Note 1 - Basis of preparation
The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.
The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as adopted by the EU and are prepared under the basis of going concern.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.
The annual report was approved by the Board of Directors and the Chief Executive Officer on the 25th of March 2025 and will be presented for approval at the Annual General Meeting on 11th of June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__8": { "value": "Note 1 - Basis of preparation
The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.
The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as adopted by the EU and are prepared under the basis of going concern.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.
The annual report was approved by the Board of Directors and the Chief Executive Officer on the 25th of March 2025 and will be presented for approval at the Annual General Meeting on 11th of June 2025.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__9": { "value": "Note 1 - Basis of preparation
The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in the following section. The policies have been consistently applied to all the years presented, unless otherwise stated.
The consolidated financial statements are presented in NOK, which is also the functional currency of the parent. Amounts are rounded to the nearest thousand, unless otherwise stated.
These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as adopted by the EU and are prepared under the basis of going concern.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.
The annual report was approved by the Board of Directors and the Chief Executive Officer on the 25th of March 2025 and will be presented for approval at the Annual General Meeting on 11th of June 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__5": { "value": "These financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae) as adopted by the EU and are prepared under the basis of going concern.
The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The areas where significant judgments and estimates have been made in preparing the financial statements and their effect are disclosed in Note 3.
The annual report was approved by the Board of Directors and the Chief Executive Officer on the 25th of March 2025 and will be presented for approval at the Annual General Meeting on 11th of June 2025.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__10": { "value": "The annual report was approved by the Board of Directors and the Chief Executive Officer on the 25th of March 2025 and will be presented for approval at the Annual General Meeting on 11th of June 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__6": { "value": "Note 2 - Accounting policies |
Basis of measurement |
The consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details): |
- Financial investments \u2013 fair value through profit or loss (Note 4) |
Revenue |
Performance obligations and timing of revenue recognition |
The majority of the Group\u2019s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer, as the Group's general delivery term is Incoterms DAP. |
Once a charging station is sold to the end user, the charger is included a subscription service for connectivity. This element is considered to be a performance obligation and is recognised as deferred income and will be accrued over 5 years. |
There is limited judgement needed in identifying when the point of control passes: once physical delivery of the products to the agreed location has occurred, the Group no longer has physical possession of the product and the Group will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question. |
Goods sold by the Group include warranties which require the group to either replace or mend a defective product during the warranty period if the goods fail to comply with agreed-upon specifications. In accordance with IFRS 15, such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them. |
Determining the transaction price |
The Group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. |
Transaction price on the element of connectivity, which is recognised as deferred income, is based on estimation of cost price for connectivity during the period of delivery obligation, in addition to a margin for handling the service on behalf of the customer. |
Allocating amounts to performance obligations |
For most contracts (point in time), there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). |
However, chargers for both home and pro segment are sold with 4G connectivity which implies an obligation to deliver connectivity within a certain timeframe after product delivery (over time). Deferred revenue recognition and calculation of transaction price on the performance obligation related to 4G is based on estimates of future related expenses. |
Basis of consolidation |
Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. |
The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Goodwill |
Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. |
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense. |
Impairment of non-financial assets (excluding inventories and deferred tax assets) |
Impairment tests on goodwill are performed annually. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly. |
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill. |
Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed. |
Foreign currency |
Transactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into functional currency using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the consolidated statement of profit and loss on an ongoing basis during the accounting period. |
Assets and liabilities in foreign operations are converted from functional currency to presentation currency (NOK) using the statement of financial position date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit or loss upon divestment of foreign operations. |
Receivables and financial assets |
These assets arise principally from the provision of goods and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. Apart from trade receivables the assets are initially recognized at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. |
The Group's financial assets measured at amortised cost comprise of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position. |
Cash and cash equivalents includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position. |
Financial liabilities |
The Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows: |
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. |
Other financial liabilities |
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding. |
Share capital |
Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. |
The Group's ordinary shares are classified as equity instruments. |
Share-based programs |
Where equity settled share options and shares are awarded to employees, the fair value of the options and shares at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options and shares that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. |
Where the terms and conditions of options and shares are modified before they vest, the increase in the fair value of the options and shares, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period. |
Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options. |
Leases |
The Group recognizes a right-of-use asset and a lease liability for all leases, except for leases of low-value assets. Lease liabilities are measured at the present value of future lease payments, discounted using the rate implicit in the lease, or if not available, the Group\u2019s incremental borrowing rate. Only variable lease payments based on an index or rate are included in the lease liability measurement. Other variable payments are expensed as incurred. |
The lease term includes the non-cancellable period and any extension options if reasonably certain to be exercised. The initial lease liability includes: |
- Expected payments under residual value guarantees |
- Exercise price of purchase options, if reasonably certain |
- Penalties for termination, if applicable |
Right-of-use assets are initially measured at the lease liability amount, adjusted for lease incentives, payments made before commencement, and initial direct costs. Lease liabilities are subsequently increased by interest and reduced by payments. Right-of-use assets are amortized on a straight-line basis over the lease term or the asset\u2019s remaining economic life, whichever is shorter. |
Adjustments to the lease liability are made for changes in the lease term or variable payments, with corresponding adjustments to the right-of-use asset. If the asset is reduced to zero, further reductions are recognized in profit or loss. |
Internally generated intangible assets (development costs) |
Expenditure on internally developed products is capitalised if it can be demonstrated that: |
- It is technically feasible to develop the product for it to be sold |
- Adequate resources are available to complete the development |
- There is an intention to complete and sell the product |
- The Group is able to sell the product |
- Sale of the product will generate future economic benefits, and |
- Expenditure on the project can be measured reliably |
Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of profit or loss. |
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of profit or loss as incurred. |
Taxes |
The tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets. |
Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates in the consolidated statement of financial position and any corrections of tax payable for previous years. |
Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions. |
Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset. |
Property, plant and equipment |
Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs. |
Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. |
Treasury shares |
Consideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings. |
Inventories |
Inventories are initially recognised at cost, and subsequently at the lower of cost (FIFO principle) and net realisable value after. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. |
Government grants |
Government grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased. |
Provisions |
The Group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims and provision for employer's tax related to share based incentive program. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability. |
Basis of measurement
The consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details):
- Financial investments \u2013 fair value through profit or loss (Note 4)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__12": { "value": "Revenue
Performance obligations and timing of revenue recognition
The majority of the Group\u2019s revenue is derived from selling goods with revenue recognised at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer, as the Group's general delivery term is Incoterms DAP.
Once a charging station is sold to the end user, the charger is included a subscription service for connectivity. This element is considered to be a performance obligation and is recognised as deferred income and will be accrued over 5 years. |
There is limited judgement needed in identifying when the point of control passes: once physical delivery of the products to the agreed location has occurred, the Group no longer has physical possession of the product and the Group will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question. |
Goods sold by the Group include warranties which require the group to either replace or mend a defective product during the warranty period if the goods fail to comply with agreed-upon specifications. In accordance with IFRS 15, such warranties are not accounted for as separate performance obligations and hence no revenue is allocated to them. |
Determining the transaction price |
The Group\u2019s revenue is derived from fixed price contracts and therefore the amount of revenue to be earned from each contract is determined by reference to those fixed prices. |
Transaction price on the element of connectivity, which is recognised as deferred income, is based on estimation of cost price for connectivity during the period of delivery obligation, in addition to a margin for handling the service on behalf of the customer. |
Allocating amounts to performance obligations |
For most contracts (point in time), there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Group is able to determine the split of the total contract price between each product line by reference to each product\u2019s standalone selling prices (all product lines are capable of being, and are, sold separately). |
However, chargers for both home and pro segment are sold with 4G connectivity which implies an obligation to deliver connectivity within a certain timeframe after product delivery (over time). Deferred revenue recognition and calculation of transaction price on the performance obligation related to 4G is based on estimates of future related expenses. |
Basis of consolidation |
Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. |
The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Basis of consolidation |
Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. |
The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Basis of consolidation |
Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. |
The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Goodwill
Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.
Impairment of non-financial assets (excluding inventories and deferred tax assets)
Impairment tests on goodwill are performed annually. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.
Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__16": { "value": "Basis of consolidation |
Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. |
The consolidated financial statements present the results of the company and its subsidiaries (\"the Group\") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Goodwill
Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__19-1": { "value": "Goodwill
Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.
Impairment of non-financial assets (excluding inventories and deferred tax assets)
Impairment tests on goodwill are performed annually. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.
Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__20": { "value": "Goodwill
Goodwill represents the excess of the cost of a business combination over the Group's interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.
Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__21": { "value": "Impairment of non-financial assets (excluding inventories and deferred tax assets)
Impairment tests on goodwill are performed annually. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.
Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__22": { "value": "Impairment of non-financial assets (excluding inventories and deferred tax assets)
Impairment tests on goodwill are performed annually. Other non-financial assets are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount (i.e. the higher of value in use and fair value less costs to sell), the asset is written down accordingly.
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash inflows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Group's CGUs that are expected to benefit from a business combination that gives rise to the goodwill.
Impairment charges are included in profit or loss. An impairment loss recognised for goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__25": { "value": "Foreign currency
Transactions in foreign currency are converted at the exchange rate at the time of the transaction. Monetary items in foreign currency are converted into the component`s functional currency using the statement of financial position date's exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are converted into functional currency using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognized in the consolidated statement of profit and loss on an ongoing basis during the accounting period.
Assets and liabilities in foreign operations are converted from functional currency to presentation currency (NOK) using the statement of financial position date's currency rate. Revenues and expenses in foreign operations converted into NOK using quarterly average currency rates. The translation difference because of the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recycled into profit or loss upon divestment of foreign operations.
Receivables and financial assets
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__26": { "value": "amortised cost using the effective interest rate method, less provision for impairment.The Group's financial assets measured at amortised cost comprise of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.
Cash and cash equivalents includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__27": { "value": "amortised cost using the effective interest rate method, less provision for impairment.The Group's financial assets measured at amortised cost comprise of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.
Cash and cash equivalents includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__28": { "value": "amortised cost using the effective interest rate method, less provision for impairment.The Group's financial assets measured at amortised cost comprise of trade receivables, other current receivables and cash and cash equivalents in the consolidated statement of financial position.
Cash and cash equivalents includes cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities on the consolidated statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__29": { "value": "Financial liabilities
The Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.
Other financial liabilities
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__30": { "value": "Financial liabilities
The Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.
Other financial liabilities
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__33": { "value": "Financial liabilities
The Group classifies its financial liabilities into one of two categories, the Group's accounting policy for each category is as follows:
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method.
Other financial liabilities
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__31": { "value": "Other financial liabilities
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__32": { "value": "Other financial liabilities
Bank borrowings are initially recognised at fair value net of any transaction costs directly attributable to the issue of the instrument. Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__34": { "value": "Share capital
Financial instruments issued by the Group are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset.
The Group's ordinary shares are classified as equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__35": { "value": "Share-based programs
Where equity settled share options and shares are awarded to employees, the fair value of the options and shares at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options and shares that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where the terms and conditions of options and shares are modified before they vest, the increase in the fair value of the options and shares, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.
Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__36": { "value": "Share-based programs
Where equity settled share options and shares are awarded to employees, the fair value of the options and shares at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options and shares that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where the terms and conditions of options and shares are modified before they vest, the increase in the fair value of the options and shares, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.
Employer contribution payable is accrued over the vesting period based on the intrinsic value of the options.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__37": { "value": "Leases
The Group recognizes a right-of-use asset and a lease liability for all leases, except for leases of low-value assets. Lease liabilities are measured at the present value of future lease payments, discounted using the rate implicit in the lease, or if not available, the Group\u2019s incremental borrowing rate. Only variable lease payments based on an index or rate are included in the lease liability measurement. Other variable payments are expensed as incurred.
The lease term includes the non-cancellable period and any extension options if reasonably certain to be exercised. The initial lease liability includes:
- Expected payments under residual value guarantees
- Exercise price of purchase options, if reasonably certain
- Penalties for termination, if applicable
Right-of-use assets are initially measured at the lease liability amount, adjusted for lease incentives, payments made before commencement, and initial direct costs. Lease liabilities are subsequently increased by interest and reduced by payments. Right-of-use assets are amortized on a straight-line basis over the lease term or the asset\u2019s remaining economic life, whichever is shorter.
Adjustments to the lease liability are made for changes in the lease term or variable payments, with corresponding adjustments to the right-of-use asset. If the asset is reduced to zero, further reductions are recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__38": { "value": "Internally generated intangible assets (development costs)
Expenditure on internally developed products is capitalised if it can be demonstrated that:
- It is technically feasible to develop the product for it to be sold
- Adequate resources are available to complete the development
- There is an intention to complete and sell the product
- The Group is able to sell the product
- Sale of the product will generate future economic benefits, and
- Expenditure on the project can be measured reliably
Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of profit or loss.
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__39": { "value": "Internally generated intangible assets (development costs)
Expenditure on internally developed products is capitalised if it can be demonstrated that:
- It is technically feasible to develop the product for it to be sold
- Adequate resources are available to complete the development
- There is an intention to complete and sell the product
- The Group is able to sell the product
- Sale of the product will generate future economic benefits, and
- Expenditure on the project can be measured reliably
Capitalised development costs are amortised over the periods the Group expects to benefit from selling the products developed. The amortisation expense is included within the \u201c Depreciation and amortization expense\u201d in the consolidated statement of profit or loss.
Development expenditure not satisfying the above criteria and expenditure on the research phase of internal projects are recognised in the consolidated statement of profit or loss as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__40": { "value": "Taxes
The tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.
Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates in the consolidated statement of financial position and any corrections of tax payable for previous years.
Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.
Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__41": { "value": "Taxes
The tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.
Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates in the consolidated statement of financial position and any corrections of tax payable for previous years.
Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.
Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__42": { "value": "Taxes
The tax expense in the Consolidated statement of profit and loss includes both current tax payable and changes in deferred tax/ deferred tax assets.
Current tax constitutes the expected tax payable on the year's taxable result at the applicable tax rates in the consolidated statement of financial position and any corrections of tax payable for previous years.
Tax payable and deferred tax/ deferred tax assets are calculated at the tax rate applicable in different jurisdictions.
Deferred tax/ deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year end. Net deferred tax assets are recognized to the extent that there is convincing evidence that there will be taxable income available to utilize the deferred tax asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__43": { "value": "Property, plant and equipment
Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.
Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__44": { "value": "Property, plant and equipment
Items of property, plant and equipment are initially recognised at cost. As well as the purchase price, cost includes directly attributable costs.
Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__45": { "value": "Treasury shares
Consideration paid/ received for the purchase/ sale of treasury shares is recognised directly in equity. Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__46": { "value": "Inventories
Inventories are initially recognised at cost, and subsequently at the lower of cost (FIFO principle) and net realisable value after. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__47": { "value": "Government grants
Government grants received on capital expenditure are generally deducted in arriving at the carrying amount of the asset purchased. Grants for expenditure are netted against the cost incurred by the Group. Where retention of a government grant is dependent on the Group satisfying certain criteria, it is initially recognised as deferred income. When the criteria for retention have been satisfied, the deferred income balance is released to the consolidated statement of comprehensive income or netted against the asset purchased.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__48": { "value": "Provisions |
The Group has recognised provisions for liabilities of uncertain timing or amount including those for warranty claims and provision for employer's tax related to share based incentive program. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre-tax rate reflecting current market assessments of the time value of money and risks specific to the liability. |
Note 3 - Critical accounting estimates and judgements |
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Significant estimates: |
- Deferred revenue recognition and calculation of transaction price on performance obligation related to 4G (note 6) |
- Impairment of trade receivables (note 15) |
- Impairment of inventory (note 14) |
- Provision for warranty claims (note 18) |
Note 3 - Critical accounting estimates and judgements |
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. |
Significant estimates: |
- Deferred revenue recognition and calculation of transaction price on performance obligation related to 4G (note 6) |
- Impairment of trade receivables (note 15) |
- Impairment of inventory (note 14) |
- Provision for warranty claims (note 18) |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 15 - Trade receivables | |||||
In NOK 1000 | 2024 | 2023 | |||
Accounts receivables at face value as of 31.12 | 183 507 | 218 929 | |||
Invoiced, not earned | -9 096 | -19 163 | |||
Less: Provision for impairment of accounts receivables | -4 007 | -13 721 | |||
Total | 170 404 | 186 045 | |||
Receivables written off during the year | 0 | ||||
Collected on receivables written of in prior periods | 0 | 0 | |||
Changes in provision during the year | 9 714 | -13 325 | |||
Changes in provision and write off during the year | 9 714 | -13 325 | |||
In 2023 a high amount for one specific customer was provisioned for, in 2024 the group received payment from parts of the receivable, and hence the rest of the provision has been recognized as credit loss in 2024. | |||||
Method for assessing credit losses | |||||
For trade receivables the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. | |||||
Overdue trade receivables: | |||||
In NOK 1000 | 0 - 30 Days | 31 - 60 Days | 61 - 90 Days | Over 90 Days | Total |
Trade receivables | 26 330 | 11 131 | 3 844 | 12 501 | 53 805 |
Trade receivables are non-interest bearing and are generally on terms of 30-45 days. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 14 - Inventories | ||
The inventory consists solely of finished goods (acquired goods produced for the group for resale). | ||
In NOK 1000 | 2024 | 2023 |
Finished goods | 490 237 | 441 060 |
Goods in transit to end user | 5 528 | 6 288 |
Inventory obsolescence provision | -3 987 | 0 |
Total | 491 779 | 447 348 |
Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 208 MNOK from January 2025 till June 2025. | ||
The Group has a balance at the end of 2024 of 491 MNOK versus 447 MNOK in the end of 2023. Cost of goods sold in the consolidated statement of profit and loss amounted to 776 MNOK in 2024 (891 MNOK in 2023). Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory write-downs recognized as an expense amount to 4 MNOK. | ||
As part of the assessment of carrying value of inventory, we evaluate the following: | ||
- General assessment of market and demand | ||
- Average cost price compared to last cost price | ||
- Sales price compared to average cost price | ||
- Slow moving stock items |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 14 - Inventories | ||
The inventory consists solely of finished goods (acquired goods produced for the group for resale). | ||
In NOK 1000 | 2024 | 2023 |
Finished goods | 490 237 | 441 060 |
Goods in transit to end user | 5 528 | 6 288 |
Inventory obsolescence provision | -3 987 | 0 |
Total | 491 779 | 447 348 |
Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 208 MNOK from January 2025 till June 2025. | ||
The Group has a balance at the end of 2024 of 491 MNOK versus 447 MNOK in the end of 2023. Cost of goods sold in the consolidated statement of profit and loss amounted to 776 MNOK in 2024 (891 MNOK in 2023). Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory write-downs recognized as an expense amount to 4 MNOK. | ||
As part of the assessment of carrying value of inventory, we evaluate the following: | ||
- General assessment of market and demand | ||
- Average cost price compared to last cost price | ||
- Sales price compared to average cost price | ||
- Slow moving stock items |
Note 4 - Risk Management |
The Group is exposed through its operations to the following financial risks: |
- Credit risk |
- Interest rate risk |
- Foreign exchange risk |
- Other market price risk |
- Liquidity risk, and |
- Operational risk |
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group\u2019s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. |
There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. |
(i) Principal financial instruments |
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows: |
- Trade receivables |
- Other receivables |
- Cash and cash equivalents |
- Trade and other payables |
- Bank overdrafts |
- Floating-rate bank loans |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
(iii) Financial instruments not measured at fair value |
Financial instruments not measured at fair value includes cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. |
Due to their short-term nature, the carrying value of cash and cash equivalents, trade and other receivables, and trade and other payables approximates their fair value. |
General objectives, policies and processes |
The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s finance function. |
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: |
Credit risk |
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. |
Further disclosures regarding trade receivables are provided in Note 15. |
Market risk |
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk). |
Interest rate risk |
The Group\u2019s interest rate risk arises in both the short and medium-term perspective as The Group\u2019s borrowings is held at floating interest rates. Changes in the interest rate level will have a direct impact on future cash flows and can also affect future investment opportunities. |
Borrowings have been at a low level. Therefore, no measures implemented towards reducing the exposure towards interest rate risk. |
As per 31.12.2024 the Group`s borrowings is mainly an overdraft facility. The terms are explained in details in Note 19. |
Foreign exchange risk |
Foreign exchange risk arises when individual Group entities enter into transactions denominated in a currency other than their functional currency. The Group\u2019s policy is, where possible, to allow group entities to settle liabilities denominated in their functional currency with the cash generated from their own operations in that currency. |
The Group is receiving proceeds in NOK, EUR, CHF, SEK and GBP. Most of the sale is in NOK. Sale from Norway to other foreign group entities is in NOK, but when foreign group entities sells to customers in theirs country the sale is in their functional currency. |
The main currency risk relates to the long term borrowings in USD to Sanmina Corp. from Zaptec Charger AS , performance obligation related to purchases from Sanmina and sale in foreign currency. These are the only items which has been included in the below sensitivity tables. |
USD 1 000 | 2024 | 2023 |
Non-interest bearing loan | 3 838 | 3 315 |
Purchase obligation | 5 921 | 46 041 |
Effect in profit before tax with change in foreign exchange rate USD/NOK: | ||
10% increase | -208 | 4 936 |
10% decrease | 208 | 4 604 |
As of 31 December the group holds following investments in shares: | ||
NOK 1 000 | 2024 | 2023 |
Switch Ev Ltd | 0 | 4 872 |
Total | 0 | 4 872 |
Zaptec ASA invested in 31 619 (1.9%) shares in Switch EV Ltd in 2022 for GBP 400 000. The booked value of the shares in Switch EV Ltd. has in 2024 been written down to zero. |
Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Operational risk |
Operational risk is\u00a0the risk of loss resulting from many normal aspects of business. This includes the risk of loss caused by failed processes, unskilled employees, inadequate systems, or external events. In many ways, operational risk can\u2019t be avoided as it is part of the daily business activity of a company. |
In 2024 the Group had two main suppliers, Westcontrol and Sanmina. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
(ii) Financial instruments by category | ||||
2024 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 392 | 392 | ||
Trade receivables | 170 404 | 170 404 | ||
Other current assets | 95 521 | 95 521 | ||
Cash and cash equivalents | 177 744 | 177 744 | ||
Total | 444 061 | 444 061 | ||
Liabilities | ||||
Short-term loans and borrowings | 159 971 | 159 971 | ||
Trade payables | 138 963 | 138 963 | ||
Other current liabilities | 22 309 | 22 309 | ||
Total | 321 243 | 321 243 | ||
Net financial assets and liabilities at 31 December | 444 061 | -321 243 | 122 818 | |
2023 | ||||
In NOK 1000 | ||||
Financial assets | Financial liabilities | |||
Total | ||||
Fair value | Amortized cost | Fair value | Amortized cost | |
Assets | ||||
Other non-current assets | 4 872 | 317 | 5 189 | |
Trade receivables | 186 045 | 186 045 | ||
Other current assets | 122 081 | 122 081 | ||
Cash and cash equivalents | 141 643 | 141 643 | ||
Total | 4 872 | 450 085 | 454 957 | |
Liabilities | ||||
Trade payables | 244 604 | 244 604 | ||
Other current liabilities | 74 228 | 74 228 | ||
Total | 318 832 | 318 832 | ||
Net financial assets and liabilities at 31 December | 4 872 | 450 085 | -318 832 | 136 125 |
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices.
