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"v1-page54-cflshid_9741-tag273641": {
"value": "Goodtech ASA is a public limited liability company registered and domiciled in Norway, with its head office located at Innspurten 15, 0663 Oslo, Norway. Goodtech is one of the leading players in the Nordic region within industrial IT and automation, providing services related to digital transformation for the manufacturing industry both in the Nordics and internationally. The Group is listed on the main list of the Oslo Stock Exchange and has a turnover of just over 714 MNOK. The Group is strategically located at 11 of the most important sites for industrial activity in Norway and Sweden, while also owning businesses held for sale in \u00c5land, Finland and Karlstad Sweden",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9742-tag273642": {
"value": "Goodtech ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9742-tag273643": {
"value": "Goodtech ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9741-tag273644": {
"value": "public limited liability company",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9759-tag273645": {
"value": "Innspurten 15, 0663 Oslo, Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9759-tag273646": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"v1-page54-cflshid_9759-tag273692": {
"value": "Norway",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9760-tag273647": {
"value": "Norway and Sweden, while also owning businesses held for sale in \u00c5land, Finland and Karlstad Sweden",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9738-tag273648": {
"value": "The accounts were approved for publication by the board on March 18, 2025.
",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page54-cflshid_9738-tag273649": {
"value": "1.1.Basis for the Preparation of the Financial Statements
The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and the Norwegian Accounting Act and comprise Goodtech ASA and subsidiaries.
The consolidated financial statements have been prepared using uniform accounting principles for similar transactions and events under otherwise similar conditions. The accounting principles applied are consistent with those used in previous accounting periods, except where specifically referred to different practices.
There are no significant changes in IFRS standards that affect the consolidated financial statements in 2024. The IASB has adopted some minor amendments and clarifications during the year, which are not considered to have a significant effect on the consolidated financial statements.
",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
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}
},
"v1-page54-cflshid_9738-tag273651": {
"value": "1.2.Functional Currency and Presentation Currency The financial statements of the individual companies in the Group are measured in the currency which is predominantly used in the economic environment in which the company operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency and the presentation currency of the parent company. Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Currency gains and losses arising on the payment of such transactions and on the translation of monetary items in foreign currencies at the exchange rates prevailing at the end of the reporting period, are recognized in profit or loss as financial items.
| Balance items |
| Closing rates as of 31.12.2024 |
| The following exchange rates have been used for the conversion: | SEK to NOK | EUR to NOK |
| Exchange rate 2024 | 1.02 | 11.79 |
| Exchange rate 2023 | 1.01 | 11.24 |
1.2.Functional Currency and Presentation Currency The financial statements of the individual companies in the Group are measured in the currency which is predominantly used in the economic environment in which the company operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency and the presentation currency of the parent company. Transactions in foreign currencies are translated into the functional currency at the exchange rates prevailing at the dates of the transactions. Currency gains and losses arising on the payment of such transactions and on the translation of monetary items in foreign currencies at the exchange rates prevailing at the end of the reporting period, are recognized in profit or loss as financial items",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9738-tag273653": {
"value": "1.3.Consolidation Principles
Subsidiaries
The consolidated financial statements include Goodtech ASA and companies over which Goodtech ASA has control, as further mentioned in note 25. Control over an entity arises when the Group has the ability to influence the returns from an entity through its power over that entity. Subsidiaries are consolidated from the day control is obtained and deconsolidated when control ceases. The Group reassesses its control over an entity as soon as facts and circumstances indicate that there have been changes in one or more of the control elements of the entity. Non-controlling interests are included in the Group's equity.
Changes in ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The consideration is recognized at fair value, and the difference between the consideration and the carrying amount of non-controlling interests is recognized against the controlling owner's equity.
Elimination of Transactions upon Consolidation Intercompany transactions and balances, including internal profits and unrealized gains and losses, are eliminated in the consolidated financial statements. Unrealized gains related to transactions with associated companies are also eliminated based on the Group's share in the company. Similarly, unrealized losses are eliminated, but only to the extent that there are no indications of impairment of the asset sold internally",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page54-cflshid_9738-tag273652": {
"value": "1.3.Consolidation Principles
Subsidiaries
The consolidated financial statements include Goodtech ASA and companies over which Goodtech ASA has control, as further mentioned in note 25. Control over an entity arises when the Group has the ability to influence the returns from an entity through its power over that entity. Subsidiaries are consolidated from the day control is obtained and deconsolidated when control ceases. The Group reassesses its control over an entity as soon as facts and circumstances indicate that there have been changes in one or more of the control elements of the entity. Non-controlling interests are included in the Group's equity.Changes in ownership interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The consideration is recognized at fair value, and the difference between the consideration and the carrying amount of non-controlling interests is recognized against the controlling owner's equity.
Elimination of Transactions upon Consolidation Intercompany transactions and balances, including internal profits and unrealized gains and losses, are eliminated in the consolidated financial statements. Unrealized gains related to transactions with associated companies are also eliminated based on the Group's share in the company. Similarly, unrealized losses are eliminated, but only to the extent that there are no indications of impairment of the asset sold internally.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page55-cflshid_10219-tag273654": {
"value": "1.4.Estimation Uncertainty and Significant Judgments
In preparing the financial statements in accordance with IFRS, the Group's management has used estimates based on the best judgment and assumptions deemed realistic. Situations or changes in market conditions may arise that could lead to altered assessments and estimates, thereby affecting the Group's assets, liabilities, equity, and results.
The Group's most significant accounting estimates and judgments are related to the following items:
\u2022Construction Contracts
\u2022Assessment of Goodwill
\u2022Assets and Liabilities Held for Sale and Discontinued Operations
Construction Contracts: As Goodtech deals with project contracts, changes in scope may occur from the bidding phase to the handover phase. The estimates used in the financial statements are based on uniform principles within the Group and are subject to control procedures locally and at the Group level to ensure proper measurement of project results and progress. However, complexity and scope mean that projects inherently carry a risk of estimation errors despite the Group's focus on accurate measurement. Primarily, estimation uncertainty is related to the judgmental estimation of remaining hours and/or costs in ongoing projects, which may affect the Group's progress assessment in the projects. Such erroneous judgment could therefore impact the ongoing recognition of results in the Group from period to period. Estimates made are largely based on historical data from similar projects that the Group has previously executed, as well as the project organization's own assessment of the project's status. Forecasts of remaining hours and/or costs are updated at least once a month and are subject to monthly management reviews both locally and at the Group level. The accounting treatment of construction contracts is further discussed in note 4 of the financial statements. The Group's carrying amount of goodwill: Assessed annually, or when there are indications of impairment. Factors that trigger an assessment of the asset's value include: \u2022Deteriorating performance compared to historical or expected results,
\u2022Significant negative industrial or economic developments, or
\u2022Significant changes in the overall business strategy.
Estimates of the recoverable amount of assets and companies are partially based on management's judgments, including determining appropriate cash-generating units, estimating future results, the asset's income-generating capacity, and assumptions about future market conditions and the realization of synergies. Changes in circumstances and in management's assumptions may lead to impairments. The assessment of carrying amount of goodwill and other intangible assets is further discussed in note 14 of the financial statements.
Assets and Liabilities Held for Sale and Discontinued Operations: The Group applies judgment in assessing whether the criteria for classification as held for sale and reporting as discontinued operations are met. Assets and Groups of assets and liabilities classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell. Judgment is applied in assessing fair value. Further discussion can be found in note 32 of the consolidated financial statements. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"v1-page56-cflshid_10669-tag273714": {
"value": "Note 2 - Changes in the Group\u2019s StructureThe Acquisition of Skala Flytende in 2023
Goodtech announced on August 16, 2023, an agreement to acquire the business unit of Skala AS for industrial IT, automation, and process technology in the liquid food and process industry. The unit is a leading engineering environment in its segment and strengthens Goodtech's position in dairy and aquaculture products in Nordic food production. The acquisition was completed on October 2, and the operations of the business have therefore been fully reflected in the Group's accounts from Q4 2023. The acquisition is considered non-material and thus follows the disclosure requirements for non-material acquisitions.
The transaction involved the acquisition of the specialized software LT Line, intangible assets, inventory, and office equipment related to the unit's operations, the organization with 24 engineers in Oslo, Trondheim, Klepp, and F\u00f8rde (of which 23 did not exercise their right of reservation and thus joined Goodtech), as well as a backlog of orders exceeding 20 MNOK. The acquisition included an initial cash consideration of 7.6 MNOK, as reflected in Goodtech's cash flow statement for 2023. Additionally, the parties agreed on a contingent consideration (earn-out) that would be determined based on contribution margin sharing in the acquired backlog of over 20 MNOK. In February 2024, Goodtech reached an agreement with Skala AS regarding the amount of the contingent consideration (earn-out) totaling 1.1 MNOK, which is reflected in the Group's cash flow for Q1 2024. The Group made an initial provision for the earn-out based on expectations at the time of acquisition on October 2, 2023, which as of December 31, 2023, has been reduced to the final agreed amount of 1.1 MNOK. The reduction of 0.8 MNOK was recorded as other income in 2023.
| The Acquisition of Skala Flytende in 2023 | | |
| Amounts in MNOK | \u00a0 | Recognition 02.10.23 | 31.12.2023 |
| Assets | | 7 157 723 | 7 157 723 |
| Liabilities | | 2 267 191 | 2 267 191 |
| Net identified assets | 4 890 532 | 4 890 532 |
| Goodwill | | 4 716 008 | 4 716 008 |
| Netto assets acquired | 9 606 540 | 9 606 540 |
| Change in other equity - subsequent measurement earn-out | - | 830 081 |
| Calculation of the Total Purchase Price | |
| Cash consideration | \u00a0 | 7 683 288 | 7 683 288 |
| Earn-out | | 1 923 253 | 1 093 172 |
| Calculated purchase price | \u00a0 | 9 606 540 | 8 776 459 |
",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXFGWW36",
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"v1-page57-cflshid_11125-tag273655": {
"value": "Note 3 - Operating SegmentsIFRS 8 Operating Segments requires that segment information be based on internal management reports regularly reviewed by the Group's chief decision-maker to evaluate segment performance and allocate resources to them. Goodtech does not report on aggregated operating segments, but only on one main segment. In the table below, reporting is done on one main segment and Group items. Group items include costs that cannot be attributed to operating segments, including, among other things, the Group's administrative costs and other common costs that are not directly allocated to the operating segments. Transactions and transfers between the Group's operating segments and the parent company occur at normal business conditions that are considered equivalent to the Group\u2019s external business relationships. Assets under Group items consist of assets owned by the parent company.
| 2024 | | | |
| Amounts in MNOK | Operating segment | Group adjustments | Total |
| Revenue from external customers | 714.8 | - | 714.8 |
| Other revenue | 1.8 | - | 1.8 |
| Total segment revenue | 716.6 | - | 716.6 |
| External projects costs | -247.0 | - | -247.0 |
| Net operating revenue after external projects | 469.6 | - | 469.6 |
| Salary and personnel cost | -349.8 | -6.7 | -356.5 |
| Other operating expenses | -68.8 | -0.3 | -69.1 |
| EBITDA | 51.0 | -7.0 | 44.0 |
| Depreciation and amortization | -25.1 | - | -25.1 |
| Impairments | - | - | - |
| EBITDA | 25.8 | -7.0 | 18.8 |
| Net financial items | 6.1 | -2.9 | 3.2 |
| Earnings before tax | 32.0 | -9.9 | 22.1 |
| Amounts in MNOK | Operating segment | Group adjustments | Total |
| Total assets continued operations | 386.4 | 111.1 | 497.4 |
| Assets held for sale | 39.8 | - | 39.8 |
| Total assets | 426.2 | 111.1 | 537.2 |
| Investments in fixed assets | 4.5 | | 4.5 |
| 2023 | | | |
| Amounts in MNOK | Operating segment | Group adjustments | Total |
| Revenue from external customers | 726.8 | - | 726.8 |
| Other revenue | 2.0 | - | 2.0 |
| Total segment revenue | 728.8 | - | 728.8 |
| External projects costs | -323.8 | - | -323.8 |
| Net operating revenue after external projects | 405.0 | - | 405.0 |
| Salary and personnel cost | -295.4 | -6.2 | -301.6 |
| Other operating expenses | -59.4 | -9.8 | -69.2 |
| EBITDA | 50.1 | -16.0 | 34.1 |
| Depreciation and amortization | -21.8 | - | -21.8 |
| Impairments | - | - | - |
| EBITDA | 28.4 | -16.0 | 12.4 |
| Net financial items | -4.8 | -0.1 | -4.9 |
| Earnings before tax | 23.6 | -16.1 | 7.5 |
| Amounts in MNOK | Operating segment | Group adjustments | Total |
| Total assets continued operations | 451.2 | 96.2 | 547.4 |
| Assets held for sale | 32.8 | - | 32.8 |
| Total assets | 484.0 | 96.2 | 580.3 |
| Investments in fixed assets | 4.6 | | 4.6 |
Accounting Policy
The Group\u2019s main business is delivering projects through specialist expertise in automation, IT, electrical, power, mechanical, and process disciplines. In addition, the Group has revenue from the sale of packaging and technology products to the Group's customers in Japan and Chile. The product Groups presented in the table below represent the Group's internal reporting classification of revenue categories:
Construction contracts
Construction contracts are sales of combined goods and services. The Group recognizes revenue over time based on the degree of completion of the project, primarily using an input method. Progress is typically measured using input methods such as incurred costs relative to the estimated total costs to complete the delivery, or incurred hours relative to the estimated total hours to complete the delivery. The choice of method is based on what is considered to be the most significant input factor in each project. These measurement methods are considered the most accurate to show the Group's progress towards fulfilling the performance obligation. The asset is specifically tailored to the customer and cannot be used by others without significant modifications.
Payment terms for construction contracts are largely based on contractually stipulated milestone billings, which are agreed upon with the customer at the time of contract signing.
Services
Services are ongoing time-based performance obligations. The services can be sold separately or bundled together with the sale of goods. The performance obligation is fulfilled on an ongoing basis as the customer simultaneously receives and consumes the services provided by the Group. Payment terms typically range between NET 14 and 30 days.
Product sales
Product sales represent the Group's sales of packaging and technology products to the Group's customers in Japan and Chile. The products are related to the Group's PORTABULK\u00ae brand. The performance obligation is generally considered fulfilled upon delivery of the goods, and invoicing occurs at this time. Revenue is recognized at the time of delivery in accordance with the agreed INCOTERM delivery terms for the specific delivery. Payment terms typically range between NET 14 and 30 days.
The Group offers retrospective volume discounts to select customers if the quantity of goods purchased exceeds a specified amount pre-defined in the contract. Discounts are offset against accounts receivable. To estimate the variable consideration for expected future discounts, the Group applies the method based on the most likely outcome for contracts with a single volume threshold and the expected value method for contracts with more than one volume threshold. The expected reimbursement from retrospective volume discounts reserved in the accounts is specified in note 22.
Warranty Obligations
The Group offers warranties for repairs of defects that existed at the time of sale in accordance with the legislation of the relevant country. Ongoing provisions and assessments are made for future warranty obligations of this nature.
Significant accounting judgements, estimates and assumptions
The Group\u2019s business mainly consists of execution of projects. Invoices to customers are for the majority of the projects based on hours charged, but a portion also has fixed price elements. At each period end the Group assess the probability that the hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is particularly related to change orders, claims, and other contract changes as well as volume discounts. There is an inherent risk associated with these estimatesPerformance obligations
The transaction price allocated to the remaining performance obligations on construction contracts (unfulfilled or partially fulfilled) is as follows:
| Remaining performance obligations at year-end | MNOK |
| Within one year | | 209.5 |
| More than one year | | - |
| Total | \u00a0 | 209.5 |
Accounting Policy
The Group\u2019s main business is delivering projects through specialist expertise in automation, IT, electrical, power, mechanical, and process disciplines. In addition, the Group has revenue from the sale of packaging and technology products to the Group's customers in Japan and Chile. The product Groups presented in the table below represent the Group's internal reporting classification of revenue categories:
Construction contracts
Construction contracts are sales of combined goods and services. The Group recognizes revenue over time based on the degree of completion of the project, primarily using an input method. Progress is typically measured using input methods such as incurred costs relative to the estimated total costs to complete the delivery, or incurred hours relative to the estimated total hours to complete the delivery. The choice of method is based on what is considered to be the most significant input factor in each project. These measurement methods are considered the most accurate to show the Group's progress towards fulfilling the performance obligation. The asset is specifically tailored to the customer and cannot be used by others without significant modifications.
Payment terms for construction contracts are largely based on contractually stipulated milestone billings, which are agreed upon with the customer at the time of contract signing.
Services
Services are ongoing time-based performance obligations. The services can be sold separately or bundled together with the sale of goods. The performance obligation is fulfilled on an ongoing basis as the customer simultaneously receives and consumes the services provided by the Group. Payment terms typically range between NET 14 and 30 days.
Product sales
Product sales represent the Group's sales of packaging and technology products to the Group's customers in Japan and Chile. The products are related to the Group's PORTABULK\u00ae brand. The performance obligation is generally considered fulfilled upon delivery of the goods, and invoicing occurs at this time. Revenue is recognized at the time of delivery in accordance with the agreed INCOTERM delivery terms for the specific delivery. Payment terms typically range between NET 14 and 30 days.
The Group offers retrospective volume discounts to select customers if the quantity of goods purchased exceeds a specified amount pre-defined in the contract. Discounts are offset against accounts receivable. To estimate the variable consideration for expected future discounts, the Group applies the method based on the most likely outcome for contracts with a single volume threshold and the expected value method for contracts with more than one volume threshold. The expected reimbursement from retrospective volume discounts reserved in the accounts is specified in note 22.
Warranty Obligations
The Group offers warranties for repairs of defects that existed at the time of sale in accordance with the legislation of the relevant country. Ongoing provisions and assessments are made for future warranty obligations of this nature.
Significant accounting judgements, estimates and assumptions
The Group\u2019s business mainly consists of execution of projects. Invoices to customers are for the majority of the projects based on hours charged, but a portion also has fixed price elements. At each period end the Group assess the probability that the hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is particularly related to change orders, claims, and other contract changes as well as volume discounts. There is an inherent risk associated with these estimatesPerformance obligations
The transaction price allocated to the remaining performance obligations on construction contracts (unfulfilled or partially fulfilled) is as follows:
| Remaining performance obligations at year-end | MNOK |
| Within one year | | 209.5 |
| More than one year | | - |
| Total | \u00a0 | 209.5 |
Accounting Policy
The Group\u2019s main business is delivering projects through specialist expertise in automation, IT, electrical, power, mechanical, and process disciplines. In addition, the Group has revenue from the sale of packaging and technology products to the Group's customers in Japan and Chile. The product Groups presented in the table below represent the Group's internal reporting classification of revenue categories:
Construction contracts
Construction contracts are sales of combined goods and services. The Group recognizes revenue over time based on the degree of completion of the project, primarily using an input method. Progress is typically measured using input methods such as incurred costs relative to the estimated total costs to complete the delivery, or incurred hours relative to the estimated total hours to complete the delivery. The choice of method is based on what is considered to be the most significant input factor in each project. These measurement methods are considered the most accurate to show the Group's progress towards fulfilling the performance obligation. The asset is specifically tailored to the customer and cannot be used by others without significant modifications.
Payment terms for construction contracts are largely based on contractually stipulated milestone billings, which are agreed upon with the customer at the time of contract signing.
Services
Services are ongoing time-based performance obligations. The services can be sold separately or bundled together with the sale of goods. The performance obligation is fulfilled on an ongoing basis as the customer simultaneously receives and consumes the services provided by the Group. Payment terms typically range between NET 14 and 30 days.
Product sales
Product sales represent the Group's sales of packaging and technology products to the Group's customers in Japan and Chile. The products are related to the Group's PORTABULK\u00ae brand. The performance obligation is generally considered fulfilled upon delivery of the goods, and invoicing occurs at this time. Revenue is recognized at the time of delivery in accordance with the agreed INCOTERM delivery terms for the specific delivery. Payment terms typically range between NET 14 and 30 days.
The Group offers retrospective volume discounts to select customers if the quantity of goods purchased exceeds a specified amount pre-defined in the contract. Discounts are offset against accounts receivable. To estimate the variable consideration for expected future discounts, the Group applies the method based on the most likely outcome for contracts with a single volume threshold and the expected value method for contracts with more than one volume threshold. The expected reimbursement from retrospective volume discounts reserved in the accounts is specified in note 22.
Warranty Obligations
The Group offers warranties for repairs of defects that existed at the time of sale in accordance with the legislation of the relevant country. Ongoing provisions and assessments are made for future warranty obligations of this nature.
Significant accounting judgements, estimates and assumptions
The Group\u2019s business mainly consists of execution of projects. Invoices to customers are for the majority of the projects based on hours charged, but a portion also has fixed price elements. At each period end the Group assess the probability that the hours charged can be billed to the customer, as well as estimating remaining costs of the project. Uncertainty is particularly related to change orders, claims, and other contract changes as well as volume discounts. There is an inherent risk associated with these estimates",
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"v1-page60-cflshid_12629-tag273721": {
"value": "2024
| Revenue | Constructioncontracts | Services | Product sales | Total 2024 |
| Norway | 167.3 | 437.0 | | 604.2 |
| Sweden | 4.8 | 0.4 | | 5.2 |
| Finland | - | | | - |
| Europe | 23.6 | 12.6 | | 36.2 |
| Others | 20.9 | 10.2 | 38.0 | 69.1 |
| Total | 216.5 | 460.2 | 38.0 | 714.8 |
| Portion recognized at a specific point in time | - | - | 38.0 | 38.0 |
| Portion recognized over time | 216.5 | 460.2 | - | 676.7 |
| 2023 | | | | |
| Revenue | Constructioncontracts | Services | Product sales | Total 2023 |
| Norway | 324.7 | 315.0 | - | 639.7 |
| Sweden | 3.3 | 0.5 | - | 3.7 |
| Finland | - | - | - | - |
| Europe | 21.7 | 21.3 | - | 42.9 |
| Others | 6.9 | 5.8 | 27.7 | 40.4 |
| Total | 356.5 | 342.6 | 27.7 | 726.8 |
| Portion recognized at a specific point in time | - | - | 27.7 | 27.7 |
| Portion recognized over time | 356.5 | 342.6 | - | 699.1 |
Note 5 - External Project Costs
External project costs includes goods sold as well as any other third-party project-related procurement costs.
| Amounts in MNOK | 2024 | 2023* |
| Cost of goods | 233.4 | 315.9 |
| Consultancy cost | 1.3 | 0.7 |
| Travel cost | 11.5 | 6.6 |
| Other operating costs | 0.8 | 0.5 |
| Sum external project costs | 247.0 | 323.8 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5
The presentation in the condensed consolidated statement of profit or loss was reclassified from Q3 2024, where \u201cExternal project costs\u201d and \u201cNet operating revenue after external project costs\u201d was added as new items. \u201cExternal project costs\u201d includes the previously reported cost of goods sold as reported before Q3 2024, as well as any other third-party project-related procurement costs previously reported as part of \u201cother operational expenses\u201d
",
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},
"v1-page61-cflshid_13103-tag273659": {
"value": "Note 6 - Employee Benefit Expenses
| Amounts in MNOK | 2024 | 2023* |
| Salaries and wages | 277.2 | 235.9 |
| Social security | 44.3 | 35.8 |
| Pension Contributions | 20.0 | 15.1 |
| Employee benefits | 15.0 | 14.9 |
| Total salaries and personnel cost | 356.5 | 301.6 |
| 2024 | 2023 |
| Number of employees at the end of the year | 309 | 285 |
| Average number of full-time equivalents employed during the period | 292 | 241 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5
Of the total salaries and personnel costs, 1.4 MNOK is attributed to equity-based remuneration. Further detailed information regarding the equity-based incentive program (RSU Matching Program) are presented in note 33.
