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"value": "3. Company capital and dividend The Board must ensure that the company has a capital structure that is adapted to the company\u2019s goals, strategy and risk profile. Borgestad strives to be financed with both equity and debt. The equity share in the parent company was 94.9 per cent as of 31 December 2024. The company\u2019s equity appears in Note 10 in the parent company\u2019s accounts. The Board has implemented guidelines for dividends which form the basis for proposals put forward to the General Meeting. It will be proposed to distribute a dividend of NOK 0.80 per share for the financial year 2024.vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlled companies. As the investments are mainly long-term, the Group also strive for adapted financing in the form of equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share as needed in the short and long term. Equity ratio is calculated as book equity in relation to total capital. The equity ratio as of December 31, 2024, and 2023 was 55.3 per cent and 53.7 per cent respectively. See Note 19 for further information on interest-bearing debt. Borgestad ASA wants to achieve the best possible price for the company\u2019s shares through efficient and profitable management of the Group\u2019s resources. A competitive return must be achieved through value appreciation and the payment of dividends. The return must be competitive compared to other investment alternatives with the same risk. The dividend must be in relation to the company\u2019s results, equity needs and future prospects.",
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"value": "Borgestad ASA is an investment company headquartered at Lysaker, Norway, with a focused portfolio in two core sectors: real estate and refractory solutions. The Group\u2019s key assets are the Agora Bytom shopping mall and the refractory production and installation company H\u00f6gan\u00e4s Borgestad, both of which play a crucial role in the group\u2019s overall performance. Real estate represents the largest segment by asset value, while the refractory industry drives the highest revenue. Refractory H\u00f6gan\u00e4s Borgestad manufactures and supplies high- quality refractory products, systems, and installation services, essential for industrial processes exceeding 1,200\u00b0C in industries such as steel, cement, and aluminium. Refractory materials, available in various forms depending on their application, are designed to withstand extreme temperatures and protect industrial equipment. They play a critical role in safeguarding production processes and contribute significantly to energy efficiency. Real estate Agora Bytom shopping center in Poland is the Group\u2019s largest investment, accounting for more than half of its total asset values. The center features a gross area of 52,000 sqm, with more than 30,000 sqm dedicated to rental space. It also includes a parking garage with 820 spaces, conveniently connected to the main facility. Centrally located in the Silesian region, Agora Bytom holds a strong market position within its primary catchment area. The center hosts a diverse range of tenants, including major international chains and prominent Polish rands, along with eight cinema halls, a fitness center, and an extensive selection of caf\u00e9s.Note 3 Segment Information Real estate The Group\u2019s largest real estate investment is the Agora Bytom shopping center with a gross area of 52,000 sqm, and a letting area of just over 30,000 sq m in Bytom in Poland. The center was opened on November 15, 2010. As of December 31, 2024, there are 112 (110) shops in the center. Refractory The refractory segment develops, manufactures and delivers refractory products, installations and concept solutions to industrial customers through the H\u00f6gan\u00e4s Borgestad Group. Products that can withstand heat above 1,250 \u00b0C are defined as refractory. Refractory materials can be defined as bricks or monolithics and are produced in many different varieties depending on the area of use. Refractory materials are mainly used to protect production equipment in processing industries with high temperatures. The products also contribute to efficient utilization of energy. The business has a leading position within the refractory industry in the Nordics and the segment has a global presence within selected refractory application areas. Other activities The segment mainly consists of operations in the parent company Borgestad ASA and the holding companies Borgestad Industries AS and Borgestad Industries AB. Operating segments Real Estate RefractoryOther activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Revenue - external 62 420 57 370 1 077 809 1 048 724 24 101--1 140 2531 106 195Revenue - within the group --45 45 2 950 --2 995 -45 --Other income 14 203 11 826 9 509 23 396 5 463 -29 175 35 222 Total revenue and other income 76 62269 196108736310721658 438 101-2 995 -45 1 1694281141417Supplies and subcontracting --349 958 315 801 ----349 958 315 801 Materials 608 527 178 379 266 241 ----178 987 266 768 Total supplies, subcontracting and materials 608 527 528 338 582 043 - - - - 528 946 582 570 Salaries and management payment 4 320 3 948 274 800 251 7117 519 3 387 --286 639 259 046 Social security contributions 690 601 63 098 53 261 1 245 984 --65 032 54 845 Pension costs --21 40316 427 308 211--21 71116 638 Other personnel costs 32 28 21 38516 445 55 105 --21 473 16 578 Total salaries and personnel expense 5 041 4 577 380 687 337 844 9 1274 687 - - 394 855 347 108 Real Estate RefractoryOther activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Consultancyfees and external personnel 8 497 9 425 8 711 7 035 7 078 6 323 --24 286 22 782 Travel costs 148 14121 64818 738 371 269 --22 167 19 148 Other operating costs 21 03517 438 41 834 24 519 1 856 2 044 -4 620 -1 67060 105 42 331 EBITDA 41 293 37 088 106146101 986 -9 994 -13 2221 6251 625139 069127 478 Depreciation and amortisation 8 658 8 458 25 024 22 365 380 256 671 671 34 733 31 750 Impairments -90 126 -------90 126 Operating income/(loss)32 634 -61 49681 12279 621-10374-13 478954 954 104 336 5 601 Group contribution received ----29 991 --29 991 ---Net agio/disagio 1 330 4 265 0 0 8 899 17 704 -8 843 -15 606 1 386 6 363 Impairment of financial assets -----1 287-88 866 1 287 87 560 --1 306Net other financial items -28 460 -24 318 -11393-21 621 19 183 7 381 -2 767 -9 382 -23 437 -47 940 Profitbeforetax5 504 -81 54969 728 58 000 46 413 -77 260-39 360 63 525 82 286 -37 283 TotalassetsandliabilitiesintosegmentsReal Estate RefractoryOther activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Total assets 774 847 1 008 371 635 738 598 844 749 801 1 003 573 -697 588 -1 204 4111 462 798 1 406 378 Total liabilities 559 403 759 067 269 296 289 435 10 258 283 429 -185191-681 395 653 766 650 536 Total assets and liabilities by locationNorway Poland Sweden Other Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Total assets 305 528 253 990 774 567 738 662 316 389 357 307 66 315 56 419 1 462 799 1 406 378 Total liabilities 78 457 38 249 371 973 351 949 165 191213 725 38 145 46 613 653 766 650 536 Other information about the business areaReal Estate Refractory Other activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Investments 1 785 5 722 10 435 31 293 - 898 - - 12 220 37 912 Depreciation 8 658 8 458 25 024 22 365 380 256 67167134 733 31 750 Guarantees - - 14 261 21 148- - - - 14 261 21 148",
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"value": "Notes to the consolidated financial statements Note 1Corporate information Borgestad ASA is an investment company focused on real estate and refractory. Borgestad ASA is a public listed company on the Oslo Stock Exchange with the ticker \u201cBOR\u201d and are domiciled in Norway. The office address is Fornebuveien 1, 1366 Lysaker, Norway. Note 2 Basis for preparation and estimates and assumptions Statement of compliance Borgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 Accounting Standards as adopted by the EU as of December 31, 2024, and Norwegian disclosure requirements pursuant to the Norwegian accounting act as of December 31, 2024. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgement in the process of applying the company\u2019s accounting policies. Areas involving a higher degree of judge mentor complexity, or areas where assumptions and estimates are material to the consolidated financial statements. The consolidated accounts as of December 31, 2024, have been approved by the company\u2019s board on April 25, 2025 and will be presented for approval at the ordinary general meeting on May 28, 2025. Change in comparative figures Correction of value for investment property in Q3\u201923 to the total of MNOK 90,126 results in a change in write -down from 94,298 to 90,126 in 2023 figures. The differences of 4,172 are currency effect and resulted in a reduction in currency gain in the 2023 figures. The differences of 4,172 are currency effects and resulted in a reduction in currency gain in the 2023 figures. In the income statement, EBITDA has been removed but is shown in note 3 Segment. information. The financial items are shown with only two lines, income and cost, but are specified in note 7 Financial income and financial cost. Consolidation principles The Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31, 2024. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if and only if the Group has all the following: power over the entity; exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its power over the entity to affect the amount of the Group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity. Including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests is presented separately under equity in the Group\u2019s balance sheet. Currency FunctionalcurrencyandpresentationcurrencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by the respective Group companies are recorded in the currency that is generally used in the economic environment where the units operate (functional currency). For the balance sheet, the exchange rates as of December 31 are used, while average exchange rates are used in the profit and loss. Classification of items in the balance sheet Current assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short- term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset. Related parties Parties are considered to be closely related if one party has the opportunity to directly or indirectly control the other party or has significant influence over the other party with regard to financial and operational decisions. Parties are also closely related if they are subject to joint control or are under joint significant influence. All transactions between related parties are based on the arm\u2019s length principle (assumed market value). Segments For management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment. Changes in accounting principles and note information No changes in IFRS with effect for the 2024 accounts have been relevant or implemented the in 2024. New accounting standards The consolidated financial statements will be affected by IFRS amendments in the future. Many IFRS projects are finalised, but some of them have either not been finally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the first time in 2025, do not have an impact on the consolidated financial statements of the Group. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthe rmore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-Scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax futureNote 3 Segment Information Real estate The Group\u2019s largest real estate investment is the Agora Bytom shopping center with a gross area of 52,000 sqm, and a letting area of just over 30,000 sq m in Bytom in Poland. The center was opened on November 15, 2010. As of December 31, 2024, there are 112 (110) shops in the center. Refractory The refractory segment develops, manufactures and delivers refractory products, installations and concept solutions to industrial customers through the H\u00f6gan\u00e4s Borgestad Group. Products that can withstand heat above 1,250 \u00b0C are defined as refractory. Refractory materials can be defined as bricks or monolithics and are produced in many different varieties depending on the area of use. Refractory materials are mainly used to protect production equipment in processing industries with high temperatures. The products also contribute to efficient utilization of energy. The business has a leading position within the refractory industry in the Nordics and the segment has a global presence within selected refractory application areas. Other activities The segment mainly consists of operations in the parent company Borgestad ASA and the holding companies Borgestad Industries AS and Borgestad Industries AB. Operating segments Real Estate RefractoryOther activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Revenue - external 62 420 57 370 1 077 809 1 048 724 24 101--1 140 2531 106 195Revenue - within the group --45 45 2 950 --2 995 -45 --Other income 14 203 11 826 9 509 23 396 5 463 -29 175 35 222 Total revenue and other income 76 62269 196108736310721658 438 101-2 995 -45 1 1694281141417Supplies and subcontracting --349 958 315 801 ----349 958 315 801 Materials 608 527 178 379 266 241 ----178 987 266 768 Total supplies, subcontracting and materials 608 527 528 338 582 043 - - - - 528 946 582 570 Salaries and management payment 4 320 3 948 274 800 251 7117 519 3 387 --286 639 259 046 Social security contributions 690 601 63 098 53 261 1 245 984 --65 032 54 845 Pension costs --21 40316 427 308 211--21 71116 638 Other personnel costs 32 28 21 38516 445 55 105 --21 473 16 578 Total salaries and personnel expense 5 041 4 577 380 687 337 844 9 1274 687 - - 394 855 347 108 Real Estate RefractoryOther activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Consultancyfees and external personnel 8 497 9 425 8 711 7 035 7 078 6 323 --24 286 22 782 Travel costs 148 14121 64818 738 371 269 --22 167 19 148 Other operating costs 21 03517 438 41 834 24 519 1 856 2 044 -4 620 -1 67060 105 42 331 EBITDA 41 293 37 088 106146101 986 -9 994 -13 2221 6251 625139 069127 478 Depreciation and amortisation 8 658 8 458 25 024 22 365 380 256 671 671 34 733 31 750 Impairments -90 126 -------90 126 Operating income/(loss)32 634 -61 49681 12279 621-10374-13 478954 954 104 336 5 601 Group contribution received ----29 991 --29 991 ---Net agio/disagio 1 330 4 265 0 0 8 899 17 704 -8 843 -15 606 1 386 6 363 Impairment of financial assets -----1 287-88 866 1 287 87 560 --1 306Net other financial items -28 460 -24 318 -11393-21 621 19 183 7 381 -2 767 -9 382 -23 437 -47 940 Profitbeforetax5 504 -81 54969 728 58 000 46 413 -77 260-39 360 63 525 82 286 -37 283 TotalassetsandliabilitiesintosegmentsReal Estate RefractoryOther activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Total assets 774 847 1 008 371 635 738 598 844 749 801 1 003 573 -697 588 -1 204 4111 462 798 1 406 378 Total liabilities 559 403 759 067 269 296 289 435 10 258 283 429 -185191-681 395 653 766 650 536 Total assets and liabilities by locationNorway Poland Sweden Other Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Total assets 305 528 253 990 774 567 738 662 316 389 357 307 66 315 56 419 1 462 799 1 406 378 Total liabilities 78 457 38 249 371 973 351 949 165 191213 725 38 145 46 613 653 766 650 536 Other information about the business areaReal Estate Refractory Other activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Investments 1 785 5 722 10 435 31 293 - 898 - - 12 220 37 912 Depreciation 8 658 8 458 25 024 22 365 380 256 67167134 733 31 750 Guarantees - - 14 261 21 148- - - - 14 261 21 148Note 4 Revenues and geographical breakdown According to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled or alternatively as the delivery obligations are fulfilled. This happens when the customer has taken over control of the product or service linked to a given delivery obligation. Apart from non-quantifiable framework agreements, the income is order- driven. The Group recognizes income from the following three main sources: \u25c6 Ongoing sales of refractory products \u25c6 Sale of installation and maintenance services to the refractory industry \u25c6 Rental income as a lessor For the Refractory segment, income mainly consists of deliveries of refractory materials or other goods to various types of customers as well as installation services. Transaction prices for refractory materials are set and measured per ton, while transaction prices for installation and maintenance services are set in delivery agreements and project agreements. Income from the sale of these goods is recognized in the income statement when delivery has taken place. Most of segment refractory\u2019s deliveries of refractory products have the time of delivery at the time of handover to the carrier. Installation service and maintenance projects have a relatively short duration and are recognized as revenue in line with progress. Installation and maintenance services of refractory materials are seasonal and there is little activity at the beginning and end of the year. Installation projects and maintenance services of refractory materials normally have a short time horizon and the delivery times for the transfer of goods and services are clear. The service performed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed by quantified achieved degree of completion for installation and maintenance projects. Accrued costs are taken into account in the final invoicing upon handover of the project. Warranty obligations related to the sale of refractory products, installation and maintenance services cannot be sold separately and the Group\u2019s warranty give customers assurance that the products meet the set requirements. The Group will recognize guarantee obligations in accordance with IAS 37.. GeographicalrevenuebysegmentReal Estate Refractory Other activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Norway - - 343 427 277 382 2 975 101-2 995 -45 343 406 277 438 Poland 62 420 57 370 - 818 - - - - 62 420 58 188 Sweden - - 411 468 379 634 - - - - 411 468 379 634 Finland - - 193 301 258 585 - - - - 193 301 258 585 Scandinavia, others - - 6 534 3 405 - - - - 6 534 3 405 Europe, others - - 108 093 84 335 - - - - 108 093 84 335 Asia - - 10 694 32 860 - - - - 10 694 32 860 Africa - - 3 876 3 119 - - - - 3 876 3 119 Other - - 461 8 631 - - - - 461 8 631 Sum 62 420 57 370 10778541 048 7692 975 101-2 995 -45 11402541 106 195None of the company\u2019s customers individually account for more than 10 percent of the turnover. This applies to both 2024 and 2023. Other income 2024 2023 Profit from the sale of operating assets 5 466 23 Commission and joint costs when renting out property 14 200 11 803 Interest on late payment from Vienna Arbitration case - 19 694 Other incomes 9 509 3 702 Totalotherincome29 17535 222 Note 5 Salaries, personnel expenses and shares owned by the board of the directors SalariesandpersonnelexpensesNOK1000 2024 2023 Salaries 286 639 259 046 Social security costs 65 032 54 845 Pension costs 21 71116 638 Other personnel costs 21 473 16 578 Total expenses 394 855 347 108 Average number of employees 410 373Management remuneration The guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remuneration to the Group Executive Operational Management Team and Board of Directors is disclosed below. Remunerationpaidtoboardmemberandexecutivemanagementin2024Board Audit Remuneration Other remuneration Committee committe Salary remuneration Pension Bonus Total P\u00e5l Feen Larsen ---2 833 189 135 600 3 757 CEO Frode Martinussen ---1 978 14 50 -2 042 CEOsegmentR efractoryBendik Persch Andersen ---529 2 35 -566 Head of M&A, IR and Coprporate Governance, from September 15, 2024Glen Ole R\u00f8dland* 639 -15----654 Chairman of the boardJacob M\u00f8ller 210 -15----225 Board memberJan Erik Sivertsen 320 31 -----351 Board member* Helene Steen* 320 31 -----351 Board memberWenche Kj\u00f8ls\u00e5s 213 105 -----318 Board memberTotal 1 70216730 5 340 205 220 600 8 264 *Corona Maritime AS, which is controlled by Glen Ole R\u00f8dland, has a consultancy agreement with Borgestad ASA. In 2024 NOK 1,5 28,437 was invoiced, and in 2023 NOK 824,662 was invoiced. R\u00f8dland was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, wh ere a board fee of SEK 200,000 has been paid in 2024 for the period 2023/2024. *Jan Erik Sivertsen and Helene Steen was both elected board members of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, where a board fee of SEK 100,000 has been paid in 2024 for the period 2023/2024. During the financial year 2024, no loans or guarantees have been given to senior employees or board members in the Group. Remunerationpaidtoboardmemberandexecutivemanagementin2023Board Audit Other remuneration Committee Salary remunerationPension Bonus Total P\u00e5l Feen Larsen --2 800 184 125 -3 109 CEO Frode Martinussen --875 7 20 -901 CEOsegmentR efractoryfrom1stofAugust2023Glen Ole R\u00f8dland 200 -----200 ChairmanoftheboardfromJune2023Jacob M\u00f8ller 564 15----579 Chairman of the board until June 2023, board member from June 2023* Jan Erik Sivertsen 275 15----290 Board member Helene Steen 275 15----290 Board member Wenche Kj\u00f8ls\u00e5s 100 50 ----150 BoardmemberfromJune2023Gudmund Bratrud 175 -----175 DeputymemberuntilJune2023Anne Sofie T\u00f8nseth Markman 175 15----190 BoardmemberuntilJune2023Odd Rune Austgulen 175 -----175 BoardmemberuntilJune2023Total 1 9391103 675 191145- 6 059 *Ploot Invest AS, which is controlled by Jacob M\u00f8ller, had a consultancy agreement with Borgestad ASA in 2023, NOK 27,853 was invoiced. The agreement is terminated by both parties in 2023. Jacob M\u00f8ller was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB until June 2023, where a board fee of SEK 150,000 has been paid in 2023 for the period 2022/2023. During the financial year 2023, no loans or guarantees have been given to senior employees or board members in the Group. Sharesownedorcontrolledbythecompany'smanagement,Number of theboardofdirectorsandtheirrelatedparties: shares Percent 1) Jan Erik Sivertsenboard member 10 462 736 29,84 % 2) Helene Steenboard member 5 750 000 16,40 % 3) Glen Ole R\u00f8dlandChairman of the board 1 707 7594,87 % 4) Jacob M\u00f8llerboard member 1 217 9943,47 % P\u00e5l Feen Larsen, CEO 138 241 0,39 % 5) Wenche Kj\u00f8l\u00e5sboard member 100 000 0,29 % Bendik Persch Andersen, Head of M&A, Corp. dev. and IR 57 000 0,16 % Total 19 433 73055,43 % 1)AppliestothecompanyKontrariAS,whereJanErikSivertsenisgeneralmanager2)AppliestothecompanySESAS,whereHeleneSteenisprincipal/CFO3)AppliestothecompanyGrossManagem entAS,whereGlenOleR\u00f8dlandandcloserelativescontrols100%oftheshares4)AppliestothecompaniesPlootInvestASandDioneAS,bothcontrolledbyJacobM\u00f8ller5)AppliestothecompanyJawendelAS,whereWencheKj\u00f8l\u00e5sandcloserelativescontrols100%ofthesharesAuditor\u2019s remuneration 2024 2023 Audit 3 650 2 593 Audit related services 121631 Tax related services 186 - Other services -203 Total 3 957 3 427 Note 6 Pension expenses and pension liabilities All employees in the Norwegian companies are included to a collective occupational pension scheme. The company\u2019s pension schemes meet the requirements of the occupational pensions act in Norway and similar legislation in Sweden, Finland and Poland. The contribution plan covers full - and part-time employees and amounts to between 2 and 8 per cent of the salary. All Norwegian companies in the Group with employees are members of the joint scheme for AFP. The AFP obligation is not recognized because the scheme is a multi-enterprise scheme where sufficient and reliable information is not available to be able to measure the Group\u2019s proportional share of pension cost, pension obligation and pension assets in the scheme. Certain companies in the Group have an unsecured early retirement scheme for their employees where the employee is entitled to benefits in addition to the ordinary retirement pension and AFP in the event of voluntary resignation before the age of 67. The benefits from these companies will increase the later retirement pension/AFP is withdrawn. The scheme was formalized in 2010 in connection with the new public pension reform from 2011 and was closed to new employees from and including 2012. The Group\u2019s pension obligations mainly apply to the closed pre -pension scheme and the closed operating pension scheme in Borgestad ASA. In 2024, the Group paid a total of TNOK 20,566 in pension premiums and TNOK 771 in current pension over operations. For 2025, it is estimated that the Group will pay TNOK 21,800 in pension premiums and TNOK 788 in ongoing pensions over operations. Numberofpeopleintheagreementattheendoftheyear: Secured Unsecured Number of active 5 1Number of retired 12 The average age of the active employees included in the collective benefit -based scheme is relatively high, as the scheme was closed in 2012. The high average age means that changed assumptions in connection with the discount rate, wage growth and pension adjustment become relatively insignificant for the gross pension obligation. Sensitivity analysis have therefore not been prepared. Totalpensionexpenserecognisedinprofitandloss 2024 2023 Pension expense recognised from defined benefit plans 374 371 Contributions to defined contribution plans 21 33716 267 Total pension expense recognised in profit and loss 2171116 638 Totalpensionexpenserecognisedinprofitandloss 2024 2023 a)Secured: Plan assets -5 792 -5 390 Defined benefit obligation 5 667 5 136 Net defined benefit asset(-) / liability -125 -254b)Unsecured: Pension liabilities 5 813 6 369 Prepaid pension -125-254 Pensionliabilitiesincludingsocialsecuritytax5 813 6 369 Actuarial gains and losses on defined benefit pension plans Encountered actuarial gains and losses on pension liabilities secured schemes (ne-gative sign is losses) -343 -431 Encountered actuarial gains and losses on pension liabilities unsecured schemes (negative sign is losses) -321 -1 388Total actuarial gains and losses on defined benefit pension plans recognised over OCI -664 -1819Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 Note 8 Tax Income tax Tax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred tax assets are calculated on all differences between the accounting and tax value of assets and liabilities with the exception of: \u25c6 temporary difference related to goodwill which is not tax deductible \u25c6 temporary differences related to investments in subsidiaries or associated companies if the Group controls the timing of when the temporary differences will be reversed, and this is not expected to happen in the foreseeable future. Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficient tax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject to relatively strict requirements regarding the likelihood of actual future utilization. The accounting for this is therefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost for the year. Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies in the Group where temporary differences have arisen. Deferred tax is presented net when there is a legal right to set off payable tax against tax benefits within the same tax system, and the Group is expected to make a net settlement. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income. Income tax expense 2024 2023 Current income tax expense 14 482 12 147 Changes in deferred tax 6 039 14 162 Tax expense 20 52126 309 ReconciliationoftaxexpensetoNorwegiannominalstatutorytaxrateIncome (loss) before tax 82 285 -37 283 Expected income taxes at statutory tax rate 10 459 -6 528 Non deductible expenses 17 581 6 648 Changes in unrecognised deferred tax asset -7 519 26 189 Tax expense 20 52126 309 TaxeffectsoftemporarydifferencesandtaxlosscarryforwardsgivingrisetodeferredtaxassetsandliabilitiesCurrent asset -63 480 -98 014 Property, plant and equipment 2 122 -3 049 Revaluation account currency 48 211 35 829 Pensions -1 221-1 442Other non-current liabilities 670 432 Long term debt -1 8931 130Profit and loss account 4 670 4 305 Accrual Fund Sweden 4 645 4 420 Tax loss carryforwards -44 864 -55 822 Of which not recognized as tax asset 50 485 106 464 Net deferred tax assets (liabilities) -654 -5 746 Deferred tax assets 8 941 13 734 Deferred tax liabilities -8 288 -7 988 Deferred tax asset Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset. The limitation in deferred tax assets relates to Norway and is a result of carry-forward losses that cannot be expected to be used against future tax-related operating income/profits in the foreseeable future. Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freeze following the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in the years 2024 and 2025 due to expected increased profitability in the Swedish companies. Taxlosscarriedforward 2024 2023 Norway 38 678 45 766 Sweden 5 932 10 057 Poland 254 -Totaltaxlosscarriedforward44 864 55 822 Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization of these deficits is not time limited. Deficit carryforwards in Poland have a limitation on utilization of five years. Note 9 Earnings per share Earnings per share is calculated by dividing the majority\u2019s earnings related to ordinary shareholders in the parent company by a weighted average number of outstanding shares in the financial year. Diluted earnings per share are calculated by dividing the majority\u2019s earnings related to ordinary shareholders in the parent company by the average number of outstanding shares in the financial year plus a weighted average of the shares, conversion rights or options that can potentially be converted into ordinary shares. As of December 31, 2024, and 2023, there was no difference between earnings per share and diluted earnings per share in Borgestad. Basis of calculation 2024 2023 Weighted average number of ordinary shares 35 062 339 983 Weightedaveragenumberofshares35 062 339 983 Result per shareTotal profit attributable to equity holders of the parent 45 229 -78 281 Basic and diluted earnings per share 1.29-0.23Note 10Investment property Investment property The Group\u2019s investment property is listed at acquisition cost, less accumulated depreciation and write -downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labour costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime. 2024 2023 Carrying amount shopping Center, Poland 729 553 701 407 See note 12 for specification for changes in the carrying amount. Carrying amount for Agora Bytom is MNOK 729.6 while the estimated fair value MNOK 743.2 or MEUR 63.9. Specification 2024 2023 Rental income 79 259 69 146 Direct operating expenses generating rental income 31 93032 051 Depreciation 8 658 8 458 Write downs -90 126 Depreciation method: Linear Economic life 100 years 100 years Investment property During the financial year, Management did not identify any indicators of impairment for Agora Bytom. The recoverable amount of Agora Bytom has been determined based on the highest value of its fair value less cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report based on value in use. The fair value of the investment property is estimated to be the same value range as value in use, but with deduction of transaction costs. The value in use was calculated using discounted cash flow projections from financial forecasts approved by Management covering a ten-year period. The accounting standard suggests using a five -year cash flow projection period for these tests. However, Management considers using a longer projection period reflects the business cycle more accurately, providing a more realistic estimate of the asset\u2019s value. The assessment is supported by the Company\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore, Management believes that utilizing longer periods aligns with market practice. Management acknowledge that a longer projection period introduces more uncertainty into the cash flow estimates, however Management believes that the reliability of the Groups data and robust forecasting methods supports a ten -year cash flow projection. The value in use estimate is based on significant unobservable inputs. These inputs include: Discount Rate The present value of future cash flows was calculated using a pre-tax discount rate of 8.6% and a post-tax discount rate of 7.4%. These rates reflect current market assessments of the time value of money and the risks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC. Rent per sqmRent level is estimated to be at EUR 15.25 per sqm per month in 2025 and is forecasted to increase at a steady growth rate of 2%. Estimated rent at EUR 15.25 per sqm is estimated based on signed leases at EUR 16.81 per sqm with deduction of discounts to tenants. Vacancy Estimated vacancy rates are based on current and expected future market conditions in line with the average market vacancy in the Polish region Agora Bytom operates in. Estimated vacancies included in terminal period are at 4 percent. Capitalization expenses Capitalization rates are based on actual location in Poland, size and quality of the properties and taking into account market data at the valuation date. Management anticipates a rise in capital expenditure towards the conclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence to regulatory standards. Terminal value Cash flows beyond this ten-year period were extrapolated using a steady growth rate of 2%, which is consistent with the long-term average growth rate for the industry. Sensitivities The below tables show the calculated value in use, valuated in euro, for the investment property given changes in the different assumptions. TerminalgrowthWACC 0.50 % 1.00 % 1.50 % 2.00 % 2.50 % 3.00 % 3.50 % 5.90 % 70 578 75 313 81 13188 453 97 948 110 752 128 961 6.40 % 64 496 68 270 72 818 78 408 85 443 94 565 106 866 6.90 % 59 373 62 430 66 056 70 427 75 798 82 558 91 324 7.40 % 55 000 57 510 60 448 63 933 68 134 73 296 79 793 7.90 % 51 223 53 309 55 722 58 546 61 896 65 934 70 897 8.40 % 47 929 49 680 51 685 54 005 56 720 59 941 63 824 8.90 % 45 032 46 514 48 197 50 125 52 356 54 968 58 065 VacancyinterminalWACC 7.00 % 6.00 % 5.00 % 4.00 % 3.00 % 2.00 % 1.00 % 3.00 %2.00 %1.00%- -1.00 %-2.00%-3.00 % 6.40 % 75 990 76 796 77 602 78 408 79 214 80 020 80 826 6.90 % 68 342 69 037 69 732 70 427 71 122 71 81772 512 7.40 % 62 11662 722 63 327 63 933 64 539 65 144 65 750 7.90 % 56 948 57 480 58 013 58 546 59 078 59 611 60 144 8.40 % 52 589 53 061 53 533 54 005 54 477 54 949 55 421 8.90 % 48 863 49 284 49 705 50 125 50 546 50 967 51 388 CapexinterminalWACC 680 000 630 000 580 000 530 000 480 000 430 000 380 000 -150 000-100 000-50 000 - 50 000 100 000 150 0005.90 % 86 065 86 861 87 657 88 453 89 249 90 044 90 840 6.90 % 68 676 69 259 69 843 70 427 71 01171 595 72 178 7.40 % 62 406 62 915 63 424 63 933 64 442 64 951 65 459 7.90 % 57 203 57 651 58 098 58 546 58 993 59 441 59 888 8.40 % 52 816 53 212 53 608 54 005 54 401 54 798 55 194 8.90 % 49 065 49 418 49 772 50 125 50 479 50 832 51 186 Rent/sqmWACCEUR / Sqm->14.814.915.115.315.415.615.7%-change->-3.00 %-2.00 %-1.00 %0.00 % 1.00 % 2.00 % 3.00 % 5.90 % 85 662 86 592 87 522 88 453 89 383 90 313 91 243 6.40 % 75 934 76 759 77 583 78 408 79 233 80 057 80 882 7.40 % 61 915 62 588 63 260 63 933 64 605 65 278 65 950 7.90 % 56 698 57 314 57 930 58 546 59 162 59 778 60 393 8.40 % 52 300 52 869 53 437 54 005 54 573 55 14155 709 8.90 % 48 543 49 071 49 598 50 125 50 653 51 180 51 708 Depreciation and write-downs The Group\u2019s operating assets are depreciated and assessed in terms of write-down according to the principles described in the introduction. Depreciation is calculated using the straight-line method over the following useful life. Estimate uncertainty related to depreciation When calculating depreciation for the operating assets, the economic lifetime and the residual value at the end of their useful life are based on estimates. Lease contracts The Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases, the minimum rental income for consolidated investment properties is due as follows: Lease contractsat 31.12havethefollowing maturitystructuremeasuredinannual rent 2024 2023 1 year57 215 55 897 1 < 5 years127 476 124 921 >5 \u00e5r 36 373 22 651 Total 221 063 203 469 When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate of NOK/EUR 11.6249 for the 2024 figures and NOK/EUR 11.4242 for 2023 figures has been applied. Note 11Assets classified as held for sale Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held-for-sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and it is expected that the sale will be completed within a year. Property, plant, and equipment and intangible assets are not depreciated or amortized once classified as held for sale. H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered into a conditional agreement with Bjuv municipality in Sweden on October 27, 2023, for a sale and leaseback transaction for two properties in Sweden where the Group\u2019s production plant and other production facilities for refractory products are located. Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and then lease the production facilities back to continue its production of refractory products in line with previous practice. Prior to the completion of the transaction, the two properties will be transferred to a new wholly owned subsidiary of H\u00f6gan\u00e4s Bjuf Fastighets AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s Bjuf Fastighets AB of the shares in this subsidiary. The transaction was approved by the Municipal Council of Bjuv December 11, 2023, but a complaint regarding the approval from Bjuv municipality has been received prior to the expiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, in the claimant\u2019s opinion, significantly exceeds the market value of the two properties. The Administrative Court in Malm\u00f6 (the \u201cAdministrative Court\u201d) has processed the complaint. According to the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court has decided to revoke Bjuv municipality\u2019s approval of the Transaction. Bjuv municipality has in March 2025 appealed the Administrative Court\u2019s ruling. The approval of the transaction by Bjuv municipality will only become binding once the complaint has been finally resolved in the claimant\u2019s favor, and the completion of the transaction is conditional upon such binding approval. Bjuv municipality and H\u00f6gan\u00e4s Bjuf Fastighets AB entered into an amendment of the agreement regarding the long stop date in November 2024. The original long stop date was set for December 31, 2024, but has been extended until December 31, 2025. In connection with the sale, the Group has outstanding interest-bearing debt to Nordea that will be repaid upon completion of the transaction. Total amounts due at completion is MNOK 44.2 as of December 31, 2024. The loan amount is classified as interest-bearing debt under current liabilities. Assets(NOK1000)31.12. 