Further disclosures regarding trade receivables are provided in Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__63": { "value": "Market risk
Market risk arises from the Group\u2019s use of interest bearing, tradable and foreign currency financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (other price risk).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__64": { "value": "Liquidity risk |
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Groups approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation. |
At year end the company had available 140 MNOK in undrawn overdraft facility and 178 MNOK in cash and cash equivalents. |
Short-term forecasts are prepared on a regular basis to plan the Groups liquidity requirements. These plans are updated regulary for various scenarios and form part of the decision basis for the Groups management and Board of Directors. |
The Group is comitted to purchase obligations amounting to 208 MNOK of inventories from Westcontrol and Sanmina. Refer to Note 14 regading current purchase obligations of EV chargers from Westcontrol and Sanmina. |
The table below shows the maturity structure of the Group\u2019s financial liabilities: | ||||||
2024 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Loans and borrowings with interest | 159 971 | 0 | 159 971 | 0 | 0 | 0 |
Trade payables | 138 963 | 138 963 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 42 892 | 1 480 | 4 958 | 12 563 | 13 068 | 10 823 |
Other current liabilities | 65 264 | 27 073 | 38 191 | 0 | 0 | 0 |
Total | 407 090 | 167 516 | 203 120 | 12 563 | 13 068 | 10 823 |
2023 | ||||||
In NOK 1000 | Cash flows including interest | |||||
Carrying amount | Less than 3 Months | 3-12 Months | 1-2 Years | 2-5 Years | After 5 years | |
Trade payables | 244 604 | 244 604 | 0 | 0 | 0 | 0 |
Lease liabilities including interest | 65 178 | 2 861 | 8 193 | 9 389 | 22 945 | 21 791 |
Other current liabilities | 74 228 | 61 553 | 12 672 | 0 | 0 | 0 |
Total | 384 011 | 309 018 | 20 865 | 9 389 | 22 945 | 21 791 |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Capital Disclosures |
The Group\u2019s objectives when maintaining capital are: |
- To safeguard the entity\u2019s ability to continue as a going concern, so that it can continue to provide returns for shareholdersand benefits for other stakeholders, and |
- To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk |
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt. |
Note 5 - Segment information |
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified. |
Zaptec Charger AS |
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales. |
Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Sweden. |
Zaptec Schweiz AG |
This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
Zaptec Danmark ApS |
This segment is involved in the sale and distribution of Zaptec products in Denmark. |
Other |
Consist of all other legal entities in the group. |
01.01 - 31.12.2024 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 369 534 | 339 309 | 237 811 | 148 427 | 185 493 | -13 586 | 1 266 988 |
Revenues from internal sales | 590 710 | 0 | 0 | 0 | 1 750 | -592 460 | -0 |
Revenues from Marketing | 0 | 46 | 0 | 0 | 1 532 | -1 578 | 0 |
Revenues from shared services | 6 851 | 7 715 | 0 | 736 | 10 144 | -25 446 | 0 |
Revenue from TP adjustment | 82 878 | 0 | 0 | 0 | 0 | -82 878 | 0 |
Other operating income | 1 930 | 0 | 0 | 0 | 732 | -2 662 | 0 |
Total operating income | 1 051 904 | 347 070 | 237 810 | 149 163 | 199 650 | -718 610 | 1 266 988 |
Operating expenses | |||||||
Cost of inventories | 739 900 | 258 926 | 112 695 | 112 686 | 135 001 | -583 464 | 775 743 |
Employee benefit expenses | 151 445 | 19 679 | 36 834 | 9 473 | 45 635 | -20 994 | 242 072 |
Depreciation and amortisation expense | 16 224 | 73 | 0 | 0 | 673 | 16 982 | 33 952 |
Other operating expenses | 131 881 | 15 952 | 20 344 | 16 235 | 43 759 | -34 269 | 193 902 |
Total operating expenses | 1 039 450 | 294 630 | 169 872 | 138 394 | 225 068 | -621 745 | 1 245 669 |
Operating result | 12 454 | 52 440 | 67 938 | 10 769 | -25 418 | -96 865 | 21 318 |
01.01 - 31.12.2023 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 499 772 | 398 972 | 278 868 | 138 913 | 87 260 | -1 377 | 1 402 408 |
Revenues from internal sales | 590 483 | 0 | 0 | 0 | 1 750 | -592 233 | 0 |
Revenues from Marketing | 2 853 | 0 | 0 | 0 | 0 | -2 853 | 0 |
Revenues from shared services | 2 647 | 7 512 | 1 070 | 1 796 | 22 556 | -35 580 | 0 |
Revenue from TP adjustment | 79 116 | 0 | 0 | 0 | 0 | -79 116 | 0 |
Other operating income | 0 | 0 | 0 | 0 | 24 182 | 0 | 24 182 |
Total operating income | 1 174 871 | 406 484 | 279 937 | 140 709 | 135 748 | -711 159 | 1 426 590 |
Operating expenses | |||||||
Cost of inventories | 882 282 | 298 111 | 133 995 | 100 276 | 54 740 | -578 113 | 891 290 |
Employee benefit expenses | 146 897 | 17 179 | 30 180 | 9 964 | 38 048 | 5 695 | 247 962 |
Depreciation and amortisation expense | 13 102 | 39 | 0 | 0 | 1 779 | 14 999 | 29 918 |
Other operating expenses | 146 885 | 60 709 | 94 023 | 23 466 | 28 837 | -109 707 | 244 213 |
Total operating expenses | 1 189 166 | 376 038 | 258 198 | 133 706 | 123 404 | -667 126 | 1 413 383 |
Operating result | -14 296 | 30 446 | 21 739 | 7 003 | 12 344 | -44 033 | 13 207 |
Adjustments and eliminations |
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. |
01.01 - 31.12.2024 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 460 | -589 034 | 0 | 0 | 0 |
Elimination of employee benefits allocated (2) | -37 672 | 0 | -17 805 | 0 | -21 627 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 10 136 | -11 093 |
GAAP-adjustment to inventory (4) | 0 | 4 661 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 6 845 | 0 |
Gains on internal transactions (6) | 0 | 1 021 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 5 550 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 160 |
IFRS 15 adjustments (9) | -14 127 | 0 | 0 | 0 | 0 |
Transfer pricing adjustment | -74 892 | 0 | 0 | 0 | 0 |
Other | 540 | -112 | -8 739 | 0 | -3 709 |
Total | -718 610 | -583 464 | -20 994 | 16 982 | -34 269 |
01.01 - 31.12.2023 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 233 | -584 086 | 0 | 0 | -1 750 |
Elimination of employee benefits allocated (2) | -85 580 | 0 | -11 494 | 0 | -108 535 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 165 | -9 770 |
GAAP-adjustment to inventory (4) | 0 | -5 825 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 5 834 | 0 |
Gains on internal transactions (6) | 0 | 13 176 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 9 480 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 0 |
IFRS 15 adjustments (9) | -38 762 | 0 | 0 | 0 | 0 |
Other | 5 416 | -1 378 | 7 709 | 0 | 10 348 |
Total | -711 159 | -578 113 | 5 695 | 14 999 | -109 707 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses. |
(2) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation. |
(3) Lease payment are expenses on a linear basis under local GAAP. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability. |
(4) Zaptec Schweiz AG includes an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed. |
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level. |
(6) Gains on internal transaction of inventory (downstream sales). |
(7) Share-based incentive program, ref. note 7 |
(8) Provision for warranty claims, ref. note 18 |
(9) IFRS 15 adjustments, ref note 6 |
Note 5 - Segment information |
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified. |
Zaptec Charger AS |
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales. |
Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Sweden. |
Zaptec Schweiz AG |
This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
Zaptec Danmark ApS |
This segment is involved in the sale and distribution of Zaptec products in Denmark. |
Other |
Consist of all other legal entities in the group. |
01.01 - 31.12.2024 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 369 534 | 339 309 | 237 811 | 148 427 | 185 493 | -13 586 | 1 266 988 |
Revenues from internal sales | 590 710 | 0 | 0 | 0 | 1 750 | -592 460 | -0 |
Revenues from Marketing | 0 | 46 | 0 | 0 | 1 532 | -1 578 | 0 |
Revenues from shared services | 6 851 | 7 715 | 0 | 736 | 10 144 | -25 446 | 0 |
Revenue from TP adjustment | 82 878 | 0 | 0 | 0 | 0 | -82 878 | 0 |
Other operating income | 1 930 | 0 | 0 | 0 | 732 | -2 662 | 0 |
Total operating income | 1 051 904 | 347 070 | 237 810 | 149 163 | 199 650 | -718 610 | 1 266 988 |
Operating expenses | |||||||
Cost of inventories | 739 900 | 258 926 | 112 695 | 112 686 | 135 001 | -583 464 | 775 743 |
Employee benefit expenses | 151 445 | 19 679 | 36 834 | 9 473 | 45 635 | -20 994 | 242 072 |
Depreciation and amortisation expense | 16 224 | 73 | 0 | 0 | 673 | 16 982 | 33 952 |
Other operating expenses | 131 881 | 15 952 | 20 344 | 16 235 | 43 759 | -34 269 | 193 902 |
Total operating expenses | 1 039 450 | 294 630 | 169 872 | 138 394 | 225 068 | -621 745 | 1 245 669 |
Operating result | 12 454 | 52 440 | 67 938 | 10 769 | -25 418 | -96 865 | 21 318 |
01.01 - 31.12.2023 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 499 772 | 398 972 | 278 868 | 138 913 | 87 260 | -1 377 | 1 402 408 |
Revenues from internal sales | 590 483 | 0 | 0 | 0 | 1 750 | -592 233 | 0 |
Revenues from Marketing | 2 853 | 0 | 0 | 0 | 0 | -2 853 | 0 |
Revenues from shared services | 2 647 | 7 512 | 1 070 | 1 796 | 22 556 | -35 580 | 0 |
Revenue from TP adjustment | 79 116 | 0 | 0 | 0 | 0 | -79 116 | 0 |
Other operating income | 0 | 0 | 0 | 0 | 24 182 | 0 | 24 182 |
Total operating income | 1 174 871 | 406 484 | 279 937 | 140 709 | 135 748 | -711 159 | 1 426 590 |
Operating expenses | |||||||
Cost of inventories | 882 282 | 298 111 | 133 995 | 100 276 | 54 740 | -578 113 | 891 290 |
Employee benefit expenses | 146 897 | 17 179 | 30 180 | 9 964 | 38 048 | 5 695 | 247 962 |
Depreciation and amortisation expense | 13 102 | 39 | 0 | 0 | 1 779 | 14 999 | 29 918 |
Other operating expenses | 146 885 | 60 709 | 94 023 | 23 466 | 28 837 | -109 707 | 244 213 |
Total operating expenses | 1 189 166 | 376 038 | 258 198 | 133 706 | 123 404 | -667 126 | 1 413 383 |
Operating result | -14 296 | 30 446 | 21 739 | 7 003 | 12 344 | -44 033 | 13 207 |
Adjustments and eliminations |
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. |
01.01 - 31.12.2024 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 460 | -589 034 | 0 | 0 | 0 |
Elimination of employee benefits allocated (2) | -37 672 | 0 | -17 805 | 0 | -21 627 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 10 136 | -11 093 |
GAAP-adjustment to inventory (4) | 0 | 4 661 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 6 845 | 0 |
Gains on internal transactions (6) | 0 | 1 021 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 5 550 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 160 |
IFRS 15 adjustments (9) | -14 127 | 0 | 0 | 0 | 0 |
Transfer pricing adjustment | -74 892 | 0 | 0 | 0 | 0 |
Other | 540 | -112 | -8 739 | 0 | -3 709 |
Total | -718 610 | -583 464 | -20 994 | 16 982 | -34 269 |
01.01 - 31.12.2023 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 233 | -584 086 | 0 | 0 | -1 750 |
Elimination of employee benefits allocated (2) | -85 580 | 0 | -11 494 | 0 | -108 535 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 165 | -9 770 |
GAAP-adjustment to inventory (4) | 0 | -5 825 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 5 834 | 0 |
Gains on internal transactions (6) | 0 | 13 176 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 9 480 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 0 |
IFRS 15 adjustments (9) | -38 762 | 0 | 0 | 0 | 0 |
Other | 5 416 | -1 378 | 7 709 | 0 | 10 348 |
Total | -711 159 | -578 113 | 5 695 | 14 999 | -109 707 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses. |
(2) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation. |
(3) Lease payment are expenses on a linear basis under local GAAP. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability. |
(4) Zaptec Schweiz AG includes an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed. |
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level. |
(6) Gains on internal transaction of inventory (downstream sales). |
(7) Share-based incentive program, ref. note 7 |
(8) Provision for warranty claims, ref. note 18 |
(9) IFRS 15 adjustments, ref note 6 |
Note 5 - Segment information |
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified. |
Zaptec Charger AS |
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales. |
Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Sweden. |
Zaptec Schweiz AG |
This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
Zaptec Danmark ApS |
This segment is involved in the sale and distribution of Zaptec products in Denmark. |
Other |
Consist of all other legal entities in the group. |
01.01 - 31.12.2024 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 369 534 | 339 309 | 237 811 | 148 427 | 185 493 | -13 586 | 1 266 988 |
Revenues from internal sales | 590 710 | 0 | 0 | 0 | 1 750 | -592 460 | -0 |
Revenues from Marketing | 0 | 46 | 0 | 0 | 1 532 | -1 578 | 0 |
Revenues from shared services | 6 851 | 7 715 | 0 | 736 | 10 144 | -25 446 | 0 |
Revenue from TP adjustment | 82 878 | 0 | 0 | 0 | 0 | -82 878 | 0 |
Other operating income | 1 930 | 0 | 0 | 0 | 732 | -2 662 | 0 |
Total operating income | 1 051 904 | 347 070 | 237 810 | 149 163 | 199 650 | -718 610 | 1 266 988 |
Operating expenses | |||||||
Cost of inventories | 739 900 | 258 926 | 112 695 | 112 686 | 135 001 | -583 464 | 775 743 |
Employee benefit expenses | 151 445 | 19 679 | 36 834 | 9 473 | 45 635 | -20 994 | 242 072 |
Depreciation and amortisation expense | 16 224 | 73 | 0 | 0 | 673 | 16 982 | 33 952 |
Other operating expenses | 131 881 | 15 952 | 20 344 | 16 235 | 43 759 | -34 269 | 193 902 |
Total operating expenses | 1 039 450 | 294 630 | 169 872 | 138 394 | 225 068 | -621 745 | 1 245 669 |
Operating result | 12 454 | 52 440 | 67 938 | 10 769 | -25 418 | -96 865 | 21 318 |
01.01 - 31.12.2023 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 499 772 | 398 972 | 278 868 | 138 913 | 87 260 | -1 377 | 1 402 408 |
Revenues from internal sales | 590 483 | 0 | 0 | 0 | 1 750 | -592 233 | 0 |
Revenues from Marketing | 2 853 | 0 | 0 | 0 | 0 | -2 853 | 0 |
Revenues from shared services | 2 647 | 7 512 | 1 070 | 1 796 | 22 556 | -35 580 | 0 |
Revenue from TP adjustment | 79 116 | 0 | 0 | 0 | 0 | -79 116 | 0 |
Other operating income | 0 | 0 | 0 | 0 | 24 182 | 0 | 24 182 |
Total operating income | 1 174 871 | 406 484 | 279 937 | 140 709 | 135 748 | -711 159 | 1 426 590 |
Operating expenses | |||||||
Cost of inventories | 882 282 | 298 111 | 133 995 | 100 276 | 54 740 | -578 113 | 891 290 |
Employee benefit expenses | 146 897 | 17 179 | 30 180 | 9 964 | 38 048 | 5 695 | 247 962 |
Depreciation and amortisation expense | 13 102 | 39 | 0 | 0 | 1 779 | 14 999 | 29 918 |
Other operating expenses | 146 885 | 60 709 | 94 023 | 23 466 | 28 837 | -109 707 | 244 213 |
Total operating expenses | 1 189 166 | 376 038 | 258 198 | 133 706 | 123 404 | -667 126 | 1 413 383 |
Operating result | -14 296 | 30 446 | 21 739 | 7 003 | 12 344 | -44 033 | 13 207 |
Adjustments and eliminations |
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. |
01.01 - 31.12.2024 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 460 | -589 034 | 0 | 0 | 0 |
Elimination of employee benefits allocated (2) | -37 672 | 0 | -17 805 | 0 | -21 627 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 10 136 | -11 093 |
GAAP-adjustment to inventory (4) | 0 | 4 661 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 6 845 | 0 |
Gains on internal transactions (6) | 0 | 1 021 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 5 550 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 160 |
IFRS 15 adjustments (9) | -14 127 | 0 | 0 | 0 | 0 |
Transfer pricing adjustment | -74 892 | 0 | 0 | 0 | 0 |
