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"value": "NOTE 1: CORPORATE INFORMATION, BASIS OF PREPARATION AND SIGNIFICANT JUDGEMENTS, ESTIMATES AND ASSUMPTIONS 1.1 Corporate information NRC Group ASA (the Company) including its subsidiaries (the Group) is a specialised infrastructure company in the Nordic region. The Group is a supplier of all rail, harbour and road related infrastructure services, including groundwork, specialised track work, safety, electro, telecom, signalling systems, maintenance and environmental services. NRC Group ASA is a public limited liability company registered and domiciled in Norway. The office address is Lysaker Torg 25, 1366 Lysaker, Norway. NRC Group is listed on Oslo Stock Exchange (ticker NRC). The Company has subsidiaries in Norway, Sweden and Finland. The consolidated financial statements for NRC Group ASA were approved by the Board of Directors on 8 April 2025 and forwarded for approval at the annual general meeting on 8 May 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__9": {
"value": "NRC Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__8": {
"value": "NRC Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__7": {
"value": "NRC Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__10": {
"value": "The Group is a supplier of all rail, harbour and road related infrastructure services, including groundwork, specialised track work, safety, electro, telecom, signalling systems, maintenance and environmental services.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__11": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__15": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__14": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__12": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__13": {
"value": "Lysaker Torg 25, 1366 Lysaker, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__6": {
"value": "The consolidated financial statements for NRC Group ASA were approved by the Board of Directors on 8 April 2025 and forwarded for approval at the annual general meeting on 8 May 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s14__6__17": {
"value": "1.2 Significant accounting principles Accounting policies applied by the Group in the preparation of the consolidated financial statements are largely incorporated into the individual notes. General accounting principles are described below. The principles have been applied identically to the periods presented, unless otherwise stated. 1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae Accounting standards) as approved by the EU. These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value. The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the section Alternative performance measures and definitions. 1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2024. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss. 1.2.3 Summary of significant accounting policies Current versus non-current classification The Group presents assets and liabilities in the statement of financial position based on current/ non-current classification. An asset is current when it is expected to be realised or intended to be sold or consumed in the normal operating cycle, held primarily for the purpose of trading or expected to be realised within twelve months after the reporting period. Cash or cash equivalents are current unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to be settled in the normal operating cycle, it is held primarily for the purpose of trading, or it is due to be settled within twelve months after the reporting period. The Group classifies all other liabilities as non-current when the Group has a right to defer settlement, unless there is no substance to the right to defer the settlement of the liability for at least twelve months after the reporting period. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Foreign currency translationFunctional currency and presentation currency The accounts of the individual entities in the Group are measured in the currency that is used in the economic area where the Group entities operate (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional and presentation currency of the parent company. Transactions and balance sheet items Transactions involving foreign currencies are translated into the functional currency using the exchange rates that are in effect at the time of the transactions. Foreign currency gains and losses that arise from the payment of such transactions and the translation of monetary items (assets and liabilities) at year-end, at the rates in effect on the balance sheet date, are recognised in the income statement. Currency gains and losses are presented on a net basis as financial income or financial expenses. If the foreign currency position is designated as a hedge of a net investment in a foreign business, any gains or losses are recognised in other comprehensive income. Translation to presentation currency In consolidation of the accounts of foreign subsidiaries, the income statement is translated into the presentation currency according to average exchange rates per month. Balance sheet items are translated at the exchange rate in effect on the balance sheet date. Long-term receivables from a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future, are considered a part of the net investment. Translation differences on net investments in foreign operations are recognised in other comprehensive income. When a net investment is disposed of, the related cumulative amount of translation differences is reclassified to profit or loss. Goodwill and fair value adjustments of assets and liabilities associated with the acquisition of a foreign entity are treated as assets and liabilities in the acquired entity and translated at the rate in effect on the balance sheet date. Statement of Cash flows The statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as investing activities net of cash in target. Leasing payments under IFRS 16, and interests paid, are presented as part of financing activities. 1.2.4 Changes in accounting policies The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. IASB has issued amendments to IAS 1 that specify requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement \u2022 That a right to defer must exist at the end of the reporting period \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendment has resulted in changes to the disclosures in note 19. The IASB has further amended IFRS 16 \u2013 lease liability in a sale and leaseback and IAS 7 and IFRS 7 regarding supplier finance arrangements. These amendments had no impact on the Group\u2019s financial statements.1.3 Material accounting judgements, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and assumptions are evaluated continuously based on historical experience and other factors, including expectations of future events that are regarded as probable under the current circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. The most important areas where estimates and judgements are having an impact are listed below. Detailed information of these estimates and judgements are disclosed in the relevant notes. Significant estimates and judgements: \u2022 Revenue from contracts with customers (Note 4) \u2022 Impairment test of goodwill (Note 2 and 12) \u2022 Recognition of deferred tax assets (Note 10) Impacts of the global economy The direct impact of global events, such as the wars in Ukraine and Gaza, high inflation, increased interest rates, and rising trade barriers, has been limited for the Group. Our business model remains resilient, offering solid protection against increasing material prices. However, activity levels in some segments, particularly within energy and solar parks, are more exposed to macroeconomic trends. In addition to frequently used index adjustments, customers predominantly assume the risk for sector-specific materials within rail infrastructure. The Group closely monitors developments, including both direct and indirect effects, and actively evaluates measures to mitigate risks in the project portfolio. The volatile global market, combined with increased trade barriers and tariffs on imported goods, may lead to higher procurement costs for certain materials. To address these challenges, the Group works proactively with suppliers and customers to identify alternative sourcing options and ensure cost-efficient project execution. At the same time, the geopolitical landscape has led to a heightened focus on defence-related infrastructure projects. This development presents new opportunities for the Group, as our expertise in construction and infrastructure aligns well with the needs of the defence sector. The Group is actively exploring projects in this area, leveraging its capabilities to support critical infrastructure expansions while maintaining a balanced risk profile. Climate risk NRC Group\u2019s activities mainly consist of projects that run over a limited period. The organisation is flexible to adapt to changes and each new project represents a new start. A large part of the Group\u2019s activities is to build environmentally friendly infrastructure that is eligible within the EU Taxonomy, as described in the Sustainability section of the Annual report. Climate change mitigation activities increase the marked demand for low-carbon infrastructure and represents an opportunity for the Group which also reduces the risk of significant negative changes in activities and markets due to climate change. There are no legal changes or expected changes in our markets that will have a significant impact on the Group\u2019s activities. NRC Group has operating assets and long-term leases that can be affected by environmental changes. The Group has a large car and machine park - owned and leased - that is gradually meeting new environmental requirements. Expected useful life and planned replacement rate for these assets are considered adaptable to the expected changes. The Group is already in the process of increasing the proportion of electrified machines and has also invested significantly in heavier vehicles that can run on biogas. Our largest tamping machines are rail-based and associated with environmentally friendly projects and are not expected to be adversely affected by climate change other than normal maintenance and adaptations. The Group has no significant machines or facilities (stranded assets) that could be affected by climate change. The Haapam\u00e4ki facility uses the hazardous material creosote in the production process. Creosote has been approved used in the EU only until 2029. The carrying value and estimated closure costs of the plant are insignificant. There are no specific climate risks beyond normal project risks associated with the business that significantly can affect the impairment calculations. Significant changes because of climate risk have consequently not been necessary to include in the calculations.Accounting policy Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows: \u2022 Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. \u2022 Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses. Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination.Accounting policy Segments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating decision-maker, defined as the executive management and the Board of Directors. The internal financial operating result reporting follows current IFRS standards as described in these notes to the Group accounts, except for Adjusting items (explained in the APM section). These income and expenses can vary significantly from period to period and are excluded in the internal financial reporting to improve the analysis of the underlying operations across periods and operating segments. The Group\u2019s financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transfer pricing between operating segments is on an arm\u2019s length basis in a manner similar to transactions with third parties.Accounting policy The Group\u2019s revenues mainly consist of contracts with customers that vary from shorter projects of less than a month, to longer projects running over multiple years. All projects are accounted for as contracts with customers, applying IFRS 15 Revenue from contracts with customers. The Group accounts for a contract with a customer when the contract is approved, each party\u2019s rights are identified including the payment terms, the contract has commercial substance, and it is probable (internally interpreted as above 75% probability) that the Group will collect the consideration.Revenue recognised over timeFor a major part of the contracts with customers, the criteria for recognising revenue over time have been met as the project either creates an asset that the customer controls as the asset is created or the asset created does not have an alternative use and the Group has an enforceable right to payment for performance completed to date.The transaction price is the contractual agreed price. Any variable consideration is estimated based on the sum of probability-weighted amounts or the single most likely outcome, depending on which method better predicts the amount of consideration, and is consistently applied throughout the contract.For a performance obligation that is satisfied over time, revenue is recognised over time by measuring the cost passed in relation to full satisfaction of the obligation. The Group applies the input method which is used consistently for similar performance obligations and under similar circumstances. Using the input method, revenue is recognised based on the entity\u2019s input in fulfilling the performance obligation (e.g. contract costs incurred, resources consumed, hours expended) in relation to the total expected input to fulfil the performance obligation. The value and pricing of the Group\u2019s services are founded on the different resources consumed, and consequently the input method best reflects the revenue recognition of the transfer of goods and services. Most contracts of the Group consist of one performance obligation. For contracts where performance obligations are not satisfied over time, revenue is recognised on delivery or upon completion of the services.The aggregated amount of project revenue incurred to date, less progress billings, is determined on a project-by-project basis. The contracts where this amount is positive are presented in the balance sheet as contract assets, whereas the contracts where the amount is negative (prepayments) are presented as contract liabilities. Contract assets are the Group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. Unconditional rights to considerations based on the agreement are invoiced and presented separately as a receivable. Contract assets and receivables are considered for impairment in accordance with IFRS 9. A contract liability is when the Group has received prepayments or has an unconditional right to consideration before the Group has transferred goods or services to the customer.A contract modification is the change in scope and/or price of a contract and both parties have approved a modification that either created new or changes existing enforceable rights and obligations of the parties. A contract modification may exist even though there is a dispute about the scope and/or price of the modification, or the parties have approved a change in the scope of the contract but have not yet determined the corresponding change in price. The contract modification is accounted for as a separate contract, if the scope of the contract increases due to distinct goods or services and the price increase reflects the stand-alone selling price, or as part of the original contract.Contract costs are costs to fulfil the contract and incremental costs of obtaining a contract. These are costs directly related to the contract assuming the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future and are expected to be recovered. Costs directly connected to the contract include direct materials, direct labour, subcontractors, allocated indirect costs and costs explicitly chargeable. Incremental cost of obtaining a contract that is expected to be recovered and that would not incur if the contract had not been obtained, is capitalised and amortised as a contract cost. Cost of wasted materials, labour or other resources to fulfil the contract that is not reflected in the price of the contract, is expensed as it occurs.When it is probable that the total contract costs of meeting the obligations will exceed total contract revenue, the expected loss is recognised as an expense immediately according to IAS 37, considering both the incremental costs and allocation of other costs directly related to fulfilling the contract. An impairment loss is recognised for any contract assets or accounts receivable related to the contract before a separate provision is made.Payment terms are contractually agreed and invoicing normally follows the progress of the projects either by a fixed estimated progress or based on actual progress as defined in the contract. Under certain contracts a portion of up to 10% of the contract value is withheld by the customer until final approval of the delivery. Upon invoicing, the payment terms would normally be within 15 to 45 days.Other revenuesThe Group has a limited number of other sales transactions such as sale of materials, sale of equipment and machines closely related to the main operations of the group or sale of services. Revenues from these transactions are recognised at the point of time when control of any asset is transferred to the customer, or the service is provided. Delivery of assets can be from stock, from a construction site or at the customer\u2019s location. The normal payment term is 15 to 45 days upon delivery.WarrantiesThe Group generally provides for warranties for general repairs and does not provide extended warranties in its contracts with customers. As such, existing warranties are assurance-type warranties under IFRS 15, which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.Accounting policy Employees (including senior executives) of the Group receive remuneration in the form of share- based payments, whereby employees render services as consideration for equity instruments (equity- settled transactions). The sale of shares to employees at less than market price is accounted for by recognising the difference between the market value of the shares and the purchase price as a payroll expense.The cost of equity-settled transactions is determined by the fair value of the option at the date when the grant is made. A Binominal model and the Black-Scholes model are used for the valuation. The cost related to the option is reported over the period in which the employees earn the right to receive the options. Option costs are reported as payroll expenses and offset as an increase in equity. A provision based on the accrued amount is made for employer\u2019s social security contribution to share option programmes linked to the difference between the issue price and the market price of the share at year end.Accounting policy Income and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses consist of merger and acquisition expenses (income), including subsequent adjustment of contingent considerations or other subsequent adjustments of final purchase price allocation in business combinations that are recognised in profit or loss, and close-down costs, restructuring costs, and gains or losses arising from the divestments of a business or part of a business.Accounting policy The tax expense in the income statement consists of the tax payable for the period and the change in deferred tax. Tax is usually recognised in the income statement, except when it is related to items that are recognised in other comprehensive income, in discontinued operations or directly in equity, that also include the tax effect of those relevant transactions.The tax expense is calculated in accordance with the tax laws and regulations that have, or have essentially, been enacted by the tax authorities on the date of the balance sheet. It is the legislation in the countries where the Group\u2019s subsidiaries operate and generate taxable income that determine how the taxable income is calculated.Deferred tax is calculated for all temporary differences between tax values and carrying values of assets and liabilities. Deferred tax is determined by means of the tax rates and tax laws that have been enacted or substantially enacted on the balance sheet date, which are assumed to apply when the deferred tax asset is realised or when the deferred tax is settled.Deferred tax is not calculated for temporary differences from investments, except when the Group cannot control the timing of the reversal of the temporary differences, and it is probable that these will be reversed in the foreseeable future.Deferred tax assets are also recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.The Group has consolidated revenue below EUR 750 million and the Pillar two model rules published by the OECD are therefore not applicable for 2023 or 2024.Accounting policy Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject to minimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Accounting policy Property, plant and equipment are recognised at cost less accumulated depreciation and impairment loss. The cost of an item of property, plant and equipment includes costs that are directly attributable to the acquisition of the assets.Subsequent expenditure is recognised in the carrying amount of the asset, if it is probable that the future economic benefits related to the expenditure will flow to the Group, and the expenditure can be reliably measured. The carrying amount of any parts that are replaced is derecognised. All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings 15 - 50 yearsMachinery and fixtures 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2024, no such expenses were capitalised.Restoration and environmental rehabilitation costs related to assets in use are measured at the discounted value of the best estimate of expenditure required to settle the obligation at the reporting date. Impairment consideration Property, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. Physical climate risk in the form of changed weather patterns and severity of rain, wind and flooding may impact our assessment. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Accounting policy The Group leases various offices, warehouses, machinery, equipment and cars. Contracts are typically made for fixed periods of 3 to 10 years but may have extension and termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period based on the remaining balance of the liability for each period.The Group has elected to use the two exemptions proposed by the standard (IFRS 16) on the following contracts:\u2022 Lease contracts with a duration of equal to or less than 12 months\u2022 Lease contracts for which the underlying asset has a low valuePayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term in profit or loss.Right-of-use assetsRight-of-use assets are recognised at cost less accumulated depreciation and impairment loss. Initial recognition of right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability\u2022 any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and\u2022 restoration costsRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:\u2022 Intangible assets 1-3 years\u2022 Land, offices and buildings 1-12 years \u2022 Machinery, cars and equipment 1-40 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are subject to impairment testing. Refer to section regarding Impairment.Lease liabilities Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments less any lease incentives receivable\u2022 variable lease payment that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Options (extension / termination) on lease contracts are considered on a case-by-case basis following a regular management assessment. The borrowing rates used for IFRS 16 purposes have been defined based on the underlying countries and asset classes related risks. The Group\u2019s weighted average incremental borrowing rate is 5.45%.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Accounting policy Cash and cash equivalents consist of cash, bank deposits and other short-term and highly liquid investments with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.Accounting policy Expenses that are directly attributable to the issue of new shares less taxes are recognised against the equity as a reduction in the proceeds.Payments for the purchase of own shares are recognised as a reduction in equity and proceeds from any sale as an increase. A loss or gain is not recognised in the income statement for any purchase, sale, issue or cancellation of own shares.Accounting policy The Group has several defined contribution plans. A defined contribution plan is a pension plan in which the Group pays fixed contributions to a separate entity (fund) and where the Group does not have any legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to pay all employees\u2019 benefits relating to their service in current and prior periods. The expense for each period is determined by the amounts of contributions for that period. Contributions paid in advance are recognised as an asset to the extent that the contribution can be refunded or be used to reduce future payments.The Group has a supplementary defined benefit post-employment plan in Finland, administrated by an external insurance company. Remeasurements of actuarial gains and losses on the net defined benefit liability and the return on plan assets, are recognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognised in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognises related restructuring costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset and included in the net pension expense.The Group also has contractual retirement scheme (AFP) for a certain part of their employees in Norway. The AFP pension scheme is a defined benefit multi-employer plan that is financed though premiums paid by participating employers. Because the scheme\u2019s administrator is not providing information to identify the participating employer\u2019s share of financial position and performance with sufficient reliability, the AFP scheme is accounted for as a defined contribution scheme.Accounting policy Claims and disputes The Group recognises provisions when there is a present legal or constructive obligation as a result of past events, it is probable that the obligation will be settled by a transfer of economic resources, and a reliable estimate can be made of the amount of the obligation.Contingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.Warranty Provisions for warranty-related costs are recognised when the project is delivered to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually.Accounting policy Financial instrumentsFinancial assetFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred. At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from the asset have expired.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.Accounting policyInventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses.Accounting policyThe Group holds an investment in an associated company, AGN Haga AB, accounted for according to the equity method. The financial statements of AGN Haga AB are prepared for the same reporting period as the Group. The accounting policies is aligned with those of the Group, hence no adjustments related to accounting principles are made when measuring and recognising the Group\u2019s share of the profit or loss after the date of the acquisition. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. The Group assess the need for making any provisions to the Group\u2019s share of the results from the associate. More information about this is reflected in the note.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__19": {
"value": "1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae Accounting standards) as approved by the EU. These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value. The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the section Alternative performance measures and definitions.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__18-1": {
"value": "1.2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS\u00ae Accounting standards) as approved by the EU. These consolidated financial statements have been prepared on the basis of the historical cost principle, except for certain financial instruments and contingent consideration that have been measured at fair value. The Group uses various alternative performance measures (APM) throughout the consolidated financial statements. The APMs are defined in the section Alternative performance measures and definitions.1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2024. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__20": {
"value": "1.2.2 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2024. Subsidiaries are companies where the Group has a controlling interest. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. A controlling interest is normally achieved when the Group owns, directly or indirectly, more than 50% of the voting shares in the target company. Subsidiaries are consolidated from the point in time when control is transferred to the Group and eliminated from consolidation when such control ends. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill) and liabilities, while any resultant gain or loss is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__22": {
"value": "Foreign currency translationFunctional currency and presentation currency The accounts of the individual entities in the Group are measured in the currency that is used in the economic area where the Group entities operate (functional currency). The consolidated accounts are presented in Norwegian kroner (NOK), which is both the functional and presentation currency of the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__23": {
"value": "Transactions and balance sheet items Transactions involving foreign currencies are translated into the functional currency using the exchange rates that are in effect at the time of the transactions. Foreign currency gains and losses that arise from the payment of such transactions and the translation of monetary items (assets and liabilities) at year-end, at the rates in effect on the balance sheet date, are recognised in the income statement. Currency gains and losses are presented on a net basis as financial income or financial expenses. If the foreign currency position is designated as a hedge of a net investment in a foreign business, any gains or losses are recognised in other comprehensive income. Translation to presentation currency In consolidation of the accounts of foreign subsidiaries, the income statement is translated into the presentation currency according to average exchange rates per month. Balance sheet items are translated at the exchange rate in effect on the balance sheet date. Long-term receivables from a foreign operation for which settlement is neither planned nor likely to occur in the foreseeable future, are considered a part of the net investment. Translation differences on net investments in foreign operations are recognised in other comprehensive income. When a net investment is disposed of, the related cumulative amount of translation differences is reclassified to profit or loss. Goodwill and fair value adjustments of assets and liabilities associated with the acquisition of a foreign entity are treated as assets and liabilities in the acquired entity and translated at the rate in effect on the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__24": {
"value": "Statement of Cash flows The statement of cash flows is prepared using the indirect method. Acquisitions of subsidiaries are presented as investing activities net of cash in target. Leasing payments under IFRS 16, and interests paid, are presented as part of financing activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__26": {
"value": "1.2.4 Changes in accounting policies The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. IASB has issued amendments to IAS 1 that specify requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement \u2022 That a right to defer must exist at the end of the reporting period \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendment has resulted in changes to the disclosures in note 19. The IASB has further amended IFRS 16 \u2013 lease liability in a sale and leaseback and IAS 7 and IFRS 7 regarding supplier finance arrangements. These amendments had no impact on the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__25": {
"value": "1.2.4 Changes in accounting policies The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. IASB has issued amendments to IAS 1 that specify requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement \u2022 That a right to defer must exist at the end of the reporting period \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendment has resulted in changes to the disclosures in note 19. The IASB has further amended IFRS 16 \u2013 lease liability in a sale and leaseback and IAS 7 and IFRS 7 regarding supplier finance arrangements. These amendments had no impact on the Group\u2019s financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__16": {
"value": "1.3 Material accounting judgements, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities. Estimates and assumptions are evaluated continuously based on historical experience and other factors, including expectations of future events that are regarded as probable under the current circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. The most important areas where estimates and judgements are having an impact are listed below. Detailed information of these estimates and judgements are disclosed in the relevant notes. Significant estimates and judgements: \u2022 Revenue from contracts with customers (Note 4) \u2022 Impairment test of goodwill (Note 2 and 12) \u2022 Recognition of deferred tax assets (Note 10) Impacts of the global economy The direct impact of global events, such as the wars in Ukraine and Gaza, high inflation, increased interest rates, and rising trade barriers, has been limited for the Group. Our business model remains resilient, offering solid protection against increasing material prices. However, activity levels in some segments, particularly within energy and solar parks, are more exposed to macroeconomic trends. In addition to frequently used index adjustments, customers predominantly assume the risk for sector-specific materials within rail infrastructure. The Group closely monitors developments, including both direct and indirect effects, and actively evaluates measures to mitigate risks in the project portfolio. The volatile global market, combined with increased trade barriers and tariffs on imported goods, may lead to higher procurement costs for certain materials. To address these challenges, the Group works proactively with suppliers and customers to identify alternative sourcing options and ensure cost-efficient project execution. At the same time, the geopolitical landscape has led to a heightened focus on defence-related infrastructure projects. This development presents new opportunities for the Group, as our expertise in construction and infrastructure aligns well with the needs of the defence sector. The Group is actively exploring projects in this area, leveraging its capabilities to support critical infrastructure expansions while maintaining a balanced risk profile. Climate risk NRC Group\u2019s activities mainly consist of projects that run over a limited period. The organisation is flexible to adapt to changes and each new project represents a new start. A large part of the Group\u2019s activities is to build environmentally friendly infrastructure that is eligible within the EU Taxonomy, as described in the Sustainability section of the Annual report. Climate change mitigation activities increase the marked demand for low-carbon infrastructure and represents an opportunity for the Group which also reduces the risk of significant negative changes in activities and markets due to climate change. There are no legal changes or expected changes in our markets that will have a significant impact on the Group\u2019s activities. NRC Group has operating assets and long-term leases that can be affected by environmental changes. The Group has a large car and machine park - owned and leased - that is gradually meeting new environmental requirements. Expected useful life and planned replacement rate for these assets are considered adaptable to the expected changes. The Group is already in the process of increasing the proportion of electrified machines and has also invested significantly in heavier vehicles that can run on biogas. Our largest tamping machines are rail-based and associated with environmentally friendly projects and are not expected to be adversely affected by climate change other than normal maintenance and adaptations. The Group has no significant machines or facilities (stranded assets) that could be affected by climate change. The Haapam\u00e4ki facility uses the hazardous material creosote in the production process. Creosote has been approved used in the EU only until 2029. The carrying value and estimated closure costs of the plant are insignificant. There are no specific climate risks beyond normal project risks associated with the business that significantly can affect the impairment calculations. Significant changes because of climate risk have consequently not been necessary to include in the calculations.Significant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As of 31 December 2024, the Group has recognised a total of NOK 20,143 million (2023: NOK 18,834 million) in accumulated revenue to date on projects in progress at year-end.Significant judgement and estimation uncertaintyDeferred tax assets are recognised for unused tax losses to the extent that it is probable that deferred tax liability or taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning optimisation. Net deferred tax assets of NOK 79 million in Norway have been written down in 2024 as it is not considered probable that these assets can be utilised against future taxable profits in the short term. NOK 22 million in Sweden and NOK 15 million in Finland have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections.Significant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Norway and Sweden and declining profitability in Finland are impairment indicators being considered as part of the test. These indicators required the Group to perform an impairment test as of 30 June 2024. As a result of the test goodwill was impaired with NOK 500 million in the Finland segment and NOK 150 million in the Norway segment. Goodwill had a carrying amount at 30 June 2024 of NOK 2,440 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. The current headroom of approximately NOK 30 million, SEK 460 million and EUR 3 million are most sensitive to the discount rate and the estimated future project and EBIT margin.Climate riskExpected or reasonably possible climate and environmental changes and regulatory responses to such changes have been considered in input to the impairment testing of goodwill. In the short term the response to climate change primarily represents an opportunity for the Group. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Any consequences of this are considered in the impairment test of goodwill. No material such effects were identified related to the impairment test in 2024 or 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__28-1": {