202 431.12.2023Buildings and plant 13 907 13 165 Total assets classified as held for sale 13 907 13 165Note 12 Property, plant and equipment, Intangible assets and Investment property Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales. Investment Land andAssets under Machinery Lisens, 2024 property buildings construction and vehicles trademark Total Cost at 1 January 1 176 72318 670 4 616 267 184 31 3951 498 588 Additions 1 838 2 490 541 6 945 407 12 220 Disposals -1 897-6 420 --9 568 --17 885Reclassification ---5 039 5 039 --Effects of changes in foreign exchange rates 58 393 31 74 4 483 524 63 506 Cost at31 December123505714 772192274 083 32 326 1556430-Accumulated depreciation and impairment at 1 January 475 316 5 396 -230 1182 897 713 727 Disposals -1 748-3 533 --9 104 - -14 385 Depreciation 8 658 573 -6 452 3 298 18 981 Impairments ------Effects of changes in foreign exchange rates 23 279 26 -3 950 100 27 354 Accumulated depreciation and impairment at 31 December 505 505 2 462 - 231 4166 294 745 677 Carryingamountat31December729 553 12 31019242 666 26 032 810 754 Borgestad ASA sold its former head office in Skien in 2024 with a profit of MNOK 5.5. The property was sold to the company Gunnar Knudsens veg 144 AS. Borgestad ASA owns 10% of this company. Investment Land andAssets under Machinery Lisens, 2023 property buildings construction and vehicles trademark Total Cost at 1 January 1 100 29479 034 25 807 244 866 1 7211 451 722Additions 5 647 75 9 741 5 206 17 245 37 912 Disposals, and assets classified as held for sale --64 869 -18 384 -1 658--84 912 Reclassification ---14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865 Cost at31 December117672318 670 4 61626718431 395 1 498 588Accumulated depreciation and impairment at 1 January 355 286 51 907-210 419 548 618 160 Disposals, and assets classified as held for sale - -51 704 --1 196- -52 900 Depreciation 8 458 924 -6 838 2 273 18 493 Impairments 90 126 ----90 126 Effects of changes in foreign exchange rates 21 4464 269 -14 057 75 39 847 Accumulated depreciation and impairment at 31 December 475 3165 396 - 2301182 897 713 727Carryingamountat31December701 407 13 274 4 61637 066 28 499 784 861 Fixed assets Economic life Depreciation method Investment property 100 year linear Buildings 20 \u2013 50 year linear Lisens, trademark 10 year linear Machinery and vehicles 3 \u2013 20 year linear Land not depreciated not depreciatedResearch and development Expenses related to research activities are recognized in the income statement when incurred. Expenditures related to development activities are recognized in the balance sheet to the extent that the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. In this accounting period, the Group has no development activities that satisfy the criteria for balance sheet entry. Researchanddevelopment 2024 2023 Expenses, incl. salaries 6 992 6 560 The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs for research and development have been expensed. Note 13Leases Leases Identification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. A contract is or contains a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as lessee SeparationofthecomponentsofaleaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit from the use of an underlying asset either alone or together with other resources that are readily available to the Group, and the underlying asset is neither highly dependent on nor closely connected to other underlying assets in the contract. The Group then accounts for each individual lease component of the contract as a lease separately from non-lease components of the contract. RecognitionofleaseagreementsandrecognitionexceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset for all its lease agreements, with the exception of the following applied exceptions: \u25c6 Short-term leases (lease period of 12 months or less) \u25c6 Assets of low value For these leases, the Group recognizes the lease payments as other operating costs in the profit and loss account when they are incurred. Lease obligations The Group measures lease obligations at the time of implementation at the present value of the lease payments that are not paid at this time. The lease period represents the non-cancellable period of the lease agreement, in addition to periods covered by an option either to extend or terminate the lease agreement if the Group with reasonable certainty will (will not) exercise this option. \u25c6 The rental payments included in the measurement of the lease liability consist of: \u25c6 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rental incentives \u25c6 Variable lease payments that depend on an index or an interest rate, first measured using the index or interest rate at the time of commencement \u25c6 Amounts expected to be paid for the Group in accordance with residual value guarantees \u25c6 The exercise price for a call option, if the Group will with reasonable certainty exercise this option \u25c6 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an option to terminate the lease 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 re -measuring the carrying amount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments that resulting from adjustments in indices or rates. The Group presents its lease obligations on separate lines in the balance sheet. Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairment losses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right -of-use assets includes: \u25c6 The amount from the initial measurement of the rental obligation \u25c6 All rental payments at or before the commencement date, minus any rental incentives received \u25c6 All direct expenses for the conclusion of the agreement incurred by the Group \u25c6 An estimate of the expenses 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, unless these expenses are incurred during the production of the goods. The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciating the right- of-use asset, except that the right-of-use asset is depreciated from the time of implementation until the earlier of the end of the lease period and the end of the right-of-use asset\u2019s useful life. The Group applies IAS 36 \u201cImpairment of assets\u201d to determine whether the right-of-use asset is impaired and to account for any proven impairment losses. The Group as a lessor For contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. The group as a lessor does not have any finance leases. See note 10 for rental income from leases. Operating leases For operating leases, the Group recognizes lease payments as revenue, mainly on a straight -line basis, unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Service charges and marketing income are recognized as other income. The Group recognizes costs incurred in earning the lease income in other operating expenses. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income. Machinery and Buildings/ Right-of-use-assets 2024 equipment Vehicles Property Total Cost at 1 January 7 449 19 508 40 854 67 811Additions 548 10 324 2 295 13 167Disposals - - - - Effects of changes in foreign exchange rates and other changes 703 874 3 015 4 592 Cost at31 December8 700 30 706 46 164 85 570 Accumulated depreciation at 1 January 4 087 10 299 19 524 33 909 Disposals - - - - Depreciation 1 997 7 268 6 488 15 753 Effects of changes in foreign exchange rates and other changes 1276 67 155Accumulated depreciation and impairment at 31 December 6 096 17 643 26 079 49 817 Carryingamountat31December2 604 13 063 20 085 35 751Vehicles usually have a lease period of 3-5 years, machinery 3-10 years and buildings 10 years. Machinery and Buildings/ Right-of-use-assets 2023 Vehicles equipment Property Total Cost at 1 January 14 215 9 546 36 278 60 039 Additions 6 920 130 2 360 9 410 Disposals -4 797 -2 249 -315 -7 362 Effects of changes in foreign exchange rates and other changes 3 170 22 2 531 5 724 Cost at31 December19 508 7 449 40 854 67 811Accumulated depreciation at 1 January 8 223 4 283 11 273 23 779 Disposals -4 797 -2 249 -315 -7 362 Depreciation 5 601 1 709 5 949 13 257 Effects of changes in foreign exchange rates and other changes 1 273 345 2 617 4 235 Accumulated depreciation and impairment at 31 December 10 299 4 087 19 524 33 909 Carryingamountat31December9 209 3 362 21 330 33 902 MaturityanalysisofcontractualundiscountedcashflowsUndiscounted liabilities 2024 2023 Less then one year 18 252 16 209 One to two years 12 315 12 784 Two to three years 8 841 7 901 Three to four years 6 983 5 720 Four to five years 4 316 4 072 More than five years 1 543 3 014 Totalundiscountedliabilitiesat31December52 25149 699 Summaryoftheleaseliabilities 2024 2023 Balance at 1st January 40 094 37 877 Additions 13 167 9 410 Lease payments -20 933 -18 492 Interest expense 4 707 4 864 Effects of changes in foreign exchange rates and other changes 4 681 6 435 Carrying amount at 31 December4171540 094 Interest rates used in Norway are between 6.07 and 11.75 per cent, in Sweden between 11 and 12.50 per cent and in Finland between 11 and 11.75 per cent. For the calculation of interest, mortgage debt in the various countries has been adjusted with a risk supplement for the duration of the lease. Summaryofotherleaseexpensesrecognisedinprofitorloss 2024 2023 Operating expenses in the period related to short-term leases (including short-term low value assets) 870 616 Operating expenses in the period related to low value assets (excluding short-term leases included above) 197 120 Totalleaseexpensesincludedinotheroperatingexpenses1 067736Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination. Goodwill 2024 2023 Cost at 1 January 90 108 87 165 Effects of changes in foreign exchange rates -26 2 943 Carryingamountat31December90 082 90 108 Impairment assessments of goodwill Goodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a need for write- down related to the balance sheet value of goodwill. The tests are carried out at the end of the year but are carried out more often if there are indications of a need for write -down. Goodwill arising from the acquisition of Norwegian companies/enterprises in 2006, 2007 and 2008 has a book value of TNOK 46,071 as of December 31, 2024. In 2011, the Group acquired two Swedish companies and in connection with this goodwill arose which is assessed at TNOK 36,919 per December 31, 2024. In 2015 and 2018, the Group acquired two Finnish companies and in connection with these acquisitions\u2019 goodwill arose which is assessed at TNOK 7,092 per December 31, 2024. Allocated as follows: Company H\u00f6gan\u00e4s H\u00f6gan\u00e4s H\u00f6gan\u00e4s H\u00f6gan\u00e4s Borgestad Borgestad AS Borgestad AB Macon AB BorgestadOyEnergi&UgnsteknikAB Total Net carrying value 46 071 14 651 21 369 7 092 899 90 082 H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill. Note 15Inventories Inventories Inventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is the estimated selling price for ordinary operations minus estimated costs for completion, marketing and distribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred when acquiring the goods and costs to bring the goods to their current condition and location. In-house produced goods include variable and fixed costs that can be allocated based on normal capacity utilization. Inventory 2024 2023 Raw materials 24 936 22 333 Work in progress 5 1 164Finished goods own produced products 52 982 30 271 Goods purchased for resale 48 331 64 966 Total 126 254 118 733The specification above is net book value after deduction for impairment. The provision for impairment amounted to TNOK 8,484 (8,642) as of December 31, 2024. Write down 2024 2023 Balance at 1 January -8 642 -7 366 Write-downs reversed, other 1 315-36 New write-downs recognized during the year -1 212-1 239Foreign currency translation gain/(loss) 55 -Balance at 31 December-8 484 -8 642 Note 16Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are booked at nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents. Cash 2024 2023 Unrestricted cash 203 975 139 273 Restricted cash 16 487 13 415 Total cash 220 462 152 688 Overdraft facility 72 051 46 812 Restricted deposits -16 487 -13 415 Totalavailableliquidity276 026 186 086Restricted funds consist of tax deductions of TNOK 4,692 (2,174) and TNOK 11,795 (11,241) which are restricted funds in Agora Bytom. Tied up funds in Agora Bytom are a liquidity reserve of MEUR 1 in accordance with the company\u2019s loan agreement. Restricted funds in Agora Bytom are for security related to the outstanding debt towards Bank Pekao. Note 17Investments Ownership Book value Book value Company percent Cost 31.12.24 31.12.23 Gunnar Knudsens veg 144 AS 10.00 % 25 25 -ERH AS 2.98 % 27 573 - - QNTM Ecom SW AB 0.15 % 1 306 11Impact Technology Systems AS 1.55 % 350 --Other shares 7 7 175 Total 29 26133 176For information regarding the valuation hierarchy, see note 21. In 2024, Borgestad ASA completed the sale of Gunnar Knudsens veg 144 in Skien, Norway. The building was sold the Gunnar Knudsens veg 144 AS, Borgestad ASA owns 10 % of this company. The office building was sold for a total of MNOK 10, with 50 percent structured as vendor credit, carrying a maximum duration of three years. The transaction was finalized in October 2024. The accounting gain from the sale, amounted to MNOK 5.5. Borgestad ASA has classified the ownership in Gunnar Knudsens veg 144 AS as a joint arrangement. The reason is that Borgestad ASA is shareholder, has the chair and has partly financed Gunnar Knudsens veg 144 AS through the vendor credit. A specific judgment is completed, and the outcome of the judgement is that Borgestad ASA have sufficient control over Gunnar Knudsens veg 144 AS to classify the investment as joint control. Estimate uncertainty when calculating fair value for financial assets There is risk associated with the valuation of shares where there is no observable market value at the time the accounts are drawn up. The Group bases its estimates on a number of observations which are supported by calculations to arrive at the best possible estimate of the assets\u2019 value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuations when selling parts of the company, cost price when shares are recently purchased, external valuations as well as assessments of discounted cash flow and value-adjusted equity. Sensitivity analysis of equity investments In the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this will affect the result by TNOK +/- 3.3. Note 18Share capital and shareholder information Ordinary TreasuryOrdinary shares Numberofsharesshares issued shares outstanding 01.01.2023 152 490 851 -8 010 152 482 841 Issued new share capital 1 249 991 990 8 010 1 250 000 000 31.12.2023 1 402 482 841 -1 402 482 841 Rights issue 03.06.24* 39 39 Share reverse split 03.06.24 -1 367 420 808 -1 367 420 808 31.12.202435 062 072 - 35 062 072 *In June 2024 Borgestad increased the share capital by NOK 9.75 through the issue of 39 new shares, each with a nominal value of NOK 0.25, in orderto facilitate for a reverse share split in the ratio 40:1. Information related to shares The company\u2019s share capital on December 31, 2024, is NOK 35 062 072 divided into 35 062 072 shares with a nominal value of NOK 1 per share. All shares have equal voting rights. There are no preferential rights or restrictions on the shares. Own shares The company has no own shares per December 31, 2024. Shareholder NumberofsharesOwnership interest Kontrari AS 10 462 736 29.84 % Ses AS 5 750 000 16.40 % Auris AS 1 968 727 5.61 % Intertrade Shipping AS 1 750 000 4.99 % Gross Management AS 1 707 7594.87 % Jahatt AS 1 174 4283.35 % Dione AS 1 097 137 3.13 % Regent AS 828 487 2.36 % Suveren AS 637 808 1.82 % Christiansen, Lars Aage Haaland 570 000 1.63 % North Sea Group AS 507 204 1.45 % Aal Industrier AS 351 590 1.00 % Bratrud, Gudmund Joar 334 467 0.95 % Hausta Investor AS 329 801 0.94 % Torhus Andreas 300 000 0.86 % Ar Vekst AS 250 000 0.71 % LGT Bank AG 227 401 0.65 % Batjak AS 222 503 0.63 % Gravr\u00e5k Olve 200 000 0.57 % Oaktiva AS 186 813 0.53 % Total 28 856 861 82.30%Other shareholders 6 205 21117.70 % Total 35 062 072 100.00 %Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use. Effective Maturity interest rateSecured Interest term date 31.12.24 2024 2023 Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5.87 % 342 498 332 362 Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,25 % 2025 7.79 % 44 003 52 423 Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,25% 2029 8.20 % 9 000 11 000 Totalsecuredlong-termdebt395 500 395 785 1st year\u2019s principal repayments on long-term debt -51 900 -60 043 Totallong-termdebtexcludingthe1styear\u2019sprincipalrepayments343 600 335 742 Maturityprofilebankloan(NOK1000) 2024 2023 Less then one year 51 900 60 043 One to two years 14 254 7 621 Two to three years 19 216 13 677 Three to four years 309 130 18 408 Four to five years 1 000 295 036 More than five years -1 000 Total 395 500 395 785 Effective Maturity interest rateOverdraft facility Interest term date 31.12.24 2024 2023 Overdraft facility Nordea 3 mnd Stibor + 3,25% 2024 5.76 % -24 098 Granted check credit with Nordea is MSEK 70 as of December 31, 2024. The check credit is available and granted for H\u00f6gan\u00e4s Borgestad Group. Mortgage loan Mortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable. The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, have the following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35 on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does not exceed 2.5 times EBITDA as of December 31. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreed with Nordea per December 31, 2024. The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income (NOI) at a minimum of 190 percent of Interest Service Cover Ratio (ISCR) and \u201cLoan to Value\u201d (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center. The Group fulfills all covenant requirements as of December 31, 2024. Reference is also made to Note 21 regarding discussion of liquidity risk for the Group. Pledged as security 2024 2023 Buildings, investment property and factory facilities 754 998 725 112Fixtures, machinery and vehicles 41 968 72 818 Current assets and fixed assets 263 083 307 094 Total 1 060 0481 105024As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have been registered in buildings and investment properties, in addition, security has been provided for a total of MNOK 145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in the Group, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) in inventory and MNOK 2.0 (2.0) in operating accessories. The loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., is secured by the shopping center buildings. Borgestad ASA has also provided an additional guarantee of MEUR 5.0. Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities2024 Other leasesRelocation movement flows 2023 Long-term borrowings 343 600 -362 -7 898 16 118335 742 Short-term borrowings 51 900 7 898 1 121-17 16160 043 Payment of lease liabilities 41 716 9 388 13 167-20 933 40 094 Overdraft facility --24 098 24 098 Total liabilities from financing activities 437 2169 026 13 167- 17 239 -62 193459 976 Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities 2023 Other leasesRelocation movement flows 2022 Long-term borrowings 335 742 -60 043 24 730 -109 202 480 258 Short-term borrowings 60 043 60 043 --30 533 30 533 1)Bond-1 083 -97 664 96 581 2) Other short-term liabilities- --75 098 Payment of lease liabilities 40 094 11 299 9 410 -18 492 37 877 Other long term debt --631 --631 Overdraft facility 24 098 -34 439 58 537 Total liabilities from financing activities 459 977 117519 410 - 24 730 -365 428 704 415 1)MNOK1,1isamortizedcost2)LoansfromtheSwedishtaxauthoritieshavebeenrepaidin2023Note 20 Receivables The Group\u2019s receivables, which mainly consist of trade receivables with short maturities and receivables from lease agreements, are held to receive contractual cash flows and the cash flows only consist of payment of face value and any interest. Group receivables are measured at amortized cost, less provision for expected losses. The Group regularly reviews outstanding receivables and prepares for each reporting period estimates for bad debts which form the basis for the accounting provision. In addition, the expected loss is assessed based on the best available information on historical, current and future conditions. In accordance with IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, in addition to actual loss events, provision is made for expected future losses over the lifetime of the receivable. 2024 2023 Invoiced trade receivables 144 140 186 061 Expected credit loss -12 068 -12 385 Trade receivables 132 072 173 676 Work in progress (accrued uninvoiced income) 11 507 10 891 Advances received -4 364 -Contract assets 7 14210 891Trade receivables and contract assets 139 215184567Agingprofileoftradereceivables 2024 2023 Not due 119 591 123 102 <30 days 8 713 38 452 30-60 days 899 5 757 61-90 days 262 1 570>90 days 14 675 17 179 Total 144 140186 061Expected credit loss -12 068 -12 385 Total 132 072173 676 Changeinprovisionforexpectedloss:January 01.01 12 385 11 489 Change in provision during the year -1 477 -1 069 Reversed previous provision 424 2 392 Translation difference and other changes 736 -427 Provision31thDecember12 068 12 385 This year losses - 19Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom. Other receivables 2024 2023 Income accruals 1 220 282 Cost accruals 1 822 -Prepayment to suppliers 5 197 7 539 Tax and value added tax 2 104 -Other current assets 842 -58 Total 11 1857 763Note 21 Financial risk and management objectives and policies Financial risk The Group uses financial instruments such as bank loans to obtain capital for investments in the company\u2019s operations. In addition, the Group has financial instruments such as accounts receivable, accounts payable, etc. which are directly linked to the company\u2019s daily operations. Routines for risk management have been adopted by the board and are carried out by a central finance department in collaboration with the individual operating units. The most important financial risks the Group is exposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management has an ongoing assessment of these risks and sets guidelines for how these are to be handled. In accordance with the Group\u2019s strategy for interest rate and currency exposure, the Group sometimes uses financial derivatives to reduce this risk. i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit from the Group, for example customers, must be approved and subject to an assessment of creditworthiness. The Group has no significant credit risk linked to a single counterparty or several counterparties that can be seen as a Group due to similarities in credit risk. In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected credit loss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss is based on both historical and forward-looking information and is carried out at company level. When estimating expected credit losses for trade receivables that are not yet due and trade receivables that are due, available information is assessed, including loss history and future expectations, where this forms the basis for an estimate for provisions for losses on an individual and a general basis. Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in the balance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the credit risk associated with these items is considered to be very low. Furthermore, the counterparty for pension funds is a Norwegian insurance company and the risk associated with this is considered minimal. The Group considers its maximum risk exposure to be the balance sheet value of long-term receivables, trade receivables and other short-term receivables, cf. v) for an overview of the amounts within these classes. ii)InterestrateriskThe Group is exposed to interest rate risk through placement and financing activities. As of December 31, 2024, the Group had a floating interest rate for most of its deposits, receivables and loans. For the mortgage loan in Agora Bytom, 70 percent of the loan of MEUR 29,4 is secured at a fixed rate of 3.17 percent above the interest margin of 2.80 percent until maturity, December 31, 2028. Fixed interest loans are accounted for at amortized cost. ChangeintheinterestratelevelinEffectonprofitbeforetaxYear percentage points (NOK1000)Effect on equity (NOK 1 000)2024 +/-1%po ints-/+ 260 -/+ 8 496 2023 +/-1%po ints-/+ 251 -/+1662All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below these contracts are specified. Change in value 2024 InterestderivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o. ** 242 741 3.5 years -9 962 -15 907 Change in value 2023 Interest derivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o.** 332 362 0.5 years 5 945 -7 957 ** 70 (100) percent of the loan linked to Agora Bytom is secured with an interest rate of 3.17 (0.30) percent + 2.80 (2.80) percent margin.The derivatives above are contracts where floating interest has been exchanged for fixed interest. The interest derivatives above are accounted for as hedging instruments with a change in fair value over other income and expenses (OCI). The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts to MEUR 20.6 (29.9), which corresponds to 70 (100) percent of the company\u2019s mortgage loan. Interestonloans, receivablesandliabilitiesmeasuredatamortizedcost 2024 2023 Bond loan -9 612 Bank loan 22 697 37 434 Total 22 697 47 046 iii)LiquidityriskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due. The Group\u2019s board of directors and management consider the group\u2019s debt structure as reasonable with a sufficient liquidity position. The group\u2019s strategy for managing liquidity risk is to have sufficient cash at all times to be able to meet its financial obligations when due, both under normal and extraordinary circumstances. The Group, through H\u00f6gan\u00e4s Borgestad group, has mortgage debt, MNOK 44.0, that falls due on June 30, 2025 that can influence the liquidity situation for the Group if the debt is not refinanced. The Board of directors and management review the refinancing risk as low. Management has agreed with Nordea that discussion related to refinancing will be completed during first half of 2025. The board and Group management have the understanding that the Groups liquidity is sustainable and that the Group are in a good position to service the debt within the Group as it falls due. Unutilized credit facilities are presented in Note 16. The following table shows an overview of the maturity structure for the group\u2019s financial obligations, based on undiscounted contractual payments. In cases where the counterparty can demand earlier redemption, the amount is given in the earliest period in which payment can be required from the counterparty. If the obligation can be redeemed on request, these are included in the first column for which the obligation can be redeemed. Remaining period 2024 0-3 mth. 3-12mth.1-3 year3yearsormoreInterest-bearing debt 12 97538 925 342 600 1 000 Other non-current liabilities - - 10 713 - Interest expenses 6 068 16 491 58 066 41 Trade payables 68 489 ---Other short-term liabilities 95 837 27 411 --Total 183 369 82 827 411 3781 041See Note 13 for maturity analysis on leasing. Remaining period 2023 0-3 mth. 3-12mth.1-3 year3yearsormoreBank overdraft - 24 098 - - Interest-bearing debt 15 01145 032 39 706 296 036 Other non-current liabilities - - - - Interest expenses 5 843 17 529 54 656 16 510 Trade payables 64 017 ---Other short-term liabilities 74 148 38 038 --Total 159 019124 698 94 361 312 546 Note 19 contains more information regarding long term debt. iv)CurrencyriskThe Group companies are exposed to currency risk due to production, buying and selling in several different countries and in different currencies. The most important currencies are NOK, SEK, PLN and EUR. The Group enters into forward contracts and currency exchange agreements from time to time to reduce the currency risk in cash flows denominated in foreign currency. The company has not had currency exchange agreements in 2024 or 2023. The Group\u2019s available liquid assets are held in NOK, EUR, PLN and SEK. The tables below show the sensitivity of the consolidated balance sheet to potential changes in the krone exchange rate for each EUR, PLN and SEK with all other ratios held constant. Year ChangeinEURexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 5 981 +/- 50 851 2023 +/-10%+/- 3 600 +/- 46 044 Year ChangeinPLNexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 282 +/- 573 2023 +/-10%+/-1997+/- 867 Year ChangeinSEKexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 271 +/- 29 298 2023 +/-10%+/- 3 638 +/-11773v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlled companies. As the investments are mainly long-term, the Group also strive for adapted financing in the form of equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share as needed in the short and long term. Equity ratio is calculated as book equity in relation to total capital. The equity ratio as of December 31, 2024, and 2023 was 55.3 per cent and 53.7 per cent respectively. See Note 19 for further information on interest-bearing debt. Borgestad ASA wants to achieve the best possible price for the company\u2019s shares through efficient and profitable management of the Group\u2019s resources. A competitive return must be achieved through value appreciation and the payment of dividends. The return must be competitive compared to other investment alternatives with the same risk. The dividend must be in relation to the company\u2019s results, equity needs and future prospects. Climate risk The climate changes that the world is facing today are significant, and this entails risks, but also opportunities for companies. Climate risk refers to the potential damage or negative impact on human and natural systems as a result of climate change. This can include physical risks, such as damage from extreme weather events, as well as transition risks related to the green shift, such as changes in political and regulatory framework conditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to a low carbon economy. Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by the framework from the Task Force on Climate-related Financial Disclosure (TCFD). PhysicalclimateriskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to the extraction and deliveries of raw materials from areas including China and southern Asia. Effects on this part of the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transport problems resulting from various types of extreme weather and the impact it has on both the opportunity to work and society at large. \u25c6 Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that it will affect Borgestad\u2019s raw material deliveries, or equivalently for Borgestad\u2019s suppliers of refractory products, is considered to be relatively low. \u25c6 Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin to affect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant, including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages (which may result in shutdowns or increased absences for workers) and rain/floods (which may result in shutdowns), and indirect effects through economic and political turbulence resulting from climate -related challenges in society. \u25c6 Long-term (>10 years): In the long term, climate change may lead to furthermore extreme conditions, which in turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factors can have a significant impact on Borgestad\u2019s supply chains in vulnerable areas PotentialfinancialimpactsThe effects described above can affect Borgestad in two ways in particular: 1. Increased prices resulting from reduced supply and still high demand. 2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extraction and transport Both effects 1 and 2 will affect Borgestad\u2019s ability to deliver competitive prices with the desired delivery time and predictability. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of the group\u2019s exposure to various risk factors. A process that already appears to be significant is a mapping of subcontractors and increased communication/interaction with the value chain so that a more active relationship with actual risk is achieved. Increased diversification when it comes to subcontractors may also become relevant, to ensure access to various alternatives should any subcontractors be exposed to any of the above -mentioned risks. Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climate impact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comes through this restructuring is referred to as the green shift. Transition risk is a collective term for the type of risk that arises due to this changeover. Regulatory risk Failure to comply with new regulations may result in fines or non-approval of compliance documentation. Future regulations may entail significantly increased costs for negative climate impacts, for example through more aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entail significant increased costs for both Borgestad, our production partner and our customers and are thus a threat to both supply and demand for refractory products. At the same time, it will result in increased pressure to transition to alternative energy sources, a transition that is important for Borgestad to be aware of and consider how to deal with. Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group is aware of this and the uncertainty it entails and will continue its work to map which transition risks the business and the value chains are exposed to. PotentialfinancialimpactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its direct risk exposure but is still exposed to regulatory risk through our German partner\u2019s production, and now has less influence on how this risk is handled. Borgestad considers this risk to be particularly relevant to our business and will prioritize further analysis of this going forward. Borgestad\u2019s initial survey points to the following as significant risk points for further investigation: Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost for Borgestad and our suppliers of refractory products where natural gas is significant energy source. This will affect the prices we have to charge our customers and may affect our profitability and competitiveness, if other players can price themselves lower due to less exposure to such cost increases. Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs for customers. This can result in reduced purchasing power and willingness to pay as a result of pressured profitability. This effect can be further influenced by customers having to deal with Borgestad\u2019s emissions through their own Scope 3 calculations and reports. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus on reducing emission intensity through innovation and technology development will be necessary. Reputational risk The company\u2019s business emission intensity can pose a reputational risk. Failure to comply with upcoming regulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier for stakeholders to monitor how companies approach their own emissions. It will be important for Borgestad to get a good overview of its own emissions and how the group works with this in the long term. PotentialfinancialimpactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. With growing awareness of climate issues and increasing pressure on sustainability, many companies are incorporating green criteria when making their procurement decisions. This could lead to a negative income effect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks. \u25c6 Potential economic consequences: Low \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Low \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors, where the risk is considered high. PotentialfinancialimpactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increased demand for high-quality refractory products, as this type of product can be an important means of reducing our customers\u2019 energy use and thus their own emissions. This represents both an opportunity for Borgestad, if the group manages to offer good products with industry-leading properties, and a commercial risk if the group itself or through production partners does not have access to products of sufficiently high quality. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. At the same time, it indicates that a diversification of the product offering and the markets in which the group operates will have to be considered, as well as that investments in innovation and new technology will be prioritized, as this will probably contribute to a more sustainable practice, optimization on the cost/expenditure side and thus be central to handling of risk. Note 22 Other current liabilities Othercurrentliabilities 2024 2023 Accrued costs 7 675 10 857 Accrued interest - -Advance from customers 3 366 - Holiday pay and other debts to employees 51 553 34 440 Other current liabilities 19 734 27 182 Total 82 328 72 479Note 23 Contractual obligations As of December 31, 2024, guarantees have been given to customers on the basis of agreed deliveries of TNOK 14 261 (21 148). Note 24 Contingent liabilities Other obligations In July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties AS and Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claimed to have claims against the defendants for payment of additional project administration related to the construction of the shopping center in Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect to one of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decision is final. In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged to pay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or if Borgestad decreases its direct or indirect influence, control and/or ownership to less than 50 percent of the Agora Bytom shopping center. The settlement also means that the other parties have waived any right to bring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA, Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members and employees of the aforementioned companies. The Group has not made any provisions in the accounts as the claim is assessed as a contingent liability arising at the time of a potential sale of the Agora Bytom shopping centre. Note 25 Investment in subsidiaries Transactions with subsidiaries are eliminated in the consolidated accounts and do not represent transactions with related parties. The consolidated Group accounts include the accounts of Borgestad ASA with subsidiaries and related parties as summarized: Country of Ownership Ownership Subsidiary incorporationMain operations interest 2024 interest 2023 Borgestad Properties AS Norway Holding company 100.00 % 100.00 % Agora Bytom Sp. z o.o. Poland Real estate company 100.00 % 100.00 % GZMO Sp. z o.o. Poland Real estate company 100.00 % 100.00 % Idea Property & Asset Management Sp. z o.o. Poland Property Management 100.00 % 100.00 % Facility Service Sp. z o.o. Poland Property Management 100.00 % 100.00 % Borgestad Industries AS Norway Holding company 100.00 % 100.00 % Borgestad Industries AB Sweden Holding company 100.00 % 100.00 % H\u00f6gan\u00e4s Borgestad Holding AB Sweden Holding company 69.68 % 64.25 % H\u00f6gan\u00e4s Borgestad AS Norway Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Borgestad AB Sweden Supplier of refractory products 69.68 % 64.25 % Macon AB Sweden Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Bjuf Fastighets AB Sweden Real estate company 69.68 % 64.25 % H\u00f6gan\u00e4s Borgestad Energi & Ugnsteknik AB Sweden Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Borgestad Oy Finland Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Bjuf Germany GmbH Germany Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Bjuf Italia Srl Italy Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Contracting Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Bjuf Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Bjuf Eastern Europe Sp.z o.o. Poland Supplier of refractory products 69.68 % 64.25 % There are no differences between the number of shares and voting rights for the shareholders in H\u00f6gan\u00e4s Borgestad Holding AB. H\u00f6gan\u00e4s Borgestad Holding AB owns 100 percent of all the other companies within H\u00f6gan\u00e4s Borgestad Group, all companies with ownership interest below 100 % in the table above. Acquisition of shares in H\u00f6gan\u00e4s Borgestad Holding AB Borgestad ASA have, through its wholly-owned subsidiary Borgestad Industries AB increase the shares in H\u00f6gan\u00e4s Borgestad Holding AB with the 5.43 % in 2024 from minority shareholders of the company. H\u00f6gan\u00e4s Borgestad Holding AB is the holding company in the H\u00f6gan\u00e4s Borgestad group, which operates the Company\u2019s refractory business. Note 26 Events after the balance sheet date Decision from the Administrative Court in Malm\u00f6 regarding sale-leaseback transaction for production facilities in SwedenReference is made to the information provided regarding the conditional agreement entered into with Bjuv municipality in Sweden for the sale and leaseback of two properties in Sweden in note 11. The Group was informed in February 2025 that the Administrative Court in Malm\u00f6 (the \u201cAdministrative Court\u201d) has processed the complaint. Accordingto the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court has decided to revoke Bjuv municipality\u2019s approval of the Transaction.Bjuv municipality has appealed the Administrative Court\u2019s ruling.The complaint relates to the purchase price in the Transaction, which in the claimant\u2019s opinion significantly exceeds the market value of the two properties. Bjuv municipality\u2019s approval of the Transaction will only become binding once the complaint has been finally resolved in the claimant\u2019s disfavour, and the completion of the Transaction is conditional upon such binding approval. Consequently, the Transaction can only be completed if the Administrative Court\u2019s ruling is overturned (i.e. not upheld) in the appeal process.Dividend proposalThe Board of Directors of Borgestad ASA will propose to the Annual General Meeting an ordinary dividend of NOK 0.80 per share for 2024. The dividend amounts to TNOK 28,050.",
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"value": "Note 1Corporate information Borgestad ASA is an investment company focused on real estate and refractory. Borgestad ASA is a public listed company on the Oslo Stock Exchange with the ticker \u201cBOR\u201d and are domiciled in Norway. The office address is Fornebuveien 1, 1366 Lysaker, Norway.",
