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"value": "1. GENERAL INFORMATION Eqva ASA is a public limited company based in Norway, and its head office is in Valen, Kvinnherad.Eqva ASA is a knowledge-based active owner of industrial service companies that contribute to the green transition in maritime, power intensive and renewable industries. Eqva takes responsibility for developing technological and commercial solutions, which provide unique advantages for our customers within land based- and maritime industry. The group has a well-diversified product- and market portfolio, and further growth will be established through a combination of company-based development, utilization of synergies between the companies in the group and value-creating M&A activities. The new group structure is operationally organized in 4 segments (reporting structure):\u2022 Industrial Solutions which include BKS Group and Kvinnherad Elektro group. The companies within the segment provides full-service technical installations, including service and maintenance, to Norwegian industries. We aim to be the preferred and competitive partner for the maritime, offshore, and land-based sectors in Norway.\u2022 Renewables include Fossberg Kraft who is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Real Estate which includes Eqva\u2019s real estate properties. The properties are predominantly production related.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations of intra-group transactions.The EQVA group includes a total of 632 FTEs as of December 31, 2024.2. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 27 March 2025.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2024.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.2.2 Basis of consolidationThe consolidated financial statements include EQVA ASA and companies in which EQVA ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction. 2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.2.4 Presentation currency and functional currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction. 2.5 SegmentsSegments are identified based on the organization and reporting structure used by management including top decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 4 reportable segments after a change in the reporting structure in 2024:1. Industrial Solutions 2. Renewables 3. Real estateCosts not directly attributable to the segments Industrial Solutions, Renewables, or Real estate, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 28.2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Service - and maintenance assignments to land based \u2013 and maritime industry.\u2022 Hydro power Plants \u2013 development, sale and operation.Service - and maintenance assignments to land based \u2013 and maritime industryContracts for Service - and maintenance assignments to land based \u2013 and maritime industry usually have a variable payment facility where customers can pay for the number of hours and use of materials with a supplement. Larger projects may be based on fixed price. The contracts normally have a duration from a few weeks up to some months. For variable-fee contracts - the amount that one has the right to invoice on the balance sheet date is recognized as income. For fixed-price contracts - a signed sales contract should be in place before purchase, fabrication and other startup costs apply. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The same costs are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in project development are treated as period costs and do not generate progress. As there is normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. If the accrued costs in the early stage do not qualify as inventory, it is recognized as operating expenses.Change orders usually arise as a result of minormodifications in a project and will therefore normally not be considered as a separate contract. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. Payment terms for conversion contracts vary somewhat depending on the ship type. The customer can only terminate the contract because of a breach by EQVA (subsidiaries). Power plants Power plants under development are usually organized in separate legal entities (SPVs). The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted for within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract if the Group fails to deliver as promised in the contract. Eqva has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are thereforerecognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for latedelivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before being delivered to a client, these revenues are presented as sales revenues. Costs related to power production are presented as operational costs.2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred. 2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill. 2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually,either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. 2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 is presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets is like those for accounts receivable.2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.2.18 ProvisionsProvisions are recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.Provisions usually relate to warranties. Provisions for warranty-related costs are recognized when the product is sold, or the service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. Key sub-suppliers have warranty responsibilities for their deliveries into projects. EQVA`s warranty obligations are related to the works carried out of EQVA in the projects.2.19 Cash flow statementsThe cash flow statements are based on the indirect method. 2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover and are recognized as a reduction of other operating expenses. 2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATESThe preparation of the Group's consolidated financial statements requires management to make judgments and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors. Uncertainty about these estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods.The following judgements and estimates have the most significant risk of resulting in a material adjustment in the next financial statements:3.1 Revenue recognitionTo determine how the Group's customer conversion contracts should be recognized as income, themanagement has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.The Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.3.2 Degree of completion and provision for loss contractsA part of Eqva's business consists of executing revenue-recognition projects that are recognized over time. Revenue recognition over time is based on estimates and assessments made at the discretion of management.Revenue recognition and cost estimates depend upon variables such as steel prices, labor costs and availability, and other production inputs. The Group must also evaluate and estimate the outcome of variation orders, contract claims and requests from customers to modify contractual terms which can involve complex negotiations with customers. 3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.4. SEGMENT INFORMATIONThe Group's main activities are:\u2022 Industrial Solutions includes BKS Group and Kvinnherad Elektro Group. BKS provides full-service industrial solutions \u2013 both newbuilds, modifications and service/maintenance assignments to smelters, maritime,offshore, aquaculture and land-based industries.\u2022 Renewables includes Fossberg Kraft, which specializes in the establishment and operation of small-scale hydropower plants.\u2022 Real Estate which includes Eqva\u2019s real estate properties. The properties are predominantly production related.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations of intra-group transactions. The reporting segments were changed during Q4 2024. Before the change, the Industrial Solutions and Renewables segments were combined as a single segment called Products, Solutions and Renewables.See note 9 for a specification of each segment at company level.The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2024 Customer Segment Revenue(NOK million)2024 20231. Industrial Solutions5291272. Industrial Solutions68583. Industrial Solutions6058The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.Transfer prices between operating segments are basis in a manner similar to transactions with third parties.The accounting principles for segment reporting correspond to those used by the group, with the exception of discontinued operations which are treated in the same way as continuing operations in segment reporting.2024(NOK million) Industrial Renewables Real Other / DiscontinuedContinued SolutionsestateEliminationOperations*EQVA ASARevenues from contracts with1 032,9 28,1 0,0 -0,2 0,0 1 060,7customersOther Operating revenues 0,8 0,0 7,5 29,7 0,0 38,0Operating income 1 033,6 28,1 7,5 29,5 0,0 1 098,7Materials and consumables 507,2 22,20,0 0,00,0 529,4Payroll expenses 344,0 4,30,0 22,10,0 370,4Other operating expenses 104,7 2,90,6 11,80,0 120,0EBITDA 77,9 -1,4 6,9 -4,5 0,0 78,9Depreciation 10,4 0,0 3,0 1,8 0,0 15,1Operating profit/(loss) (EBIT) 67,5 -1,4 3,9 -6,2 0,0 63,9Net financial items -9,5 -4,5 -2,7 -10,8 0,0 -27,5Share of profit/(loss) from0,0 0,0 0,0 0,0 0,0 0,0associateProfit/(Loss) before tax 58,1 -5,9 1,2 -17,0 0,0 36,4Income tax expense 5,2 0,0 0,0 0,0 0,0 5,2Profit/(Loss) 52,9 -5,9 1,2 -17,0 0,0 31,2Total assets 478,1 28,0 57,4 266,7 829,3Equity 74,2 24,6 10,4 204,4 312,0Liabilities 405,5 3,4 47,0 0,0 517,3Addition PP&E and intangibles* 10,1 0,0 0,0 0,0 10,1Geographical areas Norway Other TotalOperating revenues 1 070,7 28,1 1 098,7\"Other\" contains parent company items and elimination of intra-group transactions.Revenues of the Real Estate segment are internal.2023(NOK million)Industrial Renewables Real Other / DiscontinuedContinued SolutionsestateEliminationOperations*EQVA ASARevenues from contracts with customers 608,9 50,3 0,0 0,0 -107,6 659,3Other Operating revenues 10,8 0,0 6,0 -6,0 0,0 10,8Operating income 619,7 50,3 6,0 -6,0 -107,6 670,2EBITDA 31,8 6,4 4,9 -17,5 13,5 25,6Depreciation 8,9 0,0 3,0 3,3 -1,4 15,1Operating profit/(loss) (EBIT) 22,9 6,4 1,9 -20,8 14,9 10,5Net financial items -6,7 -1,5 -2,4 -15,6 -13,0 -26,2Share of profit/(loss) from associate 0,0 0,0 0,0 -3,1 0,0 -3,1Profit/(Loss) before tax 16,2 4,9 -0,5 -39,4 1,9 -18,8Income tax expense 1,1 0,0 0,0 0,0 0,0 1,1Profit/(Loss) 15,1 4,9 -0,5 -39,4 1,9 -19,9Total assets 251,3 84,6 76,5 212,3 667,6Equity 14,5 30,1 8,6 190,3 290,4Liabilities 236,8 54,6 67,9 22,0 377,2Addition PP&E and intangibles* 3,2 0,0 0,0 0,0 3,2Geographical areas Norway Other TotalOperating revenues 619,8 50,3 670,2\"Other\" contains parent company items and elimination of intra-group transactions.*Discontinued Operations in 2023 contain the companies within the former Maritime Services segment (Havyard Leirvik AS, Havyard Leirvik Holding AS) and the real estate property Havyard Leirvik Eiendom AS.5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2024 2023Wages 300 872 217 505Employer's part of social security costs 35 574 27 116Pension, contribution plans 15 213 12 556Other benefits 18 721 16 167Total salaries and social expenses 370 379 273 345FTEs at year end 632 355The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEqva has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2024. A total bonus provision of total MNOK 11 is booked in group 2024 accounts. Of this NOK 3 million is related to the Management. The bonus will be paid out in 2025.Remuneration to key management personnel and the Board of Directors paid in 2024:Even M. EllingsenErik H\u00f8yvikPetter S\u00f8rdahlEirik S\u00e6vareidAsk HaukaasCEO*CEO*CFO*CFO*CFO*(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Salary 2 188 0 723 2 169 1 361 0 0 1 211 0 547Pension 68 0 26 101 98 0 0 78 0 52Other21 0 50 151 29 0 0 144 0 10remunerationTotal remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609* Erik H\u00f8yvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter S\u00f8rdahl as CFO from 1 January 2024. (Ask Haukaas acted as CFO over a few months in 2023 after Eirik S\u00e6vareid). Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/24. Eqva ASA parent company: NOK 2 916 667 in board fees have been paid to external board members in 2024 (NOK 3 389 704 in 2023). Remuneration board members agreed 2024: Chariman NOK 880 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 0, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. Annual share-based paymentThe establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The shareoption program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2024 2023Average Number of Average exer-Number of exercise priceoptionscise priceoptionsAs at 1. Januay 3,31 1 360 000 - 0 0Granted during the year 2,93 1 860 000 3,01 1 740 000 1 740 000 Excercised during the year 3,31 -66 666 - 0 0Forfeited during the year 3,31 -540 000 3,01 -380 000 -380 000 As at 31. December 3,04 2 613 334 3,01 1 360 000 1 360 000 No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2024December 2024December 2023December 2023January 2023 January 2026 3,31 753 334 3,01 1 360 000January 2024 January 2027 2,93 1 860 000 - -Weighted average remaining contractual life of options outstanding at end of period 1,7 yearsShare Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries.The share purchase program is conducted annually. Allocation of options to the new CEO Even Matre Ellingsen has received 2.500.000 options in the company in accordance with the employment contract (sign on bonus). The strike price after 1 year is set to NOK 3,05 (The strike price of the share options is based on the volume weighted average share price over the 60 last trading days prior to assuming the position as CEO on 2 May 2024). The strike price is increased by a factor of 1.1, 1.2, 1.3 and 1.4 annually for the following years. The options expire after 5 years and can be called on at any time (American). The strike price will be reduced with dividends and other customary adjustments. 6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2024 2023Rent expenses 25 967 14 270Office and administration expenses 9 537 11 028Plant, tools and equipment (including IT) 24 536 20 832Travel and employee expenses 24 817 19 539Hired consultants 19 114 15 273Marketing and communication 8 309 5 523Other operating expenses 7 742 9 337Total 120 022 95 803Fees to the auditor consists of the following services: 2024 2023Statutory audit 3 527 4 859Tax advice 400 315Other assistance 2 201 564Total 6 129 5 738Auditor's fees are stated excluding VAT.7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the group are taxed in other jurisdictions and other tax regimes.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000)Consolidated income statement 2024 2023Current income tax:Taxes payable 840 1 579Changes in deferred tax 0 -481Effect due to acquisition 4 328 0Income tax expense/(income) reported in the income statement 5 168 1 098Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%.(NOK 1,000) 2024 2023Profit before tax 36 402 -18 791Tax expense 22% 8 008 -4 134Recognized tax expense 5 168 1 098Difference between expected and recognised tax expense -2 841 5 232Difference is related to:Results in associates (22%/ 22%) 0 -673Prior year adjustments 0 0P/L sale of shares in associates -8 170 0Other permanent differences -5 049 -5 769Deferred tax asset not recognized 10 379 11 673Total -2 841 5 231Deferred tax relates to the following temporary differences:2024 2023(NOK 1,000)Non-current assets 39 541 28 382Customer relationship 25 606 28 267Leasing -435 -34Current assets -7 005 -4 660Inventory -500 0Accruals and provisions -10 000 0Gain/(loss) account for deferral -79 10 758Cut off interest to related parties carried forward -2 019 -19 629Customer contracts 14 974 48 940Tax loss carried forward -368 112 -333 202Total temporary differences -308 030 -241 178Net deferred tax lability / deferred tax asset (-) -67 767 -53 059Deferred tax asset not recognised 67 767 53 059Deferred tax liability in the balance sheet 0 0Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 2659. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net acoounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 02023EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries asshare/capital equityof 31/12/2023 voting (1,000)(NOK share1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is com-pleted. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet (NOK 1,000)amountValue of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 71510. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2024 (before the balance sheet date) - Acquisition of Kvinnherad Elektro AS with subsidiariesthOn 14 of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted as \"Kvinnherad Elektro Group\".Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation diciplines. The acquisiting strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant upgrade and restructuring of the Norwegian industry.thThe transaction was closed on the 18 of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5 million, and (iii) two conditional future considerations (see detailed below).The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation (\"PPA\") has been recognised, separate from goodwill, the idenfitiable assets and the liabilities assumed.Consideration table - Acquisition of Kvinnherad Elektro Group (NOK million) Fair ValueCash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, included conditional considerations 22,8 In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2) a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025. Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair value 0,0 Goodwill 33,4 Net assets acquired 22,8 The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions, right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million. The contribution from the acquisition (separately) to the Group's result 2024 Actual Pro forma *From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024,stif the acquisition had occured on 1 of January 2024. Including minority interest.2025 (after the balance sheet date) - Acquisition of IMTAS AS with subsidiariesthOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.thThe transaction was closed on the 21 of March 2025. The consideration was a combination of (i) NOK 52 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,6 million, (iii) a locked-box-compensation of an estimated 21,5 million, and (iv) a Seller's Credit of NOK 40 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The acquisition date is after the balance sheet date for the financial statements of 2024.Consideration table - Acquisition of IMTAS Group On Closing Q2/Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 52,0 52,0 Shares in EQVA ASA 30,6 30,6 Locked-box compensation (estimate) 10,8 10,8 21,6 Seller's Credit 40,0 40,0 Total ordinary consideration 82,6 10,8 50,8 144,2 Est. FV of conditional future considerations (per the report date) 30,0 Total estimated consideration, including conditional considerations 174,2 * 50% of the locked-box compensation is settled in cash at the latest of 5 days after audited financial statments for IMTAS Group, and July 5, 2025. Per the report date, the 100% locked-box compensation is estimated at NOK 21,6 million. ** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a.The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events.On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair value of the shares, NOK 30,6 million was based on a the share price at Oslo Stock Exchange per March 3, 2025.In addition, EQVA has secured refinancing from Nordea, combining acquisition and refinancing, totaling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given a leverage ration (NIBD / EBITDA LTM) of less than 1,5 (after distribution). Furthermore, it will consolidate various banking relationships into a single primary bank for the group, simplifying futue financial mangement.Assets and liabilities recognized as a result of the acquisition The initial accounting for the business combination with IMTAS Group is not completed as per the EQVA group's financial statements reporting date. The disclosures regarding purchase price allocation (PPA), goodwill allocation and corresponding disclosures are therefore not included in the disclosures to this financial report. On time of this financial report, the book value of equity of the IMTAS Group for 2024 (unaudited) indicates that part of the purchase price allocation will be allocated to goodwill. The allocation and PPA is determined based on an detailed assessment made after the date of closing and detailed review of the balance sheet at closing date. The contribution from the acquisition (separately) to the Group's result 2024 (NOK million) Pro forma *Full yearOperating revenue 376EBITDA 39Profit (loss) for the period 22* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024, if the acquisition had occured on 1st of January 2024.11. INTANGIBLE ASSETS 2024(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 1 335 0 33 355 34 690Disposals during the year 0 0 0 0Acquisition cost as of 31/12 2 760 32 000 281 615 316 375Accumulated amortization as of 1/1 375 3 731 0 4 106Amortization for the year 227 2 637 0 2 864Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 602 6 368 0 6 970Book value as of 31/12 2 158 25 606 281 615 309 379Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.2023(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.Allocation of goodwill 2024 2023Products, solutions & renewables 248 260EQVA Industrial Solutions (BKS) 245 978EQVA Renewables (Fossberg Kraft) 2 282Acquisition of Kvinnherad Elektro Group 33 355Total goodwill 281 615 248 260There has been a change in operation segments due to a change in the way management monitors the prod-ucts and services in 2024. Goodwill previously allocated to the former segment (Products, solutions & renew-ables), has now been reallocated across two new seg-ments. These new operating segments are where man-agement regularly reviews operating results, assesses performance, and makes resource allocation decisions. The reallocation of goodwill is based on the goodwill al-located to these segments (BKS and Fossberg Kraft) in the original goodwill allocation and calculation, and in accordance with IFRS requirements.2024Goodwill Goodwill is monitored as tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. NOK 248 million of the goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022. NOK 33 million relates to the acquisition of Kvinnherad Elektro group in September 2024.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2025.The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices.The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement.Risk Adjustments: The asset beta's reflection of the company's operational risks, inclusive of EBITDAmargins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s operations.A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trendsand financial institution benchmarking. A small firm premium of 3.0% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumtions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations.The impairment test has also been tested for sensitivities without any impairment indicators identified.12. PROPERTY, PLANT AND EQUIPMENT 2024(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 350 870 59 576 67 836 478 282Additions from aquisition 4 215 935 3 301 8 451Additions during the year 2 953 6 714 478 10 145Disposals during the year 1 653 4 056 1 114 6 823Acquisition cost as of 31/12 356 386 63 169 70 501 490 056Accumulated depreciation as of 1/1 258 002 53 811 53 228 365 041Depreciation for the year 5 191 3 271 319 8 781Impairment 0 0 0 0Disposals during the year 0 0 0 0Accumulated depreciation as of 31/12 263 192 57 083 53 547 373 822Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 93 193 6 086 16 955 116 234Useful life 10-40 years 3-10 years 3-10 years 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Additions from aquisition 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year* 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life. 13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2024 2023Right of use assetsProperty 0 2 410Equipment 12 927 6 209Cars 5 971 3 657Sum 18 898 12 276Additions, right-of-use assets in the period 9 045 1 342Disposals of right-of-use assets in the period 0 0Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2024 2023Depreciation charge of right-of-use assetsProperties 0 221Equipment 1 638 666Cars 1 718 1 390Total 3 356 2 275Interest expense 1 024 831Expenses relating to short-term leases*25 967 14 270*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0The total cash outflow for leases in 2024 was MNOK 15,352 (2023: MNOK 12,455) which includes short/insignificant lease arrangements.2024 2023Right of use assets - developmentRight of use assets - 01.01* 12 275 10 933Additions during the year 9 045 1 342Depreciation 3 356 2 276Corrections opening balance 934 2 276Right of use assets - 31.12 18 898 12 27514. REVENUE FROM CONTRACTS WITH CUSTOMERS The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.(NOK 1,000)NOTE 14.12024Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 032 856 28 058 0 -179 1 060 736Other revenues 0 0 0 0 0Total revenue from contract with customers 1 032 856 28 058 0 -179 1 060 736 See note 4 (NOK 1,000)NOTE 14.12023Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationService and maintenence 608 994 50 346 0 0 659 340Total revenue from contract with customers 608 994 50 346 0 0 659 340 See note 4 NOTE 14.2Contract assets 2024 2023Opening balance 72 480 51 537Payments received on assets from previous balance sheet date 66 122 45 179Assets from contracts entered into current year 56 470 66 122Closing balance 62 828 72 480Contract liabilities 2024 2023Opening balance 0 -861Revenues booked on liabilities from previous balance sheet date 0 861Liabilities from contracts entered into current year 5 165 0Closing balance -5 165 0Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied 2024 2023performance obligationsTransaction price allocated to remaining performance 0 57 439Expected delivery of remaining performance obligationsWithin one year 0 57 439Between one and two years 0 0NOTE 14.4No revenue was recorded in 2024 on previously completed contracts 15. LOSSES TO COMPLETIONWe have not identified any losses to completion in 2024 or 2023. 16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2024Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 0 0Trade and other current receiv-0 192 380 192 380ables Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Liabilities to financial institutions 0 182 502 182 502 Total 0 440 924 440 9242023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receiv-0 121 589 121 589ables Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 821For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation methods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, market risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and mea-surement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project. Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is mainly exposed to Euro (EUR) - but currency risk is considered to be limited in EQVA`s current operations. The Group has a currency hedging strategy where financial instruments (mainly forward contracts) are used to minize the currency risks. Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2024 2023Not past due 132 764 38 816Past due < 3 months 37 290 26 667Past due 3 to 6 months 5 288 34 009Past due over 6 months 6 800 9 300Impairment -6 800 -9 300Trade receivables 175 343 99 493Contract assets customer contracts 62 828 72 480Total credit/counterparty risk to customers 238 171 171 973Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 24 001 24 001Liabilities to financial institutions 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 9542023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2024 2023Lease liabilities 15 737 8 870Liabilities to financial institutions 94 598 125 293Other long-term liabilities 24 001 41 770Sum 134 337 175 932Interest bearing short-term debt 2024 2023Liabilities to financial institutions 87 904 78 423Lease liabilities 4 384 3 380Sum 92 287 81 803Debt secured by mortgage 2024 2023Long-term debt to financial institutions 94 598 125 293Short-term debt to financial institutions 87 904 78 423Sum 182 502 203 715The Liabilities to financial institutions of total 182 MNOK include; Pareto long-term loan to EQVA, Pareto overdraft facility to BKS, Haugsesund Sparebank long term real-estate loan to BKS Eigedom, construction loans and drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft. In addition the business combination with the Kvinnherad Elektro Group added both long term and short term overdraft facility to Haugsund Sparebank and Sparebank 1 SR-Bank.The long term loan from Pareto has a maturity of less than 3 years and the overdraft facility from Pareto has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan to from Haugesund Sparebank to BKS Eigedom has a maturity of 15 years. The other loans in the Kvinnheard Elektro Group has a maturity of less than 3 years. All the loans have floating interest rates.As pr 31.12 EQVA had the follwing financial covenants; minimum free liquidity of NOK 15 million, a leverage ratio NIBD/LTM-EBITDA less than 3,5 and a minimum Equity of NOK 250 million. In addition the overdraft facility needs to be in clean-down once every calendar year. The covenants apply to both Eqva ASA and BKS Holding AS.As of 31 December 2024, Eqva ASA are in compliance with the financial covenents.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (19 MNOK).Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2024 2023Buildings 93 193 92 868Machinery, operating equipment 23 040 18 972Contract assets customer contracts 62 828 72 480Inventory 21 281 5 780Accounts receivables 175 343 99 493Bank deposits 99 377 23 071Sum book value of pledged assets 475 062 312 6642024Loans Changes in liabilities(NOK 1,000) Start of period Borrowing* Additions by Installment* Other End of periodaquisitionchangesLiabilities to financial 203 715 71 649 28 862 121 725 0 182 502institutionsSellers credit to shareholders 25 000 0 0 5 414 0 19 586Other long-term liabilities 16 769 1 984 0 14 339 0 4 415Lease liabilities 12 250 9 045 0 3 356 2 180 20 121Total interest-bearing debt 257 734 82 678 28 862 144 834 2 180 226 624*Due to refinancing from DNB to Pareto and Haugesund Sparebank, in additions to repayment of construction loans to SR-Bank the volums of borrowing and installments are abnormal.2023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial 175 366 81 220 0 57 453 4 582 203 715institutionsSellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 735As of 31 December 2024, the Group was in compliance with all its existing debt covenants. 18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2024 2023Employee-related liabilities 71 631 26 906Provisions for potential claims 10 000 0Accrud interest expense 129 1 814Prepayment from customers 20 487 0Project related costs 12 917 1 614Other current liabilities 11 841 3 086Total other current liabilities 127 005 33 42019. NON\ue61dCURRENT FINANCIAL INVESTMENTSThe Group has no investments in financial assets as per 31.12.24 (NOK 0 million as of December 31. 2023). The investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the income statement.2024(NOK 1,000)Company Ownership Business Carrying share/voting OfficeamountshareNA 0Carrying amount as of 31/12/24 0There are no quoted or unquoted equity shares investments.2023(NOK 1,000)Company Ownership Business Carrying share/voting OfficeamountshareNA 0Carrying amount as of 31/12/23 0Changes in carrying amount from 31/12/23 to 31/12/24:(NOK 1,000) 2024 2023Level 1 investments 01/01 0 13 163Investment 0 0Reclassified* 0 0Impairment 0 0Sale of investment 0 -13 163Adjustment 0 0Level 1 investments 31/12 0 0(NOK 1,000) 2024 2023Level 3 investments 01/01 0 3 000Investment 0 0Impairment 0 0Sale of investment 0 -3 000Adjustment 0 0Level 3 investments 31/12 0 020. OTHER CURRENT AND NON\ue61dCURRENT RECEIVABLES(NOK 1,000)Other non-current receivables 2024 2023Other long term receivables 8 896 3 809Sum other non-current receivables 8 896 3 809Other current receivables 2024 2023Prepayments suppliers 3 116 3 902Employee-related items 143 85Receivables VAT and government grants 0 0Other short-term receivables 13 778 18 108Sum other current receivables 17 037 22 09621. INVENTORY(NOK 1,000) 2024 2023Raw materials (at cost) 21 281 5 780Total Inventories 21 281 5 780Impairment for obsoletness 500 0Inventory is measured at the lower of average cost and net realisable value, and consists of raw materials.22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2024 2023Cash at banks - unrestricted 82 798 23 071Cash at banks - restricted 16 579 12 913Total 99 377 35 984Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 16 579 10 197Other 2 834 2 716At 31 December 2024 the Group had MNOK 88 (2023: NOK mill 0) in undrawn committed borrowing facilities. 23. GOVERNMENT GRANTSNOK (1,000) 2024 2023Received during the year 0 2 745Released to the income statement 0 2 738Of this - booked as reduction of other operating expenses 0 2 738Of this - booked as reduction of capitalized R&D 0 0Unrecognized income 0 0Government grant have been received for one project in 2023. The grant was booked as reduction of operating costs in the P&L. There are no unfulfilled conditions or contingencies attached to this grant.24. SHARE CAPITALOrdinary shares issued and fully paid2024 2023Number of ordinary shares 75 396 009 71 987 316Par value (NOK) 0.05 0.05Share capital (NOK) 3 769 801 3 599 366All shares have equal rights.Treasury sharesEQVA ASA has reduced its number of treasury shares from 599 971 to 454 290 treasury shares (0.6 % of share capital) as of 31/12/2024.Capital increaseIn 2024 EQVA ASA issued 3 408 693 new shares through 2 capital increases of total MNOK 16,6. The number of shares after the share issue are 75 396 009, at NOK 0.05.DividendsIn 2024 EQVA ASA paid out a total of MNOK 14,4 in dividend to its shareholders.The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31.12.2024 Number of Controlled byOwnershipsharesNordic Corporate Bank ASA 15 920 716 21,1 %Havila Holding AS 10 000 000 13,3 %Nintor AS Tore Torkildsen (Board) ILG AS 8 729 738 11,6 %FLE Invest ASEven Matre Ellingsen (CEO)8 297 628 11,0 %ROS Holding AS 5 660 027 7,5 %Emini Invest AS 1 290 000 1,7 %HSR Invest AS 1 290 000 1,7 %Innidimann AS 1 290 000 1,7 %MP Pensjon PK 1 162 768 1,5 %K E Invest A/S 986 193 1,3 %Helsegreen, Ivar 870 901 1,2 %MCE Holding AS 750 434 1,0 %Other shareholders (<1 %) 10 417 865 13,8 %Number of shares 75 396 009 100 %Shareholders as of 31.12.2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %FLE Invest AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %Eikest\u00f8 Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikest\u00f8 AS Rune Skarveland (Board) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %Treasury shares (2023)Eqva ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.Dividends (2023)The board proposes NOK 0 in dividend for the general meeting.25. EARNINGS PER SHARE The group has no financial options or convertible loans with a future dilution effect.(NOK 1,000) 2024 2023Profit attributable to equity holders of parent 29 872 -23 733Weighted average number of shares outstanding (1,000 shares) 75 396 71 987Earnings per share (NOK) 0,40 -0,33Adjusted weighted average number of shares outstanding (1,000 shares) 80 509 71 987Diluted earnings per share (NOK) 0,37 -0,33Earnings from continued operationsEarnings per share (NOK) 0,40 -0,33Diluted earnings per share (NOK) 0,37 -0,33(NOK 1,000) 2023 2022Profit attributable to equity in continued operations 35 804 -19 889Weighted average number of shares outstanding 75 396 71 98726 DISCONTINUED OPERATIONThere has not been any discontinued operation in 2024. The note is for information purposes to the divestment of the shipyard Hayard Leirvik which was sold to Tersan in November 2023. The transaction was based on a share sale, where the Group sold all its shares (100%) in Havyard Leirvik Holding AS, where the subsidiaries Havyard Leirvik AS and Havyard Eiendom AS was included. The transaction was settled by NOK 30m in cash. The Group has recognised a gain of NOK 13m on the sale of all shares in Hayard Leirvik Holding AS.Hayard Leirvik is a shipyard with long legacy and are in good hands going forward together with Tersan Shipyard, a highly reputable company with a good standing in international shipping and maritime circles. Hayard Leirvik has its head office in Fosnav\u00e5g. Financial information relating to the discontinued operation for the period from the date of incorporation to the date of disposal is set out below. Financial performance and cash flow information The financial performance and cash flow information in 2023 presented are for the period Q1 2023 - Q3 2023. (NOK 1,000) 2023Revenues from contracts with customers 106 396Other operating revenues 1 191Operating income 107 588Materials and consumables 66 523Payroll expenses 38 716Other operating expenses 15 822Operating expenses 121 061Operating profit/loss before depreciation and amortisation (EBITDA) -13 473Depreciation 1 401Operating profit/loss (EBIT) -14 875Financial income 45Financial expenses -91Share of profit/ loss of associate 13 008Profit / loss before tax -1 913Income tax expense 0Profit from discontinued operations -1 913Net cash flow from operating activities -936Net cash flow from investing activities -1 782Net cash flow from financing activities 0Net increase/decrease in cash genereated by the subsidiary -2 717Cashflow from sale of Havyard 2023Sale of subsidiary 36 487Cash in sold subsidiary 8 707Receivables to Pareto 12 582Repayment of loan to sold subsidiary 5 967Net cashflow from sale of subsidiary 9 231Profit on the sale of Havyard LeirvikTotal disposal consideration 36 487Carrying amount of net assets sold 23 479Net cashflow from sale of subsidiary 13 00827. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesEQVA ASA is no longer in the shipbuilding industry, thus fewer guarantees going forward. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2024GuaranteesProvisions 1/1/2024 0Used provision 0Adjustment due to divestment of Havyard Leirvik 0New provisions 0Provisions 31/12/2024 02023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 0In addition to the above EQVA ASA has an off balance sheet guarantee of NOKm 16.28. RELATED PARTY TRANSACTIONS Transactions with related parties The Group has various transactions with related parties. All the transactions have been carried out as part of the ordinary operations and at arms` length principle.The most significant transactions are as follows:(NOK 1 000)Handeland Gard AS Sales to related parties Purchases from related Accounts payables to related parties parties 2024 0 550 02023 0 3 039 171Handeland Gard AS is controlled 100% by Rune Skarveland (former Chair of Board and Board Member)Even Matre Ellingsen, ENK Sales to related parties Purchases from related Accounts payables to related parties parties 2024 0 1 550 02023 0 0 0The balance sheet includes the following receivables and payables resulting from transactions with associated companies:2024 2023Account receivables 0 0Account payables 0 171Net total (positive sign - net receivable) 0 -17129. SUSTAINABILITY AND CLIMATE RISK The climate risk consits of both physical risk and transition risk.Physical risk can be the effect of extreme weather events, and transition risk is risk associated with the transition to a low-emission society. The physicalrisk of weather-related damage (for example atFossberg Kraft project development), emphasizingthe importance of accounting for climateconsiderations, such as frost and flooding - which can delay the construction of e.g. small power plants. Like its competitors, Fossberg Kraft faces theseenvironmental challenges, which can impact thetimely completion of projects, despite careful planning and mitigation efforts. This approach underlinesthe company's commitment to resilient projectdesign, while acknowledging the unpredictablenature of climate impacts on development timelines. Even so, we still consider the risk to be limited. Transition risk can be political changes and regulations that result in increased fees, fines and orders. In relation to BKS, Kvinnherad Elektro and Fossberg Kraft, the transition risk is also considered to be relatively low. However, political decisions such as tax on aquaculture business may affect the Group's businesses. Overall, the climate risk and its impact on future earnings is considered to be relatively low.Eqva has initiated a survey to identify status and measures in relation to being able to run its business in line with sustainability requirements. The Group aims to comply with future legal requirements for sustainability reporting in accordance with updated EU regulations. Among the companies in the Group, this is particularly relevant for BKS, which has already started the mapping process. This work will continue in 2025.Due to that a significant part of the Group's business is due to projects which have a positive climate effect (electrifications/hybrifications of vessels, energyoptimizing projects, to process industry and smelters), increased focus on the \"green shift\" is considered to give significant business opportunities for the Group going forward.30. SUBSEQUENT EVENTSAcquisition of IMTAS AS with subsidiaries thOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The transaction was closed on the 21th of March 2025.Refer to Note 10 for more details.Acquisition of Austevoll R\u00f8rteknikk ASthOn 3 of March 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in Austevoll R\u00f8rteknikk AS. The acquisition is to be carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.The transaction is expected to be completed by the end of Q2 2025, subject to certain conditions and necessary approvals.Refinancing of bank debt and revolving credit facilitiyAs pr EQVA has secured a committed offer from Nordea, combining acquisition and refinancing,totalling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given a leverage ratio (NIBD / EBITDA LTM) of less than 1.5 (after distribution). EQVA estimates an opening leverage ratio of less than 2.5 after closing of the acquisition. Furthermore, it will consolidate various banking relationships into a single primary bank for the group, simplifying future financial management. The new finance facility will be in place ultimo March 2025.Sale of shares in Vassnes Solutions ASThe shares in Vassnes Solutions AS (incl the subsidiaries Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS) has been sold from Kvinnherad Elektro AS to Helgevold Industri Invest AS for NOK 10 million. The transaction was carried out 26 March 2025.",
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"value": "The new group structure is operationally organized in 4 segments (reporting structure):\u2022 Industrial Solutions which include BKS Group and Kvinnherad Elektro group. The companies within the segment provides full-service technical installations, including service and maintenance, to Norwegian industries. We aim to be the preferred and competitive partner for the maritime, offshore, and land-based sectors in Norway.\u2022 Renewables include Fossberg Kraft who is specialized in the establishment and operation of small-scale hydropower plants.\u2022 Real Estate which includes Eqva\u2019s real estate properties. The properties are predominantly production related.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations of intra-group transactions.The EQVA group includes a total of 632 FTEs as of December 31, 2024.4. SEGMENT INFORMATIONThe Group's main activities are:\u2022 Industrial Solutions includes BKS Group and Kvinnherad Elektro Group. BKS provides full-service industrial solutions \u2013 both newbuilds, modifications and service/maintenance assignments to smelters, maritime,offshore, aquaculture and land-based industries.\u2022 Renewables includes Fossberg Kraft, which specializes in the establishment and operation of small-scale hydropower plants.\u2022 Real Estate which includes Eqva\u2019s real estate properties. The properties are predominantly production related.\u2022 Other in which the parent company is the main entity \u2013 the segment also includes companies without regular operations and eliminations of intra-group transactions. The reporting segments were changed during Q4 2024. Before the change, the Industrial Solutions and Renewables segments were combined as a single segment called Products, Solutions and Renewables.See note 9 for a specification of each segment at company level.The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and Others.The Group's customer base consists of a wide range of companies. The Group's three largest customers in 2024 Customer Segment Revenue(NOK million)2024 20231. Industrial Solutions5291272. Industrial Solutions68583. Industrial Solutions6058The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.Transfer prices between operating segments are basis in a manner similar to transactions with third parties.The accounting principles for segment reporting correspond to those used by the group, with the exception of discontinued operations which are treated in the same way as continuing operations in segment reporting.2024(NOK million) Industrial Renewables Real Other / DiscontinuedContinued SolutionsestateEliminationOperations*EQVA ASARevenues from contracts with1 032,9 28,1 0,0 -0,2 0,0 1 060,7customersOther Operating revenues 0,8 0,0 7,5 29,7 0,0 38,0Operating income 1 033,6 28,1 7,5 29,5 0,0 1 098,7Materials and consumables 507,2 22,20,0 0,00,0 529,4Payroll expenses 344,0 4,30,0 22,10,0 370,4Other operating expenses 104,7 2,90,6 11,80,0 120,0EBITDA 77,9 -1,4 6,9 -4,5 0,0 78,9Depreciation 10,4 0,0 3,0 1,8 0,0 15,1Operating profit/(loss) (EBIT) 67,5 -1,4 3,9 -6,2 0,0 63,9Net financial items -9,5 -4,5 -2,7 -10,8 0,0 -27,5Share of profit/(loss) from0,0 0,0 0,0 0,0 0,0 0,0associateProfit/(Loss) before tax 58,1 -5,9 1,2 -17,0 0,0 36,4Income tax expense 5,2 0,0 0,0 0,0 0,0 5,2Profit/(Loss) 52,9 -5,9 1,2 -17,0 0,0 31,2Total assets 478,1 28,0 57,4 266,7 829,3Equity 74,2 24,6 10,4 204,4 312,0Liabilities 405,5 3,4 47,0 0,0 517,3Addition PP&E and intangibles* 10,1 0,0 0,0 0,0 10,1Geographical areas Norway Other TotalOperating revenues 1 070,7 28,1 1 098,7\"Other\" contains parent company items and elimination of intra-group transactions.Revenues of the Real Estate segment are internal.2023(NOK million)Industrial Renewables Real Other / DiscontinuedContinued SolutionsestateEliminationOperations*EQVA ASARevenues from contracts with customers 608,9 50,3 0,0 0,0 -107,6 659,3Other Operating revenues 10,8 0,0 6,0 -6,0 0,0 10,8Operating income 619,7 50,3 6,0 -6,0 -107,6 670,2EBITDA 31,8 6,4 4,9 -17,5 13,5 25,6Depreciation 8,9 0,0 3,0 3,3 -1,4 15,1Operating profit/(loss) (EBIT) 22,9 6,4 1,9 -20,8 14,9 10,5Net financial items -6,7 -1,5 -2,4 -15,6 -13,0 -26,2Share of profit/(loss) from associate 0,0 0,0 0,0 -3,1 0,0 -3,1Profit/(Loss) before tax 16,2 4,9 -0,5 -39,4 1,9 -18,8Income tax expense 1,1 0,0 0,0 0,0 0,0 1,1Profit/(Loss) 15,1 4,9 -0,5 -39,4 1,9 -19,9Total assets 251,3 84,6 76,5 212,3 667,6Equity 14,5 30,1 8,6 190,3 290,4Liabilities 236,8 54,6 67,9 22,0 377,2Addition PP&E and intangibles* 3,2 0,0 0,0 0,0 3,2Geographical areas Norway Other TotalOperating revenues 619,8 50,3 670,2\"Other\" contains parent company items and elimination of intra-group transactions.*Discontinued Operations in 2023 contain the companies within the former Maritime Services segment (Havyard Leirvik AS, Havyard Leirvik Holding AS) and the real estate property Havyard Leirvik Eiendom AS.",
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"value": "2. SIGNIFICANT ACCOUNTING POLICIES2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 27 March 2025.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2024.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.2.2 Basis of consolidationThe consolidated financial statements include EQVA ASA and companies in which EQVA ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction. 2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.2.4 Presentation currency and functional currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction. 2.5 SegmentsSegments are identified based on the organization and reporting structure used by management including top decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 4 reportable segments after a change in the reporting structure in 2024:1. Industrial Solutions 2. Renewables 3. Real estateCosts not directly attributable to the segments Industrial Solutions, Renewables, or Real estate, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 28.2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Service - and maintenance assignments to land based \u2013 and maritime industry.\u2022 Hydro power Plants \u2013 development, sale and operation.Service - and maintenance assignments to land based \u2013 and maritime industryContracts for Service - and maintenance assignments to land based \u2013 and maritime industry usually have a variable payment facility where customers can pay for the number of hours and use of materials with a supplement. Larger projects may be based on fixed price. The contracts normally have a duration from a few weeks up to some months. For variable-fee contracts - the amount that one has the right to invoice on the balance sheet date is recognized as income. For fixed-price contracts - a signed sales contract should be in place before purchase, fabrication and other startup costs apply. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The same costs are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in project development are treated as period costs and do not generate progress. As there is normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. If the accrued costs in the early stage do not qualify as inventory, it is recognized as operating expenses.Change orders usually arise as a result of minormodifications in a project and will therefore normally not be considered as a separate contract. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. Payment terms for conversion contracts vary somewhat depending on the ship type. The customer can only terminate the contract because of a breach by EQVA (subsidiaries). Power plants Power plants under development are usually organized in separate legal entities (SPVs). The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted for within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract if the Group fails to deliver as promised in the contract. Eqva has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are thereforerecognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for latedelivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before being delivered to a client, these revenues are presented as sales revenues. Costs related to power production are presented as operational costs.2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred. 2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill. 2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually,either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell. 2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. 2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 is presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets is like those for accounts receivable.2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.2.18 ProvisionsProvisions are recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.Provisions usually relate to warranties. Provisions for warranty-related costs are recognized when the product is sold, or the service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. Key sub-suppliers have warranty responsibilities for their deliveries into projects. EQVA`s warranty obligations are related to the works carried out of EQVA in the projects.2.19 Cash flow statementsThe cash flow statements are based on the indirect method. 2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover and are recognized as a reduction of other operating expenses. 2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
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"value": "2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 27 March 2025.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2024.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.",
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"value": "2.1 Basis of preparationThe consolidated financial statements of Eqva ASA and its subsidiaries (the \"Group\") are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU.The consolidated financial statements have been prepared on a historical cost basis except for certain financial assets and liabilities (including derivative instruments) that are measured at fair value. The consolidated financial statements are presented in NOK 1,000. Figures in all notes to the financial statements are also presented in NOK 1,000 unless otherwise specified. The consolidated accounts were approved by the Board of Directors on 27 March 2025.New and amended standards adopted by the Group The group applied for the first time certain amendments to standards, which are effective for annual periods beginning on or after 1 January 2023. The amended standards that applied for the first time in 2023 did not have any material impact on the consolidated financial statements of 2023, except for:Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their 'significant' accounting policies with a requirement to disclose their 'material' accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are effective for these consolidated financial statements beginning on 1 January 2023.The group has not made any voluntary accounting policy changes in 2024.Standards and interpretations issued but not yet effectiveThe group has not early adopted any accounting standard, interpretation or amendment that has been issued but is not yet effective. The group intends to adopt new and amended standards and interpretations, if relevant, when they become effective. The group does not expect any significant effects related to upcoming standards and amendments. The group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.",
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"value": "2.2 Basis of consolidationThe consolidated financial statements include EQVA ASA and companies in which EQVA ASA has a controlling influence. Controlling interest is normally achieved when the Group has control over the enterprise and can use it to influence the return, is exposed to or has variable return rights, and the Group is able to exercise effective control over the company. Note 9 shows an overview of subsidiaries. A change in ownership interest in a subsidiary, without loss of control, is accounted for as an equity transaction.",
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"value": "2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.",
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"value": "2.3 Investments in associatesAn associated company is an entity in which the group has significant influence. Significant influence normally exists when the Group has 20 % to 50 % of the voting rights unless other terms and conditions affect the Group\u2019s influence. The investments in associates are accounted for using the equity method. Such investments are initially recognized at cost. Cost includes the purchase price and other costs directly attributable to the acquisition such as professional fees and transaction costs.The financial statements of the associates are prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the group.After application of the equity method, the Group determines whether it is necessary to recognize an impairment loss.",
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"value": "2.4 Presentation currency and functional currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction.",
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"value": "2.4 Presentation currency and functional currencyThe Group's consolidated financial statements are presented in NOK, which is also the parent company's functional currency. Transactions in foreign currency are initially recorded by the Group entities' functional currency at the exchange rate at the time of the transaction.",
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"value": "2.5 SegmentsSegments are identified based on the organization and reporting structure used by management including top decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision-maker for the purpose of assessing performance and allocating (to assess performance and allocate) resources. The Group\u2019s chief operating decision-maker is the CEO.The group has 4 reportable segments after a change in the reporting structure in 2024:1. Industrial Solutions 2. Renewables 3. Real estateCosts not directly attributable to the segments Industrial Solutions, Renewables, or Real estate, are related to the segment \"Other\", ref Note 4 Segment information. The group divides the customers into geographical areas based on the customers' nationalities. The areas are Norway and the other.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "2.6 Related partiesParties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Transactions with related parties are disclosed in note 28.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__28-1": {