Other | 540 | -112 | -8 739 | 0 | -3 709 |
Total | -718 610 | -583 464 | -20 994 | 16 982 | -34 269 |
01.01 - 31.12.2023 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 233 | -584 086 | 0 | 0 | -1 750 |
Elimination of employee benefits allocated (2) | -85 580 | 0 | -11 494 | 0 | -108 535 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 165 | -9 770 |
GAAP-adjustment to inventory (4) | 0 | -5 825 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 5 834 | 0 |
Gains on internal transactions (6) | 0 | 13 176 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 9 480 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 0 |
IFRS 15 adjustments (9) | -38 762 | 0 | 0 | 0 | 0 |
Other | 5 416 | -1 378 | 7 709 | 0 | 10 348 |
Total | -711 159 | -578 113 | 5 695 | 14 999 | -109 707 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses. |
(2) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation. |
(3) Lease payment are expenses on a linear basis under local GAAP. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability. |
(4) Zaptec Schweiz AG includes an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed. |
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level. |
(6) Gains on internal transaction of inventory (downstream sales). |
(7) Share-based incentive program, ref. note 7 |
(8) Provision for warranty claims, ref. note 18 |
(9) IFRS 15 adjustments, ref note 6 |
Note 5 - Segment information |
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified. |
Zaptec Charger AS |
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales. |
Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Sweden. |
Zaptec Schweiz AG |
This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
Zaptec Danmark ApS |
This segment is involved in the sale and distribution of Zaptec products in Denmark. |
Other |
Consist of all other legal entities in the group. |
01.01 - 31.12.2024 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 369 534 | 339 309 | 237 811 | 148 427 | 185 493 | -13 586 | 1 266 988 |
Revenues from internal sales | 590 710 | 0 | 0 | 0 | 1 750 | -592 460 | -0 |
Revenues from Marketing | 0 | 46 | 0 | 0 | 1 532 | -1 578 | 0 |
Revenues from shared services | 6 851 | 7 715 | 0 | 736 | 10 144 | -25 446 | 0 |
Revenue from TP adjustment | 82 878 | 0 | 0 | 0 | 0 | -82 878 | 0 |
Other operating income | 1 930 | 0 | 0 | 0 | 732 | -2 662 | 0 |
Total operating income | 1 051 904 | 347 070 | 237 810 | 149 163 | 199 650 | -718 610 | 1 266 988 |
Operating expenses | |||||||
Cost of inventories | 739 900 | 258 926 | 112 695 | 112 686 | 135 001 | -583 464 | 775 743 |
Employee benefit expenses | 151 445 | 19 679 | 36 834 | 9 473 | 45 635 | -20 994 | 242 072 |
Depreciation and amortisation expense | 16 224 | 73 | 0 | 0 | 673 | 16 982 | 33 952 |
Other operating expenses | 131 881 | 15 952 | 20 344 | 16 235 | 43 759 | -34 269 | 193 902 |
Total operating expenses | 1 039 450 | 294 630 | 169 872 | 138 394 | 225 068 | -621 745 | 1 245 669 |
Operating result | 12 454 | 52 440 | 67 938 | 10 769 | -25 418 | -96 865 | 21 318 |
01.01 - 31.12.2023 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 499 772 | 398 972 | 278 868 | 138 913 | 87 260 | -1 377 | 1 402 408 |
Revenues from internal sales | 590 483 | 0 | 0 | 0 | 1 750 | -592 233 | 0 |
Revenues from Marketing | 2 853 | 0 | 0 | 0 | 0 | -2 853 | 0 |
Revenues from shared services | 2 647 | 7 512 | 1 070 | 1 796 | 22 556 | -35 580 | 0 |
Revenue from TP adjustment | 79 116 | 0 | 0 | 0 | 0 | -79 116 | 0 |
Other operating income | 0 | 0 | 0 | 0 | 24 182 | 0 | 24 182 |
Total operating income | 1 174 871 | 406 484 | 279 937 | 140 709 | 135 748 | -711 159 | 1 426 590 |
Operating expenses | |||||||
Cost of inventories | 882 282 | 298 111 | 133 995 | 100 276 | 54 740 | -578 113 | 891 290 |
Employee benefit expenses | 146 897 | 17 179 | 30 180 | 9 964 | 38 048 | 5 695 | 247 962 |
Depreciation and amortisation expense | 13 102 | 39 | 0 | 0 | 1 779 | 14 999 | 29 918 |
Other operating expenses | 146 885 | 60 709 | 94 023 | 23 466 | 28 837 | -109 707 | 244 213 |
Total operating expenses | 1 189 166 | 376 038 | 258 198 | 133 706 | 123 404 | -667 126 | 1 413 383 |
Operating result | -14 296 | 30 446 | 21 739 | 7 003 | 12 344 | -44 033 | 13 207 |
Adjustments and eliminations |
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. |
01.01 - 31.12.2024 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 460 | -589 034 | 0 | 0 | 0 |
Elimination of employee benefits allocated (2) | -37 672 | 0 | -17 805 | 0 | -21 627 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 10 136 | -11 093 |
GAAP-adjustment to inventory (4) | 0 | 4 661 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 6 845 | 0 |
Gains on internal transactions (6) | 0 | 1 021 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 5 550 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 160 |
IFRS 15 adjustments (9) | -14 127 | 0 | 0 | 0 | 0 |
Transfer pricing adjustment | -74 892 | 0 | 0 | 0 | 0 |
Other | 540 | -112 | -8 739 | 0 | -3 709 |
Total | -718 610 | -583 464 | -20 994 | 16 982 | -34 269 |
01.01 - 31.12.2023 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 233 | -584 086 | 0 | 0 | -1 750 |
Elimination of employee benefits allocated (2) | -85 580 | 0 | -11 494 | 0 | -108 535 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 165 | -9 770 |
GAAP-adjustment to inventory (4) | 0 | -5 825 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 5 834 | 0 |
Gains on internal transactions (6) | 0 | 13 176 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 9 480 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 0 |
IFRS 15 adjustments (9) | -38 762 | 0 | 0 | 0 | 0 |
Other | 5 416 | -1 378 | 7 709 | 0 | 10 348 |
Total | -711 159 | -578 113 | 5 695 | 14 999 | -109 707 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses. |
(2) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation. |
(3) Lease payment are expenses on a linear basis under local GAAP. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability. |
(4) Zaptec Schweiz AG includes an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed. |
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level. |
(6) Gains on internal transaction of inventory (downstream sales). |
(7) Share-based incentive program, ref. note 7 |
(8) Provision for warranty claims, ref. note 18 |
(9) IFRS 15 adjustments, ref note 6 |
Note 5 - Segment information |
The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified. |
Zaptec Charger AS |
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales. |
Zaptec Sverige AB |
This segment is involved in the sale and distribution of Zaptec products in Sweden. |
Zaptec Schweiz AG |
This segment is involved in the sale and distribution of Zaptec products in Switzerland. |
Zaptec Danmark ApS |
This segment is involved in the sale and distribution of Zaptec products in Denmark. |
Other |
Consist of all other legal entities in the group. |
01.01 - 31.12.2024 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 369 534 | 339 309 | 237 811 | 148 427 | 185 493 | -13 586 | 1 266 988 |
Revenues from internal sales | 590 710 | 0 | 0 | 0 | 1 750 | -592 460 | -0 |
Revenues from Marketing | 0 | 46 | 0 | 0 | 1 532 | -1 578 | 0 |
Revenues from shared services | 6 851 | 7 715 | 0 | 736 | 10 144 | -25 446 | 0 |
Revenue from TP adjustment | 82 878 | 0 | 0 | 0 | 0 | -82 878 | 0 |
Other operating income | 1 930 | 0 | 0 | 0 | 732 | -2 662 | 0 |
Total operating income | 1 051 904 | 347 070 | 237 810 | 149 163 | 199 650 | -718 610 | 1 266 988 |
Operating expenses | |||||||
Cost of inventories | 739 900 | 258 926 | 112 695 | 112 686 | 135 001 | -583 464 | 775 743 |
Employee benefit expenses | 151 445 | 19 679 | 36 834 | 9 473 | 45 635 | -20 994 | 242 072 |
Depreciation and amortisation expense | 16 224 | 73 | 0 | 0 | 673 | 16 982 | 33 952 |
Other operating expenses | 131 881 | 15 952 | 20 344 | 16 235 | 43 759 | -34 269 | 193 902 |
Total operating expenses | 1 039 450 | 294 630 | 169 872 | 138 394 | 225 068 | -621 745 | 1 245 669 |
Operating result | 12 454 | 52 440 | 67 938 | 10 769 | -25 418 | -96 865 | 21 318 |
01.01 - 31.12.2023 | |||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Adjustments and eliminations | Total |
Operating income | |||||||
Revenues from contracts with customers | 499 772 | 398 972 | 278 868 | 138 913 | 87 260 | -1 377 | 1 402 408 |
Revenues from internal sales | 590 483 | 0 | 0 | 0 | 1 750 | -592 233 | 0 |
Revenues from Marketing | 2 853 | 0 | 0 | 0 | 0 | -2 853 | 0 |
Revenues from shared services | 2 647 | 7 512 | 1 070 | 1 796 | 22 556 | -35 580 | 0 |
Revenue from TP adjustment | 79 116 | 0 | 0 | 0 | 0 | -79 116 | 0 |
Other operating income | 0 | 0 | 0 | 0 | 24 182 | 0 | 24 182 |
Total operating income | 1 174 871 | 406 484 | 279 937 | 140 709 | 135 748 | -711 159 | 1 426 590 |
Operating expenses | |||||||
Cost of inventories | 882 282 | 298 111 | 133 995 | 100 276 | 54 740 | -578 113 | 891 290 |
Employee benefit expenses | 146 897 | 17 179 | 30 180 | 9 964 | 38 048 | 5 695 | 247 962 |
Depreciation and amortisation expense | 13 102 | 39 | 0 | 0 | 1 779 | 14 999 | 29 918 |
Other operating expenses | 146 885 | 60 709 | 94 023 | 23 466 | 28 837 | -109 707 | 244 213 |
Total operating expenses | 1 189 166 | 376 038 | 258 198 | 133 706 | 123 404 | -667 126 | 1 413 383 |
Operating result | -14 296 | 30 446 | 21 739 | 7 003 | 12 344 | -44 033 | 13 207 |
Adjustments and eliminations |
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis. |
01.01 - 31.12.2024 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 460 | -589 034 | 0 | 0 | 0 |
Elimination of employee benefits allocated (2) | -37 672 | 0 | -17 805 | 0 | -21 627 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 10 136 | -11 093 |
GAAP-adjustment to inventory (4) | 0 | 4 661 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 6 845 | 0 |
Gains on internal transactions (6) | 0 | 1 021 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 5 550 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 2 160 |
IFRS 15 adjustments (9) | -14 127 | 0 | 0 | 0 | 0 |
Transfer pricing adjustment | -74 892 | 0 | 0 | 0 | 0 |
Other | 540 | -112 | -8 739 | 0 | -3 709 |
Total | -718 610 | -583 464 | -20 994 | 16 982 | -34 269 |
01.01 - 31.12.2023 | |||||
In NOK 1000 | Revenues from internal sales | Cost of inventories | Employee benefit expenses | Depreciation and amortisation expense | Other operating expenses |
Elimination of internal sales(1) | -592 233 | -584 086 | 0 | 0 | -1 750 |
Elimination of employee benefits allocated (2) | -85 580 | 0 | -11 494 | 0 | -108 535 |
IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 165 | -9 770 |
GAAP-adjustment to inventory (4) | 0 | -5 825 | 0 | 0 | 0 |
Amortization of excess values (5) | 0 | 0 | 0 | 5 834 | 0 |
Gains on internal transactions (6) | 0 | 13 176 | 0 | 0 | 0 |
Share-based incentive program (7) | 0 | 0 | 9 480 | 0 | 0 |
Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 0 |
IFRS 15 adjustments (9) | -38 762 | 0 | 0 | 0 | 0 |
Other | 5 416 | -1 378 | 7 709 | 0 | 10 348 |
Total | -711 159 | -578 113 | 5 695 | 14 999 | -109 707 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group Companies eliminated against other operating expenses. |
(2) As part of the increased activity outside of Norway, Zaptec Charger AS has provided significant services to other subsidiaries. The amount charged for these services is presented as reduction of cost in the financial statement of Zaptec Charger. The amount is eliminated on consolidation. |
(3) Lease payment are expenses on a linear basis under local GAAP. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability. |
(4) Zaptec Schweiz AG includes an additional reduction of the carrying amount of inventory in line with local GAAP. In the consolidated IFRS statement these reductions are reversed. |
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level. |
(6) Gains on internal transaction of inventory (downstream sales). |
(7) Share-based incentive program, ref. note 7 |
(8) Provision for warranty claims, ref. note 18 |
(9) IFRS 15 adjustments, ref note 6 |
Note 6 - Revenues from contracts with customers |
Disaggregation of Revenue |
The Group has disaggregated revenue into various categories in the following table which is intended to: |
- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and |
- Enable users to understand the relationship with revenue segment information provided in Note 5 |
Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers: | ||||||
01.01 - 31.12.2024 | ||||||
Segments | ||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Total |
Product sales | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
By business area - Geographical distribution | ||||||
Norway | 295 188 | 0 | 0 | 0 | -13 586 | 281 601 |
Sweden | 22 899 | 339 309 | 0 | 0 | 0 | 362 208 |
Switzerland | 0 | 0 | 237 811 | 0 | 0 | 237 811 |
Denmark | 0 | 0 | 0 | 148 427 | 0 | 148 427 |
Iceland | 7 781 | 0 | 0 | 0 | 0 | 7 781 |
Finland | 26 208 | 0 | 0 | 0 | 0 | 26 208 |
Belgium | 0 | 0 | 0 | 0 | 22 311 | 22 311 |
Poland | 1 735 | 0 | 0 | 0 | 0 | 1 735 |
Netherlands | 0 | 0 | 0 | 0 | 102 335 | 102 335 |
Ireland | 6 691 | 0 | 0 | 0 | 0 | 6 691 |
Deutschland | 0 | 0 | 0 | 0 | 6 721 | 6 721 |
UK | 74 | 0 | 0 | 0 | 43 183 | 43 257 |
Portugal | 4 211 | 0 | 0 | 0 | 0 | 4 211 |
France | 0 | 0 | 0 | 0 | 10 942 | 10 942 |
Rest of Europe | 1 925 | 0 | 0 | 0 | 0 | 1 925 |
Other | 2 823 | 0 | 0 | 0 | 0 | 2 823 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 906 | 1 266 988 |
Timing of revenue recognition | ||||||
Goods transferred at a point in time | 356 072 | 339 309 | 237 811 | 148 427 | 171 907 | 1 253 526 |
Goods and services transferred over time* | 13 462 | 0 | 0 | 0 | 0 | 13 462 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
*Consists of deferred revenue related to IFRS 15, for more information see below. |
01.01 - 31.12.2023 | ||||||
Segments | ||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Total |
Product sales | 499 772 | 398 972 | 278 868 | 138 913 | 85 883 | 1 402 408 |
Other | 0 | 0 | 0 | 0 | 24 182 | 24 182 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
By business area - Geographical distribution | ||||||
Norway | 433 038 | 0 | 0 | 0 | 29 773 | 462 811 |
Sweden | 23 593 | 398 972 | 0 | 0 | 0 | 422 566 |
Switzerland | 0 | 0 | 278 868 | 0 | 0 | 278 868 |
Denmark | 2 809 | 0 | 0 | 138 913 | 0 | 141 722 |
Iceland | 9 331 | 0 | 0 | 0 | 0 | 9 331 |
Finland | 17 343 | 0 | 0 | 0 | 0 | 17 343 |
Belgium | 975 | 0 | 0 | 0 | 0 | 975 |
Poland | 1 174 | 0 | 0 | 0 | 0 | 1 174 |
Netherlands | 2 007 | 0 | 0 | 0 | 50 572 | 52 579 |
Ireland | 2 396 | 0 | 0 | 0 | 0 | 2 396 |
Deutschland | 0 | 0 | 0 | 0 | 5 253 | 5 253 |
UK | 6 | 0 | 0 | 0 | 24 390 | 24 395 |
Portugal | 6 406 | 0 | 0 | 0 | 0 | 6 406 |
Rest of Europe | 383 | 0 | 0 | 0 | 77 | 459 |
Other | 310 | 0 | 0 | 0 | 0 | 310 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
Timing of revenue recognition | ||||||
Goods transferred at a point in time | 461 010 | 398 972 | 278 868 | 138 913 | 110 065 | 1 387 828 |
Goods and services transferred over time* | 38 762 | 0 | 0 | 0 | 0 | 38 762 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
*Consists of deferred revenue related to IFRS 15, for more information see below. |
The table below shows the movement in deferred income during 2024 (IFRS 15). | |
Deferred income | |
31.12.2024 | |
In NOK 1000 | |
Opening balance | 73 726 |
Movement | 14 127 |
Closing balance | 87 853 |
The Group has a performance obligation related to 4G connectivity, which is recognized as revenue over time. The transaction price is determined based on an estimated future price on 4G connectivity. As goods and services are transferred over time, revenue is allocated and recognized progressively throughout the product`s five-year warranty period, with discounting applied over the same period. Future estimated obligations related to 4G connectivity are recognized as deferred income.