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"value": "Note 2 Basis for preparation and estimates and assumptions Statement of compliance Borgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 Accounting Standards as adopted by the EU as of December 31, 2024, and Norwegian disclosure requirements pursuant to the Norwegian accounting act as of December 31, 2024. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgement in the process of applying the company\u2019s accounting policies. Areas involving a higher degree of judge mentor complexity, or areas where assumptions and estimates are material to the consolidated financial statements. The consolidated accounts as of December 31, 2024, have been approved by the company\u2019s board on April 25, 2025 and will be presented for approval at the ordinary general meeting on May 28, 2025. Change in comparative figures Correction of value for investment property in Q3\u201923 to the total of MNOK 90,126 results in a change in write -down from 94,298 to 90,126 in 2023 figures. The differences of 4,172 are currency effect and resulted in a reduction in currency gain in the 2023 figures. The differences of 4,172 are currency effects and resulted in a reduction in currency gain in the 2023 figures. In the income statement, EBITDA has been removed but is shown in note 3 Segment. information. The financial items are shown with only two lines, income and cost, but are specified in note 7 Financial income and financial cost. Consolidation principles The Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31, 2024. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if and only if the Group has all the following: power over the entity; exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its power over the entity to affect the amount of the Group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity. Including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests is presented separately under equity in the Group\u2019s balance sheet. Currency FunctionalcurrencyandpresentationcurrencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by the respective Group companies are recorded in the currency that is generally used in the economic environment where the units operate (functional currency). For the balance sheet, the exchange rates as of December 31 are used, while average exchange rates are used in the profit and loss. Classification of items in the balance sheet Current assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short- term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset. Related parties Parties are considered to be closely related if one party has the opportunity to directly or indirectly control the other party or has significant influence over the other party with regard to financial and operational decisions. Parties are also closely related if they are subject to joint control or are under joint significant influence. All transactions between related parties are based on the arm\u2019s length principle (assumed market value). Segments For management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment. Changes in accounting principles and note information No changes in IFRS with effect for the 2024 accounts have been relevant or implemented the in 2024. New accounting standards The consolidated financial statements will be affected by IFRS amendments in the future. Many IFRS projects are finalised, but some of them have either not been finally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the first time in 2025, do not have an impact on the consolidated financial statements of the Group. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthe rmore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-Scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax future",
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"value": "Note 2 Basis for preparation and estimates and assumptions Statement of compliance Borgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 Accounting Standards as adopted by the EU as of December 31, 2024, and Norwegian disclosure requirements pursuant to the Norwegian accounting act as of December 31, 2024. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgement in the process of applying the company\u2019s accounting policies. Areas involving a higher degree of judge mentor complexity, or areas where assumptions and estimates are material to the consolidated financial statements. The consolidated accounts as of December 31, 2024, have been approved by the company\u2019s board on April 25, 2025 and will be presented for approval at the ordinary general meeting on May 28, 2025. Change in comparative figures Correction of value for investment property in Q3\u201923 to the total of MNOK 90,126 results in a change in write -down from 94,298 to 90,126 in 2023 figures. The differences of 4,172 are currency effect and resulted in a reduction in currency gain in the 2023 figures. The differences of 4,172 are currency effects and resulted in a reduction in currency gain in the 2023 figures. In the income statement, EBITDA has been removed but is shown in note 3 Segment. information. The financial items are shown with only two lines, income and cost, but are specified in note 7 Financial income and financial cost. Consolidation principles The Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31, 2024. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if and only if the Group has all the following: power over the entity; exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its power over the entity to affect the amount of the Group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity. Including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests is presented separately under equity in the Group\u2019s balance sheet. Currency FunctionalcurrencyandpresentationcurrencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by the respective Group companies are recorded in the currency that is generally used in the economic environment where the units operate (functional currency). For the balance sheet, the exchange rates as of December 31 are used, while average exchange rates are used in the profit and loss. Classification of items in the balance sheet Current assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short- term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset. Related parties Parties are considered to be closely related if one party has the opportunity to directly or indirectly control the other party or has significant influence over the other party with regard to financial and operational decisions. Parties are also closely related if they are subject to joint control or are under joint significant influence. All transactions between related parties are based on the arm\u2019s length principle (assumed market value). Segments For management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment. Changes in accounting principles and note information No changes in IFRS with effect for the 2024 accounts have been relevant or implemented the in 2024. New accounting standards The consolidated financial statements will be affected by IFRS amendments in the future. Many IFRS projects are finalised, but some of them have either not been finally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the first time in 2025, do not have an impact on the consolidated financial statements of the Group. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthe rmore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-Scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax future",
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"value": "Note 2 Basis for preparation and estimates and assumptions Statement of compliance Borgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 Accounting Standards as adopted by the EU as of December 31, 2024, and Norwegian disclosure requirements pursuant to the Norwegian accounting act as of December 31, 2024. The consolidated financial statements have been prepared under the historical cost convention. The preparation of financial statements in accordance with IFRS requires the use of estimates. It also requires management to exercise its judgement in the process of applying the company\u2019s accounting policies. Areas involving a higher degree of judge mentor complexity, or areas where assumptions and estimates are material to the consolidated financial statements. The consolidated accounts as of December 31, 2024, have been approved by the company\u2019s board on April 25, 2025 and will be presented for approval at the ordinary general meeting on May 28, 2025. Change in comparative figures Correction of value for investment property in Q3\u201923 to the total of MNOK 90,126 results in a change in write -down from 94,298 to 90,126 in 2023 figures. The differences of 4,172 are currency effect and resulted in a reduction in currency gain in the 2023 figures. The differences of 4,172 are currency effects and resulted in a reduction in currency gain in the 2023 figures. In the income statement, EBITDA has been removed but is shown in note 3 Segment. information. The financial items are shown with only two lines, income and cost, but are specified in note 7 Financial income and financial cost. Consolidation principles The Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31, 2024. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if and only if the Group has all the following: power over the entity; exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its power over the entity to affect the amount of the Group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity. Including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests is presented separately under equity in the Group\u2019s balance sheet. Currency FunctionalcurrencyandpresentationcurrencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by the respective Group companies are recorded in the currency that is generally used in the economic environment where the units operate (functional currency). For the balance sheet, the exchange rates as of December 31 are used, while average exchange rates are used in the profit and loss. Classification of items in the balance sheet Current assets and short-term liabilities include items due for payment within one year of the balance sheet date, as well as items linked to the product cycle if this is later. The short-term part of long-term debt is classified as short- term debt. Financially motivated investments that the Group expects to realize within one year after the balance sheet date are classified as current assets, other assets are classified as fixed asset. Related parties Parties are considered to be closely related if one party has the opportunity to directly or indirectly control the other party or has significant influence over the other party with regard to financial and operational decisions. Parties are also closely related if they are subject to joint control or are under joint significant influence. All transactions between related parties are based on the arm\u2019s length principle (assumed market value). Segments For management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment. Changes in accounting principles and note information No changes in IFRS with effect for the 2024 accounts have been relevant or implemented the in 2024. New accounting standards The consolidated financial statements will be affected by IFRS amendments in the future. Many IFRS projects are finalised, but some of them have either not been finally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the first time in 2025, do not have an impact on the consolidated financial statements of the Group. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthe rmore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-Scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements. Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax future",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__20": {
"value": "Statement of compliance Borgestad has prepared its consolidated financial statements in accordance with IFRS\u00a9 Accounting Standards as adopted by the EU as of December 31, 2024, and Norwegian disclosure requirements pursuant to the Norwegian accounting act as of December 31, 2024.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__21": {
"value": "Change in comparative figures Correction of value for investment property in Q3\u201923 to the total of MNOK 90,126 results in a change in write -down from 94,298 to 90,126 in 2023 figures. The differences of 4,172 are currency effect and resulted in a reduction in currency gain in the 2023 figures. The differences of 4,172 are currency effects and resulted in a reduction in currency gain in the 2023 figures. In the income statement, EBITDA has been removed but is shown in note 3 Segment. information. The financial items are shown with only two lines, income and cost, but are specified in note 7 Financial income and financial cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__24": {
"value": "Consolidation principles The Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31, 2024. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if and only if the Group has all the following: power over the entity; exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its power over the entity to affect the amount of the Group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity. Including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests is presented separately under equity in the Group\u2019s balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__23": {
"value": "Consolidation principles The Group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31, 2024. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the Group\u2019s returns. Thus, the Group controls an entity if and only if the Group has all the following: power over the entity; exposure, or rights, to variable returns from its involvement with the entity; and the ability to use its power over the entity to affect the amount of the Group\u2019s returns. There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over the entity. Including ownership interests, voting rights, ownership structure and relative power, as well as options controlled by the Group and shareholder\u2019s agreement or other contractual agreements. The assessments are done for each individual investment. The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control. Business combinations are accounted for by using the acquisition method. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. Non-controlling interests is presented separately under equity in the Group\u2019s balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__26": {
"value": "Currency FunctionalcurrencyandpresentationcurrencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by the respective Group companies are recorded in the currency that is generally used in the economic environment where the units operate (functional currency). For the balance sheet, the exchange rates as of December 31 are used, while average exchange rates are used in the profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__25": {
"value": "Currency FunctionalcurrencyandpresentationcurrencyThe consolidated accounts are presented in Norwegian kroner (NOK). Transactions carried out by the respective Group companies are recorded in the currency that is generally used in the economic environment where the units operate (functional currency). For the balance sheet, the exchange rates as of December 31 are used, while average exchange rates are used in the profit and loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__27": {
"value": "Related parties Parties are considered to be closely related if one party has the opportunity to directly or indirectly control the other party or has significant influence over the other party with regard to financial and operational decisions. Parties are also closely related if they are subject to joint control or are under joint significant influence. All transactions between related parties are based on the arm\u2019s length principle (assumed market value).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__28": {
"value": "Segments For management reporting purposes, the Group is organized into business units based on its activities and has three reportable segments. The financial information relating to segments is presented in Note 3 Segment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__22": {
"value": "Changes in accounting principles and note information No changes in IFRS with effect for the 2024 accounts have been relevant or implemented the in 2024. New accounting standards The consolidated financial statements will be affected by IFRS amendments in the future. Many IFRS projects are finalised, but some of them have either not been finally adopted or not been endorsed by the EU. It is highly likely that many of these projects will be adopted. The Group\u2019s intention is to adopt the relevant new and amended standards and interpretations when they become effective and approved by EU. Amendments and interpretations that apply for the first time in 2025, do not have an impact on the consolidated financial statements of the Group. In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthe rmore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes. In addition, narrow-Scope amendments have been made to IAS 7 Statement of Cash Flows, which include changing the starting point for determining cash flows from operations under the indirect method, from \u2018profit or loss\u2019 to \u2018operating profit or loss\u2019 and removing the optionality around classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. and the amendments to the other standards, are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. The Group is currently working to identify all impacts the amendments will have on the primary financial statements and notes to the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__31-1": {
"value": "Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax futureNote 17Investments Ownership Book value Book value Company percent Cost 31.12.24 31.12.23 Gunnar Knudsens veg 144 AS 10.00 % 25 25 -ERH AS 2.98 % 27 573 - - QNTM Ecom SW AB 0.15 % 1 306 11Impact Technology Systems AS 1.55 % 350 --Other shares 7 7 175 Total 29 26133 176For information regarding the valuation hierarchy, see note 21. In 2024, Borgestad ASA completed the sale of Gunnar Knudsens veg 144 in Skien, Norway. The building was sold the Gunnar Knudsens veg 144 AS, Borgestad ASA owns 10 % of this company. The office building was sold for a total of MNOK 10, with 50 percent structured as vendor credit, carrying a maximum duration of three years. The transaction was finalized in October 2024. The accounting gain from the sale, amounted to MNOK 5.5. Borgestad ASA has classified the ownership in Gunnar Knudsens veg 144 AS as a joint arrangement. The reason is that Borgestad ASA is shareholder, has the chair and has partly financed Gunnar Knudsens veg 144 AS through the vendor credit. A specific judgment is completed, and the outcome of the judgement is that Borgestad ASA have sufficient control over Gunnar Knudsens veg 144 AS to classify the investment as joint control. Estimate uncertainty when calculating fair value for financial assets There is risk associated with the valuation of shares where there is no observable market value at the time the accounts are drawn up. The Group bases its estimates on a number of observations which are supported by calculations to arrive at the best possible estimate of the assets\u2019 value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuations when selling parts of the company, cost price when shares are recently purchased, external valuations as well as assessments of discounted cash flow and value-adjusted equity. Sensitivity analysis of equity investments In the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this will affect the result by TNOK +/- 3.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__30": {
"value": "Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax future",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__29": {
"value": "Use of estimates and discretionary valuations The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets, investment property and impairment of goodwill. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods. The main areas for assessments and associated estimate uncertainty at the time of the balance sheet are stated and explained below: Note Estimate/assumptions 2024 2023 Fixed assets, intangible 12Recoverable amount for impairment assessment and 81 201 83 455 assets estimation of remaining useful life and scrap value Right-of-use assets 13 Leases 35 751 33 902 Investment properties 10,12Recoverable amount for impairment assessment and 729 553 701 407estimation of remaining useful life and scrap value Goodwill 14 Recoverable amount for impairment assessment 90 082 90 108 Deferred tax asset/ 8 Assessment of the ability to exploit tax positions in the 44 864 55 822 Deferred tax future",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__35": {
"value": "Note 4 Revenues and geographical breakdown According to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled or alternatively as the delivery obligations are fulfilled. This happens when the customer has taken over control of the product or service linked to a given delivery obligation. Apart from non-quantifiable framework agreements, the income is order- driven. The Group recognizes income from the following three main sources: \u25c6 Ongoing sales of refractory products \u25c6 Sale of installation and maintenance services to the refractory industry \u25c6 Rental income as a lessor For the Refractory segment, income mainly consists of deliveries of refractory materials or other goods to various types of customers as well as installation services. Transaction prices for refractory materials are set and measured per ton, while transaction prices for installation and maintenance services are set in delivery agreements and project agreements. Income from the sale of these goods is recognized in the income statement when delivery has taken place. Most of segment refractory\u2019s deliveries of refractory products have the time of delivery at the time of handover to the carrier. Installation service and maintenance projects have a relatively short duration and are recognized as revenue in line with progress. Installation and maintenance services of refractory materials are seasonal and there is little activity at the beginning and end of the year. Installation projects and maintenance services of refractory materials normally have a short time horizon and the delivery times for the transfer of goods and services are clear. The service performed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed by quantified achieved degree of completion for installation and maintenance projects. Accrued costs are taken into account in the final invoicing upon handover of the project. Warranty obligations related to the sale of refractory products, installation and maintenance services cannot be sold separately and the Group\u2019s warranty give customers assurance that the products meet the set requirements. The Group will recognize guarantee obligations in accordance with IAS 37.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__34": {
"value": "Note 4 Revenues and geographical breakdown According to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled or alternatively as the delivery obligations are fulfilled. This happens when the customer has taken over control of the product or service linked to a given delivery obligation. Apart from non-quantifiable framework agreements, the income is order- driven. The Group recognizes income from the following three main sources: \u25c6 Ongoing sales of refractory products \u25c6 Sale of installation and maintenance services to the refractory industry \u25c6 Rental income as a lessor For the Refractory segment, income mainly consists of deliveries of refractory materials or other goods to various types of customers as well as installation services. Transaction prices for refractory materials are set and measured per ton, while transaction prices for installation and maintenance services are set in delivery agreements and project agreements. Income from the sale of these goods is recognized in the income statement when delivery has taken place. Most of segment refractory\u2019s deliveries of refractory products have the time of delivery at the time of handover to the carrier. Installation service and maintenance projects have a relatively short duration and are recognized as revenue in line with progress. Installation and maintenance services of refractory materials are seasonal and there is little activity at the beginning and end of the year. Installation projects and maintenance services of refractory materials normally have a short time horizon and the delivery times for the transfer of goods and services are clear. The service performed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed by quantified achieved degree of completion for installation and maintenance projects. Accrued costs are taken into account in the final invoicing upon handover of the project. Warranty obligations related to the sale of refractory products, installation and maintenance services cannot be sold separately and the Group\u2019s warranty give customers assurance that the products meet the set requirements. The Group will recognize guarantee obligations in accordance with IAS 37.. GeographicalrevenuebysegmentReal Estate Refractory Other activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Norway - - 343 427 277 382 2 975 101-2 995 -45 343 406 277 438 Poland 62 420 57 370 - 818 - - - - 62 420 58 188 Sweden - - 411 468 379 634 - - - - 411 468 379 634 Finland - - 193 301 258 585 - - - - 193 301 258 585 Scandinavia, others - - 6 534 3 405 - - - - 6 534 3 405 Europe, others - - 108 093 84 335 - - - - 108 093 84 335 Asia - - 10 694 32 860 - - - - 10 694 32 860 Africa - - 3 876 3 119 - - - - 3 876 3 119 Other - - 461 8 631 - - - - 461 8 631 Sum 62 420 57 370 10778541 048 7692 975 101-2 995 -45 11402541 106 195None of the company\u2019s customers individually account for more than 10 percent of the turnover. This applies to both 2024 and 2023. Other income 2024 2023 Profit from the sale of operating assets 5 466 23 Commission and joint costs when renting out property 14 200 11 803 Interest on late payment from Vienna Arbitration case - 19 694 Other incomes 9 509 3 702 Totalotherincome29 17535 222 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__33": {
"value": "Note 4 Revenues and geographical breakdown According to IFRS 15, the Group must recognize the income when the delivery obligations are fulfilled or alternatively as the delivery obligations are fulfilled. This happens when the customer has taken over control of the product or service linked to a given delivery obligation. Apart from non-quantifiable framework agreements, the income is order- driven. The Group recognizes income from the following three main sources: \u25c6 Ongoing sales of refractory products \u25c6 Sale of installation and maintenance services to the refractory industry \u25c6 Rental income as a lessor For the Refractory segment, income mainly consists of deliveries of refractory materials or other goods to various types of customers as well as installation services. Transaction prices for refractory materials are set and measured per ton, while transaction prices for installation and maintenance services are set in delivery agreements and project agreements. Income from the sale of these goods is recognized in the income statement when delivery has taken place. Most of segment refractory\u2019s deliveries of refractory products have the time of delivery at the time of handover to the carrier. Installation service and maintenance projects have a relatively short duration and are recognized as revenue in line with progress. Installation and maintenance services of refractory materials are seasonal and there is little activity at the beginning and end of the year. Installation projects and maintenance services of refractory materials normally have a short time horizon and the delivery times for the transfer of goods and services are clear. The service performed and the delivery of goods are also easy to quantify. Accrual of income is therefore followed by quantified achieved degree of completion for installation and maintenance projects. Accrued costs are taken into account in the final invoicing upon handover of the project. Warranty obligations related to the sale of refractory products, installation and maintenance services cannot be sold separately and the Group\u2019s warranty give customers assurance that the products meet the set requirements. The Group will recognize guarantee obligations in accordance with IAS 37.. GeographicalrevenuebysegmentReal Estate Refractory Other activities Eliminations Total 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Norway - - 343 427 277 382 2 975 101-2 995 -45 343 406 277 438 Poland 62 420 57 370 - 818 - - - - 62 420 58 188 Sweden - - 411 468 379 634 - - - - 411 468 379 634 Finland - - 193 301 258 585 - - - - 193 301 258 585 Scandinavia, others - - 6 534 3 405 - - - - 6 534 3 405 Europe, others - - 108 093 84 335 - - - - 108 093 84 335 Asia - - 10 694 32 860 - - - - 10 694 32 860 Africa - - 3 876 3 119 - - - - 3 876 3 119 Other - - 461 8 631 - - - - 461 8 631 Sum 62 420 57 370 10778541 048 7692 975 101-2 995 -45 11402541 106 195None of the company\u2019s customers individually account for more than 10 percent of the turnover. This applies to both 2024 and 2023. Other income 2024 2023 Profit from the sale of operating assets 5 466 23 Commission and joint costs when renting out property 14 200 11 803 Interest on late payment from Vienna Arbitration case - 19 694 Other incomes 9 509 3 702 Totalotherincome29 17535 222 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__41-1": {
"value": "Note 5 Salaries, personnel expenses and shares owned by the board of the directors SalariesandpersonnelexpensesNOK1000 2024 2023 Salaries 286 639 259 046 Social security costs 65 032 54 845 Pension costs 21 71116 638 Other personnel costs 21 473 16 578 Total expenses 394 855 347 108 Average number of employees 410 373Note 6 Pension expenses and pension liabilities All employees in the Norwegian companies are included to a collective occupational pension scheme. The company\u2019s pension schemes meet the requirements of the occupational pensions act in Norway and similar legislation in Sweden, Finland and Poland. The contribution plan covers full - and part-time employees and amounts to between 2 and 8 per cent of the salary. All Norwegian companies in the Group with employees are members of the joint scheme for AFP. The AFP obligation is not recognized because the scheme is a multi-enterprise scheme where sufficient and reliable information is not available to be able to measure the Group\u2019s proportional share of pension cost, pension obligation and pension assets in the scheme. Certain companies in the Group have an unsecured early retirement scheme for their employees where the employee is entitled to benefits in addition to the ordinary retirement pension and AFP in the event of voluntary resignation before the age of 67. The benefits from these companies will increase the later retirement pension/AFP is withdrawn. The scheme was formalized in 2010 in connection with the new public pension reform from 2011 and was closed to new employees from and including 2012. The Group\u2019s pension obligations mainly apply to the closed pre -pension scheme and the closed operating pension scheme in Borgestad ASA. In 2024, the Group paid a total of TNOK 20,566 in pension premiums and TNOK 771 in current pension over operations. For 2025, it is estimated that the Group will pay TNOK 21,800 in pension premiums and TNOK 788 in ongoing pensions over operations. Numberofpeopleintheagreementattheendoftheyear: Secured Unsecured Number of active 5 1Number of retired 12 The average age of the active employees included in the collective benefit -based scheme is relatively high, as the scheme was closed in 2012. The high average age means that changed assumptions in connection with the discount rate, wage growth and pension adjustment become relatively insignificant for the gross pension obligation. Sensitivity analysis have therefore not been prepared. Totalpensionexpenserecognisedinprofitandloss 2024 2023 Pension expense recognised from defined benefit plans 374 371 Contributions to defined contribution plans 21 33716 267 Total pension expense recognised in profit and loss 2171116 638 Totalpensionexpenserecognisedinprofitandloss 2024 2023 a)Secured: Plan assets -5 792 -5 390 Defined benefit obligation 5 667 5 136 Net defined benefit asset(-) / liability -125 -254b)Unsecured: Pension liabilities 5 813 6 369 Prepaid pension -125-254 Pensionliabilitiesincludingsocialsecuritytax5 813 6 369 Actuarial gains and losses on defined benefit pension plans Encountered actuarial gains and losses on pension liabilities secured schemes (ne-gative sign is losses) -343 -431 Encountered actuarial gains and losses on pension liabilities unsecured schemes (negative sign is losses) -321 -1 388Total actuarial gains and losses on defined benefit pension plans recognised over OCI -664 -1819",
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"value": "Note 5 Salaries, personnel expenses and shares owned by the board of the directors SalariesandpersonnelexpensesNOK1000 2024 2023 Salaries 286 639 259 046 Social security costs 65 032 54 845 Pension costs 21 71116 638 Other personnel costs 21 473 16 578 Total expenses 394 855 347 108 Average number of employees 410 373Management remuneration The guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remuneration to the Group Executive Operational Management Team and Board of Directors is disclosed below. Remunerationpaidtoboardmemberandexecutivemanagementin2024Board Audit Remuneration Other remuneration Committee committe Salary remuneration Pension Bonus Total P\u00e5l Feen Larsen ---2 833 189 135 600 3 757 CEO Frode Martinussen ---1 978 14 50 -2 042 CEOsegmentR efractoryBendik Persch Andersen ---529 2 35 -566 Head of M&A, IR and Coprporate Governance, from September 15, 2024Glen Ole R\u00f8dland* 639 -15----654 Chairman of the boardJacob M\u00f8ller 210 -15----225 Board memberJan Erik Sivertsen 320 31 -----351 Board member* Helene Steen* 320 31 -----351 Board memberWenche Kj\u00f8ls\u00e5s 213 105 -----318 Board memberTotal 1 70216730 5 340 205 220 600 8 264 *Corona Maritime AS, which is controlled by Glen Ole R\u00f8dland, has a consultancy agreement with Borgestad ASA. In 2024 NOK 1,5 28,437 was invoiced, and in 2023 NOK 824,662 was invoiced. R\u00f8dland was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, wh ere a board fee of SEK 200,000 has been paid in 2024 for the period 2023/2024. *Jan Erik Sivertsen and Helene Steen was both elected board members of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, where a board fee of SEK 100,000 has been paid in 2024 for the period 2023/2024. During the financial year 2024, no loans or guarantees have been given to senior employees or board members in the Group. Remunerationpaidtoboardmemberandexecutivemanagementin2023Board Audit Other remuneration Committee Salary remunerationPension Bonus Total P\u00e5l Feen Larsen --2 800 184 125 -3 109 CEO Frode Martinussen --875 7 20 -901 CEOsegmentR efractoryfrom1stofAugust2023Glen Ole R\u00f8dland 200 -----200 ChairmanoftheboardfromJune2023Jacob M\u00f8ller 564 15----579 Chairman of the board until June 2023, board member from June 2023* Jan Erik Sivertsen 275 15----290 Board member Helene Steen 275 15----290 Board member Wenche Kj\u00f8ls\u00e5s 100 50 ----150 BoardmemberfromJune2023Gudmund Bratrud 175 -----175 DeputymemberuntilJune2023Anne Sofie T\u00f8nseth Markman 175 15----190 BoardmemberuntilJune2023Odd Rune Austgulen 175 -----175 BoardmemberuntilJune2023Total 1 9391103 675 191145- 6 059 *Ploot Invest AS, which is controlled by Jacob M\u00f8ller, had a consultancy agreement with Borgestad ASA in 2023, NOK 27,853 was invoiced. The agreement is terminated by both parties in 2023. Jacob M\u00f8ller was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB until June 2023, where a board fee of SEK 150,000 has been paid in 2023 for the period 2022/2023. During the financial year 2023, no loans or guarantees have been given to senior employees or board members in the Group. Sharesownedorcontrolledbythecompany'smanagement,Number of theboardofdirectorsandtheirrelatedparties: shares Percent 1) Jan Erik Sivertsenboard member 10 462 736 29,84 % 2) Helene Steenboard member 5 750 000 16,40 % 3) Glen Ole R\u00f8dlandChairman of the board 1 707 7594,87 % 4) Jacob M\u00f8llerboard member 1 217 9943,47 % P\u00e5l Feen Larsen, CEO 138 241 0,39 % 5) Wenche Kj\u00f8l\u00e5sboard member 100 000 0,29 % Bendik Persch Andersen, Head of M&A, Corp. dev. and IR 57 000 0,16 % Total 19 433 73055,43 % 1)AppliestothecompanyKontrariAS,whereJanErikSivertsenisgeneralmanager2)AppliestothecompanySESAS,whereHeleneSteenisprincipal/CFO3)AppliestothecompanyGrossManagem entAS,whereGlenOleR\u00f8dlandandcloserelativescontrols100%oftheshares4)AppliestothecompaniesPlootInvestASandDioneAS,bothcontrolledbyJacobM\u00f8ller5)AppliestothecompanyJawendelAS,whereWencheKj\u00f8l\u00e5sandcloserelativescontrols100%oftheshares",
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"value": "Note 5 Salaries, personnel expenses and shares owned by the board of the directors SalariesandpersonnelexpensesNOK1000 2024 2023 Salaries 286 639 259 046 Social security costs 65 032 54 845 Pension costs 21 71116 638 Other personnel costs 21 473 16 578 Total expenses 394 855 347 108 Average number of employees 410 373Management remuneration The guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remuneration to the Group Executive Operational Management Team and Board of Directors is disclosed below. Remunerationpaidtoboardmemberandexecutivemanagementin2024Board Audit Remuneration Other remuneration Committee committe Salary remuneration Pension Bonus Total P\u00e5l Feen Larsen ---2 833 189 135 600 3 757 CEO Frode Martinussen ---1 978 14 50 -2 042 CEOsegmentR efractoryBendik Persch Andersen ---529 2 35 -566 Head of M&A, IR and Coprporate Governance, from September 15, 2024Glen Ole R\u00f8dland* 639 -15----654 Chairman of the boardJacob M\u00f8ller 210 -15----225 Board memberJan Erik Sivertsen 320 31 -----351 Board member* Helene Steen* 320 31 -----351 Board memberWenche Kj\u00f8ls\u00e5s 213 105 -----318 Board memberTotal 1 70216730 5 340 205 220 600 8 264 *Corona Maritime AS, which is controlled by Glen Ole R\u00f8dland, has a consultancy agreement with Borgestad ASA. In 2024 NOK 1,5 28,437 was invoiced, and in 2023 NOK 824,662 was invoiced. R\u00f8dland was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, wh ere a board fee of SEK 200,000 has been paid in 2024 for the period 2023/2024. *Jan Erik Sivertsen and Helene Steen was both elected board members of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, where a board fee of SEK 100,000 has been paid in 2024 for the period 2023/2024. During the financial year 2024, no loans or guarantees have been given to senior employees or board members in the Group. Remunerationpaidtoboardmemberandexecutivemanagementin2023Board Audit Other remuneration Committee Salary remunerationPension Bonus Total P\u00e5l Feen Larsen --2 800 184 125 -3 109 CEO Frode Martinussen --875 7 20 -901 CEOsegmentR efractoryfrom1stofAugust2023Glen Ole R\u00f8dland 200 -----200 ChairmanoftheboardfromJune2023Jacob M\u00f8ller 564 15----579 Chairman of the board until June 2023, board member from June 2023* Jan Erik Sivertsen 275 15----290 Board member Helene Steen 275 15----290 Board member Wenche Kj\u00f8ls\u00e5s 100 50 ----150 BoardmemberfromJune2023Gudmund Bratrud 175 -----175 DeputymemberuntilJune2023Anne Sofie T\u00f8nseth Markman 175 15----190 BoardmemberuntilJune2023Odd Rune Austgulen 175 -----175 BoardmemberuntilJune2023Total 1 9391103 675 191145- 6 059 *Ploot Invest AS, which is controlled by Jacob M\u00f8ller, had a consultancy agreement with Borgestad ASA in 2023, NOK 27,853 was invoiced. The agreement is terminated by both parties in 2023. Jacob M\u00f8ller was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB until June 2023, where a board fee of SEK 150,000 has been paid in 2023 for the period 2022/2023. During the financial year 2023, no loans or guarantees have been given to senior employees or board members in the Group. Sharesownedorcontrolledbythecompany'smanagement,Number of theboardofdirectorsandtheirrelatedparties: shares Percent 1) Jan Erik Sivertsenboard member 10 462 736 29,84 % 2) Helene Steenboard member 5 750 000 16,40 % 3) Glen Ole R\u00f8dlandChairman of the board 1 707 7594,87 % 4) Jacob M\u00f8llerboard member 1 217 9943,47 % P\u00e5l Feen Larsen, CEO 138 241 0,39 % 5) Wenche Kj\u00f8l\u00e5sboard member 100 000 0,29 % Bendik Persch Andersen, Head of M&A, Corp. dev. and IR 57 000 0,16 % Total 19 433 73055,43 % 1)AppliestothecompanyKontrariAS,whereJanErikSivertsenisgeneralmanager2)AppliestothecompanySESAS,whereHeleneSteenisprincipal/CFO3)AppliestothecompanyGrossManagem entAS,whereGlenOleR\u00f8dlandandcloserelativescontrols100%oftheshares4)AppliestothecompaniesPlootInvestASandDioneAS,bothcontrolledbyJacobM\u00f8ller5)AppliestothecompanyJawendelAS,whereWencheKj\u00f8l\u00e5sandcloserelativescontrols100%oftheshares",
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"f0__s12__6__37-1": {
