1.1 | |
Corporate Information | |
1.2 | |
Basis of Preparation | |
1.2 | |
Basis of Preparation | |
1.3 | |
New and Amended Standards and Interpretations | |
1.4 | |
Significant Judgments, Estimates and Assumptions | |
2.1 | |
Revenue from Contracts with Customers | |
2.1 | |
Revenue from Contracts with Customers | |
2.1 | |
Revenue from Contracts with Customers | |
USD million | 2024 | 2023 | |
Major products and services | |||
AutoStore system | 601.8 | 644.8 | |
Rendering of services | 0.5 | 1.7 | |
Total revenue\u00b9 | 602.3 | 646.5 | |
Geographic information | |||
Norway | 12.9 | 13.9 | |
Germany | 134.5 | 100.0 | |
Europe, excl. Norway and Germany | 232.6 | 279.1 | |
U.S. | 131.2 | 186.7 | |
Asia | 37.3 | 33.8 | |
Other | 53.8 | 32.9 | |
Total revenue\u00b9 | 602.3 | 646.5 | |
Timing of revenue recognition | |||
Goods transferred at a point in time | 576.9 | 630.2 | |
Goods and sevices transferred over time | 25.3 | 16.3 | |
Total revenue\u00b9 | 602.3 | 646.5 | |
Other operating income | -0.9 | -0.8 | |
Total revenue and other operating income | 601.4 | 645.7 | |
1\u00a0 Excluding other operating income. |
2.1 | |
Revenue from Contracts with Customers | |
2.1 | |
Revenue from Contracts with Customers | |
2.1 | |
Revenue from Contracts with Customers | |
USD million | 2024 | 2023 | |
Major products and services | |||
AutoStore system | 601.8 | 644.8 | |
Rendering of services | 0.5 | 1.7 | |
Total revenue\u00b9 | 602.3 | 646.5 | |
Geographic information | |||
Norway | 12.9 | 13.9 | |
Germany | 134.5 | 100.0 | |
Europe, excl. Norway and Germany | 232.6 | 279.1 | |
U.S. | 131.2 | 186.7 | |
Asia | 37.3 | 33.8 | |
Other | 53.8 | 32.9 | |
Total revenue\u00b9 | 602.3 | 646.5 | |
Timing of revenue recognition | |||
Goods transferred at a point in time | 576.9 | 630.2 | |
Goods and sevices transferred over time | 25.3 | 16.3 | |
Total revenue\u00b9 | 602.3 | 646.5 | |
Other operating income | -0.9 | -0.8 | |
Total revenue and other operating income | 601.4 | 645.7 | |
1\u00a0 Excluding other operating income. |
2.6 | |
Trade and Other Receivables | |
3.4 | |
Other Intangible Assets | |
3.5 | |
Impairment Considerations | |
2.2 | |
Segment Information | |
USD million | 2024 | 2023 | |
Revenue and other operating income | 601.4 | 645.7 | |
Cost of materials | -161.6 | -207.6 | |
Gross profit | 439.8 | 438.1 | |
Employee benefit expenses | -81.8 | -79.1 | |
Other operating expenses | -71.5 | -310.4 | |
EBITDA | 286.4 | 48.5 |
2.2 | |
Segment Information | |
USD million | 2024 | 2023 | |
Profit/loss for the period | 136.6 | -32.6 | |
Income tax expense | 39.5 | -13.7 | |
Finance income | -11.2 | -8.4 | |
Finance expense | 49.2 | 43.1 | |
Foreign exchange gains/(losses) | 8.4 | -2.0 | |
Depreciation | 15.8 | 10.6 | |
Amortization | 47.0 | 51.5 | |
Impairment | 1.1 | - | |
EBITDA | 286.4 | 48.5 |
2.2 | |
Segment Information | |
USD million | 31.12.2024 | 31.12.2023 | |
Balance sheet items | |||
Assets | 2,026.0 | 2,131.8 | |
Liabilities | 742.0 | 856.8 | |
Equity | 1,284.0 | 1,274.9 | |
Non-current operating assets | |||
Located in Norway | 1,390.9 | 1,581.1 | |
Located in foreign countries | 93.0 | 53.8 | |
Total non-current operating assets | 1,483.9 | 1,634.9 |
2.3 | |
Inventories | |
USD million | 31.12.2024 | 31.12.2023 | |
Raw materials | 42.4 | 55.8 | |
Work in progress | 0.1 | 0.2 | |
Finished goods | 44.8 | 26.8 | |
Total inventories (gross) | 87.3 | 82.9 | |
Provision for obsolete inventories | - | - | |
Total inventories at the lower of cost and net realizable value | 87.3 | 82.9 |
2.4 | |
Employee Benefit Expenses | |
USD million | 2024 | 2023 | |
Salaries | 51.9 | 48.3 | |
Social security costs | 7.7 | 17.6 | |
Pension costs | 4.5 | 3.5 | |
Other employee expenses | 17.7 | 9.7 | |
Total employee benefit expenses | 81.8 | 79.1 | |
Average number of full-time employees (FTEs) | 1,025 | 1,000 |
2.4 | |
Employee Benefit Expenses |
USD million | 2024 | 2023 | |
Salaries | 3.4 | 2.5 | |
Pension costs | 0.2 | 0.1 | |
Other employee expenses | 1.1 | 0.5 | |
Total remuneration to executive management | 4.7 | 3.1 | |
Fee to Board of Directors | 0.2 | 0.1 | |
Total remuneration | 5.0 | 3.2 |