"value": "2.7 Revenue recognitionThe Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The Group's operating revenues are related to the following income streams:\u2022 Service - and maintenance assignments to land based \u2013 and maritime industry.\u2022 Hydro power Plants \u2013 development, sale and operation.Service - and maintenance assignments to land based \u2013 and maritime industryContracts for Service - and maintenance assignments to land based \u2013 and maritime industry usually have a variable payment facility where customers can pay for the number of hours and use of materials with a supplement. Larger projects may be based on fixed price. The contracts normally have a duration from a few weeks up to some months. For variable-fee contracts - the amount that one has the right to invoice on the balance sheet date is recognized as income. For fixed-price contracts - a signed sales contract should be in place before purchase, fabrication and other startup costs apply. The rationale for using the method of recognition of revenue over time, and not at the time of delivery, is based on the assumption that we are adding value to an asset controlled by the customer.The same costs are included in the assessment of whether one has an onerous contract and associated measurement of estimated losses. Costs of errors in project development are treated as period costs and do not generate progress. As there is normally greater uncertainty in measuring the outcome of the contract in the early stages of production, revenue recognition is normally limited to accrued costs. If the uncertainty in a project is so large that it is not possible to estimate the potential outcome, no revenue is recognized until the uncertainty is reduced. If the accrued costs in the early stage do not qualify as inventory, it is recognized as operating expenses.Change orders usually arise as a result of minormodifications in a project and will therefore normally not be considered as a separate contract. Change orders are therefore normally accounted for as a change of existing contract where transaction price and progress are updated when the change order is approved by both parties. Payment terms for conversion contracts vary somewhat depending on the ship type. The customer can only terminate the contract because of a breach by EQVA (subsidiaries). Power plants Power plants under development are usually organized in separate legal entities (SPVs). The ownership of the SPV will be transferred to the buyer when the project is completed, and the SPV will be consolidated as a subsidiary during the construction phase. Development and construction of power plants are output of the ordinary activities of the company, and the buyer is considered to be a customer. Management has therefore concluded that the transaction should be accounted for within the scope of IFRS 15 once a firm contract is signed. The customer can only terminate the contract if the Group fails to deliver as promised in the contract. Eqva has an enforceable right to payment, and the asset under construction is without alternative use because of contractual limitations, and revenues are thereforerecognized over time. The Group use cost incurred against expected total construction cost as measure of progress. The contracts include standard LD penalties for latedelivery, but these are capped at a moderate level. When the shares in the SPV are transferred at completion, the share price is determined based on the agreed price of the power plant, adjusted for any net debt and working capital items in the SPV. Services related to operations and maintenance of power plants owned by a third party are normally based on contracts with a fixed fee for a defined period. Revenues are recognized in each accounting period. If a power plant starts power production before being delivered to a client, these revenues are presented as sales revenues. Costs related to power production are presented as operational costs.3.1 Revenue recognitionTo determine how the Group's customer conversion contracts should be recognized as income, themanagement has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.The Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__30": {
"value": "2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__29": {
"value": "2.8 TaxesTax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized directly in equity. In this case, the tax is also recognized in equity, respectively.The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate based on amounts expected to be paid to the tax authorities.Deferred income tax is recognized as temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the group, and it is probable that the temporary difference will not reverse in the foreseeable future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__31-1": {
"value": "2.9 Property, plant and equipmentProperty, plant and equipment is stated in the balance sheet at cost, net of accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the item of property, plant and equipment. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:\u2022 Buildings 10-40 years\u2022 Machinery 3-10 years\u2022 Operating equipment 3- 10 yearsWhen significant parts of property and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. All other repair and maintenance costs are recognized in profit and loss as incurred.2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__33-1": {
"value": "2.10 Impairment of property, plant and equipmentAssessment of indications that assets may be impaired is made at the end of each reporting period. If indications exist, the recoverable amount of the asset is estimated. If the carrying value exceeds the estimated recoverable amount, the asset is written down to its recoverable amount. Recoverable amount is the higher of fair value less costs to sell and value in use. The write-down may be reversed by up to an amount corresponding to the write-down, if the book value is lower than the recoverable amount.Assets are considered as part of a Segment. Impairment is done at Segment-level if the impairment test does not justify the carrying amount of the Segment including goodwill.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__35": {
"value": "2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually,either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__34-1": {
"value": "2.11 Intangible assetsIntangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. Internally generated intangible assets, excluding capitalized development costs, are not capitalized and expenditure is reflected in profit and loss in the period in which the expenditure is incurred.The useful lives of intangible assets are assessed as either finite or indefinite. Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Intangible assets with indefinite useful lives are not amortized, but are tested for impairment annually,either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether indefinite life continues to be supportable. Research and development costs (R&D)Research costs are expensed as incurred. Development expenditures on an individual project are recognized as an intangible asset when the Group can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale\u2022 Its intention to complete and its ability to use or sell the asset\u2022 How the asset will generate future economic benefits\u2022 The availability of resources to complete the asset\u2022 The ability to measure reliably the expenditure during development.Amortization of the asset begins when development is complete, and the asset is available for use. It is amortized over the period of expected future benefit. Amortization is recorded in cost of sales. During the period of development, the asset is tested for impairment annually. The main part of the research and development costs that are recognized as an intangible asset are related to the development of new ship designs and fish handling equipment.2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__37-1": {
"value": "2.12 GoodwillExcess value resulting from acquisition of an enterprise that cannot be allocated to identifiable assets or liabilities on the date of acquisition is classified as goodwill in the balance sheet. Goodwill is initially measured at cost. Goodwill is calculated on a 100 % ownership. In regards of investments in associated companies, goodwill is included in the cost price of the investments.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to Segment level for the purpose of impairment testing. The impairment testing is described in more detail in note 11.Goodwill is tested for impairment at each closing of accounts. An assessment is made whether the discounted cash flow relating to goodwill exceeds the value of the goodwill recognized in the accounts. If the discounted cash flow is lower than the recognized value, goodwill will be written down to the higher of value in use and fair value less cost to sell.3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__38": {
"value": "2.13 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period to get ready for its intended use or sale are capitalized as part of the cost of the respective assets. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__39": {
"value": "2.14 InventoriesInventories of purchased goods are valued at the lower of acquisition cost and net realizable value. The acquisition cost is assigned using the FIFO method and includes expenses incurred on acquisition of the goods and the cost of bringing the goods to their present state and location. Finished goods and work in progress are valued at full cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__40": {
"value": "2.15 Treasury sharesOwn equity instruments that are reacquired (treasury shares) are recognized at cost and deducted from equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments. Any difference between the carrying amount and the consideration, if reissued, is recognized in retained earnings. Voting rights related to treasury shares are nullified for the Group and no dividends are allocated to them.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__42": {
"value": "2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 is presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets is like those for accounts receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__41": {
"value": "2.16 Contract assets and liabilitiesRecognized revenue within the scope of IFRS 15 is presented as a contract asset in the balance sheet if the right to payment is conditional of future performance (usually to complete the project). If the right to payment is unconditional, the recognized amount is presented as accounts receivable. Advance payments received are presented as a reduction of the contract asset on a contract level. If advance payments received are higher than recognized revenue for a specific contract, the net is presented as a contract liability in the balance sheet. Credit loss of contract assets is like those for accounts receivable.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__44": {
"value": "2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__43": {
"value": "2.17 Financial Instruments.Investments in sharesInvestments in shares are measured at fair value through profit or loss, except for shares in associated companies.Receivables and bank depositsThe Group maintains its accounts receivable and other receivables in a business model where the purpose is to recover contractual cash flows, so that these are measured at amortized cost. Receivables are classified as current assets. Receivables include \"accounts receivable and other receivables\", as well as cash and cash equivalents in the balance sheet. Financial assets are derecognized when the right to receive cash flows from the investment ceases.LoanLoans are initially recognized at fair value when the loan is disbursed, adjusted for directly attributable transaction costs. In subsequent periods, loans are recognized at amortized cost calculated using the effective interest rate method (EIR). The difference between the loan amount paid out (less transaction costs) and the redemption value is thus recognized in the income statement over the term of the loan. Effective interest is recognized in the income statement unless it is recognized in the balance sheet on the purchase/ manufacture of a fixed asset or other qualifying asset. First-year repayments on long-term debt are presented as short-term debt.Accounts payableTrade payables are recognized at fair value on initial recognition. In agreements that reduce the value of outstanding debt, the value of the debt is reduced and recorded as income. Upon subsequent calculation of the value of the agreement, changes are entered as an adjustment of the debt with a counter-item in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__45": {
"value": "2.18 ProvisionsProvisions are recognized when there is a present obligation (legal or constructive) because of a past event, it is probable that the Group will be required to settle the obligation, and a reliable estimate can be made of the amount. A future settlement of the obligation will probably require an outflow of economic resources.Provisions usually relate to warranties. Provisions for warranty-related costs are recognized when the product is sold, or the service provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually. Key sub-suppliers have warranty responsibilities for their deliveries into projects. EQVA`s warranty obligations are related to the works carried out of EQVA in the projects.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__46": {
"value": "2.19 Cash flow statementsThe cash flow statements are based on the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__47": {
"value": "2.20 Government grantsGovernment grants are recognized when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover and are recognized as a reduction of other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__49": {
"value": "2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__48": {
"value": "2.21 Discontinued operationsDiscontinued operations are part of the Group sold or classified as held for sale and represent a significant part of one of the Group's operations or geographical areas. The results of the divested business are presented separately in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__50": {
"value": "Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATESThe preparation of the Group's consolidated financial statements requires management to make judgments and estimates. These estimates are based on the actual underlying business, its present and forecast profitability over time, and expectations about external factors. Uncertainty about these estimates could result in outcomes that require material adjustment to the carrying amount of assets or liabilities affected in future periods.The following judgements and estimates have the most significant risk of resulting in a material adjustment in the next financial statements:3.1 Revenue recognitionTo determine how the Group's customer conversion contracts should be recognized as income, themanagement has made several critical assessments. The Group recognizes revenue as the Group fulfills a delivery obligation upon transfer of goods or services to the customer. The contracts define the transaction price but include clauses that may result in an adjustment of the transaction price as a result of delayed delivery or deviation from agreed specifications. The maximum transaction price adjustment is defined in the contracts and normally constitutes a small part of the transaction price. As the adjustment clauses are rarely triggered and can only lead to limited transaction price adjustments, the contract price is used as the transaction price, unless one has specific information that the adjustment clauses are triggered.The Group does not recognize revenue from Conversion of vessels from Q3 2023 as the shipyard Hayard Leirvik was sold to Tersan in November 2023 (discontinued operations). Discontinued operations are disclosed in note 26.3.2 Degree of completion and provision for loss contractsA part of Eqva's business consists of executing revenue-recognition projects that are recognized over time. Revenue recognition over time is based on estimates and assessments made at the discretion of management.Revenue recognition and cost estimates depend upon variables such as steel prices, labor costs and availability, and other production inputs. The Group must also evaluate and estimate the outcome of variation orders, contract claims and requests from customers to modify contractual terms which can involve complex negotiations with customers. 3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.3.4 Power plantsFor power plants under construction, these are organized in separate companies where incurred costs are entered on the balance sheet as operating assets/facilities under construction. In the group accounts, revenues in these projects are recognized based on estimates of progress, revenues and costs for the assets under construction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__53": {
"value": "3.3 Impairment of non-financial assets including goodwillAn impairment exists when the carrying value of an asset or cash generating unit (CGU) exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less cost to sell calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs for disposing the asset. The value in use calculation is based on a discounted cash flow model. The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the asset\u2019s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed, and further explained in note 11.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__61": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2024 2023Wages 300 872 217 505Employer's part of social security costs 35 574 27 116Pension, contribution plans 15 213 12 556Other benefits 18 721 16 167Total salaries and social expenses 370 379 273 345FTEs at year end 632 355The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEqva has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2024. A total bonus provision of total MNOK 11 is booked in group 2024 accounts. Of this NOK 3 million is related to the Management. The bonus will be paid out in 2025.Remuneration to key management personnel and the Board of Directors paid in 2024:Even M. EllingsenErik H\u00f8yvikPetter S\u00f8rdahlEirik S\u00e6vareidAsk HaukaasCEO*CEO*CFO*CFO*CFO*(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Salary 2 188 0 723 2 169 1 361 0 0 1 211 0 547Pension 68 0 26 101 98 0 0 78 0 52Other21 0 50 151 29 0 0 144 0 10remunerationTotal remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609* Erik H\u00f8yvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter S\u00f8rdahl as CFO from 1 January 2024. (Ask Haukaas acted as CFO over a few months in 2023 after Eirik S\u00e6vareid). Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/24. Eqva ASA parent company: NOK 2 916 667 in board fees have been paid to external board members in 2024 (NOK 3 389 704 in 2023). Remuneration board members agreed 2024: Chariman NOK 880 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 0, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. Annual share-based paymentThe establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The shareoption program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2024 2023Average Number of Average exer-Number of exercise priceoptionscise priceoptionsAs at 1. Januay 3,31 1 360 000 - 0 0Granted during the year 2,93 1 860 000 3,01 1 740 000 1 740 000 Excercised during the year 3,31 -66 666 - 0 0Forfeited during the year 3,31 -540 000 3,01 -380 000 -380 000 As at 31. December 3,04 2 613 334 3,01 1 360 000 1 360 000 No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2024December 2024December 2023December 2023January 2023 January 2026 3,31 753 334 3,01 1 360 000January 2024 January 2027 2,93 1 860 000 - -Weighted average remaining contractual life of options outstanding at end of period 1,7 yearsShare Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries.The share purchase program is conducted annually. Allocation of options to the new CEO Even Matre Ellingsen has received 2.500.000 options in the company in accordance with the employment contract (sign on bonus). The strike price after 1 year is set to NOK 3,05 (The strike price of the share options is based on the volume weighted average share price over the 60 last trading days prior to assuming the position as CEO on 2 May 2024). The strike price is increased by a factor of 1.1, 1.2, 1.3 and 1.4 annually for the following years. The options expire after 5 years and can be called on at any time (American). The strike price will be reduced with dividends and other customary adjustments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__60": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2024 2023Wages 300 872 217 505Employer's part of social security costs 35 574 27 116Pension, contribution plans 15 213 12 556Other benefits 18 721 16 167Total salaries and social expenses 370 379 273 345FTEs at year end 632 355The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEqva has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2024. A total bonus provision of total MNOK 11 is booked in group 2024 accounts. Of this NOK 3 million is related to the Management. The bonus will be paid out in 2025.Remuneration to key management personnel and the Board of Directors paid in 2024:Even M. EllingsenErik H\u00f8yvikPetter S\u00f8rdahlEirik S\u00e6vareidAsk HaukaasCEO*CEO*CFO*CFO*CFO*(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Salary 2 188 0 723 2 169 1 361 0 0 1 211 0 547Pension 68 0 26 101 98 0 0 78 0 52Other21 0 50 151 29 0 0 144 0 10remunerationTotal remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609* Erik H\u00f8yvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter S\u00f8rdahl as CFO from 1 January 2024. (Ask Haukaas acted as CFO over a few months in 2023 after Eirik S\u00e6vareid). Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/24. Eqva ASA parent company: NOK 2 916 667 in board fees have been paid to external board members in 2024 (NOK 3 389 704 in 2023). Remuneration board members agreed 2024: Chariman NOK 880 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 0, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. Annual share-based paymentThe establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The shareoption program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2024 2023Average Number of Average exer-Number of exercise priceoptionscise priceoptionsAs at 1. Januay 3,31 1 360 000 - 0 0Granted during the year 2,93 1 860 000 3,01 1 740 000 1 740 000 Excercised during the year 3,31 -66 666 - 0 0Forfeited during the year 3,31 -540 000 3,01 -380 000 -380 000 As at 31. December 3,04 2 613 334 3,01 1 360 000 1 360 000 No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2024December 2024December 2023December 2023January 2023 January 2026 3,31 753 334 3,01 1 360 000January 2024 January 2027 2,93 1 860 000 - -Weighted average remaining contractual life of options outstanding at end of period 1,7 yearsShare Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries.The share purchase program is conducted annually. Allocation of options to the new CEO Even Matre Ellingsen has received 2.500.000 options in the company in accordance with the employment contract (sign on bonus). The strike price after 1 year is set to NOK 3,05 (The strike price of the share options is based on the volume weighted average share price over the 60 last trading days prior to assuming the position as CEO on 2 May 2024). The strike price is increased by a factor of 1.1, 1.2, 1.3 and 1.4 annually for the following years. The options expire after 5 years and can be called on at any time (American). The strike price will be reduced with dividends and other customary adjustments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__59": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2024 2023Wages 300 872 217 505Employer's part of social security costs 35 574 27 116Pension, contribution plans 15 213 12 556Other benefits 18 721 16 167Total salaries and social expenses 370 379 273 345FTEs at year end 632 355The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEqva has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2024. A total bonus provision of total MNOK 11 is booked in group 2024 accounts. Of this NOK 3 million is related to the Management. The bonus will be paid out in 2025.Remuneration to key management personnel and the Board of Directors paid in 2024:Even M. EllingsenErik H\u00f8yvikPetter S\u00f8rdahlEirik S\u00e6vareidAsk HaukaasCEO*CEO*CFO*CFO*CFO*(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Salary 2 188 0 723 2 169 1 361 0 0 1 211 0 547Pension 68 0 26 101 98 0 0 78 0 52Other21 0 50 151 29 0 0 144 0 10remunerationTotal remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609* Erik H\u00f8yvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter S\u00f8rdahl as CFO from 1 January 2024. (Ask Haukaas acted as CFO over a few months in 2023 after Eirik S\u00e6vareid). Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/24. Eqva ASA parent company: NOK 2 916 667 in board fees have been paid to external board members in 2024 (NOK 3 389 704 in 2023). Remuneration board members agreed 2024: Chariman NOK 880 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 0, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. Annual share-based paymentThe establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The shareoption program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2024 2023Average Number of Average exer-Number of exercise priceoptionscise priceoptionsAs at 1. Januay 3,31 1 360 000 - 0 0Granted during the year 2,93 1 860 000 3,01 1 740 000 1 740 000 Excercised during the year 3,31 -66 666 - 0 0Forfeited during the year 3,31 -540 000 3,01 -380 000 -380 000 As at 31. December 3,04 2 613 334 3,01 1 360 000 1 360 000 No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2024December 2024December 2023December 2023January 2023 January 2026 3,31 753 334 3,01 1 360 000January 2024 January 2027 2,93 1 860 000 - -Weighted average remaining contractual life of options outstanding at end of period 1,7 yearsShare Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries.The share purchase program is conducted annually. Allocation of options to the new CEO Even Matre Ellingsen has received 2.500.000 options in the company in accordance with the employment contract (sign on bonus). The strike price after 1 year is set to NOK 3,05 (The strike price of the share options is based on the volume weighted average share price over the 60 last trading days prior to assuming the position as CEO on 2 May 2024). The strike price is increased by a factor of 1.1, 1.2, 1.3 and 1.4 annually for the following years. The options expire after 5 years and can be called on at any time (American). The strike price will be reduced with dividends and other customary adjustments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__58": {
"value": "5. SALARY, FEES, NUMBER OF EMPLOYEES ETC. (NOK 1,000)Payroll expenses 2024 2023Wages 300 872 217 505Employer's part of social security costs 35 574 27 116Pension, contribution plans 15 213 12 556Other benefits 18 721 16 167Total salaries and social expenses 370 379 273 345FTEs at year end 632 355The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.Incentive programs established in EQVAEqva has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group. The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted EBITDA). The payments are expensed as salaries. There has been no payments in 2024. A total bonus provision of total MNOK 11 is booked in group 2024 accounts. Of this NOK 3 million is related to the Management. The bonus will be paid out in 2025.Remuneration to key management personnel and the Board of Directors paid in 2024:Even M. EllingsenErik H\u00f8yvikPetter S\u00f8rdahlEirik S\u00e6vareidAsk HaukaasCEO*CEO*CFO*CFO*CFO*(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Salary 2 188 0 723 2 169 1 361 0 0 1 211 0 547Pension 68 0 26 101 98 0 0 78 0 52Other21 0 50 151 29 0 0 144 0 10remunerationTotal remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609* Erik H\u00f8yvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter S\u00f8rdahl as CFO from 1 January 2024. (Ask Haukaas acted as CFO over a few months in 2023 after Eirik S\u00e6vareid). Key management does not have bonus agreements or any share-based payment outside arrangements listed above. Refers to the statement of remuneration of executive personell.No loans or guarantees to the Group CEO or any member of the bord per 31/12/24. Eqva ASA parent company: NOK 2 916 667 in board fees have been paid to external board members in 2024 (NOK 3 389 704 in 2023). Remuneration board members agreed 2024: Chariman NOK 880 000, board member NOK 385 000, employee representative NOK 240 000, member nomination committee NOK 0, member compensation committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance. Annual share-based paymentThe establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The shareoption program applies to Board of directors, leaders and key personnel in the Group. The participants receive 40 000 or 100 000 options, dependent of level in the group. The program has effect from 1 January 2023. Options are granted under the plan for no consideration and carry no dividend or voting rights. The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. The granted options are vested over a period of three years. Employees must remain employed for a minimum three years to fully earn their granted options. A certain proportion of the options will become exercisable each year over the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the company. Set out below are summaries of options granted under the plan:2024 2023Average Number of Average exer-Number of exercise priceoptionscise priceoptionsAs at 1. Januay 3,31 1 360 000 - 0 0Granted during the year 2,93 1 860 000 3,01 1 740 000 1 740 000 Excercised during the year 3,31 -66 666 - 0 0Forfeited during the year 3,31 -540 000 3,01 -380 000 -380 000 As at 31. December 3,04 2 613 334 3,01 1 360 000 1 360 000 No options expired during the periods coverd by the above Forfeited options was due to resignation from employees. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2024December 2024December 2023December 2023January 2023 January 2026 3,31 753 334 3,01 1 360 000January 2024 January 2027 2,93 1 860 000 - -Weighted average remaining contractual life of options outstanding at end of period 1,7 yearsShare Purchase Program The Group has also established a share purchase program where all employees can participate. Employees can buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries.The share purchase program is conducted annually. Allocation of options to the new CEO Even Matre Ellingsen has received 2.500.000 options in the company in accordance with the employment contract (sign on bonus). The strike price after 1 year is set to NOK 3,05 (The strike price of the share options is based on the volume weighted average share price over the 60 last trading days prior to assuming the position as CEO on 2 May 2024). The strike price is increased by a factor of 1.1, 1.2, 1.3 and 1.4 annually for the following years. The options expire after 5 years and can be called on at any time (American). The strike price will be reduced with dividends and other customary adjustments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__64": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2024 2023Rent expenses 25 967 14 270Office and administration expenses 9 537 11 028Plant, tools and equipment (including IT) 24 536 20 832Travel and employee expenses 24 817 19 539Hired consultants 19 114 15 273Marketing and communication 8 309 5 523Other operating expenses 7 742 9 337Total 120 022 95 803Fees to the auditor consists of the following services: 2024 2023Statutory audit 3 527 4 859Tax advice 400 315Other assistance 2 201 564Total 6 129 5 738Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__63": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2024 2023Rent expenses 25 967 14 270Office and administration expenses 9 537 11 028Plant, tools and equipment (including IT) 24 536 20 832Travel and employee expenses 24 817 19 539Hired consultants 19 114 15 273Marketing and communication 8 309 5 523Other operating expenses 7 742 9 337Total 120 022 95 803Fees to the auditor consists of the following services: 2024 2023Statutory audit 3 527 4 859Tax advice 400 315Other assistance 2 201 564Total 6 129 5 738Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__62": {
"value": "6. OTHER OPERATING EXPENSES (NOK 1,000)Other operating expenses 2024 2023Rent expenses 25 967 14 270Office and administration expenses 9 537 11 028Plant, tools and equipment (including IT) 24 536 20 832Travel and employee expenses 24 817 19 539Hired consultants 19 114 15 273Marketing and communication 8 309 5 523Other operating expenses 7 742 9 337Total 120 022 95 803Fees to the auditor consists of the following services: 2024 2023Statutory audit 3 527 4 859Tax advice 400 315Other assistance 2 201 564Total 6 129 5 738Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__67": {
"value": "7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the group are taxed in other jurisdictions and other tax regimes.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000)Consolidated income statement 2024 2023Current income tax:Taxes payable 840 1 579Changes in deferred tax 0 -481Effect due to acquisition 4 328 0Income tax expense/(income) reported in the income statement 5 168 1 098Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%.(NOK 1,000) 2024 2023Profit before tax 36 402 -18 791Tax expense 22% 8 008 -4 134Recognized tax expense 5 168 1 098Difference between expected and recognised tax expense -2 841 5 232Difference is related to:Results in associates (22%/ 22%) 0 -673Prior year adjustments 0 0P/L sale of shares in associates -8 170 0Other permanent differences -5 049 -5 769Deferred tax asset not recognized 10 379 11 673Total -2 841 5 231Deferred tax relates to the following temporary differences:2024 2023(NOK 1,000)Non-current assets 39 541 28 382Customer relationship 25 606 28 267Leasing -435 -34Current assets -7 005 -4 660Inventory -500 0Accruals and provisions -10 000 0Gain/(loss) account for deferral -79 10 758Cut off interest to related parties carried forward -2 019 -19 629Customer contracts 14 974 48 940Tax loss carried forward -368 112 -333 202Total temporary differences -308 030 -241 178Net deferred tax lability / deferred tax asset (-) -67 767 -53 059Deferred tax asset not recognised 67 767 53 059Deferred tax liability in the balance sheet 0 0Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__66": {
"value": "7. INCOME TAX The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the group are taxed in other jurisdictions and other tax regimes.The major componenents of income tax expense/ (income) for the year are:(NOK 1,000)Consolidated income statement 2024 2023Current income tax:Taxes payable 840 1 579Changes in deferred tax 0 -481Effect due to acquisition 4 328 0Income tax expense/(income) reported in the income statement 5 168 1 098Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%.(NOK 1,000) 2024 2023Profit before tax 36 402 -18 791Tax expense 22% 8 008 -4 134Recognized tax expense 5 168 1 098Difference between expected and recognised tax expense -2 841 5 232Difference is related to:Results in associates (22%/ 22%) 0 -673Prior year adjustments 0 0P/L sale of shares in associates -8 170 0Other permanent differences -5 049 -5 769Deferred tax asset not recognized 10 379 11 673Total -2 841 5 231Deferred tax relates to the following temporary differences:2024 2023(NOK 1,000)Non-current assets 39 541 28 382Customer relationship 25 606 28 267Leasing -435 -34Current assets -7 005 -4 660Inventory -500 0Accruals and provisions -10 000 0Gain/(loss) account for deferral -79 10 758Cut off interest to related parties carried forward -2 019 -19 629Customer contracts 14 974 48 940Tax loss carried forward -368 112 -333 202Total temporary differences -308 030 -241 178Net deferred tax lability / deferred tax asset (-) -67 767 -53 059Deferred tax asset not recognised 67 767 53 059Deferred tax liability in the balance sheet 0 0Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__65": {
"value": "Fees to the auditor consists of the following services: 2024 2023Statutory audit 3 527 4 859Tax advice 400 315Other assistance 2 201 564Total 6 129 5 738Auditor's fees are stated excluding VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__68": {
"value": "Deferred tax relates to the following temporary differences:2024 2023(NOK 1,000)Non-current assets 39 541 28 382Customer relationship 25 606 28 267Leasing -435 -34Current assets -7 005 -4 660Inventory -500 0Accruals and provisions -10 000 0Gain/(loss) account for deferral -79 10 758Cut off interest to related parties carried forward -2 019 -19 629Customer contracts 14 974 48 940Tax loss carried forward -368 112 -333 202Total temporary differences -308 030 -241 178Net deferred tax lability / deferred tax asset (-) -67 767 -53 059Deferred tax asset not recognised 67 767 53 059Deferred tax liability in the balance sheet 0 0Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not recognised for companies with a recent history of reported losses in accordance with IAS 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__72": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__71": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__70": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__69": {
"value": "8. FINANCIAL INCOME AND FINANCIAL EXPENSES(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__73": {
"value": "(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 265",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__76": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net acoounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 02023EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries asshare/capital equityof 31/12/2023 voting (1,000)(NOK share1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is com-pleted. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet (NOK 1,000)amountValue of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__75": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net acoounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 02023EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries asshare/capital equityof 31/12/2023 voting (1,000)(NOK share1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is com-pleted. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet (NOK 1,000)amountValue of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__74": {
