.5 - Effects of foreign tax rates -0.3 -0.8 Currency effects -2.0 - Other adjustments -0.1 -0.1 Recognized income tax expense / benefit -13.7 27.5 1 The corporate tax rate in Norway (22%) is used as a starting point, as the parent company AutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes.Pillar Two: Global Minimum Taxation Pillar Two introduces a global minimum Effective Tax Rate (ETR) via a system where multinational groups with consolidated revenue over \u20ac750m are subject to a minimum ETR of 15% on income arising in low-tax jurisdictions. Currently AutoStore is below thresholds.",
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"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__7__57": {
"value": "6.1Interests in Other EntitiesThe subsidiaries of AutoStore Holdings Ltd. are presented below:Group's voting Consolidated entities Office Currency Shareholding ownership shareAutomate Intermediate Holdings 2 S.\u00e0 r.l. Luxembourg EUR 100% 100%Automate Holdco 1 AS Norway NOK 100% 100%PIO AS Norway NOK 100% 100%AutoStore AS Norway NOK 100% 100%AutoStore Technology AS Norway NOK 100% 100%AutoStore Sp. Z o.o. Poland PLN 100% 100%AutoStore System Inc. U.S. USD 100% 100%AutoStore System Limited UK GBP 100% 100%AutoStore SAS France EUR 100% 100%AutoStore System GmbH Germany EUR 100% 100%AutoStore System K.K. Japan JPY 100% 100%AutoStore System Ltd. South Korea KRW 100% 100%AutoStore System AT GmbH Austria EUR 100% 100%AutoStore System S.r.l. Italy ITL 100% 100%AutoStore System S.L. Spain EUR 100% 100%AutoStore System AB Sweden SEK 100% 100%AutoStore System Pte Ltd. Singapore SGD 100% 100%Locai Solutions Inc. U.S. USD 100% 100%AutoStore Co Ltd. Thailand THB 100% 100%1PIO Inc. U.S. USD 100% 100%1 Owned 100% by PIO AS.All subsidiaries are included in the consolidated statement of financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__7__56": {
"value": "6.1Interests in Other EntitiesThe subsidiaries of AutoStore Holdings Ltd. are presented below:Group's voting Consolidated entities Office Currency Shareholding ownership shareAutomate Intermediate Holdings 2 S.\u00e0 r.l. Luxembourg EUR 100% 100%Automate Holdco 1 AS Norway NOK 100% 100%PIO AS Norway NOK 100% 100%AutoStore AS Norway NOK 100% 100%AutoStore Technology AS Norway NOK 100% 100%AutoStore Sp. Z o.o. Poland PLN 100% 100%AutoStore System Inc. U.S. USD 100% 100%AutoStore System Limited UK GBP 100% 100%AutoStore SAS France EUR 100% 100%AutoStore System GmbH Germany EUR 100% 100%AutoStore System K.K. Japan JPY 100% 100%AutoStore System Ltd. South Korea KRW 100% 100%AutoStore System AT GmbH Austria EUR 100% 100%AutoStore System S.r.l. Italy ITL 100% 100%AutoStore System S.L. Spain EUR 100% 100%AutoStore System AB Sweden SEK 100% 100%AutoStore System Pte Ltd. Singapore SGD 100% 100%Locai Solutions Inc. U.S. USD 100% 100%AutoStore Co Ltd. Thailand THB 100% 100%1PIO Inc. U.S. USD 100% 100%1 Owned 100% by PIO AS.All subsidiaries are included in the consolidated statement of financial position.",
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"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__58": {
"value": "6.2Earnings per ShareBasic EPS is calculated by dividing the profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year.Diluted EPS is calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that might be issued under any of the group\u2019s compensation programs which are equity-settled. In 2023, this applied to the group\u2019s long-term incentive plan, employee share purchase plan, and the share-based bonus program, which may be settled using the group\u2019s treasury shares. Reference is made to note 7.4 for further details on the group\u2019s share-based payment programs. The following table reflects the income and share data used in the basic and diluted EPS calculations: USD million2023 2022Continuing operations -32.6 99.7 Profit/loss attributable to ordinary equity holders of the parent for basic earnings -32.6 99.7 Shares outstanding (in millions)31.12.2023 31.12.2022Weighted average number of ordinary shares for basic EPS 3,350.0 3,338.0 Weighted average number of ordinary shares adjusted for the effect of dilution 3,418.9 3,428.0 Earnings per share2023 2022Basic earnings per share (USD) -0.010 0.030 1Diluted earnings per share (USD) -0.010 0.029 1 The group has equity-settled share-based options (note 7.4), however, as all of the potential ordinary shares from these share-based options were anti-dilutive in 2023 (due to the reported loss in the consolidated group), the diluted earnings per share is the same as basic earnings per share. The potential ordinary shares are disclosed in note 2.4.",
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"language": "en",
"entity": "scheme:549300KYN3M0LSM5A413",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__7__60": {