2.4 | |
Employee Benefit Expenses | |
USD million | 2024 | 2023 | |
Salaries | 51.9 | 48.3 | |
Social security costs | 7.7 | 17.6 | |
Pension costs | 4.5 | 3.5 | |
Other employee expenses | 17.7 | 9.7 | |
Total employee benefit expenses | 81.8 | 79.1 | |
Average number of full-time employees (FTEs) | 1,025 | 1,000 |
2.4 | |
Employee Benefit Expenses |
USD million | 2024 | 2023 | |
Salaries | 3.4 | 2.5 | |
Pension costs | 0.2 | 0.1 | |
Other employee expenses | 1.1 | 0.5 | |
Total remuneration to executive management | 4.7 | 3.1 | |
Fee to Board of Directors | 0.2 | 0.1 | |
Total remuneration | 5.0 | 3.2 |
2.5 | |
Other Operating Expenses | |
USD million | 2024 | 2023 | |
Meetings, travel and representation expenses | 10.9 | 8.7 | |
Lease expenses | 6.6 | 4.2 | |
Business services expenses | 6.7 | 6.5 | |
IT costs | 14.7 | 10.5 | |
Marketing and distribution expenses | 12.4 | 11.4 | |
Consulting expenses | 15.3 | 23.7 | |
Other operating expenses | 4.9 | 6.3 | |
Ocado settlement expense | - | 239.0 | |
Total other operating expenses | 71.5 | 310.4 |
USD million | 2024 | 2023 | |
Audit fee | 2.7 | 2.0 | |
Attestation of sustainability reporting | 0.1 | - | |
Tax advisory services | - | - | |
Other advisory services | - | 0.1 | |
Total auditor fees (excl. VAT) | 2.8 | 2.1 |
2.6 | |
Trade and Other Receivables | |
2.6 | |
Trade and Other Receivables | |
USD million | 31.12.2024 | 31.12.2023 | |
Trade receivables from customers at nominal value | 135.7 | 110.7 | |
Allowance for expected credit losses | - | - | |
Total trade receivables | 135.7 | 110.7 | |
Prepaid rent and other expenses | 2.1 | 1.0 | |
VAT receivable | 4.3 | 9.0 | |
Tax reimbursement | - | 19.7 | |
Other | 9.2 | 12.7 | |
Total other receivables | 15.6 | 42.4 |
USD million | Past due but not impaired | |||||
Aging analysis of trade receivables | Not due | < 30 days | 31-60 days | > 60 days | Total | |
Trade receivables at January 1, 2023 | 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 | |
Trade receivables at December 31, 2024 | 118.6 | 13.0 | 2.5 | 1.6 | 135.7 |
2.6 | |
Trade and Other Receivables | |
2.7 | |
Trade and Other Payables | |
USD million | 31.12.2024 | 31.12.2023 | |
Trade payables | 41.2 | 43.8 | |
VAT payables | 2.8 | - | |
Withholding payroll taxes and social security | 3.9 | 2.7 | |
Other payables | 0.8 | - | |
Total trade and other payables | 48.7 | 46.5 | |
3.1 | |
Property, Plant, and Equipment | |
USD million | Fixtures and fittings | Vehicles | Office machinery and equipment | Total | |
Cost at January 1, 2023 | 14.8 | 0.4 | 9.2 | 24.3 | |
Additions | 7.6 | - | 9.2 | 16.8 | |
Disposals | -0.1 | - | - | -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 | |
Additions | 6.1 | - | 9.4 | 15.6 | |
Disposals | - | - | - | - | |
Currency translation effects | -0.6 | - | -1.3 | -1.9 | |
Cost at December 31, 2024 | 28.0 | 0.5 | 26.7 | 55.2 |
3.1 | |
Property, Plant, and Equipment | |
USD million | Fixtures and fittings | Vehicles | Office machinery and equipment | Total | |
Accumulated depreciation at January 1,\u00a0 2023 | 4.4 | 0.2 | 2.5 | 7.1 | |
Depreciation for the year | 2.9 | 0.1 | 1.2 | 4.1 | |
Disposals | -0.1 | - | - | -0.1 | |
Currency translation effects | 0.1 | - | 0.1 | 0.2 | |
Accumulated depreciation at December 31,\u00a0 2023 | 7.3 | 0.3 | 3.8 | 11.3 | |
Depreciation for the year | 2.5 | 0.1 | 4.4 | 7.0 | |
Disposals | - | - | - | - | |
Currency translation effects | 0.1 | - | 0.1 | 0.2 | |
Accumulated depreciation at December 31,\u00a0 2024 | 9.9 | 0.4 | 8.3 | 18.5 | |
Carrying amount at January 1, 2023 | 10.4 | 0.2 | 6.7 | 17.3 | |
Carrying amount at December 31, 2023 | 15.2 | 0.2 | 14.8 | 30.2 | |
Carrying amount at December 31, 2024 | 18.1 | 0.1 | 18.4 | 36.8 | |
Economic life (years) | 3-7 | 5 | 3-7 | ||
Depreciation plan | Straight-line method | ||||
Method of measurement | Cost-model |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities | |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities | |
USD million | Vehicles | Office buildings and production facilities | Total | |
Carrying amount of right-of-use assets at January 1, 2023 | 0.3 | 31.0 | 31.3 | |