Note 6 - Revenues from contracts with customers |
Disaggregation of Revenue |
The Group has disaggregated revenue into various categories in the following table which is intended to: |
- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and |
- Enable users to understand the relationship with revenue segment information provided in Note 5 |
Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers: | ||||||
01.01 - 31.12.2024 | ||||||
Segments | ||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Total |
Product sales | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
By business area - Geographical distribution | ||||||
Norway | 295 188 | 0 | 0 | 0 | -13 586 | 281 601 |
Sweden | 22 899 | 339 309 | 0 | 0 | 0 | 362 208 |
Switzerland | 0 | 0 | 237 811 | 0 | 0 | 237 811 |
Denmark | 0 | 0 | 0 | 148 427 | 0 | 148 427 |
Iceland | 7 781 | 0 | 0 | 0 | 0 | 7 781 |
Finland | 26 208 | 0 | 0 | 0 | 0 | 26 208 |
Belgium | 0 | 0 | 0 | 0 | 22 311 | 22 311 |
Poland | 1 735 | 0 | 0 | 0 | 0 | 1 735 |
Netherlands | 0 | 0 | 0 | 0 | 102 335 | 102 335 |
Ireland | 6 691 | 0 | 0 | 0 | 0 | 6 691 |
Deutschland | 0 | 0 | 0 | 0 | 6 721 | 6 721 |
UK | 74 | 0 | 0 | 0 | 43 183 | 43 257 |
Portugal | 4 211 | 0 | 0 | 0 | 0 | 4 211 |
France | 0 | 0 | 0 | 0 | 10 942 | 10 942 |
Rest of Europe | 1 925 | 0 | 0 | 0 | 0 | 1 925 |
Other | 2 823 | 0 | 0 | 0 | 0 | 2 823 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 906 | 1 266 988 |
Timing of revenue recognition | ||||||
Goods transferred at a point in time | 356 072 | 339 309 | 237 811 | 148 427 | 171 907 | 1 253 526 |
Goods and services transferred over time* | 13 462 | 0 | 0 | 0 | 0 | 13 462 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
*Consists of deferred revenue related to IFRS 15, for more information see below. |
01.01 - 31.12.2023 | ||||||
Segments | ||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Total |
Product sales | 499 772 | 398 972 | 278 868 | 138 913 | 85 883 | 1 402 408 |
Other | 0 | 0 | 0 | 0 | 24 182 | 24 182 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
By business area - Geographical distribution | ||||||
Norway | 433 038 | 0 | 0 | 0 | 29 773 | 462 811 |
Sweden | 23 593 | 398 972 | 0 | 0 | 0 | 422 566 |
Switzerland | 0 | 0 | 278 868 | 0 | 0 | 278 868 |
Denmark | 2 809 | 0 | 0 | 138 913 | 0 | 141 722 |
Iceland | 9 331 | 0 | 0 | 0 | 0 | 9 331 |
Finland | 17 343 | 0 | 0 | 0 | 0 | 17 343 |
Belgium | 975 | 0 | 0 | 0 | 0 | 975 |
Poland | 1 174 | 0 | 0 | 0 | 0 | 1 174 |
Netherlands | 2 007 | 0 | 0 | 0 | 50 572 | 52 579 |
Ireland | 2 396 | 0 | 0 | 0 | 0 | 2 396 |
Deutschland | 0 | 0 | 0 | 0 | 5 253 | 5 253 |
UK | 6 | 0 | 0 | 0 | 24 390 | 24 395 |
Portugal | 6 406 | 0 | 0 | 0 | 0 | 6 406 |
Rest of Europe | 383 | 0 | 0 | 0 | 77 | 459 |
Other | 310 | 0 | 0 | 0 | 0 | 310 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
Timing of revenue recognition | ||||||
Goods transferred at a point in time | 461 010 | 398 972 | 278 868 | 138 913 | 110 065 | 1 387 828 |
Goods and services transferred over time* | 38 762 | 0 | 0 | 0 | 0 | 38 762 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
*Consists of deferred revenue related to IFRS 15, for more information see below. |
The table below shows the movement in deferred income during 2024 (IFRS 15). | |
Deferred income | |
31.12.2024 | |
In NOK 1000 | |
Opening balance | 73 726 |
Movement | 14 127 |
Closing balance | 87 853 |
The Group has a performance obligation related to 4G connectivity, which is recognized as revenue over time. The transaction price is determined based on an estimated future price on 4G connectivity. As goods and services are transferred over time, revenue is allocated and recognized progressively throughout the product`s five-year warranty period, with discounting applied over the same period. Future estimated obligations related to 4G connectivity are recognized as deferred income.
Note 6 - Revenues from contracts with customers |
Disaggregation of Revenue |
The Group has disaggregated revenue into various categories in the following table which is intended to: |
- Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and |
- Enable users to understand the relationship with revenue segment information provided in Note 5 |
Set out below is the disaggregation of the Group\u2019s revenue from contracts with customers: | ||||||
01.01 - 31.12.2024 | ||||||
Segments | ||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Total |
Product sales | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
By business area - Geographical distribution | ||||||
Norway | 295 188 | 0 | 0 | 0 | -13 586 | 281 601 |
Sweden | 22 899 | 339 309 | 0 | 0 | 0 | 362 208 |
Switzerland | 0 | 0 | 237 811 | 0 | 0 | 237 811 |
Denmark | 0 | 0 | 0 | 148 427 | 0 | 148 427 |
Iceland | 7 781 | 0 | 0 | 0 | 0 | 7 781 |
Finland | 26 208 | 0 | 0 | 0 | 0 | 26 208 |
Belgium | 0 | 0 | 0 | 0 | 22 311 | 22 311 |
Poland | 1 735 | 0 | 0 | 0 | 0 | 1 735 |
Netherlands | 0 | 0 | 0 | 0 | 102 335 | 102 335 |
Ireland | 6 691 | 0 | 0 | 0 | 0 | 6 691 |
Deutschland | 0 | 0 | 0 | 0 | 6 721 | 6 721 |
UK | 74 | 0 | 0 | 0 | 43 183 | 43 257 |
Portugal | 4 211 | 0 | 0 | 0 | 0 | 4 211 |
France | 0 | 0 | 0 | 0 | 10 942 | 10 942 |
Rest of Europe | 1 925 | 0 | 0 | 0 | 0 | 1 925 |
Other | 2 823 | 0 | 0 | 0 | 0 | 2 823 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 906 | 1 266 988 |
Timing of revenue recognition | ||||||
Goods transferred at a point in time | 356 072 | 339 309 | 237 811 | 148 427 | 171 907 | 1 253 526 |
Goods and services transferred over time* | 13 462 | 0 | 0 | 0 | 0 | 13 462 |
Total operating income | 369 534 | 339 309 | 237 811 | 148 427 | 171 907 | 1 266 988 |
*Consists of deferred revenue related to IFRS 15, for more information see below. |
01.01 - 31.12.2023 | ||||||
Segments | ||||||
In NOK 1000 | Zaptec Charger AS | Zaptec Sverige AB | Zaptec Schweiz AG | Zaptec Danmark ApS | Other | Total |
Product sales | 499 772 | 398 972 | 278 868 | 138 913 | 85 883 | 1 402 408 |
Other | 0 | 0 | 0 | 0 | 24 182 | 24 182 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
By business area - Geographical distribution | ||||||
Norway | 433 038 | 0 | 0 | 0 | 29 773 | 462 811 |
Sweden | 23 593 | 398 972 | 0 | 0 | 0 | 422 566 |
Switzerland | 0 | 0 | 278 868 | 0 | 0 | 278 868 |
Denmark | 2 809 | 0 | 0 | 138 913 | 0 | 141 722 |
Iceland | 9 331 | 0 | 0 | 0 | 0 | 9 331 |
Finland | 17 343 | 0 | 0 | 0 | 0 | 17 343 |
Belgium | 975 | 0 | 0 | 0 | 0 | 975 |
Poland | 1 174 | 0 | 0 | 0 | 0 | 1 174 |
Netherlands | 2 007 | 0 | 0 | 0 | 50 572 | 52 579 |
Ireland | 2 396 | 0 | 0 | 0 | 0 | 2 396 |
Deutschland | 0 | 0 | 0 | 0 | 5 253 | 5 253 |
UK | 6 | 0 | 0 | 0 | 24 390 | 24 395 |
Portugal | 6 406 | 0 | 0 | 0 | 0 | 6 406 |
Rest of Europe | 383 | 0 | 0 | 0 | 77 | 459 |
Other | 310 | 0 | 0 | 0 | 0 | 310 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
Timing of revenue recognition | ||||||
Goods transferred at a point in time | 461 010 | 398 972 | 278 868 | 138 913 | 110 065 | 1 387 828 |
Goods and services transferred over time* | 38 762 | 0 | 0 | 0 | 0 | 38 762 |
Total operating income | 499 772 | 398 972 | 278 868 | 138 913 | 110 065 | 1 426 590 |
*Consists of deferred revenue related to IFRS 15, for more information see below. |
The table below shows the movement in deferred income during 2024 (IFRS 15). | |
Deferred income | |
31.12.2024 | |
In NOK 1000 | |
Opening balance | 73 726 |
Movement | 14 127 |
Closing balance | 87 853 |
The Group has a performance obligation related to 4G connectivity, which is recognized as revenue over time. The transaction price is determined based on an estimated future price on 4G connectivity. As goods and services are transferred over time, revenue is allocated and recognized progressively throughout the product`s five-year warranty period, with discounting applied over the same period. Future estimated obligations related to 4G connectivity are recognized as deferred income.
Note 7 - Employee benefit expenses | |||||
Payroll costs | |||||
In NOK 1000 | 2024 | 2023 | |||
Salaries | 165 413 | 175 666 | |||
Share based payment expense excluded payroll tax | 5 869 | 8 127 | |||
Payroll tax | 23 111 | 22 046 | |||
Other benefits | 47 679 | 42 123 | |||
Total | 242 072 | 247 962 | |||
Average full-time employees | 193 | 183 | |||
2024 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Ingelin Dr\u00f8pping | 395 | 0 | 0 | 0 | 395 |
Stig H. Christiansen | 630 | 0 | 0 | 0 | 630 |
Jennifer Jacobs Dungs | 295 | 0 | 0 | 0 | 295 |
Gunnar Hviding* | 0 | 0 | 0 | 0 | 0 |
Karoline Nystr\u00f8m* | 0 | 0 | 0 | 0 | 0 |
Christian Rangen** | 300 | 0 | 0 | 0 | 300 |
An Joanna De Pauw** | 350 | 0 | 0 | 0 | 350 |
Total | 1 970 | 0 | 0 | 0 | 1 970 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Kurt \u00d8strem*** | 3 557 | 0 | 2 526 | 221 | 6 304 |
Eirik Fjells\u00e5 H\u00e6rem**** | 2 141 | 0 | 939 | 14 | 3 094 |
Total | 5 698 | 0 | 3 464 | 235 | 9 397 |
* Member of the board from 12.07.2024 | |||||
** Member of the Board up until 12.07.2024 | |||||
*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024. | |||||
**** Appointed as CFO and Deputy CEO 29.02.2024 |
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 451 | 0 | 1 317 | 14 | 2 783 |
Joris Laponder* | 2 384 | 459 | 0 | 119 | 2 962 |
Knut Braut | 1 977 | 0 | 1 976 | 114 | 4 067 |
Lasse Hult | 1 530 | 0 | 1 317 | 9 | 2 857 |
Anna-Karin Andersen** | 1 727 | 0 | 1 174 | 4 | 2 905 |
Trude Rekkedal Schulberg | 1 265 | 0 | 464 | 14 | 1 743 |
Total | 10 334 | 459 | 6 248 | 273 | 17 315 |
*Part of management from 01.08.2024 | |||||
**Left company 09.08.2024 | |||||
2023 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Stig H. Christiansen | 500 | 0 | 0 | 0 | 500 |
Ingelin Dr\u00f8pping | 350 | 0 | 0 | 0 | 350 |
Christian Rangen | 250 | 0 | 0 | 0 | 250 |
Jennifer Jacobs Dungs | 250 | 0 | 0 | 0 | 250 |
An Joanna De Pauw | 250 | 0 | 0 | 0 | 250 |
Total | 1 600 | 0 | 0 | 0 | 1 600 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Peter Bardenfleth-Hansen* | 3 630 | 0 | 0 | 9 674 | 13 304 |
Kurt \u00d8strem (CFO and interim CEO)** | 2 641 | 0 | 1 484 | 231 | 4 356 |
Total | 6 271 | 0 | 1 484 | 9 905 | 17 660 |
*Peter Bardenfleth-Hansen left the company 01.10.2023. |
Settlement of MNOK 9.5 is included in other benefits. The settlement has been accounted for as payroll. | |||||
**Acting CEO and CFO up until 22.02.2024. | |||||
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 397 | 0 | 989 | 48 | 2 434 |
Eirik Fjells\u00e5 H\u00e6rem | 1 505 | 200 | 685 | 22 | 2 412 |
Knut Braut | 1 551 | 0 | 1 868 | 126 | 3 545 |
Lasse Hult | 1 396 | 0 | 989 | 175 | 2 560 |
Anna-Karin Andersen | 1 632 | 0 | 899 | 5 | 2 536 |
Trude Rekkedal Schulberg* | 671 | 0 | 397 | 12 | 1 080 |
P\u00e5l Tumyr** | 1 308 | 0 | 0 | 31 | 1 340 |
Total | 9 460 | 200 | 5 827 | 419 | 15 906 |
*Enrolled 01.05.2023 | |||||
** Left the company 30.11.2023 |
Pension | ||
The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group\u2019s pension schemes comply with the requirements under that law. This year\u2019s pension cost of 12.4 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits. | ||
Remuneration to auditors | ||
In NOK 1000 | 2024 | 2023 |
Statutory audit | 2 632 | 2 225 |
Other non-auditing services | 1 513 | 888 |
Total | 4 144 | 3 113 |
All amounts exclude VAT. | ||
Loans and guarantees to management and leading employees | ||
The group does not have any loans or guarantees to management and leading employees. |
Share-based compensation |
Share-based incentive program for all employees |
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees\u2019 annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220. |
As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022. |
The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date. |
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022. |
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. |
The company operates two equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024. |
The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021. |
* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period. |
Share-based payment program for key management and board of directors (Stock option program) | ||||
2024 | 2023 | |||
In NOK 1000 | Weighted average exercise price | Number | Weighted average exercise price | Number |
Outstanding at 1 January | 13.25 | 500 000 | 13.25 | 600 000 |
Granted during the year | 0.00 | 0 | 0.00 | 0 |
Forfeited during the year | 0.00 | 0 | 0.00 | 0 |
Exercised during the year | 0.00 | 0 | 11.25 | 100 000 |
Lapsed during the year | 15.25 | 50 000 | 0.00 | 0 |
Outstanding at 31 December | 13.25 | 450 000 | 13.58 | 500 000 |
Vested at 31 December | 450 000 | 500 000 | ||
The following information is relevant in the determination of the fair value of options granted during the year under : | ||||
2024 | 2023 | |||
Option pricing model used | ||||
Black-Scholes | Black-Scholes | |||
Share price at date of grant | * | * | ||
Strike | * | * | ||
Contractual life (in days) | * | * | ||
Expected life (in days) | * | * | ||
Expected volatility | * | * | ||
Risk-free interest rate | * | * | ||
Fair value at grant date (average) | * | * | ||
* No new options granted |
As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt \u00d8strem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024. |
One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25. |
2024 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem | CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Stig H. Christiansen | Board member | 50 000 | 11.25 | 12/31/2022 | 12/31/2025 |
2023 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Kurt Aadn\u00f8y | Former employee | 50 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Stig H. Christiansen | Chairman | 50 000 | 11.25 | 12/31/2022 | 2/28/2024 |
* CFO and acting CEO in the period 02.10.2023-31.12.2023 |
During the year zero options was exercised.
The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023). |
All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. |
Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount: |
In NOK 1 000 | 2024 | 2023 |
Share-based incentive program for all employees | 4 711 | 4 711 |
Share-based incentive program for management | 1 157 | 3 415 |
Total share based payment expense excluded social security costs | 5 868 | 8 127 |
Payroll tax expense | -318 | 1 353 |
Total share based payment expense | 5 550 | 9 479 |
Note 13 - Right of use assets and lease liabilities | |||
Right of use assets | |||
2024 | |||
In NOK 1000 | Vehicles | Land and buildings | Total |
1 January | 3 357 | 49 385 | 52 741 |
Additions | 0 | 0 | 0 |
Disposals | 0 | -1 721 | -1 721 |
Additions through business combinations | 0 | 0 | 0 |
Depreciation | -1 799 | -8 337 | -10 136 |
Foreign currency effects | 195 | 194 | |
31 December | 1 753 | 39 326 | 41 079 |
2023 | |||
In NOK 1000 | Vehicles | Land and buildings | Total |
1 January | 3 214 | 12 496 | 15 709 |
Additions | 2 335 | 51 049 | 53 384 |
Disposals | 0 | -7 570 | -7 570 |
Additions through business combinations | 0 | 0 | 0 |
Amortisation | -2 566 | -6 599 | -9 165 |
Foreign currency effects | 374 | 9 | 383 |
31 December | 3 357 | 49 385 | 52 741 |
Economic life/lease term | 5 - 15 year | 3 - 7 year | |
Amortisation method | Straight line | Straight line |
Lease liabilities | ||
Undiscounted lease payments and year of payment | ||
In NOK 1000 | 2024 | 2023 |
Less than 1 year | 7 609 | 10 592 |
1-3 years | 11 942 | 16 168 |
3-5 years | 10 575 | 10 911 |
more than 5 years | 19 672 | 24 918 |
Total | 49 797 | 62 589 |
Changes in lease liabilities | ||
In NOK 1000 | 2024 | 2023 |
1 January | 52 826 | 15 942 |
Additions | 0 | 53 191 |
Disposals | -2 269 | -7 570 |
Interest expenses | 2 442 | 703 |
Lease payments | -11 093 | -9 770 |
Foreign currency effects | 986 | 330 |
31 December | 42 892 | 52 826 |
In NOK 1000 | 2024 | 2023 |
Current lease liabilities | 6 439 | 9 064 |
Non-current lease liabilities | 36 453 | 43 762 |
Total | 42 892 | 52 826 |
The lease contracts do not include any restrictions with regards to the Group\u2019s dividend policy or financing opportunities. | ||
Lease payment expensed | ||
In NOK 1000 | 2024 | 2023 |
Expensed lease payment for short-term leases and low value leases | 16 425 | 9 207 |
Total | 16 425 | 9 207 |
Note 7 - Employee benefit expenses | |||||
Payroll costs | |||||
In NOK 1000 | 2024 | 2023 | |||
Salaries | 165 413 | 175 666 | |||
Share based payment expense excluded payroll tax | 5 869 | 8 127 | |||
Payroll tax | 23 111 | 22 046 | |||
Other benefits | 47 679 | 42 123 | |||
Total | 242 072 | 247 962 | |||
Average full-time employees | 193 | 183 | |||
2024 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Ingelin Dr\u00f8pping | 395 | 0 | 0 | 0 | 395 |
Stig H. Christiansen | 630 | 0 | 0 | 0 | 630 |
Jennifer Jacobs Dungs | 295 | 0 | 0 | 0 | 295 |
Gunnar Hviding* | 0 | 0 | 0 | 0 | 0 |
Karoline Nystr\u00f8m* | 0 | 0 | 0 | 0 | 0 |
Christian Rangen** | 300 | 0 | 0 | 0 | 300 |
An Joanna De Pauw** | 350 | 0 | 0 | 0 | 350 |
Total | 1 970 | 0 | 0 | 0 | 1 970 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Kurt \u00d8strem*** | 3 557 | 0 | 2 526 | 221 | 6 304 |
Eirik Fjells\u00e5 H\u00e6rem**** | 2 141 | 0 | 939 | 14 | 3 094 |
Total | 5 698 | 0 | 3 464 | 235 | 9 397 |
* Member of the board from 12.07.2024 | |||||
** Member of the Board up until 12.07.2024 | |||||
*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024. | |||||
**** Appointed as CFO and Deputy CEO 29.02.2024 |
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 451 | 0 | 1 317 | 14 | 2 783 |
Joris Laponder* | 2 384 | 459 | 0 | 119 | 2 962 |
Knut Braut | 1 977 | 0 | 1 976 | 114 | 4 067 |
Lasse Hult | 1 530 | 0 | 1 317 | 9 | 2 857 |
Anna-Karin Andersen** | 1 727 | 0 | 1 174 | 4 | 2 905 |
Trude Rekkedal Schulberg | 1 265 | 0 | 464 | 14 | 1 743 |
Total | 10 334 | 459 | 6 248 | 273 | 17 315 |
*Part of management from 01.08.2024 | |||||
**Left company 09.08.2024 | |||||
2023 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Stig H. Christiansen | 500 | 0 | 0 | 0 | 500 |
Ingelin Dr\u00f8pping | 350 | 0 | 0 | 0 | 350 |
Christian Rangen | 250 | 0 | 0 | 0 | 250 |
Jennifer Jacobs Dungs | 250 | 0 | 0 | 0 | 250 |
An Joanna De Pauw | 250 | 0 | 0 | 0 | 250 |
Total | 1 600 | 0 | 0 | 0 | 1 600 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Peter Bardenfleth-Hansen* | 3 630 | 0 | 0 | 9 674 | 13 304 |
Kurt \u00d8strem (CFO and interim CEO)** | 2 641 | 0 | 1 484 | 231 | 4 356 |
Total | 6 271 | 0 | 1 484 | 9 905 | 17 660 |
*Peter Bardenfleth-Hansen left the company 01.10.2023. |
Settlement of MNOK 9.5 is included in other benefits. The settlement has been accounted for as payroll. | |||||
**Acting CEO and CFO up until 22.02.2024. | |||||
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 397 | 0 | 989 | 48 | 2 434 |
Eirik Fjells\u00e5 H\u00e6rem | 1 505 | 200 | 685 | 22 | 2 412 |
Knut Braut | 1 551 | 0 | 1 868 | 126 | 3 545 |
Lasse Hult | 1 396 | 0 | 989 | 175 | 2 560 |
Anna-Karin Andersen | 1 632 | 0 | 899 | 5 | 2 536 |
Trude Rekkedal Schulberg* | 671 | 0 | 397 | 12 | 1 080 |
P\u00e5l Tumyr** | 1 308 | 0 | 0 | 31 | 1 340 |
Total | 9 460 | 200 | 5 827 | 419 | 15 906 |
*Enrolled 01.05.2023 | |||||
** Left the company 30.11.2023 |
Pension | ||
The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group\u2019s pension schemes comply with the requirements under that law. This year\u2019s pension cost of 12.4 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits. | ||
Remuneration to auditors | ||
In NOK 1000 | 2024 | 2023 |
Statutory audit | 2 632 | 2 225 |
Other non-auditing services | 1 513 | 888 |
Total | 4 144 | 3 113 |
All amounts exclude VAT. | ||
Loans and guarantees to management and leading employees | ||
The group does not have any loans or guarantees to management and leading employees. |
Share-based compensation |
Share-based incentive program for all employees |
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees\u2019 annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220. |
As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022. |
The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date. |
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022. |
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. |
The company operates two equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024. |
The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021. |
* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period. |
Share-based payment program for key management and board of directors (Stock option program) | ||||
2024 | 2023 | |||
In NOK 1000 | Weighted average exercise price | Number | Weighted average exercise price | Number |
Outstanding at 1 January | 13.25 | 500 000 | 13.25 | 600 000 |
Granted during the year | 0.00 | 0 | 0.00 | 0 |
Forfeited during the year | 0.00 | 0 | 0.00 | 0 |
Exercised during the year | 0.00 | 0 | 11.25 | 100 000 |
Lapsed during the year | 15.25 | 50 000 | 0.00 | 0 |
Outstanding at 31 December | 13.25 | 450 000 | 13.58 | 500 000 |
Vested at 31 December | 450 000 | 500 000 | ||
The following information is relevant in the determination of the fair value of options granted during the year under : | ||||
2024 | 2023 | |||
Option pricing model used | ||||
Black-Scholes | Black-Scholes | |||
Share price at date of grant | * | * | ||
Strike | * | * | ||
Contractual life (in days) | * | * | ||
Expected life (in days) | * | * | ||
Expected volatility | * | * | ||
Risk-free interest rate | * | * | ||
Fair value at grant date (average) | * | * | ||
* No new options granted |
As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt \u00d8strem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024. |
One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25. |
2024 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem | CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Stig H. Christiansen | Board member | 50 000 | 11.25 | 12/31/2022 | 12/31/2025 |
2023 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Kurt Aadn\u00f8y | Former employee | 50 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Stig H. Christiansen | Chairman | 50 000 | 11.25 | 12/31/2022 | 2/28/2024 |
* CFO and acting CEO in the period 02.10.2023-31.12.2023 |
During the year zero options was exercised.