"value": "NOTE 2: BUSINESS COMBINATIONSBusiness combinations in 2024 The Group had no business combinations in 2024. A net cash inflow of NOK 4 million in 2024 is related to prior year acquisitions. Business combinations in 2023 The Group had no business combinations in 2023. A net cash inflow of NOK 7 million in 2023 is related to prior year acquisitions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__31": {
"value": "Accounting policy Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows: \u2022 Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. \u2022 Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses. Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__30": {
"value": "Accounting policy Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured at the fair value of the assets that are contributed as consideration for the acquisition, equity instruments that are issued and liabilities that are assumed. Identifiable acquired assets, liabilities and contingent liabilities that are assumed to be inherent in a business combination are assessed at their fair value. For each business combination, the Group elects whether to measure any non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Direct expenses associated with the acquisition are expensed when they incur and presented as Other income and expenses. Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes that are a result of additional information the Group obtained after that date about facts and circumstances that existed at the acquisition date are measurement period adjustments that will adjust the purchase price allocation until this is final but no later than 12 months after the acquisition day. Other changes resulting from events after the acquisition day, such as meeting earning targets, will be accounted for as follows: \u2022 Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. \u2022 Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9 and presented as Other income and expenses. Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combination.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__33-1": {
"value": "NOTE 3: SEGMENT REPORTING The Group is a contractor connected to public transportation, including rail, harbour and road related infrastructure. For management purposes, the Group is organised in divisions and operating segments based on geographical areas that include Norway, Finland and Sweden. In each operating segment the Group can provide services and products such as rail construction, rail maintenance, civil construction, environmental services and sale of materials.Customers that aggregate 10% or more of the Group\u2019s total revenues are disclosed in the table below: Share of segment revenue Share of Group revenue Customer Segment 2024 2023 2024 2023 Trafikverket Sweden 84% 77% 26% 21% Finnish Transport Finland 54% 60% 22% 24% and Infrastructure Agency Bane NOR Norway 49% 59% 16% 19% Norway Sweden Finland Others and Amounts in NOK millionoperationsoperationsoperationseliminations Consolidated2024 2023 2024 2023 2024 2023 2024 2023 2024 2023External 2,230 2,401 1,879 1,578 2,782 2,753 0 0 6,892 6,732Inter-segment -214 -265 242 299 0 0 -28 -33 0 0 Total revenue 2,016 2,136 2,122 1,877 2,782 2,753 -28 -33 6,892 6,732 EBITDA adj. 35 184 7 43 117 142 -57 -37 102 332 Depreciation 85 103 37 39 58 54 1 1 181 197 EBITA adj. -50 81 -30 4 59 88 -58 -38 -79 135 Amortisation of IT software 0 0 4 4 10 10 0 0 14 15 EBIT adj. -50 81 -33 0 49 78 -58 -38 -93 121 Impairment 150 0 0 0 500 0 0 0 650 0Other adjusting items 74 -36 -4 56 7 -5 0 0 77 16Operating profit -274 116 -30 -56 -458 83 -58 -38 -820 105Current assets 608 515 494 412 1,339 1,216 -301 -271 2,141 1,873Non-Current assets 867 1,132 442 442 1,133 1,604 20 91 2,462 3,270 Total assets 1,475 1,647 936 854 2,472 2,821 -281 -180 4,603 5,143Current liabilities 910 688 475 392 1,424 1,254 -699 -551 2,110 1,783Non-current liabilities 155 260 47 35 191 261 390 373 783 929 Total liabilities 1,065 948 522 427 1,615 1,515 -309 -179 2,893 2,712Order backlog 1,462 1,537 2,873 2,933 3,636 2,470 7,971 6,940 Others and eliminations include activities in the Company and other holding companies as well as elimination of inter-segment revenues and expenses. Parent and holding Others and Amounts in NOK millioncompanies Eliminationseliminations2024 2023 2024 2023 2024 2023External 0 0 0 0Inter-segment 17 17 -46 -50 -28 -33Total revenue 17 17 -46 -50 -28 -33EBITDA adj. -57 -37 0 0 -57 -37Depreciation 1 1 0 0 1 1EBITA adj -58 -38 0 0 -58 -38Amortisation of IT software investments 0 0 0 0 0 0EBIT adj. -58 -38 0 0 -58 -38Impairment 0 0 0 0 0 0Other adjusting items 0 0 0 0 0 0Operating profit [EBIT] -58 -38 0 0 -58 -38Assets and liabilities are shown gross per segment and eliminations are shown separately. The aggregated information on Others and eliminations consists of the following: Parent and holding Others and Amounts in NOK millioncompanies Eliminationseliminations2024 2023 2024 2023 2024 2023Current assets 1,703 1,523 -2,004 -1,794 -301 -271Non-current assets 148 271 -127 -180 20 91Total assets 1,851 1,794 -2,132 -1,973 -281 -180Current liabilities 1,306 1,243 -2,005 -1,794 -699 -551Non-current liabilities 517 552 -127 -180 390 373Total liabilities 1,824 1,795 -2,133 -1,973 -309 -179 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s14__6__35": {
"value": "Accounting policy Segments are reported in the same manner as the internal financial reporting to the Group\u2019s chief operating decision-maker, defined as the executive management and the Board of Directors. The internal financial operating result reporting follows current IFRS standards as described in these notes to the Group accounts, except for Adjusting items (explained in the APM section). These income and expenses can vary significantly from period to period and are excluded in the internal financial reporting to improve the analysis of the underlying operations across periods and operating segments. The Group\u2019s financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. Transfer pricing between operating segments is on an arm\u2019s length basis in a manner similar to transactions with third parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__40-1": {
"value": "NOTE 4: REVENUES AND PROJECTS IN PROGRESSSignificant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As of 31 December 2024, the Group has recognised a total of NOK 20,143 million (2023: NOK 18,834 million) in accumulated revenue to date on projects in progress at year-end.Amounts in NOK million2024 2023Contract revenue recognised over time6,335 6,224Other revenue 558 508Total revenue 6,892 6,732Revenue from public customers 5,738 5,526Revenue from private customers 1,154 1,206 Total revenue 6,892 6,732Total revenue by nature of business by segmentAmounts in NOK million Norway Sweden Finland Eliminations Total revenue2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Rail construction 804 1,006 1,269 1,130 1,607 1,670 -28 -33 3,652 3,806Rail maintenance 0 0 918 622 634 618 0 0 1,552 1,240Civil construction 532 414 0 169 0 0 0 0 532 583Environment 782 773 0 0 0 0 0 0 782 773Materials 0 0 0 0 524 450 0 0 524 450Other and eliminations -101 -56 -65 -44 18 15 0 0 -148 -119Consolidated revenue 2,016 2,136 2,122 1,877 2,782 2,753 -28 -33 6,892 6,732Revenue from public customers 1,1533 1,370 1,844 1,682 2,377 2,485 -15 -11 5,738 5,526Revenue from private costumers 483 766 278 194 406 268 -13 -22 1,154 1,206Projects in progress at year-endAmounts in NOK million2024 2023Contract costs plus profit less losses to date20,142 18,834Less progress billings including advances 20,285 18,796Work in progress, net -143 38Gross amounts due to customers for contract work (contract liabilities) 536 341Gross amounts due from customers for contract work(contract assets) 393 379Total contract value, ongoing contracts 26,832 25,036Accumulated revenue recognised at year-end 20,142 18,834Revenues not recognised 6,690 6,410Expected to be recognised next 12 months 3,634 3,775Expected to be recognised later 3,056 2,635Other information2024 2023Billed amounts retained by customers 152 7Provision for loss-making projects 47 5Remaining revenue on loss-making projects 396 44Order backlog, ongoing projects 6,690 6,410Order backlog, projects not started 1,281 530Total order backlog 7,971 6,940Expected to be recognised next year 3,634 3,775Expected to be recognised two years 1,778 1,565Expected to be recognised in three years or later 2,558 1,600",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s14__6__37-1": {
"value": "NOTE 4: REVENUES AND PROJECTS IN PROGRESSSignificant judgement and estimation uncertaintyThe Group\u2019s business mainly consists of execution of projects. The complexity and scope of the project portfolio come with an inherent risk that the actual results may differ from expected results. The Group recognises revenue over time using contract costs incurred, resources consumed, or hours spent in relation to the total expected input to fulfil the performance obligation. For projects in progress, the uncertainty is mainly linked to the estimate of total expenses, the estimate of any variable proceeds, value of any project modifications being recognised and the impact of any disputes or contractual disagreements. As of 31 December 2024, the Group has recognised a total of NOK 20,143 million (2023: NOK 18,834 million) in accumulated revenue to date on projects in progress at year-end.Amounts in NOK million2024 2023Contract revenue recognised over time6,335 6,224Other revenue 558 508Total revenue 6,892 6,732Revenue from public customers 5,738 5,526Revenue from private customers 1,154 1,206 Total revenue 6,892 6,732Total revenue by nature of business by segmentAmounts in NOK million Norway Sweden Finland Eliminations Total revenue2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Rail construction 804 1,006 1,269 1,130 1,607 1,670 -28 -33 3,652 3,806Rail maintenance 0 0 918 622 634 618 0 0 1,552 1,240Civil construction 532 414 0 169 0 0 0 0 532 583Environment 782 773 0 0 0 0 0 0 782 773Materials 0 0 0 0 524 450 0 0 524 450Other and eliminations -101 -56 -65 -44 18 15 0 0 -148 -119Consolidated revenue 2,016 2,136 2,122 1,877 2,782 2,753 -28 -33 6,892 6,732Revenue from public customers 1,1533 1,370 1,844 1,682 2,377 2,485 -15 -11 5,738 5,526Revenue from private costumers 483 766 278 194 406 268 -13 -22 1,154 1,206Projects in progress at year-endAmounts in NOK million2024 2023Contract costs plus profit less losses to date20,142 18,834Less progress billings including advances 20,285 18,796Work in progress, net -143 38Gross amounts due to customers for contract work (contract liabilities) 536 341Gross amounts due from customers for contract work(contract assets) 393 379Total contract value, ongoing contracts 26,832 25,036Accumulated revenue recognised at year-end 20,142 18,834Revenues not recognised 6,690 6,410Expected to be recognised next 12 months 3,634 3,775Expected to be recognised later 3,056 2,635Other information2024 2023Billed amounts retained by customers 152 7Provision for loss-making projects 47 5Remaining revenue on loss-making projects 396 44Order backlog, ongoing projects 6,690 6,410Order backlog, projects not started 1,281 530Total order backlog 7,971 6,940Expected to be recognised next year 3,634 3,775Expected to be recognised two years 1,778 1,565Expected to be recognised in three years or later 2,558 1,600",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__43": {
"value": "Accounting policy The Group\u2019s revenues mainly consist of contracts with customers that vary from shorter projects of less than a month, to longer projects running over multiple years. All projects are accounted for as contracts with customers, applying IFRS 15 Revenue from contracts with customers. The Group accounts for a contract with a customer when the contract is approved, each party\u2019s rights are identified including the payment terms, the contract has commercial substance, and it is probable (internally interpreted as above 75% probability) that the Group will collect the consideration.Revenue recognised over timeFor a major part of the contracts with customers, the criteria for recognising revenue over time have been met as the project either creates an asset that the customer controls as the asset is created or the asset created does not have an alternative use and the Group has an enforceable right to payment for performance completed to date.The transaction price is the contractual agreed price. Any variable consideration is estimated based on the sum of probability-weighted amounts or the single most likely outcome, depending on which method better predicts the amount of consideration, and is consistently applied throughout the contract.For a performance obligation that is satisfied over time, revenue is recognised over time by measuring the cost passed in relation to full satisfaction of the obligation. The Group applies the input method which is used consistently for similar performance obligations and under similar circumstances. Using the input method, revenue is recognised based on the entity\u2019s input in fulfilling the performance obligation (e.g. contract costs incurred, resources consumed, hours expended) in relation to the total expected input to fulfil the performance obligation. The value and pricing of the Group\u2019s services are founded on the different resources consumed, and consequently the input method best reflects the revenue recognition of the transfer of goods and services. Most contracts of the Group consist of one performance obligation. For contracts where performance obligations are not satisfied over time, revenue is recognised on delivery or upon completion of the services.The aggregated amount of project revenue incurred to date, less progress billings, is determined on a project-by-project basis. The contracts where this amount is positive are presented in the balance sheet as contract assets, whereas the contracts where the amount is negative (prepayments) are presented as contract liabilities. Contract assets are the Group\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. Unconditional rights to considerations based on the agreement are invoiced and presented separately as a receivable. Contract assets and receivables are considered for impairment in accordance with IFRS 9. A contract liability is when the Group has received prepayments or has an unconditional right to consideration before the Group has transferred goods or services to the customer.A contract modification is the change in scope and/or price of a contract and both parties have approved a modification that either created new or changes existing enforceable rights and obligations of the parties. A contract modification may exist even though there is a dispute about the scope and/or price of the modification, or the parties have approved a change in the scope of the contract but have not yet determined the corresponding change in price. The contract modification is accounted for as a separate contract, if the scope of the contract increases due to distinct goods or services and the price increase reflects the stand-alone selling price, or as part of the original contract.Contract costs are costs to fulfil the contract and incremental costs of obtaining a contract. These are costs directly related to the contract assuming the costs generate or enhance resources of the entity that will be used in satisfying (or in continuing to satisfy) performance obligations in the future and are expected to be recovered. Costs directly connected to the contract include direct materials, direct labour, subcontractors, allocated indirect costs and costs explicitly chargeable. Incremental cost of obtaining a contract that is expected to be recovered and that would not incur if the contract had not been obtained, is capitalised and amortised as a contract cost. Cost of wasted materials, labour or other resources to fulfil the contract that is not reflected in the price of the contract, is expensed as it occurs.When it is probable that the total contract costs of meeting the obligations will exceed total contract revenue, the expected loss is recognised as an expense immediately according to IAS 37, considering both the incremental costs and allocation of other costs directly related to fulfilling the contract. An impairment loss is recognised for any contract assets or accounts receivable related to the contract before a separate provision is made.Payment terms are contractually agreed and invoicing normally follows the progress of the projects either by a fixed estimated progress or based on actual progress as defined in the contract. Under certain contracts a portion of up to 10% of the contract value is withheld by the customer until final approval of the delivery. Upon invoicing, the payment terms would normally be within 15 to 45 days.Other revenuesThe Group has a limited number of other sales transactions such as sale of materials, sale of equipment and machines closely related to the main operations of the group or sale of services. Revenues from these transactions are recognised at the point of time when control of any asset is transferred to the customer, or the service is provided. Delivery of assets can be from stock, from a construction site or at the customer\u2019s location. The normal payment term is 15 to 45 days upon delivery.WarrantiesThe Group generally provides for warranties for general repairs and does not provide extended warranties in its contracts with customers. As such, existing warranties are assurance-type warranties under IFRS 15, which are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__48-1": {
"value": "NOTE 5: SALARIES AND PERSONNEL COSTSAmounts in NOK million2024 2023Salaries1,391 1,361Social security taxes 201 198Pension expenses 172 166Other personnel costs 25 54Total 1,788 1,778Full time equivalent employees 1,711 1,808NOTE 6: EXECUTIVE PERSONNELCompensation to executive personnel and Board of DirectorsAmounts in NOK million2024 2023Short-term employee benefits25 24Post-employment benefits 2 2Share-based compensation 0 1Remuneration Board of Directors 3 3Total compensation to executive personnel 30 30More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6- 16b. The report for the financial year 2024 will be published on the Group\u2019s website subsequent to the general assembly.Goodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31NOTE 13: PROPERTY, PLANT AND EQUIPMENT Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/20242 168 170Translation differences 0 8 8Additions 0 46 46Disposals 0 -37 -37Depreciation for the year 0 -41 -41Carrying amount as of 31/12/2024 2 144 146Total cost 2 413 415Accumulated depreciation -1 -269 -270Accumulated impairment 0 0 0Carrying amount as of 31/12/2024 2 144 146Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/202315 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Depreciation charge during the year:Amounts in NOK million2024 2023Land, offices and buildings31 31Machinery, cars and equipment 109 130Total depreciation expense 140Interest expense on lease liabilities 21 20 160Lease expense - short-term and low-value leases 165 155Total cash outflow for all leases 329 339Addition of ROU assets during the financial year 118 142ROU assets reclassified as held for sale 34 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s14__6__47-1": {