Addition 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, 2023 | 0.3 | 50.6 | 50.8 | |
Addition of right-of-use assets | 0.3 | 15.1 | 15.4 | |
Depreciation of right-of-use assets | -0.2 | -8.6 | -8.8 | |
Currency translation effect | - | 0.1 | 0.1 | |
Carrying amount of right-of-use assets at December 31, 2024 | 0.4 | 57.2 | 57.5 | |
Lease term or remaining useful life | 2-3 years | 2-14 years | ||
Depreciation method | Straight-line method |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities |
USD million | 2024 | 2023 | |
Expenses in the period related to practical expedients and variable payments | |||
Short-term lease expenses | 1.4 | 3.5 | |
Low-value assets lease expenses | 1.1 | 0.7 | |
Variable lease expenses in the period (not included in the lease liabilities) | - | - | |
Total lease expenses in the period | 2.5 | 4.2 |
USD million | 31.12.2024 | 31.12.2023 | |
Total lease liabilities | 63.0 | 57.8 | |
Current lease liabilities in the statement of financial position | 11.7 | 10.0 | |
Non-current lease liabilities in the statement of financial position | 51.3 | 47.8 |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities | |
3.3 | |
Goodwill | |
USD million | Goodwill | |
Cost at January 1, 2023 | 1,096.4 | |
Additions through acquisition | - | |
Currency translation effects | -34.5 | |
Cost at December 31, 2023 | 1,061.9 | |
Additions through acquisition | - | |
Currency translation effects | -108.8 | |
Cost at December 31, 2024 | 953.0 | |
Carrying amount at January 1, 2023 | 1,096.4 | |
Carrying amount at December 31, 2023 | 1,061.9 | |
Carrying amount at December 31, 2024 | 953.0 |
3.4 | |
Other Intangible Assets | |
3.4 | |
Other Intangible Assets | |
3.4 | |
Other Intangible Assets | |
USD million | Trademarks | Software and technology | Patent rights | Customer relationships | Internal development | Total | |
Cost at January 1, 2023 | 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 | |
Additions | - | - | 11.2 | - | 30.8 | 42.0 | |
Reclassification | - | 42.9 | - | - | -42.9 | - | |
Currency translation effects | -0.8 | -35.6 | -8.0 | -0.8 | -4.2 | -49.4 | |
Cost at December 31, 2024 | 5.2 | 457.2 | 101.7 | 114.6 | 29.6 | 708.4 | |
Accumulated amortization at January 1,\u00a0 2023 | - | 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,\u00a0 2023 | - | 96.8 | 24.2 | 102.7 | - | 223.8 | |
Amortization for the year | - | 29.5 | 5.6 | 11.9 | - | 47.0 | |
Impairment for the period | - | - | - | - | 1.1 | 1.1 | |
Currency translation effects | - | - | - | - | - | - | |
Accumulated amortization at December 31,\u00a0 2024 | - | 126.3 | 29.8 | 114.6 | 1.1 | 271.9 | |
Carrying amount at December 31, 2023 | 6.0 | 353.0 | 74.3 | 12.7 | 45.8 | 492.0 | |
Carrying amount at December 31, 2024 | 5.2 | 330.8 | 72.0 | - | 28.5 | 436.5 | |
Economic life (years) | Indefinite | 5-25 | 13-18 | 5 | n.a. | ||
Amortization plan | n.a. | Straight-line method | n.a. | ||||
Method of measurement | Cost-model |
3.4 | |
Other Intangible Assets | |
3.5 | |
Impairment Considerations | |
3.5 | |
Impairment Considerations | |
USD million | 2024 | 2023 | |
AutoStore system - CGU | |||
Goodwill | 953.0 | 1,061.9 | |
Trademarks | 5.2 | 6.0 | |
Internal development projects in progress | 28.5 | 45.8 | |
Total carrying amount | 986.8 | 1,113.7 |
3.5 | |
Impairment Considerations | |
3.5 | |
Impairment Considerations | |
4.1 | |
Overview of Financial Instruments | |
4.1 | |
Overview of Financial Instruments | |
USD million | Notes | 31.12.2024 | 31.12.2023 | |
Financial liabilities at amortized cost | ||||
Non-current interest-bearing liabilities | 418.4 | 432.8 | ||
Current interest-bearing liabilities | 1.2 | 1.2 | ||
Other non-current liabilities | - | 57.0 | ||
Other current liabilities | 61.5 | 120.8 | ||
Trade payables | 41.2 | 43.8 | ||
Non-current lease liabilities | 51.3 | 47.8 | ||
Current lease liabilities | 11.7 | 10.0 | ||
Total financial liabilities | 585.3 | 713.4 |
4.2 | |
Interest-bearing Liabilities | |
USD million | Maturity | Interest rate | 31.12.2024 | 31.12.2023 | |
Senior Facilities: Facility B (EUR) | 30.07.26 | EURIBOR+2.50% | 253.4 | 269.6 | |