"value": "Note 5 Salaries, personnel expenses and shares owned by the board of the directors SalariesandpersonnelexpensesNOK1000 2024 2023 Salaries 286 639 259 046 Social security costs 65 032 54 845 Pension costs 21 71116 638 Other personnel costs 21 473 16 578 Total expenses 394 855 347 108 Average number of employees 410 373Management remuneration The guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remuneration to the Group Executive Operational Management Team and Board of Directors is disclosed below. Remunerationpaidtoboardmemberandexecutivemanagementin2024Board Audit Remuneration Other remuneration Committee committe Salary remuneration Pension Bonus Total P\u00e5l Feen Larsen ---2 833 189 135 600 3 757 CEO Frode Martinussen ---1 978 14 50 -2 042 CEOsegmentR efractoryBendik Persch Andersen ---529 2 35 -566 Head of M&A, IR and Coprporate Governance, from September 15, 2024Glen Ole R\u00f8dland* 639 -15----654 Chairman of the boardJacob M\u00f8ller 210 -15----225 Board memberJan Erik Sivertsen 320 31 -----351 Board member* Helene Steen* 320 31 -----351 Board memberWenche Kj\u00f8ls\u00e5s 213 105 -----318 Board memberTotal 1 70216730 5 340 205 220 600 8 264 *Corona Maritime AS, which is controlled by Glen Ole R\u00f8dland, has a consultancy agreement with Borgestad ASA. In 2024 NOK 1,5 28,437 was invoiced, and in 2023 NOK 824,662 was invoiced. R\u00f8dland was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, wh ere a board fee of SEK 200,000 has been paid in 2024 for the period 2023/2024. *Jan Erik Sivertsen and Helene Steen was both elected board members of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, where a board fee of SEK 100,000 has been paid in 2024 for the period 2023/2024. During the financial year 2024, no loans or guarantees have been given to senior employees or board members in the Group. Remunerationpaidtoboardmemberandexecutivemanagementin2023Board Audit Other remuneration Committee Salary remunerationPension Bonus Total P\u00e5l Feen Larsen --2 800 184 125 -3 109 CEO Frode Martinussen --875 7 20 -901 CEOsegmentR efractoryfrom1stofAugust2023Glen Ole R\u00f8dland 200 -----200 ChairmanoftheboardfromJune2023Jacob M\u00f8ller 564 15----579 Chairman of the board until June 2023, board member from June 2023* Jan Erik Sivertsen 275 15----290 Board member Helene Steen 275 15----290 Board member Wenche Kj\u00f8ls\u00e5s 100 50 ----150 BoardmemberfromJune2023Gudmund Bratrud 175 -----175 DeputymemberuntilJune2023Anne Sofie T\u00f8nseth Markman 175 15----190 BoardmemberuntilJune2023Odd Rune Austgulen 175 -----175 BoardmemberuntilJune2023Total 1 9391103 675 191145- 6 059 *Ploot Invest AS, which is controlled by Jacob M\u00f8ller, had a consultancy agreement with Borgestad ASA in 2023, NOK 27,853 was invoiced. The agreement is terminated by both parties in 2023. Jacob M\u00f8ller was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB until June 2023, where a board fee of SEK 150,000 has been paid in 2023 for the period 2022/2023. During the financial year 2023, no loans or guarantees have been given to senior employees or board members in the Group. Sharesownedorcontrolledbythecompany'smanagement,Number of theboardofdirectorsandtheirrelatedparties: shares Percent 1) Jan Erik Sivertsenboard member 10 462 736 29,84 % 2) Helene Steenboard member 5 750 000 16,40 % 3) Glen Ole R\u00f8dlandChairman of the board 1 707 7594,87 % 4) Jacob M\u00f8llerboard member 1 217 9943,47 % P\u00e5l Feen Larsen, CEO 138 241 0,39 % 5) Wenche Kj\u00f8l\u00e5sboard member 100 000 0,29 % Bendik Persch Andersen, Head of M&A, Corp. dev. and IR 57 000 0,16 % Total 19 433 73055,43 % 1)AppliestothecompanyKontrariAS,whereJanErikSivertsenisgeneralmanager2)AppliestothecompanySESAS,whereHeleneSteenisprincipal/CFO3)AppliestothecompanyGrossManagem entAS,whereGlenOleR\u00f8dlandandcloserelativescontrols100%oftheshares4)AppliestothecompaniesPlootInvestASandDioneAS,bothcontrolledbyJacobM\u00f8ller5)AppliestothecompanyJawendelAS,whereWencheKj\u00f8l\u00e5sandcloserelativescontrols100%ofthesharesNote 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 Note 12 Property, plant and equipment, Intangible assets and Investment property Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales. Investment Land andAssets under Machinery Lisens, 2024 property buildings construction and vehicles trademark Total Cost at 1 January 1 176 72318 670 4 616 267 184 31 3951 498 588 Additions 1 838 2 490 541 6 945 407 12 220 Disposals -1 897-6 420 --9 568 --17 885Reclassification ---5 039 5 039 --Effects of changes in foreign exchange rates 58 393 31 74 4 483 524 63 506 Cost at31 December123505714 772192274 083 32 326 1556430-Accumulated depreciation and impairment at 1 January 475 316 5 396 -230 1182 897 713 727 Disposals -1 748-3 533 --9 104 - -14 385 Depreciation 8 658 573 -6 452 3 298 18 981 Impairments ------Effects of changes in foreign exchange rates 23 279 26 -3 950 100 27 354 Accumulated depreciation and impairment at 31 December 505 505 2 462 - 231 4166 294 745 677 Carryingamountat31December729 553 12 31019242 666 26 032 810 754 Borgestad ASA sold its former head office in Skien in 2024 with a profit of MNOK 5.5. The property was sold to the company Gunnar Knudsens veg 144 AS. Borgestad ASA owns 10% of this company. Investment Land andAssets under Machinery Lisens, 2023 property buildings construction and vehicles trademark Total Cost at 1 January 1 100 29479 034 25 807 244 866 1 7211 451 722Additions 5 647 75 9 741 5 206 17 245 37 912 Disposals, and assets classified as held for sale --64 869 -18 384 -1 658--84 912 Reclassification ---14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865 Cost at31 December117672318 670 4 61626718431 395 1 498 588Accumulated depreciation and impairment at 1 January 355 286 51 907-210 419 548 618 160 Disposals, and assets classified as held for sale - -51 704 --1 196- -52 900 Depreciation 8 458 924 -6 838 2 273 18 493 Impairments 90 126 ----90 126 Effects of changes in foreign exchange rates 21 4464 269 -14 057 75 39 847 Accumulated depreciation and impairment at 31 December 475 3165 396 - 2301182 897 713 727Carryingamountat31December701 407 13 274 4 61637 066 28 499 784 861 Fixed assets Economic life Depreciation method Investment property 100 year linear Buildings 20 \u2013 50 year linear Lisens, trademark 10 year linear Machinery and vehicles 3 \u2013 20 year linear Land not depreciated not depreciated",
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"value": "Note 5 Salaries, personnel expenses and shares owned by the board of the directors SalariesandpersonnelexpensesNOK1000 2024 2023 Salaries 286 639 259 046 Social security costs 65 032 54 845 Pension costs 21 71116 638 Other personnel costs 21 473 16 578 Total expenses 394 855 347 108 Average number of employees 410 373Management remuneration The guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remuneration to the Group Executive Operational Management Team and Board of Directors is disclosed below. Remunerationpaidtoboardmemberandexecutivemanagementin2024Board Audit Remuneration Other remuneration Committee committe Salary remuneration Pension Bonus Total P\u00e5l Feen Larsen ---2 833 189 135 600 3 757 CEO Frode Martinussen ---1 978 14 50 -2 042 CEOsegmentR efractoryBendik Persch Andersen ---529 2 35 -566 Head of M&A, IR and Coprporate Governance, from September 15, 2024Glen Ole R\u00f8dland* 639 -15----654 Chairman of the boardJacob M\u00f8ller 210 -15----225 Board memberJan Erik Sivertsen 320 31 -----351 Board member* Helene Steen* 320 31 -----351 Board memberWenche Kj\u00f8ls\u00e5s 213 105 -----318 Board memberTotal 1 70216730 5 340 205 220 600 8 264 *Corona Maritime AS, which is controlled by Glen Ole R\u00f8dland, has a consultancy agreement with Borgestad ASA. In 2024 NOK 1,5 28,437 was invoiced, and in 2023 NOK 824,662 was invoiced. R\u00f8dland was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, wh ere a board fee of SEK 200,000 has been paid in 2024 for the period 2023/2024. *Jan Erik Sivertsen and Helene Steen was both elected board members of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, where a board fee of SEK 100,000 has been paid in 2024 for the period 2023/2024. During the financial year 2024, no loans or guarantees have been given to senior employees or board members in the Group. Remunerationpaidtoboardmemberandexecutivemanagementin2023Board Audit Other remuneration Committee Salary remunerationPension Bonus Total P\u00e5l Feen Larsen --2 800 184 125 -3 109 CEO Frode Martinussen --875 7 20 -901 CEOsegmentR efractoryfrom1stofAugust2023Glen Ole R\u00f8dland 200 -----200 ChairmanoftheboardfromJune2023Jacob M\u00f8ller 564 15----579 Chairman of the board until June 2023, board member from June 2023* Jan Erik Sivertsen 275 15----290 Board member Helene Steen 275 15----290 Board member Wenche Kj\u00f8ls\u00e5s 100 50 ----150 BoardmemberfromJune2023Gudmund Bratrud 175 -----175 DeputymemberuntilJune2023Anne Sofie T\u00f8nseth Markman 175 15----190 BoardmemberuntilJune2023Odd Rune Austgulen 175 -----175 BoardmemberuntilJune2023Total 1 9391103 675 191145- 6 059 *Ploot Invest AS, which is controlled by Jacob M\u00f8ller, had a consultancy agreement with Borgestad ASA in 2023, NOK 27,853 was invoiced. The agreement is terminated by both parties in 2023. Jacob M\u00f8ller was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB until June 2023, where a board fee of SEK 150,000 has been paid in 2023 for the period 2022/2023. During the financial year 2023, no loans or guarantees have been given to senior employees or board members in the Group. Sharesownedorcontrolledbythecompany'smanagement,Number of theboardofdirectorsandtheirrelatedparties: shares Percent 1) Jan Erik Sivertsenboard member 10 462 736 29,84 % 2) Helene Steenboard member 5 750 000 16,40 % 3) Glen Ole R\u00f8dlandChairman of the board 1 707 7594,87 % 4) Jacob M\u00f8llerboard member 1 217 9943,47 % P\u00e5l Feen Larsen, CEO 138 241 0,39 % 5) Wenche Kj\u00f8l\u00e5sboard member 100 000 0,29 % Bendik Persch Andersen, Head of M&A, Corp. dev. and IR 57 000 0,16 % Total 19 433 73055,43 % 1)AppliestothecompanyKontrariAS,whereJanErikSivertsenisgeneralmanager2)AppliestothecompanySESAS,whereHeleneSteenisprincipal/CFO3)AppliestothecompanyGrossManagem entAS,whereGlenOleR\u00f8dlandandcloserelativescontrols100%oftheshares4)AppliestothecompaniesPlootInvestASandDioneAS,bothcontrolledbyJacobM\u00f8ller5)AppliestothecompanyJawendelAS,whereWencheKj\u00f8l\u00e5sandcloserelativescontrols100%oftheshares",
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},
"f0__s12__6__40": {
"value": "Management remuneration The guidelines for management remuneration are available on Borgestad ASA\u2019s website. The remuneration to the Group Executive Operational Management Team and Board of Directors is disclosed below. Remunerationpaidtoboardmemberandexecutivemanagementin2024Board Audit Remuneration Other remuneration Committee committe Salary remuneration Pension Bonus Total P\u00e5l Feen Larsen ---2 833 189 135 600 3 757 CEO Frode Martinussen ---1 978 14 50 -2 042 CEOsegmentR efractoryBendik Persch Andersen ---529 2 35 -566 Head of M&A, IR and Coprporate Governance, from September 15, 2024Glen Ole R\u00f8dland* 639 -15----654 Chairman of the boardJacob M\u00f8ller 210 -15----225 Board memberJan Erik Sivertsen 320 31 -----351 Board member* Helene Steen* 320 31 -----351 Board memberWenche Kj\u00f8ls\u00e5s 213 105 -----318 Board memberTotal 1 70216730 5 340 205 220 600 8 264 *Corona Maritime AS, which is controlled by Glen Ole R\u00f8dland, has a consultancy agreement with Borgestad ASA. In 2024 NOK 1,5 28,437 was invoiced, and in 2023 NOK 824,662 was invoiced. R\u00f8dland was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, wh ere a board fee of SEK 200,000 has been paid in 2024 for the period 2023/2024. *Jan Erik Sivertsen and Helene Steen was both elected board members of H\u00f6gan\u00e4s Borgestad Holding AB in June 2023, where a board fee of SEK 100,000 has been paid in 2024 for the period 2023/2024. During the financial year 2024, no loans or guarantees have been given to senior employees or board members in the Group. Remunerationpaidtoboardmemberandexecutivemanagementin2023Board Audit Other remuneration Committee Salary remunerationPension Bonus Total P\u00e5l Feen Larsen --2 800 184 125 -3 109 CEO Frode Martinussen --875 7 20 -901 CEOsegmentR efractoryfrom1stofAugust2023Glen Ole R\u00f8dland 200 -----200 ChairmanoftheboardfromJune2023Jacob M\u00f8ller 564 15----579 Chairman of the board until June 2023, board member from June 2023* Jan Erik Sivertsen 275 15----290 Board member Helene Steen 275 15----290 Board member Wenche Kj\u00f8ls\u00e5s 100 50 ----150 BoardmemberfromJune2023Gudmund Bratrud 175 -----175 DeputymemberuntilJune2023Anne Sofie T\u00f8nseth Markman 175 15----190 BoardmemberuntilJune2023Odd Rune Austgulen 175 -----175 BoardmemberuntilJune2023Total 1 9391103 675 191145- 6 059 *Ploot Invest AS, which is controlled by Jacob M\u00f8ller, had a consultancy agreement with Borgestad ASA in 2023, NOK 27,853 was invoiced. The agreement is terminated by both parties in 2023. Jacob M\u00f8ller was elected chairman of H\u00f6gan\u00e4s Borgestad Holding AB until June 2023, where a board fee of SEK 150,000 has been paid in 2023 for the period 2022/2023. During the financial year 2023, no loans or guarantees have been given to senior employees or board members in the Group. Sharesownedorcontrolledbythecompany'smanagement,Number of theboardofdirectorsandtheirrelatedparties: shares Percent 1) Jan Erik Sivertsenboard member 10 462 736 29,84 % 2) Helene Steenboard member 5 750 000 16,40 % 3) Glen Ole R\u00f8dlandChairman of the board 1 707 7594,87 % 4) Jacob M\u00f8llerboard member 1 217 9943,47 % P\u00e5l Feen Larsen, CEO 138 241 0,39 % 5) Wenche Kj\u00f8l\u00e5sboard member 100 000 0,29 % Bendik Persch Andersen, Head of M&A, Corp. dev. and IR 57 000 0,16 % Total 19 433 73055,43 % 1)AppliestothecompanyKontrariAS,whereJanErikSivertsenisgeneralmanager2)AppliestothecompanySESAS,whereHeleneSteenisprincipal/CFO3)AppliestothecompanyGrossManagem entAS,whereGlenOleR\u00f8dlandandcloserelativescontrols100%oftheshares4)AppliestothecompaniesPlootInvestASandDioneAS,bothcontrolledbyJacobM\u00f8ller5)AppliestothecompanyJawendelAS,whereWencheKj\u00f8l\u00e5sandcloserelativescontrols100%oftheshares",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__42": {
"value": "Auditor\u2019s remuneration 2024 2023 Audit 3 650 2 593 Audit related services 121631 Tax related services 186 - Other services -203 Total 3 957 3 427 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__50": {
"value": "Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__49": {
"value": "Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__47": {
"value": "Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__46": {
"value": "Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__45": {
"value": "Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__44": {
"value": "Note 7 Financial income and financial cost Financeincomeandfinancecost 2024 2023 Interest income 6 412 1 763 Foreign currency gains 1 398 6 380 Other financial income 4 379 4 828 Financial income 12 19012 971Interest cost -22 697 -47 046 Interest cost leases -4 707 -4 864 Foreign currency loss -12 -19 Write down on finacial asset --1 306Other financial cost -6 825 -2 622 Financial cost -34 241 -55 856 Net other financial income/(-) cost-22 051-42 885 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__54": {
"value": "Note 8 Tax Income tax Tax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred tax assets are calculated on all differences between the accounting and tax value of assets and liabilities with the exception of: \u25c6 temporary difference related to goodwill which is not tax deductible \u25c6 temporary differences related to investments in subsidiaries or associated companies if the Group controls the timing of when the temporary differences will be reversed, and this is not expected to happen in the foreseeable future. Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficient tax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject to relatively strict requirements regarding the likelihood of actual future utilization. The accounting for this is therefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost for the year. Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies in the Group where temporary differences have arisen. Deferred tax is presented net when there is a legal right to set off payable tax against tax benefits within the same tax system, and the Group is expected to make a net settlement. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__52-1": {
"value": "Note 8 Tax Income tax Tax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred tax assets are calculated on all differences between the accounting and tax value of assets and liabilities with the exception of: \u25c6 temporary difference related to goodwill which is not tax deductible \u25c6 temporary differences related to investments in subsidiaries or associated companies if the Group controls the timing of when the temporary differences will be reversed, and this is not expected to happen in the foreseeable future. Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficient tax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject to relatively strict requirements regarding the likelihood of actual future utilization. The accounting for this is therefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost for the year. Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies in the Group where temporary differences have arisen. Deferred tax is presented net when there is a legal right to set off payable tax against tax benefits within the same tax system, and the Group is expected to make a net settlement. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income.Deferred tax asset Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset. The limitation in deferred tax assets relates to Norway and is a result of carry-forward losses that cannot be expected to be used against future tax-related operating income/profits in the foreseeable future. Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freeze following the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in the years 2024 and 2025 due to expected increased profitability in the Swedish companies.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__51": {
"value": "Note 8 Tax Income tax Tax expense consists of payable tax and changes in deferred tax. Deferred tax liability and deferred tax assets are calculated on all differences between the accounting and tax value of assets and liabilities with the exception of: \u25c6 temporary difference related to goodwill which is not tax deductible \u25c6 temporary differences related to investments in subsidiaries or associated companies if the Group controls the timing of when the temporary differences will be reversed, and this is not expected to happen in the foreseeable future. Deferred tax assets are recognized in the balance sheet when it is likely that the company will have sufficient tax profits in later periods to make use of the tax advantage. Accounting for deferred tax assets is subject to relatively strict requirements regarding the likelihood of actual future utilization. The accounting for this is therefore based on comprehensive assessments. Any changes in the estimate are included in the tax cost for the year. Deferred tax assets and liabilities are measured based on the expected future tax rate of the companies in the Group where temporary differences have arisen. Deferred tax is presented net when there is a legal right to set off payable tax against tax benefits within the same tax system, and the Group is expected to make a net settlement. Current taxes and changes in deferred tax are taken to other comprehensive income to the extent that they relate to items that are included in other comprehensive income. Income tax expense 2024 2023 Current income tax expense 14 482 12 147 Changes in deferred tax 6 039 14 162 Tax expense 20 52126 309 ReconciliationoftaxexpensetoNorwegiannominalstatutorytaxrateIncome (loss) before tax 82 285 -37 283 Expected income taxes at statutory tax rate 10 459 -6 528 Non deductible expenses 17 581 6 648 Changes in unrecognised deferred tax asset -7 519 26 189 Tax expense 20 52126 309 TaxeffectsoftemporarydifferencesandtaxlosscarryforwardsgivingrisetodeferredtaxassetsandliabilitiesCurrent asset -63 480 -98 014 Property, plant and equipment 2 122 -3 049 Revaluation account currency 48 211 35 829 Pensions -1 221-1 442Other non-current liabilities 670 432 Long term debt -1 8931 130Profit and loss account 4 670 4 305 Accrual Fund Sweden 4 645 4 420 Tax loss carryforwards -44 864 -55 822 Of which not recognized as tax asset 50 485 106 464 Net deferred tax assets (liabilities) -654 -5 746 Deferred tax assets 8 941 13 734 Deferred tax liabilities -8 288 -7 988 Deferred tax asset Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset. The limitation in deferred tax assets relates to Norway and is a result of carry-forward losses that cannot be expected to be used against future tax-related operating income/profits in the foreseeable future. Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freeze following the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in the years 2024 and 2025 due to expected increased profitability in the Swedish companies. Taxlosscarriedforward 2024 2023 Norway 38 678 45 766 Sweden 5 932 10 057 Poland 254 -Totaltaxlosscarriedforward44 864 55 822 Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization of these deficits is not time limited. Deficit carryforwards in Poland have a limitation on utilization of five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__55": {
"value": "Income tax expense 2024 2023 Current income tax expense 14 482 12 147 Changes in deferred tax 6 039 14 162 Tax expense 20 52126 309 ReconciliationoftaxexpensetoNorwegiannominalstatutorytaxrateIncome (loss) before tax 82 285 -37 283 Expected income taxes at statutory tax rate 10 459 -6 528 Non deductible expenses 17 581 6 648 Changes in unrecognised deferred tax asset -7 519 26 189 Tax expense 20 52126 309 TaxeffectsoftemporarydifferencesandtaxlosscarryforwardsgivingrisetodeferredtaxassetsandliabilitiesCurrent asset -63 480 -98 014 Property, plant and equipment 2 122 -3 049 Revaluation account currency 48 211 35 829 Pensions -1 221-1 442Other non-current liabilities 670 432 Long term debt -1 8931 130Profit and loss account 4 670 4 305 Accrual Fund Sweden 4 645 4 420 Tax loss carryforwards -44 864 -55 822 Of which not recognized as tax asset 50 485 106 464 Net deferred tax assets (liabilities) -654 -5 746 Deferred tax assets 8 941 13 734 Deferred tax liabilities -8 288 -7 988 Deferred tax asset Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset. The limitation in deferred tax assets relates to Norway and is a result of carry-forward losses that cannot be expected to be used against future tax-related operating income/profits in the foreseeable future. Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freeze following the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in the years 2024 and 2025 due to expected increased profitability in the Swedish companies. Taxlosscarriedforward 2024 2023 Norway 38 678 45 766 Sweden 5 932 10 057 Poland 254 -Totaltaxlosscarriedforward44 864 55 822 Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization of these deficits is not time limited. Deficit carryforwards in Poland have a limitation on utilization of five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__56": {
"value": "Deferred tax asset Deferred tax assets are calculated based on temporary differences which are assumed to be reversed in the foreseeable future. When entering the deferred tax asset in the balance sheet, the Group has assessed whether it is likely that the Group can make use of the calculated deferred tax asset through future earnings. When it has not been proven that the calculated tax asset can be utilized against future earnings, a limitation has been made in the balance sheet entry of the deferred tax asset. The limitation in deferred tax assets relates to Norway and is a result of carry-forward losses that cannot be expected to be used against future tax-related operating income/profits in the foreseeable future. Deferred tax assets in Sweden are restricted from utilization until the tax year 2024 due to a Group freeze following the reorganization in 2018 and 2019. It is estimated that the carry forward loss will be used in the years 2024 and 2025 due to expected increased profitability in the Swedish companies. Taxlosscarriedforward 2024 2023 Norway 38 678 45 766 Sweden 5 932 10 057 Poland 254 -Totaltaxlosscarriedforward44 864 55 822 Deficits carried forward in Norway and Sweden can be used for the foreseeable future, as the utilization of these deficits is not time limited. Deficit carryforwards in Poland have a limitation on utilization of five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__58": {
"value": "Note 9 Earnings per share Earnings per share is calculated by dividing the majority\u2019s earnings related to ordinary shareholders in the parent company by a weighted average number of outstanding shares in the financial year. Diluted earnings per share are calculated by dividing the majority\u2019s earnings related to ordinary shareholders in the parent company by the average number of outstanding shares in the financial year plus a weighted average of the shares, conversion rights or options that can potentially be converted into ordinary shares. As of December 31, 2024, and 2023, there was no difference between earnings per share and diluted earnings per share in Borgestad.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__57": {
"value": "Note 9 Earnings per share Earnings per share is calculated by dividing the majority\u2019s earnings related to ordinary shareholders in the parent company by a weighted average number of outstanding shares in the financial year. Diluted earnings per share are calculated by dividing the majority\u2019s earnings related to ordinary shareholders in the parent company by the average number of outstanding shares in the financial year plus a weighted average of the shares, conversion rights or options that can potentially be converted into ordinary shares. As of December 31, 2024, and 2023, there was no difference between earnings per share and diluted earnings per share in Borgestad. Basis of calculation 2024 2023 Weighted average number of ordinary shares 35 062 339 983 Weightedaveragenumberofshares35 062 339 983 Result per shareTotal profit attributable to equity holders of the parent 45 229 -78 281 Basic and diluted earnings per share 1.29-0.23",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s12__6__62-1": {
"value": "Note 10Investment property Investment property The Group\u2019s investment property is listed at acquisition cost, less accumulated depreciation and write -downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labour costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime. 2024 2023 Carrying amount shopping Center, Poland 729 553 701 407 See note 12 for specification for changes in the carrying amount. Carrying amount for Agora Bytom is MNOK 729.6 while the estimated fair value MNOK 743.2 or MEUR 63.9. Specification 2024 2023 Rental income 79 259 69 146 Direct operating expenses generating rental income 31 93032 051 Depreciation 8 658 8 458 Write downs -90 126 Depreciation method: Linear Economic life 100 years 100 years Investment property During the financial year, Management did not identify any indicators of impairment for Agora Bytom. The recoverable amount of Agora Bytom has been determined based on the highest value of its fair value less cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report based on value in use. The fair value of the investment property is estimated to be the same value range as value in use, but with deduction of transaction costs. The value in use was calculated using discounted cash flow projections from financial forecasts approved by Management covering a ten-year period. The accounting standard suggests using a five -year cash flow projection period for these tests. However, Management considers using a longer projection period reflects the business cycle more accurately, providing a more realistic estimate of the asset\u2019s value. The assessment is supported by the Company\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore, Management believes that utilizing longer periods aligns with market practice. Management acknowledge that a longer projection period introduces more uncertainty into the cash flow estimates, however Management believes that the reliability of the Groups data and robust forecasting methods supports a ten -year cash flow projection. The value in use estimate is based on significant unobservable inputs. These inputs include: Discount Rate The present value of future cash flows was calculated using a pre-tax discount rate of 8.6% and a post-tax discount rate of 7.4%. These rates reflect current market assessments of the time value of money and the risks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC. Rent per sqmRent level is estimated to be at EUR 15.25 per sqm per month in 2025 and is forecasted to increase at a steady growth rate of 2%. Estimated rent at EUR 15.25 per sqm is estimated based on signed leases at EUR 16.81 per sqm with deduction of discounts to tenants. Vacancy Estimated vacancy rates are based on current and expected future market conditions in line with the average market vacancy in the Polish region Agora Bytom operates in. Estimated vacancies included in terminal period are at 4 percent. Capitalization expenses Capitalization rates are based on actual location in Poland, size and quality of the properties and taking into account market data at the valuation date. Management anticipates a rise in capital expenditure towards the conclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence to regulatory standards. Terminal value Cash flows beyond this ten-year period were extrapolated using a steady growth rate of 2%, which is consistent with the long-term average growth rate for the industry. Sensitivities The below tables show the calculated value in use, valuated in euro, for the investment property given changes in the different assumptions. TerminalgrowthWACC 0.50 % 1.00 % 1.50 % 2.00 % 2.50 % 3.00 % 3.50 % 5.90 % 70 578 75 313 81 13188 453 97 948 110 752 128 961 6.40 % 64 496 68 270 72 818 78 408 85 443 94 565 106 866 6.90 % 59 373 62 430 66 056 70 427 75 798 82 558 91 324 7.40 % 55 000 57 510 60 448 63 933 68 134 73 296 79 793 7.90 % 51 223 53 309 55 722 58 546 61 896 65 934 70 897 8.40 % 47 929 49 680 51 685 54 005 56 720 59 941 63 824 8.90 % 45 032 46 514 48 197 50 125 52 356 54 968 58 065 VacancyinterminalWACC 7.00 % 6.00 % 5.00 % 4.00 % 3.00 % 2.00 % 1.00 % 3.00 %2.00 %1.00%- -1.00 %-2.00%-3.00 % 6.40 % 75 990 76 796 77 602 78 408 79 214 80 020 80 826 6.90 % 68 342 69 037 69 732 70 427 71 122 71 81772 512 7.40 % 62 11662 722 63 327 63 933 64 539 65 144 65 750 7.90 % 56 948 57 480 58 013 58 546 59 078 59 611 60 144 8.40 % 52 589 53 061 53 533 54 005 54 477 54 949 55 421 8.90 % 48 863 49 284 49 705 50 125 50 546 50 967 51 388 CapexinterminalWACC 680 000 630 000 580 000 530 000 480 000 430 000 380 000 -150 000-100 000-50 000 - 50 000 100 000 150 0005.90 % 86 065 86 861 87 657 88 453 89 249 90 044 90 840 6.90 % 68 676 69 259 69 843 70 427 71 01171 595 72 178 7.40 % 62 406 62 915 63 424 63 933 64 442 64 951 65 459 7.90 % 57 203 57 651 58 098 58 546 58 993 59 441 59 888 8.40 % 52 816 53 212 53 608 54 005 54 401 54 798 55 194 8.90 % 49 065 49 418 49 772 50 125 50 479 50 832 51 186 Rent/sqmWACCEUR / Sqm->14.814.915.115.315.415.615.7%-change->-3.00 %-2.00 %-1.00 %0.00 % 1.00 % 2.00 % 3.00 % 5.90 % 85 662 86 592 87 522 88 453 89 383 90 313 91 243 6.40 % 75 934 76 759 77 583 78 408 79 233 80 057 80 882 7.40 % 61 915 62 588 63 260 63 933 64 605 65 278 65 950 7.90 % 56 698 57 314 57 930 58 546 59 162 59 778 60 393 8.40 % 52 300 52 869 53 437 54 005 54 573 55 14155 709 8.90 % 48 543 49 071 49 598 50 125 50 653 51 180 51 708 Depreciation and write-downs The Group\u2019s operating assets are depreciated and assessed in terms of write-down according to the principles described in the introduction. Depreciation is calculated using the straight-line method over the following useful life. Estimate uncertainty related to depreciation When calculating depreciation for the operating assets, the economic lifetime and the residual value at the end of their useful life are based on estimates. Lease contracts The Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases, the minimum rental income for consolidated investment properties is due as follows: Lease contractsat 31.12havethefollowing maturitystructuremeasuredinannual rent 2024 2023 1 year57 215 55 897 1 < 5 years127 476 124 921 >5 \u00e5r 36 373 22 651 Total 221 063 203 469 When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate of NOK/EUR 11.6249 for the 2024 figures and NOK/EUR 11.4242 for 2023 figures has been applied.Note 12 Property, plant and equipment, Intangible assets and Investment property Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales. Investment Land andAssets under Machinery Lisens, 2024 property buildings construction and vehicles trademark Total Cost at 1 January 1 176 72318 670 4 616 267 184 31 3951 498 588 Additions 1 838 2 490 541 6 945 407 12 220 Disposals -1 897-6 420 --9 568 --17 885Reclassification ---5 039 5 039 --Effects of changes in foreign exchange rates 58 393 31 74 4 483 524 63 506 Cost at31 December123505714 772192274 083 32 326 1556430-Accumulated depreciation and impairment at 1 January 475 316 5 396 -230 1182 897 713 727 Disposals -1 748-3 533 --9 104 - -14 385 Depreciation 8 658 573 -6 452 3 298 18 981 Impairments ------Effects of changes in foreign exchange rates 23 279 26 -3 950 100 27 354 Accumulated depreciation and impairment at 31 December 505 505 2 462 - 231 4166 294 745 677 Carryingamountat31December729 553 12 31019242 666 26 032 810 754 Borgestad ASA sold its former head office in Skien in 2024 with a profit of MNOK 5.5. The property was sold to the company Gunnar Knudsens veg 144 AS. Borgestad ASA owns 10% of this company. Investment Land andAssets under Machinery Lisens, 2023 property buildings construction and vehicles trademark Total Cost at 1 January 1 100 29479 034 25 807 244 866 1 7211 451 722Additions 5 647 75 9 741 5 206 17 245 37 912 Disposals, and assets classified as held for sale --64 869 -18 384 -1 658--84 912 Reclassification ---14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865 Cost at31 December117672318 670 4 61626718431 395 1 498 588Accumulated depreciation and impairment at 1 January 355 286 51 907-210 419 548 618 160 Disposals, and assets classified as held for sale - -51 704 --1 196- -52 900 Depreciation 8 458 924 -6 838 2 273 18 493 Impairments 90 126 ----90 126 Effects of changes in foreign exchange rates 21 4464 269 -14 057 75 39 847 Accumulated depreciation and impairment at 31 December 475 3165 396 - 2301182 897 713 727Carryingamountat31December701 407 13 274 4 61637 066 28 499 784 861 Fixed assets Economic life Depreciation method Investment property 100 year linear Buildings 20 \u2013 50 year linear Lisens, trademark 10 year linear Machinery and vehicles 3 \u2013 20 year linear Land not depreciated not depreciated",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__61": {
"value": "Note 10Investment property Investment property The Group\u2019s investment property is listed at acquisition cost, less accumulated depreciation and write -downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labour costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime. 2024 2023 Carrying amount shopping Center, Poland 729 553 701 407 See note 12 for specification for changes in the carrying amount. Carrying amount for Agora Bytom is MNOK 729.6 while the estimated fair value MNOK 743.2 or MEUR 63.9. Specification 2024 2023 Rental income 79 259 69 146 Direct operating expenses generating rental income 31 93032 051 Depreciation 8 658 8 458 Write downs -90 126 Depreciation method: Linear Economic life 100 years 100 years Investment property During the financial year, Management did not identify any indicators of impairment for Agora Bytom. The recoverable amount of Agora Bytom has been determined based on the highest value of its fair value less cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report based on value in use. The fair value of the investment property is estimated to be the same value range as value in use, but with deduction of transaction costs. The value in use was calculated using discounted cash flow projections from financial forecasts approved by Management covering a ten-year period. The accounting standard suggests using a five -year cash flow projection period for these tests. However, Management considers using a longer projection period reflects the business cycle more accurately, providing a more realistic estimate of the asset\u2019s value. The assessment is supported by the Company\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore, Management believes that utilizing longer periods aligns with market practice. Management acknowledge that a longer projection period introduces more uncertainty into the cash flow estimates, however Management believes that the reliability of the Groups data and robust forecasting methods supports a ten -year cash flow projection. The value in use estimate is based on significant unobservable inputs. These inputs include: Discount Rate The present value of future cash flows was calculated using a pre-tax discount rate of 8.6% and a post-tax discount rate of 7.4%. These rates reflect current market assessments of the time value of money and the risks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC. Rent per sqmRent level is estimated to be at EUR 15.25 per sqm per month in 2025 and is forecasted to increase at a steady growth rate of 2%. Estimated rent at EUR 15.25 per sqm is estimated based on signed leases at EUR 16.81 per sqm with deduction of discounts to tenants. Vacancy Estimated vacancy rates are based on current and expected future market conditions in line with the average market vacancy in the Polish region Agora Bytom operates in. Estimated vacancies included in terminal period are at 4 percent. Capitalization expenses Capitalization rates are based on actual location in Poland, size and quality of the properties and taking into account market data at the valuation date. Management anticipates a rise in capital expenditure towards the conclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence to regulatory standards. Terminal value Cash flows beyond this ten-year period were extrapolated using a steady growth rate of 2%, which is consistent with the long-term average growth rate for the industry. Sensitivities The below tables show the calculated value in use, valuated in euro, for the investment property given changes in the different assumptions. TerminalgrowthWACC 0.50 % 1.00 % 1.50 % 2.00 % 2.50 % 3.00 % 3.50 % 5.90 % 70 578 75 313 81 13188 453 97 948 110 752 128 961 6.40 % 64 496 68 270 72 818 78 408 85 443 94 565 106 866 6.90 % 59 373 62 430 66 056 70 427 75 798 82 558 91 324 7.40 % 55 000 57 510 60 448 63 933 68 134 73 296 79 793 7.90 % 51 223 53 309 55 722 58 546 61 896 65 934 70 897 8.40 % 47 929 49 680 51 685 54 005 56 720 59 941 63 824 8.90 % 45 032 46 514 48 197 50 125 52 356 54 968 58 065 VacancyinterminalWACC 7.00 % 6.00 % 5.00 % 4.00 % 3.00 % 2.00 % 1.00 % 3.00 %2.00 %1.00%- -1.00 %-2.00%-3.00 % 6.40 % 75 990 76 796 77 602 78 408 79 214 80 020 80 826 6.90 % 68 342 69 037 69 732 70 427 71 122 71 81772 512 7.40 % 62 11662 722 63 327 63 933 64 539 65 144 65 750 7.90 % 56 948 57 480 58 013 58 546 59 078 59 611 60 144 8.40 % 52 589 53 061 53 533 54 005 54 477 54 949 55 421 8.90 % 48 863 49 284 49 705 50 125 50 546 50 967 51 388 CapexinterminalWACC 680 000 630 000 580 000 530 000 480 000 430 000 380 000 -150 000-100 000-50 000 - 50 000 100 000 150 0005.90 % 86 065 86 861 87 657 88 453 89 249 90 044 90 840 6.90 % 68 676 69 259 69 843 70 427 71 01171 595 72 178 7.40 % 62 406 62 915 63 424 63 933 64 442 64 951 65 459 7.90 % 57 203 57 651 58 098 58 546 58 993 59 441 59 888 8.40 % 52 816 53 212 53 608 54 005 54 401 54 798 55 194 8.90 % 49 065 49 418 49 772 50 125 50 479 50 832 51 186 Rent/sqmWACCEUR / Sqm->14.814.915.115.315.415.615.7%-change->-3.00 %-2.00 %-1.00 %0.00 % 1.00 % 2.00 % 3.00 % 5.90 % 85 662 86 592 87 522 88 453 89 383 90 313 91 243 6.40 % 75 934 76 759 77 583 78 408 79 233 80 057 80 882 7.40 % 61 915 62 588 63 260 63 933 64 605 65 278 65 950 7.90 % 56 698 57 314 57 930 58 546 59 162 59 778 60 393 8.40 % 52 300 52 869 53 437 54 005 54 573 55 14155 709 8.90 % 48 543 49 071 49 598 50 125 50 653 51 180 51 708 Depreciation and write-downs The Group\u2019s operating assets are depreciated and assessed in terms of write-down according to the principles described in the introduction. Depreciation is calculated using the straight-line method over the following useful life. Estimate uncertainty related to depreciation When calculating depreciation for the operating assets, the economic lifetime and the residual value at the end of their useful life are based on estimates. Lease contracts The Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases, the minimum rental income for consolidated investment properties is due as follows: Lease contractsat 31.12havethefollowing maturitystructuremeasuredinannual rent 2024 2023 1 year57 215 55 897 1 < 5 years127 476 124 921 >5 \u00e5r 36 373 22 651 Total 221 063 203 469 When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate of NOK/EUR 11.6249 for the 2024 figures and NOK/EUR 11.4242 for 2023 figures has been applied.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__60": {