"value": "NOTE 5: SALARIES AND PERSONNEL COSTSAmounts in NOK million2024 2023Salaries1,391 1,361Social security taxes 201 198Pension expenses 172 166Other personnel costs 25 54Total 1,788 1,778Full time equivalent employees 1,711 1,808NOTE 6: EXECUTIVE PERSONNELCompensation to executive personnel and Board of DirectorsAmounts in NOK million2024 2023Short-term employee benefits25 24Post-employment benefits 2 2Share-based compensation 0 1Remuneration Board of Directors 3 3Total compensation to executive personnel 30 30More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6- 16b. The report for the financial year 2024 will be published on the Group\u2019s website subsequent to the general assembly.The expenses recognised for equity-settled share-based payment transactions for employee services received during the year are shown in the following table:Amounts in NOK million2024 2023Senior Management Share Option Plan0.2 0.6Key Employee Share Option Programme 0.9 1.3General Employee Share Programme 1.0 0.8Total 2.1 2.8General Employee Share ProgrammeDuring 2024 and same as in 2023, the Group gave employees the opportunity to purchase a certain number of shares at 20% discount to the trading price at exercise. The discount is recorded as salaries. In December 2024, a total of 816,941 shares were agreed sold under this offer with a total discount of approximately NOK 0.9 million before social security tax. All the shares were treasury shares and were transferred to employees in January 2025.Senior Management Share Option PlanOn 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of a share option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms.Options are awarded based on the Group\u2019s achievements of certain quantitative and qualitative goals determined by the Board of Directors. The options are vested over a period of three years, with 1/3 of the aggregate number each year. Options that are not exercised during, or on the date of final expiry of the vesting period, lapse without compensation to its holder. For 400,000 options granted in Q4 2024 the vesting period ends 1 January 2028 with a subsequent exercise period of 1 year.At year-end, a total of 602,000 options were outstanding in connection with the Senior Management Option programme. 460,000 new options were formally granted, no options were exercised, and 259,000 options were forfeited during 2024. The weighted average exercise price of the remaining 602,000 options is NOK 8.0. 101,000 of the options expire in March 2025.There were no settlement, cancellations, or modifications to the awards in 2024. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.Share option programme for key employeesOn 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of a share option programme for key employees. The Annual General Meeting 8 May 2024 granted the authorisation to increase the share capital by up to NOK 1,200,000 in connection with this option programme. The authorisation is valid for a period of two years until 8 May 2026. The Board of Directors is authorised to increase the share capital and to determine the subscription price and other subscription terms. At year-end, 1,263,000 options were outstanding related to the key employee programs in total.As per year-end, no options are outstanding in connection with the option programs from 2020 and 2021 as 248,000 and 5,000 options respectively were forfeited or cancelled in 2024.As per year-end, a total of 388,000 options are outstanding in connection with the option programme from 2022. The options can be exercised over a period of 12 months from 1 July 2025 at a strike price of NOK 18.64. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 157,500 options were forfeited during 2024 due to vesting conditions not being satisfied.As per year-end a total of 875,000 options are outstanding in connection with the option programme from granted in Q4 2024. The options vest over three years until 1 January 2028 with a subsequent exercise period of 1 year and with a strike price of NOK 3.46.There were no settlement, cancellations, or modifications to the awards in 2024. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.The following table summarises the number and weighted average exercise prices (WAEP) of share options for all existing plans during the year, including any movements:2024202420232023numberWAEPnumberWAEPOutstanding at 1 January 1,199,500 20.8 1,459,500 20.9Granted during the year 1,335,000 3.7 150,000 20.0Exercised during the year 0 0 0 0Expired during the year -350,000 25.0 0 0Forfeited during the year -319,500 19.0 -410,000 20.8Outstanding at 31 December 1,865,000 8.1 1,199,500 20.8Exercisable at 31 December 541,333 18.4 466,333 20.6WAEP will be adjusted for any dividend in the period from grant to exercise.The weighted average remaining contractual life for the share options outstanding as of 31 December 2024 was 3.15 years (2023: 3.0 years).The weighted average fair value of options granted during the year was NOK 1.4 per option. Total value of these options aggregated NOK 1.8 million to be allocated over the service period assumed in the option programme.The range of exercise prices for options outstanding at the end of the year was NOK 3.46 to NOK 20.04 (2023: NOK 17.70 to NOK 27.87), before any adjustment for future dividends.The following tables list the inputs to the models used for all existing plans:2024 2023Weighted average fair values at the measurement date2.20 6.78Expected volatility (%) 50.0% 50.0Risk\u2013free interest rate (%) 3.72% 4.73Expected life of share options, months 12-48 12-41Weighted average share price 10.28 27.57Binominal andBinominal andModel usedBlack ScholesBlack ScholesDividend is not considered as the strike price will be adjusted for any dividends paid from the time of the establishment of the programme until options are exercised. Expected volatility is based on actual volatility 36 months back in time.NOTE 8: OTHER OPERATING AND ADMINISTRATIVE EXPENSES Amounts in NOK million2024 2023Travel expenses92 84Rent and other office expenses 107 108External services 63 40Expenses related to machinery, cars & equipment 459 416Other operating and administrative expenses 167 168Total 888 815Other income and expenses 2024 2023Gain from sale of Gravco0 -40M&A expenses/income (-) -4 -7Restructuring recycling and demolition business 74 21Restructuring items, other 7 0Write-down operations to be discontinued 0 43Total other income and expenses 77 16Other income and expenses in 2024 consist of M&A income of NOK 4 million related to previous years\u2019 acquisitions, NOK 74 million from the restructuring of NRC Kept which includes losses in relation to disposal of one department within this unit. Also NOK 7 million in the Finland segment relating to certain restructuring activities was recognised.Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposal of the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuation of the Civil business in Sweden from Q1 2023.Compensation to auditorsAmounts in NOK million2024 2023Statutory audit fees5.6 4.7Other assurance engagements including CSRD 1.1 0.0Tax related services 0.0 0.0Other services 0.2 0.1Total 6.9 4.8EY was the Group\u2019s auditor for 2024 and 2023. The amounts are reported exclusive of VAT.NOTE 12: INTANGIBLE ASSETSSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Norway and Sweden and declining profitability in Finland are impairment indicators being considered as part of the test. These indicators required the Group to perform an impairment test as of 30 June 2024. As a result of the test goodwill was impaired with NOK 500 million in the Finland segment and NOK 150 million in the Norway segment. Goodwill had a carrying amount at 30 June 2024 of NOK 2,440 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. The current headroom of approximately NOK 30 million, SEK 460 million and EUR 3 million are most sensitive to the discount rate and the estimated future project and EBIT margin.Climate riskExpected or reasonably possible climate and environmental changes and regulatory responses to such changes have been considered in input to the impairment testing of goodwill. In the short term the response to climate change primarily represents an opportunity for the Group. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Any consequences of this are considered in the impairment test of goodwill. No material such effects were identified related to the impairment test in 2024 or 2023. Goodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31NOTE 13: PROPERTY, PLANT AND EQUIPMENT Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/20242 168 170Translation differences 0 8 8Additions 0 46 46Disposals 0 -37 -37Depreciation for the year 0 -41 -41Carrying amount as of 31/12/2024 2 144 146Total cost 2 413 415Accumulated depreciation -1 -269 -270Accumulated impairment 0 0 0Carrying amount as of 31/12/2024 2 144 146Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/202315 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Depreciation charge during the year:Amounts in NOK million2024 2023Land, offices and buildings31 31Machinery, cars and equipment 109 130Total depreciation expense 140Interest expense on lease liabilities 21 20 160Lease expense - short-term and low-value leases 165 155Total cash outflow for all leases 329 339Addition of ROU assets during the financial year 118 142ROU assets reclassified as held for sale 34 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__46": {
"value": "NOTE 5: SALARIES AND PERSONNEL COSTSAmounts in NOK million2024 2023Salaries1,391 1,361Social security taxes 201 198Pension expenses 172 166Other personnel costs 25 54Total 1,788 1,778Full time equivalent employees 1,711 1,808",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__45-1": {
"value": "NOTE 5: SALARIES AND PERSONNEL COSTSAmounts in NOK million2024 2023Salaries1,391 1,361Social security taxes 201 198Pension expenses 172 166Other personnel costs 25 54Total 1,788 1,778Full time equivalent employees 1,711 1,808NOTE 6: EXECUTIVE PERSONNELCompensation to executive personnel and Board of DirectorsAmounts in NOK million2024 2023Short-term employee benefits25 24Post-employment benefits 2 2Share-based compensation 0 1Remuneration Board of Directors 3 3Total compensation to executive personnel 30 30More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6- 16b. The report for the financial year 2024 will be published on the Group\u2019s website subsequent to the general assembly.NOTE 18: PENSIONSThe Group has defined contribution plans covering all employees in Norway, Sweden and Finland. In Norway, the Group also has contractual retirement scheme (AFP) for a certain part of their employees accounted for as a defined contribution scheme. AFP premiums for 2024 are fixed at 2.7% of salary up to approximately NOK 0.9 million. In Finland, the Group has a closed defined benefit plan related to a supplementary old age pension scheme in an insurance company.Pension expenses2024 2023Defined contribution plans162 161Defined benefit plans 0 0Contractual pension, multi-employer plan, Norway 6 5Total pension expenses 168 166Number of employees coveredDefined contribution plans1,775 1,809Defined benefit plans, active 5 13Defined benefit plans, pensioners 343 360Early retirement scheme, Norway (AFP)467 512Defined benefit obligationDefined benefit obligation 1 January58 61Defined benefit obligation 31 December 56 58Plan assetsPlan assets 1 January52 52Plan assets 31 December 50 52Net defined benefit liability 31 December 6 7Actuarial assumptions 31.12.2024 31.12.2023Discount rate 3.20% 3.80%Benefit increase 2.20% 2,60%Inflation 2.00% 2.50%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__50": {
"value": "NOTE 6: EXECUTIVE PERSONNELCompensation to executive personnel and Board of DirectorsAmounts in NOK million2024 2023Short-term employee benefits25 24Post-employment benefits 2 2Share-based compensation 0 1Remuneration Board of Directors 3 3Total compensation to executive personnel 30 30More detailed information on the compensation to the Group\u2019s directors including executive personnel as well as members of the Board of Directors is provided in a separate remuneration report prepared in accordance with the Norwegian Public Limited Liability Companies Act \u00a7 6- 16b. The report for the financial year 2024 will be published on the Group\u2019s website subsequent to the general assembly.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__55-1": {
"value": "NOTE 7: SHARE-BASED PAYMENTSThe expenses recognised for equity-settled share-based payment transactions for employee services received during the year are shown in the following table:Amounts in NOK million2024 2023Senior Management Share Option Plan0.2 0.6Key Employee Share Option Programme 0.9 1.3General Employee Share Programme 1.0 0.8Total 2.1 2.8General Employee Share ProgrammeDuring 2024 and same as in 2023, the Group gave employees the opportunity to purchase a certain number of shares at 20% discount to the trading price at exercise. The discount is recorded as salaries. In December 2024, a total of 816,941 shares were agreed sold under this offer with a total discount of approximately NOK 0.9 million before social security tax. All the shares were treasury shares and were transferred to employees in January 2025.Senior Management Share Option PlanOn 12 May 2016, the Company\u2019s Annual General Meeting approved implementation of a share option programme for senior management. On the Annual General Meeting 4 May 2023, the option programme for senior management was renewed for two more years, comprising in total 1,500,000 shares. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms.Options are awarded based on the Group\u2019s achievements of certain quantitative and qualitative goals determined by the Board of Directors. The options are vested over a period of three years, with 1/3 of the aggregate number each year. Options that are not exercised during, or on the date of final expiry of the vesting period, lapse without compensation to its holder. For 400,000 options granted in Q4 2024 the vesting period ends 1 January 2028 with a subsequent exercise period of 1 year.At year-end, a total of 602,000 options were outstanding in connection with the Senior Management Option programme. 460,000 new options were formally granted, no options were exercised, and 259,000 options were forfeited during 2024. The weighted average exercise price of the remaining 602,000 options is NOK 8.0. 101,000 of the options expire in March 2025.There were no settlement, cancellations, or modifications to the awards in 2024. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.Share option programme for key employeesOn 19 April 2018, the Company\u2019s Annual General Meeting approved implementation of a share option programme for key employees. The Annual General Meeting 8 May 2024 granted the authorisation to increase the share capital by up to NOK 1,200,000 in connection with this option programme. The authorisation is valid for a period of two years until 8 May 2026. The Board of Directors is authorised to increase the share capital and to determine the subscription price and other subscription terms. At year-end, 1,263,000 options were outstanding related to the key employee programs in total.As per year-end, no options are outstanding in connection with the option programs from 2020 and 2021 as 248,000 and 5,000 options respectively were forfeited or cancelled in 2024.As per year-end, a total of 388,000 options are outstanding in connection with the option programme from 2022. The options can be exercised over a period of 12 months from 1 July 2025 at a strike price of NOK 18.64. The strike price will be adjusted for any dividends paid from the time of the establishment of the programme until the options are exercised. The employees paid NOK 1 for each option. 157,500 options were forfeited during 2024 due to vesting conditions not being satisfied.As per year-end a total of 875,000 options are outstanding in connection with the option programme from granted in Q4 2024. The options vest over three years until 1 January 2028 with a subsequent exercise period of 1 year and with a strike price of NOK 3.46.There were no settlement, cancellations, or modifications to the awards in 2024. Vesting condition is full time employment. The expense is accrued for over the service period for each group of options.The following table summarises the number and weighted average exercise prices (WAEP) of share options for all existing plans during the year, including any movements:2024202420232023numberWAEPnumberWAEPOutstanding at 1 January 1,199,500 20.8 1,459,500 20.9Granted during the year 1,335,000 3.7 150,000 20.0Exercised during the year 0 0 0 0Expired during the year -350,000 25.0 0 0Forfeited during the year -319,500 19.0 -410,000 20.8Outstanding at 31 December 1,865,000 8.1 1,199,500 20.8Exercisable at 31 December 541,333 18.4 466,333 20.6WAEP will be adjusted for any dividend in the period from grant to exercise.The weighted average remaining contractual life for the share options outstanding as of 31 December 2024 was 3.15 years (2023: 3.0 years).The weighted average fair value of options granted during the year was NOK 1.4 per option. Total value of these options aggregated NOK 1.8 million to be allocated over the service period assumed in the option programme.The range of exercise prices for options outstanding at the end of the year was NOK 3.46 to NOK 20.04 (2023: NOK 17.70 to NOK 27.87), before any adjustment for future dividends.The following tables list the inputs to the models used for all existing plans:2024 2023Weighted average fair values at the measurement date2.20 6.78Expected volatility (%) 50.0% 50.0Risk\u2013free interest rate (%) 3.72% 4.73Expected life of share options, months 12-48 12-41Weighted average share price 10.28 27.57Binominal andBinominal andModel usedBlack ScholesBlack ScholesDividend is not considered as the strike price will be adjusted for any dividends paid from the time of the establishment of the programme until options are exercised. Expected volatility is based on actual volatility 36 months back in time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__58": {
"value": "Accounting policy Employees (including senior executives) of the Group receive remuneration in the form of share- based payments, whereby employees render services as consideration for equity instruments (equity- settled transactions). The sale of shares to employees at less than market price is accounted for by recognising the difference between the market value of the shares and the purchase price as a payroll expense.The cost of equity-settled transactions is determined by the fair value of the option at the date when the grant is made. A Binominal model and the Black-Scholes model are used for the valuation. The cost related to the option is reported over the period in which the employees earn the right to receive the options. Option costs are reported as payroll expenses and offset as an increase in equity. A provision based on the accrued amount is made for employer\u2019s social security contribution to share option programmes linked to the difference between the issue price and the market price of the share at year end.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__68-1": {
"value": "NOTE 8: OTHER OPERATING AND ADMINISTRATIVE EXPENSES Amounts in NOK million2024 2023Travel expenses92 84Rent and other office expenses 107 108External services 63 40Expenses related to machinery, cars & equipment 459 416Other operating and administrative expenses 167 168Total 888 815Other income and expenses 2024 2023Gain from sale of Gravco0 -40M&A expenses/income (-) -4 -7Restructuring recycling and demolition business 74 21Restructuring items, other 7 0Write-down operations to be discontinued 0 43Total other income and expenses 77 16Other income and expenses in 2024 consist of M&A income of NOK 4 million related to previous years\u2019 acquisitions, NOK 74 million from the restructuring of NRC Kept which includes losses in relation to disposal of one department within this unit. Also NOK 7 million in the Finland segment relating to certain restructuring activities was recognised.Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposal of the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuation of the Civil business in Sweden from Q1 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__64-1": {