"value": "7.1ProvisionsAccounting policiesAutoStore classifies provisions in the following categories: \u2013ssurance-type warranties: A provision for expected warranty claims on products sold during the year, based on experience of the level of repairs and returns. \u2013nerous shared cost: A provision for unfavorable terms related to the service element (shared cost) in a lease agreement. The provision includes the expected future payments above the market rate for these services discounted to present value. \u2013ocial security for share-based payments: Contains a provision for the accrued social security on share options and restrictive share units, which will be paid when the options are exercised. \u2013 Refund liability: A provision for the expected discount to be refunded to customers (distributors) after the reporting date. The provision is recognized as variable consideration by applying the expected value method to the discount based on historical sales and specific forward-looking factors. Reference is made to note 2.1.A provision is made and calculated based on management assump-tions at the time the provision is made and is updated as and when new information becomes available. All provisions are reviewed at the end of the financial year. Reconciliation of provisions SocialAssurance-Onerous security for Salary- type shared share-based related Refund Other 1USD millionwarranties cost payments costs liabilityprovisions Total At January 1, 2022 0.2 4.5 38.7 6.6 5.0 6.7 61.6 Additional provisions made 0.2 - 0.0 5.6 18.2 9.6 33.7 1Revaluation - - -18.8 - - - -18.8 Amounts used -0.2 -0.6 - -6.6 -5.0 -6.7 -19.0 Currency translation effects - -0.3 -2.0 -0.1 - -0.2 2.6 At December 31, 2022 0.2 3.6 17.9 5.5 18.2 9.4 54.9 Additional provisions made 0.2 - 0.2 - 0.4 0.81Revaluation - - 2.0 - - 2.0 Amounts used -0.3 -0.5 -3.5 -5.5 -18.2 -9.4 -37.4 Currency translation effects - 0.0 -0.5 - 0.0 -0.5 At December 31, 2023 0.2 3.1 16.1 - - 0.4 19.8 Current provisions 0.2 0.4 15.9 - - 0.4 16.9 Non-current provisions - 2.7 0.2 - - - 2.9 1 In 2023, salary-related costs such as accrued holiday pay, unspent vacation days, and other salary-related accruals are presented as part of other current liabilities (earlier included as part of provision). Comparatives are not restated as this is not considered to be material. Changes in the provision of social security tax were USD 1.8 million (reduction) as a result of the amount used due to the exercise was offset by revaluation due to an increase in the underlying share price. The provision for social security for share-based payments will be settled when the options are exercised. References are made to note 7.4. The onerous shared cost provision is expected to be settled at the end of 2028 with approximately similar amounts each year.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__7__59": {
"value": "7.1ProvisionsAccounting policiesAutoStore classifies provisions in the following categories: \u2013ssurance-type warranties: A provision for expected warranty claims on products sold during the year, based on experience of the level of repairs and returns. \u2013nerous shared cost: A provision for unfavorable terms related to the service element (shared cost) in a lease agreement. The provision includes the expected future payments above the market rate for these services discounted to present value. \u2013ocial security for share-based payments: Contains a provision for the accrued social security on share options and restrictive share units, which will be paid when the options are exercised. \u2013 Refund liability: A provision for the expected discount to be refunded to customers (distributors) after the reporting date. The provision is recognized as variable consideration by applying the expected value method to the discount based on historical sales and specific forward-looking factors. Reference is made to note 2.1.A provision is made and calculated based on management assump-tions at the time the provision is made and is updated as and when new information becomes available. All provisions are reviewed at the end of the financial year. Reconciliation of provisions SocialAssurance-Onerous security for Salary- type shared share-based related Refund Other 1USD millionwarranties cost payments costs liabilityprovisions Total At January 1, 2022 0.2 4.5 38.7 6.6 5.0 6.7 61.6 Additional provisions made 0.2 - 0.0 5.6 18.2 9.6 33.7 1Revaluation - - -18.8 - - - -18.8 Amounts used -0.2 -0.6 - -6.6 -5.0 -6.7 -19.0 Currency translation effects - -0.3 -2.0 -0.1 - -0.2 2.6 At December 31, 2022 0.2 3.6 17.9 5.5 18.2 9.4 54.9 Additional provisions made 0.2 - 0.2 - 0.4 0.81Revaluation - - 2.0 - - 2.0 Amounts used -0.3 -0.5 -3.5 -5.5 -18.2 -9.4 -37.4 Currency translation effects - 0.0 -0.5 - 0.0 -0.5 At December 31, 2023 0.2 3.1 16.1 - - 0.4 19.8 Current provisions 0.2 0.4 15.9 - - 0.4 16.9 Non-current provisions - 2.7 0.2 - - - 2.9 1 In 2023, salary-related costs such as accrued holiday pay, unspent vacation days, and other salary-related accruals are presented as part of other current liabilities (earlier included as part of provision). Comparatives are not restated as this is not considered to be material. Changes in the provision of social security tax were USD 1.8 million (reduction) as a result of the amount used due to the exercise was offset by revaluation due to an increase in the underlying share price. The provision for social security for share-based payments will be settled when the options are exercised. References are made to note 7.4. The onerous shared cost provision is expected to be settled at the end of 2028 with approximately similar amounts each year.",