The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023). |
All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. |
Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount: |
In NOK 1 000 | 2024 | 2023 |
Share-based incentive program for all employees | 4 711 | 4 711 |
Share-based incentive program for management | 1 157 | 3 415 |
Total share based payment expense excluded social security costs | 5 868 | 8 127 |
Payroll tax expense | -318 | 1 353 |
Total share based payment expense | 5 550 | 9 479 |
Note 7 - Employee benefit expenses | |||||
Payroll costs | |||||
In NOK 1000 | 2024 | 2023 | |||
Salaries | 165 413 | 175 666 | |||
Share based payment expense excluded payroll tax | 5 869 | 8 127 | |||
Payroll tax | 23 111 | 22 046 | |||
Other benefits | 47 679 | 42 123 | |||
Total | 242 072 | 247 962 | |||
Average full-time employees | 193 | 183 | |||
2024 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Ingelin Dr\u00f8pping | 395 | 0 | 0 | 0 | 395 |
Stig H. Christiansen | 630 | 0 | 0 | 0 | 630 |
Jennifer Jacobs Dungs | 295 | 0 | 0 | 0 | 295 |
Gunnar Hviding* | 0 | 0 | 0 | 0 | 0 |
Karoline Nystr\u00f8m* | 0 | 0 | 0 | 0 | 0 |
Christian Rangen** | 300 | 0 | 0 | 0 | 300 |
An Joanna De Pauw** | 350 | 0 | 0 | 0 | 350 |
Total | 1 970 | 0 | 0 | 0 | 1 970 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Kurt \u00d8strem*** | 3 557 | 0 | 2 526 | 221 | 6 304 |
Eirik Fjells\u00e5 H\u00e6rem**** | 2 141 | 0 | 939 | 14 | 3 094 |
Total | 5 698 | 0 | 3 464 | 235 | 9 397 |
* Member of the board from 12.07.2024 | |||||
** Member of the Board up until 12.07.2024 | |||||
*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024. | |||||
**** Appointed as CFO and Deputy CEO 29.02.2024 |
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 451 | 0 | 1 317 | 14 | 2 783 |
Joris Laponder* | 2 384 | 459 | 0 | 119 | 2 962 |
Knut Braut | 1 977 | 0 | 1 976 | 114 | 4 067 |
Lasse Hult | 1 530 | 0 | 1 317 | 9 | 2 857 |
Anna-Karin Andersen** | 1 727 | 0 | 1 174 | 4 | 2 905 |
Trude Rekkedal Schulberg | 1 265 | 0 | 464 | 14 | 1 743 |
Total | 10 334 | 459 | 6 248 | 273 | 17 315 |
*Part of management from 01.08.2024 | |||||
**Left company 09.08.2024 | |||||
2023 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Stig H. Christiansen | 500 | 0 | 0 | 0 | 500 |
Ingelin Dr\u00f8pping | 350 | 0 | 0 | 0 | 350 |
Christian Rangen | 250 | 0 | 0 | 0 | 250 |
Jennifer Jacobs Dungs | 250 | 0 | 0 | 0 | 250 |
An Joanna De Pauw | 250 | 0 | 0 | 0 | 250 |
Total | 1 600 | 0 | 0 | 0 | 1 600 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Peter Bardenfleth-Hansen* | 3 630 | 0 | 0 | 9 674 | 13 304 |
Kurt \u00d8strem (CFO and interim CEO)** | 2 641 | 0 | 1 484 | 231 | 4 356 |
Total | 6 271 | 0 | 1 484 | 9 905 | 17 660 |
*Peter Bardenfleth-Hansen left the company 01.10.2023. |
Settlement of MNOK 9.5 is included in other benefits. The settlement has been accounted for as payroll. | |||||
**Acting CEO and CFO up until 22.02.2024. | |||||
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 397 | 0 | 989 | 48 | 2 434 |
Eirik Fjells\u00e5 H\u00e6rem | 1 505 | 200 | 685 | 22 | 2 412 |
Knut Braut | 1 551 | 0 | 1 868 | 126 | 3 545 |
Lasse Hult | 1 396 | 0 | 989 | 175 | 2 560 |
Anna-Karin Andersen | 1 632 | 0 | 899 | 5 | 2 536 |
Trude Rekkedal Schulberg* | 671 | 0 | 397 | 12 | 1 080 |
P\u00e5l Tumyr** | 1 308 | 0 | 0 | 31 | 1 340 |
Total | 9 460 | 200 | 5 827 | 419 | 15 906 |
*Enrolled 01.05.2023 | |||||
** Left the company 30.11.2023 |
Pension | ||
The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group\u2019s pension schemes comply with the requirements under that law. This year\u2019s pension cost of 12.4 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits. | ||
Remuneration to auditors | ||
In NOK 1000 | 2024 | 2023 |
Statutory audit | 2 632 | 2 225 |
Other non-auditing services | 1 513 | 888 |
Total | 4 144 | 3 113 |
All amounts exclude VAT. | ||
Loans and guarantees to management and leading employees | ||
The group does not have any loans or guarantees to management and leading employees. |
Share-based compensation |
Share-based incentive program for all employees |
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees\u2019 annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220. |
As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022. |
The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date. |
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022. |
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. |
The company operates two equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024. |
The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021. |
* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period. |
Share-based payment program for key management and board of directors (Stock option program) | ||||
2024 | 2023 | |||
In NOK 1000 | Weighted average exercise price | Number | Weighted average exercise price | Number |
Outstanding at 1 January | 13.25 | 500 000 | 13.25 | 600 000 |
Granted during the year | 0.00 | 0 | 0.00 | 0 |
Forfeited during the year | 0.00 | 0 | 0.00 | 0 |
Exercised during the year | 0.00 | 0 | 11.25 | 100 000 |
Lapsed during the year | 15.25 | 50 000 | 0.00 | 0 |
Outstanding at 31 December | 13.25 | 450 000 | 13.58 | 500 000 |
Vested at 31 December | 450 000 | 500 000 | ||
The following information is relevant in the determination of the fair value of options granted during the year under : | ||||
2024 | 2023 | |||
Option pricing model used | ||||
Black-Scholes | Black-Scholes | |||
Share price at date of grant | * | * | ||
Strike | * | * | ||
Contractual life (in days) | * | * | ||
Expected life (in days) | * | * | ||
Expected volatility | * | * | ||
Risk-free interest rate | * | * | ||
Fair value at grant date (average) | * | * | ||
* No new options granted |
As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt \u00d8strem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024. |
One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25. |
2024 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem | CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Stig H. Christiansen | Board member | 50 000 | 11.25 | 12/31/2022 | 12/31/2025 |
2023 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Kurt Aadn\u00f8y | Former employee | 50 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Stig H. Christiansen | Chairman | 50 000 | 11.25 | 12/31/2022 | 2/28/2024 |
* CFO and acting CEO in the period 02.10.2023-31.12.2023 |
During the year zero options was exercised.
The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023). |
All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. |
Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount: |
In NOK 1 000 | 2024 | 2023 |
Share-based incentive program for all employees | 4 711 | 4 711 |
Share-based incentive program for management | 1 157 | 3 415 |
Total share based payment expense excluded social security costs | 5 868 | 8 127 |
Payroll tax expense | -318 | 1 353 |
Total share based payment expense | 5 550 | 9 479 |
Note 7 - Employee benefit expenses | |||||
Payroll costs | |||||
In NOK 1000 | 2024 | 2023 | |||
Salaries | 165 413 | 175 666 | |||
Share based payment expense excluded payroll tax | 5 869 | 8 127 | |||
Payroll tax | 23 111 | 22 046 | |||
Other benefits | 47 679 | 42 123 | |||
Total | 242 072 | 247 962 | |||
Average full-time employees | 193 | 183 | |||
2024 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Ingelin Dr\u00f8pping | 395 | 0 | 0 | 0 | 395 |
Stig H. Christiansen | 630 | 0 | 0 | 0 | 630 |
Jennifer Jacobs Dungs | 295 | 0 | 0 | 0 | 295 |
Gunnar Hviding* | 0 | 0 | 0 | 0 | 0 |
Karoline Nystr\u00f8m* | 0 | 0 | 0 | 0 | 0 |
Christian Rangen** | 300 | 0 | 0 | 0 | 300 |
An Joanna De Pauw** | 350 | 0 | 0 | 0 | 350 |
Total | 1 970 | 0 | 0 | 0 | 1 970 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Kurt \u00d8strem*** | 3 557 | 0 | 2 526 | 221 | 6 304 |
Eirik Fjells\u00e5 H\u00e6rem**** | 2 141 | 0 | 939 | 14 | 3 094 |
Total | 5 698 | 0 | 3 464 | 235 | 9 397 |
* Member of the board from 12.07.2024 | |||||
** Member of the Board up until 12.07.2024 | |||||
*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024. | |||||
**** Appointed as CFO and Deputy CEO 29.02.2024 |
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 451 | 0 | 1 317 | 14 | 2 783 |
Joris Laponder* | 2 384 | 459 | 0 | 119 | 2 962 |
Knut Braut | 1 977 | 0 | 1 976 | 114 | 4 067 |
Lasse Hult | 1 530 | 0 | 1 317 | 9 | 2 857 |
Anna-Karin Andersen** | 1 727 | 0 | 1 174 | 4 | 2 905 |
Trude Rekkedal Schulberg | 1 265 | 0 | 464 | 14 | 1 743 |
Total | 10 334 | 459 | 6 248 | 273 | 17 315 |
*Part of management from 01.08.2024 | |||||
**Left company 09.08.2024 | |||||
2023 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Stig H. Christiansen | 500 | 0 | 0 | 0 | 500 |
Ingelin Dr\u00f8pping | 350 | 0 | 0 | 0 | 350 |
Christian Rangen | 250 | 0 | 0 | 0 | 250 |
Jennifer Jacobs Dungs | 250 | 0 | 0 | 0 | 250 |
An Joanna De Pauw | 250 | 0 | 0 | 0 | 250 |
Total | 1 600 | 0 | 0 | 0 | 1 600 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Peter Bardenfleth-Hansen* | 3 630 | 0 | 0 | 9 674 | 13 304 |
Kurt \u00d8strem (CFO and interim CEO)** | 2 641 | 0 | 1 484 | 231 | 4 356 |
Total | 6 271 | 0 | 1 484 | 9 905 | 17 660 |
*Peter Bardenfleth-Hansen left the company 01.10.2023. |
Settlement of MNOK 9.5 is included in other benefits. The settlement has been accounted for as payroll. | |||||
**Acting CEO and CFO up until 22.02.2024. | |||||
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 397 | 0 | 989 | 48 | 2 434 |
Eirik Fjells\u00e5 H\u00e6rem | 1 505 | 200 | 685 | 22 | 2 412 |
Knut Braut | 1 551 | 0 | 1 868 | 126 | 3 545 |
Lasse Hult | 1 396 | 0 | 989 | 175 | 2 560 |
Anna-Karin Andersen | 1 632 | 0 | 899 | 5 | 2 536 |
Trude Rekkedal Schulberg* | 671 | 0 | 397 | 12 | 1 080 |
P\u00e5l Tumyr** | 1 308 | 0 | 0 | 31 | 1 340 |
Total | 9 460 | 200 | 5 827 | 419 | 15 906 |
*Enrolled 01.05.2023 | |||||
** Left the company 30.11.2023 |
Pension | ||
The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group\u2019s pension schemes comply with the requirements under that law. This year\u2019s pension cost of 12.4 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits. | ||
Remuneration to auditors | ||
In NOK 1000 | 2024 | 2023 |
Statutory audit | 2 632 | 2 225 |
Other non-auditing services | 1 513 | 888 |
Total | 4 144 | 3 113 |
All amounts exclude VAT. | ||
Loans and guarantees to management and leading employees | ||
The group does not have any loans or guarantees to management and leading employees. |
Share-based compensation |
Share-based incentive program for all employees |
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees\u2019 annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220. |
As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022. |
The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date. |
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022. |
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. |
The company operates two equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024. |
The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021. |
* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period. |
Share-based payment program for key management and board of directors (Stock option program) | ||||
2024 | 2023 | |||
In NOK 1000 | Weighted average exercise price | Number | Weighted average exercise price | Number |
Outstanding at 1 January | 13.25 | 500 000 | 13.25 | 600 000 |
Granted during the year | 0.00 | 0 | 0.00 | 0 |
Forfeited during the year | 0.00 | 0 | 0.00 | 0 |
Exercised during the year | 0.00 | 0 | 11.25 | 100 000 |
Lapsed during the year | 15.25 | 50 000 | 0.00 | 0 |
Outstanding at 31 December | 13.25 | 450 000 | 13.58 | 500 000 |
Vested at 31 December | 450 000 | 500 000 | ||
The following information is relevant in the determination of the fair value of options granted during the year under : | ||||
2024 | 2023 | |||
Option pricing model used | ||||
Black-Scholes | Black-Scholes | |||
Share price at date of grant | * | * | ||
Strike | * | * | ||
Contractual life (in days) | * | * | ||
Expected life (in days) | * | * | ||
Expected volatility | * | * | ||
Risk-free interest rate | * | * | ||
Fair value at grant date (average) | * | * | ||
* No new options granted |
As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt \u00d8strem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024. |
One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25. |
2024 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem | CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Stig H. Christiansen | Board member | 50 000 | 11.25 | 12/31/2022 | 12/31/2025 |
2023 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Kurt Aadn\u00f8y | Former employee | 50 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Stig H. Christiansen | Chairman | 50 000 | 11.25 | 12/31/2022 | 2/28/2024 |
* CFO and acting CEO in the period 02.10.2023-31.12.2023 |
During the year zero options was exercised.