Additional details regarding the compensation for the Group's directors, including executive personnel and members of the Board of Directors, are presented in note 15Note 7 - PensionsGoodtech's pension schemes are established in accordance with local laws and include defined contribution plans. A defined contribution plan is a pension scheme where the Group pays fixed contributions to a manager without any further obligations after the contribution has been paid. The contributions are expensed continuously as payroll costs.
Norwegian businesses within the Group are subject to the law on mandatory occupational pensions, and the pension schemes offered in Norway comply with this law. Defined contribution pension schemes in Norwegian businesses cover all employees in Norway. The contribution rate is 5% for pensionable salary up to 7.1 times the National Insurance Scheme basic amount (G) and 10% for pensionable salary between 7.1G and 12G.
Most employees in Norway are affiliated with the AFP scheme (Agreement-based Pension), which is a collective pension scheme for the tariff-regulated sector in Norway. The AFP scheme is based on a collaboration between employer organizations, employee organizations, and the state. For accounting purposes, the scheme is considered a defined benefit multi-employer plan. The Group is unable to identify its share of the scheme's underlying financial position and performance with a sufficient degree of reliability, and on this basis, the scheme is accounted for as a defined contribution plan. This means that the obligations arising from the AFP scheme are not recognized on the balance sheet. Premiums for the scheme are expensed as they accrue.
Total pension costs for the Group's defined contribution schemes amount to 20 MNOK for 2024 (15.1 MNOK for 2023), which is included in payroll costs in the income statement (further detailed in note 6 of the financial statements).
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page63-cflshid_13679-tag273660": {
"value": "Note 8 - Other Expenses| Amounts in MNOK | 2024 | 2023* |
| Rent and property operating costs | 6.4 | 7.2 |
| Travel expenses | 5.1 | 4.3 |
| Vehicle costs | 1.5 | 1.3 |
| Sales and marketing expenses | 1.3 | 1.2 |
| Consultants, advisors, and other hired services | 19.2 | 17.2 |
| IT costs | 25.1 | 25.2 |
| Equipment and supplies | 2.3 | 1.8 |
| Postage and freight, etc. | 2.5 | 0.3 |
| Bad debt losses | -1.5 | 4.6 |
| Other operating expenses | 7.4 | 6.1 |
| Total other operating expenses | 69.1 | 69.2 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5
Compensation to auditors is included in the line for 'Consultants, advisors, and other hired services,' and is further specified under:
| Amounts in MNOK | 2024 | 2023 |
| Statutory audit | 2.1 | 3.0 |
| Other assurance services | 0.2 | 0.1 |
| Tax advisory | - | - |
| Other non-audit services | - | - |
| Total audit expenses | 2.4 | 3.1 |
Compensation to auditors is included in the line for 'Consultants, advisors, and other hired services,' and is further specified under:
| Amounts in MNOK | 2024 | 2023 |
| Statutory audit | 2.1 | 3.0 |
| Other assurance services | 0.2 | 0.1 |
| Tax advisory | - | - |
| Other non-audit services | - | - |
| Total audit expenses | 2.4 | 3.1 |
Note 9 - Finance Income and Finance Expense
| Amounts in MNOK | 2024 | 2023* |
| Interest income | 10.6 | 7.4 |
| Foreign exchange gains | 7.3 | 4.6 |
| Other financial income | 0.1 | - |
| Total financial income | 18.0 | 12.1 |
| Interest on loans, operating credit, and lease obligations | -10.1 | -7.9 |
| Guarantee commission | -0.4 | -0.2 |
| Foreign exchange losses | -4.4 | -8.5 |
| Other financial expenses | -0.7 | -0.2 |
| Total financial expenses | -15.6 | -16.8 |
| Net financial expenses | 2.4 | -4.8 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5
The Group has a Group account arrangement with Nordea (further described in note 19) with currency top accounts in EUR, SEK, NOK, and USD, each with its own deposit and withdrawal interest rates. Interest income/expense in each period is calculated per currency, based on whether there is a net overdraft or a net positive balance in the given currency top account. Throughout the year, the balances/overdrafts on these accounts will vary, resulting in both interest income and interest expenses as indicated in the table above.
",
"dimensions": {
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"v1-page63-cflshid_13679-tag273662": {
"value": "Note 9 - Finance Income and Finance Expense
| Amounts in MNOK | 2024 | 2023* |
| Interest income | 10.6 | 7.4 |
| Foreign exchange gains | 7.3 | 4.6 |
| Other financial income | 0.1 | - |
| Total financial income | 18.0 | 12.1 |
| Interest on loans, operating credit, and lease obligations | -10.1 | -7.9 |
| Guarantee commission | -0.4 | -0.2 |
| Foreign exchange losses | -4.4 | -8.5 |
| Other financial expenses | -0.7 | -0.2 |
| Total financial expenses | -15.6 | -16.8 |
| Net financial expenses | 2.4 | -4.8 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5
The Group has a Group account arrangement with Nordea (further described in note 19) with currency top accounts in EUR, SEK, NOK, and USD, each with its own deposit and withdrawal interest rates. Interest income/expense in each period is calculated per currency, based on whether there is a net overdraft or a net positive balance in the given currency top account. Throughout the year, the balances/overdrafts on these accounts will vary, resulting in both interest income and interest expenses as indicated in the table above",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
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},
"v1-page63-cflshid_13679-tag273717": {
"value": "Note 9 - Finance Income and Finance Expense
| Amounts in MNOK | 2024 | 2023* |
| Interest income | 10.6 | 7.4 |
| Foreign exchange gains | 7.3 | 4.6 |
| Other financial income | 0.1 | - |
| Total financial income | 18.0 | 12.1 |
| Interest on loans, operating credit, and lease obligations | -10.1 | -7.9 |
| Guarantee commission | -0.4 | -0.2 |
| Foreign exchange losses | -4.4 | -8.5 |
| Other financial expenses | -0.7 | -0.2 |
| Total financial expenses | -15.6 | -16.8 |
| Net financial expenses | 2.4 | -4.8 |
Note 9 - Finance Income and Finance Expense
| Amounts in MNOK | 2024 | 2023* |
| Interest income | 10.6 | 7.4 |
| Foreign exchange gains | 7.3 | 4.6 |
| Other financial income | 0.1 | - |
| Total financial income | 18.0 | 12.1 |
| Interest on loans, operating credit, and lease obligations | -10.1 | -7.9 |
| Guarantee commission | -0.4 | -0.2 |
| Foreign exchange losses | -4.4 | -8.5 |
| Other financial expenses | -0.7 | -0.2 |
| Total financial expenses | -15.6 | -16.8 |
| Net financial expenses | 2.4 | -4.8 |
Note 9 - Finance Income and Finance Expense
| Amounts in MNOK | 2024 | 2023* |
| Interest income | 10.6 | 7.4 |
| Foreign exchange gains | 7.3 | 4.6 |
| Other financial income | 0.1 | - |
| Total financial income | 18.0 | 12.1 |
| Interest on loans, operating credit, and lease obligations | -10.1 | -7.9 |
| Guarantee commission | -0.4 | -0.2 |
| Foreign exchange losses | -4.4 | -8.5 |
| Other financial expenses | -0.7 | -0.2 |
| Total financial expenses | -15.6 | -16.8 |
| Net financial expenses | 2.4 | -4.8 |
Note 10 - TaxesThe tax expense reported in the income statement consists of payable tax and changes in deferred tax. Deferred tax/tax benefit is calculated on all differences between accounting and tax values of assets and liabilities, with the exception of temporary differences related to goodwill.
Deferred tax and deferred tax benefit are measured based on the expected future tax rate of the companies in the Group where temporary differences have occurred. Deferred tax and deferred tax benefit are recorded at nominal value and are classified as long-term liabilities and assets in the balance sheet. Deferred tax benefit is recognized when it is probable that the company will have sufficient taxable profits in future periods to utilize the tax benefit. The Group recognizes previously unrecognized deferred tax benefits to the extent that it has become probable that the Group can utilize the deferred tax benefit. Likewise, the Group will reduce deferred tax benefits to the extent that it no longer considers it probable that it can utilize the deferred tax benefit.
Payable tax and deferred tax are recorded directly against equity to the extent that the tax items relate to equity transactions.
Tax expense
| Amounts in MNOK | 2024 | 2023* |
| Change in deferred tax asset | 5.7 | -4.4 |
| Tax expense | 5.7 | -4.4 |
| Current tax in balance sheet | - | - |
Reconciliation of Tax Expense
The tax expense differs from the amount that would have been recognized if the nominal tax rate had been applied. The difference between the nominal tax rate and the effective tax rate is specified below, where the most significant components are also highlighted.
| Amounts in MNOK | 2024 | 2023* |
| Profit before tax from continuing operations | 22.1 | 19.5 |
| Tax expense calculated at a tax rate of 22% | 4.9 | 4.3 |
| Non-deductible expenses | 1.6 | 0.6 |
| Non-recognized deferred tax asset | -0.7 | -7.4 |
| Over/under accrued previous years | - | -1.9 |
| Tax expense | 5.7 | -4.4 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5. Tax income of 4.4 MNOK in 2023 is restated and comprises tax calculations for continued operations
The ordinary corporate tax rate for companies based in Norway is 22.0 % in 2024, which is the same as in 2023.
Deferred Tax and Deferred Tax Benefit Presented in the Balance Sheet
| Amounts in MNOK | 2024 | 2023 |
| Fixed assets | 0.3 | 0.3 |
| Current assets | -6.0 | -3.6 |
| Provisions | 5.0 | 4.8 |
| Gain and loss account | 2.7 | 3.3 |
| Carryforward losses | 30.0 | 40.3 |
| Recognized deferred tax asset | 32.0 | 45.2 |
The Group makes annual calculations and estimates of the expected taxable income for the Group's companies to assess future taxable utilization. The deferred tax benefit is considered to meet the recognition criteria according to IAS 12 as of December 31, 2024, based on expectations and internal requirements for income improvements.
Specification of Changes in Deferred Tax Benefit
| Amounts in MNOK | 2024 | 2023 |
| Net assets/liabilities as of January 1 | 45.2 | 36.3 |
| Recognized in the income statement | -5.7 | 9.0 |
| Tax effect of disposals in the fiscal year | -7.9 | - |
| Translation difference | 0.5 | -0.1 |
| Net assets/liabilities as of December 31 | 32.0 | 45.2 |
Change in Deferred Tax Benefit and Deferred Tax Liability
| Recognized in the income statement | | | | | |
| Amounts in MNOK | 2024 | Change | 2023 | Change | 2022 |
| Fixed assets, R&D/customer contracts | 0.3 | - | 0.3 | -0.7 | 1.0 |
| Current assets | -6.0 | -2.4 | -3.6 | 1.0 | -4.6 |
| Provisions | 5.0 | 0.2 | 4.8 | 3.0 | 1.8 |
| Gain and loss account | 2.7 | -0.7 | 3.3 | -0.8 | 4.2 |
| Carryforward losses | 30.0 | -10.2 | 40.3 | 6.4 | 33.9 |
| Total deferred tax assets | 32.0 | -13.2 | 45.2 | 8.9 | 36.3 |
The Group's Carryforward Tax Losses
| Amounts in MNOK | 2024 | 2023 |
| Total carryforward losses | 136.6 | 185.3 |
| Calculated deferred tax asset | 30.0 | 40.3 |
| Of which: | | |
| Recognized asset | 30.0 | 40.3 |
| Unrecognized asset | - | - |
Carryforward Tax Losses Allocated by Country
| 2024 | 2023 |
| Norway | 136.6 | 151.3 |
| Total carryforward losses | 136.6 | 151.3 |
Note 10 - TaxesThe tax expense reported in the income statement consists of payable tax and changes in deferred tax. Deferred tax/tax benefit is calculated on all differences between accounting and tax values of assets and liabilities, with the exception of temporary differences related to goodwill.
Deferred tax and deferred tax benefit are measured based on the expected future tax rate of the companies in the Group where temporary differences have occurred. Deferred tax and deferred tax benefit are recorded at nominal value and are classified as long-term liabilities and assets in the balance sheet. Deferred tax benefit is recognized when it is probable that the company will have sufficient taxable profits in future periods to utilize the tax benefit. The Group recognizes previously unrecognized deferred tax benefits to the extent that it has become probable that the Group can utilize the deferred tax benefit. Likewise, the Group will reduce deferred tax benefits to the extent that it no longer considers it probable that it can utilize the deferred tax benefit.
Payable tax and deferred tax are recorded directly against equity to the extent that the tax items relate to equity transactions.
Tax expense
| Amounts in MNOK | 2024 | 2023* |
| Change in deferred tax asset | 5.7 | -4.4 |
| Tax expense | 5.7 | -4.4 |
| Current tax in balance sheet | - | - |
Reconciliation of Tax Expense
The tax expense differs from the amount that would have been recognized if the nominal tax rate had been applied. The difference between the nominal tax rate and the effective tax rate is specified below, where the most significant components are also highlighted.
| Amounts in MNOK | 2024 | 2023* |
| Profit before tax from continuing operations | 22.1 | 19.5 |
| Tax expense calculated at a tax rate of 22% | 4.9 | 4.3 |
| Non-deductible expenses | 1.6 | 0.6 |
| Non-recognized deferred tax asset | -0.7 | -7.4 |
| Over/under accrued previous years | - | -1.9 |
| Tax expense | 5.7 | -4.4 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5. Tax income of 4.4 MNOK in 2023 is restated and comprises tax calculations for continued operations
The ordinary corporate tax rate for companies based in Norway is 22.0 % in 2024, which is the same as in 2023.
Deferred Tax and Deferred Tax Benefit Presented in the Balance Sheet
| Amounts in MNOK | 2024 | 2023 |
| Fixed assets | 0.3 | 0.3 |
| Current assets | -6.0 | -3.6 |
| Provisions | 5.0 | 4.8 |
| Gain and loss account | 2.7 | 3.3 |
| Carryforward losses | 30.0 | 40.3 |
| Recognized deferred tax asset | 32.0 | 45.2 |
The Group makes annual calculations and estimates of the expected taxable income for the Group's companies to assess future taxable utilization. The deferred tax benefit is considered to meet the recognition criteria according to IAS 12 as of December 31, 2024, based on expectations and internal requirements for income improvements.
Specification of Changes in Deferred Tax Benefit
| Amounts in MNOK | 2024 | 2023 |
| Net assets/liabilities as of January 1 | 45.2 | 36.3 |
| Recognized in the income statement | -5.7 | 9.0 |
| Tax effect of disposals in the fiscal year | -7.9 | - |
| Translation difference | 0.5 | -0.1 |
| Net assets/liabilities as of December 31 | 32.0 | 45.2 |
Change in Deferred Tax Benefit and Deferred Tax Liability
| Recognized in the income statement | | | | | |
| Amounts in MNOK | 2024 | Change | 2023 | Change | 2022 |
| Fixed assets, R&D/customer contracts | 0.3 | - | 0.3 | -0.7 | 1.0 |
| Current assets | -6.0 | -2.4 | -3.6 | 1.0 | -4.6 |
| Provisions | 5.0 | 0.2 | 4.8 | 3.0 | 1.8 |
| Gain and loss account | 2.7 | -0.7 | 3.3 | -0.8 | 4.2 |
| Carryforward losses | 30.0 | -10.2 | 40.3 | 6.4 | 33.9 |
| Total deferred tax assets | 32.0 | -13.2 | 45.2 | 8.9 | 36.3 |
The Group's Carryforward Tax Losses
| Amounts in MNOK | 2024 | 2023 |
| Total carryforward losses | 136.6 | 185.3 |
| Calculated deferred tax asset | 30.0 | 40.3 |
| Of which: | | |
| Recognized asset | 30.0 | 40.3 |
| Unrecognized asset | - | - |
Carryforward Tax Losses Allocated by Country
| 2024 | 2023 |
| Norway | 136.6 | 151.3 |
| Total carryforward losses | 136.6 | 151.3 |
The tax expense reported in the income statement consists of payable tax and changes in deferred tax. Deferred tax/tax benefit is calculated on all differences between accounting and tax values of assets and liabilities, with the exception of temporary differences related to goodwill.
Deferred tax and deferred tax benefit are measured based on the expected future tax rate of the companies in the Group where temporary differences have occurred. Deferred tax and deferred tax benefit are recorded at nominal value and are classified as long-term liabilities and assets in the balance sheet. Deferred tax benefit is recognized when it is probable that the company will have sufficient taxable profits in future periods to utilize the tax benefit. The Group recognizes previously unrecognized deferred tax benefits to the extent that it has become probable that the Group can utilize the deferred tax benefit. Likewise, the Group will reduce deferred tax benefits to the extent that it no longer considers it probable that it can utilize the deferred tax benefit.
Payable tax and deferred tax are recorded directly against equity to the extent that the tax items relate to equity transactions.
Tax expense
| Amounts in MNOK | 2024 | 2023* |
| Change in deferred tax asset | 5.7 | -4.4 |
| Tax expense | 5.7 | -4.4 |
| Current tax in balance sheet | - | - |
Reconciliation of Tax Expense
The tax expense differs from the amount that would have been recognized if the nominal tax rate had been applied. The difference between the nominal tax rate and the effective tax rate is specified below, where the most significant components are also highlighted.
| Amounts in MNOK | 2024 | 2023* |
| Profit before tax from continuing operations | 22.1 | 19.5 |
| Tax expense calculated at a tax rate of 22% | 4.9 | 4.3 |
| Non-deductible expenses | 1.6 | 0.6 |
| Non-recognized deferred tax asset | -0.7 | -7.4 |
| Over/under accrued previous years | - | -1.9 |
| Tax expense | 5.7 | -4.4 |
* Amounts for 2023 have been restated in accordance with the requirements of IFRS 5. Tax income of 4.4 MNOK in 2023 is restated and comprises tax calculations for continued operations
Deferred Tax and Deferred Tax Benefit Presented in the Balance Sheet
| Amounts in MNOK | 2024 | 2023 |
| Fixed assets | 0.3 | 0.3 |
| Current assets | -6.0 | -3.6 |
| Provisions | 5.0 | 4.8 |
| Gain and loss account | 2.7 | 3.3 |
| Carryforward losses | 30.0 | 40.3 |
| Recognized deferred tax asset | 32.0 | 45.2 |
The Group makes annual calculations and estimates of the expected taxable income for the Group's companies to assess future taxable utilization. The deferred tax benefit is considered to meet the recognition criteria according to IAS 12 as of December 31, 2024, based on expectations and internal requirements for income improvements.
Specification of Changes in Deferred Tax Benefit
| Amounts in MNOK | 2024 | 2023 |
| Net assets/liabilities as of January 1 | 45.2 | 36.3 |
| Recognized in the income statement | -5.7 | 9.0 |
| Tax effect of disposals in the fiscal year | -7.9 | - |
| Translation difference | 0.5 | -0.1 |
| Net assets/liabilities as of December 31 | 32.0 | 45.2 |
Change in Deferred Tax Benefit and Deferred Tax Liability
| Recognized in the income statement | | | | | |
| Amounts in MNOK | 2024 | Change | 2023 | Change | 2022 |
| Fixed assets, R&D/customer contracts | 0.3 | - | 0.3 | -0.7 | 1.0 |
| Current assets | -6.0 | -2.4 | -3.6 | 1.0 | -4.6 |
| Provisions | 5.0 | 0.2 | 4.8 | 3.0 | 1.8 |
| Gain and loss account | 2.7 | -0.7 | 3.3 | -0.8 | 4.2 |
| Carryforward losses | 30.0 | -10.2 | 40.3 | 6.4 | 33.9 |
| Total deferred tax assets | 32.0 | -13.2 | 45.2 | 8.9 | 36.3 |
The Group's Carryforward Tax Losses
| Amounts in MNOK | 2024 | 2023 |
| Total carryforward losses | 136.6 | 185.3 |
| Calculated deferred tax asset | 30.0 | 40.3 |
| Of which: | | |
| Recognized asset | 30.0 | 40.3 |
| Unrecognized asset | - | - |
Carryforward Tax Losses Allocated by Country
| 2024 | 2023 |
| Norway | 136.6 | 151.3 |
| Total carryforward losses | 136.6 | 151.3 |
The tax expense reported in the income statement consists of payable tax and changes in deferred tax. Deferred tax/tax benefit is calculated on all differences between accounting and tax values of assets and liabilities, with the exception of temporary differences related to goodwill.
Deferred tax and deferred tax benefit are measured based on the expected future tax rate of the companies in the Group where temporary differences have occurred. Deferred tax and deferred tax benefit are recorded at nominal value and are classified as long-term liabilities and assets in the balance sheet. Deferred tax benefit is recognized when it is probable that the company will have sufficient taxable profits in future periods to utilize the tax benefit. The Group recognizes previously unrecognized deferred tax benefits to the extent that it has become probable that the Group can utilize the deferred tax benefit. Likewise, the Group will reduce deferred tax benefits to the extent that it no longer considers it probable that it can utilize the deferred tax benefit.
Payable tax and deferred tax are recorded directly against equity to the extent that the tax items relate to equity transactions.