"value": "NOTE 8: OTHER OPERATING AND ADMINISTRATIVE EXPENSES Amounts in NOK million2024 2023Travel expenses92 84Rent and other office expenses 107 108External services 63 40Expenses related to machinery, cars & equipment 459 416Other operating and administrative expenses 167 168Total 888 815Other income and expenses 2024 2023Gain from sale of Gravco0 -40M&A expenses/income (-) -4 -7Restructuring recycling and demolition business 74 21Restructuring items, other 7 0Write-down operations to be discontinued 0 43Total other income and expenses 77 16Other income and expenses in 2024 consist of M&A income of NOK 4 million related to previous years\u2019 acquisitions, NOK 74 million from the restructuring of NRC Kept which includes losses in relation to disposal of one department within this unit. Also NOK 7 million in the Finland segment relating to certain restructuring activities was recognised.Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposal of the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuation of the Civil business in Sweden from Q1 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__62-1": {
"value": "NOTE 8: OTHER OPERATING AND ADMINISTRATIVE EXPENSES Amounts in NOK million2024 2023Travel expenses92 84Rent and other office expenses 107 108External services 63 40Expenses related to machinery, cars & equipment 459 416Other operating and administrative expenses 167 168Total 888 815Other income and expenses 2024 2023Gain from sale of Gravco0 -40M&A expenses/income (-) -4 -7Restructuring recycling and demolition business 74 21Restructuring items, other 7 0Write-down operations to be discontinued 0 43Total other income and expenses 77 16Other income and expenses in 2024 consist of M&A income of NOK 4 million related to previous years\u2019 acquisitions, NOK 74 million from the restructuring of NRC Kept which includes losses in relation to disposal of one department within this unit. Also NOK 7 million in the Finland segment relating to certain restructuring activities was recognised.Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposal of the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuation of the Civil business in Sweden from Q1 2023.Compensation to auditorsAmounts in NOK million2024 2023Statutory audit fees5.6 4.7Other assurance engagements including CSRD 1.1 0.0Tax related services 0.0 0.0Other services 0.2 0.1Total 6.9 4.8EY was the Group\u2019s auditor for 2024 and 2023. The amounts are reported exclusive of VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__60-1": {
"value": "NOTE 8: OTHER OPERATING AND ADMINISTRATIVE EXPENSES Amounts in NOK million2024 2023Travel expenses92 84Rent and other office expenses 107 108External services 63 40Expenses related to machinery, cars & equipment 459 416Other operating and administrative expenses 167 168Total 888 815Other income and expenses 2024 2023Gain from sale of Gravco0 -40M&A expenses/income (-) -4 -7Restructuring recycling and demolition business 74 21Restructuring items, other 7 0Write-down operations to be discontinued 0 43Total other income and expenses 77 16Other income and expenses in 2024 consist of M&A income of NOK 4 million related to previous years\u2019 acquisitions, NOK 74 million from the restructuring of NRC Kept which includes losses in relation to disposal of one department within this unit. Also NOK 7 million in the Finland segment relating to certain restructuring activities was recognised.Other income and expenses in 2023 consist of a net gain of NOK 40 million from the disposal of the Gravco business unit completed in Q1 2023, M&A income of NOK 7 million related to previous years\u2019 acquisitions, and restructuring cost of NOK 21 million mainly related to the demolition and recycling business and management changes in Sweden. Finally, other income and expenses consist of NOK 43 million in write-downs related to the discontinuation of the Civil business in Sweden from Q1 2023.Compensation to auditorsAmounts in NOK million2024 2023Statutory audit fees5.6 4.7Other assurance engagements including CSRD 1.1 0.0Tax related services 0.0 0.0Other services 0.2 0.1Total 6.9 4.8EY was the Group\u2019s auditor for 2024 and 2023. The amounts are reported exclusive of VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__71-1": {
"value": "Accounting policy Income and expenses of a special nature are presented on a separate line within operating profit (loss). Such items are characterised by being transactions and events not being reliable indicators of underlying operations. Other income and expenses consist of merger and acquisition expenses (income), including subsequent adjustment of contingent considerations or other subsequent adjustments of final purchase price allocation in business combinations that are recognised in profit or loss, and close-down costs, restructuring costs, and gains or losses arising from the divestments of a business or part of a business.Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings 15 - 50 yearsMachinery and fixtures 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2024, no such expenses were capitalised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__70": {
"value": "Compensation to auditorsAmounts in NOK million2024 2023Statutory audit fees5.6 4.7Other assurance engagements including CSRD 1.1 0.0Tax related services 0.0 0.0Other services 0.2 0.1Total 6.9 4.8EY was the Group\u2019s auditor for 2024 and 2023. The amounts are reported exclusive of VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__78": {
"value": "NOTE 9: FINANCIAL INCOME AND EXPENSES Amounts in NOK million2024 2023Interest income6 11Interest expenses -84 -85Net foreign currency gains/(losses) 0 1Net other financial expenses -3 15Net financial items -81 -59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__77": {
"value": "NOTE 9: FINANCIAL INCOME AND EXPENSES Amounts in NOK million2024 2023Interest income6 11Interest expenses -84 -85Net foreign currency gains/(losses) 0 1Net other financial expenses -3 15Net financial items -81 -59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__76": {
"value": "NOTE 9: FINANCIAL INCOME AND EXPENSES Amounts in NOK million2024 2023Interest income6 11Interest expenses -84 -85Net foreign currency gains/(losses) 0 1Net other financial expenses -3 15Net financial items -81 -59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__75": {
"value": "NOTE 9: FINANCIAL INCOME AND EXPENSES Amounts in NOK million2024 2023Interest income6 11Interest expenses -84 -85Net foreign currency gains/(losses) 0 1Net other financial expenses -3 15Net financial items -81 -59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__74": {
"value": "NOTE 9: FINANCIAL INCOME AND EXPENSES Amounts in NOK million2024 2023Interest income6 11Interest expenses -84 -85Net foreign currency gains/(losses) 0 1Net other financial expenses -3 15Net financial items -81 -59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__73": {
"value": "NOTE 9: FINANCIAL INCOME AND EXPENSES Amounts in NOK million2024 2023Interest income6 11Interest expenses -84 -85Net foreign currency gains/(losses) 0 1Net other financial expenses -3 15Net financial items -81 -59",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__82-1": {
"value": "NOTE 10: TAXESSignificant judgement and estimation uncertaintyDeferred tax assets are recognised for unused tax losses to the extent that it is probable that deferred tax liability or taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning optimisation. Net deferred tax assets of NOK 79 million in Norway have been written down in 2024 as it is not considered probable that these assets can be utilised against future taxable profits in the short term. NOK 22 million in Sweden and NOK 15 million in Finland have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections.Amounts in NOK million2024 2023Deferred tax relates to the following:Property, plant and equipment-10 -12Right-of use assets -99 -116Net contract assets/receivables -17 -21Tax allocation reserve, Sweden -1 -1Tax losses carried forward 301 258Lease liabilities 94 108Pensions 9 3Other temporary differences 25 14Total deferred tax assets/ liabilities (-) 302 234Deferred tax assets not recognised -265 -130Net deferred tax assets/ liabilities (-) 37 103Reflected in the consolidated balance sheet as follows:Deferred tax assets37 103Deferred tax liabilities 0 0Net deferred tax assets/ liabilities (-) 37 103Reconciliation of net deferred tax assets/ liabilities (-) 2024 2023As of 1 January 103 97Tax income/ expense (-) during the period -66 -6Tax income/ expense (-) during the period, recognised in OCI -2 5Effect of foreign currency translation 1 1Other 1 6As of 31 December 37 103Norway has suffered pre-tax losses in recent years. Net deferred tax assets of NOK 79 million in Norway have been written down in 2024 as it is not considered probable that these assets can be utilised against future taxable profits in the short term. Based on management\u2019s assessment of future taxable profit and future tax optimisation, total deferred tax assets of NOK 120 million (2023: NOK 0 mill) in Norway have not been recognised.Sweden has suffered pre-tax losses recent years. Several measures have been implemented to restore profitability, and the improvement programs initiated have yielded improved results for the core divisions including Rail construction and Rail maintenance. The order backlog for coming years, a strong and interesting tender pipeline, and continued improved project control and tender processes, are expected to drive her improvements going forward.Based on management\u2019s assessment of future taxable profit and future tax optimisation, total deferred tax assets of NOK 145 million (2023: NOK 130 mill) in Sweden have not been recognised. No expenses related to non-recognised deferred tax asset have been recognised in 2023 or 2024.The Group has total tax losses carried forward of NOK 610 million in Norway (2023: NOK 482 million) and NOK 804 million in Sweden (2023: NOK 740 million), that can be used to reduce future tax payments. There are no restrictions on the Group\u2019s ability to carry forward the tax losses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__80-1": {
"value": "NOTE 10: TAXESSignificant judgement and estimation uncertaintyDeferred tax assets are recognised for unused tax losses to the extent that it is probable that deferred tax liability or taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning optimisation. Net deferred tax assets of NOK 79 million in Norway have been written down in 2024 as it is not considered probable that these assets can be utilised against future taxable profits in the short term. NOK 22 million in Sweden and NOK 15 million in Finland have been recognised as it is assumed probable that they can be utilised against future taxable profit based on forecasts and projections.Amounts in NOK million2024 2023Deferred tax relates to the following:Property, plant and equipment-10 -12Right-of use assets -99 -116Net contract assets/receivables -17 -21Tax allocation reserve, Sweden -1 -1Tax losses carried forward 301 258Lease liabilities 94 108Pensions 9 3Other temporary differences 25 14Total deferred tax assets/ liabilities (-) 302 234Deferred tax assets not recognised -265 -130Net deferred tax assets/ liabilities (-) 37 103Reflected in the consolidated balance sheet as follows:Deferred tax assets37 103Deferred tax liabilities 0 0Net deferred tax assets/ liabilities (-) 37 103Reconciliation of net deferred tax assets/ liabilities (-) 2024 2023As of 1 January 103 97Tax income/ expense (-) during the period -66 -6Tax income/ expense (-) during the period, recognised in OCI -2 5Effect of foreign currency translation 1 1Other 1 6As of 31 December 37 103Norway has suffered pre-tax losses in recent years. Net deferred tax assets of NOK 79 million in Norway have been written down in 2024 as it is not considered probable that these assets can be utilised against future taxable profits in the short term. Based on management\u2019s assessment of future taxable profit and future tax optimisation, total deferred tax assets of NOK 120 million (2023: NOK 0 mill) in Norway have not been recognised.Sweden has suffered pre-tax losses recent years. Several measures have been implemented to restore profitability, and the improvement programs initiated have yielded improved results for the core divisions including Rail construction and Rail maintenance. The order backlog for coming years, a strong and interesting tender pipeline, and continued improved project control and tender processes, are expected to drive her improvements going forward.Based on management\u2019s assessment of future taxable profit and future tax optimisation, total deferred tax assets of NOK 145 million (2023: NOK 130 mill) in Sweden have not been recognised. No expenses related to non-recognised deferred tax asset have been recognised in 2023 or 2024.The Group has total tax losses carried forward of NOK 610 million in Norway (2023: NOK 482 million) and NOK 804 million in Sweden (2023: NOK 740 million), that can be used to reduce future tax payments. There are no restrictions on the Group\u2019s ability to carry forward the tax losses.The major components of income tax expense are:Amounts in NOK million2024 2023Current income tax charge15 2Change in deferred tax 66 6Tax expense/ income (-) 81 8Tax related to other comprehensive income:Items that may be reclassified to profit and loss2 -5Items that will not be reclassified to profit and loss 0 0Tax expense/ income (-) included in OCI 2 -5Reconciliation of tax expense and accounting profit:2024 2023Net income/ loss (-) before tax from continuing operations-919 45Estimated tax on income before tax -197 9Effect of permanent differences 147 -4Effect of tax assets being (-)/ not being recognised 132 0Other -1 2Income tax expense/ income (-) 81 8The tax rates for Norway, Sweden and Finland are 22%, 20.6% and 20%, unchanged from 2024. No changes in tax rates are expected for 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__85": {
"value": "Accounting policy The tax expense in the income statement consists of the tax payable for the period and the change in deferred tax. Tax is usually recognised in the income statement, except when it is related to items that are recognised in other comprehensive income, in discontinued operations or directly in equity, that also include the tax effect of those relevant transactions.The tax expense is calculated in accordance with the tax laws and regulations that have, or have essentially, been enacted by the tax authorities on the date of the balance sheet. It is the legislation in the countries where the Group\u2019s subsidiaries operate and generate taxable income that determine how the taxable income is calculated.Deferred tax is calculated for all temporary differences between tax values and carrying values of assets and liabilities. Deferred tax is determined by means of the tax rates and tax laws that have been enacted or substantially enacted on the balance sheet date, which are assumed to apply when the deferred tax asset is realised or when the deferred tax is settled.Deferred tax is not calculated for temporary differences from investments, except when the Group cannot control the timing of the reversal of the temporary differences, and it is probable that these will be reversed in the foreseeable future.Deferred tax assets are also recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.The Group has consolidated revenue below EUR 750 million and the Pillar two model rules published by the OECD are therefore not applicable for 2023 or 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__84": {
"value": "Accounting policy The tax expense in the income statement consists of the tax payable for the period and the change in deferred tax. Tax is usually recognised in the income statement, except when it is related to items that are recognised in other comprehensive income, in discontinued operations or directly in equity, that also include the tax effect of those relevant transactions.The tax expense is calculated in accordance with the tax laws and regulations that have, or have essentially, been enacted by the tax authorities on the date of the balance sheet. It is the legislation in the countries where the Group\u2019s subsidiaries operate and generate taxable income that determine how the taxable income is calculated.Deferred tax is calculated for all temporary differences between tax values and carrying values of assets and liabilities. Deferred tax is determined by means of the tax rates and tax laws that have been enacted or substantially enacted on the balance sheet date, which are assumed to apply when the deferred tax asset is realised or when the deferred tax is settled.Deferred tax is not calculated for temporary differences from investments, except when the Group cannot control the timing of the reversal of the temporary differences, and it is probable that these will be reversed in the foreseeable future.Deferred tax assets are also recognised for unused tax losses and unused tax credits. Deferred tax assets are recognised to the extent that it is probable that taxable profit or deferred tax liabilities will be available against which the unused tax losses and unused tax credits can be utilised. The deferred tax assets are recognised to the extent it is probable that they can be utilised based on forecasts and projections within a reasonable period of time.In the balance sheet, deferred taxes are reported net if the Group has a legal right to offset deferred tax assets against deferred taxes and if the deferred taxes are owed to the same tax authority.The Group has consolidated revenue below EUR 750 million and the Pillar two model rules published by the OECD are therefore not applicable for 2023 or 2024.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__87": {
"value": "NOTE 11: EARNINGS AND DILUTED EARNINGS PER SHARE The earnings per share are calculated by dividing the profit/loss for the year with the weighted average of ordinary shares issued throughout the year, less the Company\u2019s own shares. For the movement in the share capital of the Company see note 17.2024 2023Earnings per share (ordinary), NOK-10.54 0.52Profit/loss for the year, NOK million -1,000 38Weighted average externally owned shares 94,901,877 72,825,920Effect of dilution from share options 976,766 1,485,200Weighted average externally owned shares adjusted for dilution 95,878,643 74,311,119Earnings per share (diluted) -10.54 0.51",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__97-1": {