The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023). |
All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. |
Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount: |
In NOK 1 000 | 2024 | 2023 |
Share-based incentive program for all employees | 4 711 | 4 711 |
Share-based incentive program for management | 1 157 | 3 415 |
Total share based payment expense excluded social security costs | 5 868 | 8 127 |
Payroll tax expense | -318 | 1 353 |
Total share based payment expense | 5 550 | 9 479 |
Note 7 - Employee benefit expenses | |||||
Payroll costs | |||||
In NOK 1000 | 2024 | 2023 | |||
Salaries | 165 413 | 175 666 | |||
Share based payment expense excluded payroll tax | 5 869 | 8 127 | |||
Payroll tax | 23 111 | 22 046 | |||
Other benefits | 47 679 | 42 123 | |||
Total | 242 072 | 247 962 | |||
Average full-time employees | 193 | 183 | |||
2024 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Ingelin Dr\u00f8pping | 395 | 0 | 0 | 0 | 395 |
Stig H. Christiansen | 630 | 0 | 0 | 0 | 630 |
Jennifer Jacobs Dungs | 295 | 0 | 0 | 0 | 295 |
Gunnar Hviding* | 0 | 0 | 0 | 0 | 0 |
Karoline Nystr\u00f8m* | 0 | 0 | 0 | 0 | 0 |
Christian Rangen** | 300 | 0 | 0 | 0 | 300 |
An Joanna De Pauw** | 350 | 0 | 0 | 0 | 350 |
Total | 1 970 | 0 | 0 | 0 | 1 970 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Kurt \u00d8strem*** | 3 557 | 0 | 2 526 | 221 | 6 304 |
Eirik Fjells\u00e5 H\u00e6rem**** | 2 141 | 0 | 939 | 14 | 3 094 |
Total | 5 698 | 0 | 3 464 | 235 | 9 397 |
* Member of the board from 12.07.2024 | |||||
** Member of the Board up until 12.07.2024 | |||||
*** CFO and acting CEO in the period 01.01.2024-22.02.2024. Appointed as CEO 22.02.2024. | |||||
**** Appointed as CFO and Deputy CEO 29.02.2024 |
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 451 | 0 | 1 317 | 14 | 2 783 |
Joris Laponder* | 2 384 | 459 | 0 | 119 | 2 962 |
Knut Braut | 1 977 | 0 | 1 976 | 114 | 4 067 |
Lasse Hult | 1 530 | 0 | 1 317 | 9 | 2 857 |
Anna-Karin Andersen** | 1 727 | 0 | 1 174 | 4 | 2 905 |
Trude Rekkedal Schulberg | 1 265 | 0 | 464 | 14 | 1 743 |
Total | 10 334 | 459 | 6 248 | 273 | 17 315 |
*Part of management from 01.08.2024 | |||||
**Left company 09.08.2024 | |||||
2023 | |||||
Board of directors | |||||
In NOK 1000 | Board fee | Bonus | Share based payment | Other benefits | Total |
Stig H. Christiansen | 500 | 0 | 0 | 0 | 500 |
Ingelin Dr\u00f8pping | 350 | 0 | 0 | 0 | 350 |
Christian Rangen | 250 | 0 | 0 | 0 | 250 |
Jennifer Jacobs Dungs | 250 | 0 | 0 | 0 | 250 |
An Joanna De Pauw | 250 | 0 | 0 | 0 | 250 |
Total | 1 600 | 0 | 0 | 0 | 1 600 |
Chief executive officer and CFO | Salary | Bonus | Share based payment | Other benefits | Total |
Peter Bardenfleth-Hansen* | 3 630 | 0 | 0 | 9 674 | 13 304 |
Kurt \u00d8strem (CFO and interim CEO)** | 2 641 | 0 | 1 484 | 231 | 4 356 |
Total | 6 271 | 0 | 1 484 | 9 905 | 17 660 |
*Peter Bardenfleth-Hansen left the company 01.10.2023. |
Settlement of MNOK 9.5 is included in other benefits. The settlement has been accounted for as payroll. | |||||
**Acting CEO and CFO up until 22.02.2024. | |||||
Others in management | Salary | Bonus | Share based payment | Other benefits | Total |
Kristian S\u00e6ther | 1 397 | 0 | 989 | 48 | 2 434 |
Eirik Fjells\u00e5 H\u00e6rem | 1 505 | 200 | 685 | 22 | 2 412 |
Knut Braut | 1 551 | 0 | 1 868 | 126 | 3 545 |
Lasse Hult | 1 396 | 0 | 989 | 175 | 2 560 |
Anna-Karin Andersen | 1 632 | 0 | 899 | 5 | 2 536 |
Trude Rekkedal Schulberg* | 671 | 0 | 397 | 12 | 1 080 |
P\u00e5l Tumyr** | 1 308 | 0 | 0 | 31 | 1 340 |
Total | 9 460 | 200 | 5 827 | 419 | 15 906 |
*Enrolled 01.05.2023 | |||||
** Left the company 30.11.2023 |
Pension | ||
The group is required to provide an occupational pension scheme pursuant to the Act relating to Mandatory Occupational Pensions. The group\u2019s pension schemes comply with the requirements under that law. This year\u2019s pension cost of 12.4 MNOK is recognised in the consolidated statement of profit and loss and included in Other benefits. | ||
Remuneration to auditors | ||
In NOK 1000 | 2024 | 2023 |
Statutory audit | 2 632 | 2 225 |
Other non-auditing services | 1 513 | 888 |
Total | 4 144 | 3 113 |
All amounts exclude VAT. | ||
Loans and guarantees to management and leading employees | ||
The group does not have any loans or guarantees to management and leading employees. |
Share-based compensation |
Share-based incentive program for all employees |
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees\u2019 annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220. |
As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022. |
The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date. |
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022. |
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. |
The company operates two equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024. |
The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021. |
* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period. |
Share-based payment program for key management and board of directors (Stock option program) | ||||
2024 | 2023 | |||
In NOK 1000 | Weighted average exercise price | Number | Weighted average exercise price | Number |
Outstanding at 1 January | 13.25 | 500 000 | 13.25 | 600 000 |
Granted during the year | 0.00 | 0 | 0.00 | 0 |
Forfeited during the year | 0.00 | 0 | 0.00 | 0 |
Exercised during the year | 0.00 | 0 | 11.25 | 100 000 |
Lapsed during the year | 15.25 | 50 000 | 0.00 | 0 |
Outstanding at 31 December | 13.25 | 450 000 | 13.58 | 500 000 |
Vested at 31 December | 450 000 | 500 000 | ||
The following information is relevant in the determination of the fair value of options granted during the year under : | ||||
2024 | 2023 | |||
Option pricing model used | ||||
Black-Scholes | Black-Scholes | |||
Share price at date of grant | * | * | ||
Strike | * | * | ||
Contractual life (in days) | * | * | ||
Expected life (in days) | * | * | ||
Expected volatility | * | * | ||
Risk-free interest rate | * | * | ||
Fair value at grant date (average) | * | * | ||
* No new options granted |
As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt \u00d8strem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024. |
One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25. |
2024 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem | CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Stig H. Christiansen | Board member | 50 000 | 11.25 | 12/31/2022 | 12/31/2025 |
2023 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Kurt Aadn\u00f8y | Former employee | 50 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Stig H. Christiansen | Chairman | 50 000 | 11.25 | 12/31/2022 | 2/28/2024 |
* CFO and acting CEO in the period 02.10.2023-31.12.2023 |
During the year zero options was exercised.
The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023). |
All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. |
Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount: |
In NOK 1 000 | 2024 | 2023 |
Share-based incentive program for all employees | 4 711 | 4 711 |
Share-based incentive program for management | 1 157 | 3 415 |
Total share based payment expense excluded social security costs | 5 868 | 8 127 |
Payroll tax expense | -318 | 1 353 |
Total share based payment expense | 5 550 | 9 479 |
Remuneration to auditors
In NOK 1000
2024
2023
Statutory audit
2 632
2 225
Other non-auditing services
1 513
888
Total
4 144
3 113
All amounts exclude VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__80": { "value": "Share-based compensation |
Share-based incentive program for all employees |
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees\u2019 annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220. |
As part of the scheme the employee will receive a cash bonus equal to hers/his income tax payable triggered by the program. If the employee leaves before 01.01.2025 the shares received should be returned to the company without consideration. The cash portion would not be returned. The cash settlement and the employees tax payable has both been expensed in 2022. |
The share portion is accounted for as an equity settled share-based payment program with immediate allocating to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021. The provision for the cash portion is based on the estimated income tax trigged by the actual transfer of the share at each reporting date. |
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022. |
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022. |
The company operates two equity-settled share-based remuneration schemes for key management: |
Share-based incentive program for management |
As of 01.01.2022 the group implemented a share-based incentive program for management. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period running until 01.01.2025. A total of 322 629 rights to receive shares has been granted under this program as of 31.12.2024. |
The program is accounted for as a equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021. |
* The expense for social security contribution is accrued based on the share price at grant date. As a result of the significant reduction of the Zaptec share the provision has been reduced during 2022. Provision for not vested instruments is also recognised, and are expensed over the vesing period. |
Share-based payment program for key management and board of directors (Stock option program) | ||||
2024 | 2023 | |||
In NOK 1000 | Weighted average exercise price | Number | Weighted average exercise price | Number |
Outstanding at 1 January | 13.25 | 500 000 | 13.25 | 600 000 |
Granted during the year | 0.00 | 0 | 0.00 | 0 |
Forfeited during the year | 0.00 | 0 | 0.00 | 0 |
Exercised during the year | 0.00 | 0 | 11.25 | 100 000 |
Lapsed during the year | 15.25 | 50 000 | 0.00 | 0 |
Outstanding at 31 December | 13.25 | 450 000 | 13.58 | 500 000 |
Vested at 31 December | 450 000 | 500 000 | ||
The following information is relevant in the determination of the fair value of options granted during the year under : | ||||
2024 | 2023 | |||
Option pricing model used | ||||
Black-Scholes | Black-Scholes | |||
Share price at date of grant | * | * | ||
Strike | * | * | ||
Contractual life (in days) | * | * | ||
Expected life (in days) | * | * | ||
Expected volatility | * | * | ||
Risk-free interest rate | * | * | ||
Fair value at grant date (average) | * | * | ||
* No new options granted |
As of 31.12.2024 The Group had employee stock options agreements with 2 employees, CEO Kurt \u00d8strem and CTO Knut Braut. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1.100.000 shares at a share price ranging from NOK 11.25 to NOK 15.25. As of 31.12.2024 remaining stock options is 400 000 shares. All of these stock options can be excercised as of 31.12.2024. |
One board member, Stig H. Christiansen holds stock options as of 31.12.2024. The agreement have vesting periods ranging for 6.4 - 18.4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11.25. |
2024 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem | CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2025 |
Kurt \u00d8strem | CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2025 |
Stig H. Christiansen | Board member | 50 000 | 11.25 | 12/31/2022 | 12/31/2025 |
2023 | |||||
Name | Role | Share options | Strike (NOK) | Vesting period end | Expiration date |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 11.25 | 10/6/2020 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 13.25 | 10/6/2021 | 12/31/2024 |
Kurt \u00d8strem* | CFO and interim CEO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Knut Braut | CTO | 100 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Kurt Aadn\u00f8y | Former employee | 50 000 | 15.25 | 10/6/2022 | 12/31/2024 |
Stig H. Christiansen | Chairman | 50 000 | 11.25 | 12/31/2022 | 2/28/2024 |
* CFO and acting CEO in the period 02.10.2023-31.12.2023 |
During the year zero options was exercised.
The employees have not paid any premium when acquiring the options. A provision is made for future obligations related to employer contribution from the option program. The provision is based on the intrinsic value of the options as of year-end and proportional to the vesting of the option granted. As of 31.12.2024 the provision for employer contribution is 0 MNOK (0 MNOK for 2023). |
All sale or purchase of treasury shares are related to options and/or the share-based incentive programs. |
Total share-based payment expense is charged to the consolidated statement of profit and loss with the following amount: |
In NOK 1 000 | 2024 | 2023 |
Share-based incentive program for all employees | 4 711 | 4 711 |
Share-based incentive program for management | 1 157 | 3 415 |
Total share based payment expense excluded social security costs | 5 868 | 8 127 |
Payroll tax expense | -318 | 1 353 |
Total share based payment expense | 5 550 | 9 479 |
Note 8 - Financial income and expense | ||
In NOK 1000 | 2024 | 2023 |
Finance income | ||
Other finance income | 2 764 | 7 569 |
Foreign currency gain | 0 | 6 328 |
Total finance income | 2 764 | 13 897 |
Finance expense | ||
Interest on debts and borrowings | 11 366 | 0 |
Interest from leases | 2 442 | 759 |
Other finance expense | 12 597 | 2 356 |
Foreign currency loss | 447 | 0 |
Total finance expense | 26 851 | 3 115 |
Note 8 - Financial income and expense | ||
In NOK 1000 | 2024 | 2023 |
Finance income | ||
Other finance income | 2 764 | 7 569 |
Foreign currency gain | 0 | 6 328 |
Total finance income | 2 764 | 13 897 |
Finance expense | ||
Interest on debts and borrowings | 11 366 | 0 |
Interest from leases | 2 442 | 759 |
Other finance expense | 12 597 | 2 356 |
Foreign currency loss | 447 | 0 |
Total finance expense | 26 851 | 3 115 |
Note 8 - Financial income and expense | ||
In NOK 1000 | 2024 | 2023 |
Finance income | ||
Other finance income | 2 764 | 7 569 |
Foreign currency gain | 0 | 6 328 |
Total finance income | 2 764 | 13 897 |
Finance expense | ||
Interest on debts and borrowings | 11 366 | 0 |
Interest from leases | 2 442 | 759 |
Other finance expense | 12 597 | 2 356 |
Foreign currency loss | 447 | 0 |
Total finance expense | 26 851 | 3 115 |
Note 8 - Financial income and expense | ||
In NOK 1000 | 2024 | 2023 |
Finance income | ||
Other finance income | 2 764 | 7 569 |
Foreign currency gain | 0 | 6 328 |
Total finance income | 2 764 | 13 897 |
Finance expense | ||
Interest on debts and borrowings | 11 366 | 0 |
Interest from leases | 2 442 | 759 |
Other finance expense | 12 597 | 2 356 |
Foreign currency loss | 447 | 0 |
Total finance expense | 26 851 | 3 115 |
Note 8 - Financial income and expense | ||
In NOK 1000 | 2024 | 2023 |
Finance income | ||
Other finance income | 2 764 | 7 569 |
Foreign currency gain | 0 | 6 328 |
Total finance income | 2 764 | 13 897 |
Finance expense | ||
Interest on debts and borrowings | 11 366 | 0 |
Interest from leases | 2 442 | 759 |
Other finance expense | 12 597 | 2 356 |
Foreign currency loss | 447 | 0 |
Total finance expense | 26 851 | 3 115 |
Note 8 - Financial income and expense | ||
In NOK 1000 | 2024 | 2023 |
Finance income | ||
Other finance income | 2 764 | 7 569 |
Foreign currency gain | 0 | 6 328 |
Total finance income | 2 764 | 13 897 |
Finance expense | ||
Interest on debts and borrowings | 11 366 | 0 |
Interest from leases | 2 442 | 759 |
Other finance expense | 12 597 | 2 356 |
Foreign currency loss | 447 | 0 |
Total finance expense | 26 851 | 3 115 |
Note 9 - Income tax | |||
In NOK 1000 | 2024 | 2023 | |
Income tax expense | |||
Current income tax | 10 412 | 19 306 | |
Changes in deferred tax | -9 943 | -17 545 | |
Total income tax expense (+)/benefit (-) | 468 | 1 761 | |
Temporary differences and tax positions | |||
Intangible assets | -10 527 | -16 994 | |
Property plant and equipment | 7 383 | 6 827 | |
Right of use assets | 41 079 | 52 741 | |
Inventories | 17 805 | 2 333 | |
Receivables | -3 135 | 11 767 | |
Lease liabilities | -42 892 | -53 600 | |
Provisions | 19 925 | 20 922 | |
Deferred revenue | 87 853 | 73 726 | |
Other differences | 9 102 | 12 330 | |
Total temporary differences and tax positions | 126 592 | 110 052 | |
Tax losses carried forward | 12 504 | 11 526 | |
Temporary differences and tax positions not included in the basis for deferred tax | 32 086 | -15 091 | |
Basis for deferred tax | 139 896 | 106 487 | |
Net deferred tax asset | 22% | 31 745 | 22 771 |
The deferred tax assets is mainly due to deferred revenue, provision for warranty claims, inventory and tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward. | |||
There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses. |
Specification in the statement of financial position | |||
Deferred tax asset | 37 219 | 29 898 | |
Deferred tax | 5 475 | 7 127 | |
Net deferred tax | 31 745 | 22 771 | |
Tax payable in the statement of financial position | |||
Current income tax payable | 10 412 | 19 303 | |
Prepaid tax | 0 | 1 680 | |
Net tax payable | 10 413 | 20 984 | |
In NOK 1000 | 2024 | 2023 | |
Reconciliation of effective tax rate | |||
Result before tax | -2 769 | 23 990 | |
Income tax based on applicable tax rate (22%) | 22% | -609 | 5 278 |
Effect from foreign currency and different tax rates | 451 | 681 | |
Changes in not recognized tax loss carried forward | -75 | -125 | |
Not deductible expenses employee share options | 0 | 0 | |
Note deductible expenses | 702 | 582 | |
Tax loss in foreign subsidiaries | 0 | 0 | |
Goodwill | 0 | 0 | |
Not taxable income | 0 | -4 654 | |
Total income tax expense (+)/benefit (-) | 468 | 1 761 | |
Effective tax rate | -16,9 % | 7,3 % |
Note 9 - Income tax | |||
In NOK 1000 | 2024 | 2023 | |
Income tax expense | |||
Current income tax | 10 412 | 19 306 | |
Changes in deferred tax | -9 943 | -17 545 | |
Total income tax expense (+)/benefit (-) | 468 | 1 761 | |
Temporary differences and tax positions | |||
Intangible assets | -10 527 | -16 994 | |
Property plant and equipment | 7 383 | 6 827 | |
Right of use assets | 41 079 | 52 741 | |
Inventories | 17 805 | 2 333 | |
Receivables | -3 135 | 11 767 | |
Lease liabilities | -42 892 | -53 600 | |
Provisions | 19 925 | 20 922 | |
Deferred revenue | 87 853 | 73 726 | |
Other differences | 9 102 | 12 330 | |
Total temporary differences and tax positions | 126 592 | 110 052 | |
Tax losses carried forward | 12 504 | 11 526 | |
Temporary differences and tax positions not included in the basis for deferred tax | 32 086 | -15 091 | |
Basis for deferred tax | 139 896 | 106 487 | |
Net deferred tax asset | 22% | 31 745 | 22 771 |
The deferred tax assets is mainly due to deferred revenue, provision for warranty claims, inventory and tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward. | |||
There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses. |
Specification in the statement of financial position | |||
Deferred tax asset | 37 219 | 29 898 | |
Deferred tax | 5 475 | 7 127 | |
Net deferred tax | 31 745 | 22 771 | |
Tax payable in the statement of financial position | |||
Current income tax payable | 10 412 | 19 303 | |
Prepaid tax | 0 | 1 680 | |
Net tax payable | 10 413 | 20 984 | |
In NOK 1000 | 2024 | 2023 | |
Reconciliation of effective tax rate | |||
Result before tax | -2 769 | 23 990 | |
Income tax based on applicable tax rate (22%) | 22% | -609 | 5 278 |
Effect from foreign currency and different tax rates | 451 | 681 | |
Changes in not recognized tax loss carried forward | -75 | -125 | |
Not deductible expenses employee share options | 0 | 0 | |
Note deductible expenses | 702 | 582 | |
Tax loss in foreign subsidiaries | 0 | 0 | |
Goodwill | 0 | 0 | |
Not taxable income | 0 | -4 654 | |
Total income tax expense (+)/benefit (-) | 468 | 1 761 | |
Effective tax rate | -16,9 % | 7,3 % |
Note 9 - Income tax | |||
In NOK 1000 | 2024 | 2023 | |
Income tax expense | |||
Current income tax | 10 412 | 19 306 | |
Changes in deferred tax | -9 943 | -17 545 | |
Total income tax expense (+)/benefit (-) | 468 | 1 761 | |
Temporary differences and tax positions | |||
Intangible assets | -10 527 | -16 994 | |
Property plant and equipment | 7 383 | 6 827 | |
Right of use assets | 41 079 | 52 741 | |
Inventories | 17 805 | 2 333 | |
Receivables | -3 135 | 11 767 | |
Lease liabilities | -42 892 | -53 600 | |
Provisions | 19 925 | 20 922 | |
Deferred revenue | 87 853 | 73 726 | |
Other differences | 9 102 | 12 330 | |