Senior Facilities: Facility B (USD) | 30.07.26 | SOFR+3.25% | 167.0 | 167.0 | |
Capitalized fees - Facility B | -2.0 | -3.7 | |||
Total non-current interest-bearing loans and borrowings | 418.4 | 432.8 |
4.2 | |
Interest-bearing Liabilities | |
USD million | 31.12.2024 | 31.12.2023 | |
Liability related to the settlement of the Ocado Group litigation | |||
Non-current | - | 57.0 | |
Current | 61.5 | 120.8 | |
Total | 61.5 | 177.8 |
USD million | 01.01.2024 - 31.12.2024 | 01.01.2023- 31.12.2023 | |
Analysis of cash flow from settlement with Ocado Group | |||
Settlement liability | - | 239.0 | |
Change in estimate due to reclassification | - | -7.9 | |
Payment to Ocado Group in the period | -127.8 | -62.2 | |
Finance expense (discounting effect) | 11.4 | 9.0 | |
Effect on cash flow from operating activities | -116.3 | 177.8 |
4.2 | |
Interest-bearing Liabilities | |
USD million | 31.12.2024 | 31.12.2023 | |
Secured balance sheet liabilities | |||
Non-current interest-bearing liabilities (Facility B) | 418.4 | 432.8 | |
Balance sheet value of assets pledged as security for secured liabilities | |||
Property, plant and equipment | 36.8 | 30.2 | |
Right-of-use assets | 57.5 | 50.8 | |
Intangible assets | 436.5 | 492.0 | |
Other non-current assets | 5.6 | 1.9 | |
Inventories | 87.3 | 82.9 | |
Trade receivables | 135.7 | 110.7 | |
Other receivables | 15.6 | 42.2 | |
Cash and cash equivalents | 264.7 | 205.5 | |
Total assets pledged as security for interest-bearing liabilities (Facility B) | 1,039.8 | 1,016.2 | |
4.2 | |
Interest-bearing Liabilities | |
4.3 | |
Aging of Financial Liabilities | |
USD million | Notes | Less than 6 months | 6 to 12 months | 1 to 3 years | Over 3 years | Total | |
Lease liabilities | 6.6 | 6.6 | 24.6 | 33.0 | 70.8 | ||
Non-current interest-bearing liabilities (Facility B)\u00b9 | 14.0 | 14.0 | 436.8 | - | 464.8 | ||
Liability related to the settlement of the Ocado litigation | 61.5 | - | - | - | 61.5 | ||
Current interest-bearing liabilities (Facility B)2 | 1.2 | - | - | - | 1.2 | ||
Trade payables | 41.2 | - | - | - | 41.2 | ||
Total at December 31, 2024 | 124.6 | 20.6 | 461.4 | 33.0 | 639.6 | ||
Lease liabilities | 6.0 | 6.0 | 23.1 | 30.5 | 65.7 | ||
Non-current interest-bearing liabilities (Facility B)\u00b9 | 15.9 | 15.9 | 484.3 | - | 516.1 | ||
Liability related to the settlement of the Ocado litigation | 63.5 | 63.5 | 63.5 | - | 190.6 | ||
Current interest-bearing liabilities (Facility B)\u00b2 | 1.2 | - | - | - | 1.2 | ||
Trade payables | 43.8 | - | - | - | 43.8 | ||
Total at December 31, 2023 | 130.5 | 85.5 | 571.0 | 30.5 | 817.5 | ||
1\u00a0 Cash flows disclosed for non-current interest-bearing liabilities (Facility B) include estimated interest payments based on current level of interest. | |||||||
2\u00a0 Current interest-bearing liabilities (Facility B) is presented under the line item \u201cOther current liabilities\u201d in the financial position. |
4.3 | |
Aging of Financial Liabilities | |
Non-cash changes | ||||||||||
USD million | Notes | 01.01.2024 | Cash flow effect | Foreign exchange movement | New leases recognized | Other changes | 31.12.2024 | |||
Lease liabilities | 57.8 | -12.0 | -2.5 | 16.0 | 3.8 | 63.0 | ||||
Non-current interest-bearing liabilities (Facility B) | 432.8 | -32.2 | 17.8 | - | - | 418.4 | ||||
Current interest-bearing liabilities (Facility B) | 1.2 | -1.2 | - | - | 1.2 | 1.2 | ||||
Total liabilities from financing | 491.9 | -45.4 | 15.3 | 16.0 | 5.0 | 482.6 |
4.3 | |
Aging of Financial Liabilities | |
Non-cash changes | ||||||||||
USD million | Notes | 01.01.2023 | Cash flow effect | Foreign exchange movement | New leases recognized | Other changes | 31.12.2023 | |||
Lease liabilities | 35.7 | -7.5 | 3.0 | 23.8 | 2.8 | 57.8 | ||||
Non-current interest-bearing liabilities (Facility B) | 421.8 | -31.0 | 9.4 | - | 32.7 | 432.8 | ||||
Current interest-bearing liabilities (Facility B) | 1.0 | -1.0 | - | - | 1.2 | 1.2 | ||||
Total liabilities from financing | 458.5 | -39.6 | 12.4 | 23.8 | 36.7 | 491.9 |
4.4 | |
Cash and Cash Equivalents | |
USD million | 31.12.2024 | 31.12.2023 | |