"value": "9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTSFor the accounting of the investments below the aquisition metholology applied.2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 2 741Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i \u00d8ygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storeb\u00f8 i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % \u00d8len i Vindafjord Industrial Solutions NOK 100 730Changes in 2024The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no subsidiaries at the end of 2024.Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a subsidiary Eqva Industrial Solutions AS. Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%) from Eqva Industri AS (former Handeland Industri AS).Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial Solutions AS and changed name to Eqva Finance and Analytics AS.Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%) and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before and after conversion.Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS and became the direct owner of 40 % of the shares. HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS. Fossberg Kraft AS sold the project companies Haugsv\u00e6r Kraft AS and Skjeggfoss Kraftverk AS during 2024.The investment in Havila Charisma IS was sold during Q1 2024. The net acoounting effect was NOK 37 million and net cash was NOK 62 million.Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 02023EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries asshare/capital equityof 31/12/2023 voting (1,000)(NOK share1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnav\u00e5g Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnav\u00e5g Other NOK 226 3 415Mj\u00f8lstadneset Eiendom AS 100 % Fosnav\u00e5g Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsv\u00e6r Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i \u00d8ygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storeb\u00f8 i Austevoll Products, solutions & renewables NOK 300 11 708EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.Fossberg Kraft AS invested in a new project company, Haugsv\u00e6r Kraft AS in 2023. The company will be sold to customer when project is com-pleted. In 2023 the project company Kv\u00e6vebekken 2 AS was sold to the customer. EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnav\u00e5g NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet (NOK 1,000)amountValue of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715",
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"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2024 (before the balance sheet date) - Acquisition of Kvinnherad Elektro AS with subsidiariesthOn 14 of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted as \"Kvinnherad Elektro Group\".Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation diciplines. The acquisiting strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant upgrade and restructuring of the Norwegian industry.thThe transaction was closed on the 18 of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5 million, and (iii) two conditional future considerations (see detailed below).The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation (\"PPA\") has been recognised, separate from goodwill, the idenfitiable assets and the liabilities assumed.Consideration table - Acquisition of Kvinnherad Elektro Group (NOK million) Fair ValueCash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, included conditional considerations 22,8 In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2) a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025. Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair value 0,0 Goodwill 33,4 Net assets acquired 22,8 The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions, right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million. The contribution from the acquisition (separately) to the Group's result 2024 Actual Pro forma *From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024,stif the acquisition had occured on 1 of January 2024. Including minority interest.2025 (after the balance sheet date) - Acquisition of IMTAS AS with subsidiariesthOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.thThe transaction was closed on the 21 of March 2025. The consideration was a combination of (i) NOK 52 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,6 million, (iii) a locked-box-compensation of an estimated 21,5 million, and (iv) a Seller's Credit of NOK 40 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The acquisition date is after the balance sheet date for the financial statements of 2024.Consideration table - Acquisition of IMTAS Group On Closing Q2/Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 52,0 52,0 Shares in EQVA ASA 30,6 30,6 Locked-box compensation (estimate) 10,8 10,8 21,6 Seller's Credit 40,0 40,0 Total ordinary consideration 82,6 10,8 50,8 144,2 Est. FV of conditional future considerations (per the report date) 30,0 Total estimated consideration, including conditional considerations 174,2 * 50% of the locked-box compensation is settled in cash at the latest of 5 days after audited financial statments for IMTAS Group, and July 5, 2025. Per the report date, the 100% locked-box compensation is estimated at NOK 21,6 million. ** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a.The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events.On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair value of the shares, NOK 30,6 million was based on a the share price at Oslo Stock Exchange per March 3, 2025.In addition, EQVA has secured refinancing from Nordea, combining acquisition and refinancing, totaling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given a leverage ration (NIBD / EBITDA LTM) of less than 1,5 (after distribution). Furthermore, it will consolidate various banking relationships into a single primary bank for the group, simplifying futue financial mangement.Assets and liabilities recognized as a result of the acquisition The initial accounting for the business combination with IMTAS Group is not completed as per the EQVA group's financial statements reporting date. The disclosures regarding purchase price allocation (PPA), goodwill allocation and corresponding disclosures are therefore not included in the disclosures to this financial report. On time of this financial report, the book value of equity of the IMTAS Group for 2024 (unaudited) indicates that part of the purchase price allocation will be allocated to goodwill. The allocation and PPA is determined based on an detailed assessment made after the date of closing and detailed review of the balance sheet at closing date. The contribution from the acquisition (separately) to the Group's result 2024 (NOK million) Pro forma *Full yearOperating revenue 376EBITDA 39Profit (loss) for the period 22* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024, if the acquisition had occured on 1st of January 2024.",
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"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2024 (before the balance sheet date) - Acquisition of Kvinnherad Elektro AS with subsidiariesthOn 14 of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted as \"Kvinnherad Elektro Group\".Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation diciplines. The acquisiting strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant upgrade and restructuring of the Norwegian industry.thThe transaction was closed on the 18 of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5 million, and (iii) two conditional future considerations (see detailed below).The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation (\"PPA\") has been recognised, separate from goodwill, the idenfitiable assets and the liabilities assumed.Consideration table - Acquisition of Kvinnherad Elektro Group (NOK million) Fair ValueCash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, included conditional considerations 22,8 In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2) a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025. Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair value 0,0 Goodwill 33,4 Net assets acquired 22,8 The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions, right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million. The contribution from the acquisition (separately) to the Group's result 2024 Actual Pro forma *From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024,stif the acquisition had occured on 1 of January 2024. Including minority interest.2025 (after the balance sheet date) - Acquisition of IMTAS AS with subsidiariesthOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.thThe transaction was closed on the 21 of March 2025. The consideration was a combination of (i) NOK 52 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,6 million, (iii) a locked-box-compensation of an estimated 21,5 million, and (iv) a Seller's Credit of NOK 40 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The acquisition date is after the balance sheet date for the financial statements of 2024.Consideration table - Acquisition of IMTAS Group On Closing Q2/Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 52,0 52,0 Shares in EQVA ASA 30,6 30,6 Locked-box compensation (estimate) 10,8 10,8 21,6 Seller's Credit 40,0 40,0 Total ordinary consideration 82,6 10,8 50,8 144,2 Est. FV of conditional future considerations (per the report date) 30,0 Total estimated consideration, including conditional considerations 174,2 * 50% of the locked-box compensation is settled in cash at the latest of 5 days after audited financial statments for IMTAS Group, and July 5, 2025. Per the report date, the 100% locked-box compensation is estimated at NOK 21,6 million. ** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a.The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events.On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair value of the shares, NOK 30,6 million was based on a the share price at Oslo Stock Exchange per March 3, 2025.In addition, EQVA has secured refinancing from Nordea, combining acquisition and refinancing, totaling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given a leverage ration (NIBD / EBITDA LTM) of less than 1,5 (after distribution). Furthermore, it will consolidate various banking relationships into a single primary bank for the group, simplifying futue financial mangement.Assets and liabilities recognized as a result of the acquisition The initial accounting for the business combination with IMTAS Group is not completed as per the EQVA group's financial statements reporting date. The disclosures regarding purchase price allocation (PPA), goodwill allocation and corresponding disclosures are therefore not included in the disclosures to this financial report. On time of this financial report, the book value of equity of the IMTAS Group for 2024 (unaudited) indicates that part of the purchase price allocation will be allocated to goodwill. The allocation and PPA is determined based on an detailed assessment made after the date of closing and detailed review of the balance sheet at closing date. The contribution from the acquisition (separately) to the Group's result 2024 (NOK million) Pro forma *Full yearOperating revenue 376EBITDA 39Profit (loss) for the period 22* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024, if the acquisition had occured on 1st of January 2024.",
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"value": "10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP2024 (before the balance sheet date) - Acquisition of Kvinnherad Elektro AS with subsidiariesthOn 14 of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted as \"Kvinnherad Elektro Group\".Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation diciplines. The acquisiting strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant upgrade and restructuring of the Norwegian industry.thThe transaction was closed on the 18 of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5 million, and (iii) two conditional future considerations (see detailed below).The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation (\"PPA\") has been recognised, separate from goodwill, the idenfitiable assets and the liabilities assumed.Consideration table - Acquisition of Kvinnherad Elektro Group (NOK million) Fair ValueCash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, included conditional considerations 22,8 In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2) a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025. Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair value 0,0 Goodwill 33,4 Net assets acquired 22,8 The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions, right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million. The contribution from the acquisition (separately) to the Group's result 2024 Actual Pro forma *From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024,stif the acquisition had occured on 1 of January 2024. Including minority interest.2025 (after the balance sheet date) - Acquisition of IMTAS AS with subsidiariesthOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.thThe transaction was closed on the 21 of March 2025. The consideration was a combination of (i) NOK 52 million in cash, (ii) 6 113 165 shares in EQVA ASA at a fair value of NOK 30,6 million, (iii) a locked-box-compensation of an estimated 21,5 million, and (iv) a Seller's Credit of NOK 40 million.The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The acquisition date is after the balance sheet date for the financial statements of 2024.Consideration table - Acquisition of IMTAS Group On Closing Q2/Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 52,0 52,0 Shares in EQVA ASA 30,6 30,6 Locked-box compensation (estimate) 10,8 10,8 21,6 Seller's Credit 40,0 40,0 Total ordinary consideration 82,6 10,8 50,8 144,2 Est. FV of conditional future considerations (per the report date) 30,0 Total estimated consideration, including conditional considerations 174,2 * 50% of the locked-box compensation is settled in cash at the latest of 5 days after audited financial statments for IMTAS Group, and July 5, 2025. Per the report date, the 100% locked-box compensation is estimated at NOK 21,6 million. ** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration of 12 months at an interest of 8% p.a.The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026 is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments for extraordinary events.On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair value of the shares, NOK 30,6 million was based on a the share price at Oslo Stock Exchange per March 3, 2025.In addition, EQVA has secured refinancing from Nordea, combining acquisition and refinancing, totaling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given a leverage ration (NIBD / EBITDA LTM) of less than 1,5 (after distribution). Furthermore, it will consolidate various banking relationships into a single primary bank for the group, simplifying futue financial mangement.Assets and liabilities recognized as a result of the acquisition The initial accounting for the business combination with IMTAS Group is not completed as per the EQVA group's financial statements reporting date. The disclosures regarding purchase price allocation (PPA), goodwill allocation and corresponding disclosures are therefore not included in the disclosures to this financial report. On time of this financial report, the book value of equity of the IMTAS Group for 2024 (unaudited) indicates that part of the purchase price allocation will be allocated to goodwill. The allocation and PPA is determined based on an detailed assessment made after the date of closing and detailed review of the balance sheet at closing date. The contribution from the acquisition (separately) to the Group's result 2024 (NOK million) Pro forma *Full yearOperating revenue 376EBITDA 39Profit (loss) for the period 22* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024, if the acquisition had occured on 1st of January 2024.",
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"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__81": {
"value": "11. INTANGIBLE ASSETS 2024(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 1 335 0 33 355 34 690Disposals during the year 0 0 0 0Acquisition cost as of 31/12 2 760 32 000 281 615 316 375Accumulated amortization as of 1/1 375 3 731 0 4 106Amortization for the year 227 2 637 0 2 864Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 602 6 368 0 6 970Book value as of 31/12 2 158 25 606 281 615 309 379Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.2023(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__6__80": {
"value": "11. INTANGIBLE ASSETS 2024(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 1 335 0 33 355 34 690Disposals during the year 0 0 0 0Acquisition cost as of 31/12 2 760 32 000 281 615 316 375Accumulated amortization as of 1/1 375 3 731 0 4 106Amortization for the year 227 2 637 0 2 864Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 602 6 368 0 6 970Book value as of 31/12 2 158 25 606 281 615 309 379Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.2023(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear *Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key customers.Allocation of goodwill 2024 2023Products, solutions & renewables 248 260EQVA Industrial Solutions (BKS) 245 978EQVA Renewables (Fossberg Kraft) 2 282Acquisition of Kvinnherad Elektro Group 33 355Total goodwill 281 615 248 260There has been a change in operation segments due to a change in the way management monitors the prod-ucts and services in 2024. Goodwill previously allocated to the former segment (Products, solutions & renew-ables), has now been reallocated across two new seg-ments. These new operating segments are where man-agement regularly reviews operating results, assesses performance, and makes resource allocation decisions. The reallocation of goodwill is based on the goodwill al-located to these segments (BKS and Fossberg Kraft) in the original goodwill allocation and calculation, and in accordance with IFRS requirements.2024Goodwill Goodwill is monitored as tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. NOK 248 million of the goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022. NOK 33 million relates to the acquisition of Kvinnherad Elektro group in September 2024.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2025.The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices.The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement.Risk Adjustments: The asset beta's reflection of the company's operational risks, inclusive of EBITDAmargins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s operations.A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trendsand financial institution benchmarking. A small firm premium of 3.0% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumtions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations.The impairment test has also been tested for sensitivities without any impairment indicators identified.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__82": {