The Group makes annual calculations and estimates of the expected taxable income for the Group's companies to assess future taxable utilization. The deferred tax benefit is considered to meet the recognition criteria according to IAS 12 as of December 31, 2024, based on expectations and internal requirements for income improvements",
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"value": "Note 11 - Earnings per ShareEarnings per share is calculated by dividing the portion of the annual profit attributable to the company\u2019s shareholders by the weighted average number of issued ordinary shares during the year, in accordance with the method described in IAS 33. In accordance with IAS 33, the company has evaluated shares, including outstanding options, that could lead to dilution and consequently impact earnings per share.
| Amounts in MNOK | 2024 | 2023 |
| Net income attributable to the company's shareholders | -25.3 | 8.1 |
| Weighted average number of shares (in thousands) | 28,608 | 27,387 |
| Basic earnings per share attributable to the company's shareholders (NOK) | -0.88 | 0.30 |
| Weighted average number of diluted shares (in thousands) | 28,608 | 27,799 |
| Diluted earnings per share attributable to the company's shareholders (NOK) | -0.88 | 0.29 |
| Earnings after tax from discontinued operations | -41.7 | -3.8 |
| Earnings per share for discontinued operations (amounts in NOK) | -1.46 | -0.14 |
| Number of shares in thousands | 2,024 | 2,023 |
| Issued ordinary shares at period end | 29,545 | 28,803 |
| Effect of treasury shares | -901 | -901 |
| Total | 28,644 | 27,902 |
| Weighted average number of ordinary shares | 28,608 | 27,387 |
| Amounts in MNOK | 2024 | 2023 |
| Earnings after tax from continued operations | 16.4 | 11.8 |
| Weighted average number of basic shares (in thousands) | 28,608 | 27,387 |
| Weighted average number of diluted shares (in thousands) | 29,204 | 27,799 |
| Basic earnings per share from continuing operations | 0.57 | 0.43 |
| Diluted earnings per share from continuing operations | 0.56 | 0.43 |
",
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"value": "Note 12 - Property, Plant, and EquipmentProperty, plant, and equipment are measured at cost, less accumulated depreciation and impairment. When assets are sold or disposed of, the carrying amount is deducted, and any loss or gain is recognized in profit or loss.
The cost of property, plant, and equipment includes the purchase price, including taxes/levies, and costs directly attributable to bringing the asset to a working condition. Expenses incurred after the asset is put into use, such as regular maintenance, are recognized in profit or loss, while other expenses expected to provide future economic benefits are capitalized.
Depreciation is calculated using the straight-line method over the following useful lives:
-Machinery, fixtures, and other operating assets: 3-10 years
The depreciation period, method, and residual value are assessed annually.
The asset categories presented in the table below are an aggregated sum of various asset components belonging to a specific category, and the depreciation rates represent the range of useful lives allocated to the components.
| Amounts in MNOK | Buildings and other real property | Machinery/inventory | Other operating assets | Total |
| Acquisition cost as of 01.01.23 | - | 18.1 | 28.5 | 46.6 |
| Additions | - | 4.1 | 0.4 | 4.5 |
| Additions from business combinations | | | 0.1 | 0.1 |
| Disposals | - | - | -0.1 | -0.1 |
| Currency adjustments | - | 0.1 | - | 0.1 |
| Other changes | - | - | 0.2 | 0.2 |
| Acquisition cost as of 31.12.23 | - | 22.3 | 29.2 | 51.5 |
| Accumulated depreciation as of 01.01.23 | - | -9.1 | -20.2 | -29.3 |
| Depreciation for the year | - | -4.5 | -0.9 | -5.4 |
| Currency adjustments | - | -0.1 | - | -0.1 |
| Other changes | - | - | - | - |
| Accumulated depreciation as of 31.12.23 | - | -13.7 | -21.1 | -34.8 |
| Carrying amount as of 31.12.23 | - | 8.6 | 8.1 | 16.7 |
| Amounts in MNOK | Buildings and other real property | Machinery/inventory | Other operating assets | Total |
| Acquisition cost as of 01.01.24 | - | 22.3 | 29.2 | 51.5 |
| Additions | - | 4.2 | 0.3 | 4.5 |
| Disposal held for sale | - | -2.5 | - | -2.5 |
| Currency adjustments | - | - | - | - |
| Other changes | - | - | - | - |
| Acquisition cost as of 31.12.24 | - | 24.1 | 29.4 | 53.5 |
| Accumulated depreciation as of 01.01.24 | - | -13.7 | -21.1 | -34.8 |
| Depreciation for the year | - | -5.2 | -1.4 | -6.6 |
| Disposal held for sale | - | 1.6 | - | 1.6 |
| Currency adjustments | - | - | - | - |
| Other changes | - | - | 0.2 | 0.2 |
| Accumulated depreciation as of 31.12.24 | - | -17.4 | -22.3 | -39.6 |
| Carrying amount as of 31.12. 2024 | - | 6.7 | 7.2 | 13.9 |
",
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"value": "Property, plant, and equipment are measured at cost, less accumulated depreciation and impairment. When assets are sold or disposed of, the carrying amount is deducted, and any loss or gain is recognized in profit or loss.
The cost of property, plant, and equipment includes the purchase price, including taxes/levies, and costs directly attributable to bringing the asset to a working condition. Expenses incurred after the asset is put into use, such as regular maintenance, are recognized in profit or loss, while other expenses expected to provide future economic benefits are capitalized.
Depreciation is calculated using the straight-line method over the following useful lives:
-Machinery, fixtures, and other operating assets: 3-10 years
The depreciation period, method, and residual value are assessed annually",
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"value": "Note 13 - Right-of-Use AssetsIdentification of a Lease: Upon entering into a contract, the Group assesses whether the contract is or contains a lease. A contract is considered a lease if it conveys the right to control the use of an asset over a period in exchange for consideration. Recognition of Lease Agreements and Recognition Exceptions: At the commencement date of a lease agreement, the Group recognizes a lease liability and a corresponding right-of-use asset for all its leases, except for the following applied exceptions: \u2022Short-term leases (lease term of 12 months or shorter)
\u2022Assets of low value
For these leases, the Group recognizes the lease payments as other operating expenses in the income statement at the time they are incurred.
Lease Liabilities: The Group measures lease liabilities at the commencement date at the present value of the lease payments that are not payable at that time. The lease term represents the non-cancellable period of the lease agreement, in addition to periods covered by an option to either extend or terminate the lease if the Group is reasonably certain to exercise that option. The lease payments included in the measurement of the lease liability consist of:
\u2022Fixed lease payments (including effectively fixed payments), minus any receivables in the form of lease incentives.
\u2022Variable lease payments that depend on an index or interest rate, initially measured using the index or interest rate at the commencement date.
\u2022Amounts expected to be payable by the Group in accordance with residual value guarantees.
\u2022The exercise price for a purchase option, if the Group is reasonably certain to exercise that option.
\u2022Payment of a penalty for terminating the lease agreement, if the lease term reflects that the Group will exercise an option to terminate the lease agreement.
The lease liability is subsequently measured by increasing the carrying amount to reflect the interest on the lease liability, reducing the carrying amount to reflect lease payments made, and reassessing the carrying amount to reflect any revaluations or changes to the lease agreement, or to account for adjustments in lease payments resulting from changes in indexes or rates.
The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease costs in the income statement. The Group presents its lease liabilities on separate lines in the balance sheet.
Right-of-Use assets: The Group measures right-of-use assets at cost, less accumulated depreciation and impairment losses, adjusted for any new measurements of the lease liability. The cost of the right-of-use assets includes: \u2022The amount from the initial measurement of the lease liability
\u2022All lease payments made or due at or before the commencement date, minus any lease incentives received
\u2022All direct costs incurred by the Group in negotiating the lease agreement
\u2022An estimate of the costs incurred by the lessee for dismantling and removing the underlying asset, restoring the site where the unit is located, or restoring the underlying asset to the condition required by the terms of the lease agreement, unless these costs are incurred during the production of the goods.
The Group applies the depreciation requirements of IAS 16 when depreciating the right-of-use asset, with the exception that the right-of-use asset is depreciated from the commencement date until the earlier of the end of the lease term and the end of the useful life of the right-of-use asset.
The Group's assets under capitalized leases include buildings and other real estate, land, vehicles, office equipment presented in table below:
Right-of-use assets
| Amounts in MNOK | Buildings | Land | Vehicle | Office equipment | Other | SUM |
| Carrying amount as of 01.01.23 | 39.3 | | 2.1 | 3.8 | 1.0 | 46.3 |
| Additions | 17.3 | | 1.8 | 2.8 | | 21.9 |
| Depreciations | -13.4 | | -1.5 | -1.2 | -0.4 | -16.5 |
| Translation differences | 0.5 | | 0.1 | - | - | 0.5 |
| Carrying amount as of 01.01.24 | 43.6 | | 2.5 | 5.5 | 0.6 | 52.2 |
| Additions | 5.6 | | 2.1 | 2.4 | | 10.2 |
| Depreciations | -15.1 | | -1.8 | -2.1 | -0.4 | -19.4 |
| Reclassified as held for sale | -3.5 | | -1.3 | - | | -4.8 |
| Adjustments | 1.1 | | | | | 1.1 |
| Translation differences | 0.1 | | - | - | | 0.1 |
| Carrying amount as of 31.12.24 | 31.9 | - | 1.5 | 5.8 | 0.2 | 39.4 |
Lease Liabilities
| Amounts in MNOK | 2024 | 2023 |
| Undiscounted lease liabilities and payment maturities | | |
| Less than one year | 15.6 | 18.8 |
| One to two years | 11.7 | 15.5 |
| Two to three years | 7.0 | 10.4 |
| Three to four years | 5.2 | 6.2 |
| Four to five years | 4.1 | 4.4 |
| More than five years | 4.6 | 6.9 |
| Total undiscounted lease liabilities as of December 31 | 48.2 | 62.2 |
| Discounting effect | 4.9 | 5.9 |
| Total lease liabilities in the balance sheet as of December 31 | 43.2 | 56.3 |
| Current | 13.8 | 16.7 |
| Non-current | 29.4 | 39.5 |
| Lease payments recognized as other operating expenses in the income statement | 2024 | 2023 |
| Operating expenses for the period related to short-term lease agreements | | 0.2 |
| Operating expenses for the period related to low-value assets | 0.5 | 0.7 |
| Total | 0.5 | 0.9 |
| Amounts recognized in the cash flow statement | | |
| Amounts in MNOK | 2024 | 2023 |
| Payment of lease liability instalments | 22.1 | 15.2 |
| Payment of interest on lease liabilities | 2.6 | 2.2 |
| Lease payments recognized as other operating expenses in the income statement and cash flow from operating activities | 0.5 | 0.9 |
| Total cash flow effect of lease assets | 25.2 | 18.3 |
IFRS 16-effects on the income statement
| Amounts in MNOK | 2024 | 2023 |
| Rents - IFRS16 | 18.4 | 17.4 |
| EBITDA | 18.4 | 17.4 |
| Depreciation IFRS16 | -16.0 | -16.6 |
| Operating profit (EBIT) | 2.4 | 0.8 |
| Net financial items | -2.4 | -2.1 |
| Earnings before tax | 0.1 | -1.3 |
IFRS 16 fundamentally alters the accounting treatment for leases by requiring lessees to recognize most leases on their balance sheets as right-of-use assets and corresponding lease liabilities. In the profit and loss statement, rather than recognizing lease payments as operating expenses, lessees will record a decrease in rent expense and an increase in depreciation on the right-of-use asset, as well as interest expense on the lease liability. The table above illustrates the effects of IFRS 16 on the income statement.
Other information \u2013 Sensitivity analysis
| Amounts in MNOK | 2024 | 2023 |
| Extension options not recognized in lease liabilities, discounted | 44.8 | 43.1 |
| Lease agreements entered into, not commenced and not recognized in lease liabilities | -1.1 | 0.4 |
| Effect on lease liabilities if the discount rate increases by 0,5 % | -0.4 | -0.5 |
| Effect on lease liabilities if the discount rate decreases by 0,5 % | 0.4 | 0.5 |
| Weighted average marginal borrowing rate | 5.01 | 4.47 |
Reclassification as held for sale
The carrying amount of the lease liability and the right-of-use asset for Goodtech Solutions AB in Karlstad are excluded from the Group's consolidated carrying amounts, but are included in the accounting lines for assets and liabilities held for sale.
Applied Practical Solutions
The Group establishes, as a starting point, the lease term as the non-cancellable period of leases in accordance with IFRS 16.18. Therefore, Goodtech does not recognize extension options until it can be reasonably assured that the options will be exercised. Similarly, periods extending beyond a termination option are not recognized unless it can be reasonably assured that there is no intention to exercise the option.
Extension and termination options are considered when determining the lease term when it can be reasonably assured that the option will be exercised. As of the end of 2024, Goodtech has a lease agreement with a termination option and four lease agreements with extension options that have not yet been decided upon regarding whether they will be exercised.
The lease agreements do not contain restrictions on the company\u2019s dividend policy or financing options.
Identification of a Lease: Upon entering into a contract, the Group assesses whether the contract is or contains a lease. A contract is considered a lease if it conveys the right to control the use of an asset over a period in exchange for consideration. Recognition of Lease Agreements and Recognition Exceptions: At the commencement date of a lease agreement, the Group recognizes a lease liability and a corresponding right-of-use asset for all its leases, except for the following applied exceptions: \u2022Short-term leases (lease term of 12 months or shorter)
\u2022Assets of low value
For these leases, the Group recognizes the lease payments as other operating expenses in the income statement at the time they are incurred.
Lease Liabilities: The Group measures lease liabilities at the commencement date at the present value of the lease payments that are not payable at that time. The lease term represents the non-cancellable period of the lease agreement, in addition to periods covered by an option to either extend or terminate the lease if the Group is reasonably certain to exercise that option. The lease payments included in the measurement of the lease liability consist of:
\u2022Fixed lease payments (including effectively fixed payments), minus any receivables in the form of lease incentives.
\u2022Variable lease payments that depend on an index or interest rate, initially measured using the index or interest rate at the commencement date.
\u2022Amounts expected to be payable by the Group in accordance with residual value guarantees.
\u2022The exercise price for a purchase option, if the Group is reasonably certain to exercise that option.
\u2022Payment of a penalty for terminating the lease agreement, if the lease term reflects that the Group will exercise an option to terminate the lease agreement.
The lease liability is subsequently measured by increasing the carrying amount to reflect the interest on the lease liability, reducing the carrying amount to reflect lease payments made, and reassessing the carrying amount to reflect any revaluations or changes to the lease agreement, or to account for adjustments in lease payments resulting from changes in indexes or rates.
The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease costs in the income statement. The Group presents its lease liabilities on separate lines in the balance sheet.
Right-of-Use assets: The Group measures right-of-use assets at cost, less accumulated depreciation and impairment losses, adjusted for any new measurements of the lease liability. The cost of the right-of-use assets includes: \u2022The amount from the initial measurement of the lease liability
\u2022All lease payments made or due at or before the commencement date, minus any lease incentives received
\u2022All direct costs incurred by the Group in negotiating the lease agreement
\u2022An estimate of the costs incurred by the lessee for dismantling and removing the underlying asset, restoring the site where the unit is located, or restoring the underlying asset to the condition required by the terms of the lease agreement, unless these costs are incurred during the production of the goods.The Group applies the depreciation requirements of IAS 16 when depreciating the right-of-use asset, with the exception that the right-of-use asset is depreciated from the commencement date until the earlier of the end of the lease term and the end of the useful life of the right-of-use asset.
IFRS 16 fundamentally alters the accounting treatment for leases by requiring lessees to recognize most leases on their balance sheets as right-of-use assets and corresponding lease liabilities. In the profit and loss statement, rather than recognizing lease payments as operating expenses, lessees will record a decrease in rent expense and an increase in depreciation on the right-of-use asset, as well as interest expense on the lease liability. The table above illustrates the effects of IFRS 16 on the income statement.
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"value": "Note 14 - Intangible AssetsIntangible Assets
Intangible assets acquired separately are recognized at cost. The cost of intangible assets acquired through acquisitions is recognized at fair value at the acquisition date. Carrying amounts of intangible assets are accounted for at cost less any accumulated amortization and impairment. Internally generated intangible assets, with the exception of capitalized development costs, are not capitalized but are expensed as incurred.
Intangible assets with a finite useful life are amortized over their economic life and are tested for impairment when there are indications of impairment. The method and period of amortization are reviewed at least annually. Changes in the amortization method and/or period are treated as changes in estimates. Intangible assets with an indefinite useful life are tested annually for impairment.
Research and Development
Expenses related to research activities are recognized as incurred. Expenses related to development activities are capitalized when it is probable that the project will yield future economic benefits. The prerequisites for capitalization are that the project is technically and commercially feasible, that the Group has sufficient resources to complete the development, and that the costs can be measured reliably. Other development expenses are recognized as incurred. Development costs that have previously been expensed will not be capitalized in subsequent periods. Capitalized expenses include material costs, labour costs, and other directly attributable expenses. Capitalized development costs are recorded in the balance sheet at cost less accumulated amortization and impairment. Capitalized development costs with a finite useful life are amortized over the estimated economic life of the asset. This may be done either using the straight-line method or by allocating the amortization cost over the usage period.
Customer Contracts
In the acquisition of a business, customer agreements that meet the definition of intangible assets under IAS 38 will be identified and recognized separately. Earnings-based models are used as the basis for determining fair value. Customer contracts have a finite useful life and are amortized on a straight-line basis over the contract period.
Impairment of Non-Financial Assets
Intangible assets and goodwill with an indefinite useful life are not amortized but are assessed annually for impairment. Property, plant, and equipment, as well as intangible assets that are amortized, are evaluated for impairment when there is an indication that future cash flows may not support the carrying amount. An impairment loss is recognized for the difference between the carrying amount and the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use.
When assessing impairment, assets are Grouped at the lowest level where independent cash flows can be identified (cash-generating units). At each reporting date, the possibility of reversing previous impairments of non-financial assets (excluding goodwill) is evaluated.
In assessing the need for impairment of goodwill, goodwill is allocated to the relevant cash-generating units. The allocation of goodwill is made to the cash-generating units or Groups of cash-generating units expected to benefit from the acquisition.
Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. Transaction costs are recognized as expenses as they are incurred. The consideration transferred is measured at the fair value of the assets transferred, liabilities incurred, and equity instruments issued. The consideration also includes the fair value of any assets or liabilities resulting from an agreement for contingent consideration. Costs related to business combinations are expensed as incurred. Identifiable assets and liabilities are recognized at their fair value at the
acquisition date. Non-controlling interests in the acquired entity are measured on a case-by-case basis at either fair value or at their proportionate share of the acquiree's net identifiable assets.When a business is acquired in multiple tranches, the previously held equity interest is remeasured to fair value at the date control is obtained, with any change in value recognized in profit or loss. Contingent consideration is measured at fair value at the acquisition date. The contingent consideration is classified as a liability and is subsequently remeasured to fair value, with changes in value recognized in profit or loss.
If the sum of the consideration, the fair value of previously held equity interests, and any fair value of non-controlling interests exceeds the fair value of the identifiable net assets of the acquired company, the difference is recognized as goodwill. If the sum is lower than the company's net identifiable assets, the difference is recognized in profit or loss. The portion of the fair value of equity that exceeds the consideration (negative goodwill) is recognized in profit or loss immediately at the acquisition dateDevelopment Projects The Group's development projects are initiated either through direct requests from customers or by identifying needs to meet market demand, thereby positioning for future profitability.
The Group had additions to capitalized development projects of 3.2 MNOK in 2024 compared to 10.2 MNOK in 2023. Non-capitalized costs related to development projects in 2024 amount to 9.5 MNOK. The Group had no research-related costs in either 2023 or 2024.
Additions of 3.2 MNOK in 2024 is allocated to the following projects:
-Wizx II (0.9 MNOK)
-Standardization Project for Packing Machines (0.9 MNOK)
-Resource Management System (0.6 MNOK)
-LT line development (0.4MNOK)
-Manufacturing Execution System (0.4 MNOK)
Development costs are amortized on a straight-line basis over their useful life, which varies from asset to asset between 3 to 10 years. The Group continuously evaluates its development projects with regard to recoverable value and market relevance, customers, and/or internal added value. If indicators are identified during such evaluations suggesting that the values of the assets are no longer recoverable, an impairment test will be conducted to determine whether the assets can still justify their carrying amounts. If new estimates conclude that the values are no longer recoverable, the assets will be written down to their recoverable amount, which is the higher of net selling price and value in use (discounted expected future cash flows).
Five of the development projects were ongoing and not completed by the end of 2024; therefore, no amortization was carried out on these development projects in 2024. In accordance with the guidelines in IAS 38, the Group will begin amortization of development projects upon their completion.
Amortization of 2.4 MNOK in 2024 is allocated to the following completed projects:
-WizX (1.5 MNOK)
-LT Line software (0.7 MNOK)
-Azure data lake (0.2 MNOK)
No impairment needs have been identified for development projects as of 31.12.2024 following the annual impairment test. Further details are presented later in this note.
Order Backlog / Customer Relationships
The Group's identified values of order backlog and customer relationships relate to the acquisition of Avanti Engineering AS in 2021. The value related to the order backlog was written down to 0 in 2021. The customer relationship was amortized over three years and the remaining value of 0.6 MNOK as of 31.12.2023 to customer relationships was fully amortized in 2024 and balance is 0 as of 31.12.2024.
Goodwill
In assessing the Group's cash-generating units (CGUs), Goodtech has adhered to the guidelines in IAS 36 and evaluated the lowest level at which independent cash flows can be identified in operations. Goodtech's operations are based on units in various cities that collaborate closely on project activities, sales, and marketing efforts\u2014such that collaboration involves a high degree of resource sharing between regions, as well as cooperation on customer contracts and procurement.
It has been determined that the operations in Norway as a whole are regarded as a separate cash-generating unit\u2014including the acquired Skala Flytende (further described in note 2) because the Group's regional offices in Norway possess similar attributes within these areas.
Goodtech considers activities in individual countries to be so closely related that each country is identified as a cash-generating unit. Similarly, the Group's Swedish operations\u2014with offices in Karlstad and Gothenburg\u2014are
therefore considered a separate cash-generating unit with its own competitive environment and internal collaboration.Goodwill is not amortized regularly but is instead tested at least once a year for impairment, which in Goodtech is done at year-end. In the event that there are indications of impairment, impairment tests are conducted more frequently.
Goodwill arising from business acquisitions is allocated to the individual units where the cash flows are identifiable.
Distribution of Goodwill:
| Amounts in MNOK | 2024 | 2023 |
| Goodtech AS | 154.3 | 154.3 |
| Operations in Norway | 154.3 | 154.3 |
| Goodtech Solution AB | - | 5.0 |
| Operations in Sweden | - | 5.0 |
| Carrying amount as of 31.12 | 154.3 | 159.3 |
No impairment needs have been identified following the testing for impairment of goodwill in CGU Norway as of 31.12.2024. For CGU Sweden, in connection with the sale of the subsidiary in February 2025, the goodwill was written down by 5.1 MNOK.