Bank deposits, unrestricted | 292.6 | 243.3 | |
Bank deposits, restricted | 3.4 | 9.9 | |
Total cash and cash equivalents | 296.1 | 253.3 |
4.5 | |
Finance Income and Finance Costs | |
USD million | Notes | 2024 | 2023 | ||
Finance income | |||||
Net foreign exchange gain | - | 2.0 | |||
Interest income | Financial assets | 11.0 | 8.4 | ||
Other financial income | 0.2 | - | |||
Total finance income | 11.2 | 10.4 | |||
Finance expense | |||||
Net foreign exchange loss | 8.4 | - | |||
Interest expenses | Interest-bearing liabilities | 32.2 | 31.0 | ||
Amortization of transaction cost | Interest-bearing liabilities | 2.0 | 1.7 | ||
Interest on lease liability | Lease liabilities | 3.8 | 2.8 | ||
Other financial expenses | Interest-bearing liabilities | 11.1 | 7.5 | ||
Total finance expense | 57.6 | 43.1 |
4.6 | |
Fair Value Measurement | |
4.6 | |
Fair Value Measurement | |
USD million | Notes | Date | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |
Liabilities disclosed at fair value | ||||||||
Interest-bearing liabilities | December 31, 2023 | 434.1 | 434.1 | X | ||||
Interest-bearing liabilities | December 31, 2024 | 419.6 | 419.6 | X | ||||
Liability related to the settlement of the Ocado Group litigation | December 31, 2023 | 177.8 | 177.8 | X | ||||
Liability related to the settlement of the Ocado Group litigation | December 31, 2024 | 61.5 | 61.5 | X |
4.6 | |
Fair Value Measurement | |
4.6 | |
Fair Value Measurement | |
USD million | Notes | Date | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |
Liabilities disclosed at fair value | ||||||||
Interest-bearing liabilities | December 31, 2023 | 434.1 | 434.1 | X | ||||
Interest-bearing liabilities | December 31, 2024 | 419.6 | 419.6 | X | ||||
Liability related to the settlement of the Ocado Group litigation | December 31, 2023 | 177.8 | 177.8 | X | ||||
Liability related to the settlement of the Ocado Group litigation | December 31, 2024 | 61.5 | 61.5 | X |
4.7 | |
Financial Risk | |
USD million | Increase/decrease in basis points\u00b9 | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects)\u00b2 | |
December 31, 2024 | +/-100 | 4.8 | - | |
December 31, 2023 | +/-100 | 6.1 | - | |
1\u00a0 100 bps was selected by forecasting the future interest rate change. | ||||
2\u00a0 The group has no financial instruments through OCI and hence the effects on equity are zero. |
4.7 | |
Financial Risk | |
4.7 | |
Financial Risk | |
USD million | Date | Change in FX rate | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects) \u00b9 | |
Increase/decrease in NOK/USD | December 31, 2024 | +/- 10% | 16.7 | - | |
Increase/decrease in NOK/EUR | December 31, 2024 | +/- 10% | 25.3 | - | |
Increase/decrease in NOK/GBP | December 31, 2024 | +/- 10% | 6.1 | - | |
USD million | Date | Change in FX rate | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects) \u00b9 | |
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 | - | |
1\u00a0 The group has no financial instruments through OCI and hence the effects on equity are zero. |
4.7 | |
Financial Risk | |
USD million | Increase/decrease in basis points\u00b9 | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects)\u00b2 | |
December 31, 2024 | +/-100 | 4.8 | - | |
December 31, 2023 | +/-100 | 6.1 | - | |
1\u00a0 100 bps was selected by forecasting the future interest rate change. | ||||
2\u00a0 The group has no financial instruments through OCI and hence the effects on equity are zero. |
4.7 | |
Financial Risk | |
4.7 | |
Financial Risk | |
USD million | Date | Change in FX rate | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects) \u00b9 | |
Increase/decrease in NOK/USD | December 31, 2024 | +/- 10% | 16.7 | - | |
Increase/decrease in NOK/EUR | December 31, 2024 | +/- 10% | 25.3 | - | |
Increase/decrease in NOK/GBP | December 31, 2024 | +/- 10% | 6.1 | - | |
USD million | Date | Change in FX rate | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects) \u00b9 | |
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 | - | |
1\u00a0 The group has no financial instruments through OCI and hence the effects on equity are zero. |
4.7 | |
Financial Risk | |
4.8 | |