"value": "NOTE 12: INTANGIBLE ASSETSSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Norway and Sweden and declining profitability in Finland are impairment indicators being considered as part of the test. These indicators required the Group to perform an impairment test as of 30 June 2024. As a result of the test goodwill was impaired with NOK 500 million in the Finland segment and NOK 150 million in the Norway segment. Goodwill had a carrying amount at 30 June 2024 of NOK 2,440 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. The current headroom of approximately NOK 30 million, SEK 460 million and EUR 3 million are most sensitive to the discount rate and the estimated future project and EBIT margin.Climate riskExpected or reasonably possible climate and environmental changes and regulatory responses to such changes have been considered in input to the impairment testing of goodwill. In the short term the response to climate change primarily represents an opportunity for the Group. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Any consequences of this are considered in the impairment test of goodwill. No material such effects were identified related to the impairment test in 2024 or 2023. Goodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31Impairment tests of goodwill and other intangible assetsThe Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC). If indicators of potential impairment are present the Group will also impairment test intra-year. As part of identifying potential indicators of impairment, the Group considers among other things the relationship between its market capitalisation and carrying amounts. During 2024, NRC Group\u2019s negative share price development, operating losses in Norway and Sweden and negative profitability development in Finland were impairment indicators which triggered impairment tests. In Q2 2024, an impairment charge of EUR 44 million (NOK 500 million) was recognised in the Finland segment. The adjustment was a consequence of recent periods negative profitability development in the segment and lower current hit rate due to an increasingly competitive market, in addition to IFRS requirements. Restoring profitability in Finland is one of the main priorities for the Group. Measures to improve performance have been identified with ongoing implementation, including optimising the machine fleet, reducing costs, improving resource planning, enhancing project management and risk evaluation processes and restructuring two of the divisions. The assumptions applied for the Q2 impairment testing of goodwill in Finland was a pre-tax discount rate of 10.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of EUR 12 million, while a terminal growth of zero would lead to an impairment of EUR 5 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of EUR 12 million. In Q2 2024, an impairment charge of NOK 150 million was recognised in the Norway segment. The adjustment reflects short-term negative profitability development and reduced activity in the demolition and recycling business (NRC Kept).The assumptions applied for Q2 impairment testing of goodwill in Norway was a pre-tax discount rate of 11.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of NOK 111 million, while a terminal growth of zero would lead to an impairment of NOK 32 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of NOK 96 million. The goodwill in the Sweden segment was impaired in 2022. There were no indications that the carrying value of NOK 281 million in this segment is impaired. In the annual impairment test carried out in December 2024 the estimated cash flows for the years 2025 \u2013 2028 are based on projections that the Group deems to be conservative. Revenue growths in average per year used in the impairment tests were 2.2% in Norway, 1.8% in Sweden and 1.7% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipeline and the national transport plan in each country. Terminal EBIT-margins are 3.3% in Norway, 2.6% in Sweden and 2.9% in Finland. These margins are significantly lower than the Group\u2019s communicated 2028-target, due to the inherent conservativeness of the impairment calculations.The discount rate before tax is 12.0% for Norway, 9.9% for Sweden and 10.4% for Finland. For the years after 2028, a terminal growth of the net cash flow of 2.0% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, overhead costs, discount rate and terminal growth. Most sensitive to impairment is our operation in Norway and Finland with book value of goodwill of NOK 577 million and EUR 83 million as of 31 December 2024, respectively. The current headroom of approximately NOK 39 million and EUR 10 million are most sensitive to the discount rate and the estimated future margins. Changes that may lead to an impairment in Norway are an increase in the discount rate with more than 0.4 percentage points or reduced terminal project or EBIT margin of 0.2 percentage points. A terminal growth of zero would lead to an impairment of NOK 70 million. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.8 percentage points or reduced terminal project or EBIT margin of 0.4 percentage points. A terminal growth of zero would lead to an impairment of EUR 7 million. For Sweden, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the cash generating unit (CGU).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__95-1": {
"value": "NOTE 12: INTANGIBLE ASSETSGoodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31NOTE 13: PROPERTY, PLANT AND EQUIPMENT Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/20242 168 170Translation differences 0 8 8Additions 0 46 46Disposals 0 -37 -37Depreciation for the year 0 -41 -41Carrying amount as of 31/12/2024 2 144 146Total cost 2 413 415Accumulated depreciation -1 -269 -270Accumulated impairment 0 0 0Carrying amount as of 31/12/2024 2 144 146Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/202315 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170Depreciation charge during the year:Amounts in NOK million2024 2023Land, offices and buildings31 31Machinery, cars and equipment 109 130Total depreciation expense 140Interest expense on lease liabilities 21 20 160Lease expense - short-term and low-value leases 165 155Total cash outflow for all leases 329 339Addition of ROU assets during the financial year 118 142ROU assets reclassified as held for sale 34 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__93-1": {
"value": "NOTE 12: INTANGIBLE ASSETSSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Norway and Sweden and declining profitability in Finland are impairment indicators being considered as part of the test. These indicators required the Group to perform an impairment test as of 30 June 2024. As a result of the test goodwill was impaired with NOK 500 million in the Finland segment and NOK 150 million in the Norway segment. Goodwill had a carrying amount at 30 June 2024 of NOK 2,440 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. The current headroom of approximately NOK 30 million, SEK 460 million and EUR 3 million are most sensitive to the discount rate and the estimated future project and EBIT margin.Climate riskExpected or reasonably possible climate and environmental changes and regulatory responses to such changes have been considered in input to the impairment testing of goodwill. In the short term the response to climate change primarily represents an opportunity for the Group. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Any consequences of this are considered in the impairment test of goodwill. No material such effects were identified related to the impairment test in 2024 or 2023. Goodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31Allocation of goodwill to cash generating units The Group has allocated goodwill to each cash generating unit which corresponds to the geographical areas of the business units acquired, and each is considered to be significant. The carrying amount of goodwill is as follows:2024 2023Norway577 727Sweden 278 273Finland 975 1,422Total 1,829 2,422The Group has made several acquisitions over the past years. These businesses are all within the existing business segments and they strengthen the Group\u2019s overall capabilities to undertake additional, larger and more complex projects. There is an ongoing process of reorganising the acquired companies. The business units acquired do no longer have cash inflows independent from other group companies or operations, and the expected benefit of the synergies from the combinations will be on country rather than company level. Due to this, the smallest group of assets generating cash inflows largely independent of cash inflows from other assets or group of assets, are the geographical areas Norway, Sweden and Finland respectively.Impairment tests of goodwill and other intangible assetsThe Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC). If indicators of potential impairment are present the Group will also impairment test intra-year. As part of identifying potential indicators of impairment, the Group considers among other things the relationship between its market capitalisation and carrying amounts. During 2024, NRC Group\u2019s negative share price development, operating losses in Norway and Sweden and negative profitability development in Finland were impairment indicators which triggered impairment tests. In Q2 2024, an impairment charge of EUR 44 million (NOK 500 million) was recognised in the Finland segment. The adjustment was a consequence of recent periods negative profitability development in the segment and lower current hit rate due to an increasingly competitive market, in addition to IFRS requirements. Restoring profitability in Finland is one of the main priorities for the Group. Measures to improve performance have been identified with ongoing implementation, including optimising the machine fleet, reducing costs, improving resource planning, enhancing project management and risk evaluation processes and restructuring two of the divisions. The assumptions applied for the Q2 impairment testing of goodwill in Finland was a pre-tax discount rate of 10.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of EUR 12 million, while a terminal growth of zero would lead to an impairment of EUR 5 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of EUR 12 million. In Q2 2024, an impairment charge of NOK 150 million was recognised in the Norway segment. The adjustment reflects short-term negative profitability development and reduced activity in the demolition and recycling business (NRC Kept).The assumptions applied for Q2 impairment testing of goodwill in Norway was a pre-tax discount rate of 11.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of NOK 111 million, while a terminal growth of zero would lead to an impairment of NOK 32 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of NOK 96 million. The goodwill in the Sweden segment was impaired in 2022. There were no indications that the carrying value of NOK 281 million in this segment is impaired. In the annual impairment test carried out in December 2024 the estimated cash flows for the years 2025 \u2013 2028 are based on projections that the Group deems to be conservative. Revenue growths in average per year used in the impairment tests were 2.2% in Norway, 1.8% in Sweden and 1.7% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipeline and the national transport plan in each country. Terminal EBIT-margins are 3.3% in Norway, 2.6% in Sweden and 2.9% in Finland. These margins are significantly lower than the Group\u2019s communicated 2028-target, due to the inherent conservativeness of the impairment calculations.The discount rate before tax is 12.0% for Norway, 9.9% for Sweden and 10.4% for Finland. For the years after 2028, a terminal growth of the net cash flow of 2.0% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, overhead costs, discount rate and terminal growth. Most sensitive to impairment is our operation in Norway and Finland with book value of goodwill of NOK 577 million and EUR 83 million as of 31 December 2024, respectively. The current headroom of approximately NOK 39 million and EUR 10 million are most sensitive to the discount rate and the estimated future margins. Changes that may lead to an impairment in Norway are an increase in the discount rate with more than 0.4 percentage points or reduced terminal project or EBIT margin of 0.2 percentage points. A terminal growth of zero would lead to an impairment of NOK 70 million. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.8 percentage points or reduced terminal project or EBIT margin of 0.4 percentage points. A terminal growth of zero would lead to an impairment of EUR 7 million. For Sweden, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the cash generating unit (CGU).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__91-1": {
"value": "NOTE 12: INTANGIBLE ASSETSSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Norway and Sweden and declining profitability in Finland are impairment indicators being considered as part of the test. These indicators required the Group to perform an impairment test as of 30 June 2024. As a result of the test goodwill was impaired with NOK 500 million in the Finland segment and NOK 150 million in the Norway segment. Goodwill had a carrying amount at 30 June 2024 of NOK 2,440 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. The current headroom of approximately NOK 30 million, SEK 460 million and EUR 3 million are most sensitive to the discount rate and the estimated future project and EBIT margin.Climate riskExpected or reasonably possible climate and environmental changes and regulatory responses to such changes have been considered in input to the impairment testing of goodwill. In the short term the response to climate change primarily represents an opportunity for the Group. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Any consequences of this are considered in the impairment test of goodwill. No material such effects were identified related to the impairment test in 2024 or 2023. Goodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31Allocation of goodwill to cash generating units The Group has allocated goodwill to each cash generating unit which corresponds to the geographical areas of the business units acquired, and each is considered to be significant. The carrying amount of goodwill is as follows:2024 2023Norway577 727Sweden 278 273Finland 975 1,422Total 1,829 2,422The Group has made several acquisitions over the past years. These businesses are all within the existing business segments and they strengthen the Group\u2019s overall capabilities to undertake additional, larger and more complex projects. There is an ongoing process of reorganising the acquired companies. The business units acquired do no longer have cash inflows independent from other group companies or operations, and the expected benefit of the synergies from the combinations will be on country rather than company level. Due to this, the smallest group of assets generating cash inflows largely independent of cash inflows from other assets or group of assets, are the geographical areas Norway, Sweden and Finland respectively.Impairment tests of goodwill and other intangible assetsThe Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC). If indicators of potential impairment are present the Group will also impairment test intra-year. As part of identifying potential indicators of impairment, the Group considers among other things the relationship between its market capitalisation and carrying amounts. During 2024, NRC Group\u2019s negative share price development, operating losses in Norway and Sweden and negative profitability development in Finland were impairment indicators which triggered impairment tests. In Q2 2024, an impairment charge of EUR 44 million (NOK 500 million) was recognised in the Finland segment. The adjustment was a consequence of recent periods negative profitability development in the segment and lower current hit rate due to an increasingly competitive market, in addition to IFRS requirements. Restoring profitability in Finland is one of the main priorities for the Group. Measures to improve performance have been identified with ongoing implementation, including optimising the machine fleet, reducing costs, improving resource planning, enhancing project management and risk evaluation processes and restructuring two of the divisions. The assumptions applied for the Q2 impairment testing of goodwill in Finland was a pre-tax discount rate of 10.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of EUR 12 million, while a terminal growth of zero would lead to an impairment of EUR 5 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of EUR 12 million. In Q2 2024, an impairment charge of NOK 150 million was recognised in the Norway segment. The adjustment reflects short-term negative profitability development and reduced activity in the demolition and recycling business (NRC Kept).The assumptions applied for Q2 impairment testing of goodwill in Norway was a pre-tax discount rate of 11.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of NOK 111 million, while a terminal growth of zero would lead to an impairment of NOK 32 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of NOK 96 million. The goodwill in the Sweden segment was impaired in 2022. There were no indications that the carrying value of NOK 281 million in this segment is impaired. In the annual impairment test carried out in December 2024 the estimated cash flows for the years 2025 \u2013 2028 are based on projections that the Group deems to be conservative. Revenue growths in average per year used in the impairment tests were 2.2% in Norway, 1.8% in Sweden and 1.7% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipeline and the national transport plan in each country. Terminal EBIT-margins are 3.3% in Norway, 2.6% in Sweden and 2.9% in Finland. These margins are significantly lower than the Group\u2019s communicated 2028-target, due to the inherent conservativeness of the impairment calculations.The discount rate before tax is 12.0% for Norway, 9.9% for Sweden and 10.4% for Finland. For the years after 2028, a terminal growth of the net cash flow of 2.0% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, overhead costs, discount rate and terminal growth. Most sensitive to impairment is our operation in Norway and Finland with book value of goodwill of NOK 577 million and EUR 83 million as of 31 December 2024, respectively. The current headroom of approximately NOK 39 million and EUR 10 million are most sensitive to the discount rate and the estimated future margins. Changes that may lead to an impairment in Norway are an increase in the discount rate with more than 0.4 percentage points or reduced terminal project or EBIT margin of 0.2 percentage points. A terminal growth of zero would lead to an impairment of NOK 70 million. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.8 percentage points or reduced terminal project or EBIT margin of 0.4 percentage points. A terminal growth of zero would lead to an impairment of EUR 7 million. For Sweden, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the cash generating unit (CGU).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__89-1": {