"value": "Allocation of goodwill 2024 2023Products, solutions & renewables 248 260EQVA Industrial Solutions (BKS) 245 978EQVA Renewables (Fossberg Kraft) 2 282Acquisition of Kvinnherad Elektro Group 33 355Total goodwill 281 615 248 260There has been a change in operation segments due to a change in the way management monitors the prod-ucts and services in 2024. Goodwill previously allocated to the former segment (Products, solutions & renew-ables), has now been reallocated across two new seg-ments. These new operating segments are where man-agement regularly reviews operating results, assesses performance, and makes resource allocation decisions. The reallocation of goodwill is based on the goodwill al-located to these segments (BKS and Fossberg Kraft) in the original goodwill allocation and calculation, and in accordance with IFRS requirements.2024Goodwill Goodwill is monitored as tested for impairment annually or more frequently if events or changes in circumstances indicate that the value may be impaired, goodwill is tested at the level of operating segments. NOK 248 million of the goodwill relates to the aquisition of BKS and Fossberg Kraft in late June 2022. NOK 33 million relates to the acquisition of Kvinnherad Elektro group in September 2024.Cash flow assumptionsThe impairment testing of assets is by nature highly judgmental as it includes estimates such as future market development, cash flows, determination of Segments and WACC, and other assumptions that may change over time. In particular, future cash flows are uncertain as they are impacted by developments beyond our control. Weather conditions and regulatory developments are two examples that may impact our power plant development projects. Below is an overview of the key assumptions and judgements applied for impairment testing as of 31 December 2025.The Weighted Average Cost of Capital (WACC) has been calculated based on a risk-free rate which mirrors the current yield on Norwegian 10-year government bonds, pursuant to established valuation practices.The cost of equity has been determined utilizing the Capital Asset Pricing Model (CAPM), where an equity beta of 3.5 was applied, derived from an asset beta of 0.6, assimilating a debt-to-equity ratio in alignment with IFRS 13 \"Fair Value Measurement.Risk Adjustments: The asset beta's reflection of the company's operational risks, inclusive of EBITDAmargins and revenue volatility, has been benchmarked against comparable companies within the sector, a prudent asset beta has been deemed appropriate, given the lower risk profile assumed for BKS and Fossberg\u2019s operations.A market risk premium of 5% is incorporated to represent the additional return investors require over risk-free securities, supported by historical trendsand financial institution benchmarking. A small firm premium of 3.0% has also been applied to account for the elevated risk associated with liquidity and market access for smaller enterprises.Given the assumtions and inputs above we consider the calculated WACC (10,4%) to be conservative and custom-tailored to the company\u2019s strategic long-term financing needs, incorporating comprehensive risk adjustments and market considerations.The impairment test has also been tested for sensitivities without any impairment indicators identified.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__84": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2024(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 350 870 59 576 67 836 478 282Additions from aquisition 4 215 935 3 301 8 451Additions during the year 2 953 6 714 478 10 145Disposals during the year 1 653 4 056 1 114 6 823Acquisition cost as of 31/12 356 386 63 169 70 501 490 056Accumulated depreciation as of 1/1 258 002 53 811 53 228 365 041Depreciation for the year 5 191 3 271 319 8 781Impairment 0 0 0 0Disposals during the year 0 0 0 0Accumulated depreciation as of 31/12 263 192 57 083 53 547 373 822Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 93 193 6 086 16 955 116 234Useful life 10-40 years 3-10 years 3-10 years 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Additions from aquisition 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year* 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__83": {
"value": "12. PROPERTY, PLANT AND EQUIPMENT 2024(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 350 870 59 576 67 836 478 282Additions from aquisition 4 215 935 3 301 8 451Additions during the year 2 953 6 714 478 10 145Disposals during the year 1 653 4 056 1 114 6 823Acquisition cost as of 31/12 356 386 63 169 70 501 490 056Accumulated depreciation as of 1/1 258 002 53 811 53 228 365 041Depreciation for the year 5 191 3 271 319 8 781Impairment 0 0 0 0Disposals during the year 0 0 0 0Accumulated depreciation as of 31/12 263 192 57 083 53 547 373 822Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 93 193 6 086 16 955 116 234Useful life 10-40 years 3-10 years 3-10 years 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Additions from aquisition 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year* 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years Other operating equipment mainly relates to office equipment.DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__86": {
"value": "DepreciationThe Group has identified three classes of property, plant and equipment; land and buildings, machinery and operating equipment and are depreciated by the linear method over expected useful life.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__88": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2024 2023Right of use assetsProperty 0 2 410Equipment 12 927 6 209Cars 5 971 3 657Sum 18 898 12 276Additions, right-of-use assets in the period 9 045 1 342Disposals of right-of-use assets in the period 0 0Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2024 2023Depreciation charge of right-of-use assetsProperties 0 221Equipment 1 638 666Cars 1 718 1 390Total 3 356 2 275Interest expense 1 024 831Expenses relating to short-term leases*25 967 14 270*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0The total cash outflow for leases in 2024 was MNOK 15,352 (2023: MNOK 12,455) which includes short/insignificant lease arrangements.2024 2023Right of use assets - developmentRight of use assets - 01.01* 12 275 10 933Additions during the year 9 045 1 342Depreciation 3 356 2 276Corrections opening balance 934 2 276Right of use assets - 31.12 18 898 12 275",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__87": {
"value": "13. LEASESAmounts recognised in the balance sheet.The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2024 2023Right of use assetsProperty 0 2 410Equipment 12 927 6 209Cars 5 971 3 657Sum 18 898 12 276Additions, right-of-use assets in the period 9 045 1 342Disposals of right-of-use assets in the period 0 0Disposals non-discounted liabilities in the period 0 0Amounts recognised in the statement of profit or loss.The statement of profit or loss shows the following amounts relating to leases: 2024 2023Depreciation charge of right-of-use assetsProperties 0 221Equipment 1 638 666Cars 1 718 1 390Total 3 356 2 275Interest expense 1 024 831Expenses relating to short-term leases*25 967 14 270*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0The total cash outflow for leases in 2024 was MNOK 15,352 (2023: MNOK 12,455) which includes short/insignificant lease arrangements.2024 2023Right of use assets - developmentRight of use assets - 01.01* 12 275 10 933Additions during the year 9 045 1 342Depreciation 3 356 2 276Corrections opening balance 934 2 276Right of use assets - 31.12 18 898 12 275",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__90": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.(NOK 1,000)NOTE 14.12024Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 032 856 28 058 0 -179 1 060 736Other revenues 0 0 0 0 0Total revenue from contract with customers 1 032 856 28 058 0 -179 1 060 736 See note 4 (NOK 1,000)NOTE 14.12023Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationService and maintenence 608 994 50 346 0 0 659 340Total revenue from contract with customers 608 994 50 346 0 0 659 340 See note 4 NOTE 14.2Contract assets 2024 2023Opening balance 72 480 51 537Payments received on assets from previous balance sheet date 66 122 45 179Assets from contracts entered into current year 56 470 66 122Closing balance 62 828 72 480Contract liabilities 2024 2023Opening balance 0 -861Revenues booked on liabilities from previous balance sheet date 0 861Liabilities from contracts entered into current year 5 165 0Closing balance -5 165 0Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied 2024 2023performance obligationsTransaction price allocated to remaining performance 0 57 439Expected delivery of remaining performance obligationsWithin one year 0 57 439Between one and two years 0 0NOTE 14.4No revenue was recorded in 2024 on previously completed contracts",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__89": {
"value": "14. REVENUE FROM CONTRACTS WITH CUSTOMERS The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure. For more segment details see note 1.(NOK 1,000)NOTE 14.12024Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 032 856 28 058 0 -179 1 060 736Other revenues 0 0 0 0 0Total revenue from contract with customers 1 032 856 28 058 0 -179 1 060 736 See note 4 (NOK 1,000)NOTE 14.12023Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationService and maintenence 608 994 50 346 0 0 659 340Total revenue from contract with customers 608 994 50 346 0 0 659 340 See note 4 NOTE 14.2Contract assets 2024 2023Opening balance 72 480 51 537Payments received on assets from previous balance sheet date 66 122 45 179Assets from contracts entered into current year 56 470 66 122Closing balance 62 828 72 480Contract liabilities 2024 2023Opening balance 0 -861Revenues booked on liabilities from previous balance sheet date 0 861Liabilities from contracts entered into current year 5 165 0Closing balance -5 165 0Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets and contractual liabilities.The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the contract period.The revenue profile can vary significantly from one year to another by changes in the number of projects under construction and the average degree of completion of the projects.NOTE 14.3Transaction price allocated to fully or partly unsatisfied 2024 2023performance obligationsTransaction price allocated to remaining performance 0 57 439Expected delivery of remaining performance obligationsWithin one year 0 57 439Between one and two years 0 0NOTE 14.4No revenue was recorded in 2024 on previously completed contracts",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__91-1": {
"value": "15. LOSSES TO COMPLETIONWe have not identified any losses to completion in 2024 or 2023.27. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesEQVA ASA is no longer in the shipbuilding industry, thus fewer guarantees going forward. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2024GuaranteesProvisions 1/1/2024 0Used provision 0Adjustment due to divestment of Havyard Leirvik 0New provisions 0Provisions 31/12/2024 02023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 0In addition to the above EQVA ASA has an off balance sheet guarantee of NOKm 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__6__93": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2024Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 0 0Trade and other current receiv-0 192 380 192 380ables Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Liabilities to financial institutions 0 182 502 182 502 Total 0 440 924 440 9242023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receiv-0 121 589 121 589ables Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 821For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation methods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, market risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and mea-surement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project. Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is mainly exposed to Euro (EUR) - but currency risk is considered to be limited in EQVA`s current operations. The Group has a currency hedging strategy where financial instruments (mainly forward contracts) are used to minize the currency risks. Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2024 2023Not past due 132 764 38 816Past due < 3 months 37 290 26 667Past due 3 to 6 months 5 288 34 009Past due over 6 months 6 800 9 300Impairment -6 800 -9 300Trade receivables 175 343 99 493Contract assets customer contracts 62 828 72 480Total credit/counterparty risk to customers 238 171 171 973Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 24 001 24 001Liabilities to financial institutions 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 9542023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__92": {
"value": "16. FINANCIAL RISK MANAGEMENTBelow the financial instruments of the Group are presented according to category: 2024Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 0 0Trade and other current receiv-0 192 380 192 380ables Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Liabilities to financial institutions 0 182 502 182 502 Total 0 440 924 440 9242023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receiv-0 121 589 121 589ables Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 821For shares considered at fair value, please refer to note 19.Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.Assessment of fair valueThe different levels have been defined as follows:Level 1: Fair value is measured by using quoted prices in active markets for identical financial instruments. No adjustments are made related to these prices.Level 2: The fair value of financial instruments that are not traded on an active market is determined using valuation methods. These valuation methods maximise the use of observable data where they are available, and rely as little as possible on the Group\u2019s own estimates. Classification at level 2 requires that all significant data required to determine fair value are observable data.Level 3: Fair value is measured using significant data that are not based on observable market data.Financial RiskThe Group\u2019s activities expose it to financial risks such as, market risks, credit/counterpart risk and liquidity risk.The Board of Directors is responsible for setting the objectives and underlying principles of financial risk management for the Group. The Board of Directors also establishes detailed policies such as authority levels, oversight responsibilities, risk identification and mea-surement, exposure limits and hedging strategies (if relevant). Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project. Currency riskThe Group\u2019s revenue and costs are denominated primarily in Norwegian Krone(\u201cNOK\u201d) which is the functional currency of all entities within the Group. Currency risk arises through ordinary business when transactions occur in a currency other than the functional currency of the Group. The Group is mainly exposed to Euro (EUR) - but currency risk is considered to be limited in EQVA`s current operations. The Group has a currency hedging strategy where financial instruments (mainly forward contracts) are used to minize the currency risks. Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2024 2023Not past due 132 764 38 816Past due < 3 months 37 290 26 667Past due 3 to 6 months 5 288 34 009Past due over 6 months 6 800 9 300Impairment -6 800 -9 300Trade receivables 175 343 99 493Contract assets customer contracts 62 828 72 480Total credit/counterparty risk to customers 238 171 171 973Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 24 001 24 001Liabilities to financial institutions 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 9542023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).Interest rate riskThe Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__94": {
"value": "Financial instruments valued at amortized cost is considered to have market value which not differ significantly from booked value.Difference between non-discounted cash-flows and amortized costs are considered to insignificant.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__95": {
"value": "Market RiskMarket risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__96": {
"value": "Credit/Counterparty riskCredit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their future contractual commitments with the Group. The Group has implemented thorough procedures to limit the exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure. Prior to fixing any business with new customers or medium to longer term business with existing customers, commercial departments have to get approval from the Group\u2019s credit risk team. The credit assessments are based on information from external credit rating agencies, public information, the Group's previous experience with the counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively seeks to diversify its exposure to particular industries and/or jurisdictions.The age analysis of trade receivables is as follows:NOK (1,000) 2024 2023Not past due 132 764 38 816Past due < 3 months 37 290 26 667Past due 3 to 6 months 5 288 34 009Past due over 6 months 6 800 9 300Impairment -6 800 -9 300Trade receivables 175 343 99 493Contract assets customer contracts 62 828 72 480Total credit/counterparty risk to customers 238 171 171 973Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__98": {
"value": "Liquidity riskLiquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to finance the Group\u2019s operations and mitigate the effects of fluctuations in cash flows.Management monitors rolling forecasts of the Group\u2019s liquidity reserve and cash and bank balances on the basis of expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing liabilities.Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the Group is unable to secure construction financing. Liabilities in balance sheet2024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 24 001 24 001Liabilities to financial institutions 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 9542023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__97": {
"value": "NOK (1,000) 2024 2023Not past due 132 764 38 816Past due < 3 months 37 290 26 667Past due 3 to 6 months 5 288 34 009Past due over 6 months 6 800 9 300Impairment -6 800 -9 300Trade receivables 175 343 99 493Contract assets customer contracts 62 828 72 480Total credit/counterparty risk to customers 238 171 171 973Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.The impairment amount is calculated in each case based on best estimate of amount to be received",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__99": {
"value": "Capital ManagementThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may return capital to shareholders or obtain borrowings.The group`s main target for managing capital is return on equity (ROE).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__101-1": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2024 2023Lease liabilities 15 737 8 870Liabilities to financial institutions 94 598 125 293Other long-term liabilities 24 001 41 770Sum 134 337 175 932Interest bearing short-term debt 2024 2023Liabilities to financial institutions 87 904 78 423Lease liabilities 4 384 3 380Sum 92 287 81 803Debt secured by mortgage 2024 2023Long-term debt to financial institutions 94 598 125 293Short-term debt to financial institutions 87 904 78 423Sum 182 502 203 715The Liabilities to financial institutions of total 182 MNOK include; Pareto long-term loan to EQVA, Pareto overdraft facility to BKS, Haugsesund Sparebank long term real-estate loan to BKS Eigedom, construction loans and drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft. In addition the business combination with the Kvinnherad Elektro Group added both long term and short term overdraft facility to Haugsund Sparebank and Sparebank 1 SR-Bank.The long term loan from Pareto has a maturity of less than 3 years and the overdraft facility from Pareto has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan to from Haugesund Sparebank to BKS Eigedom has a maturity of 15 years. The other loans in the Kvinnheard Elektro Group has a maturity of less than 3 years. All the loans have floating interest rates.As pr 31.12 EQVA had the follwing financial covenants; minimum free liquidity of NOK 15 million, a leverage ratio NIBD/LTM-EBITDA less than 3,5 and a minimum Equity of NOK 250 million. In addition the overdraft facility needs to be in clean-down once every calendar year. The covenants apply to both Eqva ASA and BKS Holding AS.As of 31 December 2024, Eqva ASA are in compliance with the financial covenents.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (19 MNOK).Leasing liabilitiesFor information about group's leasing, see note 13.18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2024 2023Employee-related liabilities 71 631 26 906Provisions for potential claims 10 000 0Accrud interest expense 129 1 814Prepayment from customers 20 487 0Project related costs 12 917 1 614Other current liabilities 11 841 3 086Total other current liabilities 127 005 33 420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__100": {