Equity and Shareholders | |
Share capital in AutoStore Holdings Ltd. | Number of shares issued and fully paid | Par value per share (USD) | Financial position (USD) | |
January 1, 2023 | 3,428,540,429 | 0.01 | 34.29 | |
December 31, 2023 | 3,428,540,429 | 0.01 | 34.29 | |
December 31, 2024 | 3,428,540,429 | 0.01 | 34.29 |
4.8 | |
Equity and Shareholders | |
Shareholders of the group (AutoStore Holdings Ltd.) | Country | Account type | Total shares | Ownership | Voting rights | ||
The Bank of New York Mellon | U.S. | Nominee | 1,358,881,711 | 39.6% | 39.6% | ||
Citibank, N.A. | Ireland | Nominee | 956,270,232 | 27.9% | 27.9% | ||
Alecta Tjanstepension Omsesidigt | Luxembourg | Ordinary | 103,556,470 | 3.0% | 3.0% | ||
The Bank of New York Mellon | U.S. | Nominee | 85,404,717 | 2.5% | 2.5% | ||
AutoStore Holdings Ltd. | Norway | Ordinary | 68,907,404 | 2.0% | 2.0% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 65,948,380 | 1.9% | 1.9% | ||
Folketrygdefondet | Norway | Ordinary | 49,262,367 | 1.4% | 1.4% | ||
Sumitomo Mitsui Trust Bank (U.S.A) | U.S. | Nominee | 47,591,047 | 1.4% | 1.4% | ||
Verdipapirfond Odin Norge | Norway | Ordinary | 45,692,608 | 1.3% | 1.3% | ||
The Northern Trust Comp | UK | Nominee | 35,000,134 | 1.0% | 1.0% | ||
CACEIS Bank | Ireland | Nominee | 24,521,167 | 0.7% | 0.7% | ||
JPMorgan Chase Bank, N.A., London | UK | Nominee | 23,967,179 | 0.7% | 0.7% | ||
Lyngneset Invest AS | Norway | Ordinary | 23,183,898 | 0.7% | 0.7% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 22,788,931 | 0.7% | 0.7% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 17,253,896 | 0.5% | 0.5% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 17,097,552 | 0.5% | 0.5% | ||
Skandinaviska Enskilda Banken AB | Sweden | Nominee | 14,696,313 | 0.4% | 0.4% | ||
Brown Brothers Harriman (Lux.) SCA | Luxembourg | Nominee | 14,243,249 | 0.4% | 0.4% | ||
The Northern Trust Comp | UK | Nominee | 14,200,309 | 0.4% | 0.4% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 12,980,114 | 0.4% | 0.4% | ||
Other shareholders | 427,092,751 | 12.5% | 12.5% | ||||
At December 31, 2024 | 3,428,540,429 | 100.0% | 100.0% | ||||
The shareholder information disclosed is from the Euronext VPS share register. |
4.8 | |
Equity and Shareholders | |
Share price information | 31.12.2024 | |
Share price (NOK) | 11.11 | |
Number of shares | 3,428,540,429 | |
Market capitalization (NOK) | 38,091,084,166 | |
USD/NOK exchange rate | 11.35 | |
Market capitalization (USD) | 3,356,042,658 |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Income tax expense | |||
Current income tax expense in respect of current year | 51.5 | -7.2 | |
Prior period adjustments | - | 2.5 | |
Current income tax expense/(credit) | 51.5 | -4.6 | |
Origination and reversal of temporary differences | -12.0 | -9.1 | |
Change in deferred tax recognition | - | - | |
Prior period adjustments | - | - | |
Deferred tax income/(expense) | -12.0 | -9.1 | |
Income tax expense/(credit) | 39.5 | -13.7 |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Deferred tax assets | |||
Property, plant and equipment | -0.4 | 0.8 | |
Intangible assets | - | - | |
Other current assets | -2.4 | -11.1 | |
Liabilities | -4.4 | -16.4 | |
Losses carried forward (including tax credit) | - | -0.8 | |
Basis for deferred tax assets | -7.1 | -27.5 | |
Calculated deferred tax assets | 1.8 | 5.7 | |
- Deferred tax assets not recognized | - | - | |
Net deferred tax assets recognized in balance sheet | 1.8 | 5.7 | |
Deferred tax liabilities | |||
Property, plant and equipment (including leased assets) | 0.3 | 4.7 | |
Intangible assets | 328.0 | 400.9 | |
Other current assets | - | -0.2 | |
Liabilities | - | -42.4 | |
Basis for deferred tax liabilities | 328.4 | 363.0 | |
Calculated deferred tax liabilities | 72.2 | 96.7 | |
- Deferred tax not recognized | - | - | |
Net deferred tax liabilities recognized in balance sheet | 72.2 | 96.7 | |
Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 3.4) |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Profit/loss before taxes | 176.1 | -46.3 | |
Tax expense 22% (Norwegian tax rate)1 | 38.7 | -10.2 | |