"value": "NOTE 12: INTANGIBLE ASSETSSignificant judgement and estimation uncertaintyThe Group performs annual tests to assess the impairment of goodwill, or more frequently if there is an indication of impairment. The NRC Group\u2019s share price development and operating losses in Norway and Sweden and declining profitability in Finland are impairment indicators being considered as part of the test. These indicators required the Group to perform an impairment test as of 30 June 2024. As a result of the test goodwill was impaired with NOK 500 million in the Finland segment and NOK 150 million in the Norway segment. Goodwill had a carrying amount at 30 June 2024 of NOK 2,440 million before impairment. In the impairment test the carrying amount is measured against the recoverable amount of the cash-generating unit to which the asset is allocated. The recoverable amount of cash generating units is determined by calculating its value in use. These calculations require the use of assumptions and estimates related to future cash flows and discount rate. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future net cash-inflows and the growth rate used for extrapolation purposes. The current headroom of approximately NOK 30 million, SEK 460 million and EUR 3 million are most sensitive to the discount rate and the estimated future project and EBIT margin.Climate riskExpected or reasonably possible climate and environmental changes and regulatory responses to such changes have been considered in input to the impairment testing of goodwill. In the short term the response to climate change primarily represents an opportunity for the Group. Climate-related matters can affect future cash flows, the value of the assets being tested and the expected useful life of these. Any consequences of this are considered in the impairment test of goodwill. No material such effects were identified related to the impairment test in 2024 or 2023. Goodwill and other intangible assets:Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20242,422 31Translation differences 58 1Additions 0 2Amortisation for the year 0 -14Impairment for the year -650 0Carrying amount as at 31/12/2024 1,829 21Acquisition cost 2,876 238Accumulated amortisation 0 -208Accumulated impairment -1,047 -6Carrying amount as at 31/12/2024 1,829 21Other intangible assets partly consist of customer contracts, customer relationships, IT licenses and IT software capitalised as part of the purchase price allocation of acquisitions. Further, it consists of capitalised software development expenses and capitalised pre-contract expenses. Other intangible assets are amortised over the expected useful life of 1 \u2013 5 years.Amounts in NOK millionGoodwill Other intangible assetsCarrying amount as at 01/01/20232,364 32Translation differences 105 2Additions and adjustments 0 12Disposals -48 0Amortisation for the year 0 -15Impairment for the year 0 0Carrying amount as at 31/12/2023 2,422 31Acquisition cost 2,774 278Accumulated amortisation 0 -241Accumulated impairment -352 -6Carrying amount as at 31/12/2023 2,422 31Allocation of goodwill to cash generating units The Group has allocated goodwill to each cash generating unit which corresponds to the geographical areas of the business units acquired, and each is considered to be significant. The carrying amount of goodwill is as follows:2024 2023Norway577 727Sweden 278 273Finland 975 1,422Total 1,829 2,422The Group has made several acquisitions over the past years. These businesses are all within the existing business segments and they strengthen the Group\u2019s overall capabilities to undertake additional, larger and more complex projects. There is an ongoing process of reorganising the acquired companies. The business units acquired do no longer have cash inflows independent from other group companies or operations, and the expected benefit of the synergies from the combinations will be on country rather than company level. Due to this, the smallest group of assets generating cash inflows largely independent of cash inflows from other assets or group of assets, are the geographical areas Norway, Sweden and Finland respectively.Impairment tests of goodwill and other intangible assetsThe Group performs its annual impairment tests in the fourth quarter. Tests are carried out by comparing recoverable amount with carrying amount of the units to which goodwill is allocated. The recoverable amount is calculated based on the discounted estimated future cash flows before tax with the relevant discount rate (WACC). If indicators of potential impairment are present the Group will also impairment test intra-year. As part of identifying potential indicators of impairment, the Group considers among other things the relationship between its market capitalisation and carrying amounts. During 2024, NRC Group\u2019s negative share price development, operating losses in Norway and Sweden and negative profitability development in Finland were impairment indicators which triggered impairment tests. In Q2 2024, an impairment charge of EUR 44 million (NOK 500 million) was recognised in the Finland segment. The adjustment was a consequence of recent periods negative profitability development in the segment and lower current hit rate due to an increasingly competitive market, in addition to IFRS requirements. Restoring profitability in Finland is one of the main priorities for the Group. Measures to improve performance have been identified with ongoing implementation, including optimising the machine fleet, reducing costs, improving resource planning, enhancing project management and risk evaluation processes and restructuring two of the divisions. The assumptions applied for the Q2 impairment testing of goodwill in Finland was a pre-tax discount rate of 10.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of EUR 12 million, while a terminal growth of zero would lead to an impairment of EUR 5 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of EUR 12 million. In Q2 2024, an impairment charge of NOK 150 million was recognised in the Norway segment. The adjustment reflects short-term negative profitability development and reduced activity in the demolition and recycling business (NRC Kept).The assumptions applied for Q2 impairment testing of goodwill in Norway was a pre-tax discount rate of 11.6%, an EBIT margin of 3.2% in the terminal year, and a terminal growth of 2.0%. Small negative changes to the assumptions in the impairment model would lead to further impairment charges. An increase in the discount rate of 1.0% would lead to further impairment of NOK 111 million, while a terminal growth of zero would lead to an impairment of NOK 32 million. A decrease in the project or EBIT margin of 0.5 percentage points in the terminal year would lead to an additional impairment loss of NOK 96 million. The goodwill in the Sweden segment was impaired in 2022. There were no indications that the carrying value of NOK 281 million in this segment is impaired. In the annual impairment test carried out in December 2024 the estimated cash flows for the years 2025 \u2013 2028 are based on projections that the Group deems to be conservative. Revenue growths in average per year used in the impairment tests were 2.2% in Norway, 1.8% in Sweden and 1.7% in Finland. The revenue growth assumptions are supported by the current order backlog and external information such as the tender pipeline and the national transport plan in each country. Terminal EBIT-margins are 3.3% in Norway, 2.6% in Sweden and 2.9% in Finland. These margins are significantly lower than the Group\u2019s communicated 2028-target, due to the inherent conservativeness of the impairment calculations.The discount rate before tax is 12.0% for Norway, 9.9% for Sweden and 10.4% for Finland. For the years after 2028, a terminal growth of the net cash flow of 2.0% has been applied for all segments. Sensitivity The calculation of value in use is sensitive to the estimates of revenues, project margin, overhead costs, discount rate and terminal growth. Most sensitive to impairment is our operation in Norway and Finland with book value of goodwill of NOK 577 million and EUR 83 million as of 31 December 2024, respectively. The current headroom of approximately NOK 39 million and EUR 10 million are most sensitive to the discount rate and the estimated future margins. Changes that may lead to an impairment in Norway are an increase in the discount rate with more than 0.4 percentage points or reduced terminal project or EBIT margin of 0.2 percentage points. A terminal growth of zero would lead to an impairment of NOK 70 million. Changes that may lead to an impairment in Finland are an increase in the discount rate with more than 0.8 percentage points or reduced terminal project or EBIT margin of 0.4 percentage points. A terminal growth of zero would lead to an impairment of EUR 7 million. For Sweden, no reasonably likely change in the key assumptions listed above would cause the carrying value to materially exceed the recoverable amount for the cash generating unit (CGU).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__106": {
"value": "Accounting policy Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject to minimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__105": {
"value": "Accounting policy Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject to minimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__104-1": {
"value": "Accounting policy Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject to minimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment consideration Property, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. Physical climate risk in the form of changed weather patterns and severity of rain, wind and flooding may impact our assessment. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__103-1": {
"value": "Accounting policy Goodwill is initially measured at cost. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is subject to minimum annual impairment testing.Intangible assets are recognised at cost less accumulated amortisation and impairment loss. Intangible assets are recognised when they are identifiable, controlled and provide future economic benefits for the entity. The assets are initially measured at cost and amortised on a straight-line basis over the expected useful life of the asset, normally 3-5 years. The cost of an intangible asset includes costs that are directly attributable to the procurement of the assets.Customer contracts, customer relationships, licenses and other intangible assets acquired as part of a business combination are recognised at their fair value at the date of acquisition and are subsequently amortised on a straight-line basis over their estimated useful lives based on the timing of projected cash flows, normally 1-4 years, depending on the type of assets. Intangible assets with indefinite useful life are subject to minimum annual impairment testing.Impairment considerationsGoodwill is recognised separately as an intangible asset and is tested for impairment annually and whenever there is indication that the goodwill may be impaired. The annual testing is performed towards the end of the financial year. For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group\u2019s cash-generating-units (CGU) expected to benefit from synergies arising from the business combination. An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU\u2019s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated first to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. An impairment loss on goodwill is recognised as an expense and is not reversed in a subsequent period.Intangible assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment consideration Property, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. Physical climate risk in the form of changed weather patterns and severity of rain, wind and flooding may impact our assessment. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__108-1": {
"value": "NOTE 13: PROPERTY, PLANT AND EQUIPMENT Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/20242 168 170Translation differences 0 8 8Additions 0 46 46Disposals 0 -37 -37Depreciation for the year 0 -41 -41Carrying amount as of 31/12/2024 2 144 146Total cost 2 413 415Accumulated depreciation -1 -269 -270Accumulated impairment 0 0 0Carrying amount as of 31/12/2024 2 144 146Amounts in NOK millionBuildings Machinery, fixtures, etc. TotalCarrying amount as of 1/1/202315 169 184Translation differences 0 9 9Additions 0 36 36Disposals -13 -12 -25Depreciation for the year -0 -35 -35Carrying amount as of 31/12/2023 2 168 170",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__116": {
"value": "Accounting policy Property, plant and equipment are recognised at cost less accumulated depreciation and impairment loss. The cost of an item of property, plant and equipment includes costs that are directly attributable to the acquisition of the assets.Subsequent expenditure is recognised in the carrying amount of the asset, if it is probable that the future economic benefits related to the expenditure will flow to the Group, and the expenditure can be reliably measured. The carrying amount of any parts that are replaced is derecognised. All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings 15 - 50 yearsMachinery and fixtures 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2024, no such expenses were capitalised.Restoration and environmental rehabilitation costs related to assets in use are measured at the discounted value of the best estimate of expenditure required to settle the obligation at the reporting date. Impairment consideration Property, plant and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. Physical climate risk in the form of changed weather patterns and severity of rain, wind and flooding may impact our assessment. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__119": {
"value": "All other repair and maintenance costs are recognised in the income statement in the period when the costs are incurred, except for certain regular major inspections as described below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__117": {
"value": "Depreciation is calculated on a straight-line basis over the expected useful life of the asset, as follows:Buildings 15 - 50 yearsMachinery and fixtures 3 - 20 yearsThe economic life of the non-current assets and the residual value are reviewed on the date of each balance sheet and adjusted prospectively if required.An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses arising on derecognition of the asset are presented as part of the operating profit/loss and calculated as the difference between the net disposal proceeds and the carrying amount of the asset.If regular major inspections for faults or overhauls, regardless of whether parts of the item are replaced, is a condition of continuing to operate the equipment or to extend its economic lifetime, the related periodic maintenance can be capitalised and depreciated on a straight-line-basis until the next expected periodic maintenance is required. At the end of 2024, no such expenses were capitalised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__123-1": {
"value": "NOTE 14: RIGHT-OF-USE ASSETSCarrying amounts for groups of right-of-use (ROU) assets:Amounts in NOK million2024 2023Land, offices and buildings81 91Machinery, cars and equipment 346 451Total ROU assets 427 542Depreciation charge during the year:Amounts in NOK million2024 2023Land, offices and buildings31 31Machinery, cars and equipment 109 130Total depreciation expense 140Interest expense on lease liabilities 21 20 160Lease expense - short-term and low-value leases 165 155Total cash outflow for all leases 329 339Addition of ROU assets during the financial year 118 142ROU assets reclassified as held for sale 34 0The lease expense for short-term and low-value leases mainly consists of project related short-term lease agreements. For information about the related leasing liabilities, please refer to note 19.Assets held for sale and liabilities directly associated with the assets held for saleIn Q1 2024 the Group made a strategic decision to restructure parts of the demolition and recycling operations in NRC Kept AS due to prevailing market conditions and negative results in 2023. The Group classifies disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the disposal group is available for immediate sale in its present condition. These criteria were met when the agreement to sell one of the divisions in NRC Kept was signed in Q1 2024, and the decision to sell machinery and equipment was made in Q1 2024. The major classes of assets and related liabilities classified as held for sale as of 31 December 2024 is right of use assets in the form of machines and equipment of NOK 34 million, owned equipment of NOK 2 million and related leasing liabilities of NOK 34 million. The sale of these assets, and derecognition of related liabilities, is expected to be finalised in Q1 2025. The net gain/loss recognised in 2024 for assets held for sale is NOK 0.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__128": {
"value": "Accounting policy The Group leases various offices, warehouses, machinery, equipment and cars. Contracts are typically made for fixed periods of 3 to 10 years but may have extension and termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions.Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period based on the remaining balance of the liability for each period.The Group has elected to use the two exemptions proposed by the standard (IFRS 16) on the following contracts:\u2022 Lease contracts with a duration of equal to or less than 12 months\u2022 Lease contracts for which the underlying asset has a low valuePayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense over the lease term in profit or loss.Right-of-use assetsRight-of-use assets are recognised at cost less accumulated depreciation and impairment loss. Initial recognition of right-of-use assets are measured at cost comprising the following:\u2022 the amount of the initial measurement of lease liability\u2022 any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and\u2022 restoration costsRight-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows:\u2022 Intangible assets 1-3 years\u2022 Land, offices and buildings 1-12 years \u2022 Machinery, cars and equipment 1-40 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are subject to impairment testing. Refer to section regarding Impairment.Lease liabilities Lease liabilities include the net present value of the following lease payments:\u2022 fixed payments less any lease incentives receivable\u2022 variable lease payment that are based on an index or a rate\u2022 amounts expected to be payable by the lessee under residual value guarantees\u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and\u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Options (extension / termination) on lease contracts are considered on a case-by-case basis following a regular management assessment. The borrowing rates used for IFRS 16 purposes have been defined based on the underlying countries and asset classes related risks. The Group\u2019s weighted average incremental borrowing rate is 5.45%.Impairment considerationRight-of-use assets are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash inflows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__133": {
"value": "NOTE 15: TRADE RECEIVABLES AND OTHER RECEIVABLES 2024 2023Trade receivables1 143 901Provisions for expected losses -42 -6Trade receivables \u2013 net 1 102 895Contract assets 393 379Other current receivables 228 195Other current financial assets 0 0Total current receivables 1 723 1 468Age distribution of trade receivables: Trade receivables not due for payment 690 636Up to 30 days 130 70Between 30 and 90 days 3 41Over 90 days 321 154Total receivables due for payment 453 265Total trade receivables 1 143 901The increase in trade receivables outstanding over 90 days is mainly related to the ETM project. Refer to note 26 Disputes for additional information.Trade and other current receivables by currency: 2024 2023NOK894 618SEK 441 415EUR 387 435Total current receivables (in NOK) 1 723 1 468",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__132": {
"value": "NOTE 15: TRADE RECEIVABLES AND OTHER RECEIVABLES 2024 2023Trade receivables1 143 901Provisions for expected losses -42 -6Trade receivables \u2013 net 1 102 895Contract assets 393 379Other current receivables 228 195Other current financial assets 0 0Total current receivables 1 723 1 468Age distribution of trade receivables: Trade receivables not due for payment 690 636Up to 30 days 130 70Between 30 and 90 days 3 41Over 90 days 321 154Total receivables due for payment 453 265Total trade receivables 1 143 901The increase in trade receivables outstanding over 90 days is mainly related to the ETM project. Refer to note 26 Disputes for additional information.Trade and other current receivables by currency: 2024 2023NOK894 618SEK 441 415EUR 387 435Total current receivables (in NOK) 1 723 1 468",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__137-1": {