Testing for Impairment of Cash-Generating Units Involving Goodwill
Impairment testing for cash-generating units (CGUs) with significant carrying amounts of goodwill and intangible assets is based on recoverable amount. The recoverable amount is determined based on an assessment of the cash-generating unit's value in use, where value in use is calculated by discounting expected future cash flows over a period of 5 years, including a terminal value based on the Gordon growth model.
| Weighted Average Cost of Capital Used in the Impairment Test \u2013 After Tax | WACC |
| CGU Norway | 10,91 % |
| CGU Sweden | 11,82 % |
The discount rate used is risk-adjusted for each cash-generating unit to reflect the specific risks of the asset and is tax-adjusted to after-tax using methods described in IAS 36.
The risk-free rate is determined based on 10-year Norwegian and Swedish government bonds. The Norwegian and Swedish risk-free rates are used in the respective calculations of the required rate of return to ensure consistency with the currency of the cash flows for the units. Ten-year government bonds are used to estimate the required return on equity.
The calculation of future cash flows is based on a number of assumptions, including economic and market considerations, as well as the cash-generating unit's historical ability to generate profitability in light of known contracts and the order backlog.
Forecasts based on the budget for the upcoming year (2025) approved by Group management and the Board of Goodtech ASA have been used. Cash flows beyond the approved budget for the upcoming year (forecast period 2026-2029) are derived from management's estimates and expected market developments for each CGU, considering the cash-generating unit's proven historical ability to generate profitability and growth, as well as growth and profitability among comparable competitors.
Expected market developments are therefore viewed in light of historical results in the cash-generating units, as well as compared to the historical performance of a large selection of comparable/competitive companies in each CGU separately as a reference. The basis for these comparisons is based on data extracted from historical
financial statements for the period 1998-2022 for each individual company. Goodtech is aware that such analysis of annual financial figures may introduce uncertainty in the assessments of individual years and may be affected by accounting and/or operational events specific to individual companies in the analysis, underscoring the importance of a broad yet qualified selection of competitors and comparable companies in the dataset. The same competitor and market assessments have been used as the basis for the reasonableness evaluations of the sensitivity analyses mentioned under \"Impairment of Goodwill\" in this note.The CGUs in the Group are affected by fluctuations in the markets, and estimates made in weak markets can differ significantly from estimates made in stronger markets. In companies operating in volatile markets, it can therefore be challenging to make accurate long-term decisions when the market is characterized by significant short-term fluctuations.
Management expects that the market for the Group's solutions and services will grow in the coming years, and that the Group will also be able to capture a larger relative market share within the respective markets of the mentioned cash-generating units. The Group sees opportunities in a rapidly changing market, where automation, robotic solutions, and digitalization of industry and manufacturing in the Nordic region are increasing in demand in line with the modernization of Nordic industry and the trend of Industry 4.0. Therefore, the budget for 2025 is based on anticipated revenue growth and improvements in EBITDA margins for the individual cash-generating units during the forecast period, aligned with the units' historical ability to deliver similar margins. Growth expectations and increases in earnings beyond the budget period have been incorporated, and the assumptions made are considered reasonable in light of the cash-generating unit's proven historical ability to generate profitability, as well as the competitive landscape mentioned above. Revenue for 2025 is well-supported by the order book at year-end, as well as the opportunities observed in the market.
No quantitative assessment or estimate of climate impact has been made in the cash flow projections. However, a qualitative impact has been assessed through:
1.Opportunity for increased demand in the market for the respective CGUs' offerings in process and energy optimization, including solutions for more efficient production, resource utilization, waste control, and insights into the customer's own production. Goodtech has a foothold in several of the Nordic region's leading emerging industries, including offshore wind, battery production, new raw materials, carbon capture and utilization, as well as hydrogen production, and considers the momentum in these segments as an opportunity for further growth in the Group's CGUs.
2.Goodtech delivers control systems and data insight solutions that provide customers with enhanced documentation, influence, and understanding of their own and their value chain's footprint, which is reflected in the cash flows through planned development costs associated with solutions for this to the market.
3.The Group's growth will require a continuous ability to recruit talent for Goodtech. An increasingly important part of this is the Group's own sustainability profile and its ability to clearly demonstrate its impact on society and industry. Goodtech has established a dedicated sustainability strategy and is focused on demonstrating its sustainability profile and relevance to attract future talent, ensuring continued access to talent for future growth.
4.It is also assessed that climate impact is not expected to have a negative effect on the Group's results. Goodtech provides solutions that, in most cases, help reduce the customer's footprint, for example, through the electrification of processes that previously relied on fossil fuels, waste reduction, resource optimization, and reuse optimization, as well as energy management. Additionally, Goodtech is experiencing an increasing number of customers\u2014such as Aker Solutions in Verdal\u2014recognizing the added value of Goodtech's solutions, as they can help reduce the footprint from value chain transport by enabling profitable and competitive local production instead of relying on third-party providers internationally. These factors lead the Group to conclude that climate impacts have a net positive effect on the Group's results because it is believed to increase demand for Goodtech's solutions, and this trend is expected to continue in the forecast period. Goodtech is also working to expand its solutions to include estimates of energy consumption, footprint effects, and other resource savings made to further meet this increased market demand.
Impairment of Goodwill In conducting the impairment test of goodwill and intangible assets in accordance with IAS 36, no impairment situations have been identified in the CGU Norway as of 31.12.2024. For CGU Sweden, in connection with the sale of the subsidiary in February 2025, the goodwill was written down by 5.1 MNOK. This impairment situation is related to the sale of 100% of Goodtech ASAs shares in subsidiary Goodtech Solutions AB, which was completed in February 2025. The sale was done at a transaction value lower than the sum of Goodwill related to Goodtech Solution AB, and thus \u2013 in accordance with the Group\u2019s policy to test for impairment when indications of valuation changes occur, a total of 5,1 MNOK Goodwill was written down as impairment per 31.12.2024.
Sensitivity Analysis
If the assumptions develop differently than anticipated, this may lead to the need for impairment of goodwill and/or intangible assets. Key assumptions used in the calculation of the recoverable amount include the discount rate and the development of revenue and EBITDA. In connection with the impairment testing of goodwill, the Group will conduct sensitivity analyses for each individual CGU based on the effects of the same key assumptions if there is a reasonable possibility for changes in key assumptions from what is consistent with external sources of information that would lead to evidence of impairment. Per 31.12.2024 Goodtech considers that reasonably possible changes in key assumptions consistent with what is available from external sources of information would not lead to impairment, and thus consequently no sensitivity analyses are provided.
CGU Norway
The companies in the CGU are delivering satisfactory results in 2024, with continued identifiable potential for improvement. Efforts are ongoing to enhance profitability in the units, with a particular focus on billing rates and revenue categories related to specialist engineering competencies. A satisfactory order reserve as of 31.12.2024 provides a foundation for the expectation of continued profitable operations, and the market outlook for the period starting in 2025 is considered promising and growing.
The calculated value in use of CGU Norway exceeds the carrying amount of CGU Norway in the impairment test as of 31.12.2024",
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"v1-page71-cflshid_18314-tag273699": {
"value": "Note 14 - Intangible AssetsIntangible Assets
Intangible assets acquired separately are recognized at cost. The cost of intangible assets acquired through acquisitions is recognized at fair value at the acquisition date. Carrying amounts of intangible assets are accounted for at cost less any accumulated amortization and impairment. Internally generated intangible assets, with the exception of capitalized development costs, are not capitalized but are expensed as incurred.
Intangible assets with a finite useful life are amortized over their economic life and are tested for impairment when there are indications of impairment. The method and period of amortization are reviewed at least annually. Changes in the amortization method and/or period are treated as changes in estimates. Intangible assets with an indefinite useful life are tested annually for impairment.
Research and Development
Expenses related to research activities are recognized as incurred. Expenses related to development activities are capitalized when it is probable that the project will yield future economic benefits. The prerequisites for capitalization are that the project is technically and commercially feasible, that the Group has sufficient resources to complete the development, and that the costs can be measured reliably. Other development expenses are recognized as incurred. Development costs that have previously been expensed will not be capitalized in subsequent periods. Capitalized expenses include material costs, labour costs, and other directly attributable expenses. Capitalized development costs are recorded in the balance sheet at cost less accumulated amortization and impairment. Capitalized development costs with a finite useful life are amortized over the estimated economic life of the asset. This may be done either using the straight-line method or by allocating the amortization cost over the usage period.
Customer Contracts
In the acquisition of a business, customer agreements that meet the definition of intangible assets under IAS 38 will be identified and recognized separately. Earnings-based models are used as the basis for determining fair value. Customer contracts have a finite useful life and are amortized on a straight-line basis over the contract period.
Impairment of Non-Financial Assets
Intangible assets and goodwill with an indefinite useful life are not amortized but are assessed annually for impairment. Property, plant, and equipment, as well as intangible assets that are amortized, are evaluated for impairment when there is an indication that future cash flows may not support the carrying amount. An impairment loss is recognized for the difference between the carrying amount and the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use.
When assessing impairment, assets are Grouped at the lowest level where independent cash flows can be identified (cash-generating units). At each reporting date, the possibility of reversing previous impairments of non-financial assets (excluding goodwill) is evaluated.
In assessing the need for impairment of goodwill, goodwill is allocated to the relevant cash-generating units. The allocation of goodwill is made to the cash-generating units or Groups of cash-generating units expected to benefit from the acquisition.
Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. Transaction costs are recognized as expenses as they are incurred. The consideration transferred is measured at the fair value of the assets transferred, liabilities incurred, and equity instruments issued. The consideration also includes the fair value of any assets or liabilities resulting from an agreement for contingent consideration. Costs related to business combinations are expensed as incurred. Identifiable assets and liabilities are recognized at their fair value at theacquisition date. Non-controlling interests in the acquired entity are measured on a case-by-case basis at either fair value or at their proportionate share of the acquiree's net identifiable assets.When a business is acquired in multiple tranches, the previously held equity interest is remeasured to fair value at the date control is obtained, with any change in value recognized in profit or loss. Contingent consideration is measured at fair value at the acquisition date. The contingent consideration is classified as a liability and is subsequently remeasured to fair value, with changes in value recognized in profit or loss.
If the sum of the consideration, the fair value of previously held equity interests, and any fair value of non-controlling interests exceeds the fair value of the identifiable net assets of the acquired company, the difference is recognized as goodwill. If the sum is lower than the company's net identifiable assets, the difference is recognized in profit or loss. The portion of the fair value of equity that exceeds the consideration (negative goodwill) is recognized in profit or loss immediately at the acquisition date.
Development Projects The Group's development projects are initiated either through direct requests from customers or by identifying needs to meet market demand, thereby positioning for future profitability.
The Group had additions to capitalized development projects of 3.2 MNOK in 2024 compared to 10.2 MNOK in 2023. Non-capitalized costs related to development projects in 2024 amount to 9.5 MNOK. The Group had no research-related costs in either 2023 or 2024.
Additions of 3.2 MNOK in 2024 is allocated to the following projects:
-Wizx II (0.9 MNOK)
-Standardization Project for Packing Machines (0.9 MNOK)
-Resource Management System (0.6 MNOK)
-LT line development (0.4MNOK)
-Manufacturing Execution System (0.4 MNOK)
Development costs are amortized on a straight-line basis over their useful life, which varies from asset to asset between 3 to 10 years. The Group continuously evaluates its development projects with regard to recoverable value and market relevance, customers, and/or internal added value. If indicators are identified during such evaluations suggesting that the values of the assets are no longer recoverable, an impairment test will be conducted to determine whether the assets can still justify their carrying amounts. If new estimates conclude that the values are no longer recoverable, the assets will be written down to their recoverable amount, which is the higher of net selling price and value in use (discounted expected future cash flows).
Five of the development projects were ongoing and not completed by the end of 2024; therefore, no amortization was carried out on these development projects in 2024. In accordance with the guidelines in IAS 38, the Group will begin amortization of development projects upon their completion.
Amortization of 2.4 MNOK in 2024 is allocated to the following completed projects:
-WizX (1.5 MNOK)
-LT Line software (0.7 MNOK)
-Azure data lake (0.2 MNOK)
No impairment needs have been identified for development projects as of 31.12.2024 following the annual impairment test. Further details are presented later in this note.
Order Backlog / Customer Relationships
The Group's identified values of order backlog and customer relationships relate to the acquisition of Avanti Engineering AS in 2021. The value related to the order backlog was written down to 0 in 2021. The customer relationship was amortized over three years and the remaining value of 0.6 MNOK as of 31.12.2023 to customer relationships was fully amortized in 2024 and balance is 0 as of 31.12.2024.
Goodwill
In assessing the Group's cash-generating units (CGUs), Goodtech has adhered to the guidelines in IAS 36 and evaluated the lowest level at which independent cash flows can be identified in operations. Goodtech's operations are based on units in various cities that collaborate closely on project activities, sales, and marketing efforts\u2014such that collaboration involves a high degree of resource sharing between regions, as well as cooperation on customer contracts and procurement.
It has been determined that the operations in Norway as a whole are regarded as a separate cash-generating unit\u2014including the acquired Skala Flytende (further described in note 2) because the Group's regional offices in Norway possess similar attributes within these areas.
Goodtech considers activities in individual countries to be so closely related that each country is identified as a cash-generating unit. Similarly, the Group's Swedish operations\u2014with offices in Karlstad and Gothenburg\u2014aretherefore considered a separate cash-generating unit with its own competitive environment and internal collaboration.Goodwill is not amortized regularly but is instead tested at least once a year for impairment, which in Goodtech is done at year-end. In the event that there are indications of impairment, impairment tests are conducted more frequently.
Goodwill arising from business acquisitions is allocated to the individual units where the cash flows are identifiable.
Distribution of Goodwill:
| Amounts in MNOK | 2024 | 2023 |
| Goodtech AS | 154.3 | 154.3 |
| Operations in Norway | 154.3 | 154.3 |
| Goodtech Solution AB | - | 5.0 |
| Operations in Sweden | - | 5.0 |
| Carrying amount as of 31.12 | 154.3 | 159.3 |
No impairment needs have been identified following the testing for impairment of goodwill in CGU Norway as of 31.12.2024. For CGU Sweden, in connection with the sale of the subsidiary in February 2025, the goodwill was written down by 5.1 MNOK.
Testing for Impairment of Cash-Generating Units Involving Goodwill
Impairment testing for cash-generating units (CGUs) with significant carrying amounts of goodwill and intangible assets is based on recoverable amount. The recoverable amount is determined based on an assessment of the cash-generating unit's value in use, where value in use is calculated by discounting expected future cash flows over a period of 5 years, including a terminal value based on the Gordon growth model.
| Weighted Average Cost of Capital Used in the Impairment Test \u2013 After Tax | WACC |
| CGU Norway | 10,91 % |
| CGU Sweden | 11,82 % |
The discount rate used is risk-adjusted for each cash-generating unit to reflect the specific risks of the asset and is tax-adjusted to after-tax using methods described in IAS 36.
The risk-free rate is determined based on 10-year Norwegian and Swedish government bonds. The Norwegian and Swedish risk-free rates are used in the respective calculations of the required rate of return to ensure consistency with the currency of the cash flows for the units. Ten-year government bonds are used to estimate the required return on equity.
The calculation of future cash flows is based on a number of assumptions, including economic and market considerations, as well as the cash-generating unit's historical ability to generate profitability in light of known contracts and the order backlog.
Forecasts based on the budget for the upcoming year (2025) approved by Group management and the Board of Goodtech ASA have been used. Cash flows beyond the approved budget for the upcoming year (forecast period 2026-2029) are derived from management's estimates and expected market developments for each CGU, considering the cash-generating unit's proven historical ability to generate profitability and growth, as well as growth and profitability among comparable competitors.
Expected market developments are therefore viewed in light of historical results in the cash-generating units, as well as compared to the historical performance of a large selection of comparable/competitive companies in each CGU separately as a reference. The basis for these comparisons is based on data extracted from historical
financial statements for the period 1998-2022 for each individual company. Goodtech is aware that such analysis of annual financial figures may introduce uncertainty in the assessments of individual years and may be affected by accounting and/or operational events specific to individual companies in the analysis, underscoring the importance of a broad yet qualified selection of competitors and comparable companies in the dataset. The same competitor and market assessments have been used as the basis for the reasonableness evaluations of the sensitivity analyses mentioned under \"Impairment of Goodwill\" in this note.The CGUs in the Group are affected by fluctuations in the markets, and estimates made in weak markets can differ significantly from estimates made in stronger markets. In companies operating in volatile markets, it can therefore be challenging to make accurate long-term decisions when the market is characterized by significant short-term fluctuations.
Management expects that the market for the Group's solutions and services will grow in the coming years, and that the Group will also be able to capture a larger relative market share within the respective markets of the mentioned cash-generating units. The Group sees opportunities in a rapidly changing market, where automation, robotic solutions, and digitalization of industry and manufacturing in the Nordic region are increasing in demand in line with the modernization of Nordic industry and the trend of Industry 4.0. Therefore, the budget for 2025 is based on anticipated revenue growth and improvements in EBITDA margins for the individual cash-generating units during the forecast period, aligned with the units' historical ability to deliver similar margins. Growth expectations and increases in earnings beyond the budget period have been incorporated, and the assumptions made are considered reasonable in light of the cash-generating unit's proven historical ability to generate profitability, as well as the competitive landscape mentioned above. Revenue for 2025 is well-supported by the order book at year-end, as well as the opportunities observed in the market.
No quantitative assessment or estimate of climate impact has been made in the cash flow projections. However, a qualitative impact has been assessed through:
1.Opportunity for increased demand in the market for the respective CGUs' offerings in process and energy optimization, including solutions for more efficient production, resource utilization, waste control, and insights into the customer's own production. Goodtech has a foothold in several of the Nordic region's leading emerging industries, including offshore wind, battery production, new raw materials, carbon capture and utilization, as well as hydrogen production, and considers the momentum in these segments as an opportunity for further growth in the Group's CGUs.
2.Goodtech delivers control systems and data insight solutions that provide customers with enhanced documentation, influence, and understanding of their own and their value chain's footprint, which is reflected in the cash flows through planned development costs associated with solutions for this to the market.
3.The Group's growth will require a continuous ability to recruit talent for Goodtech. An increasingly important part of this is the Group's own sustainability profile and its ability to clearly demonstrate its impact on society and industry. Goodtech has established a dedicated sustainability strategy and is focused on demonstrating its sustainability profile and relevance to attract future talent, ensuring continued access to talent for future growth.
4.It is also assessed that climate impact is not expected to have a negative effect on the Group's results. Goodtech provides solutions that, in most cases, help reduce the customer's footprint, for example, through the electrification of processes that previously relied on fossil fuels, waste reduction, resource optimization, and reuse optimization, as well as energy management. Additionally, Goodtech is experiencing an increasing number of customers\u2014such as Aker Solutions in Verdal\u2014recognizing the added value of Goodtech's solutions, as they can help reduce the footprint from value chain transport by enabling profitable and competitive local production instead of relying on third-party providers internationally. These factors lead the Group to conclude that climate impacts have a net positive effect on the Group's results because it is believed to increase demand for Goodtech's solutions, and this trend is expected to continue in the forecast period. Goodtech is also working to expand its solutions to include estimates of energy consumption, footprint effects, and other resource savings made to further meet this increased market demandImpairment of Goodwill In conducting the impairment test of goodwill and intangible assets in accordance with IAS 36, no impairment situations have been identified in the CGU Norway as of 31.12.2024. For CGU Sweden, in connection with the sale of the subsidiary in February 2025, the goodwill was written down by 5.1 MNOK. This impairment situation is related to the sale of 100% of Goodtech ASAs shares in subsidiary Goodtech Solutions AB, which was completed in February 2025. The sale was done at a transaction value lower than the sum of Goodwill related to Goodtech Solution AB, and thus \u2013 in accordance with the Group\u2019s policy to test for impairment when indications of valuation changes occur, a total of 5,1 MNOK Goodwill was written down as impairment per 31.12.2024.
Sensitivity Analysis
If the assumptions develop differently than anticipated, this may lead to the need for impairment of goodwill and/or intangible assets. Key assumptions used in the calculation of the recoverable amount include the discount rate and the development of revenue and EBITDA. In connection with the impairment testing of goodwill, the Group will conduct sensitivity analyses for each individual CGU based on the effects of the same key assumptions if there is a reasonable possibility for changes in key assumptions from what is consistent with external sources of information that would lead to evidence of impairment. Per 31.12.2024 Goodtech considers that reasonably possible changes in key assumptions consistent with what is available from external sources of information would not lead to impairment, and thus consequently no sensitivity analyses are provided.
CGU Norway
The companies in the CGU are delivering satisfactory results in 2024, with continued identifiable potential for improvement. Efforts are ongoing to enhance profitability in the units, with a particular focus on billing rates and revenue categories related to specialist engineering competencies. A satisfactory order reserve as of 31.12.2024 provides a foundation for the expectation of continued profitable operations, and the market outlook for the period starting in 2025 is considered promising and growing.
The calculated value in use of CGU Norway exceeds the carrying amount of CGU Norway in the impairment test as of 31.12.2024",
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"value": "Intangible Assets
Intangible assets acquired separately are recognized at cost. The cost of intangible assets acquired through acquisitions is recognized at fair value at the acquisition date. Carrying amounts of intangible assets are accounted for at cost less any accumulated amortization and impairment. Internally generated intangible assets, with the exception of capitalized development costs, are not capitalized but are expensed as incurred.
Intangible assets with a finite useful life are amortized over their economic life and are tested for impairment when there are indications of impairment. The method and period of amortization are reviewed at least annually. Changes in the amortization method and/or period are treated as changes in estimates. Intangible assets with an indefinite useful life are tested annually for impairment.
Research and Development
Expenses related to research activities are recognized as incurred. Expenses related to development activities are capitalized when it is probable that the project will yield future economic benefits. The prerequisites for capitalization are that the project is technically and commercially feasible, that the Group has sufficient resources to complete the development, and that the costs can be measured reliably. Other development expenses are recognized as incurred. Development costs that have previously been expensed will not be capitalized in subsequent periods. Capitalized expenses include material costs, labour costs, and other directly attributable expenses. Capitalized development costs are recorded in the balance sheet at cost less accumulated amortization and impairment. Capitalized development costs with a finite useful life are amortized over the estimated economic life of the asset. This may be done either using the straight-line method or by allocating the amortization cost over the usage period.