Permanent differences | 1.6 | 1.4 | |
Change to prior year tax expense | - | -2.5 | |
Effects of foreign tax rates | -0.8 | -0.3 | |
Currency effects | - | -2.0 | |
Other adjustments | - | -0.1 | |
Recognized income tax expense | 39.5 | -13.7 | |
1\u00a0 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. |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Income tax expense | |||
Current income tax expense in respect of current year | 51.5 | -7.2 | |
Prior period adjustments | - | 2.5 | |
Current income tax expense/(credit) | 51.5 | -4.6 | |
Origination and reversal of temporary differences | -12.0 | -9.1 | |
Change in deferred tax recognition | - | - | |
Prior period adjustments | - | - | |
Deferred tax income/(expense) | -12.0 | -9.1 | |
Income tax expense/(credit) | 39.5 | -13.7 |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Deferred tax assets | |||
Property, plant and equipment | -0.4 | 0.8 | |
Intangible assets | - | - | |
Other current assets | -2.4 | -11.1 | |
Liabilities | -4.4 | -16.4 | |
Losses carried forward (including tax credit) | - | -0.8 | |
Basis for deferred tax assets | -7.1 | -27.5 | |
Calculated deferred tax assets | 1.8 | 5.7 | |
- Deferred tax assets not recognized | - | - | |
Net deferred tax assets recognized in balance sheet | 1.8 | 5.7 | |
Deferred tax liabilities | |||
Property, plant and equipment (including leased assets) | 0.3 | 4.7 | |
Intangible assets | 328.0 | 400.9 | |
Other current assets | - | -0.2 | |
Liabilities | - | -42.4 | |
Basis for deferred tax liabilities | 328.4 | 363.0 | |
Calculated deferred tax liabilities | 72.2 | 96.7 | |
- Deferred tax not recognized | - | - | |
Net deferred tax liabilities recognized in balance sheet | 72.2 | 96.7 | |
Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 3.4) |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Profit/loss before taxes | 176.1 | -46.3 | |
Tax expense 22% (Norwegian tax rate)1 | 38.7 | -10.2 | |
Permanent differences | 1.6 | 1.4 | |
Change to prior year tax expense | - | -2.5 | |
Effects of foreign tax rates | -0.8 | -0.3 | |
Currency effects | - | -2.0 | |
Other adjustments | - | -0.1 | |
Recognized income tax expense | 39.5 | -13.7 | |
1\u00a0 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. |
6.1 | |
Interest in Other Entities | |
Consolidated entities | Office | Currency | Shareholding | Group's voting ownership share | |
Automate Intermediate Holdings 2 S.\u00e0 r.l. | Luxembourg | EUR | 100% | 100% | |
Automate HoldCo 1 AS | Norway | NOK | 100% | 100% | |
PIO AS Norway | 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% | |
PIO Inc. 1 | U.S. | USD | 100% | 100% | |
1\u00a0 Owned 100% by PIO AS. |
6.1 | |
Interest in Other Entities | |
Consolidated entities | Office | Currency | Shareholding | Group's voting ownership share | |
Automate Intermediate Holdings 2 S.\u00e0 r.l. | Luxembourg | EUR | 100% | 100% | |
Automate HoldCo 1 AS | Norway | NOK | 100% | 100% | |
PIO AS Norway | 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% | |
PIO Inc. 1 | U.S. | USD | 100% | 100% | |
1\u00a0 Owned 100% by PIO AS. |
6.2 | |
Earnings per Share | |
USD million and shares outstanding (in millions) | 2024 | 2023 | |
Profit/loss for the period attributable to ordinary equity holders of the parent for basic earnings | 136.6 | -32.6 | |
Weighted average number of ordinary shares for basic EPS | 3,358.6 | 3,350.0 | |
Weighted average number of ordinary shares adjusted for the effect of dilution | 3,431.7 | 3,418.9 | |
Basic earnings per share (USD) | 0.041 | -0.010 | |
Diluted earnings per share (USD)1 | 0.040 | -0.010 | |
1\u00a0 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 |
7.1 | |
Provisions | |
7.1 | |
Provisions | |
USD million | Assurance- type warranties | Onerous shared cost | Social security for share-based payments | Salary- related costs | Refund liability | Other provisions | Total | |
At January 1, 2023 | 0.2 | 3.6 | 17.9 | 5.5 | 18.2 | 9.4 | 54.9 | |
Additional provisions made | 0.2 | - | 0.2 | - | - | 0.4 | 0.8 | |
Remeasurement | - | - | 2.0 | - | - | - | 2.0 | |
Amounts used | -0.3 | -0.5 | -3.5 | -5.5 | -18.2 | -9.4 | -37.4 | |