"value": "Note 10Investment property Investment property The Group\u2019s investment property is listed at acquisition cost, less accumulated depreciation and write -downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labour costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__59": {
"value": "Note 10Investment property Investment property The Group\u2019s investment property is listed at acquisition cost, less accumulated depreciation and write -downs. Acquisition cost includes transaction costs for purchase, and design costs, direct labour costs, borrowing costs, other direct costs and related fixed costs for construction or development. Expenses are added to the investment property if it is likely that these will provide future value, and the expense can be measured reliably. Other expenses for repair and maintenance are recognized in the income statement in the period in which they are incurred. The investment properties are depreciated on a straight-line basis over their expected lifetime. 2024 2023 Carrying amount shopping Center, Poland 729 553 701 407 See note 12 for specification for changes in the carrying amount. Carrying amount for Agora Bytom is MNOK 729.6 while the estimated fair value MNOK 743.2 or MEUR 63.9. Specification 2024 2023 Rental income 79 259 69 146 Direct operating expenses generating rental income 31 93032 051 Depreciation 8 658 8 458 Write downs -90 126 Depreciation method: Linear Economic life 100 years 100 years Investment property During the financial year, Management did not identify any indicators of impairment for Agora Bytom. The recoverable amount of Agora Bytom has been determined based on the highest value of its fair value less cost of disposal and its value in use, and the recoverable amount used in the Group\u2019s annual report based on value in use. The fair value of the investment property is estimated to be the same value range as value in use, but with deduction of transaction costs. The value in use was calculated using discounted cash flow projections from financial forecasts approved by Management covering a ten-year period. The accounting standard suggests using a five -year cash flow projection period for these tests. However, Management considers using a longer projection period reflects the business cycle more accurately, providing a more realistic estimate of the asset\u2019s value. The assessment is supported by the Company\u2019s history of a good track record of extending or re-leasing the area to other tenants. Furthermore, Management believes that utilizing longer periods aligns with market practice. Management acknowledge that a longer projection period introduces more uncertainty into the cash flow estimates, however Management believes that the reliability of the Groups data and robust forecasting methods supports a ten -year cash flow projection. The value in use estimate is based on significant unobservable inputs. These inputs include: Discount Rate The present value of future cash flows was calculated using a pre-tax discount rate of 8.6% and a post-tax discount rate of 7.4%. These rates reflect current market assessments of the time value of money and the risks specific to Agora Bytom. The discount rate is calculated by an applicable market WACC. Rent per sqmRent level is estimated to be at EUR 15.25 per sqm per month in 2025 and is forecasted to increase at a steady growth rate of 2%. Estimated rent at EUR 15.25 per sqm is estimated based on signed leases at EUR 16.81 per sqm with deduction of discounts to tenants. Vacancy Estimated vacancy rates are based on current and expected future market conditions in line with the average market vacancy in the Polish region Agora Bytom operates in. Estimated vacancies included in terminal period are at 4 percent. Capitalization expenses Capitalization rates are based on actual location in Poland, size and quality of the properties and taking into account market data at the valuation date. Management anticipates a rise in capital expenditure towards the conclusion of the projected timeline, attributable to climate risk considerations, to ensure adherence to regulatory standards. Terminal value Cash flows beyond this ten-year period were extrapolated using a steady growth rate of 2%, which is consistent with the long-term average growth rate for the industry. Sensitivities The below tables show the calculated value in use, valuated in euro, for the investment property given changes in the different assumptions. TerminalgrowthWACC 0.50 % 1.00 % 1.50 % 2.00 % 2.50 % 3.00 % 3.50 % 5.90 % 70 578 75 313 81 13188 453 97 948 110 752 128 961 6.40 % 64 496 68 270 72 818 78 408 85 443 94 565 106 866 6.90 % 59 373 62 430 66 056 70 427 75 798 82 558 91 324 7.40 % 55 000 57 510 60 448 63 933 68 134 73 296 79 793 7.90 % 51 223 53 309 55 722 58 546 61 896 65 934 70 897 8.40 % 47 929 49 680 51 685 54 005 56 720 59 941 63 824 8.90 % 45 032 46 514 48 197 50 125 52 356 54 968 58 065 VacancyinterminalWACC 7.00 % 6.00 % 5.00 % 4.00 % 3.00 % 2.00 % 1.00 % 3.00 %2.00 %1.00%- -1.00 %-2.00%-3.00 % 6.40 % 75 990 76 796 77 602 78 408 79 214 80 020 80 826 6.90 % 68 342 69 037 69 732 70 427 71 122 71 81772 512 7.40 % 62 11662 722 63 327 63 933 64 539 65 144 65 750 7.90 % 56 948 57 480 58 013 58 546 59 078 59 611 60 144 8.40 % 52 589 53 061 53 533 54 005 54 477 54 949 55 421 8.90 % 48 863 49 284 49 705 50 125 50 546 50 967 51 388 CapexinterminalWACC 680 000 630 000 580 000 530 000 480 000 430 000 380 000 -150 000-100 000-50 000 - 50 000 100 000 150 0005.90 % 86 065 86 861 87 657 88 453 89 249 90 044 90 840 6.90 % 68 676 69 259 69 843 70 427 71 01171 595 72 178 7.40 % 62 406 62 915 63 424 63 933 64 442 64 951 65 459 7.90 % 57 203 57 651 58 098 58 546 58 993 59 441 59 888 8.40 % 52 816 53 212 53 608 54 005 54 401 54 798 55 194 8.90 % 49 065 49 418 49 772 50 125 50 479 50 832 51 186 Rent/sqmWACCEUR / Sqm->14.814.915.115.315.415.615.7%-change->-3.00 %-2.00 %-1.00 %0.00 % 1.00 % 2.00 % 3.00 % 5.90 % 85 662 86 592 87 522 88 453 89 383 90 313 91 243 6.40 % 75 934 76 759 77 583 78 408 79 233 80 057 80 882 7.40 % 61 915 62 588 63 260 63 933 64 605 65 278 65 950 7.90 % 56 698 57 314 57 930 58 546 59 162 59 778 60 393 8.40 % 52 300 52 869 53 437 54 005 54 573 55 14155 709 8.90 % 48 543 49 071 49 598 50 125 50 653 51 180 51 708 Depreciation and write-downs The Group\u2019s operating assets are depreciated and assessed in terms of write-down according to the principles described in the introduction. Depreciation is calculated using the straight-line method over the following useful life. Estimate uncertainty related to depreciation When calculating depreciation for the operating assets, the economic lifetime and the residual value at the end of their useful life are based on estimates. Lease contracts The Group enters into contracts for the rental of real estate (investment property). For non-cancelable leases, the minimum rental income for consolidated investment properties is due as follows: Lease contractsat 31.12havethefollowing maturitystructuremeasuredinannual rent 2024 2023 1 year57 215 55 897 1 < 5 years127 476 124 921 >5 \u00e5r 36 373 22 651 Total 221 063 203 469 When converting from EUR to NOK for future rental income for Agora Bytom Sp. z o.o. an exchange rate of NOK/EUR 11.6249 for the 2024 figures and NOK/EUR 11.4242 for 2023 figures has been applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__65": {
"value": "Note 11Assets classified as held for sale Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held-for-sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and it is expected that the sale will be completed within a year. Property, plant, and equipment and intangible assets are not depreciated or amortized once classified as held for sale. H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered into a conditional agreement with Bjuv municipality in Sweden on October 27, 2023, for a sale and leaseback transaction for two properties in Sweden where the Group\u2019s production plant and other production facilities for refractory products are located. Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and then lease the production facilities back to continue its production of refractory products in line with previous practice. Prior to the completion of the transaction, the two properties will be transferred to a new wholly owned subsidiary of H\u00f6gan\u00e4s Bjuf Fastighets AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s Bjuf Fastighets AB of the shares in this subsidiary. The transaction was approved by the Municipal Council of Bjuv December 11, 2023, but a complaint regarding the approval from Bjuv municipality has been received prior to the expiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, in the claimant\u2019s opinion, significantly exceeds the market value of the two properties. The Administrative Court in Malm\u00f6 (the \u201cAdministrative Court\u201d) has processed the complaint. According to the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court has decided to revoke Bjuv municipality\u2019s approval of the Transaction. Bjuv municipality has in March 2025 appealed the Administrative Court\u2019s ruling. The approval of the transaction by Bjuv municipality will only become binding once the complaint has been finally resolved in the claimant\u2019s favor, and the completion of the transaction is conditional upon such binding approval. Bjuv municipality and H\u00f6gan\u00e4s Bjuf Fastighets AB entered into an amendment of the agreement regarding the long stop date in November 2024. The original long stop date was set for December 31, 2024, but has been extended until December 31, 2025. In connection with the sale, the Group has outstanding interest-bearing debt to Nordea that will be repaid upon completion of the transaction. Total amounts due at completion is MNOK 44.2 as of December 31, 2024. The loan amount is classified as interest-bearing debt under current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__64": {
"value": "Note 11Assets classified as held for sale Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held-for-sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and it is expected that the sale will be completed within a year. Property, plant, and equipment and intangible assets are not depreciated or amortized once classified as held for sale. H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered into a conditional agreement with Bjuv municipality in Sweden on October 27, 2023, for a sale and leaseback transaction for two properties in Sweden where the Group\u2019s production plant and other production facilities for refractory products are located. Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and then lease the production facilities back to continue its production of refractory products in line with previous practice. Prior to the completion of the transaction, the two properties will be transferred to a new wholly owned subsidiary of H\u00f6gan\u00e4s Bjuf Fastighets AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s Bjuf Fastighets AB of the shares in this subsidiary. The transaction was approved by the Municipal Council of Bjuv December 11, 2023, but a complaint regarding the approval from Bjuv municipality has been received prior to the expiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, in the claimant\u2019s opinion, significantly exceeds the market value of the two properties. The Administrative Court in Malm\u00f6 (the \u201cAdministrative Court\u201d) has processed the complaint. According to the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court has decided to revoke Bjuv municipality\u2019s approval of the Transaction. Bjuv municipality has in March 2025 appealed the Administrative Court\u2019s ruling. The approval of the transaction by Bjuv municipality will only become binding once the complaint has been finally resolved in the claimant\u2019s favor, and the completion of the transaction is conditional upon such binding approval. Bjuv municipality and H\u00f6gan\u00e4s Bjuf Fastighets AB entered into an amendment of the agreement regarding the long stop date in November 2024. The original long stop date was set for December 31, 2024, but has been extended until December 31, 2025. In connection with the sale, the Group has outstanding interest-bearing debt to Nordea that will be repaid upon completion of the transaction. Total amounts due at completion is MNOK 44.2 as of December 31, 2024. The loan amount is classified as interest-bearing debt under current liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__63": {
"value": "Note 11Assets classified as held for sale Non-current assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be recovered principally through sale rather than continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and presented separately as assets held for sale and liabilities held for sale in the statement of financial position. The criteria for held-for-sale classification are regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the plan will be made or that the plan to sell will be withdrawn. In addition, management must be committed to the plan, and it is expected that the sale will be completed within a year. Property, plant, and equipment and intangible assets are not depreciated or amortized once classified as held for sale. H\u00f6gan\u00e4s Bjuf Fastighets AB, an indirect subsidiary of Borgestad ASA, entered into a conditional agreement with Bjuv municipality in Sweden on October 27, 2023, for a sale and leaseback transaction for two properties in Sweden where the Group\u2019s production plant and other production facilities for refractory products are located. Borgestad Group will sell the two properties, including the production facilities, to Bjuv municipality and then lease the production facilities back to continue its production of refractory products in line with previous practice. Prior to the completion of the transaction, the two properties will be transferred to a new wholly owned subsidiary of H\u00f6gan\u00e4s Bjuf Fastighets AB, and the transaction will be structured as a sale by H\u00f6gan\u00e4s Bjuf Fastighets AB of the shares in this subsidiary. The transaction was approved by the Municipal Council of Bjuv December 11, 2023, but a complaint regarding the approval from Bjuv municipality has been received prior to the expiration of the appeal period. The complaint relates to the purchase price in the transaction and that this, in the claimant\u2019s opinion, significantly exceeds the market value of the two properties. The Administrative Court in Malm\u00f6 (the \u201cAdministrative Court\u201d) has processed the complaint. According to the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court has decided to revoke Bjuv municipality\u2019s approval of the Transaction. Bjuv municipality has in March 2025 appealed the Administrative Court\u2019s ruling. The approval of the transaction by Bjuv municipality will only become binding once the complaint has been finally resolved in the claimant\u2019s favor, and the completion of the transaction is conditional upon such binding approval. Bjuv municipality and H\u00f6gan\u00e4s Bjuf Fastighets AB entered into an amendment of the agreement regarding the long stop date in November 2024. The original long stop date was set for December 31, 2024, but has been extended until December 31, 2025. In connection with the sale, the Group has outstanding interest-bearing debt to Nordea that will be repaid upon completion of the transaction. Total amounts due at completion is MNOK 44.2 as of December 31, 2024. The loan amount is classified as interest-bearing debt under current liabilities. Assets(NOK1000)31.12. 202 431.12.2023Buildings and plant 13 907 13 165 Total assets classified as held for sale 13 907 13 165",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__75": {
"value": "Note 12 Property, plant and equipment, Intangible assets and Investment property Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales. Investment Land andAssets under Machinery Lisens, 2024 property buildings construction and vehicles trademark Total Cost at 1 January 1 176 72318 670 4 616 267 184 31 3951 498 588 Additions 1 838 2 490 541 6 945 407 12 220 Disposals -1 897-6 420 --9 568 --17 885Reclassification ---5 039 5 039 --Effects of changes in foreign exchange rates 58 393 31 74 4 483 524 63 506 Cost at31 December123505714 772192274 083 32 326 1556430-Accumulated depreciation and impairment at 1 January 475 316 5 396 -230 1182 897 713 727 Disposals -1 748-3 533 --9 104 - -14 385 Depreciation 8 658 573 -6 452 3 298 18 981 Impairments ------Effects of changes in foreign exchange rates 23 279 26 -3 950 100 27 354 Accumulated depreciation and impairment at 31 December 505 505 2 462 - 231 4166 294 745 677 Carryingamountat31December729 553 12 31019242 666 26 032 810 754 Borgestad ASA sold its former head office in Skien in 2024 with a profit of MNOK 5.5. The property was sold to the company Gunnar Knudsens veg 144 AS. Borgestad ASA owns 10% of this company. Investment Land andAssets under Machinery Lisens, 2023 property buildings construction and vehicles trademark Total Cost at 1 January 1 100 29479 034 25 807 244 866 1 7211 451 722Additions 5 647 75 9 741 5 206 17 245 37 912 Disposals, and assets classified as held for sale --64 869 -18 384 -1 658--84 912 Reclassification ---14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865 Cost at31 December117672318 670 4 61626718431 395 1 498 588Accumulated depreciation and impairment at 1 January 355 286 51 907-210 419 548 618 160 Disposals, and assets classified as held for sale - -51 704 --1 196- -52 900 Depreciation 8 458 924 -6 838 2 273 18 493 Impairments 90 126 ----90 126 Effects of changes in foreign exchange rates 21 4464 269 -14 057 75 39 847 Accumulated depreciation and impairment at 31 December 475 3165 396 - 2301182 897 713 727Carryingamountat31December701 407 13 274 4 61637 066 28 499 784 861 Fixed assets Economic life Depreciation method Investment property 100 year linear Buildings 20 \u2013 50 year linear Lisens, trademark 10 year linear Machinery and vehicles 3 \u2013 20 year linear Land not depreciated not depreciated",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__70": {
"value": "Note 12 Property, plant and equipment, Intangible assets and Investment property Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales. Investment Land andAssets under Machinery Lisens, 2024 property buildings construction and vehicles trademark Total Cost at 1 January 1 176 72318 670 4 616 267 184 31 3951 498 588 Additions 1 838 2 490 541 6 945 407 12 220 Disposals -1 897-6 420 --9 568 --17 885Reclassification ---5 039 5 039 --Effects of changes in foreign exchange rates 58 393 31 74 4 483 524 63 506 Cost at31 December123505714 772192274 083 32 326 1556430-Accumulated depreciation and impairment at 1 January 475 316 5 396 -230 1182 897 713 727 Disposals -1 748-3 533 --9 104 - -14 385 Depreciation 8 658 573 -6 452 3 298 18 981 Impairments ------Effects of changes in foreign exchange rates 23 279 26 -3 950 100 27 354 Accumulated depreciation and impairment at 31 December 505 505 2 462 - 231 4166 294 745 677 Carryingamountat31December729 553 12 31019242 666 26 032 810 754 Borgestad ASA sold its former head office in Skien in 2024 with a profit of MNOK 5.5. The property was sold to the company Gunnar Knudsens veg 144 AS. Borgestad ASA owns 10% of this company. Investment Land andAssets under Machinery Lisens, 2023 property buildings construction and vehicles trademark Total Cost at 1 January 1 100 29479 034 25 807 244 866 1 7211 451 722Additions 5 647 75 9 741 5 206 17 245 37 912 Disposals, and assets classified as held for sale --64 869 -18 384 -1 658--84 912 Reclassification ---14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865 Cost at31 December117672318 670 4 61626718431 395 1 498 588Accumulated depreciation and impairment at 1 January 355 286 51 907-210 419 548 618 160 Disposals, and assets classified as held for sale - -51 704 --1 196- -52 900 Depreciation 8 458 924 -6 838 2 273 18 493 Impairments 90 126 ----90 126 Effects of changes in foreign exchange rates 21 4464 269 -14 057 75 39 847 Accumulated depreciation and impairment at 31 December 475 3165 396 - 2301182 897 713 727Carryingamountat31December701 407 13 274 4 61637 066 28 499 784 861 Fixed assets Economic life Depreciation method Investment property 100 year linear Buildings 20 \u2013 50 year linear Lisens, trademark 10 year linear Machinery and vehicles 3 \u2013 20 year linear Land not depreciated not depreciated",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__66-1": {
"value": "Note 12 Property, plant and equipment, Intangible assets and Investment property Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales. Investment Land andAssets under Machinery Lisens, 2024 property buildings construction and vehicles trademark Total Cost at 1 January 1 176 72318 670 4 616 267 184 31 3951 498 588 Additions 1 838 2 490 541 6 945 407 12 220 Disposals -1 897-6 420 --9 568 --17 885Reclassification ---5 039 5 039 --Effects of changes in foreign exchange rates 58 393 31 74 4 483 524 63 506 Cost at31 December123505714 772192274 083 32 326 1556430-Accumulated depreciation and impairment at 1 January 475 316 5 396 -230 1182 897 713 727 Disposals -1 748-3 533 --9 104 - -14 385 Depreciation 8 658 573 -6 452 3 298 18 981 Impairments ------Effects of changes in foreign exchange rates 23 279 26 -3 950 100 27 354 Accumulated depreciation and impairment at 31 December 505 505 2 462 - 231 4166 294 745 677 Carryingamountat31December729 553 12 31019242 666 26 032 810 754 Borgestad ASA sold its former head office in Skien in 2024 with a profit of MNOK 5.5. The property was sold to the company Gunnar Knudsens veg 144 AS. Borgestad ASA owns 10% of this company. Investment Land andAssets under Machinery Lisens, 2023 property buildings construction and vehicles trademark Total Cost at 1 January 1 100 29479 034 25 807 244 866 1 7211 451 722Additions 5 647 75 9 741 5 206 17 245 37 912 Disposals, and assets classified as held for sale --64 869 -18 384 -1 658--84 912 Reclassification ---14 395 2 087 12 308 -Effects of changes in foreign exchange rates 70 782 4 430 1 848 16 683 122 93 865 Cost at31 December117672318 670 4 61626718431 395 1 498 588Accumulated depreciation and impairment at 1 January 355 286 51 907-210 419 548 618 160 Disposals, and assets classified as held for sale - -51 704 --1 196- -52 900 Depreciation 8 458 924 -6 838 2 273 18 493 Impairments 90 126 ----90 126 Effects of changes in foreign exchange rates 21 4464 269 -14 057 75 39 847 Accumulated depreciation and impairment at 31 December 475 3165 396 - 2301182 897 713 727Carryingamountat31December701 407 13 274 4 61637 066 28 499 784 861 Fixed assets Economic life Depreciation method Investment property 100 year linear Buildings 20 \u2013 50 year linear Lisens, trademark 10 year linear Machinery and vehicles 3 \u2013 20 year linear Land not depreciated not depreciatedNote 13Leases Leases Identification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. A contract is or contains a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as lessee SeparationofthecomponentsofaleaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit from the use of an underlying asset either alone or together with other resources that are readily available to the Group, and the underlying asset is neither highly dependent on nor closely connected to other underlying assets in the contract. The Group then accounts for each individual lease component of the contract as a lease separately from non-lease components of the contract. RecognitionofleaseagreementsandrecognitionexceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset for all its lease agreements, with the exception of the following applied exceptions: \u25c6 Short-term leases (lease period of 12 months or less) \u25c6 Assets of low value For these leases, the Group recognizes the lease payments as other operating costs in the profit and loss account when they are incurred. Lease obligations The Group measures lease obligations at the time of implementation at the present value of the lease payments that are not paid at this time. The lease period represents the non-cancellable period of the lease agreement, in addition to periods covered by an option either to extend or terminate the lease agreement if the Group with reasonable certainty will (will not) exercise this option. \u25c6 The rental payments included in the measurement of the lease liability consist of: \u25c6 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rental incentives \u25c6 Variable lease payments that depend on an index or an interest rate, first measured using the index or interest rate at the time of commencement \u25c6 Amounts expected to be paid for the Group in accordance with residual value guarantees \u25c6 The exercise price for a call option, if the Group will with reasonable certainty exercise this option \u25c6 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an option to terminate the lease 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 re -measuring the carrying amount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments that resulting from adjustments in indices or rates. The Group presents its lease obligations on separate lines in the balance sheet. Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairment losses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right -of-use assets includes: \u25c6 The amount from the initial measurement of the rental obligation \u25c6 All rental payments at or before the commencement date, minus any rental incentives received \u25c6 All direct expenses for the conclusion of the agreement incurred by the Group \u25c6 An estimate of the expenses 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, unless these expenses are incurred during the production of the goods. The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciating the right- of-use asset, except that the right-of-use asset is depreciated from the time of implementation until the earlier of the end of the lease period and the end of the right-of-use asset\u2019s useful life. The Group applies IAS 36 \u201cImpairment of assets\u201d to determine whether the right-of-use asset is impaired and to account for any proven impairment losses. The Group as a lessor For contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. The group as a lessor does not have any finance leases. See note 10 for rental income from leases. Operating leases For operating leases, the Group recognizes lease payments as revenue, mainly on a straight -line basis, unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Service charges and marketing income are recognized as other income. The Group recognizes costs incurred in earning the lease income in other operating expenses. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income. Machinery and Buildings/ Right-of-use-assets 2024 equipment Vehicles Property Total Cost at 1 January 7 449 19 508 40 854 67 811Additions 548 10 324 2 295 13 167Disposals - - - - Effects of changes in foreign exchange rates and other changes 703 874 3 015 4 592 Cost at31 December8 700 30 706 46 164 85 570 Accumulated depreciation at 1 January 4 087 10 299 19 524 33 909 Disposals - - - - Depreciation 1 997 7 268 6 488 15 753 Effects of changes in foreign exchange rates and other changes 1276 67 155Accumulated depreciation and impairment at 31 December 6 096 17 643 26 079 49 817 Carryingamountat31December2 604 13 063 20 085 35 751Vehicles usually have a lease period of 3-5 years, machinery 3-10 years and buildings 10 years. Machinery and Buildings/ Right-of-use-assets 2023 Vehicles equipment Property Total Cost at 1 January 14 215 9 546 36 278 60 039 Additions 6 920 130 2 360 9 410 Disposals -4 797 -2 249 -315 -7 362 Effects of changes in foreign exchange rates and other changes 3 170 22 2 531 5 724 Cost at31 December19 508 7 449 40 854 67 811Accumulated depreciation at 1 January 8 223 4 283 11 273 23 779 Disposals -4 797 -2 249 -315 -7 362 Depreciation 5 601 1 709 5 949 13 257 Effects of changes in foreign exchange rates and other changes 1 273 345 2 617 4 235 Accumulated depreciation and impairment at 31 December 10 299 4 087 19 524 33 909 Carryingamountat31December9 209 3 362 21 330 33 902 MaturityanalysisofcontractualundiscountedcashflowsUndiscounted liabilities 2024 2023 Less then one year 18 252 16 209 One to two years 12 315 12 784 Two to three years 8 841 7 901 Three to four years 6 983 5 720 Four to five years 4 316 4 072 More than five years 1 543 3 014 Totalundiscountedliabilitiesat31December52 25149 699 Summaryoftheleaseliabilities 2024 2023 Balance at 1st January 40 094 37 877 Additions 13 167 9 410 Lease payments -20 933 -18 492 Interest expense 4 707 4 864 Effects of changes in foreign exchange rates and other changes 4 681 6 435 Carrying amount at 31 December4171540 094 Interest rates used in Norway are between 6.07 and 11.75 per cent, in Sweden between 11 and 12.50 per cent and in Finland between 11 and 11.75 per cent. For the calculation of interest, mortgage debt in the various countries has been adjusted with a risk supplement for the duration of the lease. Summaryofotherleaseexpensesrecognisedinprofitorloss 2024 2023 Operating expenses in the period related to short-term leases (including short-term low value assets) 870 616 Operating expenses in the period related to low value assets (excluding short-term leases included above) 197 120 Totalleaseexpensesincludedinotheroperatingexpenses1 067736",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__68": {
"value": "Fixed assets Fixed assets are entered in the balance sheet at acquisition cost less accumulated depreciation and write -downs. When assets are sold or disposed of, the balance sheet value is deducted, and any loss or gain is recognized in profit or loss. Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value. Acquisition cost for fixed assets is the purchase price, including fees/taxes and costs directly related to putting the fixed asset in condition for use. Expenses incurred after the asset has been put into use, such as ongoing maintenance, are recognized in the income statement, while other expenses that are expected to provide future financial benefits are recognized in the balance sheet. Gains on disposal of fixed assets, investment properties and development projects are presented as other income. Increases in the value of investment properties are only recognized in full or partial sales.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__71": {
"value": "Depreciation is calculated using the straight-line method based on the assumed useful life and residual value at the end of the useful life. The depreciation period and method are assessed annually to ensure that the method and period used correspond to the financial realities of the fixed asset. The same applies to residual value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__74": {
"value": "Research and development Expenses related to research activities are recognized in the income statement when incurred. Expenditures related to development activities are recognized in the balance sheet to the extent that the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. In this accounting period, the Group has no development activities that satisfy the criteria for balance sheet entry. Researchanddevelopment 2024 2023 Expenses, incl. salaries 6 992 6 560 The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs for research and development have been expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__73": {
"value": "Research and development Expenses related to research activities are recognized in the income statement when incurred. Expenditures related to development activities are recognized in the balance sheet to the extent that the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. In this accounting period, the Group has no development activities that satisfy the criteria for balance sheet entry. Researchanddevelopment 2024 2023 Expenses, incl. salaries 6 992 6 560 The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs for research and development have been expensed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__72": {
"value": "Research and development Expenses related to research activities are recognized in the income statement when incurred. Expenditures related to development activities are recognized in the balance sheet to the extent that the product or process is technically and commercially feasible and the Group has sufficient resources to complete the development. In this accounting period, the Group has no development activities that satisfy the criteria for balance sheet entry. Researchanddevelopment 2024 2023 Expenses, incl. salaries 6 992 6 560 The criteria for recognition of intangible assets in accordance with IAS 38 have not been met and all costs for research and development have been expensed.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__77": {
"value": "Note 13Leases Leases Identification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. A contract is or contains a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as lessee SeparationofthecomponentsofaleaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit from the use of an underlying asset either alone or together with other resources that are readily available to the Group, and the underlying asset is neither highly dependent on nor closely connected to other underlying assets in the contract. The Group then accounts for each individual lease component of the contract as a lease separately from non-lease components of the contract. RecognitionofleaseagreementsandrecognitionexceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset for all its lease agreements, with the exception of the following applied exceptions: \u25c6 Short-term leases (lease period of 12 months or less) \u25c6 Assets of low value For these leases, the Group recognizes the lease payments as other operating costs in the profit and loss account when they are incurred. Lease obligations The Group measures lease obligations at the time of implementation at the present value of the lease payments that are not paid at this time. The lease period represents the non-cancellable period of the lease agreement, in addition to periods covered by an option either to extend or terminate the lease agreement if the Group with reasonable certainty will (will not) exercise this option. \u25c6 The rental payments included in the measurement of the lease liability consist of: \u25c6 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rental incentives \u25c6 Variable lease payments that depend on an index or an interest rate, first measured using the index or interest rate at the time of commencement \u25c6 Amounts expected to be paid for the Group in accordance with residual value guarantees \u25c6 The exercise price for a call option, if the Group will with reasonable certainty exercise this option \u25c6 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an option to terminate the lease 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 re -measuring the carrying amount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments that resulting from adjustments in indices or rates. The Group presents its lease obligations on separate lines in the balance sheet. Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairment losses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right -of-use assets includes: \u25c6 The amount from the initial measurement of the rental obligation \u25c6 All rental payments at or before the commencement date, minus any rental incentives received \u25c6 All direct expenses for the conclusion of the agreement incurred by the Group \u25c6 An estimate of the expenses 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, unless these expenses are incurred during the production of the goods. The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciating the right- of-use asset, except that the right-of-use asset is depreciated from the time of implementation until the earlier of the end of the lease period and the end of the right-of-use asset\u2019s useful life. The Group applies IAS 36 \u201cImpairment of assets\u201d to determine whether the right-of-use asset is impaired and to account for any proven impairment losses. The Group as a lessor For contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. The group as a lessor does not have any finance leases. See note 10 for rental income from leases. Operating leases For operating leases, the Group recognizes lease payments as revenue, mainly on a straight -line basis, unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Service charges and marketing income are recognized as other income. The Group recognizes costs incurred in earning the lease income in other operating expenses. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__76": {
"value": "Note 13Leases Leases Identification of a leaseWhen entering into a contract, the Group assesses whether the contract is or contains a lease agreement. A contract is or contains a lease if the contract transfers the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as lessee SeparationofthecomponentsofaleaseFor contracts that constitute or contain a lease, the Group separates lease components if it can benefit from the use of an underlying asset either alone or together with other resources that are readily available to the Group, and the underlying asset is neither highly dependent on nor closely connected to other underlying assets in the contract. The Group then accounts for each individual lease component of the contract as a lease separately from non-lease components of the contract. RecognitionofleaseagreementsandrecognitionexceptionsAt the commencement date, the Group recognizes a lease liability and a corresponding right-of-use asset for all its lease agreements, with the exception of the following applied exceptions: \u25c6 Short-term leases (lease period of 12 months or less) \u25c6 Assets of low value For these leases, the Group recognizes the lease payments as other operating costs in the profit and loss account when they are incurred. Lease obligations The Group measures lease obligations at the time of implementation at the present value of the lease payments that are not paid at this time. The lease period represents the non-cancellable period of the lease agreement, in addition to periods covered by an option either to extend or terminate the lease agreement if the Group with reasonable certainty will (will not) exercise this option. \u25c6 The rental payments included in the measurement of the lease liability consist of: \u25c6 Fixed rental payments (including in reality fixed payments), minus any receivables in the form of rental incentives \u25c6 Variable lease payments that depend on an index or an interest rate, first measured using the index or interest rate at the time of commencement \u25c6 Amounts expected to be paid for the Group in accordance with residual value guarantees \u25c6 The exercise price for a call option, if the Group will with reasonable certainty exercise this option \u25c6 Payment of a fine for terminating the lease, if the lease period reflects that the Group will exercise an option to terminate the lease 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 re -measuring the carrying amount to reflect any revaluations or changes to the lease, or to reflect adjustments in lease payments that resulting from adjustments in indices or rates. The Group presents its lease obligations on separate lines in the balance sheet. Rights of use assetsThe Group measures right-of-use assets at acquisition cost, less accumulated depreciation and impairment losses, adjusted for any new measurements of the rental obligation. Acquisition cost for the right -of-use assets includes: \u25c6 The amount from the initial measurement of the rental obligation \u25c6 All rental payments at or before the commencement date, minus any rental incentives received \u25c6 All direct expenses for the conclusion of the agreement incurred by the Group \u25c6 An estimate of the expenses 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, unless these expenses are incurred during the production of the goods. The Group applies the depreciation requirements in IAS 16 Property, plant and equipment when depreciating the right- of-use asset, except that the right-of-use asset is depreciated from the time of implementation until the earlier of the end of the lease period and the end of the right-of-use asset\u2019s useful life. The Group applies IAS 36 \u201cImpairment of assets\u201d to determine whether the right-of-use asset is impaired and to account for any proven impairment losses. The Group as a lessor For contracts where the Group acts as a lessor, it classifies each of its leases as either an operating lease or a finance lease. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. A lease is classified as an operating lease if it does not transfer substantially all the risks and rewards incidental to ownership of an underlying asset. The group as a lessor does not have any finance leases. See note 10 for rental income from leases. Operating leases For operating leases, the Group recognizes lease payments as revenue, mainly on a straight -line basis, unless another systematic basis is more representative of the pattern in which benefit from the use of the underlying asset is diminished. Service charges and marketing income are recognized as other income. The Group recognizes costs incurred in earning the lease income in other operating expenses. The Group adds initial direct costs incurred in obtaining an operating lease to the carrying amount of the underlying asset and recognizes those costs as an expense over the lease term on the same basis as the rental income. Machinery and Buildings/ Right-of-use-assets 2024 equipment Vehicles Property Total Cost at 1 January 7 449 19 508 40 854 67 811Additions 548 10 324 2 295 13 167Disposals - - - - Effects of changes in foreign exchange rates and other changes 703 874 3 015 4 592 Cost at31 December8 700 30 706 46 164 85 570 Accumulated depreciation at 1 January 4 087 10 299 19 524 33 909 Disposals - - - - Depreciation 1 997 7 268 6 488 15 753 Effects of changes in foreign exchange rates and other changes 1276 67 155Accumulated depreciation and impairment at 31 December 6 096 17 643 26 079 49 817 Carryingamountat31December2 604 13 063 20 085 35 751Vehicles usually have a lease period of 3-5 years, machinery 3-10 years and buildings 10 years. Machinery and Buildings/ Right-of-use-assets 2023 Vehicles equipment Property Total Cost at 1 January 14 215 9 546 36 278 60 039 Additions 6 920 130 2 360 9 410 Disposals -4 797 -2 249 -315 -7 362 Effects of changes in foreign exchange rates and other changes 3 170 22 2 531 5 724 Cost at31 December19 508 7 449 40 854 67 811Accumulated depreciation at 1 January 8 223 4 283 11 273 23 779 Disposals -4 797 -2 249 -315 -7 362 Depreciation 5 601 1 709 5 949 13 257 Effects of changes in foreign exchange rates and other changes 1 273 345 2 617 4 235 Accumulated depreciation and impairment at 31 December 10 299 4 087 19 524 33 909 Carryingamountat31December9 209 3 362 21 330 33 902 MaturityanalysisofcontractualundiscountedcashflowsUndiscounted liabilities 2024 2023 Less then one year 18 252 16 209 One to two years 12 315 12 784 Two to three years 8 841 7 901 Three to four years 6 983 5 720 Four to five years 4 316 4 072 More than five years 1 543 3 014 Totalundiscountedliabilitiesat31December52 25149 699 Summaryoftheleaseliabilities 2024 2023 Balance at 1st January 40 094 37 877 Additions 13 167 9 410 Lease payments -20 933 -18 492 Interest expense 4 707 4 864 Effects of changes in foreign exchange rates and other changes 4 681 6 435 Carrying amount at 31 December4171540 094 Interest rates used in Norway are between 6.07 and 11.75 per cent, in Sweden between 11 and 12.50 per cent and in Finland between 11 and 11.75 per cent. For the calculation of interest, mortgage debt in the various countries has been adjusted with a risk supplement for the duration of the lease. Summaryofotherleaseexpensesrecognisedinprofitorloss 2024 2023 Operating expenses in the period related to short-term leases (including short-term low value assets) 870 616 Operating expenses in the period related to low value assets (excluding short-term leases included above) 197 120 Totalleaseexpensesincludedinotheroperatingexpenses1 067736",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__87-1": {