Customer Contracts
In the acquisition of a business, customer agreements that meet the definition of intangible assets under IAS 38 will be identified and recognized separately. Earnings-based models are used as the basis for determining fair value. Customer contracts have a finite useful life and are amortized on a straight-line basis over the contract period.
Impairment of Non-Financial Assets
Intangible assets and goodwill with an indefinite useful life are not amortized but are assessed annually for impairment. Property, plant, and equipment, as well as intangible assets that are amortized, are evaluated for impairment when there is an indication that future cash flows may not support the carrying amount. An impairment loss is recognized for the difference between the carrying amount and the recoverable amount. The recoverable amount is the higher of fair value less costs to sell and value in use.
When assessing impairment, assets are Grouped at the lowest level where independent cash flows can be identified (cash-generating units). At each reporting date, the possibility of reversing previous impairments of non-financial assets (excluding goodwill) is evaluated.
In assessing the need for impairment of goodwill, goodwill is allocated to the relevant cash-generating units. The allocation of goodwill is made to the cash-generating units or Groups of cash-generating units expected to benefit from the acquisitionBusiness Combinations and Goodwill Business combinations are accounted for using the acquisition method. Transaction costs are recognized as expenses as they are incurred. The consideration transferred is measured at the fair value of the assets transferred, liabilities incurred, and equity instruments issued. The consideration also includes the fair value of any assets or liabilities resulting from an agreement for contingent consideration. Costs related to business combinations are expensed as incurred. Identifiable assets and liabilities are recognized at their fair value at the
acquisition date. Non-controlling interests in the acquired entity are measured on a case-by-case basis at either fair value or at their proportionate share of the acquiree's net identifiable assets.When a business is acquired in multiple tranches, the previously held equity interest is remeasured to fair value at the date control is obtained, with any change in value recognized in profit or loss. Contingent consideration is measured at fair value at the acquisition date. The contingent consideration is classified as a liability and is subsequently remeasured to fair value, with changes in value recognized in profit or loss.
If the sum of the consideration, the fair value of previously held equity interests, and any fair value of non-controlling interests exceeds the fair value of the identifiable net assets of the acquired company, the difference is recognized as goodwill. If the sum is lower than the company's net identifiable assets, the difference is recognized in profit or loss. The portion of the fair value of equity that exceeds the consideration (negative goodwill) is recognized in profit or loss immediately at the acquisition date.
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"value": "Development Projects The Group's development projects are initiated either through direct requests from customers or by identifying needs to meet market demand, thereby positioning for future profitability.
The Group had additions to capitalized development projects of 3.2 MNOK in 2024 compared to 10.2 MNOK in 2023. Non-capitalized costs related to development projects in 2024 amount to 9.5 MNOK. The Group had no research-related costs in either 2023 or 2024.
Additions of 3.2 MNOK in 2024 is allocated to the following projects:
-Wizx II (0.9 MNOK)
-Standardization Project for Packing Machines (0.9 MNOK)
-Resource Management System (0.6 MNOK)
-LT line development (0.4MNOK)
-Manufacturing Execution System (0.4 MNOK)
Development costs are amortized on a straight-line basis over their useful life, which varies from asset to asset between 3 to 10 years. The Group continuously evaluates its development projects with regard to recoverable value and market relevance, customers, and/or internal added value. If indicators are identified during such evaluations suggesting that the values of the assets are no longer recoverable, an impairment test will be conducted to determine whether the assets can still justify their carrying amounts. If new estimates conclude that the values are no longer recoverable, the assets will be written down to their recoverable amount, which is the higher of net selling price and value in use (discounted expected future cash flows).
Five of the development projects were ongoing and not completed by the end of 2024; therefore, no amortization was carried out on these development projects in 2024. In accordance with the guidelines in IAS 38, the Group will begin amortization of development projects upon their completion.
Amortization of 2.4 MNOK in 2024 is allocated to the following completed projects:
-WizX (1.5 MNOK)
-LT Line software (0.7 MNOK)
-Azure data lake (0.2 MNOK)
No impairment needs have been identified for development projects as of 31.12.2024 following the annual impairment test. Further details are presented later in this note.
Order Backlog / Customer Relationships
The Group's identified values of order backlog and customer relationships relate to the acquisition of Avanti Engineering AS in 2021. The value related to the order backlog was written down to 0 in 2021. The customer relationship was amortized over three years and the remaining value of 0.6 MNOK as of 31.12.2023 to customer relationships was fully amortized in 2024 and balance is 0 as of 31.12.2024.",
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"value": "Note 15 - Benefits to the Board, Management, etc.Remuneration to the Board, Board Committees, and Group Management
Board remuneration consists of a fixed annual fee based on roles and additional fees for committee participation. The fee is approved by the annual general meeting and paid quarterly in arrears. The amounts in the table below reflect the remuneration paid in 2024.
See also Note 24 for an overview of shares owned by the board and Group management. Shareholdings for board members and Group management include their close associates.
Remuneration to the Board
| Amounts in MNOK | 2024 | 2023 |
| Mimi K. Berdal (chairperson) | 0.54 | 0.50 |
| Rachid Bendriss (board member from 04.2024) | 0.14 | - |
| Benedicte Willumsen Grieg (board member from 04.2024) | 0.14 | - |
| Karl Erik Staubo (board member until 04.2024) | 0.13 | 0.25 |
| \u00c5ge Westb\u00f8 (board member) | 0.27 | 0.25 |
| Vibeke Str\u00f8mme (board member until 04.2024) | 0.13 | 0.25 |
| Frode Haugli (board member) | 0.28 | 0.25 |
| Peter Strandberg (employee representative from 04.2024) | 0.07 | - |
| Renate Borlaug (employee representative from 04.2024) | 0.07 | - |
| Thomas Bordvik (employee representative until 04.2024) | 0.07 | 0.13 |
| Malte Svensson (employee representative until 04.2024) | 0.07 | 0.13 |
| Total | 2.04 | 1.75 |
Remuneration to the Audit and Sustainability Committee
| Amounts in MNOK | 2024 | 2023 |
| Karl Erik Staubo (head of audit and sustainability committee until 04.2024) | 0.04 | 0.03 |
| Vibeke Str\u00f8mme (member audit and sustainability committee until 04.2024) | 0.04 | 0.03 |
| \u00c5ge Westb\u00f8 | 0.04 | 0.03 |
| Rachid Bendriss (head of audit and sustainability committee from 05.2024) | - | - |
| Benedicte Willumsen Grieg (member audit and sustainability committee from 05.2024) | - | - |
| Total | 0.12 | 0.08 |
Remuneration to the Nomination Committee
| Amounts in MNOK | 2024 | 2023 |
| Stig Grimsgaard Andersen (head of nomination committee) | 0.07 | 0.06 |
| Eivind Devold (member of nomination committee) | 0.04 | 0.04 |
| Karl-Erik Staubo (member of nomination committee from 04.2024 | - | - |
| Terje Thon (member of nomination committee until 04.2024) | 0.04 | 0.04 |
| Total | 0.14 | 0.13 |
Remuneration to the Remuneration Committee
| Amounts in TNOK | 2024 | 2023 |
| Frode Haugli | 0.01 | 0.01 |
| Mimi K. Berdal | 0.01 | 0.01 |
| Total | 0.02 | 0.02 |
Remuneration to Group ManagementCompensation to the Group management is paid from the subsidiary Goodtech AS.
| Amounts in MNOK | Salary, fees, etc. | Pension | Other benefits | Total 2024 | Total 2023 |
| Margrethe Hauge (CEO from 01.01.21) | 4.17 | 0.09 | 0.15 | 4.41 | 4.67 |
| Synn\u00f8ve Granli (CFO until 06.12.21) 1) | - | - | - | - | 0.01 |
| \u00d8yvind Osjord (CFO from 06.12.21) | 2.02 | - | 0.14 | 2.16 | 2.19 |
| Magne Reierson (COO) | 2.04 | 0.09 | 0.05 | 2.18 | 2.02 |
| Magnus Aleksander Due (CDO until 30.06.23) | - | - | - | - | 0.50 |
| Erling Gresvoll Olsen (CSO from 01.04.22) | 1.76 | 0.09 | 0.13 | 1.98 | 1.81 |
| Stefano Bardellotto (CBDO from 01.05.23) | 1.67 | 0.09 | 0.01 | 1.76 | 1.02 |
| Johan H\u00e5kansson | 1.97 | 0.04 | 0.05 | 2.06 | - |
1) Compensation in 2023 consists of holiday pay.
All figures in the table above are exclusive of employer's tax. Salary, fees, etc. include additional compensation and holiday pay beyond regular monthly salary. Other benefits include insurance, car arrangements, and electronic communication.
In 2024, the Group conducted its annual share savings program for all employees, offering all employees in the Group the opportunity to subscribe for shares through an interest-free loan deducted from their salary over 12 months from the date of allocation. The offer to participate in the share savings program is the same for all employees in the Group. The following primary insiders have received loans in connection with subscriptions in the Group's regular share savings program for all employees:
-Margrethe Hauge (CEO): 74 250 NOK
-Erling Gresvoll Olsen (CSO): 74 250 NOK
-Peter Strandberg (employee representative in the Board of Goodtech ASA): 15 000 NOK
No loans or guarantees have been provided to the board or employees in Group management beyond the loans stated above.
For further information on compensation to management and the board, see the Guidelines for Compensation to Senior Executives available at www.goodtech.no.
",
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"v1-page79-cflshid_22463-tag273672": {
"value": "Note 16 - InventoryInventory is accounted for at the lower of cost and net realizable value. Net realizable value is estimated as the selling price in the ordinary course of business less estimated costs of completion, marketing, and distribution. Cost is assigned using the FIFO method and includes expenses incurred in acquiring the goods and costs to bring the goods to their current condition and location. Self-produced goods include variable and fixed costs that can be allocated based on the higher of normal and actual capacity utilization.
| Amounts in MNOK | 2024 | 2023 |
| Materials | - | - |
| Work in progress | - | - |
| Finished goods | 4.8 | 5.1 |
| Obsolescence | -0.9 | -0.3 |
| Total net inventory | 3.9 | 4.7 |
| Cost of goods sold for the period | 233.4 | 315.9 |
| Carrying amount of inventory pledged as collateral | 3.9 | 4.7 |
Inventory primarily includes goods for sale and materials used in the Group's project deliveries. Finished goods primarily relate to purchased automation equipment (PLC, HMI, robot vision camera technology, etc.) with long lead times that are acquired based on ongoing consumption in the Group's project delivery. Write-downs for obsolescence of inventory are recognized as cost of goods sold in the period. The carrying amount of inventory has been pledged as collateral and is included as part of the security arrangements with the bank.
",
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"v1-page79-cflshid_22480-tag273700": {
"value": "Inventory is accounted for at the lower of cost and net realizable value. Net realizable value is estimated as the selling price in the ordinary course of business less estimated costs of completion, marketing, and distribution. Cost is assigned using the FIFO method and includes expenses incurred in acquiring the goods and costs to bring the goods to their current condition and location. Self-produced goods include variable and fixed costs that can be allocated based on the higher of normal and actual capacity utilization",
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"v1-page80-cflshid_22761-tag273673": {
"value": "Note 17 - Trade Receivables and Contract AssetsTrade receivables represent the Group's right to compensation that is unconditional (for example, trade receivables). Trade receivables are recognized at acquisition cost less impairment losses.
Contract assets are defined as the right to compensation in exchange for goods or services that the Group has transferred to a customer. If the Group transfers goods or services to a customer before the customer pays the compensation or before the payment term expires, a contract asset is recognized in the balance sheet for earned compensation that is conditional.
Losses on trade receivables are classified as other operating expenses in the income statement. The \"provision for losses\" line encompasses confirmed losses and provisions per the Group's accounting principles. In 2024, the Group recorded net gains of 1.1 million NOK from reversed customer bankruptcies, while remaining losses relate to routine provisions for older receivables. The Group uses a simplified method to calculate impairment provisions for trade receivables and contract assets, employing a matrix for overdue receivables (31-60 days, 61-90 days, and over 90 days). The Group also assesses cases where it seems unlikely to collect outstanding amounts on invoices, excluding collateral considerations. A financial asset is fully written down if expected cash flows are deemed unreasonable.
Trade Receivables
| Amounts in MNOK | 2024 | 2023 |
| Trade receivables | 95.9 | 84.6 |
| Allowance for doubtful accounts | 3.2 | 7.5 |
| Net trade receivables | 92.7 | 77.1 |
| Change in allowance for doubtful accounts | 4.3 | |
Aged Net Trade Receivables
| Amounts in MNOK | Not due | < 30 Days | 31-60 Days | 61-90 Days | over 90 days | Total |
| 2024 Consolidated | 82.0 | 10.5 | 0.3 | - | - | 92.7 |
| 88% | 11% | 0% | 0% | 0% | 100% |
| 2023 Consolidated | 67.9 | 6.9 | 1.1 | 0.6 | 0.5 | 77.1 |
| 88% | 9% | 1% | 1% | 1% | 100% |
Of the outstanding receivables as of December 31, 2024, 88.2 million NOK was paid by March 1, 2025
Contract Assets
| Amounts in MNOK | 2024 | 2023 |
| Contract assets as of January 1 | 52.3 | 21.4 |
| Additions | 793.9 | 808.5 |
| Reclassified to trade receivables | -815.4 | -777.6 |
| Discontinued operations held for sale | -15.6 | - |
| Total contract assets | 15.2 | 52.3 |
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"v1-page80-cflshid_22852-tag273701": {
"value": "Losses on trade receivables are classified as other operating expenses in the income statement. The \"provision for losses\" line encompasses confirmed losses and provisions per the Group's accounting principles. In 2024, the Group recorded net gains of 1.1 million NOK from reversed customer bankruptcies, while remaining losses relate to routine provisions for older receivables. The Group uses a simplified method to calculate impairment provisions for trade receivables and contract assets, employing a matrix for overdue receivables (31-60 days, 61-90 days, and over 90 days). The Group also assesses cases where it seems unlikely to collect outstanding amounts on invoices, excluding collateral considerations. A financial asset is fully written down if expected cash flows are deemed unreasonable.",
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"v1-page81-cflshid_23291-tag273674": {
"value": "Note 18 - Other Current Receivables| Amounts in MNOK | 2024 | 2023 |
| Receivables from government grants | - | - |
| Prepaid expenses | 9.5 | 9.7 |
| Other current receivables | 5.6 | 6.5 |
| Total other current receivables | 15.0 | 16.2 |
Below is a statement of the Group's current receivables, as presented in notes 17 and 18, specified by currency category.
| Amounts in MNOK | 2024 | 2023 |
| Trade receivables | 92.7 | 77.1 |
| Contract assets | 15.2 | 52.3 |
| Other current receivables | 15.0 | 16.2 |
| Total current receivables | 123.0 | 145.6 |
| Value in Currency | Value in MNOK |
| Current receivables - carrying amount by currency | 2024 | 2023 | 2024 | 2023 |
| USD | 0.2 | 0.2 | 2.1 | 2.0 |
| EUR | 0.4 | 0.4 | 4.7 | 4.8 |
| SEK | 0.1 | 34.2 | 0.1 | 34.7 |
| NOK | 116.5 | 104.0 | 116.0 | 104.0 |
| Total current receivables | | | 123.0 | 145.6 |
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"v1-page82-cflshid_23661-tag273675": {
"value": "Note 19 - Cash and Cash EquivalentsCash and cash equivalents consist of cash, bank deposits, balances in Group account arrangements, and other short-term, readily convertible investments with an original maturity of up to three months. In the balance sheet, the net positive balance in each currency within the Group account arrangement is presented under cash and cash equivalents. Similarly, net overdrafts in each currency are presented as current interest-bearing liabilities.
In the cash flow statement, the Group account arrangement is included in the balance of cash and cash equivalents. Cash and cash equivalents for continuing operations are presented in the balance sheet, while cash and cash equivalents from discontinued operations are presented under assets held for sale. The cash flow statement includes movements for both continuing and discontinued operations and distinguishes between the cash balances at the bottom of the statement.
| Amounts in MNOK | 2024 | 2023 |
| Cash in bank and in hand | 110.8 | 104.4 |
| Cash and cash equivalents in the balance sheet | 110.8 | 104.4 |
The Group has a Group account system with Nordea, where Goodtech ASA is the Group account holder and other Group companies are sub-account holders (participants). Nordea periodically offsets overdrafts and balances against each other so that the net position represents the outstanding balance between the bank and the Group account holder at the given time. Goodtech has treated deposits/withdrawals in various currencies within the Group account arrangement as separate financial instruments, so that overdrafts on the Group account in a given currency are treated as other current liabilities. As of 31.12.2024, Goodtech had a positive balance in NOK and USD, as well as a net overdraft in SEK and EUR (further described in note 20).
Additionally, the Group has company accounts outside the Group account arrangement that are used for daily operations, as well as for restricted bank deposits as tax withholding funds. Total cash and cash equivalents in the balance sheet are thus distributed as follows:
| Cash and Cash Equivalents | 0.0 |
| Restricted Funds | 14.2 |
| Cash and Cash Equivalents in Separate Company Accounts | 14.2 |
| Cashpool NOK | 80.5 |
| Cashpool SEK | 0.0 |
| Cashpool EUR | 0.0 |
| Cashpool USD | 16.0 |
| Cash and Cash Equivalents in Group Account System | 96.5 |
| Total Cash and Cash Equivalents in the Balance Sheet as of 31.12.24 | 110.8 |
Cash and cash equivalents consist of cash, bank deposits, balances in Group account arrangements, and other short-term, readily convertible investments with an original maturity of up to three months. In the balance sheet, the net positive balance in each currency within the Group account arrangement is presented under cash and cash equivalents. Similarly, net overdrafts in each currency are presented as current interest-bearing liabilities.
In the cash flow statement, the Group account arrangement is included in the balance of cash and cash equivalents. Cash and cash equivalents for continuing operations are presented in the balance sheet, while cash and cash equivalents from discontinued operations are presented under assets held for sale. The cash flow statement includes movements for both continuing and discontinued operations and distinguishes between the cash balances at the bottom of the statement.",
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"v1-page82-cflshid_23661-tag273720": {
"value": "Additionally, the Group has company accounts outside the Group account arrangement that are used for daily operations, as well as for restricted bank deposits as tax withholding funds. Total cash and cash equivalents in the balance sheet are thus distributed as follows:
| Cash and Cash Equivalents | 0.0 |
| Restricted Funds | 14.2 |
| Cash and Cash Equivalents in Separate Company Accounts | 14.2 |
| Cashpool NOK | 80.5 |
| Cashpool SEK | 0.0 |
| Cashpool EUR | 0.0 |
| Cashpool USD | 16.0 |
| Cash and Cash Equivalents in Group Account System | 96.5 |
| Total Cash and Cash Equivalents in the Balance Sheet as of 31.12.24 | 110.8 |
Note 20 - Interest-Bearing Loans and CreditsFinancial liabilities are classified, upon initial recognition, as loans and obligations. Loans and obligations are recognized at fair value adjusted for directly attributable transaction costs.
Loans are recorded at fair value when the loan is disbursed, less transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. The difference between the disbursed loan amount (less transaction costs) and the redemption value is recognized in profit or loss over the loan's term. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt for more than 12 months from the balance sheet date.
Loan expenses that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as part of the asset's acquisition cost.
A financial liability is derecognized when the obligation is discharged, canceled, or expires. If an existing liability is replaced by a new one from the same lender with significantly different terms, or if the terms of an existing liability are substantially modified, the original liability is derecognized, and a new liability is recognized. The difference in carrying amount is recorded in profit or loss.
Goodtech has an agreement with Nordea as the Group's main banking partner for both operating credit lines and long-term loans, as well as the Group guarantee framework, where the credit and guarantee limits are subject to annual renewal.
The following financial covenants apply to the engagement with Nordea and are measured quarterly:
-A quarterly \"cleandown\" on the Group credit line for at least five consecutive days after the end of the period. This means that, in practice, the peak account in the Group credit line must have a net positive balance for at least five consecutive days each quarter.
-Net interest-bearing debt / 12-month rolling EBITDA < 2.5x.
Goodtech has complied with these covenants throughout 2024 and as of December 31, 2024.
Interest Bearing Debt
As of December 31, 2024, the Group had a drawdown on the Group account arrangement in SEK of 13.7 million NOK and a drawdown on the Group account arrangement in EUR of 3.8 million NOK, as indicated in the table above. All other interest-bearing debt was related to recognized lease liabilities.
Classification in the Balance Sheet
| Amounts in MNOK | 2024 | 2023 |
| Classification in the balance sheet | | |
| Current liabilities | 31.3 | 16.7 |
| Non-current liabilities | 29.4 | 39.5 |
| Total interest-bearing loans and credits | 60.7 | 56.3 |
| Amounts in MNOK | | Currency | Company | 2024 | 2023 |
| Interest-bearing loans and credits | | | | | |
| Nordea Group credit, SEK | 7-day STIBOR + 1.25 % | SEK | Goodtech ASA | 13.7 | - |
| Nordea Group credit, EUR | 7-day EURIBOR + 1.35 % | EUR | Goodtech ASA | 3.8 | - |
| Lease liabilities | 1.24 % - 7.01 % | | | 43.2 | 56.3 |
| Total interest-bearing loans and credits | | | | 60.7 | 56.2 |
Maturity distribution of interest-bearing debt| Amounts in MNOK | 2024 | 2023 |
| Maturity < 1 year | 31.3 | 16.7 |
| Maturity 1-3 years | 16.7 | 23.5 |
| Maturity 3-5 years | 8.4 | 9.5 |
| Maturity > 5 years | 4.4 | 6.6 |
| Total interest-bearing loans and credits | 60.7 | 56.3 |
Accounts with short-term operating credits are not included in the maturity overview.
The engagement with Nordea was renegotiated in 2021, increasing the Group credit line in Goodtech ASA to 55 MNOK, while reducing the operating credit line with Nordea \u00c5land. The Group's total guarantee limit is 96 MNOK.
\u00a0Overview of Utilized and Unutilized Loan Facilities
| Amounts in MNOK | Interest rate and fee | Total facility | Unutilized facility |
| Nordea Group credit line | 7-day NIBOR + 1.25% facility fee 0.125% per quarter | 55.0 | 37.5 |
| Total operating credit | | 55.0 | 37.5 |
Overview of Utilized and Unutilized Guarantee Limits
| Amounts in MNOK | Total facility | Unutilized facility |
| Guarantee limits in banks and other guarantee institutions | 96.0 | 15.7 |
Collateral and Guarantees
As security for the banking engagement, Nordea has a first-priority mortgage on real estate, trade receivables, inventory, and operating equipment within the companies of the Goodtech Group. Additionally, Nordea has a cross-default clause and a Material Adverse Change clause. The recorded values of real estate, inventory, and trade receivables pledged as collateral to Nordea as of December 31, 2024, are indicated in notes 12, 16, 17, and 32.