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"s7_notes__7__61": {
"value": "7.2Other Commit- ments and ContingenciesSettlement of Ocado Group litigationOn 22 July 2023, AutoStore and Ocado Group announced a global settlement which brings to an end all current litigation between the parties. This includes the litigation between the parties in the International Trade Commission (ITC), the United States District Court for the District of New Hampshire, the U.S. Patent Trial and Appeal Board (PTAB), the Munich and Mannheim District Courts in Germany, the German Patent Office, the UK High Court and the European Patent Office.The other principal terms of the settlement are: \u2013 All patent litigation claims withdrawn globally \u2013 Global cross-license of each other\u2019s pre-2020 patents \u2013 Both companies can continue to use and market all their own existing products without challenge \u2013 Ocado Group retains exclusive rights to the Single Space Robot \u2013 AutoStore will pay GBP 200 million to Ocado Group in monthly installments over two years, commencing in July 2023.Whilst the agreement gives both companies access to parts of each other\u2019s patent portfolios for them to use or develop their own products, it does not provide for collaboration or technology assistance between the companies or access to actual products. The other terms of the agreement remain confidential.To reflect the GBP 200 million settlement payment to Ocado Group, AutoStore has recorded an operating expense of USD 239.0 million,with a corresponding financial liability discounted with the estimatedtime value of money, using the prevailing market interest rate for a similar instrument with a similar credit rating (8.4%) in accordance with IFRS 9. References are made to note 4.2. The discount rate of 8.4% is applied for all periods throughout the life of the liability. Significant judgmentThe settlement agreement between Ocado Group and AutoStore has required significant accounting judgment, where the key consideration has been related to whether the obtained access to Ocado\u2019s patents and the access granted to own patents could potentially lead to an allocation of the GBP 200 million to any intan-gible asset. However, management has concluded that no parts of the GBP 200 million should be allocated to any intangible asset (or other assets) as the recognition criteria for intangible asset are not considered to be met.Other commitmentsThe group does not have other significant commitments to be disclosed.",
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"s7_notes__7__62": {
"value": "7.3Related-party TransactionsRelated parties are group companies, major shareholders, members of the board and management in the parent company, and the group subsidiaries. Notes 6.1 and 4.8 provide information about the group structure, including details of the subsidiaries and the holding company. Significant agreements and remuneration paid to the board for the current and prior period appear in note 2.4.The group had no material transactions entered into with related parties outside the group in 2023 and 2022.",
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"s7_notes__7__63": {
"value": "7.4Share-based PaymentsAccounting policiesThe group has share-based programs for its key employees, which are accounted for as equity-settled transactions. The share option program for key employees gives the employee the right to purchase shares in the ultimate parent company AutoStore Holdings Ltd. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recog-nized as of the beginning and end of that period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award, unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as of the date of modifi-cation, is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee. Where an award is canceled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. See note 6.2 for the potential impact of share options on the group\u2019s earnings per share.Significant accounting estimates and assumptionsSocial security contributionsThe group recognizes a liability for social security contributions with respect to options to be exercised. The amount of the liability is dependent on the number of options that are expected to be exercised (that is, vesting conditions are taken into account). The expense is allocated over the period from the grant date to the end of the vesting period. From the end of the vesting period to the date of actual exercise, the liability is adjusted by reference to the current market value of the shares (that is, fair value of the liability at the end of the reporting period). Social security contri-bution is calculated for the intrinsic value of the options (share price \u2013 strike value) over the vesting period. Valuation assessmentThe group has performed valuation calculations for the option program for both the fair value at grant date, subsequent measurement, and the ongoing calculation for social security contribution. See below for a summary