"value": "Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__86": {
"value": "Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination. Goodwill 2024 2023 Cost at 1 January 90 108 87 165 Effects of changes in foreign exchange rates -26 2 943 Carryingamountat31December90 082 90 108 Impairment assessments of goodwill Goodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a need for write- down related to the balance sheet value of goodwill. The tests are carried out at the end of the year but are carried out more often if there are indications of a need for write -down. Goodwill arising from the acquisition of Norwegian companies/enterprises in 2006, 2007 and 2008 has a book value of TNOK 46,071 as of December 31, 2024. In 2011, the Group acquired two Swedish companies and in connection with this goodwill arose which is assessed at TNOK 36,919 per December 31, 2024. In 2015 and 2018, the Group acquired two Finnish companies and in connection with these acquisitions\u2019 goodwill arose which is assessed at TNOK 7,092 per December 31, 2024. Allocated as follows: Company H\u00f6gan\u00e4s H\u00f6gan\u00e4s H\u00f6gan\u00e4s H\u00f6gan\u00e4s Borgestad Borgestad AS Borgestad AB Macon AB BorgestadOyEnergi&UgnsteknikAB Total Net carrying value 46 071 14 651 21 369 7 092 899 90 082 H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__82-1": {
"value": "Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__81-1": {
"value": "Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__80-1": {
"value": "Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination.H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__79": {
"value": "Note 14Goodwill Goodwill When purchasing a business, all acquired assets and liabilities are assessed for classification and assignment in accordance with contract terms, financial circumstances and relevant conditions at the time of acquisition. The difference between the consideration for acquisition and the fair value of net identifiable assets and liabilities at the time of acquisition is classified as goodwill. When investing in affiliated companies, goodwill is included in the investment\u2019s carrying value. Goodwill is entered into the balance sheet at acquisition cost, less any accumulated write -downs. Goodwill is not written off but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash -flow- generating units or Groups of cash-flow-generating units that are expected to benefit from the synergy effects of the business combination. Goodwill 2024 2023 Cost at 1 January 90 108 87 165 Effects of changes in foreign exchange rates -26 2 943 Carryingamountat31December90 082 90 108 Impairment assessments of goodwill Goodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a need for write- down related to the balance sheet value of goodwill. The tests are carried out at the end of the year but are carried out more often if there are indications of a need for write -down. Goodwill arising from the acquisition of Norwegian companies/enterprises in 2006, 2007 and 2008 has a book value of TNOK 46,071 as of December 31, 2024. In 2011, the Group acquired two Swedish companies and in connection with this goodwill arose which is assessed at TNOK 36,919 per December 31, 2024. In 2015 and 2018, the Group acquired two Finnish companies and in connection with these acquisitions\u2019 goodwill arose which is assessed at TNOK 7,092 per December 31, 2024. Allocated as follows: Company H\u00f6gan\u00e4s H\u00f6gan\u00e4s H\u00f6gan\u00e4s H\u00f6gan\u00e4s Borgestad Borgestad AS Borgestad AB Macon AB BorgestadOyEnergi&UgnsteknikAB Total Net carrying value 46 071 14 651 21 369 7 092 899 90 082 H\u00f6gan\u00e4s Borgestad AS, Macon AB, H\u00f6gan\u00e4s Borgestad AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy are all included in the Refractory segment. Goodwill allocated to H\u00f6gan\u00e4s Borgestad AB, Macon AB, H\u00f6gan\u00e4s Borgestad Energi & Ungsteknik AB and H\u00f6gan\u00e4s Borgestad Oy is exposed to currency fluctuations. Recoverable amount is the cash flow-generating unit\u2019s value in use. When assessing whether there is a need to write down goodwill, the recoverable amount is assessed against net assets, including goodwill on the balance sheet date. If the recoverable amount exceeds net assets, there is no need for impairment. Recoverable amount is based on value in use and calculated per cash flow generating unit/company. Assumptions used when calculating value in use are cash flow forecasts which are based on budgets and business plans for each cash flow generating unit for a five -year period (defined period). Growth in the period is assessed per cash flow generating unit. An increase of 2 percent is included for turnover growth, both in the period before terminal period and for terminal period. There are estimated improvements in EBIT margins in the five-year period according to the business plan that is prepared by management and approved by the Board of Directors. Growth of 2 (0) percent is assumed for the terminal period for all companies. Prerequisites for investments in the five -year period and the terminal period are approximately the same or similar to today\u2019s depreciation for all cash flow-generating units. For all cash flow-generating units, with the exception of H\u00f6gan\u00e4s Borgestad AB, working capital are following a percentage of revenue according to achieved percentage of working capital achieved in 2024. For H\u00f6gan\u00e4s Borgestad AB positive one-off effects have been estimated from the release of working capital, due to estimated general decrease of stock levels. The cash flows are calculated based on the expected cash flow and the discount rate is based on a required return before tax of 12.3 (11.7) percent for the Norwegian entity, 10.3 (11.7) percent for Swedish entities and 10.5 (11.7) percent for the Finnish entity. The discount rate takes into account debt premium, market risk premium, debt ratio, tax rate and asset beta. There is estimation uncertainty linked to the calculations and assessment of goodwill, through the assumptions used. In the event of changed assumptions, the outcome of the calculations may lead to a different result. The cash flow - generating unit that has the lowest margin between calculated recoverable amount and net assets has a margin of approx. 21 (9) percent. Based on calculations carried out and the assumptions made, no impairment of goodwill has been made as of December 31, 2024, or in previous years. This is because the result of the calculations shows that the recoverable amount of all cash flow generating units (the companies) exceeds the balance sheet value of assets/liabilities and thus there is a margin on the balance sheet value of goodwill. It is specified that there is estimation uncertainty linked to the assessment of the value of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__89": {
"value": "Impairment assessments of goodwill Goodwill is not depreciated. In accordance with IFRS, the Group assesses annually whether there is a need for write- down related to the balance sheet value of goodwill. The tests are carried out at the end of the year but are carried out more often if there are indications of a need for write -down.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__91": {
"value": "Note 15Inventories Inventories Inventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is the estimated selling price for ordinary operations minus estimated costs for completion, marketing and distribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred when acquiring the goods and costs to bring the goods to their current condition and location. In-house produced goods include variable and fixed costs that can be allocated based on normal capacity utilization.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__90": {
"value": "Note 15Inventories Inventories Inventories are accounted for at the lower of acquisition cost and net selling price. Net selling price is the estimated selling price for ordinary operations minus estimated costs for completion, marketing and distribution. Acquisition cost is assigned using the FIFO method and includes expenses incurred when acquiring the goods and costs to bring the goods to their current condition and location. In-house produced goods include variable and fixed costs that can be allocated based on normal capacity utilization. Inventory 2024 2023 Raw materials 24 936 22 333 Work in progress 5 1 164Finished goods own produced products 52 982 30 271 Goods purchased for resale 48 331 64 966 Total 126 254 118 733The specification above is net book value after deduction for impairment. The provision for impairment amounted to TNOK 8,484 (8,642) as of December 31, 2024. Write down 2024 2023 Balance at 1 January -8 642 -7 366 Write-downs reversed, other 1 315-36 New write-downs recognized during the year -1 212-1 239Foreign currency translation gain/(loss) 55 -Balance at 31 December-8 484 -8 642 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__94": {
"value": "Note 16Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are booked at nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents. Cash 2024 2023 Unrestricted cash 203 975 139 273 Restricted cash 16 487 13 415 Total cash 220 462 152 688 Overdraft facility 72 051 46 812 Restricted deposits -16 487 -13 415 Totalavailableliquidity276 026 186 086Restricted funds consist of tax deductions of TNOK 4,692 (2,174) and TNOK 11,795 (11,241) which are restricted funds in Agora Bytom. Tied up funds in Agora Bytom are a liquidity reserve of MEUR 1 in accordance with the company\u2019s loan agreement. Restricted funds in Agora Bytom are for security related to the outstanding debt towards Bank Pekao. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__93": {
"value": "Note 16Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are booked at nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__92": {
"value": "Note 16Cash and cash equivalents Cash and cash equivalents Cash and cash equivalents include cash balances and bank deposits. Cash and cash equivalents are booked at nominal values in the balance sheet. Restricted funds are included in cash and cash equivalents. Cash 2024 2023 Unrestricted cash 203 975 139 273 Restricted cash 16 487 13 415 Total cash 220 462 152 688 Overdraft facility 72 051 46 812 Restricted deposits -16 487 -13 415 Totalavailableliquidity276 026 186 086Restricted funds consist of tax deductions of TNOK 4,692 (2,174) and TNOK 11,795 (11,241) which are restricted funds in Agora Bytom. Tied up funds in Agora Bytom are a liquidity reserve of MEUR 1 in accordance with the company\u2019s loan agreement. Restricted funds in Agora Bytom are for security related to the outstanding debt towards Bank Pekao. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__98-1": {
"value": "Note 17Investments Ownership Book value Book value Company percent Cost 31.12.24 31.12.23 Gunnar Knudsens veg 144 AS 10.00 % 25 25 -ERH AS 2.98 % 27 573 - - QNTM Ecom SW AB 0.15 % 1 306 11Impact Technology Systems AS 1.55 % 350 --Other shares 7 7 175 Total 29 26133 176For information regarding the valuation hierarchy, see note 21. In 2024, Borgestad ASA completed the sale of Gunnar Knudsens veg 144 in Skien, Norway. The building was sold the Gunnar Knudsens veg 144 AS, Borgestad ASA owns 10 % of this company. The office building was sold for a total of MNOK 10, with 50 percent structured as vendor credit, carrying a maximum duration of three years. The transaction was finalized in October 2024. The accounting gain from the sale, amounted to MNOK 5.5. Borgestad ASA has classified the ownership in Gunnar Knudsens veg 144 AS as a joint arrangement. The reason is that Borgestad ASA is shareholder, has the chair and has partly financed Gunnar Knudsens veg 144 AS through the vendor credit. A specific judgment is completed, and the outcome of the judgement is that Borgestad ASA have sufficient control over Gunnar Knudsens veg 144 AS to classify the investment as joint control. Estimate uncertainty when calculating fair value for financial assets There is risk associated with the valuation of shares where there is no observable market value at the time the accounts are drawn up. The Group bases its estimates on a number of observations which are supported by calculations to arrive at the best possible estimate of the assets\u2019 value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuations when selling parts of the company, cost price when shares are recently purchased, external valuations as well as assessments of discounted cash flow and value-adjusted equity. Sensitivity analysis of equity investments In the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this will affect the result by TNOK +/- 3.3.v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__96": {
"value": "Note 17Investments Ownership Book value Book value Company percent Cost 31.12.24 31.12.23 Gunnar Knudsens veg 144 AS 10.00 % 25 25 -ERH AS 2.98 % 27 573 - - QNTM Ecom SW AB 0.15 % 1 306 11Impact Technology Systems AS 1.55 % 350 --Other shares 7 7 175 Total 29 26133 176For information regarding the valuation hierarchy, see note 21. In 2024, Borgestad ASA completed the sale of Gunnar Knudsens veg 144 in Skien, Norway. The building was sold the Gunnar Knudsens veg 144 AS, Borgestad ASA owns 10 % of this company. The office building was sold for a total of MNOK 10, with 50 percent structured as vendor credit, carrying a maximum duration of three years. The transaction was finalized in October 2024. The accounting gain from the sale, amounted to MNOK 5.5. Borgestad ASA has classified the ownership in Gunnar Knudsens veg 144 AS as a joint arrangement. The reason is that Borgestad ASA is shareholder, has the chair and has partly financed Gunnar Knudsens veg 144 AS through the vendor credit. A specific judgment is completed, and the outcome of the judgement is that Borgestad ASA have sufficient control over Gunnar Knudsens veg 144 AS to classify the investment as joint control. Estimate uncertainty when calculating fair value for financial assets There is risk associated with the valuation of shares where there is no observable market value at the time the accounts are drawn up. The Group bases its estimates on a number of observations which are supported by calculations to arrive at the best possible estimate of the assets\u2019 value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuations when selling parts of the company, cost price when shares are recently purchased, external valuations as well as assessments of discounted cash flow and value-adjusted equity. Sensitivity analysis of equity investments In the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this will affect the result by TNOK +/- 3.3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__95-1": {
"value": "Note 17Investments Ownership Book value Book value Company percent Cost 31.12.24 31.12.23 Gunnar Knudsens veg 144 AS 10.00 % 25 25 -ERH AS 2.98 % 27 573 - - QNTM Ecom SW AB 0.15 % 1 306 11Impact Technology Systems AS 1.55 % 350 --Other shares 7 7 175 Total 29 26133 176For information regarding the valuation hierarchy, see note 21. In 2024, Borgestad ASA completed the sale of Gunnar Knudsens veg 144 in Skien, Norway. The building was sold the Gunnar Knudsens veg 144 AS, Borgestad ASA owns 10 % of this company. The office building was sold for a total of MNOK 10, with 50 percent structured as vendor credit, carrying a maximum duration of three years. The transaction was finalized in October 2024. The accounting gain from the sale, amounted to MNOK 5.5. Borgestad ASA has classified the ownership in Gunnar Knudsens veg 144 AS as a joint arrangement. The reason is that Borgestad ASA is shareholder, has the chair and has partly financed Gunnar Knudsens veg 144 AS through the vendor credit. A specific judgment is completed, and the outcome of the judgement is that Borgestad ASA have sufficient control over Gunnar Knudsens veg 144 AS to classify the investment as joint control. Estimate uncertainty when calculating fair value for financial assets There is risk associated with the valuation of shares where there is no observable market value at the time the accounts are drawn up. The Group bases its estimates on a number of observations which are supported by calculations to arrive at the best possible estimate of the assets\u2019 value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuations when selling parts of the company, cost price when shares are recently purchased, external valuations as well as assessments of discounted cash flow and value-adjusted equity. Sensitivity analysis of equity investments In the event of a change in the market value of shares classified as fixed assets by +/- 10 per cent, this will affect the result by TNOK +/- 3.3.v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__100": {
"value": "Note 18Share capital and shareholder information Ordinary TreasuryOrdinary shares Numberofsharesshares issued shares outstanding 01.01.2023 152 490 851 -8 010 152 482 841 Issued new share capital 1 249 991 990 8 010 1 250 000 000 31.12.2023 1 402 482 841 -1 402 482 841 Rights issue 03.06.24* 39 39 Share reverse split 03.06.24 -1 367 420 808 -1 367 420 808 31.12.202435 062 072 - 35 062 072 *In June 2024 Borgestad increased the share capital by NOK 9.75 through the issue of 39 new shares, each with a nominal value of NOK 0.25, in orderto facilitate for a reverse share split in the ratio 40:1. Information related to shares The company\u2019s share capital on December 31, 2024, is NOK 35 062 072 divided into 35 062 072 shares with a nominal value of NOK 1 per share. All shares have equal voting rights. There are no preferential rights or restrictions on the shares. Own shares The company has no own shares per December 31, 2024. Shareholder NumberofsharesOwnership interest Kontrari AS 10 462 736 29.84 % Ses AS 5 750 000 16.40 % Auris AS 1 968 727 5.61 % Intertrade Shipping AS 1 750 000 4.99 % Gross Management AS 1 707 7594.87 % Jahatt AS 1 174 4283.35 % Dione AS 1 097 137 3.13 % Regent AS 828 487 2.36 % Suveren AS 637 808 1.82 % Christiansen, Lars Aage Haaland 570 000 1.63 % North Sea Group AS 507 204 1.45 % Aal Industrier AS 351 590 1.00 % Bratrud, Gudmund Joar 334 467 0.95 % Hausta Investor AS 329 801 0.94 % Torhus Andreas 300 000 0.86 % Ar Vekst AS 250 000 0.71 % LGT Bank AG 227 401 0.65 % Batjak AS 222 503 0.63 % Gravr\u00e5k Olve 200 000 0.57 % Oaktiva AS 186 813 0.53 % Total 28 856 861 82.30%Other shareholders 6 205 21117.70 % Total 35 062 072 100.00 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__99": {
"value": "Note 18Share capital and shareholder information Ordinary TreasuryOrdinary shares Numberofsharesshares issued shares outstanding 01.01.2023 152 490 851 -8 010 152 482 841 Issued new share capital 1 249 991 990 8 010 1 250 000 000 31.12.2023 1 402 482 841 -1 402 482 841 Rights issue 03.06.24* 39 39 Share reverse split 03.06.24 -1 367 420 808 -1 367 420 808 31.12.202435 062 072 - 35 062 072 *In June 2024 Borgestad increased the share capital by NOK 9.75 through the issue of 39 new shares, each with a nominal value of NOK 0.25, in orderto facilitate for a reverse share split in the ratio 40:1. Information related to shares The company\u2019s share capital on December 31, 2024, is NOK 35 062 072 divided into 35 062 072 shares with a nominal value of NOK 1 per share. All shares have equal voting rights. There are no preferential rights or restrictions on the shares. Own shares The company has no own shares per December 31, 2024. Shareholder NumberofsharesOwnership interest Kontrari AS 10 462 736 29.84 % Ses AS 5 750 000 16.40 % Auris AS 1 968 727 5.61 % Intertrade Shipping AS 1 750 000 4.99 % Gross Management AS 1 707 7594.87 % Jahatt AS 1 174 4283.35 % Dione AS 1 097 137 3.13 % Regent AS 828 487 2.36 % Suveren AS 637 808 1.82 % Christiansen, Lars Aage Haaland 570 000 1.63 % North Sea Group AS 507 204 1.45 % Aal Industrier AS 351 590 1.00 % Bratrud, Gudmund Joar 334 467 0.95 % Hausta Investor AS 329 801 0.94 % Torhus Andreas 300 000 0.86 % Ar Vekst AS 250 000 0.71 % LGT Bank AG 227 401 0.65 % Batjak AS 222 503 0.63 % Gravr\u00e5k Olve 200 000 0.57 % Oaktiva AS 186 813 0.53 % Total 28 856 861 82.30%Other shareholders 6 205 21117.70 % Total 35 062 072 100.00 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__106": {
"value": "Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use. Effective Maturity interest rateSecured Interest term date 31.12.24 2024 2023 Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5.87 % 342 498 332 362 Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,25 % 2025 7.79 % 44 003 52 423 Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,25% 2029 8.20 % 9 000 11 000 Totalsecuredlong-termdebt395 500 395 785 1st year\u2019s principal repayments on long-term debt -51 900 -60 043 Totallong-termdebtexcludingthe1styear\u2019sprincipalrepayments343 600 335 742 Maturityprofilebankloan(NOK1000) 2024 2023 Less then one year 51 900 60 043 One to two years 14 254 7 621 Two to three years 19 216 13 677 Three to four years 309 130 18 408 Four to five years 1 000 295 036 More than five years -1 000 Total 395 500 395 785 Effective Maturity interest rateOverdraft facility Interest term date 31.12.24 2024 2023 Overdraft facility Nordea 3 mnd Stibor + 3,25% 2024 5.76 % -24 098 Granted check credit with Nordea is MSEK 70 as of December 31, 2024. The check credit is available and granted for H\u00f6gan\u00e4s Borgestad Group. Mortgage loan Mortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable. The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, have the following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35 on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does not exceed 2.5 times EBITDA as of December 31. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreed with Nordea per December 31, 2024. The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income (NOI) at a minimum of 190 percent of Interest Service Cover Ratio (ISCR) and \u201cLoan to Value\u201d (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center. The Group fulfills all covenant requirements as of December 31, 2024. Reference is also made to Note 21 regarding discussion of liquidity risk for the Group. Pledged as security 2024 2023 Buildings, investment property and factory facilities 754 998 725 112Fixtures, machinery and vehicles 41 968 72 818 Current assets and fixed assets 263 083 307 094 Total 1 060 0481 105024As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have been registered in buildings and investment properties, in addition, security has been provided for a total of MNOK 145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in the Group, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) in inventory and MNOK 2.0 (2.0) in operating accessories. The loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., is secured by the shopping center buildings. Borgestad ASA has also provided an additional guarantee of MEUR 5.0. Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities2024 Other leasesRelocation movement flows 2023 Long-term borrowings 343 600 -362 -7 898 16 118335 742 Short-term borrowings 51 900 7 898 1 121-17 16160 043 Payment of lease liabilities 41 716 9 388 13 167-20 933 40 094 Overdraft facility --24 098 24 098 Total liabilities from financing activities 437 2169 026 13 167- 17 239 -62 193459 976 Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities 2023 Other leasesRelocation movement flows 2022 Long-term borrowings 335 742 -60 043 24 730 -109 202 480 258 Short-term borrowings 60 043 60 043 --30 533 30 533 1)Bond-1 083 -97 664 96 581 2) Other short-term liabilities- --75 098 Payment of lease liabilities 40 094 11 299 9 410 -18 492 37 877 Other long term debt --631 --631 Overdraft facility 24 098 -34 439 58 537 Total liabilities from financing activities 459 977 117519 410 - 24 730 -365 428 704 415 1)MNOK1,1isamortizedcost2)LoansfromtheSwedishtaxauthoritieshavebeenrepaidin2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__105": {
"value": "Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use. Effective Maturity interest rateSecured Interest term date 31.12.24 2024 2023 Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5.87 % 342 498 332 362 Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,25 % 2025 7.79 % 44 003 52 423 Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,25% 2029 8.20 % 9 000 11 000 Totalsecuredlong-termdebt395 500 395 785 1st year\u2019s principal repayments on long-term debt -51 900 -60 043 Totallong-termdebtexcludingthe1styear\u2019sprincipalrepayments343 600 335 742 Maturityprofilebankloan(NOK1000) 2024 2023 Less then one year 51 900 60 043 One to two years 14 254 7 621 Two to three years 19 216 13 677 Three to four years 309 130 18 408 Four to five years 1 000 295 036 More than five years -1 000 Total 395 500 395 785 Effective Maturity interest rateOverdraft facility Interest term date 31.12.24 2024 2023 Overdraft facility Nordea 3 mnd Stibor + 3,25% 2024 5.76 % -24 098 Granted check credit with Nordea is MSEK 70 as of December 31, 2024. The check credit is available and granted for H\u00f6gan\u00e4s Borgestad Group. Mortgage loan Mortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable. The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, have the following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35 on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does not exceed 2.5 times EBITDA as of December 31. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreed with Nordea per December 31, 2024. The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income (NOI) at a minimum of 190 percent of Interest Service Cover Ratio (ISCR) and \u201cLoan to Value\u201d (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center. The Group fulfills all covenant requirements as of December 31, 2024. Reference is also made to Note 21 regarding discussion of liquidity risk for the Group. Pledged as security 2024 2023 Buildings, investment property and factory facilities 754 998 725 112Fixtures, machinery and vehicles 41 968 72 818 Current assets and fixed assets 263 083 307 094 Total 1 060 0481 105024As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have been registered in buildings and investment properties, in addition, security has been provided for a total of MNOK 145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in the Group, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) in inventory and MNOK 2.0 (2.0) in operating accessories. The loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., is secured by the shopping center buildings. Borgestad ASA has also provided an additional guarantee of MEUR 5.0. Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities2024 Other leasesRelocation movement flows 2023 Long-term borrowings 343 600 -362 -7 898 16 118335 742 Short-term borrowings 51 900 7 898 1 121-17 16160 043 Payment of lease liabilities 41 716 9 388 13 167-20 933 40 094 Overdraft facility --24 098 24 098 Total liabilities from financing activities 437 2169 026 13 167- 17 239 -62 193459 976 Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities 2023 Other leasesRelocation movement flows 2022 Long-term borrowings 335 742 -60 043 24 730 -109 202 480 258 Short-term borrowings 60 043 60 043 --30 533 30 533 1)Bond-1 083 -97 664 96 581 2) Other short-term liabilities- --75 098 Payment of lease liabilities 40 094 11 299 9 410 -18 492 37 877 Other long term debt --631 --631 Overdraft facility 24 098 -34 439 58 537 Total liabilities from financing activities 459 977 117519 410 - 24 730 -365 428 704 415 1)MNOK1,1isamortizedcost2)LoansfromtheSwedishtaxauthoritieshavebeenrepaidin2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__104": {
"value": "Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__103-1": {
"value": "Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use. Effective Maturity interest rateSecured Interest term date 31.12.24 2024 2023 Bank loan (currency EUR) Agora Bytom Sp. z o.o. EURIBOR 1M + margin 2,80% 2028 5.87 % 342 498 332 362 Bank loan (currency SEK) H\u00f6gan\u00e4s Borgestad AB STIBOR 3M + 3,25 % 2025 7.79 % 44 003 52 423 Bank loan (currency NOK) H\u00f6gan\u00e4s Borgestad AS NIBOR 3M + 3,25% 2029 8.20 % 9 000 11 000 Totalsecuredlong-termdebt395 500 395 785 1st year\u2019s principal repayments on long-term debt -51 900 -60 043 Totallong-termdebtexcludingthe1styear\u2019sprincipalrepayments343 600 335 742 Maturityprofilebankloan(NOK1000) 2024 2023 Less then one year 51 900 60 043 One to two years 14 254 7 621 Two to three years 19 216 13 677 Three to four years 309 130 18 408 Four to five years 1 000 295 036 More than five years -1 000 Total 395 500 395 785 Effective Maturity interest rateOverdraft facility Interest term date 31.12.24 2024 2023 Overdraft facility Nordea 3 mnd Stibor + 3,25% 2024 5.76 % -24 098 Granted check credit with Nordea is MSEK 70 as of December 31, 2024. The check credit is available and granted for H\u00f6gan\u00e4s Borgestad Group. Mortgage loan Mortgage loans are secured by mortgages on buildings, operating assets, stocks and accounts receivable. The loan agreements regarding mortgage loans in the refractory segment, H\u00f6gan\u00e4s Borgestad Group, have the following covenants: minimum 30 percent equity at the end of each quarter, EBITDA minimum MSEK 35 on a 12-month rolling basis per quarter and net interest-bearing debt, excluding leasing debt, does not exceed 2.5 times EBITDA as of December 31. H\u00f6gan\u00e4s Borgestad meet all covenant requirements agreed with Nordea per December 31, 2024. The loan agreement regarding the mortgage loan in Agora Bytom has a covenant that Net Operating Income (NOI) at a minimum of 190 percent of Interest Service Cover Ratio (ISCR) and \u201cLoan to Value\u201d (LTV) must at all times be equal to or lower than 60 percent of fair value of the shopping center. The Group fulfills all covenant requirements as of December 31, 2024. Reference is also made to Note 21 regarding discussion of liquidity risk for the Group. Pledged as security 2024 2023 Buildings, investment property and factory facilities 754 998 725 112Fixtures, machinery and vehicles 41 968 72 818 Current assets and fixed assets 263 083 307 094 Total 1 060 0481 105024As security for the long-term mortgages, registered liens amounting to MNOK 1,225 (1,225) have been registered in buildings and investment properties, in addition, security has been provided for a total of MNOK 145.5 (145.5) divided between receivables, inventory and operating accessories. For other businesses in the Group, there are registered liens amounting to MNOK 15.0 (15.0) in receivables, MNOK 12.0 (12.0) in inventory and MNOK 2.0 (2.0) in operating accessories. The loan granted by Bank Pekao in Poland to Agora Bytom Sp. z o.o., is secured by the shopping center buildings. Borgestad ASA has also provided an additional guarantee of MEUR 5.0. Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities2024 Other leasesRelocation movement flows 2023 Long-term borrowings 343 600 -362 -7 898 16 118335 742 Short-term borrowings 51 900 7 898 1 121-17 16160 043 Payment of lease liabilities 41 716 9 388 13 167-20 933 40 094 Overdraft facility --24 098 24 098 Total liabilities from financing activities 437 2169 026 13 167- 17 239 -62 193459 976 Reconciliationforliabilities New Foreign exchange Cash arisingfromfinancingactivities 2023 Other leasesRelocation movement flows 2022 Long-term borrowings 335 742 -60 043 24 730 -109 202 480 258 Short-term borrowings 60 043 60 043 --30 533 30 533 1)Bond-1 083 -97 664 96 581 2) Other short-term liabilities- --75 098 Payment of lease liabilities 40 094 11 299 9 410 -18 492 37 877 Other long term debt --631 --631 Overdraft facility 24 098 -34 439 58 537 Total liabilities from financing activities 459 977 117519 410 - 24 730 -365 428 704 415 1)MNOK1,1isamortizedcost2)LoansfromtheSwedishtaxauthoritieshavebeenrepaidin2023v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__102": {
"value": "Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__101": {
"value": "Note 19 Borrowings Borrowings Borrowing is accounted for at amortized cost using the effective interest method. Unamortized transaction costs are entered against the loan account in the balance sheet and the amortization costs are reflected in the profit and loss account as interest costs. Any gains and losses are only recognized in the income statement when the obligation is redeemed. Loan expenses Borrowing expenses are recognized in the income statement when the borrowing cost is incurred. Borrowing costs are entered into the balance sheet to the extent that these are directly related to the manufacture of a fixed asset. The loan costs at the balance sheet is entered at the time the fixed asset is ready for use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__108": {
"value": "Note 20 Receivables The Group\u2019s receivables, which mainly consist of trade receivables with short maturities and receivables from lease agreements, are held to receive contractual cash flows and the cash flows only consist of payment of face value and any interest. Group receivables are measured at amortized cost, less provision for expected losses. The Group regularly reviews outstanding receivables and prepares for each reporting period estimates for bad debts which form the basis for the accounting provision. In addition, the expected loss is assessed based on the best available information on historical, current and future conditions. In accordance with IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, in addition to actual loss events, provision is made for expected future losses over the lifetime of the receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__107": {
"value": "Note 20 Receivables The Group\u2019s receivables, which mainly consist of trade receivables with short maturities and receivables from lease agreements, are held to receive contractual cash flows and the cash flows only consist of payment of face value and any interest. Group receivables are measured at amortized cost, less provision for expected losses. The Group regularly reviews outstanding receivables and prepares for each reporting period estimates for bad debts which form the basis for the accounting provision. In addition, the expected loss is assessed based on the best available information on historical, current and future conditions. In accordance with IFRS 9, a simplified loss provision model is used for trade receivables and lease receivables, where, in addition to actual loss events, provision is made for expected future losses over the lifetime of the receivable. 2024 2023 Invoiced trade receivables 144 140 186 061 Expected credit loss -12 068 -12 385 Trade receivables 132 072 173 676 Work in progress (accrued uninvoiced income) 11 507 10 891 Advances received -4 364 -Contract assets 7 14210 891Trade receivables and contract assets 139 215184567Agingprofileoftradereceivables 2024 2023 Not due 119 591 123 102 <30 days 8 713 38 452 30-60 days 899 5 757 61-90 days 262 1 570>90 days 14 675 17 179 Total 144 140186 061Expected credit loss -12 068 -12 385 Total 132 072173 676 Changeinprovisionforexpectedloss:January 01.01 12 385 11 489 Change in provision during the year -1 477 -1 069 Reversed previous provision 424 2 392 Translation difference and other changes 736 -427 Provision31thDecember12 068 12 385 This year losses - 19Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom. Other receivables 2024 2023 Income accruals 1 220 282 Cost accruals 1 822 -Prepayment to suppliers 5 197 7 539 Tax and value added tax 2 104 -Other current assets 842 -58 Total 11 1857 763",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__109": {
"value": "2024 2023 Invoiced trade receivables 144 140 186 061 Expected credit loss -12 068 -12 385 Trade receivables 132 072 173 676 Work in progress (accrued uninvoiced income) 11 507 10 891 Advances received -4 364 -Contract assets 7 14210 891Trade receivables and contract assets 139 215184567Agingprofileoftradereceivables 2024 2023 Not due 119 591 123 102 <30 days 8 713 38 452 30-60 days 899 5 757 61-90 days 262 1 570>90 days 14 675 17 179 Total 144 140186 061Expected credit loss -12 068 -12 385 Total 132 072173 676 Changeinprovisionforexpectedloss:January 01.01 12 385 11 489 Change in provision during the year -1 477 -1 069 Reversed previous provision 424 2 392 Translation difference and other changes 736 -427 Provision31thDecember12 068 12 385 This year losses - 19Provision for losses, in both the opening and closing balance sheet, as well as changes in ascertained losses on claims are mainly linked to Agora Bytom.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__114": {