Currency translation effects | - | - | -0.5 | - | - | - | -0.5 | |
At December 31, 2023 | 0.2 | 3.1 | 16.1 | - | - | 0.4 | 19.8 | |
Additional provisions made | 0.4 | - | 0.1 | 1.5 | - | 3.9 | 5.8 | |
Remeasurement | - | - | - | - | - | - | - | |
Amounts used | - | -0.8 | -9.2 | - | - | -0.2 | -10.2 | |
Currency translation effects | - | - | -0.6 | - | - | - | -0.6 | |
At December 31, 2024 | 0.6 | 2.3 | 6.3 | 1.5 | - | 4.1 | 14.9 | |
Current provisions | 0.6 | 0.3 | 6.3 | 1.5 | - | -1.2 | 7.6 | |
Non-current provisions | - | 2.0 | - | - | - | 5.3 | 7.3 |
7.1 | |
Provisions | |
7.1 | |
Provisions | |
USD million | Assurance- type warranties | Onerous shared cost | Social security for share-based payments | Salary- related costs | Refund liability | Other provisions | Total | |
At January 1, 2023 | 0.2 | 3.6 | 17.9 | 5.5 | 18.2 | 9.4 | 54.9 | |
Additional provisions made | 0.2 | - | 0.2 | - | - | 0.4 | 0.8 | |
Remeasurement | - | - | 2.0 | - | - | - | 2.0 | |
Amounts used | -0.3 | -0.5 | -3.5 | -5.5 | -18.2 | -9.4 | -37.4 | |
Currency translation effects | - | - | -0.5 | - | - | - | -0.5 | |
At December 31, 2023 | 0.2 | 3.1 | 16.1 | - | - | 0.4 | 19.8 | |
Additional provisions made | 0.4 | - | 0.1 | 1.5 | - | 3.9 | 5.8 | |
Remeasurement | - | - | - | - | - | - | - | |
Amounts used | - | -0.8 | -9.2 | - | - | -0.2 | -10.2 | |
Currency translation effects | - | - | -0.6 | - | - | - | -0.6 | |
At December 31, 2024 | 0.6 | 2.3 | 6.3 | 1.5 | - | 4.1 | 14.9 | |
Current provisions | 0.6 | 0.3 | 6.3 | 1.5 | - | -1.2 | 7.6 | |
Non-current provisions | - | 2.0 | - | - | - | 5.3 | 7.3 |
7.2 | |
Other Commitments and Contingencies | |
7.3 | |
Related-party Transactions | |
7.4 | |
Share-based Payments | |
7.4 | |
Share-based Payments | |
7.4 | |
Share-based Payments | |
7.4 | |
Share-based Payments | |
USD million | 2024 | 2023 | |
Expenses arising from equity-settled share-based payment transactions | -2.3 | -1.5 | |
Total expenses arising from share-based payment transactions | -2.3 | -1.5 |
Number of and movements in share options | 2024 | 2023 | |
Outstanding at 1 January | 73,591,851 | 90,661,375 | |
Granted during the period | 6,302,190 | 2,114,556 | |
Exercised during the period | -3,108,449 | -18,822,573 | |
Released during the period | -72,580 | - | |
Expired during the year | -21,919 | -361,507 | |
Outstanding at December 31 | 76,691,093 | 73,591,851 | |
Fully vested, not yet exercised at December 31 | 66,585,655 | 63,909,090 |
7.4 | |
Share-based Payments | |
2019-2020 incentive program | 2019-2020 Service options | 2019-2020 Performance options | |
Weighted avg. fair values at the measurement date | \u20ac0.07 | \u20ac0.03 | |
Dividend (%) | - | - | |
Expected volatility | 25% | 25% | |
Risk-free interest rate | 1.19% | 1.25% | |
Expected life of share options (years) | 4.3 | 5.0 | |
Weighted average share price | \u20ac0.33 | \u20ac0.33 | |
Model used | Black-Scholes Merton |
RSU board incentive program | 2024 RSU | 2023 RSU | 2022 RSU | |
Weighted avg. fair values at the measurement date | $0.00 | $1.07 | $1.82 | |
Dividend (%) | - | - | - | |
Expected volatility | - | 72% | 79% | |
Risk-free interest rate | - | 4.02% | 3.06% | |
Expected life of share options (years) | 0.0 | 3.0 | 2.8 | |
Weighted average share price | $0.00 | $1.07 | $1.82 | |
Model used | Black-Scholes Merton |
7.4 | |
Share-based Payments | |
2024 LTI program | 2024 PSU and options | 2024 RSU | |
Weighted avg. fair values at the measurement date | $5.73 | $12.18 | |
Dividend (%) | - | - | |
Expected volatility | 62% | - | |
Risk-free interest rate | 3.03% | - | |
Expected life of share options (years) | 4.0 | 0.0 | |
Weighted average share price | $12.18 | $0.00 | |
Model used | Black-Scholes Merton | ||
2023 LTI program | 2023 PSU and options | 2023 RSU | |
Weighted avg. fair values at the measurement date | $0.96 | $2.17 | |
Dividend (%) | - | - | |
Expected volatility | 56% | -% | |
Risk-free interest rate | 3.89% | -% | |
Expected life of share options (years) | 4.0 | 0.0 | |
Weighted average share price | $2.17 | $0.00 | |
Model used | Black-Scholes Merton | ||
7.5 | |
Events After the Reporting Period | |