of the model applied, inputs to the model, and calculation of the fair value at grant date. The fair value of the share options is estimated at the grant date using the Black-Scholes-Merton model and a Monte Carlo Simulation for the options, taking into account the terms and conditions on which the share options were granted. Option programsIn 2019, the group entered into option agreements, awarding non-transferrable options to, inter alia certain key employees. In total, 163,338,159 options have been issued to 25 option-holders, each option with a strike price equal to the fair market value of the underlying shares at the time the options were issued, which at the time was EUR 0.33, equivalent to USD 0.38 per option. The options are divided into service (33%) and performance (67%) options. In connection with SoftBank\u2019s acquisition of 40% of AutoStore in 2021, 100% of the performance options were deemed vested immedi-ately prior to the closing of the SoftBank transaction. Further, all service options were deemed vested as if they had vested on a quarterly basis. The unvested service options shall continue to vest on a quarterly basis (i.e. 5% each quarter) from the grant date until the fifth anniversary. In connection with the closing of the SoftBank transaction, the option holders were provided with the opportunity to exercise approximately 40% of their vested options and, as a result, sell the underlying shares to SoftBank.The service requirement of all options shall be deemed satisfied immediately prior to (but subject to the consummation of) a change of control, given that the option holder is, and has been, continu-ously employed by and continues to provide services to the group through the date of such consummation, and as otherwise set forth in an option agreement.Options awarded under LTIP during 2022On July 7, 2022, the group introduced a new long-term incentive plan (\u201cLTIP\u201d) for certain members of the company\u2019s management and other leading employees. Under the LTIP, the executives are awarded a conditional grant of share options, performance share units (\u201cPSUs\u201d), and/or restricted stock units (\u201cRSUs\u201d). The options under the LTIP for 2022 shall vest on July 7, 2025, and can be exercised within 12 months with a strike price of NOK 21.88 per share. Options awarded under LTIP during 2023On July 14, 2023, the group approved new grants under the LTIP, which resulted in the total number of options that will be awarded under the LTIP to be 947,855, where each option will give the holder the right to acquire one AutoStore share from the company. The share options under the LTIP for 2023 shall vest on July 14, 2026, subject to continued employment on each vesting date. PSUs awarded under LTIP during 2023The total number of PSUs that will be awarded under the LTIP for 2023 is 416,610. Vesting of the PSUs is based on service criteria and the achievement of financial or other performance goals, with the time-based vesting criteria matching the vesting schedule of the share options. Once vested, each PSU will award the holder with one AutoStore share (settled through treasury shares). RSUs awarded under LTIP during 2023The total number of RSUs that will be awarded under the LTIP for 2023 is 556,931 The RSUs are subject to a time-based vesting and shall vest on the date falling 36 months following the date of grant. Once vested, each RSU will award the holder with one AutoStore share (settled through treasury shares).Shares acquired by permanent employees during 2023In June 2023, certain permanent employees in the group partici-pated in the employee share purchase plan (\u201cESPP\u201d) for 2023. The total amount of ESPP shares awarded in 2023 was 652,101, which were delivered using treasury shares. The purchase price for the ESPP shares was NOK 19.04 and ESPP shares are subject to a two-year lock-up period.Annual share-based bonus programThe annual share-based bonus program (\u201cSBP\u201d) entitles permanent employees, not on existing individual short term incentives schemes, to be eligble for a bonus linked to the company meeting annual financial performance targets. If the company reaches the yearly financial targets, an amount similar to a percantage of base pay per employee will be transferred to the employee. However, the financial targets were not met for 2023, and the associated cost was subsequently reversed.Equity compensation for board membersMembers of the Board of Directors of AutoStore Holdings Ltd. that are not fully or partly employed by majority shareholders SoftBank and Thomas H. Lee Partners are partly compensated through option instruments, RSUs (restricted stock units). Vesting period is two years from grant date. In 2023, 193,130 RSUs were granted to those board members.USD million2023 2022Expense arising from equity-settled share-based payment transactions -1.5 -1.0 Total expense arising from share-based payment transactions -1.5 -1.0 USD 1.5 million is the IFRS 2 cost of the options. The expense is based on estimated fair value of the options on grant date and recognized over the vesting period.Movements during the year The following table illustrates