Total temporary differences and tax positions | 126 592 | 110 052 | |
Tax losses carried forward | 12 504 | 11 526 | |
Temporary differences and tax positions not included in the basis for deferred tax | 32 086 | -15 091 | |
Basis for deferred tax | 139 896 | 106 487 | |
Net deferred tax asset | 22% | 31 745 | 22 771 |
The deferred tax assets is mainly due to deferred revenue, provision for warranty claims, inventory and tax losses carried forward in Norwegian entities. The carried forward loss is expected to be utilized going forward as the Group is expected to have a taxable income going forward. | |||
There is no time limit of the tax losses carried forward. Tax losses not included in the basis for deferred tax relates to subsidiaries where there a still uncertainty about the availability of future tax income that can utilise these losses. |
Specification in the statement of financial position | |||
Deferred tax asset | 37 219 | 29 898 | |
Deferred tax | 5 475 | 7 127 | |
Net deferred tax | 31 745 | 22 771 | |
Tax payable in the statement of financial position | |||
Current income tax payable | 10 412 | 19 303 | |
Prepaid tax | 0 | 1 680 | |
Net tax payable | 10 413 | 20 984 | |
In NOK 1000 | 2024 | 2023 | |
Reconciliation of effective tax rate | |||
Result before tax | -2 769 | 23 990 | |
Income tax based on applicable tax rate (22%) | 22% | -609 | 5 278 |
Effect from foreign currency and different tax rates | 451 | 681 | |
Changes in not recognized tax loss carried forward | -75 | -125 | |
Not deductible expenses employee share options | 0 | 0 | |
Note deductible expenses | 702 | 582 | |
Tax loss in foreign subsidiaries | 0 | 0 | |
Goodwill | 0 | 0 | |
Not taxable income | 0 | -4 654 | |
Total income tax expense (+)/benefit (-) | 468 | 1 761 | |
Effective tax rate | -16,9 % | 7,3 % |
Note 10 - Earnings per share | ||
Basic earnings per share is based on the earnings attributable to shareholders of the company and the weighted average number of ordinary shares outstanding for the year, less ordinary shares purchased by the company and held as treasury shares. | ||
In NOK 1000 | 2024 | 2023 |
Net profit or loss for the year attributable to owners of the parent company | -3 236 | 22 228 |
Adjustments for basic earnings | 0 | 0 |
Earnings used in basic EPS | -3 236 | 22 228 |
Adjustments for diluted earnings | 0 | 0 |
Earnings used in diluted EPS | -3 236 | 22 228 |
No. of shares outstanding as at 1 January | 87 520 790 | 76 409 678 |
Share issue during the year | 0 | 11 111 112 |
No. of shares outstanding as at 31 December | 87 520 790 | 87 520 790 |
Weighted average number of shares outstanding through the year used in basic EPS | 87 520 790 | 85 724 747 |
Potential shares relating to employee share options | 887 595 | 1 014 846 |
Weighted average number of shares used in diluted EPS | 88 408 385 | 86 739 593 |
Basic earnings per shares | -0,037 | 0,259 |
Diluted earnings per shares | -0,037 | 0,256 |
Note 10 - Earnings per share | ||
Basic earnings per share is based on the earnings attributable to shareholders of the company and the weighted average number of ordinary shares outstanding for the year, less ordinary shares purchased by the company and held as treasury shares. | ||
In NOK 1000 | 2024 | 2023 |
Net profit or loss for the year attributable to owners of the parent company | -3 236 | 22 228 |
Adjustments for basic earnings | 0 | 0 |
Earnings used in basic EPS | -3 236 | 22 228 |
Adjustments for diluted earnings | 0 | 0 |
Earnings used in diluted EPS | -3 236 | 22 228 |
No. of shares outstanding as at 1 January | 87 520 790 | 76 409 678 |
Share issue during the year | 0 | 11 111 112 |
No. of shares outstanding as at 31 December | 87 520 790 | 87 520 790 |
Weighted average number of shares outstanding through the year used in basic EPS | 87 520 790 | 85 724 747 |
Potential shares relating to employee share options | 887 595 | 1 014 846 |
Weighted average number of shares used in diluted EPS | 88 408 385 | 86 739 593 |
Basic earnings per shares | -0,037 | 0,259 |
Diluted earnings per shares | -0,037 | 0,256 |
Note 11 - Intangible assets and goodwill | |||||
2024 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Additions | 39 383 | 0 | 0 | 0 | 39 383 |
Foreign currency effects | 4 | 2 564 | 378 | 0 | 2 946 |
Acquisition cost 31 December | 175 000 | 81 734 | 32 333 | 749 | 289 817 |
Acc. amortisation and impairments 1 January | 73 037 | 0 | 14 961 | 0 | 87 998 |
Amortisation charge | 11 307 | 0 | 6 845 | 0 | 18 153 |
Disposals | 0 | 0 | 0 | 0 | 0 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 84 345 | 0 | 21 806 | 0 | 106 151 |
Carrying amount 31 December | 90 654 | 81 734 | 10 526 | 749 | 183 664 |
2023 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 122 012 | 69 638 | 29 275 | 749 | 221 674 |
Additions | 13 601 | 0 | 0 | 0 | 13 601 |
Foreign currency effects | 0 | 9 533 | 2 681 | 0 | 12 214 |
Acquisition cost 31 December | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Acc. amortisation and impairments 1 January | 58 227 | 0 | 8 347 | 0 | 53 017 |
Amortisation charge | 8 893 | 0 | 6 614 | 0 | 15 507 |
Disposals | 5 917 | 0 | 0 | 0 | 5 917 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 73 037 | 0 | 14 961 | 0 | 87 998 |
Carrying amount 31 December | 62 576 | 79 171 | 16 995 | 749 | 159 491 |
Expected economic life | 2-10 years | Indefinite | 5 years | Indefinite | |
Amortization plan | Linear | None* | Linear | None |
Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill. | ||
Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets. | ||
Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects. | ||
The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test. | ||
Goodwill assets by segment or CGU | ||
In NOK 1000 | Goodwill | Total |
Zaptec Schweiz AG | 81 734 | 81 734 |
Impairment test of goodwill and intangible assets | ||
Goodwill is allocated to the Group\u2019s cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use). | ||
The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management\u2019s long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. |
Impairment test of Zaptec Schweiz AG CGU |
The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows. |
Key inputs for the WACC for the CGU: |
-Risk free rate: Average risk free rate in Switzerland in 2024 |
-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). |
-Market risk premium: The market risk premium is based on empirical data for risk premium. |
-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate |
-Capital structure: Equity ratio of 100%. |
Sensitivity |
The management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount. |
Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU. |
Impairment - test results and conclusion |
The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down. |
Note 11 - Intangible assets and goodwill | |||||
2024 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Additions | 39 383 | 0 | 0 | 0 | 39 383 |
Foreign currency effects | 4 | 2 564 | 378 | 0 | 2 946 |
Acquisition cost 31 December | 175 000 | 81 734 | 32 333 | 749 | 289 817 |
Acc. amortisation and impairments 1 January | 73 037 | 0 | 14 961 | 0 | 87 998 |
Amortisation charge | 11 307 | 0 | 6 845 | 0 | 18 153 |
Disposals | 0 | 0 | 0 | 0 | 0 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 84 345 | 0 | 21 806 | 0 | 106 151 |
Carrying amount 31 December | 90 654 | 81 734 | 10 526 | 749 | 183 664 |
2023 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 122 012 | 69 638 | 29 275 | 749 | 221 674 |
Additions | 13 601 | 0 | 0 | 0 | 13 601 |
Foreign currency effects | 0 | 9 533 | 2 681 | 0 | 12 214 |
Acquisition cost 31 December | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Acc. amortisation and impairments 1 January | 58 227 | 0 | 8 347 | 0 | 53 017 |
Amortisation charge | 8 893 | 0 | 6 614 | 0 | 15 507 |
Disposals | 5 917 | 0 | 0 | 0 | 5 917 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 73 037 | 0 | 14 961 | 0 | 87 998 |
Carrying amount 31 December | 62 576 | 79 171 | 16 995 | 749 | 159 491 |
Expected economic life | 2-10 years | Indefinite | 5 years | Indefinite | |
Amortization plan | Linear | None* | Linear | None |
Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill. | ||
Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets. | ||
Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects. | ||
The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test. | ||
Goodwill assets by segment or CGU | ||
In NOK 1000 | Goodwill | Total |
Zaptec Schweiz AG | 81 734 | 81 734 |
Impairment test of goodwill and intangible assets | ||
Goodwill is allocated to the Group\u2019s cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use). | ||
The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management\u2019s long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. |
Impairment test of Zaptec Schweiz AG CGU |
The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows. |
Key inputs for the WACC for the CGU: |
-Risk free rate: Average risk free rate in Switzerland in 2024 |
-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). |
-Market risk premium: The market risk premium is based on empirical data for risk premium. |
-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate |
-Capital structure: Equity ratio of 100%. |
Sensitivity |
The management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount. |
Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU. |
Impairment - test results and conclusion |
The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down. |
Note 11 - Intangible assets and goodwill | |||||
2024 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Additions | 39 383 | 0 | 0 | 0 | 39 383 |
Foreign currency effects | 4 | 2 564 | 378 | 0 | 2 946 |
Acquisition cost 31 December | 175 000 | 81 734 | 32 333 | 749 | 289 817 |
Acc. amortisation and impairments 1 January | 73 037 | 0 | 14 961 | 0 | 87 998 |
Amortisation charge | 11 307 | 0 | 6 845 | 0 | 18 153 |
Disposals | 0 | 0 | 0 | 0 | 0 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 84 345 | 0 | 21 806 | 0 | 106 151 |
Carrying amount 31 December | 90 654 | 81 734 | 10 526 | 749 | 183 664 |
2023 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 122 012 | 69 638 | 29 275 | 749 | 221 674 |
Additions | 13 601 | 0 | 0 | 0 | 13 601 |
Foreign currency effects | 0 | 9 533 | 2 681 | 0 | 12 214 |
Acquisition cost 31 December | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Acc. amortisation and impairments 1 January | 58 227 | 0 | 8 347 | 0 | 53 017 |
Amortisation charge | 8 893 | 0 | 6 614 | 0 | 15 507 |
Disposals | 5 917 | 0 | 0 | 0 | 5 917 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 73 037 | 0 | 14 961 | 0 | 87 998 |
Carrying amount 31 December | 62 576 | 79 171 | 16 995 | 749 | 159 491 |
Expected economic life | 2-10 years | Indefinite | 5 years | Indefinite | |
Amortization plan | Linear | None* | Linear | None |
Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill. | ||
Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets. | ||
Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects. | ||
The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test. | ||
Goodwill assets by segment or CGU | ||
In NOK 1000 | Goodwill | Total |
Zaptec Schweiz AG | 81 734 | 81 734 |
Impairment test of goodwill and intangible assets | ||
Goodwill is allocated to the Group\u2019s cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use). | ||
The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management\u2019s long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. |
Impairment test of Zaptec Schweiz AG CGU |
The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows. |
Key inputs for the WACC for the CGU: |
-Risk free rate: Average risk free rate in Switzerland in 2024 |
-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). |
-Market risk premium: The market risk premium is based on empirical data for risk premium. |
-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate |
-Capital structure: Equity ratio of 100%. |
Sensitivity |
The management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount. |
Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU. |
Impairment - test results and conclusion |
The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down. |
Note 11 - Intangible assets and goodwill | |||||
2024 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Additions | 39 383 | 0 | 0 | 0 | 39 383 |
Foreign currency effects | 4 | 2 564 | 378 | 0 | 2 946 |
Acquisition cost 31 December | 175 000 | 81 734 | 32 333 | 749 | 289 817 |
Acc. amortisation and impairments 1 January | 73 037 | 0 | 14 961 | 0 | 87 998 |
Amortisation charge | 11 307 | 0 | 6 845 | 0 | 18 153 |
Disposals | 0 | 0 | 0 | 0 | 0 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 84 345 | 0 | 21 806 | 0 | 106 151 |
Carrying amount 31 December | 90 654 | 81 734 | 10 526 | 749 | 183 664 |
2023 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 122 012 | 69 638 | 29 275 | 749 | 221 674 |
Additions | 13 601 | 0 | 0 | 0 | 13 601 |
Foreign currency effects | 0 | 9 533 | 2 681 | 0 | 12 214 |
Acquisition cost 31 December | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Acc. amortisation and impairments 1 January | 58 227 | 0 | 8 347 | 0 | 53 017 |
Amortisation charge | 8 893 | 0 | 6 614 | 0 | 15 507 |
Disposals | 5 917 | 0 | 0 | 0 | 5 917 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 73 037 | 0 | 14 961 | 0 | 87 998 |
Carrying amount 31 December | 62 576 | 79 171 | 16 995 | 749 | 159 491 |
Expected economic life | 2-10 years | Indefinite | 5 years | Indefinite | |
Amortization plan | Linear | None* | Linear | None |
Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill. | ||
Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets. | ||
Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects. | ||
The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test. | ||
Goodwill assets by segment or CGU | ||
In NOK 1000 | Goodwill | Total |
Zaptec Schweiz AG | 81 734 | 81 734 |
Impairment test of goodwill and intangible assets | ||
Goodwill is allocated to the Group\u2019s cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use). | ||
The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management\u2019s long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. |
Impairment test of Zaptec Schweiz AG CGU |
The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows. |
Key inputs for the WACC for the CGU: |
-Risk free rate: Average risk free rate in Switzerland in 2024 |
-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). |
-Market risk premium: The market risk premium is based on empirical data for risk premium. |
-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate |
-Capital structure: Equity ratio of 100%. |
Sensitivity |
The management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount. |
Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU. |
Impairment - test results and conclusion |
The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down. |
Note 11 - Intangible assets and goodwill | |||||
2024 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Additions | 39 383 | 0 | 0 | 0 | 39 383 |
Foreign currency effects | 4 | 2 564 | 378 | 0 | 2 946 |
Acquisition cost 31 December | 175 000 | 81 734 | 32 333 | 749 | 289 817 |
Acc. amortisation and impairments 1 January | 73 037 | 0 | 14 961 | 0 | 87 998 |
Amortisation charge | 11 307 | 0 | 6 845 | 0 | 18 153 |
Disposals | 0 | 0 | 0 | 0 | 0 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 84 345 | 0 | 21 806 | 0 | 106 151 |
Carrying amount 31 December | 90 654 | 81 734 | 10 526 | 749 | 183 664 |
2023 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 122 012 | 69 638 | 29 275 | 749 | 221 674 |
Additions | 13 601 | 0 | 0 | 0 | 13 601 |
Foreign currency effects | 0 | 9 533 | 2 681 | 0 | 12 214 |
Acquisition cost 31 December | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Acc. amortisation and impairments 1 January | 58 227 | 0 | 8 347 | 0 | 53 017 |
Amortisation charge | 8 893 | 0 | 6 614 | 0 | 15 507 |
Disposals | 5 917 | 0 | 0 | 0 | 5 917 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 73 037 | 0 | 14 961 | 0 | 87 998 |
Carrying amount 31 December | 62 576 | 79 171 | 16 995 | 749 | 159 491 |
Expected economic life | 2-10 years | Indefinite | 5 years | Indefinite | |
Amortization plan | Linear | None* | Linear | None |
Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill. | ||
Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets. | ||
Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects. | ||
The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test. | ||
Goodwill assets by segment or CGU | ||
In NOK 1000 | Goodwill | Total |
Zaptec Schweiz AG | 81 734 | 81 734 |
Impairment test of goodwill and intangible assets | ||
Goodwill is allocated to the Group\u2019s cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use). | ||
The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management\u2019s long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. |
Impairment test of Zaptec Schweiz AG CGU |
The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows. |
Key inputs for the WACC for the CGU: |
-Risk free rate: Average risk free rate in Switzerland in 2024 |
-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). |
-Market risk premium: The market risk premium is based on empirical data for risk premium. |
-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate |
-Capital structure: Equity ratio of 100%. |
Sensitivity |
The management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount. |
Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU. |
Impairment - test results and conclusion |
The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down. |
Note 12 - Property, plant and equipment | ||
In NOK 1000 | 2024 | 2023 |
Acquisition cost 1 January | 26 340 | 15 061 |
Additions | 5 010 | 11 392 |
Additions business combinations | 0 | 0 |
Disposals | 0 | -131 |
Foreign currency effects | 44 | 18 |
Acquisition cost 31 December | 31 394 | 26 340 |
Accumulated depreciation and impairments 1 January | 11 223 | 6 047 |
Depreciation | 5 681 | 5 176 |
Impairments | 0 | 0 |
Accumulated depreciation and impairments 31 December | 16 904 | 11 223 |
Carrying amount 31 December | 14 490 | 15 118 |
Economic life | 3 - 10 year | 3 - 10 year |
Depreciation method | Linear | Linear |
Note 11 - Intangible assets and goodwill | |||||
2024 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Additions | 39 383 | 0 | 0 | 0 | 39 383 |
Foreign currency effects | 4 | 2 564 | 378 | 0 | 2 946 |
Acquisition cost 31 December | 175 000 | 81 734 | 32 333 | 749 | 289 817 |
Acc. amortisation and impairments 1 January | 73 037 | 0 | 14 961 | 0 | 87 998 |
Amortisation charge | 11 307 | 0 | 6 845 | 0 | 18 153 |
Disposals | 0 | 0 | 0 | 0 | 0 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 84 345 | 0 | 21 806 | 0 | 106 151 |
Carrying amount 31 December | 90 654 | 81 734 | 10 526 | 749 | 183 664 |
2023 | |||||
In NOK 1000 | Developement cost / Patents | Goodwill | Customer relations | Webshop | Total |
Acquisition cost 1 January | 122 012 | 69 638 | 29 275 | 749 | 221 674 |
Additions | 13 601 | 0 | 0 | 0 | 13 601 |
Foreign currency effects | 0 | 9 533 | 2 681 | 0 | 12 214 |
Acquisition cost 31 December | 135 613 | 79 171 | 31 956 | 749 | 247 489 |
Acc. amortisation and impairments 1 January | 58 227 | 0 | 8 347 | 0 | 53 017 |
Amortisation charge | 8 893 | 0 | 6 614 | 0 | 15 507 |
Disposals | 5 917 | 0 | 0 | 0 | 5 917 |
Foreign currency effects | 0 | 0 | 0 | 0 | 0 |
Acc. amortisation and impairments 31 December | 73 037 | 0 | 14 961 | 0 | 87 998 |
Carrying amount 31 December | 62 576 | 79 171 | 16 995 | 749 | 159 491 |
Expected economic life | 2-10 years | Indefinite | 5 years | Indefinite | |
Amortization plan | Linear | None* | Linear | None |
Goodwill and Webshop is tested for impairment annualy. For 2024 no impairment triggers are identified and no impairment has been performed. See below for more information regarding the impairment test of Goodwill. | ||
Intangible assets relate to capitalized development and the purchase of customer relationships. The amortization period is based on the best estimate for useful life for the assets. | ||