"value": "Note 21 Financial risk and management objectives and policies Financial risk The Group uses financial instruments such as bank loans to obtain capital for investments in the company\u2019s operations. In addition, the Group has financial instruments such as accounts receivable, accounts payable, etc. which are directly linked to the company\u2019s daily operations. Routines for risk management have been adopted by the board and are carried out by a central finance department in collaboration with the individual operating units. The most important financial risks the Group is exposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management has an ongoing assessment of these risks and sets guidelines for how these are to be handled. In accordance with the Group\u2019s strategy for interest rate and currency exposure, the Group sometimes uses financial derivatives to reduce this risk. i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit from the Group, for example customers, must be approved and subject to an assessment of creditworthiness. The Group has no significant credit risk linked to a single counterparty or several counterparties that can be seen as a Group due to similarities in credit risk. In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected credit loss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss is based on both historical and forward-looking information and is carried out at company level. When estimating expected credit losses for trade receivables that are not yet due and trade receivables that are due, available information is assessed, including loss history and future expectations, where this forms the basis for an estimate for provisions for losses on an individual and a general basis. Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in the balance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the credit risk associated with these items is considered to be very low. Furthermore, the counterparty for pension funds is a Norwegian insurance company and the risk associated with this is considered minimal. The Group considers its maximum risk exposure to be the balance sheet value of long-term receivables, trade receivables and other short-term receivables, cf. v) for an overview of the amounts within these classes. ii)InterestrateriskThe Group is exposed to interest rate risk through placement and financing activities. As of December 31, 2024, the Group had a floating interest rate for most of its deposits, receivables and loans. For the mortgage loan in Agora Bytom, 70 percent of the loan of MEUR 29,4 is secured at a fixed rate of 3.17 percent above the interest margin of 2.80 percent until maturity, December 31, 2028. Fixed interest loans are accounted for at amortized cost. ChangeintheinterestratelevelinEffectonprofitbeforetaxYear percentage points (NOK1000)Effect on equity (NOK 1 000)2024 +/-1%po ints-/+ 260 -/+ 8 496 2023 +/-1%po ints-/+ 251 -/+1662All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below these contracts are specified. Change in value 2024 InterestderivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o. ** 242 741 3.5 years -9 962 -15 907 Change in value 2023 Interest derivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o.** 332 362 0.5 years 5 945 -7 957 ** 70 (100) percent of the loan linked to Agora Bytom is secured with an interest rate of 3.17 (0.30) percent + 2.80 (2.80) percent margin.The derivatives above are contracts where floating interest has been exchanged for fixed interest. The interest derivatives above are accounted for as hedging instruments with a change in fair value over other income and expenses (OCI). The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts to MEUR 20.6 (29.9), which corresponds to 70 (100) percent of the company\u2019s mortgage loan. Interestonloans, receivablesandliabilitiesmeasuredatamortizedcost 2024 2023 Bond loan -9 612 Bank loan 22 697 37 434 Total 22 697 47 046 iii)LiquidityriskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due. The Group\u2019s board of directors and management consider the group\u2019s debt structure as reasonable with a sufficient liquidity position. The group\u2019s strategy for managing liquidity risk is to have sufficient cash at all times to be able to meet its financial obligations when due, both under normal and extraordinary circumstances. The Group, through H\u00f6gan\u00e4s Borgestad group, has mortgage debt, MNOK 44.0, that falls due on June 30, 2025 that can influence the liquidity situation for the Group if the debt is not refinanced. The Board of directors and management review the refinancing risk as low. Management has agreed with Nordea that discussion related to refinancing will be completed during first half of 2025. The board and Group management have the understanding that the Groups liquidity is sustainable and that the Group are in a good position to service the debt within the Group as it falls due. Unutilized credit facilities are presented in Note 16. The following table shows an overview of the maturity structure for the group\u2019s financial obligations, based on undiscounted contractual payments. In cases where the counterparty can demand earlier redemption, the amount is given in the earliest period in which payment can be required from the counterparty. If the obligation can be redeemed on request, these are included in the first column for which the obligation can be redeemed. Remaining period 2024 0-3 mth. 3-12mth.1-3 year3yearsormoreInterest-bearing debt 12 97538 925 342 600 1 000 Other non-current liabilities - - 10 713 - Interest expenses 6 068 16 491 58 066 41 Trade payables 68 489 ---Other short-term liabilities 95 837 27 411 --Total 183 369 82 827 411 3781 041See Note 13 for maturity analysis on leasing. Remaining period 2023 0-3 mth. 3-12mth.1-3 year3yearsormoreBank overdraft - 24 098 - - Interest-bearing debt 15 01145 032 39 706 296 036 Other non-current liabilities - - - - Interest expenses 5 843 17 529 54 656 16 510 Trade payables 64 017 ---Other short-term liabilities 74 148 38 038 --Total 159 019124 698 94 361 312 546 Note 19 contains more information regarding long term debt. iv)CurrencyriskThe Group companies are exposed to currency risk due to production, buying and selling in several different countries and in different currencies. The most important currencies are NOK, SEK, PLN and EUR. The Group enters into forward contracts and currency exchange agreements from time to time to reduce the currency risk in cash flows denominated in foreign currency. The company has not had currency exchange agreements in 2024 or 2023. The Group\u2019s available liquid assets are held in NOK, EUR, PLN and SEK. The tables below show the sensitivity of the consolidated balance sheet to potential changes in the krone exchange rate for each EUR, PLN and SEK with all other ratios held constant. Year ChangeinEURexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 5 981 +/- 50 851 2023 +/-10%+/- 3 600 +/- 46 044 Year ChangeinPLNexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 282 +/- 573 2023 +/-10%+/-1997+/- 867 Year ChangeinSEKexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 271 +/- 29 298 2023 +/-10%+/- 3 638 +/-11773v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlled companies. As the investments are mainly long-term, the Group also strive for adapted financing in the form of equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share as needed in the short and long term. Equity ratio is calculated as book equity in relation to total capital. The equity ratio as of December 31, 2024, and 2023 was 55.3 per cent and 53.7 per cent respectively. See Note 19 for further information on interest-bearing debt. Borgestad ASA wants to achieve the best possible price for the company\u2019s shares through efficient and profitable management of the Group\u2019s resources. A competitive return must be achieved through value appreciation and the payment of dividends. The return must be competitive compared to other investment alternatives with the same risk. The dividend must be in relation to the company\u2019s results, equity needs and future prospects.",
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"f0__s12__6__113": {
"value": "Note 21 Financial risk and management objectives and policies Financial risk The Group uses financial instruments such as bank loans to obtain capital for investments in the company\u2019s operations. In addition, the Group has financial instruments such as accounts receivable, accounts payable, etc. which are directly linked to the company\u2019s daily operations. Routines for risk management have been adopted by the board and are carried out by a central finance department in collaboration with the individual operating units. The most important financial risks the Group is exposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management has an ongoing assessment of these risks and sets guidelines for how these are to be handled. In accordance with the Group\u2019s strategy for interest rate and currency exposure, the Group sometimes uses financial derivatives to reduce this risk. i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit from the Group, for example customers, must be approved and subject to an assessment of creditworthiness. The Group has no significant credit risk linked to a single counterparty or several counterparties that can be seen as a Group due to similarities in credit risk. In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected credit loss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss is based on both historical and forward-looking information and is carried out at company level. When estimating expected credit losses for trade receivables that are not yet due and trade receivables that are due, available information is assessed, including loss history and future expectations, where this forms the basis for an estimate for provisions for losses on an individual and a general basis. Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in the balance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the credit risk associated with these items is considered to be very low. Furthermore, the counterparty for pension funds is a Norwegian insurance company and the risk associated with this is considered minimal. The Group considers its maximum risk exposure to be the balance sheet value of long-term receivables, trade receivables and other short-term receivables, cf. v) for an overview of the amounts within these classes. ii)InterestrateriskThe Group is exposed to interest rate risk through placement and financing activities. As of December 31, 2024, the Group had a floating interest rate for most of its deposits, receivables and loans. For the mortgage loan in Agora Bytom, 70 percent of the loan of MEUR 29,4 is secured at a fixed rate of 3.17 percent above the interest margin of 2.80 percent until maturity, December 31, 2028. Fixed interest loans are accounted for at amortized cost. ChangeintheinterestratelevelinEffectonprofitbeforetaxYear percentage points (NOK1000)Effect on equity (NOK 1 000)2024 +/-1%po ints-/+ 260 -/+ 8 496 2023 +/-1%po ints-/+ 251 -/+1662All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below these contracts are specified. Change in value 2024 InterestderivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o. ** 242 741 3.5 years -9 962 -15 907 Change in value 2023 Interest derivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o.** 332 362 0.5 years 5 945 -7 957 ** 70 (100) percent of the loan linked to Agora Bytom is secured with an interest rate of 3.17 (0.30) percent + 2.80 (2.80) percent margin.The derivatives above are contracts where floating interest has been exchanged for fixed interest. The interest derivatives above are accounted for as hedging instruments with a change in fair value over other income and expenses (OCI). The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts to MEUR 20.6 (29.9), which corresponds to 70 (100) percent of the company\u2019s mortgage loan. Interestonloans, receivablesandliabilitiesmeasuredatamortizedcost 2024 2023 Bond loan -9 612 Bank loan 22 697 37 434 Total 22 697 47 046 iii)LiquidityriskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due. The Group\u2019s board of directors and management consider the group\u2019s debt structure as reasonable with a sufficient liquidity position. The group\u2019s strategy for managing liquidity risk is to have sufficient cash at all times to be able to meet its financial obligations when due, both under normal and extraordinary circumstances. The Group, through H\u00f6gan\u00e4s Borgestad group, has mortgage debt, MNOK 44.0, that falls due on June 30, 2025 that can influence the liquidity situation for the Group if the debt is not refinanced. The Board of directors and management review the refinancing risk as low. Management has agreed with Nordea that discussion related to refinancing will be completed during first half of 2025. The board and Group management have the understanding that the Groups liquidity is sustainable and that the Group are in a good position to service the debt within the Group as it falls due. Unutilized credit facilities are presented in Note 16. The following table shows an overview of the maturity structure for the group\u2019s financial obligations, based on undiscounted contractual payments. In cases where the counterparty can demand earlier redemption, the amount is given in the earliest period in which payment can be required from the counterparty. If the obligation can be redeemed on request, these are included in the first column for which the obligation can be redeemed. Remaining period 2024 0-3 mth. 3-12mth.1-3 year3yearsormoreInterest-bearing debt 12 97538 925 342 600 1 000 Other non-current liabilities - - 10 713 - Interest expenses 6 068 16 491 58 066 41 Trade payables 68 489 ---Other short-term liabilities 95 837 27 411 --Total 183 369 82 827 411 3781 041See Note 13 for maturity analysis on leasing. Remaining period 2023 0-3 mth. 3-12mth.1-3 year3yearsormoreBank overdraft - 24 098 - - Interest-bearing debt 15 01145 032 39 706 296 036 Other non-current liabilities - - - - Interest expenses 5 843 17 529 54 656 16 510 Trade payables 64 017 ---Other short-term liabilities 74 148 38 038 --Total 159 019124 698 94 361 312 546 Note 19 contains more information regarding long term debt. iv)CurrencyriskThe Group companies are exposed to currency risk due to production, buying and selling in several different countries and in different currencies. The most important currencies are NOK, SEK, PLN and EUR. The Group enters into forward contracts and currency exchange agreements from time to time to reduce the currency risk in cash flows denominated in foreign currency. The company has not had currency exchange agreements in 2024 or 2023. The Group\u2019s available liquid assets are held in NOK, EUR, PLN and SEK. The tables below show the sensitivity of the consolidated balance sheet to potential changes in the krone exchange rate for each EUR, PLN and SEK with all other ratios held constant. Year ChangeinEURexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 5 981 +/- 50 851 2023 +/-10%+/- 3 600 +/- 46 044 Year ChangeinPLNexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 282 +/- 573 2023 +/-10%+/-1997+/- 867 Year ChangeinSEKexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 271 +/- 29 298 2023 +/-10%+/- 3 638 +/-11773v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlled companies. As the investments are mainly long-term, the Group also strive for adapted financing in the form of equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share as needed in the short and long term. Equity ratio is calculated as book equity in relation to total capital. The equity ratio as of December 31, 2024, and 2023 was 55.3 per cent and 53.7 per cent respectively. See Note 19 for further information on interest-bearing debt. Borgestad ASA wants to achieve the best possible price for the company\u2019s shares through efficient and profitable management of the Group\u2019s resources. A competitive return must be achieved through value appreciation and the payment of dividends. The return must be competitive compared to other investment alternatives with the same risk. The dividend must be in relation to the company\u2019s results, equity needs and future prospects. Climate risk The climate changes that the world is facing today are significant, and this entails risks, but also opportunities for companies. Climate risk refers to the potential damage or negative impact on human and natural systems as a result of climate change. This can include physical risks, such as damage from extreme weather events, as well as transition risks related to the green shift, such as changes in political and regulatory framework conditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to a low carbon economy. Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by the framework from the Task Force on Climate-related Financial Disclosure (TCFD). PhysicalclimateriskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to the extraction and deliveries of raw materials from areas including China and southern Asia. Effects on this part of the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transport problems resulting from various types of extreme weather and the impact it has on both the opportunity to work and society at large. \u25c6 Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that it will affect Borgestad\u2019s raw material deliveries, or equivalently for Borgestad\u2019s suppliers of refractory products, is considered to be relatively low. \u25c6 Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin to affect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant, including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages (which may result in shutdowns or increased absences for workers) and rain/floods (which may result in shutdowns), and indirect effects through economic and political turbulence resulting from climate -related challenges in society. \u25c6 Long-term (>10 years): In the long term, climate change may lead to furthermore extreme conditions, which in turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factors can have a significant impact on Borgestad\u2019s supply chains in vulnerable areas PotentialfinancialimpactsThe effects described above can affect Borgestad in two ways in particular: 1. Increased prices resulting from reduced supply and still high demand. 2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extraction and transport Both effects 1 and 2 will affect Borgestad\u2019s ability to deliver competitive prices with the desired delivery time and predictability. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of the group\u2019s exposure to various risk factors. A process that already appears to be significant is a mapping of subcontractors and increased communication/interaction with the value chain so that a more active relationship with actual risk is achieved. Increased diversification when it comes to subcontractors may also become relevant, to ensure access to various alternatives should any subcontractors be exposed to any of the above -mentioned risks. Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climate impact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comes through this restructuring is referred to as the green shift. Transition risk is a collective term for the type of risk that arises due to this changeover. Regulatory risk Failure to comply with new regulations may result in fines or non-approval of compliance documentation. Future regulations may entail significantly increased costs for negative climate impacts, for example through more aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entail significant increased costs for both Borgestad, our production partner and our customers and are thus a threat to both supply and demand for refractory products. At the same time, it will result in increased pressure to transition to alternative energy sources, a transition that is important for Borgestad to be aware of and consider how to deal with. Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group is aware of this and the uncertainty it entails and will continue its work to map which transition risks the business and the value chains are exposed to. PotentialfinancialimpactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its direct risk exposure but is still exposed to regulatory risk through our German partner\u2019s production, and now has less influence on how this risk is handled. Borgestad considers this risk to be particularly relevant to our business and will prioritize further analysis of this going forward. Borgestad\u2019s initial survey points to the following as significant risk points for further investigation: Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost for Borgestad and our suppliers of refractory products where natural gas is significant energy source. This will affect the prices we have to charge our customers and may affect our profitability and competitiveness, if other players can price themselves lower due to less exposure to such cost increases. Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs for customers. This can result in reduced purchasing power and willingness to pay as a result of pressured profitability. This effect can be further influenced by customers having to deal with Borgestad\u2019s emissions through their own Scope 3 calculations and reports. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus on reducing emission intensity through innovation and technology development will be necessary. Reputational risk The company\u2019s business emission intensity can pose a reputational risk. Failure to comply with upcoming regulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier for stakeholders to monitor how companies approach their own emissions. It will be important for Borgestad to get a good overview of its own emissions and how the group works with this in the long term. PotentialfinancialimpactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. With growing awareness of climate issues and increasing pressure on sustainability, many companies are incorporating green criteria when making their procurement decisions. This could lead to a negative income effect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks. \u25c6 Potential economic consequences: Low \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Low \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors, where the risk is considered high. PotentialfinancialimpactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increased demand for high-quality refractory products, as this type of product can be an important means of reducing our customers\u2019 energy use and thus their own emissions. This represents both an opportunity for Borgestad, if the group manages to offer good products with industry-leading properties, and a commercial risk if the group itself or through production partners does not have access to products of sufficiently high quality. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. At the same time, it indicates that a diversification of the product offering and the markets in which the group operates will have to be considered, as well as that investments in innovation and new technology will be prioritized, as this will probably contribute to a more sustainable practice, optimization on the cost/expenditure side and thus be central to handling of risk.",
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"f0__s12__6__112": {
"value": "Note 21 Financial risk and management objectives and policies Financial risk The Group uses financial instruments such as bank loans to obtain capital for investments in the company\u2019s operations. In addition, the Group has financial instruments such as accounts receivable, accounts payable, etc. which are directly linked to the company\u2019s daily operations. Routines for risk management have been adopted by the board and are carried out by a central finance department in collaboration with the individual operating units. The most important financial risks the Group is exposed to are related to interest rate risk, liquidity risk, currency risk and credit risk. The Group\u2019s management has an ongoing assessment of these risks and sets guidelines for how these are to be handled. In accordance with the Group\u2019s strategy for interest rate and currency exposure, the Group sometimes uses financial derivatives to reduce this risk. i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit from the Group, for example customers, must be approved and subject to an assessment of creditworthiness. The Group has no significant credit risk linked to a single counterparty or several counterparties that can be seen as a Group due to similarities in credit risk. In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected credit loss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss is based on both historical and forward-looking information and is carried out at company level. When estimating expected credit losses for trade receivables that are not yet due and trade receivables that are due, available information is assessed, including loss history and future expectations, where this forms the basis for an estimate for provisions for losses on an individual and a general basis. Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in the balance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the credit risk associated with these items is considered to be very low. Furthermore, the counterparty for pension funds is a Norwegian insurance company and the risk associated with this is considered minimal. The Group considers its maximum risk exposure to be the balance sheet value of long-term receivables, trade receivables and other short-term receivables, cf. v) for an overview of the amounts within these classes. ii)InterestrateriskThe Group is exposed to interest rate risk through placement and financing activities. As of December 31, 2024, the Group had a floating interest rate for most of its deposits, receivables and loans. For the mortgage loan in Agora Bytom, 70 percent of the loan of MEUR 29,4 is secured at a fixed rate of 3.17 percent above the interest margin of 2.80 percent until maturity, December 31, 2028. Fixed interest loans are accounted for at amortized cost. ChangeintheinterestratelevelinEffectonprofitbeforetaxYear percentage points (NOK1000)Effect on equity (NOK 1 000)2024 +/-1%po ints-/+ 260 -/+ 8 496 2023 +/-1%po ints-/+ 251 -/+1662All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below these contracts are specified. Change in value 2024 InterestderivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o. ** 242 741 3.5 years -9 962 -15 907 Change in value 2023 Interest derivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o.** 332 362 0.5 years 5 945 -7 957 ** 70 (100) percent of the loan linked to Agora Bytom is secured with an interest rate of 3.17 (0.30) percent + 2.80 (2.80) percent margin.The derivatives above are contracts where floating interest has been exchanged for fixed interest. The interest derivatives above are accounted for as hedging instruments with a change in fair value over other income and expenses (OCI). The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts to MEUR 20.6 (29.9), which corresponds to 70 (100) percent of the company\u2019s mortgage loan. Interestonloans, receivablesandliabilitiesmeasuredatamortizedcost 2024 2023 Bond loan -9 612 Bank loan 22 697 37 434 Total 22 697 47 046 iii)LiquidityriskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due. The Group\u2019s board of directors and management consider the group\u2019s debt structure as reasonable with a sufficient liquidity position. The group\u2019s strategy for managing liquidity risk is to have sufficient cash at all times to be able to meet its financial obligations when due, both under normal and extraordinary circumstances. The Group, through H\u00f6gan\u00e4s Borgestad group, has mortgage debt, MNOK 44.0, that falls due on June 30, 2025 that can influence the liquidity situation for the Group if the debt is not refinanced. The Board of directors and management review the refinancing risk as low. Management has agreed with Nordea that discussion related to refinancing will be completed during first half of 2025. The board and Group management have the understanding that the Groups liquidity is sustainable and that the Group are in a good position to service the debt within the Group as it falls due. Unutilized credit facilities are presented in Note 16. The following table shows an overview of the maturity structure for the group\u2019s financial obligations, based on undiscounted contractual payments. In cases where the counterparty can demand earlier redemption, the amount is given in the earliest period in which payment can be required from the counterparty. If the obligation can be redeemed on request, these are included in the first column for which the obligation can be redeemed. Remaining period 2024 0-3 mth. 3-12mth.1-3 year3yearsormoreInterest-bearing debt 12 97538 925 342 600 1 000 Other non-current liabilities - - 10 713 - Interest expenses 6 068 16 491 58 066 41 Trade payables 68 489 ---Other short-term liabilities 95 837 27 411 --Total 183 369 82 827 411 3781 041See Note 13 for maturity analysis on leasing. Remaining period 2023 0-3 mth. 3-12mth.1-3 year3yearsormoreBank overdraft - 24 098 - - Interest-bearing debt 15 01145 032 39 706 296 036 Other non-current liabilities - - - - Interest expenses 5 843 17 529 54 656 16 510 Trade payables 64 017 ---Other short-term liabilities 74 148 38 038 --Total 159 019124 698 94 361 312 546 Note 19 contains more information regarding long term debt. iv)CurrencyriskThe Group companies are exposed to currency risk due to production, buying and selling in several different countries and in different currencies. The most important currencies are NOK, SEK, PLN and EUR. The Group enters into forward contracts and currency exchange agreements from time to time to reduce the currency risk in cash flows denominated in foreign currency. The company has not had currency exchange agreements in 2024 or 2023. The Group\u2019s available liquid assets are held in NOK, EUR, PLN and SEK. The tables below show the sensitivity of the consolidated balance sheet to potential changes in the krone exchange rate for each EUR, PLN and SEK with all other ratios held constant. Year ChangeinEURexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 5 981 +/- 50 851 2023 +/-10%+/- 3 600 +/- 46 044 Year ChangeinPLNexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 282 +/- 573 2023 +/-10%+/-1997+/- 867 Year ChangeinSEKexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 271 +/- 29 298 2023 +/-10%+/- 3 638 +/-11773v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169vii) Capital managementBorgestad ASA has mainly investments in property and long-term shares in affiliated and jointly controlled companies. As the investments are mainly long-term, the Group also strive for adapted financing in the form of equity capital and long-term debt capital. The Group seeks to adapt the development in the equity share as needed in the short and long term. Equity ratio is calculated as book equity in relation to total capital. The equity ratio as of December 31, 2024, and 2023 was 55.3 per cent and 53.7 per cent respectively. See Note 19 for further information on interest-bearing debt. Borgestad ASA wants to achieve the best possible price for the company\u2019s shares through efficient and profitable management of the Group\u2019s resources. A competitive return must be achieved through value appreciation and the payment of dividends. The return must be competitive compared to other investment alternatives with the same risk. The dividend must be in relation to the company\u2019s results, equity needs and future prospects. Climate risk The climate changes that the world is facing today are significant, and this entails risks, but also opportunities for companies. Climate risk refers to the potential damage or negative impact on human and natural systems as a result of climate change. This can include physical risks, such as damage from extreme weather events, as well as transition risks related to the green shift, such as changes in political and regulatory framework conditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to a low carbon economy. Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by the framework from the Task Force on Climate-related Financial Disclosure (TCFD). PhysicalclimateriskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to the extraction and deliveries of raw materials from areas including China and southern Asia. Effects on this part of the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transport problems resulting from various types of extreme weather and the impact it has on both the opportunity to work and society at large. \u25c6 Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that it will affect Borgestad\u2019s raw material deliveries, or equivalently for Borgestad\u2019s suppliers of refractory products, is considered to be relatively low. \u25c6 Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin to affect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant, including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages (which may result in shutdowns or increased absences for workers) and rain/floods (which may result in shutdowns), and indirect effects through economic and political turbulence resulting from climate -related challenges in society. \u25c6 Long-term (>10 years): In the long term, climate change may lead to furthermore extreme conditions, which in turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factors can have a significant impact on Borgestad\u2019s supply chains in vulnerable areas PotentialfinancialimpactsThe effects described above can affect Borgestad in two ways in particular: 1. Increased prices resulting from reduced supply and still high demand. 2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extraction and transport Both effects 1 and 2 will affect Borgestad\u2019s ability to deliver competitive prices with the desired delivery time and predictability. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of the group\u2019s exposure to various risk factors. A process that already appears to be significant is a mapping of subcontractors and increased communication/interaction with the value chain so that a more active relationship with actual risk is achieved. Increased diversification when it comes to subcontractors may also become relevant, to ensure access to various alternatives should any subcontractors be exposed to any of the above -mentioned risks. Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climate impact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comes through this restructuring is referred to as the green shift. Transition risk is a collective term for the type of risk that arises due to this changeover. Regulatory risk Failure to comply with new regulations may result in fines or non-approval of compliance documentation. Future regulations may entail significantly increased costs for negative climate impacts, for example through more aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entail significant increased costs for both Borgestad, our production partner and our customers and are thus a threat to both supply and demand for refractory products. At the same time, it will result in increased pressure to transition to alternative energy sources, a transition that is important for Borgestad to be aware of and consider how to deal with. Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group is aware of this and the uncertainty it entails and will continue its work to map which transition risks the business and the value chains are exposed to. PotentialfinancialimpactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its direct risk exposure but is still exposed to regulatory risk through our German partner\u2019s production, and now has less influence on how this risk is handled. Borgestad considers this risk to be particularly relevant to our business and will prioritize further analysis of this going forward. Borgestad\u2019s initial survey points to the following as significant risk points for further investigation: Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost for Borgestad and our suppliers of refractory products where natural gas is significant energy source. This will affect the prices we have to charge our customers and may affect our profitability and competitiveness, if other players can price themselves lower due to less exposure to such cost increases. Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs for customers. This can result in reduced purchasing power and willingness to pay as a result of pressured profitability. This effect can be further influenced by customers having to deal with Borgestad\u2019s emissions through their own Scope 3 calculations and reports. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus on reducing emission intensity through innovation and technology development will be necessary. Reputational risk The company\u2019s business emission intensity can pose a reputational risk. Failure to comply with upcoming regulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier for stakeholders to monitor how companies approach their own emissions. It will be important for Borgestad to get a good overview of its own emissions and how the group works with this in the long term. PotentialfinancialimpactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. With growing awareness of climate issues and increasing pressure on sustainability, many companies are incorporating green criteria when making their procurement decisions. This could lead to a negative income effect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks. \u25c6 Potential economic consequences: Low \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Low \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors, where the risk is considered high. PotentialfinancialimpactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increased demand for high-quality refractory products, as this type of product can be an important means of reducing our customers\u2019 energy use and thus their own emissions. This represents both an opportunity for Borgestad, if the group manages to offer good products with industry-leading properties, and a commercial risk if the group itself or through production partners does not have access to products of sufficiently high quality. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. At the same time, it indicates that a diversification of the product offering and the markets in which the group operates will have to be considered, as well as that investments in innovation and new technology will be prioritized, as this will probably contribute to a more sustainable practice, optimization on the cost/expenditure side and thus be central to handling of risk.",
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"value": "i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit from the Group, for example customers, must be approved and subject to an assessment of creditworthiness. The Group has no significant credit risk linked to a single counterparty or several counterparties that can be seen as a Group due to similarities in credit risk. In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected credit loss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss is based on both historical and forward-looking information and is carried out at company level. When estimating expected credit losses for trade receivables that are not yet due and trade receivables that are due, available information is assessed, including loss history and future expectations, where this forms the basis for an estimate for provisions for losses on an individual and a general basis. Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in the balance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the credit risk associated with these items is considered to be very low. Furthermore, the counterparty for pension funds is a Norwegian insurance company and the risk associated with this is considered minimal. The Group considers its maximum risk exposure to be the balance sheet value of long-term receivables, trade receivables and other short-term receivables, cf. v) for an overview of the amounts within these classes.",
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"f0__s12__6__115": {
"value": "i) Credit riskThe Group only trades with approved creditworthy counterparties. All counterparties who receive credit from the Group, for example customers, must be approved and subject to an assessment of creditworthiness. The Group has no significant credit risk linked to a single counterparty or several counterparties that can be seen as a Group due to similarities in credit risk. In accordance with the expected credit loss model introduced by IFRS 9, Borgestad records expected credit loss over the lifetime of all receivables (the simplified approach). The calculation of expected credit loss is based on both historical and forward-looking information and is carried out at company level. When estimating expected credit losses for trade receivables that are not yet due and trade receivables that are due, available information is assessed, including loss history and future expectations, where this forms the basis for an estimate for provisions for losses on an individual and a general basis. Maximum risk exposure is represented by the book value of the financial assets, including derivatives, in the balance sheet. As the counterparty in derivatives trading and deposits in banks are normally banks, the credit risk associated with these items is considered to be very low. Furthermore, the counterparty for pension funds is a Norwegian insurance company and the risk associated with this is considered minimal. The Group considers its maximum risk exposure to be the balance sheet value of long-term receivables, trade receivables and other short-term receivables, cf. v) for an overview of the amounts within these classes.",