The parent company Goodtech ASA has also provided a guarantee to Nordea Finland (\u00c5land) for Goodtech Environmental Solution AB's total banking engagement, which consists of loans and guarantee limits.
Furthermore, Goodtech ASA has issued guarantees for loans, operating facilities, and project guarantees for the former Goodtech Environment AB (GEAB), which went bankrupt in 2019. The Group made a provision for expected losses on the guarantees provided to Nordea in connection with the bankruptcy of GEAB and performs ongoing reassessments of the provision as new information about the bankruptcy proceedings becomes available. The provision was recorded at 2.7 million NOK as of December 31, 2023. The bankruptcy estate of GEAB was settled in July resulting in a loss of 1.9 million NOK and a corresponding reversal of the provision of 0.8 million in 2024.
Reconciliation of Cash Flows from Financing Activities
| Amounts in MNOK | 2024 | 2023 |
| Interest-bearing loans and credits as of January 1 | 56.3 | 93.5 |
| Non-cash movementsCurrency effect on opening balance in SEK and EUR | -0.6 | 2.7 |
| New lease liabilities | 10.2 | 21.9 |
| Lease liabilities deducted from sold business and held for sale | -4.8 | - |
| Other changes | -1.0 | -2.1 |
| Changes with cash flow effects | | |
| Payment of installments and lease liabilities | -22.1 | -15.2 |
| Change in overdraft facility | 17.5 | -44.5 |
| Change in classification of overdraft facility | 5.3 | - |
| Interest-bearing loans and credits as of December 31 | 60.7 | 56.3 |
Financial liabilities are classified, upon initial recognition, as loans and obligations. Loans and obligations are recognized at fair value adjusted for directly attributable transaction costs.
Loans are recorded at fair value when the loan is disbursed, less transaction costs. In subsequent periods, loans are measured at amortized cost using the effective interest method. The difference between the disbursed loan amount (less transaction costs) and the redemption value is recognized in profit or loss over the loan's term. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt for more than 12 months from the balance sheet date.
Loan expenses that are directly attributable to the acquisition, construction, or production of a qualifying asset are capitalized as part of the asset's acquisition cost.
A financial liability is derecognized when the obligation is discharged, canceled, or expires. If an existing liability is replaced by a new one from the same lender with significantly different terms, or if the terms of an existing liability are substantially modified, the original liability is derecognized, and a new liability is recognized. The difference in carrying amount is recorded in profit or loss",
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"v1-page86-cflshid_25250-tag273677": {
"value": "Note 21 - Trade Payables and Other Current LiabilitiesTrade Payables
| Amounts in MNOK | 2024 | 2023 |
| Trade payables | 39.1 | 78.6 |
| Total trade payables | 39.1 | 78.6 |
Trade payables are non-interest-bearing, and the normal payment term is between 30-60 days.
Other Current Liabilities
| Amounts in MNOK | 2024 | 2023 |
| Accrued public taxes | 43.3 | 43.1 |
| Accrued vacation pay/salaries | 46.1 | 49.5 |
| Accrued expenses | 3.9 | 4.1 |
| Other current liabilities | 0.8 | 3.7 |
| Total other current liabilities | 94.1 | 100.4 |
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"v1-page87-cflshid_25426-tag273678": {
"value": "Note 22 - Contractual Obligations and Repayment ObligationsContractual obligations relate to compensation received in advance for work associated with contracts with customers. A contractual obligation is a duty to transfer goods or services to a customer from whom the Group has received compensation (or has the right to compensation that is due). If a customer pays compensation before the Group transfers goods or services to the customer, a contractual obligation will be recognized at the time of payment. Contractual obligations are recognized as revenue at the time the Group fulfils the performance obligation as specified in the contract.
A repayment obligation is the requirement to repay all or part of the compensation that has been (expected to be) received from a customer and is measured as the amount that the Group ultimately does not expect to be entitled to. The Group updates its estimates of repayment obligations (and the related change in transaction price) at the end of each reporting period by reassessing the estimates related to variable compensation and associated limitation mechanisms.
Contractual Obligations
| Amounts in MNOK | 2024 | 2023 |
| Advance payments for long-term contracts | 27.8 | 38.6 |
| Expected repayment from retrospective volume rebates | 0.6 | 1.3 |
| Total current contract liabilities | 28.4 | 39.8 |
| Current contract liabilities | 28.4 | 39.8 |
",
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"v1-page87-cflshid_25530-tag273718": {
"value": "A repayment obligation is the requirement to repay all or part of the compensation that has been (expected to be) received from a customer and is measured as the amount that the Group ultimately does not expect to be entitled to. The Group updates its estimates of repayment obligations (and the related change in transaction price) at the end of each reporting period by reassessing the estimates related to variable compensation and associated limitation mechanisms",
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"v1-page88-cflshid_25691-tag273679": {
"value": "Note 23 - ProvisionsA provision is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resources will be required to settle the obligation, and the amount of the obligation can be measured reliably. If the effect is significant, the provision is calculated by discounting expected future cash flows using a pre-tax discount rate that reflects the current market situation and the risks specific to the obligation.
| 2023 | | | | |
| Amounts in MNOK | Guarantees | Provisions | Loss Contracts | Sum |
| Provisions as of January 1 | 2.2 | 9.3 | 0.2 | 11.7 |
| Provisions during the year | 5.5 | 0.3 | 0.6 | 6.4 |
| Provision reversed during the year | -2.7 | -6.6 | -0.2 | -9.5 |
| Provisions utilized during the year | -0.1 | - | - | -0.1 |
| Provisions as of December 31 | 4.9 | 3.1 | 0.6 | 8.5 |
| Expected Timing of Payments | | | | |
| Within the next 12 months | 4.9 | 2.7 | 0.6 | 8.2 |
| After the next 12 months | - | 0.3 | - | 0.3 |
| Total provisions | 4.9 | 3.1 | 0.6 | 8.5 |
| 2024 | | | | |
| Amounts in MNOK | Guarantees | Provisions | Loss Contracts | Sum |
| Provisions as of January 1 | 4.9 | 3.1 | 0.6 | 8.5 |
| Provisions during the year | 8.5 | - | 6.6 | 15.1 |
| Provisions classified as liabilities in disposal group | -2.7 | - | - | -2.7 |
| Provision reversed during the year | -3.7 | -2.9 | -6.9 | -13.5 |
| Provisions utilized during the year | -0.8 | - | - | -0.8 |
| Provisions as of December 31 | 6.2 | 0.2 | 0.3 | 6.7 |
| Expected Timing of Payments | | | | |
| Within the next 12 months | 3.1 | 0.1 | 0.3 | 6.6 |
| After the next 12 months | 3.1 | 0.1 | - | 0.1 |
| Total provisions | 6.2 | 0.2 | 0.3 | 6.7 |
Guarantees
Provision for warranty work relates to costs associated with potential future warranty work on products and services delivered by the Group. The provision is based on warranty obligations the Group has under signed contracts, as well as historical experience with the frequency and costs of warranty work. The Group typically provides a warranty period of 1 to 2 years on sold products and services. Warranty provisions are included in project forecasts and are built up over the project's lifespan in accordance with the degree of completion. When projects are completed and handed over to the customer, the warranty provision is reassessed and recognized in the provision account in the balance sheet.
Provisions
Provisions primarily relate to surety obligations associated with discontinued operations in connection with the bankruptcy of GE AB, which amounted to 2.7 MNOK as of 31.12.2023. This amount has been settled in 2024.
Loss Contracts
A provision for loss-making contracts is recognized when the Group's expected revenue from a contract is lower than the unavoidable costs incurred to fulfil the contractual obligations. In such cases, the Group will recognize the entire loss on the contract in the period in which information indicates that expected revenues are lower than unavoidable costs.
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"value": "Note 24 - Share Capital, Premium and paid in capital| Amounts in MNOK | Share capital | Treasury shares | Other paid-in equity | Total |
| Equity as of 01.01.2023 | 55.5 | -1.8 | 431.5 | 485.2 |
| Issuance of shares | 2.1 | - | 8.8 | 11.0 |
| Share-based compensation | - | - | - | - |
| Other changes | - | - | - | - |
| Equity as of 31.12.2023 | 57.6 | -1.8 | 440.4 | 496.2 |
| Equity as of 01.01.2024 | 57.6 | -1.8 | 440.4 | 496.2 |
| Issuance of shares | 1.5 | - | 5.4 | 6.8 |
| Share-based compensation | - | - | - | - |
| Equity as of 31.12.2024 | 59.1 | -1.8 | 445.7 | 503.0 |
Share Capital
The nominal value per share in Goodtech ASA is 2.00 NOK per share. All shares carry equal voting rights. All issued shares are fully paid.
The General Meeting has granted two different mandates to the Board to increase the share capital:
Mandate 1: A capital increase of up to 11.5 MNOK has been granted to provide the Board with flexibility regarding potential acquisitions or similar transactions, as well as to strengthen the company's equity.
Mandate 2: A capital increase of up to 2.9 MNOK has been granted for the purpose of issuing new shares in connection with the implementation of the company's incentive schemes.
The mandates are valid until 30.06.2025
More information about the resolutions from the Group's General Meeting can be found on the Group\u2019s website www.goodtech.no.
Three capital increases have been conducted in 2024 under Mandate 1:
-On December 8, 2024, Goodtech approved a capital increase through the issuance of 709,268 new shares at a price of 9.22 NOK per share in a directed issue related to the issuance of shares for the 2024 employee share program.
-On December 12, 2024, Goodtech approved a capital increase through the issuance of 32,530 new shares at a price of 9.22 NOK per share in a directed issue related to the issuance of shares to one key employee according to the company\u2019s incentive program (RSU).
Following these actions, the company has an issued share capital of NOK 59,089,750, divided among 29,544,875 shares, each with a nominal value of NOK 2 per share. The capital increase was registered in the Company Register on December 20, 2024. As per 31.12.2024, the total number of shares registered in Norwegian Central Securities Depository was 28,803,077.
Treasury shares
Goodtech ASA had 900,773 own shares at the end of the year, representing 3.0% of the company's registered share capital as per 31.12.2024. A total of 760,627 of the Group's own shares are reserved as of 31.12.2024 in connection with the Group's incentive program for key employees (RSU).
The General Meeting has granted the Board two different mandates to repurchase treasury shares:
Mandate 1: Acquisition of own shares with a total nominal value of 5.8 MNOK for strategic purposes. Mandate 2: Acquisition of own shares with a total nominal value of 2.9 MNOK for use in the employee incentive program.
The mandates are valid until 30.06.2025 and are capped such that the total holding of own shares acquired under the two mandates cannot exceed 10% of the outstanding shares in the market.
No dividends were paid in 2024 or 2023.
Executive Compensation Report
More information about the company's incentive programs and compensation for key employees can be found in the following three locations:
-Note 15 and 33 in this year's financial statements
-The Group's executive compensation report for 2024 (available at www.goodtech.no) -The company's Guidelines for Compensation of Key Personnel (available at www.goodtech.no) The 20 largest shareholders in Goodtech ASA as of 31.12.2024:
| Name | Number of shares | Ownership % |
| WESTHAWK AS | 2 781 000 | 10.0 % |
| GRIEG KAPITAL AS | 2 386 966 | 8.6 % |
| GORA AS | 2 016 992 | 7.2 % |
| STACO AS | 1 169 103 | 4.2 % |
| ALTEA AS | 1 000 000 | 3.6 % |
| TVECO AS | 1 000 000 | 3.6 % |
| MUEN INVEST AS | 917 227 | 3.3 % |
| ACUMULUS AS | 766 841 | 2.7 % |
| MP PENSJON PK | 750 977 | 2.7 % |
| WEINTRAUB AS | 714 730 | 2.6 % |
| A/S POLYCORP | 690 659 | 2.5 % |
| OMA INVEST AS | 525 790 | 1.9 % |
| KES AS | 400 000 | 1.4 % |
| REMIS AS | 400 000 | 1.4 % |
| TIGERSTADEN AS | 400 000 | 1.4 % |
| TROLLHAUG INVEST AS | 320 000 | 1.1 % |
| PART INVEST AS | 300 000 | 1.1 % |
| SKANDINAVISKA ENSKILDA BANKEN AB | 300 000 | 1.1 % |
| WEST GRATITUDE AS | 262 672 | 0.9 % |
| BOOLEAN AS | 250 000 | 0.9 % |
| Total shares owned by top 20 shareholders | 17,352,957 | 62.2 % |
| Total number of shares including treasury shares | 28,803,077 | |
| Treasury shares owned by Goodtech ASA | 900,773 | |
| Total number of shares outstanding excluding treasury shares | 27,902,304 | |
An updated overview of the company's 20 largest shareholders is available on the company's website https://www.goodtech.no/investor/ As of the end of 2024, Goodtech ASA had 2,688 shareholders compared to 2,858 at the end of 2023. | Shares owned by the Board and Management as of 31.12.2024 | Number of shares |
| Mimi K. Berdal (Chairman), through MKB Invest AS | 40 000 |
| \u00c5ge Westb\u00f8 (Board member), through Westhawk AS and Westknight AS | 2 801 000 |
| Frode Haugli (Board member), through Edorf Invest AS | 26 000 |
| Karl Erik Staubo (Board member up to April 2024), through STACO AS and KES AS | 1 569 103 |
| Rachid Bendriss (Board member from April 2024) through Celisa Capital AS | 20 000 |
| Vibeke Str\u00f8mme (Board member up to April 2024) | 34 000 |
| Benedicte W.Grieg (Board member from April 2024) | 0 |
| Renate Borlaug (Board member, employee representative from April 2024) | 0 |
| Peter Strandberg (Board member, employee representative from April 2024) | 0 |
| Thomas Bordvik (Board member, employee representative up to April 2024) | 19 168 |
| Malte Svensson (Board member, employee representative up to April 2024) | 206 |
| Margrethe Hauge (CEO) | 138 131 |
| \u00d8yvind Osjord (CFO), 78 436 shares private, 10 100 shares through Osjord Insights AS | 88 536 |
| Magne Reierson (COO) | 37 315 |
| Erling Gresvoll Olsen (CSO) | 78 436 |
| Stefano Bardelletto (Director Business Development) through Icaro AS | 49 227 |
| Johan H\u00e5kansson (Director Business Development Sweden) | 36 212 |
*Peter Strandberg, Margrethe Hauge and Erling Gresvoll Olsen purchased shares in the employee share purchase program in December 2024 that were not registered in the Norwegian Central Securities Depository as per 31.12.2024. The total number of shares held by these individuals, including these shares are as follows:
| Peter Strandberg (Board member, employee representative from April 2024) | 2.169 |
| Margrethe Hauge (CEO) | 148 866 |
| Erling Gresvoll Olsen (CSO) | 89 171 |
Price Development
At the end of the year, the shares were listed at NOK 9.96 per share, compared to NOK 9.88 at the end of 2023",
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"value": "Note 24 - Share Capital, Premium and paid in capital| Amounts in MNOK | Share capital | Treasury shares | Other paid-in equity | Total |
| Equity as of 01.01.2023 | 55.5 | -1.8 | 431.5 | 485.2 |
| Issuance of shares | 2.1 | - | 8.8 | 11.0 |
| Share-based compensation | - | - | - | - |
| Other changes | - | - | - | - |
| Equity as of 31.12.2023 | 57.6 | -1.8 | 440.4 | 496.2 |
| Equity as of 01.01.2024 | 57.6 | -1.8 | 440.4 | 496.2 |
| Issuance of shares | 1.5 | - | 5.4 | 6.8 |
| Share-based compensation | - | - | - | - |
| Equity as of 31.12.2024 | 59.1 | -1.8 | 445.7 | 503.0 |
Share Capital
The nominal value per share in Goodtech ASA is 2.00 NOK per share. All shares carry equal voting rights. All issued shares are fully paid.
The General Meeting has granted two different mandates to the Board to increase the share capital:
Mandate 1: A capital increase of up to 11.5 MNOK has been granted to provide the Board with flexibility regarding potential acquisitions or similar transactions, as well as to strengthen the company's equity.
Mandate 2: A capital increase of up to 2.9 MNOK has been granted for the purpose of issuing new shares in connection with the implementation of the company's incentive schemes.
The mandates are valid until 30.06.2025
More information about the resolutions from the Group's General Meeting can be found on the Group\u2019s website www.goodtech.no.
Three capital increases have been conducted in 2024 under Mandate 1:
-On December 8, 2024, Goodtech approved a capital increase through the issuance of 709,268 new shares at a price of 9.22 NOK per share in a directed issue related to the issuance of shares for the 2024 employee share program.
-On December 12, 2024, Goodtech approved a capital increase through the issuance of 32,530 new shares at a price of 9.22 NOK per share in a directed issue related to the issuance of shares to one key employee according to the company\u2019s incentive program (RSU).
Following these actions, the company has an issued share capital of NOK 59,089,750, divided among 29,544,875 shares, each with a nominal value of NOK 2 per share. The capital increase was registered in the Company Register on December 20, 2024. As per 31.12.2024, the total number of shares registered in Norwegian Central Securities Depository was 28,803,077.
Treasury shares
Goodtech ASA had 900,773 own shares at the end of the year, representing 3.0% of the company's registered share capital as per 31.12.2024. A total of 760,627 of the Group's own shares are reserved as of 31.12.2024 in connection with the Group's incentive program for key employees (RSU).
The General Meeting has granted the Board two different mandates to repurchase treasury shares:
Mandate 1: Acquisition of own shares with a total nominal value of 5.8 MNOK for strategic purposes. Mandate 2: Acquisition of own shares with a total nominal value of 2.9 MNOK for use in the employee incentive program.
The mandates are valid until 30.06.2025 and are capped such that the total holding of own shares acquired under the two mandates cannot exceed 10% of the outstanding shares in the market.
No dividends were paid in 2024 or 2023.
Executive Compensation Report
More information about the company's incentive programs and compensation for key employees can be found in the following three locations:
-Note 15 and 33 in this year's financial statements
-The Group's executive compensation report for 2024 (available at www.goodtech.no) -The company's Guidelines for Compensation of Key Personnel (available at www.goodtech.no) The 20 largest shareholders in Goodtech ASA as of 31.12.2024:
| Name | Number of shares | Ownership % |
| WESTHAWK AS | 2 781 000 | 10.0 % |
| GRIEG KAPITAL AS | 2 386 966 | 8.6 % |
| GORA AS | 2 016 992 | 7.2 % |
| STACO AS | 1 169 103 | 4.2 % |
| ALTEA AS | 1 000 000 | 3.6 % |
| TVECO AS | 1 000 000 | 3.6 % |
| MUEN INVEST AS | 917 227 | 3.3 % |
| ACUMULUS AS | 766 841 | 2.7 % |
| MP PENSJON PK | 750 977 | 2.7 % |
| WEINTRAUB AS | 714 730 | 2.6 % |
| A/S POLYCORP | 690 659 | 2.5 % |
| OMA INVEST AS | 525 790 | 1.9 % |
| KES AS | 400 000 | 1.4 % |
| REMIS AS | 400 000 | 1.4 % |
| TIGERSTADEN AS | 400 000 | 1.4 % |
| TROLLHAUG INVEST AS | 320 000 | 1.1 % |
| PART INVEST AS | 300 000 | 1.1 % |
| SKANDINAVISKA ENSKILDA BANKEN AB | 300 000 | 1.1 % |
| WEST GRATITUDE AS | 262 672 | 0.9 % |
| BOOLEAN AS | 250 000 | 0.9 % |
| Total shares owned by top 20 shareholders | 17,352,957 | 62.2 % |
| Total number of shares including treasury shares | 28,803,077 | |
| Treasury shares owned by Goodtech ASA | 900,773 | |
| Total number of shares outstanding excluding treasury shares | 27,902,304 | |
An updated overview of the company's 20 largest shareholders is available on the company's website https://www.goodtech.no/investor/ As of the end of 2024, Goodtech ASA had 2,688 shareholders compared to 2,858 at the end of 2023| Shares owned by the Board and Management as of 31.12.2024 | Number of shares |
| Mimi K. Berdal (Chairman), through MKB Invest AS | 40 000 |
| \u00c5ge Westb\u00f8 (Board member), through Westhawk AS and Westknight AS | 2 801 000 |
| Frode Haugli (Board member), through Edorf Invest AS | 26 000 |
| Karl Erik Staubo (Board member up to April 2024), through STACO AS and KES AS | 1 569 103 |
| Rachid Bendriss (Board member from April 2024) through Celisa Capital AS | 20 000 |
| Vibeke Str\u00f8mme (Board member up to April 2024) | 34 000 |
| Benedicte W.Grieg (Board member from April 2024) | 0 |
| Renate Borlaug (Board member, employee representative from April 2024) | 0 |
| Peter Strandberg (Board member, employee representative from April 2024) | 0 |
| Thomas Bordvik (Board member, employee representative up to April 2024) | 19 168 |
| Malte Svensson (Board member, employee representative up to April 2024) | 206 |
| Margrethe Hauge (CEO) | 138 131 |
| \u00d8yvind Osjord (CFO), 78 436 shares private, 10 100 shares through Osjord Insights AS | 88 536 |
| Magne Reierson (COO) | 37 315 |
| Erling Gresvoll Olsen (CSO) | 78 436 |
| Stefano Bardelletto (Director Business Development) through Icaro AS | 49 227 |
| Johan H\u00e5kansson (Director Business Development Sweden) | 36 212 |
*Peter Strandberg, Margrethe Hauge and Erling Gresvoll Olsen purchased shares in the employee share purchase program in December 2024 that were not registered in the Norwegian Central Securities Depository as per 31.12.2024. The total number of shares held by these individuals, including these shares are as follows:
| Peter Strandberg (Board member, employee representative from April 2024) | 2.169 |
| Margrethe Hauge (CEO) | 148 866 |
| Erling Gresvoll Olsen (CSO) | 89 171 |
Price Development
At the end of the year, the shares were listed at NOK 9.96 per share, compared to NOK 9.88 at the end of 2023.
Note 25 - Group CompaniesGoodtech Environmental Solutions AB
100% of the shares in Goodtech Solutions Manufacturing AB were sold on September 1, 2022. Goodtech Environmental Solutions AB has been decided to be sold and classified as a business held for sale in 2022. In connection with the sale of Goodtech Solutions AB in February 2025, this company has also been classified as a business held for sale as of 31.12.2024. Former subsidiaries Neuron Solution AS (as of October 1, 2022) and Goodtech Electro AS (as of July 1, 2022) are accounted for in the Group as associated companies. As a result, there were no non-controlling interests as of December 31, 2023, or December 31, 2024.