"value": "17. INTEREST BEARING DEBT(NOK 1,000)Interest bearing long-term debt 2024 2023Lease liabilities 15 737 8 870Liabilities to financial institutions 94 598 125 293Other long-term liabilities 24 001 41 770Sum 134 337 175 932Interest bearing short-term debt 2024 2023Liabilities to financial institutions 87 904 78 423Lease liabilities 4 384 3 380Sum 92 287 81 803Debt secured by mortgage 2024 2023Long-term debt to financial institutions 94 598 125 293Short-term debt to financial institutions 87 904 78 423Sum 182 502 203 715The Liabilities to financial institutions of total 182 MNOK include; Pareto long-term loan to EQVA, Pareto overdraft facility to BKS, Haugsesund Sparebank long term real-estate loan to BKS Eigedom, construction loans and drawn revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft. In addition the business combination with the Kvinnherad Elektro Group added both long term and short term overdraft facility to Haugsund Sparebank and Sparebank 1 SR-Bank.The long term loan from Pareto has a maturity of less than 3 years and the overdraft facility from Pareto has a maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually a maturity of 1-2 years. The real estate loan to from Haugesund Sparebank to BKS Eigedom has a maturity of 15 years. The other loans in the Kvinnheard Elektro Group has a maturity of less than 3 years. All the loans have floating interest rates.As pr 31.12 EQVA had the follwing financial covenants; minimum free liquidity of NOK 15 million, a leverage ratio NIBD/LTM-EBITDA less than 3,5 and a minimum Equity of NOK 250 million. In addition the overdraft facility needs to be in clean-down once every calendar year. The covenants apply to both Eqva ASA and BKS Holding AS.As of 31 December 2024, Eqva ASA are in compliance with the financial covenents.Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (19 MNOK).Leasing liabilitiesFor information about group's leasing, see note 13. Book value of pledged asset(NOK 1,000) 2024 2023Buildings 93 193 92 868Machinery, operating equipment 23 040 18 972Contract assets customer contracts 62 828 72 480Inventory 21 281 5 780Accounts receivables 175 343 99 493Bank deposits 99 377 23 071Sum book value of pledged assets 475 062 312 6642024Loans Changes in liabilities(NOK 1,000) Start of period Borrowing* Additions by Installment* Other End of periodaquisitionchangesLiabilities to financial 203 715 71 649 28 862 121 725 0 182 502institutionsSellers credit to shareholders 25 000 0 0 5 414 0 19 586Other long-term liabilities 16 769 1 984 0 14 339 0 4 415Lease liabilities 12 250 9 045 0 3 356 2 180 20 121Total interest-bearing debt 257 734 82 678 28 862 144 834 2 180 226 624*Due to refinancing from DNB to Pareto and Haugesund Sparebank, in additions to repayment of construction loans to SR-Bank the volums of borrowing and installments are abnormal.2023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial 175 366 81 220 0 57 453 4 582 203 715institutionsSellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 735As of 31 December 2024, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__102": {
"value": "Book value of pledged asset(NOK 1,000) 2024 2023Buildings 93 193 92 868Machinery, operating equipment 23 040 18 972Contract assets customer contracts 62 828 72 480Inventory 21 281 5 780Accounts receivables 175 343 99 493Bank deposits 99 377 23 071Sum book value of pledged assets 475 062 312 6642024Loans Changes in liabilities(NOK 1,000) Start of period Borrowing* Additions by Installment* Other End of periodaquisitionchangesLiabilities to financial 203 715 71 649 28 862 121 725 0 182 502institutionsSellers credit to shareholders 25 000 0 0 5 414 0 19 586Other long-term liabilities 16 769 1 984 0 14 339 0 4 415Lease liabilities 12 250 9 045 0 3 356 2 180 20 121Total interest-bearing debt 257 734 82 678 28 862 144 834 2 180 226 624*Due to refinancing from DNB to Pareto and Haugesund Sparebank, in additions to repayment of construction loans to SR-Bank the volums of borrowing and installments are abnormal.2023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial 175 366 81 220 0 57 453 4 582 203 715institutionsSellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 735As of 31 December 2024, the Group was in compliance with all its existing debt covenants.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__104": {
"value": "18. OTHER CURRENT LIABILITIESOther current liabilities consists of the following: (NOK 1,000) 2024 2023Employee-related liabilities 71 631 26 906Provisions for potential claims 10 000 0Accrud interest expense 129 1 814Prepayment from customers 20 487 0Project related costs 12 917 1 614Other current liabilities 11 841 3 086Total other current liabilities 127 005 33 420",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__105": {
"value": "19. NON\ue61dCURRENT FINANCIAL INVESTMENTSThe Group has no investments in financial assets as per 31.12.24 (NOK 0 million as of December 31. 2023). The investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the income statement.2024(NOK 1,000)Company Ownership Business Carrying share/voting OfficeamountshareNA 0Carrying amount as of 31/12/24 0There are no quoted or unquoted equity shares investments.2023(NOK 1,000)Company Ownership Business Carrying share/voting OfficeamountshareNA 0Carrying amount as of 31/12/23 0Changes in carrying amount from 31/12/23 to 31/12/24:(NOK 1,000) 2024 2023Level 1 investments 01/01 0 13 163Investment 0 0Reclassified* 0 0Impairment 0 0Sale of investment 0 -13 163Adjustment 0 0Level 1 investments 31/12 0 0(NOK 1,000) 2024 2023Level 3 investments 01/01 0 3 000Investment 0 0Impairment 0 0Sale of investment 0 -3 000Adjustment 0 0Level 3 investments 31/12 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__106": {
"value": "20. OTHER CURRENT AND NON\ue61dCURRENT RECEIVABLES(NOK 1,000)Other non-current receivables 2024 2023Other long term receivables 8 896 3 809Sum other non-current receivables 8 896 3 809Other current receivables 2024 2023Prepayments suppliers 3 116 3 902Employee-related items 143 85Receivables VAT and government grants 0 0Other short-term receivables 13 778 18 108Sum other current receivables 17 037 22 096",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__107": {
"value": "21. INVENTORY(NOK 1,000) 2024 2023Raw materials (at cost) 21 281 5 780Total Inventories 21 281 5 780Impairment for obsoletness 500 0Inventory is measured at the lower of average cost and net realisable value, and consists of raw materials.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__6__109": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2024 2023Cash at banks - unrestricted 82 798 23 071Cash at banks - restricted 16 579 12 913Total 99 377 35 984Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 16 579 10 197Other 2 834 2 716At 31 December 2024 the Group had MNOK 88 (2023: NOK mill 0) in undrawn committed borrowing facilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__108": {
"value": "22. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of: NOK (1,000) 2024 2023Cash at banks - unrestricted 82 798 23 071Cash at banks - restricted 16 579 12 913Total 99 377 35 984Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 16 579 10 197Other 2 834 2 716At 31 December 2024 the Group had MNOK 88 (2023: NOK mill 0) in undrawn committed borrowing facilities.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__110": {
"value": "23. GOVERNMENT GRANTSNOK (1,000) 2024 2023Received during the year 0 2 745Released to the income statement 0 2 738Of this - booked as reduction of other operating expenses 0 2 738Of this - booked as reduction of capitalized R&D 0 0Unrecognized income 0 0Government grant have been received for one project in 2023. The grant was booked as reduction of operating costs in the P&L. There are no unfulfilled conditions or contingencies attached to this grant.",
"dimensions": {
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"f1__s8__6__111": {
"value": "24. SHARE CAPITALOrdinary shares issued and fully paid2024 2023Number of ordinary shares 75 396 009 71 987 316Par value (NOK) 0.05 0.05Share capital (NOK) 3 769 801 3 599 366All shares have equal rights.Treasury sharesEQVA ASA has reduced its number of treasury shares from 599 971 to 454 290 treasury shares (0.6 % of share capital) as of 31/12/2024.Capital increaseIn 2024 EQVA ASA issued 3 408 693 new shares through 2 capital increases of total MNOK 16,6. The number of shares after the share issue are 75 396 009, at NOK 0.05.DividendsIn 2024 EQVA ASA paid out a total of MNOK 14,4 in dividend to its shareholders.The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31.12.2024 Number of Controlled byOwnershipsharesNordic Corporate Bank ASA 15 920 716 21,1 %Havila Holding AS 10 000 000 13,3 %Nintor AS Tore Torkildsen (Board) ILG AS 8 729 738 11,6 %FLE Invest ASEven Matre Ellingsen (CEO)8 297 628 11,0 %ROS Holding AS 5 660 027 7,5 %Emini Invest AS 1 290 000 1,7 %HSR Invest AS 1 290 000 1,7 %Innidimann AS 1 290 000 1,7 %MP Pensjon PK 1 162 768 1,5 %K E Invest A/S 986 193 1,3 %Helsegreen, Ivar 870 901 1,2 %MCE Holding AS 750 434 1,0 %Other shareholders (<1 %) 10 417 865 13,8 %Number of shares 75 396 009 100 %Shareholders as of 31.12.2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %FLE Invest AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %Eikest\u00f8 Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikest\u00f8 AS Rune Skarveland (Board) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %Treasury shares (2023)Eqva ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.Dividends (2023)The board proposes NOK 0 in dividend for the general meeting.",
"dimensions": {
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"f1__s8__6__112-1": {
"value": "Treasury sharesEQVA ASA has reduced its number of treasury shares from 599 971 to 454 290 treasury shares (0.6 % of share capital) as of 31/12/2024.Treasury shares (2023)Eqva ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.",
"dimensions": {
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"f1__s8__6__115": {
"value": "DividendsIn 2024 EQVA ASA paid out a total of MNOK 14,4 in dividend to its shareholders.The board proposes NOK 0 in dividend for the general meeting.Shareholders as of 31.12.2024 Number of Controlled byOwnershipsharesNordic Corporate Bank ASA 15 920 716 21,1 %Havila Holding AS 10 000 000 13,3 %Nintor AS Tore Torkildsen (Board) ILG AS 8 729 738 11,6 %FLE Invest ASEven Matre Ellingsen (CEO)8 297 628 11,0 %ROS Holding AS 5 660 027 7,5 %Emini Invest AS 1 290 000 1,7 %HSR Invest AS 1 290 000 1,7 %Innidimann AS 1 290 000 1,7 %MP Pensjon PK 1 162 768 1,5 %K E Invest A/S 986 193 1,3 %Helsegreen, Ivar 870 901 1,2 %MCE Holding AS 750 434 1,0 %Other shareholders (<1 %) 10 417 865 13,8 %Number of shares 75 396 009 100 %Shareholders as of 31.12.2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard S\u00e6vik (Board) 10 000 000 13,9 %FLE Invest AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %Eikest\u00f8 Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikest\u00f8 AS Rune Skarveland (Board) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard S\u00e6vik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %Treasury shares (2023)Eqva ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.Dividends (2023)The board proposes NOK 0 in dividend for the general meeting.",
"dimensions": {
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"value": "0.0",
"decimals": 0,
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"unit": "iso4217:NOK/xbrli:shares"
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"f1__s8__6__116": {
"value": "25. EARNINGS PER SHARE The group has no financial options or convertible loans with a future dilution effect.(NOK 1,000) 2024 2023Profit attributable to equity holders of parent 29 872 -23 733Weighted average number of shares outstanding (1,000 shares) 75 396 71 987Earnings per share (NOK) 0,40 -0,33Adjusted weighted average number of shares outstanding (1,000 shares) 80 509 71 987Diluted earnings per share (NOK) 0,37 -0,33Earnings from continued operationsEarnings per share (NOK) 0,40 -0,33Diluted earnings per share (NOK) 0,37 -0,33(NOK 1,000) 2023 2022Profit attributable to equity in continued operations 35 804 -19 889Weighted average number of shares outstanding 75 396 71 987",
"dimensions": {
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"language": "en",
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"f1__s8__6__117": {
"value": "26 DISCONTINUED OPERATIONThere has not been any discontinued operation in 2024. The note is for information purposes to the divestment of the shipyard Hayard Leirvik which was sold to Tersan in November 2023. The transaction was based on a share sale, where the Group sold all its shares (100%) in Havyard Leirvik Holding AS, where the subsidiaries Havyard Leirvik AS and Havyard Eiendom AS was included. The transaction was settled by NOK 30m in cash. The Group has recognised a gain of NOK 13m on the sale of all shares in Hayard Leirvik Holding AS.Hayard Leirvik is a shipyard with long legacy and are in good hands going forward together with Tersan Shipyard, a highly reputable company with a good standing in international shipping and maritime circles. Hayard Leirvik has its head office in Fosnav\u00e5g. Financial information relating to the discontinued operation for the period from the date of incorporation to the date of disposal is set out below. Financial performance and cash flow information The financial performance and cash flow information in 2023 presented are for the period Q1 2023 - Q3 2023. (NOK 1,000) 2023Revenues from contracts with customers 106 396Other operating revenues 1 191Operating income 107 588Materials and consumables 66 523Payroll expenses 38 716Other operating expenses 15 822Operating expenses 121 061Operating profit/loss before depreciation and amortisation (EBITDA) -13 473Depreciation 1 401Operating profit/loss (EBIT) -14 875Financial income 45Financial expenses -91Share of profit/ loss of associate 13 008Profit / loss before tax -1 913Income tax expense 0Profit from discontinued operations -1 913Net cash flow from operating activities -936Net cash flow from investing activities -1 782Net cash flow from financing activities 0Net increase/decrease in cash genereated by the subsidiary -2 717Cashflow from sale of Havyard 2023Sale of subsidiary 36 487Cash in sold subsidiary 8 707Receivables to Pareto 12 582Repayment of loan to sold subsidiary 5 967Net cashflow from sale of subsidiary 9 231Profit on the sale of Havyard LeirvikTotal disposal consideration 36 487Carrying amount of net assets sold 23 479Net cashflow from sale of subsidiary 13 008",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__120": {
"value": "27. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesEQVA ASA is no longer in the shipbuilding industry, thus fewer guarantees going forward. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2024GuaranteesProvisions 1/1/2024 0Used provision 0Adjustment due to divestment of Havyard Leirvik 0New provisions 0Provisions 31/12/2024 02023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 0In addition to the above EQVA ASA has an off balance sheet guarantee of NOKm 16.",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__119": {
"value": "27. CONTINGENCIES AND PROVISIONSLegal disputesNonTax NonGuarantees/warrantiesEQVA ASA is no longer in the shipbuilding industry, thus fewer guarantees going forward. No material warranty claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have any of the companies in the Group been notified of any such claims.2024GuaranteesProvisions 1/1/2024 0Used provision 0Adjustment due to divestment of Havyard Leirvik 0New provisions 0Provisions 31/12/2024 02023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 0In addition to the above EQVA ASA has an off balance sheet guarantee of NOKm 16.",
"dimensions": {
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"f1__s8__6__121": {
"value": "28. RELATED PARTY TRANSACTIONS Transactions with related parties The Group has various transactions with related parties. All the transactions have been carried out as part of the ordinary operations and at arms` length principle.The most significant transactions are as follows:(NOK 1 000)Handeland Gard AS Sales to related parties Purchases from related Accounts payables to related parties parties 2024 0 550 02023 0 3 039 171Handeland Gard AS is controlled 100% by Rune Skarveland (former Chair of Board and Board Member)Even Matre Ellingsen, ENK Sales to related parties Purchases from related Accounts payables to related parties parties 2024 0 1 550 02023 0 0 0The balance sheet includes the following receivables and payables resulting from transactions with associated companies:2024 2023Account receivables 0 0Account payables 0 171Net total (positive sign - net receivable) 0 -171",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXH9Q807",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__6__122": {
"value": "30. SUBSEQUENT EVENTSAcquisition of IMTAS AS with subsidiaries thOn 17 of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other than IMTAS Eiendom AS) (\"IMTAS Group\"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS. The transaction was closed on the 21th of March 2025.Refer to Note 10 for more details.Acquisition of Austevoll R\u00f8rteknikk ASthOn 3 of March 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in Austevoll R\u00f8rteknikk AS. The acquisition is to be carried out by EQVA's wholly owned subsidiary EQVA Industrial Solutions AS.The transaction is expected to be completed by the end of Q2 2025, subject to certain conditions and necessary approvals.Refinancing of bank debt and revolving credit facilitiyAs pr EQVA has secured a committed offer from Nordea, combining acquisition and refinancing,totalling NOK 200 million. Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given a leverage ratio (NIBD / EBITDA LTM) of less than 1.5 (after distribution). EQVA estimates an opening leverage ratio of less than 2.5 after closing of the acquisition. Furthermore, it will consolidate various banking relationships into a single primary bank for the group, simplifying future financial management. The new finance facility will be in place ultimo March 2025.Sale of shares in Vassnes Solutions ASThe shares in Vassnes Solutions AS (incl the subsidiaries Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS) has been sold from Kvinnherad Elektro AS to Helgevold Industri Invest AS for NOK 10 million. The transaction was carried out 26 March 2025.",
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}