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"f0__s12__6__117-1": {
"value": "ii)InterestrateriskThe Group is exposed to interest rate risk through placement and financing activities. As of December 31, 2024, the Group had a floating interest rate for most of its deposits, receivables and loans. For the mortgage loan in Agora Bytom, 70 percent of the loan of MEUR 29,4 is secured at a fixed rate of 3.17 percent above the interest margin of 2.80 percent until maturity, December 31, 2028. Fixed interest loans are accounted for at amortized cost. ChangeintheinterestratelevelinEffectonprofitbeforetaxYear percentage points (NOK1000)Effect on equity (NOK 1 000)2024 +/-1%po ints-/+ 260 -/+ 8 496 2023 +/-1%po ints-/+ 251 -/+1662All fixed interest contracts entered into are accounted for as cash flow hedges. In the tables below these contracts are specified. Change in value 2024 InterestderivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o. ** 242 741 3.5 years -9 962 -15 907 Change in value 2023 Interest derivativesSecured amount Maturity remaining Fair value throughouttheyearAgora Bytom Sp. z o.o.** 332 362 0.5 years 5 945 -7 957 ** 70 (100) percent of the loan linked to Agora Bytom is secured with an interest rate of 3.17 (0.30) percent + 2.80 (2.80) percent margin.The derivatives above are contracts where floating interest has been exchanged for fixed interest. The interest derivatives above are accounted for as hedging instruments with a change in fair value over other income and expenses (OCI). The interest derivative in Agora Bytom Sp. z o.o. is entered into in EUR and the secured amount amounts to MEUR 20.6 (29.9), which corresponds to 70 (100) percent of the company\u2019s mortgage loan. Interestonloans, receivablesandliabilitiesmeasuredatamortizedcost 2024 2023 Bond loan -9 612 Bank loan 22 697 37 434 Total 22 697 47 046 iv)CurrencyriskThe Group companies are exposed to currency risk due to production, buying and selling in several different countries and in different currencies. The most important currencies are NOK, SEK, PLN and EUR. The Group enters into forward contracts and currency exchange agreements from time to time to reduce the currency risk in cash flows denominated in foreign currency. The company has not had currency exchange agreements in 2024 or 2023. The Group\u2019s available liquid assets are held in NOK, EUR, PLN and SEK. The tables below show the sensitivity of the consolidated balance sheet to potential changes in the krone exchange rate for each EUR, PLN and SEK with all other ratios held constant. Year ChangeinEURexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 5 981 +/- 50 851 2023 +/-10%+/- 3 600 +/- 46 044 Year ChangeinPLNexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 282 +/- 573 2023 +/-10%+/-1997+/- 867 Year ChangeinSEKexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 271 +/- 29 298 2023 +/-10%+/- 3 638 +/-11773",
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"value": "Other receivables 2024 2023 Income accruals 1 220 282 Cost accruals 1 822 -Prepayment to suppliers 5 197 7 539 Tax and value added tax 2 104 -Other current assets 842 -58 Total 11 1857 763",
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"value": "Other receivables 2024 2023 Income accruals 1 220 282 Cost accruals 1 822 -Prepayment to suppliers 5 197 7 539 Tax and value added tax 2 104 -Other current assets 842 -58 Total 11 1857 763",
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"f0__s12__6__118": {
"value": "iii)LiquidityriskLiquidity risk is the risk that the Group will not be able to service its financial obligations as they fall due. The Group\u2019s board of directors and management consider the group\u2019s debt structure as reasonable with a sufficient liquidity position. The group\u2019s strategy for managing liquidity risk is to have sufficient cash at all times to be able to meet its financial obligations when due, both under normal and extraordinary circumstances. The Group, through H\u00f6gan\u00e4s Borgestad group, has mortgage debt, MNOK 44.0, that falls due on June 30, 2025 that can influence the liquidity situation for the Group if the debt is not refinanced. The Board of directors and management review the refinancing risk as low. Management has agreed with Nordea that discussion related to refinancing will be completed during first half of 2025. The board and Group management have the understanding that the Groups liquidity is sustainable and that the Group are in a good position to service the debt within the Group as it falls due. Unutilized credit facilities are presented in Note 16. The following table shows an overview of the maturity structure for the group\u2019s financial obligations, based on undiscounted contractual payments. In cases where the counterparty can demand earlier redemption, the amount is given in the earliest period in which payment can be required from the counterparty. If the obligation can be redeemed on request, these are included in the first column for which the obligation can be redeemed. Remaining period 2024 0-3 mth. 3-12mth.1-3 year3yearsormoreInterest-bearing debt 12 97538 925 342 600 1 000 Other non-current liabilities - - 10 713 - Interest expenses 6 068 16 491 58 066 41 Trade payables 68 489 ---Other short-term liabilities 95 837 27 411 --Total 183 369 82 827 411 3781 041See Note 13 for maturity analysis on leasing. Remaining period 2023 0-3 mth. 3-12mth.1-3 year3yearsormoreBank overdraft - 24 098 - - Interest-bearing debt 15 01145 032 39 706 296 036 Other non-current liabilities - - - - Interest expenses 5 843 17 529 54 656 16 510 Trade payables 64 017 ---Other short-term liabilities 74 148 38 038 --Total 159 019124 698 94 361 312 546 Note 19 contains more information regarding long term debt. ",
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"f0__s12__6__120": {
"value": "iv)CurrencyriskThe Group companies are exposed to currency risk due to production, buying and selling in several different countries and in different currencies. The most important currencies are NOK, SEK, PLN and EUR. The Group enters into forward contracts and currency exchange agreements from time to time to reduce the currency risk in cash flows denominated in foreign currency. The company has not had currency exchange agreements in 2024 or 2023. The Group\u2019s available liquid assets are held in NOK, EUR, PLN and SEK. The tables below show the sensitivity of the consolidated balance sheet to potential changes in the krone exchange rate for each EUR, PLN and SEK with all other ratios held constant. Year ChangeinEURexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 5 981 +/- 50 851 2023 +/-10%+/- 3 600 +/- 46 044 Year ChangeinPLNexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 282 +/- 573 2023 +/-10%+/-1997+/- 867 Year ChangeinSEKexchangerateEffectonprofitbeforetaxEffect on equity2024 +/-10%+/- 2 271 +/- 29 298 2023 +/-10%+/- 3 638 +/-11773",
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"f0__s12__6__127-1": {
"value": "v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169",
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"f0__s12__6__125": {
"value": "v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 ",
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"f0__s12__6__122": {
"value": "v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
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},
"f0__s12__6__121-1": {
"value": "v)ClassificationoffinancialinstrumentsLoans and receivables at Financial liabili- DerivativesthatareSharesatfairvalueamortizedcostandtiesmeasuredat31.12.24 hedginginstrumentsthroughprofitorlossbankde-positsamortized cost Non-currentfinancialassetsOther financial assets --6 216 -Other shares -32 --Totalnon-currentfinancialassetsTrade receivables --139 214 -Other receivables --11 185-Cash and cash equivalents --220 462 -Totalfinancialassets- 32 377 077- Interest-bearingdebtlongtermInterest-bearing debt ---343 600 Other non-current liabilities 10 713 Lease liability 24 730 Interest-bearingdebtshorttermInterest-bearing debt ---51 900 Lease liability 16 986 Trade payables ---68 489 Public duties payable ---28 991 Other short-term liabilities ---82 330 Totalfinancialobligations10 713- - 617 025Loans and receivables at Financial liabilities DerivativesthatareSharesatfairvalueamortizedcostandmeasured at 31.12.23 hedginginstrumentsthroughprofitorlossbank deposits amortized cost Non-currentfinancialassetsOther financial assets 5 945 -734 -Other shares -176 --Totalnon-currentfinancialassetsTrade receivables --184 567 -Other receivables --7 763 -Cash and cash equivalents --152 688 -Totalfinancialassets5 945 176345 752 - Interest-bearingdebtlongtermInterest-bearing debt ---335 742 Lease liability 27 453 Interest-bearingdebtshorttermInterest-bearing debt ---60 043 Lease liability 12 641 Bank overdraft ---24 098 Trade payables ---64 017 Public duties payable ---27 560 Other short-term liabilities ---72 479 Totalfinancialobligations- - - 624 032 vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169",
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"f0__s12__6__130": {
"value": "vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s12__6__129": {
"value": "vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169",
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"f0__s12__6__128": {
"value": "vi) Fair value of financial instrumentsIf the financial asset does not have an observable market value, the Group bases its estimate on a series of observations supported by calculations to arrive at the best possible estimate of the asset\u2019s value. These observations consist of issue amounts in the case of open subscription, various players\u2019 price offers and valuation when selling parts of the company, cost price when buying shares recently, as well as own assessments of cash flow and value - adjusted equity of the Group\u2019s investments. The most important uncertainties linked to the estimates for fair value are conditions such as declining turnover and profit in the companies in which you have a stake, a change in the risk profile of the investment or a general increase in the requirement the Group sets for its discount rate. Reference is made to the separate table below which shows the method used for the valuation of the individual balance sheet item (valuation hierarchy). The following of the company\u2019s financial instruments are not separately valued at fair value: cash and cash equivalents, trade receivables, other short-term receivables, overdrafts, trade payables and long-term debt. The carrying value of cash and cash equivalents and overdrafts is approximately equal to fair value due to the fact that these instruments have a short maturity. Correspondingly, the balance sheet value of trade receivables, short -term receivables, trade payables, public charges and other short-term liabilities is approximately equal to fair value as they are entered into under \u201cnormal\u201d conditions. In relation to interest-bearing debt, the Group has not entered into agreements that deviate significantly from ordinary market conditions. Fair value hierarchy The Group classifies fair value measurements using the fair value hierarchy. The fair value hierarchy has the following levels: \u25c6 Level 1: inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. \u25c6 Level 2: inputs are other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). \u25c6 Level 3: input for the asset or liability that is not based on observable market data (unobservable input). Assets recognizedatfairvalue 31.12.24 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income -9 962 --9 962 -Equity instruments held for trading with a change in value through profit or loss 32 --32 Total -9 930 - -9 962 32 During the reporting period, there was no change in fair value measurement that entailed transfers between levels 1, 2 or 3. In accordance with IFRS 9, all changes in the value of financial assets are entered in profit or loss, unless you have chosen otherwise at first recognition. Assets recognizedatfairvalue 31.12.23 Level 1 Level 2 Level 3 Hedging derivatives with changes in value through other comprehensive income 5 945 -5 945 -Equity instruments held for trading with a change in value through profit or loss 176 7 -169 Total 6 1217 5 945 169Specificationofchangesinlevel3 2024 2023 Balance sheet as of 01 January 169 1 845 Purchase, sale, issue and settlement 25 -Gains and losses recognised in the current profit and loss statement -1 676Reclassifying -162 Total 32 169",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s12__6__134": {
"value": "Climate risk The climate changes that the world is facing today are significant, and this entails risks, but also opportunities for companies. Climate risk refers to the potential damage or negative impact on human and natural systems as a result of climate change. This can include physical risks, such as damage from extreme weather events, as well as transition risks related to the green shift, such as changes in political and regulatory framework conditions or market changes and economic losses due to the phasing out of fossil fuels in the transition to a low carbon economy. Borgestad has so far carried out an overall assessment of its exposure to climate risk guided by the framework from the Task Force on Climate-related Financial Disclosure (TCFD). PhysicalclimateriskFor Borgestad, physical climate risk has mainly been assessed in the upstream value chain, i.e. linked to the extraction and deliveries of raw materials from areas including China and southern Asia. Effects on this part of the value chain, which in turn can affect Borgestad, will typically be linked to shutdowns and transport problems resulting from various types of extreme weather and the impact it has on both the opportunity to work and society at large. \u25c6 Short term (0-3 years): In the short term, the risk of extreme weather of such a scale and frequency that it will affect Borgestad\u2019s raw material deliveries, or equivalently for Borgestad\u2019s suppliers of refractory products, is considered to be relatively low. \u25c6 Medium term (3-10 years): Over time, increased occurrence of extreme weather conditions may begin to affect various upstream suppliers and their local infrastructure. A number of such conditions may be relevant, including the direct effect of, for example, extreme heat (which may lead to shutdowns), water shortages (which may result in shutdowns or increased absences for workers) and rain/floods (which may result in shutdowns), and indirect effects through economic and political turbulence resulting from climate -related challenges in society. \u25c6 Long-term (>10 years): In the long term, climate change may lead to furthermore extreme conditions, which in turn cause disruptions, transport delays, conflict, political instability, disruption and migration. These factors can have a significant impact on Borgestad\u2019s supply chains in vulnerable areas PotentialfinancialimpactsThe effects described above can affect Borgestad in two ways in particular: 1. Increased prices resulting from reduced supply and still high demand. 2. Increased lead time for raw materials as a result of reduced supply, downtime and unpredictable extraction and transport Both effects 1 and 2 will affect Borgestad\u2019s ability to deliver competitive prices with the desired delivery time and predictability. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of the group\u2019s exposure to various risk factors. A process that already appears to be significant is a mapping of subcontractors and increased communication/interaction with the value chain so that a more active relationship with actual risk is achieved. Increased diversification when it comes to subcontractors may also become relevant, to ensure access to various alternatives should any subcontractors be exposed to any of the above -mentioned risks. Climate transition riskFuture emission and environmental regulations will be necessary for the world to be able to reduce its climate impact sufficiently for the targets in the Paris Agreement to be reached. The societal change that comes through this restructuring is referred to as the green shift. Transition risk is a collective term for the type of risk that arises due to this changeover. Regulatory risk Failure to comply with new regulations may result in fines or non-approval of compliance documentation. Future regulations may entail significantly increased costs for negative climate impacts, for example through more aggressive taxation of emissions of CO2 and other greenhouse gases. Such changes will entail significant increased costs for both Borgestad, our production partner and our customers and are thus a threat to both supply and demand for refractory products. At the same time, it will result in increased pressure to transition to alternative energy sources, a transition that is important for Borgestad to be aware of and consider how to deal with. Borgestad operates in a relatively emissions-intensive industry, as do several of our customers. The group is aware of this and the uncertainty it entails and will continue its work to map which transition risks the business and the value chains are exposed to. PotentialfinancialimpactsProduction of refractory products is a relatively energy-intensive business. Borgestad has reduced its direct risk exposure but is still exposed to regulatory risk through our German partner\u2019s production, and now has less influence on how this risk is handled. Borgestad considers this risk to be particularly relevant to our business and will prioritize further analysis of this going forward. Borgestad\u2019s initial survey points to the following as significant risk points for further investigation: Risk point 1: Increased tax on CO2 and other greenhouse gases will increase the production cost for Borgestad and our suppliers of refractory products where natural gas is significant energy source. This will affect the prices we have to charge our customers and may affect our profitability and competitiveness, if other players can price themselves lower due to less exposure to such cost increases. Risk point 2: Increased tax on CO2 and other greenhouse gases will increase production costs for customers. This can result in reduced purchasing power and willingness to pay as a result of pressured profitability. This effect can be further influenced by customers having to deal with Borgestad\u2019s emissions through their own Scope 3 calculations and reports. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. It is nevertheless reasonable to assume that an increased focus on reducing emission intensity through innovation and technology development will be necessary. Reputational risk The company\u2019s business emission intensity can pose a reputational risk. Failure to comply with upcoming regulatory requirements could exacerbate this risk. New regulatory requirements will also make it easier for stakeholders to monitor how companies approach their own emissions. It will be important for Borgestad to get a good overview of its own emissions and how the group works with this in the long term. PotentialfinancialimpactsA lack of sustainable practice can negatively affect the outcome of tender processes for Borgestad. With growing awareness of climate issues and increasing pressure on sustainability, many companies are incorporating green criteria when making their procurement decisions. This could lead to a negative income effect for Borgestad through loss of business and income. Furthermore, a lack of focus on sustainability-related topics can lead to a lower willingness to invest from investors and banks. \u25c6 Potential economic consequences: Low \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Low \u25c6 Long-term risk: Medium Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors, where the risk is considered high. PotentialfinancialimpactsIncreased costs linked to the emission of greenhouse gases as discussed above can also lead to increased demand for high-quality refractory products, as this type of product can be an important means of reducing our customers\u2019 energy use and thus their own emissions. This represents both an opportunity for Borgestad, if the group manages to offer good products with industry-leading properties, and a commercial risk if the group itself or through production partners does not have access to products of sufficiently high quality. \u25c6 Potential economic consequences: High \u25c6 Risk in the short term: Low \u25c6 Medium-term risk: Medium \u25c6 Long-term risk: High Borgestad will essentially await the identification of measures and include this as part of a closer analysis of our exposure to various risk factors. At the same time, it indicates that a diversification of the product offering and the markets in which the group operates will have to be considered, as well as that investments in innovation and new technology will be prioritized, as this will probably contribute to a more sustainable practice, optimization on the cost/expenditure side and thus be central to handling of risk",
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"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s12__6__137": {
"value": "Note 22 Other current liabilities Othercurrentliabilities 2024 2023 Accrued costs 7 675 10 857 Accrued interest - -Advance from customers 3 366 - Holiday pay and other debts to employees 51 553 34 440 Other current liabilities 19 734 27 182 Total 82 328 72 479",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__136": {
"value": "Note 22 Other current liabilities Othercurrentliabilities 2024 2023 Accrued costs 7 675 10 857 Accrued interest - -Advance from customers 3 366 - Holiday pay and other debts to employees 51 553 34 440 Other current liabilities 19 734 27 182 Total 82 328 72 479",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s12__6__135": {
"value": "Note 22 Other current liabilities Othercurrentliabilities 2024 2023 Accrued costs 7 675 10 857 Accrued interest - -Advance from customers 3 366 - Holiday pay and other debts to employees 51 553 34 440 Other current liabilities 19 734 27 182 Total 82 328 72 479",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f0__s12__6__138": {
"value": "Note 23 Contractual obligations As of December 31, 2024, guarantees have been given to customers on the basis of agreed deliveries of TNOK 14 261 (21 148).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f0__s12__6__143": {
"value": "Note 24 Contingent liabilities Other obligations In July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties AS and Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claimed to have claims against the defendants for payment of additional project administration related to the construction of the shopping center in Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect to one of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decision is final. In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged to pay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or if Borgestad decreases its direct or indirect influence, control and/or ownership to less than 50 percent of the Agora Bytom shopping center. The settlement also means that the other parties have waived any right to bring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA, Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members and employees of the aforementioned companies. The Group has not made any provisions in the accounts as the claim is assessed as a contingent liability arising at the time of a potential sale of the Agora Bytom shopping centre.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXG3AG53",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f0__s12__6__142": {
"value": "Note 24 Contingent liabilities Other obligations In July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties AS and Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claimed to have claims against the defendants for payment of additional project administration related to the construction of the shopping center in Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect to one of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decision is final. In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged to pay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or if Borgestad decreases its direct or indirect influence, control and/or ownership to less than 50 percent of the Agora Bytom shopping center. The settlement also means that the other parties have waived any right to bring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA, Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members and employees of the aforementioned companies. The Group has not made any provisions in the accounts as the claim is assessed as a contingent liability arising at the time of a potential sale of the Agora Bytom shopping centre.",
"dimensions": {
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"value": "Note 24 Contingent liabilities Other obligations In July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties AS and Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claimed to have claims against the defendants for payment of additional project administration related to the construction of the shopping center in Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect to one of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decision is final. In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged to pay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or if Borgestad decreases its direct or indirect influence, control and/or ownership to less than 50 percent of the Agora Bytom shopping center. The settlement also means that the other parties have waived any right to bring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA, Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members and employees of the aforementioned companies. The Group has not made any provisions in the accounts as the claim is assessed as a contingent liability arising at the time of a potential sale of the Agora Bytom shopping centre.",
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"value": "Note 24 Contingent liabilities Other obligations In July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties AS and Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claimed to have claims against the defendants for payment of additional project administration related to the construction of the shopping center in Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect to one of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decision is final. In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged to pay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or if Borgestad decreases its direct or indirect influence, control and/or ownership to less than 50 percent of the Agora Bytom shopping center. The settlement also means that the other parties have waived any right to bring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA, Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members and employees of the aforementioned companies. The Group has not made any provisions in the accounts as the claim is assessed as a contingent liability arising at the time of a potential sale of the Agora Bytom shopping centre.",
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"value": "Note 24 Contingent liabilities Other obligations In July 2018, three Danish companies initiated a lawsuit against Borgestad ASA, Borgestad Properties AS and Agora Bytom Sp. z.o.o at Oslo district court. The Danish companies claimed to have claims against the defendants for payment of additional project administration related to the construction of the shopping center in Agora Bytom. In July 2019, the Court of Appeal rejected the case for procedural reasons with respect to one of the Danish companies (lack of legal interest) and Agora Bytom (court/arbitration clause). This decision is final. In 2022, the claimants and Borgestad ASA entered into a settlement, whereby Borgestad ASA is obliged to pay MNOK 4 with addition of indexation (KPI) to the other parties in the event of a future sale and/or if Borgestad decreases its direct or indirect influence, control and/or ownership to less than 50 percent of the Agora Bytom shopping center. The settlement also means that the other parties have waived any right to bring forward further claims arising from or connected to the Agora Bytom project against Borgestad ASA, Borgestad Properties AS, Agora Bytom Sp. z.o.o., as well as former or current board members and employees of the aforementioned companies. The Group has not made any provisions in the accounts as the claim is assessed as a contingent liability arising at the time of a potential sale of the Agora Bytom shopping centre.",
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"value": "Note 25 Investment in subsidiaries Transactions with subsidiaries are eliminated in the consolidated accounts and do not represent transactions with related parties. The consolidated Group accounts include the accounts of Borgestad ASA with subsidiaries and related parties as summarized: Country of Ownership Ownership Subsidiary incorporationMain operations interest 2024 interest 2023 Borgestad Properties AS Norway Holding company 100.00 % 100.00 % Agora Bytom Sp. z o.o. Poland Real estate company 100.00 % 100.00 % GZMO Sp. z o.o. Poland Real estate company 100.00 % 100.00 % Idea Property & Asset Management Sp. z o.o. Poland Property Management 100.00 % 100.00 % Facility Service Sp. z o.o. Poland Property Management 100.00 % 100.00 % Borgestad Industries AS Norway Holding company 100.00 % 100.00 % Borgestad Industries AB Sweden Holding company 100.00 % 100.00 % H\u00f6gan\u00e4s Borgestad Holding AB Sweden Holding company 69.68 % 64.25 % H\u00f6gan\u00e4s Borgestad AS Norway Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Borgestad AB Sweden Supplier of refractory products 69.68 % 64.25 % Macon AB Sweden Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Bjuf Fastighets AB Sweden Real estate company 69.68 % 64.25 % H\u00f6gan\u00e4s Borgestad Energi & Ugnsteknik AB Sweden Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Borgestad Oy Finland Installation and supplier of 69.68 % 64.25 % refractory products H\u00f6gan\u00e4s Bjuf Germany GmbH Germany Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Bjuf Italia Srl Italy Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Contracting Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Bjuf Asia Pacific Sdn Bhd Malaysia Supplier of refractory products 69.68 % 64.25 % H\u00f6gan\u00e4s Bjuf Eastern Europe Sp.z o.o. Poland Supplier of refractory products 69.68 % 64.25 % There are no differences between the number of shares and voting rights for the shareholders in H\u00f6gan\u00e4s Borgestad Holding AB. H\u00f6gan\u00e4s Borgestad Holding AB owns 100 percent of all the other companies within H\u00f6gan\u00e4s Borgestad Group, all companies with ownership interest below 100 % in the table above. Acquisition of shares in H\u00f6gan\u00e4s Borgestad Holding AB Borgestad ASA have, through its wholly-owned subsidiary Borgestad Industries AB increase the shares in H\u00f6gan\u00e4s Borgestad Holding AB with the 5.43 % in 2024 from minority shareholders of the company. H\u00f6gan\u00e4s Borgestad Holding AB is the holding company in the H\u00f6gan\u00e4s Borgestad group, which operates the Company\u2019s refractory business.",
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"value": "Note 26 Events after the balance sheet date Decision from the Administrative Court in Malm\u00f6 regarding sale-leaseback transaction for production facilities in SwedenReference is made to the information provided regarding the conditional agreement entered into with Bjuv municipality in Sweden for the sale and leaseback of two properties in Sweden in note 11. The Group was informed in February 2025 that the Administrative Court in Malm\u00f6 (the \u201cAdministrative Court\u201d) has processed the complaint. Accordingto the Administrative Court, Bjuv municipality has not provided sufficient documentation regarding the valuation of the two properties. As a result, the Administrative Court has decided to revoke Bjuv municipality\u2019s approval of the Transaction.Bjuv municipality has appealed the Administrative Court\u2019s ruling.The complaint relates to the purchase price in the Transaction, which in the claimant\u2019s opinion significantly exceeds the market value of the two properties. Bjuv municipality\u2019s approval of the Transaction will only become binding once the complaint has been finally resolved in the claimant\u2019s disfavour, and the completion of the Transaction is conditional upon such binding approval. Consequently, the Transaction can only be completed if the Administrative Court\u2019s ruling is overturned (i.e. not upheld) in the appeal process.Dividend proposalThe Board of Directors of Borgestad ASA will propose to the Annual General Meeting an ordinary dividend of NOK 0.80 per share for 2024. The dividend amounts to TNOK 28,050.",
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"value": "Dividend proposalThe Board of Directors of Borgestad ASA will propose to the Annual General Meeting an ordinary dividend of NOK 0.80 per share for 2024. The dividend amounts to TNOK 28,050.",
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"value": "0.8",
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"value": "28050000.0",
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"f0__s12__6__149-1": {
"value": "Statement from the Board and the CEO of Borgestad ASA Today, the Board of Directors and the Chief Executive Officer reviewed and approved the Board of Directors\u2019 report and the consolidated and separate annual financial statements of Borgestad ASA as of 31 December 2024. The consolidated financial statements have been prepared in accordance with IFRS as adopted by EU as well as additional information requirements as per the Norwegian Accounting Act. The financial statements for the Company have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting practice in Norway. We confirm to the best of our knowledge that: \u25c6 the consolidated financial statements for 2024 have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by EU, as well as additional information requirements in accordance with the Norwegian Accounting Act, and that \u25c6 the financial statements for the parent company for 2024 have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway, and that \u25c6 the information presented in the financial statements gives a true and fair view of the Company\u2019s and Group\u2019s assets, liabilities, financial position and result for the period viewed in their entirety, and that \u25c6 the Board of Directors\u2019 report gives a true and fair view of the development, performance and financial position of the Company and Group, and includes a description of the principal risks and uncertainties Lysaker, April 25 2025 BoardofDirectors,BorgestadASAGlenOleR\u00f8dlandHeleneBrydeSteenJacob Andreas M\u00f8ller Chairman Board Member Board Member Wenche Kj\u00f8l\u00e5s JanErikSivertsenP\u00e5lFeenLarsenBoard Member Board Member CEO Thedocumentiselectronicall ysigned.To the General Meeting of Borgestad ASA INDEPENDENT AUDITOR\u2019S REPORT Report on the Audit of the Financial Statements Opinion We have audited the financial statements of Borgestad ASA, which comprise: \u2022 The financial statements of the parent company Borgestad ASA (the Company), which comprise the balance sheet as at 31 December 2024, the income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. \u2022 The consolidated financial statements of Borgestad ASA and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 31 December 2024, consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of change in equity and consolidated statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion \u2022 the financial statements comply with applicable statutory requirements, \u2022 the financial statements give a true and fair view of the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and \u2022 the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor\u2019s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants\u2019 International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of Borgestad ASA for 8 years from the election by the general meeting of the shareholders on 8 June 2017 for the accounting year 2017. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Valuation of investment property Description of the Key Audit Matter How the matter was addressed in the audit The Group\u2019s investment property Agora Bytom in We have: Poland has a booked value of 729,6 million kroner as of \u2022Assessed the design & 31.12.2024. The investment property is recognized at implementation of relevant controls cost. The investment property has been tested for related to management process for impairment in 2024 and the recoverable amount has identifying impairment indicators, as been determined by the management. It is referred to well as the determination of the note 10 in the Annual Report. recoverable amount of the investment property. The determination of the recoverable amount is based \u2022Assessed the methodological on key assumptions such as discount rate, future approach to determine the tenant income and vacancy rate. These are recoverable amount in accordance assumptions where management exercise judgment with the requirements set out in IAS 36 and which possess estimation uncertainty and \u2013 Impairment of assets. combined with the investment property\u2019s relative \u2022Used internal specialist to test the substantial share of the Group\u2019s total assets, this has accuracy of the methods applied to been concluded to be a key audit matter. determine the recoverable amount. \u2022Reviewed and challenged the reasonableness of management\u2019s assumptions related to tenant income and vacancy rate by comparing historical tenant income and vacancy rate. \u2022Used internal specialist to assess the applied discount rate. \u2022Assessed whether the disclosure requirements in the annual report fulfil the disclosure requirements in IAS 40 \u2013 Investment Property. Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors\u2019 report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor\u2019s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors\u2019 report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors\u2019 report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors\u2019 report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors\u2019 report and the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors\u2019 report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors\u2019 report \u2022 is consistent with the financial statements and \u2022 contains the information required by applicable statutory requirements. Our statement on the Board of Directors\u2019 report applies correspondingly to the statement on Corporate Governance. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company\u2019s and the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern. The financial statements of the Company use the going concern basis of accounting insofar as it is not likely that the enterprise will cease operations. The financial statements of the Group use the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Auditor\u2019s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor\u2019s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: \u2022 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. \u2022 obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company\u2019s and the Group's internal control. \u2022 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. \u2022 conclude on the appropriateness of management\u2019s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company\u2019s and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor\u2019s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor\u2019s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. \u2022 evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. \u2022 obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor\u2019s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements Report on Compliance with Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Borgestad ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name Borgestad-ASA-2024-12-31-en.zip, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation. Management\u2019s Responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor\u2019s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 \u2013 \u201cAssurance engagements other than audits or reviews of historical financial information\u201d. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation. As part of our work, we have performed procedures to obtain an understanding of the Company\u2019s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management\u2019s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human- readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Skien, 25 April 2025 Deloitte AS Hilde B. Knudsen State Authorised Public Accountant (electronically signed) ",
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