All subsidiaries are consolidated in the Group financial statements, and the voting rights are attached to ordinary shares.
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"value": "Note 25 - Group CompaniesGoodtech Environmental Solutions AB
Note 26 - Financial Risk and Financial InstrumentsThe Group operates in several European countries and is primarily exposed to interest rate risk, currency risk, liquidity risk, and credit risk. The board and management conduct an annual risk assessment across the Group\u2019s business areas, along with a review of risk management procedures. The Group's management is responsible for evaluating these risks and continuously revising guidelines for their management. Management within each business area is responsible for ongoing monitoring of risk conditions within their jurisdiction.
Capital Management
The board and management of Goodtech continuously work to ensure a robust capital structure and sufficient available financing within the Group, enabling it to address risk-adjusted opportunities that arise while maintaining the trust of equity holders, creditors, and other market participants in Goodtech's management.
The Group actively manages cash and directs its capital structure based on an ongoing assessment of the economic conditions in which it operates and the short- and medium-term outlook.
The Group monitors its capital structure by considering the following parameters:
-Debt ratio, defined as net interest-bearing debt divided by equity
-Equity ratio, defined as equity divided by total assets on the balance sheet
-Concurrently, Goodtech is managed with a focus on covenants related to its debt financing, as further discussed in note 20. No companies within the Group are subject to external capital requirements beyond those imposed by Nordea.
Credit Risk
Goodtech has its own procedures for assessing creditworthiness regarding existing and new customer and supplier relationships. As of December 31, 2024, the risk of financial default among the Group\u2019s counterparties is considered moderate. Routine provisions for losses on trade receivables are made periodically and are further discussed in Notes 1.6 and 17. The Group has not identified any significant additional credit risk related to counterparties.
The Group's project portfolio also has a natural diversification across customers and industries\u2014both in number and size\u2014which results in a moderate concentration of credit risk in ongoing relationships as of December 31, 2024. Goodtech primarily works with large industrial Groups, which are considered to have higher creditworthiness.
The Group considers its maximum credit risk exposure to be the book values of trade receivables and other current assets.
Maximum Credit Exposure
| Amounts in MNOK | 2024 | 2023 |
| Cash and cash equivalents (note 19) | 110.7 | 104.4 |
| Contract assets (note 17) | 15.2 | 52.3 |
| Trade receivables (note 17) | 92.7 | 77.1 |
| Other current receivables (note 18) | 15.0 | 16.2 |
Interest Rate RiskThe Group's interest rate risk primarily arises from floating-rate financing. Surplus liquidity is mainly held in bank deposits, while interest-bearing debt includes loans, credit facility drawings, and IFRS 16 lease obligations. Changes in market interest rates impact interest income and expenses, as detailed in note 9.
The main objective of managing financial interest rate risk is to reduce financial risk while minimizing net interest costs over time. The Group\u2019s interest-bearing debt is generally entered into with floating interest rates.
Changes in the interest rate level of the Group's loans will affect the interest cost for the Group. A sensitivity analysis reflects a change in the interest rate level by 0.5 basis points compared to the interest rate level as of December 31, 2024. If all interest rates for all currencies classified as interest-bearing debt as of December 31, 2024, had been reduced or increased by 50 basis points for Goodtech ASA and its subsidiaries, the interest cost for the Group would have been 0.1 million NOK higher or lower as of December 31, 2024 (0.0 million NOK as of December 31, 2023).
Liquidity Risk
Liquidity risk is defined as the risk that the Group will not be able to meet its financial obligations as they come due. Liquidity management is intended to ensure that available liquidity is sufficient to meet obligations at maturity. The Group's strategy is to maintain sufficient cash, cash equivalents, and/or credit financing options (further discussed in note 20) to finance ongoing operations and investments in accordance with the Group\u2019s strategic plan at all times.
The Group has a net positive liquidity position as of December 31, 2024. The Group monitors its liquidity situation both in the short and long term through active monitoring and management of working capital, including continuous follow-up on overdue receivables.
The following table provides an overview of the maturity structure for the Group\u2019s financial obligations based on nominal repayments and estimated interest payments. Estimated future interest payments are based on the maturity profile of the Group\u2019s financial obligations.Maturity Profile of the Group\u2019s Financial Obligations as of December 31, 2024| 2024 | | | | | |
| Amounts in MNOK | < 1 year | 1-3 years | 3-5 years | > 5 years | Total |
| Interest-bearing debt | | | | | |
| Bank loans | | | | | - |
| Lease liabilities | 13.8 | 16.7 | 8.4 | 4.4 | 43.2 |
| Drawings on operating credit | 17.5 | | | | 17.5 |
| Total interest-bearing debt | 31.3 | 16.7 | 8.4 | 4.4 | 60.7 |
| Non-interest-bearing debt | | | | | |
| Trade payables | 39.1 | | | | 39.1 |
| Other current liabilities | 94.1 | | | | 94.1 |
| Liabilities held for sale | 36.5 | | | | 36.5 |
| Total non-interest-bearing debt | 169.6 | - | - | - | 169.6 |
| Total interest-bearing and non-interest-bearing debt | 200.9 | 16.7 | 8.4 | 4.4 | 230.3 |
| Future interest payments | | | | | - |
| Future discount rates, lease liabilities | 1.7 | 2.1 | 0.9 | 0.2 | 4.9 |
| Total including interest payments | 203.0 | 18.7 | 9.3 | 4.6 | 235.6 |
| 2023 | | | | | |
| Amounts in MNOK | < 1 year | 1-3 years | 3-5 years | > 5 years | Total |
| Interest-bearing debt | | | | | |
| Bank loans | | | | | - |
| Lease liabilities | 18.8 | 25.9 | 10.6 | 6.9 | 62.2 |
| Drawings on operating credit | | | | | - |
| Total interest-bearing debt | 18.8 | 25.9 | 10.6 | 6.9 | 62.2 |
| Non-interest-bearing debt | | | | | |
| Trade payables | 79.0 | | | | 79.0 |
| Other current liabilities | 100.4 | | | | 100.4 |
| Liabilities held for sale | 16.3 | | | | 16.3 |
| Total non-interest-bearing debt | 195.7 | - | - | - | 195.7 |
| Total interest-bearing and non-interest-bearing debt | 214.6 | 25.9 | 10.6 | 6.9 | 257.9 |
| Future interest payments | | | | | - |
| Future discount rates, lease liabilities | 2.0 | 2.4 | 1.1 | 0.3 | 5.9 |
| Total including interest payments | 216.6 | 28.3 | 11.7 | 7.2 | 263.8 |
Currency Risk
Goodtech is exposed to currency risk related to customer projects both within and outside Europe, where contracts are primarily denominated in NOK, SEK, EUR, or USD. Fluctuations in currency can lead to changes in earnings in NOK for foreign projects. This means that the Group's largest fluctuations in currency exposure occur in SEK, USD, and/or EUR. Therefore, it is generally sought that purchases and sales in individual projects are conducted in the same currency.
The carrying amount of the Group\u2019s net investments in foreign entities fluctuates with changes in Norwegian kroner compared to relevant currencies. The Group\u2019s profit after tax is also affected by changes in exchange rates, as the results from foreign entities are converted to Norwegian kroner using a weighted average exchange rate for the period. See note 1.3 for more information on the Group\u2019s currency management principles in the consolidated and company financial statements.
Additionally, the Group has established a multi-currency cash pool system that helps to mitigate currency risks (more info in note 20).| Cash Pool by Currency | Amount in currency | Amount in NOK |
| NOK | 80.6 | 80.6 |
| SEK | -13.3 | -13.7 |
| EUR | -0.3 | -3.8 |
| USD | 1.4 | 16.0 |
| Total | | 79.1 |
The Group's profit before tax and equity are now less affected by potential fluctuations in the exchange rate of the Norwegian krone, as GS AB and GES AB are classified as held for sale.
The Group has the option to enter into currency hedging transactions with credit institutions but has not utilized this option in 2024.
Determination of Fair Value
Goodtech only has financial assets and liabilities that are accounted for at amortized cost, where the carrying amount is considered a reasonable approximation of fair value.
| 2024 | | |
| Amounts in MNOK | Financial instruments measured at amortized cost | Total |
| Trade receivables | 92.7 | 92.7 |
| Other current receivables | 15.0 | 15.0 |
| Cash and cash equivalents | 110.7 | 110.7 |
| Total | 218.4 | 218.4 |
| Non-current interest-bearing debt | - | - |
| Current interest-bearing debt | 17.5 | 17.5 |
| Trade payables | 39.1 | 39.1 |
| Lease liabilities | 43.2 | 43.2 |
| Other current liabilities | 94.1 | 94.1 |
| Total | 193.9 | 193.9 |
| Total financial instruments | 412.3 | 412.3 |
| 2023 | | |
| Amounts in MNOK | Financial instruments measured at amortized cost | Total |
| Trade receivables | 77.1 | 77.1 |
| Other current receivables | 16.2 | 16.2 |
| Cash and cash equivalents | 104.4 | 104.4 |
| Total | 197.7 | 197.7 |
| Non-current interest-bearing debt | - | - |
| Current interest-bearing debt | - | - |
| Trade payables | 78.6 | 78.6 |
| Lease liabilities | 56.3 | 56.3 |
| Other current liabilities | 100.4 | 100.4 |
| Total | 235.2 | 235.2 |
| Total financial instruments | 432.9 | 432.9 |
Valuation Hierarchy
The Group classifies fair value measurements into its own hierarchy that reflects the significance of the inputs used in developing the measurements. No financial assets or liabilities have been reclassified in such a way that the measurement method has changed from amortized cost to fair value, or vice versa, during the period. The different valuation levels are defined as follows:
-Level 1: Fair value is measured using quoted prices in active markets for identical financial instruments.
-Level 2: Fair value is measured using other observable inputs than those used in Level 1, either directly (prices) or indirectly (derived from prices).
-Level 3: Fair value is measured using inputs that are not based on observable market data (unobservable inputs)",
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"value": "Note 26 - Financial Risk and Financial InstrumentsThe Group operates in several European countries and is primarily exposed to interest rate risk, currency risk, liquidity risk, and credit risk. The board and management conduct an annual risk assessment across the Group\u2019s business areas, along with a review of risk management procedures. The Group's management is responsible for evaluating these risks and continuously revising guidelines for their management. Management within each business area is responsible for ongoing monitoring of risk conditions within their jurisdiction.
Capital Management
The board and management of Goodtech continuously work to ensure a robust capital structure and sufficient available financing within the Group, enabling it to address risk-adjusted opportunities that arise while maintaining the trust of equity holders, creditors, and other market participants in Goodtech's management.
The Group actively manages cash and directs its capital structure based on an ongoing assessment of the economic conditions in which it operates and the short- and medium-term outlook.
The Group monitors its capital structure by considering the following parameters:
-Debt ratio, defined as net interest-bearing debt divided by equity
-Equity ratio, defined as equity divided by total assets on the balance sheet
-Concurrently, Goodtech is managed with a focus on covenants related to its debt financing, as further discussed in note 20. No companies within the Group are subject to external capital requirements beyond those imposed by Nordea.
Credit Risk
Goodtech has its own procedures for assessing creditworthiness regarding existing and new customer and supplier relationships. As of December 31, 2024, the risk of financial default among the Group\u2019s counterparties is considered moderate. Routine provisions for losses on trade receivables are made periodically and are further discussed in Notes 1.6 and 17. The Group has not identified any significant additional credit risk related to counterparties.
The Group's project portfolio also has a natural diversification across customers and industries\u2014both in number and size\u2014which results in a moderate concentration of credit risk in ongoing relationships as of December 31, 2024. Goodtech primarily works with large industrial Groups, which are considered to have higher creditworthiness.
The Group considers its maximum credit risk exposure to be the book values of trade receivables and other current assets.
Interest Rate RiskThe Group's interest rate risk primarily arises from floating-rate financing. Surplus liquidity is mainly held in bank deposits, while interest-bearing debt includes loans, credit facility drawings, and IFRS 16 lease obligations. Changes in market interest rates impact interest income and expenses, as detailed in note 9.
The main objective of managing financial interest rate risk is to reduce financial risk while minimizing net interest costs over time. The Group\u2019s interest-bearing debt is generally entered into with floating interest rates.
Changes in the interest rate level of the Group's loans will affect the interest cost for the Group. A sensitivity analysis reflects a change in the interest rate level by 0.5 basis points compared to the interest rate level as of December 31, 2024. If all interest rates for all currencies classified as interest-bearing debt as of December 31, 2024, had been reduced or increased by 50 basis points for Goodtech ASA and its subsidiaries, the interest cost for the Group would have been 0.1 million NOK higher or lower as of December 31, 2024 (0.0 million NOK as of December 31, 2023).
Liquidity Risk
Liquidity risk is defined as the risk that the Group will not be able to meet its financial obligations as they come due. Liquidity management is intended to ensure that available liquidity is sufficient to meet obligations at maturity. The Group's strategy is to maintain sufficient cash, cash equivalents, and/or credit financing options (further discussed in note 20) to finance ongoing operations and investments in accordance with the Group\u2019s strategic plan at all times.
The Group has a net positive liquidity position as of December 31, 2024. The Group monitors its liquidity situation both in the short and long term through active monitoring and management of working capital, including continuous follow-up on overdue receivables.
The following table provides an overview of the maturity structure for the Group\u2019s financial obligations based on nominal repayments and estimated interest payments. Estimated future interest payments are based on the maturity profile of the Group\u2019s financial obligations.Currency Risk
Goodtech is exposed to currency risk related to customer projects both within and outside Europe, where contracts are primarily denominated in NOK, SEK, EUR, or USD. Fluctuations in currency can lead to changes in earnings in NOK for foreign projects. This means that the Group's largest fluctuations in currency exposure occur in SEK, USD, and/or EUR. Therefore, it is generally sought that purchases and sales in individual projects are conducted in the same currency.
The carrying amount of the Group\u2019s net investments in foreign entities fluctuates with changes in Norwegian kroner compared to relevant currencies. The Group\u2019s profit after tax is also affected by changes in exchange rates, as the results from foreign entities are converted to Norwegian kroner using a weighted average exchange rate for the period. See note 1.3 for more information on the Group\u2019s currency management principles in the consolidated and company financial statements.
Additionally, the Group has established a multi-currency cash pool system that helps to mitigate currency risks (more info in note 20).The Group's profit before tax and equity are now less affected by potential fluctuations in the exchange rate of the Norwegian krone, as GS AB and GES AB are classified as held for sale.
The Group has the option to enter into currency hedging transactions with credit institutions but has not utilized this option in 2024.
Determination of Fair Value
Goodtech only has financial assets and liabilities that are accounted for at amortized cost, where the carrying amount is considered a reasonable approximation of fair valueValuation Hierarchy
The Group classifies fair value measurements into its own hierarchy that reflects the significance of the inputs used in developing the measurements. No financial assets or liabilities have been reclassified in such a way that the measurement method has changed from amortized cost to fair value, or vice versa, during the period. The different valuation levels are defined as follows:
-Level 1: Fair value is measured using quoted prices in active markets for identical financial instruments.
-Level 2: Fair value is measured using other observable inputs than those used in Level 1, either directly (prices) or indirectly (derived from prices).
-Level 3: Fair value is measured using inputs that are not based on observable market data (unobservable inputs)",
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"v1-page93-cflshid_27741-tag273719": {
"value": "The Group operates in several European countries and is primarily exposed to interest rate risk, currency risk, liquidity risk, and credit risk. The board and management conduct an annual risk assessment across the Group\u2019s business areas, along with a review of risk management procedures. The Group's management is responsible for evaluating these risks and continuously revising guidelines for their management. Management within each business area is responsible for ongoing monitoring of risk conditions within their jurisdiction",
"dimensions": {
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"v1-page93-cflshid_27738-tag273704": {
"value": "Credit Risk
Goodtech has its own procedures for assessing creditworthiness regarding existing and new customer and supplier relationships. As of December 31, 2024, the risk of financial default among the Group\u2019s counterparties is considered moderate. Routine provisions for losses on trade receivables are made periodically and are further discussed in Notes 1.6 and 17. The Group has not identified any significant additional credit risk related to counterparties.
The Group's project portfolio also has a natural diversification across customers and industries\u2014both in number and size\u2014which results in a moderate concentration of credit risk in ongoing relationships as of December 31, 2024. Goodtech primarily works with large industrial Groups, which are considered to have higher creditworthiness.
The Group considers its maximum credit risk exposure to be the book values of trade receivables and other current assets.
Maximum Credit Exposure
| Amounts in MNOK | 2024 | 2023 |
| Cash and cash equivalents (note 19) | 110.7 | 104.4 |
| Contract assets (note 17) | 15.2 | 52.3 |
| Trade receivables (note 17) | 92.7 | 77.1 |
| Other current receivables (note 18) | 15.0 | 16.2 |
Liquidity Risk
Liquidity risk is defined as the risk that the Group will not be able to meet its financial obligations as they come due. Liquidity management is intended to ensure that available liquidity is sufficient to meet obligations at maturity. The Group's strategy is to maintain sufficient cash, cash equivalents, and/or credit financing options (further discussed in note 20) to finance ongoing operations and investments in accordance with the Group\u2019s strategic plan at all times.
The Group has a net positive liquidity position as of December 31, 2024. The Group monitors its liquidity situation both in the short and long term through active monitoring and management of working capital, including continuous follow-up on overdue receivables.
The following table provides an overview of the maturity structure for the Group\u2019s financial obligations based on nominal repayments and estimated interest payments. Estimated future interest payments are based on the maturity profile of the Group\u2019s financial obligations.",
"dimensions": {
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"v1-page98-cflshid_30007-tag273684": {
"value": "Note 27 - Contingent LiabilitiesOperational and Project Risk, and Uncertainty
The Group occasionally receives claims arising from its ordinary operations. These may include warranty claims and claims for damages resulting from injury to persons or property that have occurred from the use of the company's products and solutions. Management is not aware of any ongoing matters that would result in significant obligations for the Group.
The Group has projects based on long-term contracts, some of which are fixed-price total contracts. Failure to meet delivery deadlines or performance guarantees, as well as increases in project costs, may result in costs that cannot be recovered and that may exceed the revenues from the respective project. Where a project is identified as loss-making, provisions are made to cover future losses. The accounting treatment is based on available information and recommendations. Circumstances and information may change in subsequent periods, and the final outcome may therefore be better or worse than the assessments made at the time of preparing the financial statements.
Legal Disputes
As of December 31, 2024, the Group was involved in a legal dispute with a customer concerning a contract payment. This matter was conclusively settled in March 2025.
Bank and Group Guarantees
The Group has provided security to Nordea and other bank connections in connection with the Group's operating credit and guarantee facilities. See note 20 for more details on these securities.
",
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"v1-page98-cflshid_30021-tag273708": {
"value": "Note 27 - Contingent LiabilitiesOperational and Project Risk, and Uncertainty
The Group occasionally receives claims arising from its ordinary operations. These may include warranty claims and claims for damages resulting from injury to persons or property that have occurred from the use of the company's products and solutions. Management is not aware of any ongoing matters that would result in significant obligations for the Group.
The Group has projects based on long-term contracts, some of which are fixed-price total contracts. Failure to meet delivery deadlines or performance guarantees, as well as increases in project costs, may result in costs that cannot be recovered and that may exceed the revenues from the respective project. Where a project is identified as loss-making, provisions are made to cover future losses. The accounting treatment is based on available information and recommendations. Circumstances and information may change in subsequent periods, and the final outcome may therefore be better or worse than the assessments made at the time of preparing the financial statements.
Legal Disputes
As of December 31, 2024, the Group was involved in a legal dispute with a customer concerning a contract payment. This matter was conclusively settled in March 2025.
Bank and Group Guarantees
The Group has provided security to Nordea and other bank connections in connection with the Group's operating credit and guarantee facilities. See note 20 for more details on these securities",
"dimensions": {
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"v1-page99-cflshid_30239-tag273685": {
"value": "Note 28 - Transactions with Related PartiesGoodtech ASA is the parent company and holds both direct and indirect ownership and control of three companies as of December 31, 2024. These companies are listed in note 25. Transactions between Group companies are eliminated in the consolidated financial statements. Intercompany balances with the parent company are detailed in note 9 of Goodtech ASA's financial statements. Goodtech occasionally engages in purchase and sale transactions with related parties as part of its normal business operations.
In 2024, there were no transactions with related parties. Information regarding compensation for the Board and key management personnel is presented in note 15 of the consolidated financial statements.
",
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"v1-page99-cflshid_30239-tag273686": {
"value": "Note 29 - Events After the Reporting Period
New information received after the reporting date regarding the Group's financial position as of the reporting date has been taken into account in the annual financial statements. Events after the reporting period that do not affect the Group's financial position at the reporting date but will impact the Group's financial position in the future are disclosed if they are material.
On 10th February 2025, Goodtech ASA completed the sale of its 100% interest in Goodtech Solutions AB (\u201cGSAB\u201d) to Lazarus Industrif\u00f6rvaltning AB (\u201cLazarus\u201d) for an undisclosed amount. In accordance with the guidelines in IFRS 5, GSABs financials are reported as held for sale in the balance sheet and as discontinued operations in the P&L statement. See note 32 for held for sale and discontinuing operations for further information.
In connection with the sale of Goodtech Solutions AB, Goodtech has outstanding bank and project guarantees that will expire during Q3 2025. All guarantees are capped, and any claims against these guarantees require the new owner to actively work towards fulfilling the project deliverables covered by the guarantees.
There are no other significant events after the balance sheet date
",
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"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page99-cflshid_30326-tag273709": {
"value": "New information received after the reporting date regarding the Group's financial position as of the reporting date has been taken into account in the annual financial statements. Events after the reporting period that do not affect the Group's financial position at the reporting date but will impact the Group's financial position in the future are disclosed if they are material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXFGWW36",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page99-cflshid_30239-tag273687": {
"value": "Note 30 - Public Support Schemes Public grants are recognized when there is reasonable assurance that the company will meet the conditions attached to the grants and that the grants will be received. Operating grants are accounted for systematically over the grant period. Grants are deducted from the costs they are intended to cover. Investment grants are capitalized and recognized systematically over the useful life of the asset. Investment grants are recognized by deducting the grant amount from the carrying amount of the asset.