the number and movements in share options during the year:USD million2023 2022Outstanding at January 1 90,661,375 88,744,288 Granted during the year 2,114,556 1,917,087 Exercised during the year -18,822,573 - Expired during the year -361,507 - Outstanding at December 31 73,591,851 90,661,375 Fully vested, not yet exercised at December 31 63,909,090 69,136,494 Exercised:On April 27, 2023, 16,366,969 options under the company\u2019s equity incentive plan from 2019-2020 were exercised. The options had a strike price of NOK 3.84351 per share. April 2023 was the first exercise window following the IPO. The exercised options were settled by delivery of 13,631,906 treasury shares held by AutoStore.On August 17, 2023, 2,344,670 options under the company\u2019s equity incentive plan from 2019-2020 were exercised. The option had a strike price of NOK 3.76943 per share. The exercised options were settled by delivery of 2,344,670 treasury shares held by AutoStore.On November 9, 2023, 110,934 options under the company\u2019s equity incentive plan from 2019-2020 were exercised. The option had a strike price of NOK 3.91166 per share. The exercised options were settled by delivery of 100,934 treasury shares held by AutoStore. Terminated: 361,507 options related to the 2022 LTI program were terminated during 2023 due to employees leaving the group. Granted: For granted share options during 2022 and 2023. References are made to the section related to the options program above. The weighted average remaining contractual life for the share options outstanding as of December 31, 2023 was 5.6 years. The weighted average fair value of options granted during the year was USD 2.26 million.The following tables list the inputs to the models used for the option program for the year ended December 31, 2023: 2019-20202019-2020Service Performance 2019-2020 incentive programoptionsoptionsWeighted average fair values at the measurement date \u20ac 0.07 \u20ac 0.03 Dividend (%) - - Expected volatility 25% 25%Risk-free interest rate 1.25% 1.25%Expected life of share options (years) 4.1 5.0Weighted average share price \u20ac 0.33 \u20ac 0.33 Model used Black-Scholes-MertonThe incentive program is presented in EUR as this program was originally denominated in EUR. 202320222021RSU board incentive programRSU RSU RSU Weighted average fair values at the measurement date $ 1.07 $ 1.82 $ 3.40 Dividend (%) - - - Expected volatility 72% 79% 25%Risk-free interest rate 4.02% 3.06% 1.16%Expected life of share options (years) 3.0 2.8 2.0 Weighted average share price $ 1.07 $ 1.82 $ 3.25 Model used Black-Scholes-Merton20232023PSU and RSU2023 LTI program optionsWeighted avg. fair values at the measurement date $ 0.96 $ 2.17 Dividend (%) - - Expected volatility 56% 0%Risk-free interest rate 3.89% 0.00%Expected life of share options (years) 4.0 - Weighted average share price $ 2.17 $ - Model used Black-Scholes-Merton20222022PSU and RSU2022 LTI program optionsWeighted avg. fair values at the measurement date $ 0.94 $ 1.67 Dividend (%) - - Expected volatility 57% 57%Risk-free interest rate 2.69% 2.69%Expected life of share options (years) 4.0 2.8Weighted average share price $ 1.67 $ 1.67 Model used Black-Scholes-MertonThe expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility is based on historical data for comparable companies, as the group has a limited number of share transactions. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome.",
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"s7_notes__7__64": {
"value": "Accounting policiesThe group has share-based programs for its key employees, which are accounted for as equity-settled transactions. The share option program for key employees gives the employee the right to purchase shares in the ultimate parent company AutoStore Holdings Ltd. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recog-nized as of the beginning and end of that period.Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award, unless there are also service and/or performance conditions. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met. Where awards include a market or non-vesting condition, the transactions are treated as vested irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as of the date of modifi-cation, is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee. Where an award is canceled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. See note 6.2 for the potential impact of share options on the group\u2019s earnings per share.",
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"s7_notes__7__65": {
"value": "7.5Events After the Reporting PeriodExercised shares after reporting period:On February 14, 2024, 1,756,869 options under the company\u2019s equity incentive plan from 2019-2020 were exercised. The option had a strike price of NOK 3.75408 per share. The company has sold a total of 1,426,209 options at an average price of NOK 19.9459 per share to cash-settle the exercised share options. After the exercise of options, there are 63,666,185 vested and 5,402,998 unvested options remaining under the 2019-2020 equity incentive program.",
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