Development costs is internally generated development of products consisting of both costs of material and services and cost of employee benefits. In the financial year ended 2024 the Group invested 39,4 MNOK in development/patents. The main development project in 2024 was the Zaptec GO2 project. The remaining investments where distributed among several other project including Sense P1, Eichrecht, OCPP and software development projects. | ||
The goodwill and customer relationships are allocated to the Zaptec Schweiz AG CGU for the impairment test. | ||
Goodwill assets by segment or CGU | ||
In NOK 1000 | Goodwill | Total |
Zaptec Schweiz AG | 81 734 | 81 734 |
Impairment test of goodwill and intangible assets | ||
Goodwill is allocated to the Group\u2019s cash flow generating units as shown above. The recoverable amount of the cash-generating units is calculated based on the value of the asset for the business (value of use). | ||
The impairment tests are based on budgets for next year with a projection based on long-term strategic plans. Management has set budgeted figures for 2025 based on previous performance and expectations for market developments. Growth rates for the period 2026 are in accordance with management\u2019s long-term plan and are used as projections of budgeted figures for 2024. After 2028, 1,5% perpetual growth is based on cash flows in the year 2027. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. |
Impairment test of Zaptec Schweiz AG CGU |
The Zaptec Schweiz AG CGU consist of all operations in the Zaptec Schweiz AG and is identical to the swiss segment. The impairment test shows that the calculated value in use estimated usage value is higher than the carrying amount. The calculation, is based on a model with budgeted/ projected cash flows for a period of five years with residual value after year five. The cash flows estimate includes estimated annual growth in revenues based on business plan with 15%, which is reduced to a 1,5% perpetual growth from 2027 (which is the long-term inflation estimate for Switzerland). Gross margin is based on actual gross margin for 2024, and then reducing the gross margin with 5% each year as it is expected that gross margin will be reduced in the future. A WACC of 22,20% is used for the value in use calculation for 2023. In 2023 the WACC used was 24,69%. The input data for the WACC is gathered from representative sources, peer groups etc., and this is used to determine best estimate. All parameters were set to reflect the long-term period of the assets and time horizon of the forecast period of the cash flows. |
Key inputs for the WACC for the CGU: |
-Risk free rate: Average risk free rate in Switzerland in 2024 |
-Beta (equity): Assuming no external debt in the company (therefore unlevered beta from peer group is used). |
-Market risk premium: The market risk premium is based on empirical data for risk premium. |
-Company specific premium: The company specific premium is based on the size of the Groups specific premium minus risk free rate |
-Capital structure: Equity ratio of 100%. |
Sensitivity |
The management do not believe that any reasonable change in a key assumption would cause the CGU\u2019s recoverable amount to fall below the carrying amount. |
Impairment testing showed that headroom for the CGU is >31%. An additional sensitivity analysis was performed. The sensitivity analysis showed that with a terminal growth rate of 0% or an increase in the WACC of 1% the VIU was still above the carrying amount for the CGU. |
Impairment - test results and conclusion |
The VIU exceeds carrying amount for the CGU. The impairment test did not indicate a requirement for write-down. |
Note 12 - Property, plant and equipment | ||
In NOK 1000 | 2024 | 2023 |
Acquisition cost 1 January | 26 340 | 15 061 |
Additions | 5 010 | 11 392 |
Additions business combinations | 0 | 0 |
Disposals | 0 | -131 |
Foreign currency effects | 44 | 18 |
Acquisition cost 31 December | 31 394 | 26 340 |
Accumulated depreciation and impairments 1 January | 11 223 | 6 047 |
Depreciation | 5 681 | 5 176 |
Impairments | 0 | 0 |
Accumulated depreciation and impairments 31 December | 16 904 | 11 223 |
Carrying amount 31 December | 14 490 | 15 118 |
Economic life | 3 - 10 year | 3 - 10 year |
Depreciation method | Linear | Linear |
Note 12 - Property, plant and equipment | ||
In NOK 1000 | 2024 | 2023 |
Acquisition cost 1 January | 26 340 | 15 061 |
Additions | 5 010 | 11 392 |
Additions business combinations | 0 | 0 |
Disposals | 0 | -131 |
Foreign currency effects | 44 | 18 |
Acquisition cost 31 December | 31 394 | 26 340 |
Accumulated depreciation and impairments 1 January | 11 223 | 6 047 |
Depreciation | 5 681 | 5 176 |
Impairments | 0 | 0 |
Accumulated depreciation and impairments 31 December | 16 904 | 11 223 |
Carrying amount 31 December | 14 490 | 15 118 |
Economic life | 3 - 10 year | 3 - 10 year |
Depreciation method | Linear | Linear |
Note 13 - Right of use assets and lease liabilities | |||
Right of use assets | |||
2024 | |||
In NOK 1000 | Vehicles | Land and buildings | Total |
1 January | 3 357 | 49 385 | 52 741 |
Additions | 0 | 0 | 0 |
Disposals | 0 | -1 721 | -1 721 |
Additions through business combinations | 0 | 0 | 0 |
Depreciation | -1 799 | -8 337 | -10 136 |
Foreign currency effects | 195 | 194 | |
31 December | 1 753 | 39 326 | 41 079 |
2023 | |||
In NOK 1000 | Vehicles | Land and buildings | Total |
1 January | 3 214 | 12 496 | 15 709 |
Additions | 2 335 | 51 049 | 53 384 |
Disposals | 0 | -7 570 | -7 570 |
Additions through business combinations | 0 | 0 | 0 |
Amortisation | -2 566 | -6 599 | -9 165 |
Foreign currency effects | 374 | 9 | 383 |
31 December | 3 357 | 49 385 | 52 741 |
Economic life/lease term | 5 - 15 year | 3 - 7 year | |
Amortisation method | Straight line | Straight line |
Lease liabilities | ||
Undiscounted lease payments and year of payment | ||
In NOK 1000 | 2024 | 2023 |
Less than 1 year | 7 609 | 10 592 |
1-3 years | 11 942 | 16 168 |
3-5 years | 10 575 | 10 911 |
more than 5 years | 19 672 | 24 918 |
Total | 49 797 | 62 589 |
Changes in lease liabilities | ||
In NOK 1000 | 2024 | 2023 |
1 January | 52 826 | 15 942 |
Additions | 0 | 53 191 |
Disposals | -2 269 | -7 570 |
Interest expenses | 2 442 | 703 |
Lease payments | -11 093 | -9 770 |
Foreign currency effects | 986 | 330 |
31 December | 42 892 | 52 826 |
In NOK 1000 | 2024 | 2023 |
Current lease liabilities | 6 439 | 9 064 |
Non-current lease liabilities | 36 453 | 43 762 |
Total | 42 892 | 52 826 |
The lease contracts do not include any restrictions with regards to the Group\u2019s dividend policy or financing opportunities. | ||
Lease payment expensed | ||
In NOK 1000 | 2024 | 2023 |
Expensed lease payment for short-term leases and low value leases | 16 425 | 9 207 |
Total | 16 425 | 9 207 |
Note 14 - Inventories | ||
The inventory consists solely of finished goods (acquired goods produced for the group for resale). | ||
In NOK 1000 | 2024 | 2023 |
Finished goods | 490 237 | 441 060 |
Goods in transit to end user | 5 528 | 6 288 |
Inventory obsolescence provision | -3 987 | 0 |
Total | 491 779 | 447 348 |
Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 208 MNOK from January 2025 till June 2025. | ||
The Group has a balance at the end of 2024 of 491 MNOK versus 447 MNOK in the end of 2023. Cost of goods sold in the consolidated statement of profit and loss amounted to 776 MNOK in 2024 (891 MNOK in 2023). Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory write-downs recognized as an expense amount to 4 MNOK. | ||
As part of the assessment of carrying value of inventory, we evaluate the following: | ||
- General assessment of market and demand | ||
- Average cost price compared to last cost price | ||
- Sales price compared to average cost price | ||
- Slow moving stock items |
Note 16 - Cash and cash equivalents | ||
The Group\u2019s cash and cash equivalents consists of bank balances and withholding tax. | ||
In NOK 1000 | 2024 | 2023 |
Cash and cash equivalents | 177 744 | 141 643 |
Including restricted funds of: | ||
Restricted funds for employee withholding tax | 5 806 | 4 930 |
Note 16 - Cash and cash equivalents | ||
The Group\u2019s cash and cash equivalents consists of bank balances and withholding tax. | ||
In NOK 1000 | 2024 | 2023 |
Cash and cash equivalents | 177 744 | 141 643 |
Including restricted funds of: | ||
Restricted funds for employee withholding tax | 5 806 | 4 930 |
Note 17 - Shareholders and shareholders information | |||
Share capital at 31 December: | Number of shares | Face value | Book value |
Ordinary shares | 87 520 790 | 0.015 | 1 312 812 |
Total | 87 520 790 | 1 312 812 | |
Main shareholders at 31 December: | |||
Number of shares | Ownership interest | Voting rights | |
VALINOR AS | 10 400 000 | 11,88% | 11,88% |
Nordnet Bank AB | 8 289 955 | 9,47% | 9,47% |
Avanza Bank AB | 5 524 734 | 6,31% | 6,31% |
Skandinaviska Enskilda Banken AB | 4 535 094 | 5,18% | 5,18% |
Danske Bank A/S | 4 020 418 | 4,59% | 4,59% |
VPF DNB NORGE SELEKTIV | 3 320 464 | 3,79% | 3,79% |
VERDIPAPIRFONDET DNB SMB | 3 237 658 | 3,70% | 3,70% |
Morgan Stanley & Co. Int. Plc. | 2 909 347 | 3,32% | 3,32% |
KONTRARI AS | 2 500 000 | 2,86% | 2,86% |
Saxo Bank A/S | 2 331 029 | 2,66% | 2,66% |
CLEARSTREAM BANKING S.A. | 2 020 249 | 2,31% | 2,31% |
MUST INVEST AS | 1 554 726 | 1,78% | 1,78% |
LYNGNESET INVEST AS | 1 510 000 | 1,73% | 1,73% |
WALEN | 1 477 959 | 1,69% | 1,69% |
The Bank of New York Mellon SA/NV | 1 435 391 | 1,64% | 1,64% |
Nordea Bank Abp | 1 290 639 | 1,47% | 1,47% |
LABOREMUS INDUSTRIER AS | 1 200 000 | 1,37% | 1,37% |
\u00d8STREM INVEST AS | 1 130 000 | 1,29% | 1,29% |
State Street Bank and Trust Comp | 1 115 593 | 1,27% | 1,27% |
UBS Switzerland AG | 1 017 966 | 1,16% | 1,16% |
Zaptec ASA - Treasury shares* | 78 776 | 0,09% | 0,09% |
Others (less than 1% ownership) | 26 620 792 | 30,42% | 30,42% |
Total | 87 520 790 | 100,00% | 100,00% |
*The treasury shares are purchased/sold for use in the company\u2019s share-based program. |
Number of shares | Portion of equity | ||
Treasury shares 01.01.2024 | 186 425 | 0,213 % | |
Purchase of treasury shares | 0 | 0,000 % | |
Allocated to management and employees | -107 649 | -0,123 % | |
Treasury shares 31.12.2024 | 78 776 | 0,090 % | |
Stocks and options owned by members of the board and management: | |||
Name | Position | Numbers of shares | Options |
Kurt \u00d8strem | CEO | 1 130 000 | 300 000 |
Stig H. Christiansen | Board member | 50 000 | 50 000 |
Knut Braut | CTO | 210 000 | 100 000 |
Lasse Hult | CMO | 50 000 | 0 |
Anna-Karin Andersen* | CCO | 47 884 | 0 |
Eirik Fjells\u00e5 H\u00e6rem | CFO and deputy CEO | 100 000 | 0 |
Total | 1 587 884 | 450 000 | |
*CCO up until 09.08.2024 |
Note 18 - Provisions |
The company have a provision for warranty claims of 22.3 MNOK at period end, a change of 4,7 MNOK compared to period end 2023. There has not been any used or reversed provision in the period. However, during 2024 14,5 MNOK (12,8 MNOK in 2023) has been expensed over profit and loss statement in other operating expenses related to warranty claims. |
The warranty expense accrual is based on historical returns of products and projected towards the end of warranty period. |
Estimated warranty acrual for products are recognised when products are sold. The accrual is based on historical statistics regarding failure rate and expenses for repair. |
Provision for warranty claims was classified as long term in 2023, this is corrected in 2024 for both years and has been reclassified as short-term provision according to IAS 1.69d for 2024 and 2023. |
The remaining long term provisions is related to the long-term incentive program for employees. |
Note 19 - Loans and borrowings | ||
In NOK 1000 | 2024 | 2023 |
Short-term loans and borrowings | 159 971 | 0 |
Guaranties pledges as security | 2 500 | 2 500 |
Secured in the following assets, book value: | ||
Property, plant and equipment | 13 604 | 14 199 |
Inventories | 442 791 | 393 848 |
Trade receivables | 141 823 | 64 409 |
Total | 598 218 | 472 456 |
The Group has an overdraft facility of 300 MNOK with a draw down of 160 MNOK at period end. The interest rate is 6,45 % of overdraft. | ||
The terms are as follows: | ||
- Short term overdraft facility. | ||
- Annual maturity, will be renewed automatically when a credit rating is performed. |
The financial covenants are as follows: |
-Overdraft shall not exceed 60% of the sum of external trade receivables (not older than 90 days), booked values of projects in progress, and inventory of finished goods. Monthly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant. |
-The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange. |
- IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank. |
- The Group\u2019s patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group. |
- Cash deposits for the whole Group and available cash liquidity on the credit facility, shall at a minimun be 50 MNOK at each monthly reporting. |
- Dividend from Zaptec ASA to be approved by the bank and Eksfin |
- The borrower shall not produce coal or sell/produce coal. |
- The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender. |
The Group has complied with all covenants as at, and for the twelve months ended 31 December 2024. |
Security: |
- First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item. |
- Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item. |
Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties. |
Note 19 - Loans and borrowings | ||
In NOK 1000 | 2024 | 2023 |
Short-term loans and borrowings | 159 971 | 0 |
Guaranties pledges as security | 2 500 | 2 500 |
Secured in the following assets, book value: | ||
Property, plant and equipment | 13 604 | 14 199 |
Inventories | 442 791 | 393 848 |
Trade receivables | 141 823 | 64 409 |
Total | 598 218 | 472 456 |
The Group has an overdraft facility of 300 MNOK with a draw down of 160 MNOK at period end. The interest rate is 6,45 % of overdraft. | ||
The terms are as follows: | ||
- Short term overdraft facility. | ||
- Annual maturity, will be renewed automatically when a credit rating is performed. |
The financial covenants are as follows: |
-Overdraft shall not exceed 60% of the sum of external trade receivables (not older than 90 days), booked values of projects in progress, and inventory of finished goods. Monthly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant. |
-The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange. |
- IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank. |
- The Group\u2019s patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group. |
- Cash deposits for the whole Group and available cash liquidity on the credit facility, shall at a minimun be 50 MNOK at each monthly reporting. |
- Dividend from Zaptec ASA to be approved by the bank and Eksfin |
- The borrower shall not produce coal or sell/produce coal. |
- The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender. |
The Group has complied with all covenants as at, and for the twelve months ended 31 December 2024. |
Security: |
- First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item. |
- Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item. |
Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties. |
Note 20 - Trade payables and other current liabilities | ||
In NOK 1000 | 2024 | 2023 |
Trade payables | 138 963 | 244 604 |
Other current liabilities | ||
VAT | 16 322 | 26 221 |
Accrued expenses | 10 277 | 12 029 |
Public taxes | 19 691 | 13 967 |
Holiday pay | 14 239 | 11 593 |
Other short term liabilities | 4 735 | 10 419 |
Other current liabilities | 65 263 | 74 228 |
Total | 204 226 | 318 832 |
Note 21 - Notes supporting the cash flows | |||||
01.01 - 31.12.2024 | |||||
In NOK 1000 | Non-current | Current | |||
Loans and borrowings | Lease liabilities | Loans and borrowings | Lease liabilities | Total | |
At 1 January | 0 | 43 762 | 0 | 9 064 | 52 826 |
Cash flows | |||||
Down payment of loans | 0 | 0 | 0 | 0 | 0 |
New loans | 0 | 0 | 0 | 0 | 0 |
Net change in overdraft facility | 0 | 0 | 159 971 | 0 | 159 971 |
Net lease payments | 0 | 0 | 0 | -8 651 | -8 651 |
Non-cash flows | |||||
Changes from business combinations | 0 | 0 | 0 | 0 | 0 |
Termination of lease agreement | 0 | 0 | 0 | 0 | 0 |
New lease agreement | 0 | 0 | 0 | 0 | 0 |
Reclassification short/long term | 0 | -6 439 | 0 | 6 439 | 0 |
Foreign exchange effect | 0 | -870 | 0 | -413 | -1 283 |
At 31 December | 0 | 36 453 | 159 971 | 6 439 | 202 863 |
01.01 - 31.12.2023 | |||||
In NOK 1000 | Non-current | Current | |||
Loans and borrowings | Lease liabilities | Loans and borrowings | Lease liabilities | Total | |
At 1 January | 0 | 10 528 | 29 229 | 5 414 | 45 171 |
Cash flows | |||||
Down payment of loans | 0 | 0 | -29 229 | 0 | -29 229 |
New loans | 0 | 0 | 0 | 0 | 0 |
Net change in overdraft facility | 0 | 0 | 0 | 0 | 0 |
Net lease payments | 0 | 0 | 0 | -9 270 | -9 270 |
Non-cash flows | |||||
Changes from business combinations | 0 | 0 | 0 | 0 | 0 |
Termination of lease agreement | 0 | 0 | 0 | 0 | 0 |
New lease agreement | 0 | 45 824 | 0 | 0 | 45 824 |
Reclassification short/long term | 0 | -12 590 | 0 | 12 590 | 0 |
Foreign exchange effect | 0 | 0 | 0 | 330 | 330 |
At 31 December | 0 | 43 762 | 0 | 9 064 | 52 826 |
Note 22 - Other current assets | ||
Breakdown of other current assets: | ||
In NOK 1000 | 2024 | 2023 |
Loan to finance inventory* | 43 569 | 35 849 |
VAT refund | 19 203 | 52 842 |
Other | 32 749 | 33 390 |
Total | 95 521 | 122 081 |
* The Group has not identified any impairment indicators related to the loans to Sanmina. |
Note 22 - Other current assets | ||
Breakdown of other current assets: | ||
In NOK 1000 | 2024 | 2023 |
Loan to finance inventory* | 43 569 | 35 849 |
VAT refund | 19 203 | 52 842 |
Other | 32 749 | 33 390 |
Total | 95 521 | 122 081 |
* The Group has not identified any impairment indicators related to the loans to Sanmina. |
Note 23 - Consolidated companies | ||||
The following companies are included in the consolidated financial statements: | ||||
Legal company | Association | Head office | Currency | Ownership |
Zaptec ASA | Parent | Stavanger | NOK | |
Zaptec Charger AS | Subsidiary | Stavanger | NOK | 100% |
Zaptec IP AS | Subsidiary | Stavanger | NOK | 100% |
Zaptec Power AS | Subsidiary | Stavanger | NOK | 100% |
Zaptec Sverige AB | Subsidiary | Stockholm | SEK | 100% |
Zaptec Denmark ApS | Subsidiary | Copenhagen | DKK | 100% |
Zaptec Deutchland GmbH | Subsidiary | M\u00fcnchen | EUR | 100% |
Zaptec U.K. Ltd | Subsidiary | Broseley | GBP | 100% |
Zaptec Schweiz AG | Subsidiary | Z\u00fcrich | CHF | 100% |
Zaptec France SAS | Subsidiary | Paris | EUR | 100% |
Zaptec Netherlands B.V. | Subsidiary | Amsterdam | EUR | 100% |
Zaptec Italia S.r.l | Subsidiary | Milan | EUR | 100% |
Zaptec Charger AS is funding group entitites in the startup phase with loans.
Note 23 - Consolidated companies | ||||
The following companies are included in the consolidated financial statements: | ||||
Legal company | Association | Head office | Currency | Ownership |
Zaptec ASA | Parent | Stavanger | NOK | |
Zaptec Charger AS | Subsidiary | Stavanger | NOK | 100% |
Zaptec IP AS | Subsidiary | Stavanger | NOK | 100% |
Zaptec Power AS | Subsidiary | Stavanger | NOK | 100% |
Zaptec Sverige AB | Subsidiary | Stockholm | SEK | 100% |
Zaptec Denmark ApS | Subsidiary | Copenhagen | DKK | 100% |
Zaptec Deutchland GmbH | Subsidiary | M\u00fcnchen | EUR | 100% |
Zaptec U.K. Ltd | Subsidiary | Broseley | GBP | 100% |
Zaptec Schweiz AG | Subsidiary | Z\u00fcrich | CHF | 100% |
Zaptec France SAS | Subsidiary | Paris | EUR | 100% |
Zaptec Netherlands B.V. | Subsidiary | Amsterdam | EUR | 100% |
Zaptec Italia S.r.l | Subsidiary | Milan | EUR | 100% |
Zaptec Charger AS is funding group entitites in the startup phase with loans.
Note 24 - Government grants
Government grants have been received in relation to R&D project through SkatteFunn. The amount reduces the costs related to the projects.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__121": { "value": "Note 25 - Related party transactions
Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300Y5EDWTJNTS8P96", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__122": { "value": "Note 26 - Events after the reporting date
No events after reporting date.
Zaptec ASA
P.O. Box 163
4068 Stavanger, Norway
www.zaptec.com
Note 26 - Events after the reporting date
No events after reporting date.
Zaptec ASA
P.O. Box 163
4068 Stavanger, Norway
www.zaptec.com