Goodtech has been granted support from the Norwegian Research Council to assist the Haraldrud facility in Oslo with the application of ash from their incineration processes. In 2024, the support of 1.5 MNOK is recognized as other revenue as the conditions for the grant was me",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page100-cflshid_30503-tag273688": {
"value": "Note 31 - Investment in Associated CompaniesAssociated companies are entities over which Goodtech has significant influence but not control or joint control. Significant influence is generally considered to exist when the Group holds between 20 and 50 percent of the voting rights. The results, assets, and liabilities of an associated company are recognized in the consolidated financial statements using the equity method.
The presentation of the total comprehensive income net of tax for the Group reflects the share of the profit from associated companies. Any excess over the acquisition cost beyond the Group's share of the net fair value of identifiable assets, liabilities, and contingent liabilities of the associated company recognized at the acquisition date is recorded as goodwill. Goodwill is included in the carrying amount of the investment and is assessed for impairment as part of the investment. After applying the equity method, the Group assesses whether it is necessary to record additional impairment on the individual investments. The Group determines if there are indicators of impairment, and if so, calculates the impairment loss as the difference between the recoverable amount for the associated company and its carrying amount.
The former subsidiary Goodtech Electro AS has been accounted for under the equity method effective from July 1, 2022, while Neuron Solution AS has been accounted for under the equity method effective from October 1, 2022, further info and movement in carrying amount for associated companies in tables below:
| Associated companies | Ownership 2024 | Office | Country |
| Goodtech Electro AS | 50.0 % | Oslo | Norge |
| Neuron Solution AS | 43.0 % | Bergen | Norge |
| Associated companies | Carrying amount as of 01.01 | Additions to associated companies | Share of Profit in 2024 | Carrying amount as of 31.12 |
| Goodtech Electro AS | 1.2 | - | 0.8 | 2.0 |
| Neuron AS | 1.1 | - | 0.1 | 1.2 |
| Total | 2.3 | - | 0.9 | 3.2 |
Investments in associated companies as of 31.12.2024 include goodwill of 1.5 MNOK for Neuron Solution AS.
| Goodtech Electro AS | Neuron Solutions AS |
| Results | 2024 | 2023 | 2024 | 2023 |
| Revenue | 10.4 | 8.3 | 3.1 | 2.6 |
| Expenses | 8.8 | 7.6 | 2.9 | 3.0 |
| EBIT | 1.6 | 0.7 | 0.2 | -0.4 |
| Net financial expenses | - | - | - | - |
| Earnings before tax | 1.6 | 0.7 | 0.2 | -0.4 |
| Tax expenses | - | 0.4 | - | - |
| Earnings after tax | 1.6 | 0.3 | 0.2 | -0.4 |
| Share of profit from associated company | 0.8 | 0.2 | 0.1 | -0.2 |
| Balance sheet | 2024 | 2023 | 2024 | 2023 |
| Non-current assets | 0.7 | 0.7 | - | 0.1 |
| Current assets | 3.0 | 3.0 | 1.3 | 0.8 |
| Total assets | 3.7 | 3.7 | 1.3 | 0.9 |
| Equity | 2.5 | 2.4 | 0.4 | 0.6 |
| Non-current liabilities | 0.1 | - | - | - |
| Current liabilities | 1.1 | 1.3 | 0.9 | 0.3 |
| Total liabilities | 1.2 | 1.3 | 0.9 | 0.3 |
| Total equity and liabilities | 3.7 | 3.7 | 1.3 | 0.9 |
",
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"v1-page100-cflshid_30517-tag273710": {
"value": "Note 31 - Investment in Associated CompaniesAssociated companies are entities over which Goodtech has significant influence but not control or joint control. Significant influence is generally considered to exist when the Group holds between 20 and 50 percent of the voting rights. The results, assets, and liabilities of an associated company are recognized in the consolidated financial statements using the equity method.
The presentation of the total comprehensive income net of tax for the Group reflects the share of the profit from associated companies. Any excess over the acquisition cost beyond the Group's share of the net fair value of identifiable assets, liabilities, and contingent liabilities of the associated company recognized at the acquisition date is recorded as goodwill. Goodwill is included in the carrying amount of the investment and is assessed for impairment as part of the investment. After applying the equity method, the Group assesses whether it is necessary to record additional impairment on the individual investments. The Group determines if there are indicators of impairment, and if so, calculates the impairment loss as the difference between the recoverable amount for the associated company and its carrying amount.
",
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"v1-page101-cflshid_31418-tag273690": {
"value": "Note 32 - Held for Sale and Discontinued OperationsAssets Held for Sale
Non-current assets and Groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continued use. This is considered to be met only when the sale is highly probable, and the asset (or Groups of assets and liabilities) is available for immediate sale in its current condition. Management must be committed to the sale, and the sale is expected to be completed within one year from the date of classification.
Non-current assets and Groups of non-current assets and liabilities classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.
Discontinued Operations
Classification as discontinued operations occur upon disposal or when a component meets the criteria for held for sale as further specified in IFRS 5.
A component comprises operations and cash flows that can be clearly distinguished from the rest of the entity for operational and financial reporting purposes. A discontinued operation is a component that has either been disposed of or is classified as held for sale. Discontinued operations are presented on a separate line in the income statement and are restated for prior periods presented in the financial statements.
Goodtech Environmental Solutions AB (GES AB)
On December 20, 2022, Goodtech announced an agreement with NCC for the acquisition of the biogas, water, and wastewater expertise of the Group in \u00c5land. The remaining business is being offered for sale along with the property. The balance sheet of Goodtech Environmental Solutions AB is classified as non-current assets held for sale, and the results are presented as discontinued operations.
Judgment has been applied in assessing whether the criteria for classification as held for sale and reporting as discontinued operations are met. It has been assumed that the assets of Goodtech Environmental Solutions AB constitute a Group of assets to be disposed of together as a Group in a single transaction upon sale, along with liabilities directly associated with these assets that will be transferred in the transaction. The disposal Group was available for immediate sale as its current condition, and it was considered highly probable that the sale will be completed within one year.
In connection with the preparation of the annual report for 2023, an updated assessment of the Group's accounting in relation to IFRS 5 has been conducted, concluding that the same conclusion as for the 2022 financial statements remain. The updated assessment confirms that management still has a clear and realistic plan to sell the business and is actively in the market to find a buyer. Additionally, external influences beyond the Group's control that have impacted the timeline for the sale have been considered, and it has been concluded that the Group has adapted to the prevailing market conditions, including the assessment that the sale is ongoing with a realistic price expectation.
Goodtech announced on July 1, 2024, that its subsidiary, Goodtech Environmental Solutions AB (GESAB), has successfully sold the building and property assets of the company for a total of 1.8 MEUR to Zero Ventures in \u00c5land. The accounting effects are expected to be largely in line with the existing carrying amounts. The proceeds will be used to repay a term loan (~0.4 MEUR) and the remainder to pay down drawings on the Group credit facility secured by the building and property assets in \u00c5land. After the transaction, Goodtech still owns 100% of the shares in GESAB, and the classification of the business area as held for sale and discontinued operations is maintained.
Goodtech Solutions AB (GS AB)
In October 2024 Goodtech decided to start a process of selling Goodtech Solutions AB. On 10th February 2025, Goodtech ASA completed the sale of its 100% interest in Goodtech Solutions AB (\u201cGSAB\u201d) to Lazarus Industrif\u00f6rvaltning AB (\u201cLazarus\u201d) for an undisclosed amount. In accordance with the guidelines in IFRS 5, GSABs financials are reported as held for sale in the balance sheet and as discontinued operations in the P&L statement
Earnings from Discontinued Operations
| Discontinued operations (Amounts in MNOK) | 2024 | 2023 |
| Revenue | 143.7 | 287.8 |
| Expenses | -177.5 | -296.6 |
| Earnings before tax | -33.7 | -8.7 |
| Tax expenses | -7.9 | 5.0 |
| Total earnings after tax from discontinued operations | -41.7 | -3.8 |
| Earnings after tax from discontinued operations GES AB | -10.1 | -20.8 |
| Earnings after tax from discontinued operations GS AB | -31.6 | 17.0 |
Assets and Liabilities Reclassified as Held for Sale:
| Assets held for sale (Amounts in MNOK) | 2024 | 2023 |
| Total current assets | 30.7 | 32.8 |
| Total assets from disposal Group held for sale | 30.7 | 32.8 |
| Liabilities held for sale (Amounts in MNOK) | | |
| Total current liabilities | 36.5 | 16.3 |
| Total liabilities from disposal Group held for sale | 36.5 | 16.3 |
The discontinued operations in Sweden (Goodtech Solutions AB) and in Finland (Goodtech Environmental Solutions AB) delivered a loss after tax (discontinued operations) of -41,7 MNOK in 2024, compared to -3.8 MNOK in the same period in 2023. The losses in 2024 includes goodwill, deferred tax and other write-downs of 14 MNOK related to Goodtech Solutions AB and write downs of 1 MNOK related to Goodtech Environmental Solutions AB.
Goodtech Solutions AB's cash balance as of 31.12.2024 is 0.0 MNOK (30.9 MNOK as of 31.12.2023).
Cashflows for Goodtech Environmental Solution AB:
| Amounts in MNOK | 2024 | 2023 |
| Cash flow from operating activities | -11.4 | -5.5 |
| Cash flow from investing activities | 21.4 | -1.8 |
| Cash flow from financing activities | -12.3 | 0.9 |
| Cash flows during the period | -2.3 | -6.4 |
Goodtech Environmental Solutions AB's cash balance as of 31.12.2024 is 0.0 MNOK (2.3 MNOK as of 31.12.2023).
Cashflows for Goodtech Solutions AB: | Amounts in MNOK | 2024 | 2023 |
| Cash flow from operating activities | -37.9 | 40.2 |
| Cash flow from investing activities | -0.3 | -0.8 |
| Cash flow from financing activities | 7.2 | -12.7 |
| Cash flows during the period | -31.0 | 26.7 |
Goodtech Solutions AB's cash balance as of 31.12.2024 is 0.0 MNOK (Bank balance of 31.0 MNOK as of 31.12.2023, but not held for sale). Goodtech Solution AB assets and liabilities were not classified as held for sale in 31.12.2023.
Goodtech Environment AB (GE AB)
Bankruptcy was declared on June 13, 2019, for Goodtech Environment AB as a result of the Odder\u00f8ya project. Goodtech's new company in \u00c5land, Goodtech Environmental Solutions AB, entered into an agreement with the bankruptcy administrator on June 18, 2019, to take over the property and premises of GE AB. Goodtech ASA has provided guarantees for loans, operating facilities, and project guarantees related to the former GE AB. A judgment-based provision has been made for obligations of Goodtech ASA related to the former GE AB, which is further specified in note 23. The bankruptcy estate was finally settled and closed in 2024, and Goodtech has therefore also settled its final outstanding amount with Nordea, totalling 172 KEUR, which was paid in July 2024. The Group previously had a provision for such surety obligations totalling 2.7 MNOK, and the difference between the final settlement and the provision is recognized as discontinued operations in the Group.
",
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"v1-page101-cflshid_31418-tag273689": {
"value": "Note 32 - Held for Sale and Discontinued OperationsAssets Held for Sale
Non-current assets and Groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continued use. This is considered to be met only when the sale is highly probable, and the asset (or Groups of assets and liabilities) is available for immediate sale in its current condition. Management must be committed to the sale, and the sale is expected to be completed within one year from the date of classification.
Non-current assets and Groups of non-current assets and liabilities classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.
Discontinued Operations
Classification as discontinued operations occur upon disposal or when a component meets the criteria for held for sale as further specified in IFRS 5.
A component comprises operations and cash flows that can be clearly distinguished from the rest of the entity for operational and financial reporting purposes. A discontinued operation is a component that has either been disposed of or is classified as held for sale. Discontinued operations are presented on a separate line in the income statement and are restated for prior periods presented in the financial statements.
Goodtech Environmental Solutions AB (GES AB)
On December 20, 2022, Goodtech announced an agreement with NCC for the acquisition of the biogas, water, and wastewater expertise of the Group in \u00c5land. The remaining business is being offered for sale along with the property. The balance sheet of Goodtech Environmental Solutions AB is classified as non-current assets held for sale, and the results are presented as discontinued operations.
Judgment has been applied in assessing whether the criteria for classification as held for sale and reporting as discontinued operations are met. It has been assumed that the assets of Goodtech Environmental Solutions AB constitute a Group of assets to be disposed of together as a Group in a single transaction upon sale, along with liabilities directly associated with these assets that will be transferred in the transaction. The disposal Group was available for immediate sale as its current condition, and it was considered highly probable that the sale will be completed within one year.
In connection with the preparation of the annual report for 2023, an updated assessment of the Group's accounting in relation to IFRS 5 has been conducted, concluding that the same conclusion as for the 2022 financial statements remain. The updated assessment confirms that management still has a clear and realistic plan to sell the business and is actively in the market to find a buyer. Additionally, external influences beyond the Group's control that have impacted the timeline for the sale have been considered, and it has been concluded that the Group has adapted to the prevailing market conditions, including the assessment that the sale is ongoing with a realistic price expectation.
Goodtech announced on July 1, 2024, that its subsidiary, Goodtech Environmental Solutions AB (GESAB), has successfully sold the building and property assets of the company for a total of 1.8 MEUR to Zero Ventures in \u00c5land. The accounting effects are expected to be largely in line with the existing carrying amounts. The proceeds will be used to repay a term loan (~0.4 MEUR) and the remainder to pay down drawings on the Group credit facility secured by the building and property assets in \u00c5land. After the transaction, Goodtech still owns 100% of the shares in GESAB, and the classification of the business area as held for sale and discontinued operations is maintained.
Goodtech Solutions AB (GS AB)
In October 2024 Goodtech decided to start a process of selling Goodtech Solutions AB. On 10th February 2025, Goodtech ASA completed the sale of its 100% interest in Goodtech Solutions AB (\u201cGSAB\u201d) to Lazarus Industrif\u00f6rvaltning AB (\u201cLazarus\u201d) for an undisclosed amount. In accordance with the guidelines in IFRS 5, GSABs financials are reported as held for sale in the balance sheet and as discontinued operations in the P&L statement
Earnings from Discontinued Operations
| Discontinued operations (Amounts in MNOK) | 2024 | 2023 |
| Revenue | 143.7 | 287.8 |
| Expenses | -177.5 | -296.6 |
| Earnings before tax | -33.7 | -8.7 |
| Tax expenses | -7.9 | 5.0 |
| Total earnings after tax from discontinued operations | -41.7 | -3.8 |
| Earnings after tax from discontinued operations GES AB | -10.1 | -20.8 |
| Earnings after tax from discontinued operations GS AB | -31.6 | 17.0 |
Assets and Liabilities Reclassified as Held for Sale:
| Assets held for sale (Amounts in MNOK) | 2024 | 2023 |
| Total current assets | 30.7 | 32.8 |
| Total assets from disposal Group held for sale | 30.7 | 32.8 |
| Liabilities held for sale (Amounts in MNOK) | | |
| Total current liabilities | 36.5 | 16.3 |
| Total liabilities from disposal Group held for sale | 36.5 | 16.3 |
The discontinued operations in Sweden (Goodtech Solutions AB) and in Finland (Goodtech Environmental Solutions AB) delivered a loss after tax (discontinued operations) of -41,7 MNOK in 2024, compared to -3.8 MNOK in the same period in 2023. The losses in 2024 includes goodwill, deferred tax and other write-downs of 14 MNOK related to Goodtech Solutions AB and write downs of 1 MNOK related to Goodtech Environmental Solutions AB.
Goodtech Solutions AB's cash balance as of 31.12.2024 is 0.0 MNOK (30.9 MNOK as of 31.12.2023).
Cashflows for Goodtech Environmental Solution AB:
| Amounts in MNOK | 2024 | 2023 |
| Cash flow from operating activities | -11.4 | -5.5 |
| Cash flow from investing activities | 21.4 | -1.8 |
| Cash flow from financing activities | -12.3 | 0.9 |
| Cash flows during the period | -2.3 | -6.4 |
Goodtech Environmental Solutions AB's cash balance as of 31.12.2024 is 0.0 MNOK (2.3 MNOK as of 31.12.2023).
| Amounts in MNOK | 2024 | 2023 |
| Cash flow from operating activities | -37.9 | 40.2 |
| Cash flow from investing activities | -0.3 | -0.8 |
| Cash flow from financing activities | 7.2 | -12.7 |
| Cash flows during the period | -31.0 | 26.7 |
Goodtech Solutions AB's cash balance as of 31.12.2024 is 0.0 MNOK (Bank balance of 31.0 MNOK as of 31.12.2023, but not held for sale). Goodtech Solution AB assets and liabilities were not classified as held for sale in 31.12.2023.
Goodtech Environment AB (GE AB)
Bankruptcy was declared on June 13, 2019, for Goodtech Environment AB as a result of the Odder\u00f8ya project. Goodtech's new company in \u00c5land, Goodtech Environmental Solutions AB, entered into an agreement with the bankruptcy administrator on June 18, 2019, to take over the property and premises of GE AB. Goodtech ASA has provided guarantees for loans, operating facilities, and project guarantees related to the former GE AB. A judgment-based provision has been made for obligations of Goodtech ASA related to the former GE AB, which is further specified in note 23. The bankruptcy estate was finally settled and closed in 2024, and Goodtech has therefore also settled its final outstanding amount with Nordea, totalling 172 KEUR, which was paid in July 2024. The Group previously had a provision for such surety obligations totalling 2.7 MNOK, and the difference between the final settlement and the provision is recognized as discontinued operations in the Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
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"value": "Assets Held for Sale
Non-current assets and Groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continued use. This is considered to be met only when the sale is highly probable, and the asset (or Groups of assets and liabilities) is available for immediate sale in its current condition. Management must be committed to the sale, and the sale is expected to be completed within one year from the date of classification.
Non-current assets and Groups of non-current assets and liabilities classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.
Discontinued Operations
Classification as discontinued operations occur upon disposal or when a component meets the criteria for held for sale as further specified in IFRS 5.
A component comprises operations and cash flows that can be clearly distinguished from the rest of the entity for operational and financial reporting purposes. A discontinued operation is a component that has either been disposed of or is classified as held for sale. Discontinued operations are presented on a separate line in the income statement and are restated for prior periods presented in the financial statements.
",
"dimensions": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page101-cflshid_31432-tag273711": {
"value": "Assets Held for Sale
Non-current assets and Groups of non-current assets and liabilities are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continued use. This is considered to be met only when the sale is highly probable, and the asset (or Groups of assets and liabilities) is available for immediate sale in its current condition. Management must be committed to the sale, and the sale is expected to be completed within one year from the date of classification.
Non-current assets and Groups of non-current assets and liabilities classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.
",
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"v1-page104-cflshid_32732-tag273691": {
"value": "Note 33 - Share-Based CompensationGoodtech launched a share-based incentive program (RSU Matching Program) in 2022 for Group and regional leaders. Key employees are given the opportunity to invest in the company at market price with a sales restriction that applies for a period of three years (\"restricted shares\"). Provided that the key employee remains in their position at the end of the sales restriction period, the company may grant shares at no cost to the key employee (\"Matching Shares\"). The Matching Shares in the agreement fall under the guidelines of IFRS 2 Share-Based Payment and will be handled in accordance with the standard for share-based compensation.
From 2022 to 2024, the same share-based incentive program has conducted a total of six allocation rounds. The allocation dates for the matching shares are June 24, 2022, January 17, 2023, June 1, 2023, September 21, 2023 and December 12, 2024. The vesting condition is a service period of 3 years from the allocation date. There are no performance conditions beyond the service period. The number of matching shares is determined by job level, and the number of subscribed shares (restricted shares) is multiplied by 1x to 3x as stipulated in agreements, resulting in the total number of matching shares if all vesting conditions are met. Matching shares are referred to as options in IFRS 2 and are essentially a stock option with an exercise price of 0. Therefore, the table below does not contain information about average exercise prices, as this is 0, but it includes an overview of the number of matching shares:
| 2024 | 2023 |
| Outstanding options at the beginning of the period | 894 429 | 678 634 |
| Options granted during the period | 32 530 | 215 795 |
| Options forfeited during the period | 166 332 | - |
| Options exercised during the period | - | - |
| Options expired during the period | - | - |
| Outstanding options at the end of the period | 760 627 | 894 429 |
| Options exercisable at the end of the period | - | - |
Matching shares are share-based payment transactions settled in equity and are to be measured at fair value. The fair value of the granted equity instruments shall be measured at the allocation date. The granted equity instruments shall be measured at fair value based on market prices available at the allocation date. Future dividends are assumed to be zero during the vesting period and are not included in the fair value assessment. The fair value for the equity instruments (matching shares) is 7.7 NOK per share as of June 24, 2022, 7.96 NOK as of January 17, 2023, 9.82 NOK as of June 1, 2023, 11.0 NOK as of September 21, 2023 and 9.22 NOK as of December 12, 2024.
The total cost of the matching shares reflected in the financial statements for 2024 is 1.4 MNOK compared to 2.1 MNOK in the same period last year. The cost is recognized over the service period. The associated provision for employer's tax is accounted for at 1.1 MNOK as of 31.12.2024.
",
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"v1-page104-cflshid_32746-tag273713": {
"value": "Goodtech launched a share-based incentive program (RSU Matching Program) in 2022 for Group and regional leaders. Key employees are given the opportunity to invest in the company at market price with a sales restriction that applies for a period of three years (\"restricted shares\"). Provided that the key employee remains in their position at the end of the sales restriction period, the company may grant shares at no cost to the key employee (\"Matching Shares\"). The Matching Shares in the agreement fall under the guidelines of IFRS 2 Share-Based Payment and will be handled in accordance with the standard for share-based compensation.
From 2022 to 2024, the same share-based incentive program has conducted a total of six allocation rounds. The allocation dates for the matching shares are June 24, 2022, January 17, 2023, June 1, 2023, September 21, 2023 and December 12, 2024. The vesting condition is a service period of 3 years from the allocation date. There are no performance conditions beyond the service period. The number of matching shares is determined by job level, and the number of subscribed shares (restricted shares) is multiplied by 1x to 3x as stipulated in agreements, resulting in the total number of matching shares if all vesting conditions are met. Matching shares are referred to as options in IFRS 2 and are essentially a stock option with an exercise price of 0. Therefore, the table below does not contain information about average exercise prices, as this is 0, but it includes an overview of the number of matching shares:
| 2024 | 2023 |
| Outstanding options at the beginning of the period | 894 429 | 678 634 |
| Options granted during the period | 32 530 | 215 795 |
| Options forfeited during the period | 166 332 | - |
| Options exercised during the period | - | - |
| Options expired during the period | - | - |
| Outstanding options at the end of the period | 760 627 | 894 429 |
| Options exercisable at the end of the period | - | - |