"value": "NOTE 16: CASH AND CASH EQUIVALENTSAmounts in NOK million2024 2023Cash and bank deposits357 369Restricted cash - -Total 357 369Restricted cash includes any employees' tax withholdings and cash deposits for rent agreements.Cash and cash equivalents per currency:Amounts in NOK million2024 2023NOK54 157SEK -57 -12EUR 360 224Total (in NOK) 357 369Negative cash in SEK is related to and netted as part of the Group\u2019s cash pool agreement with Danske Bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__135-1": {
"value": "NOTE 16: CASH AND CASH EQUIVALENTSAmounts in NOK million2024 2023Cash and bank deposits357 369Restricted cash - -Total 357 369Restricted cash includes any employees' tax withholdings and cash deposits for rent agreements.Cash and cash equivalents per currency:Amounts in NOK million2024 2023NOK54 157SEK -57 -12EUR 360 224Total (in NOK) 357 369Negative cash in SEK is related to and netted as part of the Group\u2019s cash pool agreement with Danske Bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__139": {
"value": "Accounting policy Cash and cash equivalents consist of cash, bank deposits and other short-term and highly liquid investments with a maturity of three months or less, that are readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__144-1": {
"value": "NOTE 17: SHARE CAPITAL AND SHAREHOLDER INFORMATIONNRC Group ASA has one class of shares. The total number of external shares at year-end was 171,798,302 excluding 1,156,247 own shares (2023: 72,858,574 excluding 95,975 own shares), with a nominal value of NOK 1.00 each. The share capital as of 31 December 2024 totalled NOK 172,954,549 (2023: 72,954,549).On 10 September, a private placement of new shares in the Company was completed. The Company raised NOK 200 million in gross proceeds through the private placement of 80 million new shares, at a price per share of NOK 2.50. The share capital increase was approved by an extraordinary general meeting on 2 October 2024 and the share capital increase was registered on 3 October 2024. On 6 November, a subsequent offering to shareholders at 10 September 2024 that did not participate in the private placement was completed. The Company raised NOK 50 million in gross proceeds through the subsequent offering 20 million new shares, at a price per share of NOK 2.50. The share capital increase was registered on 18 November 2024. The Group has two option programs, one for senior management and one for key employees. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms for a total of 1,500,000 and 1,200,000 shares respectively for these programs. The authorisations only apply to issuances of shares against payment in cash and is valid until 4 May 2025 and 8 May 2026 respectively. No shares have been issued under these authorisations as of 31 December 2024. Options outstanding at 31 December 2024 are 602,000 and 1,263,000 respectively. The option programs are further described in note 7.At the Annual General Meeting on 8 May 2024, the General Meeting granted the Board of Directors an authorisation to acquire shares in the Company for up to a maximum nominal value of NOK 7,295,454.90. The Board of Directors\u2019 acquisition of shares pursuant to the authorisation can only take place between a minimum price of NOK 1 and a highest price of NOK 50 per share. The authorisation applies until the Annual General Meeting in the spring of 2025, but not later than 30 June 2024. Acquisitions and disposals of treasury shares can take place in the manner found appropriate by the Board of Directors. On the general meeting 8 May 2024, the Board of Directors were authorised to increase the share capital by up to NOK 7,295,455.00, through issuance of up to 7,295,455 new shares, each with a par value of NOK 1.00. The capital increase may be paid in cash, by set-off or by contributions in assets other than money. The authorisation includes the right to incur special obligations on behalf of the company, cf. Section 10-2 of the Norwegian Public Limited Companies Act. The shareholders\u2019 pre-emptive rights pursuant to Section 10-4 of the Norwegian Public Limited Companies Act may be waived by the Board of Directors, cf. Section 10-5 of the Norwegian Public Limited Companies Act. The authorisation includes decisions on merger, cf. Section 13-5 of the Norwegian Public Limited Companies Act. The authorisation is valid from registration with the Register of Business Enterprises until the Annual General Meeting in the spring of 2025, but not later than 30 June 2025, and includes the right to change the company\u2019s Articles of Association in connection with the share capital increase. The movement in the number of shares, excluding own shares, during the year was as follows:Total number of shares on 31 December 2023 72,954,549Total number of shares on 31 December 2024 172,954,549Treasury sharesThe Company owned 95,975 treasury shares at the beginning of 2024. During 2024, the Company acquired 1,060,272 treasury shares at a total proceed of NOK 5 million. After 31 December 2024 a total of 816,941 of the shares were transferred to the employees participating in the 2024 share programme for employees. At the end of 2024, the Company owned 1,156,247 treasury shares corresponding to 0.7 % of the total number of outstanding shares. The Board of Directors has a mandate until the Annual General Meeting in the spring of 2025 and no later than 30 June 2025, to acquire up to 7,295,455 of the Company\u2019s own shares. 1,060,272 shares have been purchased under this mandate as of 31 December 2024.Ownership structureThe number of shareholders as of 31 December 2024 was 4,156, compared with 4,144 as of 31 December 2023. The percentage of issued shares held by foreign shareholders was 36.96 %, compared with 56.95 % at year-end 2023.NRC Group's 20 largest shareholders as of 31 December 2024:Rank Navn Type of account Country Stake Holding 31.12.24 Holding 31.12.231 Danske Bank A/S* Nominee Denmark 10,82 % 18 711 399 125 6162 HOLMEN SPESIALFOND Ordinary Norway 9,80 % 16 954 119 03 J.P. Morgan SE Nominee Luxembourg 8,95 % 15 474 852 7 402 7644 SKANDINAVISKA ENSKILDA BANKEN AB Ordinary Norway 8,67 % 15 000 000 05 Sbakkejord AS Ordinary Norway 4,84 % 8 366 199 1 662 1866 J.P. Morgan SE Nominee Luxembourg 4,00 % 6 923 800 07 J.P. Morgan SE Nominee Luxembourg 3,95 % 6 830 276 3 702 9098 STIFTELSEN KISTEFOS-MUSEETS DRIFTS Ordinary Norway 3,47 % 6 000 000 09 NORTH SEA GROUP AS Ordinary Norway 2,26 % 3 907 800 790 80010 HANS EIENDOM AS Ordinary Norway 1,73 % 3 000 000 011 GUNNAR KNUTSEN HOLDING AS Ordinary Norway 1,52 % 2 627 677 1 252 67712 INNOVEMUS AS Ordinary Norway 1,45 % 2 505 351 013 AVANZA BANK AB MEGLERKONTO Broker Sweden 1,37 % 2 363 760 1 197 00414 CLEARSTREAM BANKING S.A. Nominee Luxembourg 1,29 % 2 224 674 1 409 02315 NORDNET LIVSFORSIKRING AS Ordinary Norway 1,10 % 1 903 276 428 68716 J.P. Morgan SE Nominee Luxembourg 1,03 % 1 778 219 829 46017 VERDIPAPIRFONDET STOREBRAND NORGE Ordinary Norway 1,01 % 1 744 595 676 79618 SONSTAD AS Ordinary Norway 1,00 % 1 729 700 330 00019 KURT ODDVAR AUSTR\u00c5TT Ordinary Norway 0,93 % 1 613 861 511 50020 MELESIO INVEST AS Ordinary Norway 0,85 % 1 471 155 671 155Total number of shares owned by top 20 70,04 % 121 130 713 20 990 577Total number of shares 100,00 % 172 954 549 72 954 549* VR-Yhtyma Oyj has 97.98% of the shares on the Nominee account Danske Bank A/SShares held by members of the Board of Directors and executive management on 31 December 2024 including shares controlled through holding companies and related parties:Ordinary shares Share optionsRolf Jansson Chairman of the Board of Directors 145,000Eva Nygren Board member 85,460Heikki Allonen Board member 90,960Mats Williamson Board member 129,935 Tove Pettersen Board member 45,000Karin Orgland Board member 95,000Outi Henriksson Board member 45,000Anders Gustafsson CEO NRC Group 441,524 110,000\u00c5sgeir Nord CFO NRC Group 135,094 50,000Harri Lukkarinen EVP & MD NRC Group Finland 16,962 173,000Tomas Johansson EVP & MD NRC Group Sweden 15,094 50,000Lene Engebretsen EVP & Head of communications 9,259 105,000Marianne Kellmer EVP & Head of HR 19,375 64,000153,333 of the share options to the executive management were exercisable at year-end. See note 7 for further information. DividendBased on the 2024, the Board of Directors will not propose a dividend from the year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__141-1": {
"value": "NOTE 17: SHARE CAPITAL AND SHAREHOLDER INFORMATIONNRC Group ASA has one class of shares. The total number of external shares at year-end was 171,798,302 excluding 1,156,247 own shares (2023: 72,858,574 excluding 95,975 own shares), with a nominal value of NOK 1.00 each. The share capital as of 31 December 2024 totalled NOK 172,954,549 (2023: 72,954,549).On 10 September, a private placement of new shares in the Company was completed. The Company raised NOK 200 million in gross proceeds through the private placement of 80 million new shares, at a price per share of NOK 2.50. The share capital increase was approved by an extraordinary general meeting on 2 October 2024 and the share capital increase was registered on 3 October 2024. On 6 November, a subsequent offering to shareholders at 10 September 2024 that did not participate in the private placement was completed. The Company raised NOK 50 million in gross proceeds through the subsequent offering 20 million new shares, at a price per share of NOK 2.50. The share capital increase was registered on 18 November 2024. The Group has two option programs, one for senior management and one for key employees. The Board of Directors are authorised to increase the share capital and to determine the subscription price and other subscription terms for a total of 1,500,000 and 1,200,000 shares respectively for these programs. The authorisations only apply to issuances of shares against payment in cash and is valid until 4 May 2025 and 8 May 2026 respectively. No shares have been issued under these authorisations as of 31 December 2024. Options outstanding at 31 December 2024 are 602,000 and 1,263,000 respectively. The option programs are further described in note 7.At the Annual General Meeting on 8 May 2024, the General Meeting granted the Board of Directors an authorisation to acquire shares in the Company for up to a maximum nominal value of NOK 7,295,454.90. The Board of Directors\u2019 acquisition of shares pursuant to the authorisation can only take place between a minimum price of NOK 1 and a highest price of NOK 50 per share. The authorisation applies until the Annual General Meeting in the spring of 2025, but not later than 30 June 2024. Acquisitions and disposals of treasury shares can take place in the manner found appropriate by the Board of Directors. On the general meeting 8 May 2024, the Board of Directors were authorised to increase the share capital by up to NOK 7,295,455.00, through issuance of up to 7,295,455 new shares, each with a par value of NOK 1.00. The capital increase may be paid in cash, by set-off or by contributions in assets other than money. The authorisation includes the right to incur special obligations on behalf of the company, cf. Section 10-2 of the Norwegian Public Limited Companies Act. The shareholders\u2019 pre-emptive rights pursuant to Section 10-4 of the Norwegian Public Limited Companies Act may be waived by the Board of Directors, cf. Section 10-5 of the Norwegian Public Limited Companies Act. The authorisation includes decisions on merger, cf. Section 13-5 of the Norwegian Public Limited Companies Act. The authorisation is valid from registration with the Register of Business Enterprises until the Annual General Meeting in the spring of 2025, but not later than 30 June 2025, and includes the right to change the company\u2019s Articles of Association in connection with the share capital increase. The movement in the number of shares, excluding own shares, during the year was as follows:Total number of shares on 31 December 2023 72,954,549Total number of shares on 31 December 2024 172,954,549Ownership structureThe number of shareholders as of 31 December 2024 was 4,156, compared with 4,144 as of 31 December 2023. The percentage of issued shares held by foreign shareholders was 36.96 %, compared with 56.95 % at year-end 2023.NRC Group's 20 largest shareholders as of 31 December 2024:Rank Navn Type of account Country Stake Holding 31.12.24 Holding 31.12.231 Danske Bank A/S* Nominee Denmark 10,82 % 18 711 399 125 6162 HOLMEN SPESIALFOND Ordinary Norway 9,80 % 16 954 119 03 J.P. Morgan SE Nominee Luxembourg 8,95 % 15 474 852 7 402 7644 SKANDINAVISKA ENSKILDA BANKEN AB Ordinary Norway 8,67 % 15 000 000 05 Sbakkejord AS Ordinary Norway 4,84 % 8 366 199 1 662 1866 J.P. Morgan SE Nominee Luxembourg 4,00 % 6 923 800 07 J.P. Morgan SE Nominee Luxembourg 3,95 % 6 830 276 3 702 9098 STIFTELSEN KISTEFOS-MUSEETS DRIFTS Ordinary Norway 3,47 % 6 000 000 09 NORTH SEA GROUP AS Ordinary Norway 2,26 % 3 907 800 790 80010 HANS EIENDOM AS Ordinary Norway 1,73 % 3 000 000 011 GUNNAR KNUTSEN HOLDING AS Ordinary Norway 1,52 % 2 627 677 1 252 67712 INNOVEMUS AS Ordinary Norway 1,45 % 2 505 351 013 AVANZA BANK AB MEGLERKONTO Broker Sweden 1,37 % 2 363 760 1 197 00414 CLEARSTREAM BANKING S.A. Nominee Luxembourg 1,29 % 2 224 674 1 409 02315 NORDNET LIVSFORSIKRING AS Ordinary Norway 1,10 % 1 903 276 428 68716 J.P. Morgan SE Nominee Luxembourg 1,03 % 1 778 219 829 46017 VERDIPAPIRFONDET STOREBRAND NORGE Ordinary Norway 1,01 % 1 744 595 676 79618 SONSTAD AS Ordinary Norway 1,00 % 1 729 700 330 00019 KURT ODDVAR AUSTR\u00c5TT Ordinary Norway 0,93 % 1 613 861 511 50020 MELESIO INVEST AS Ordinary Norway 0,85 % 1 471 155 671 155Total number of shares owned by top 20 70,04 % 121 130 713 20 990 577Total number of shares 100,00 % 172 954 549 72 954 549* VR-Yhtyma Oyj has 97.98% of the shares on the Nominee account Danske Bank A/SShares held by members of the Board of Directors and executive management on 31 December 2024 including shares controlled through holding companies and related parties:Ordinary shares Share optionsRolf Jansson Chairman of the Board of Directors 145,000Eva Nygren Board member 85,460Heikki Allonen Board member 90,960Mats Williamson Board member 129,935 Tove Pettersen Board member 45,000Karin Orgland Board member 95,000Outi Henriksson Board member 45,000Anders Gustafsson CEO NRC Group 441,524 110,000\u00c5sgeir Nord CFO NRC Group 135,094 50,000Harri Lukkarinen EVP & MD NRC Group Finland 16,962 173,000Tomas Johansson EVP & MD NRC Group Sweden 15,094 50,000Lene Engebretsen EVP & Head of communications 9,259 105,000Marianne Kellmer EVP & Head of HR 19,375 64,000153,333 of the share options to the executive management were exercisable at year-end. See note 7 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__148": {
"value": "Accounting policy Expenses that are directly attributable to the issue of new shares less taxes are recognised against the equity as a reduction in the proceeds.Payments for the purchase of own shares are recognised as a reduction in equity and proceeds from any sale as an increase. A loss or gain is not recognised in the income statement for any purchase, sale, issue or cancellation of own shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__147": {
"value": "Treasury sharesThe Company owned 95,975 treasury shares at the beginning of 2024. During 2024, the Company acquired 1,060,272 treasury shares at a total proceed of NOK 5 million. After 31 December 2024 a total of 816,941 of the shares were transferred to the employees participating in the 2024 share programme for employees. At the end of 2024, the Company owned 1,156,247 treasury shares corresponding to 0.7 % of the total number of outstanding shares. The Board of Directors has a mandate until the Annual General Meeting in the spring of 2025 and no later than 30 June 2025, to acquire up to 7,295,455 of the Company\u2019s own shares. 1,060,272 shares have been purchased under this mandate as of 31 December 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__146": {
"value": "DividendBased on the 2024, the Board of Directors will not propose a dividend from the year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__152": {
"value": "Accounting policy The Group has several defined contribution plans. A defined contribution plan is a pension plan in which the Group pays fixed contributions to a separate entity (fund) and where the Group does not have any legal or constructive obligation to pay additional contributions if the fund does not have sufficient assets to pay all employees\u2019 benefits relating to their service in current and prior periods. The expense for each period is determined by the amounts of contributions for that period. Contributions paid in advance are recognised as an asset to the extent that the contribution can be refunded or be used to reduce future payments.The Group has a supplementary defined benefit post-employment plan in Finland, administrated by an external insurance company. Remeasurements of actuarial gains and losses on the net defined benefit liability and the return on plan assets, are recognised immediately in the statement of financial position with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.Past service costs are recognised in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognises related restructuring costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset and included in the net pension expense.The Group also has contractual retirement scheme (AFP) for a certain part of their employees in Norway. The AFP pension scheme is a defined benefit multi-employer plan that is financed though premiums paid by participating employers. Because the scheme\u2019s administrator is not providing information to identify the participating employer\u2019s share of financial position and performance with sufficient reliability, the AFP scheme is accounted for as a defined contribution scheme.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__157": {
"value": "NOTE 19: LOANS AND OTHER NON-CURRENT LIABILITIESAt 30 June 2024 the Group was in non-compliance with the interest coverage ratio and leverage ratio covenants under its bank debt facility agreement. The Group obtained a waiver from the bank for this non-compliance. During Q3 2024 new financial covenants were agreed for the bank and bond loans for periods from Q3 2024 up to and including Q3 2025. During this period the effective size of the Groups available credit facility has also been reduced. See further descriptions in the sections below.The composition of non-current and current interest-bearing liabilities is as follows: Amounts in NOK million2024 2023Interest-bearing non-current liabilities:Lease liabilities, financial agreements123 183Lease liabilities, operating agreements 135 158Bond debt 400 400Other loans and borrowings 118 172Total interest-bearing non-current liabilities 776 913Interest-bearing current liabilities:Lease liabilities, financial agreements 51 79Lease liabilities, operating agreements 95 83Loans and borrowings 58 55Total interest-bearing current liabilities 203 218The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end temporarily restricted to NOK 300 million in connection with the covenant amendments. The credit facility increases to NOK 325 million from Q2 2025 and to NOK 400 million from Q4 2025 onwards. The credit facility is subject to annual renewal.The nominal interest rate on the balance sheet date for the main agreements was as follows: NOK EUR SEKLease liabilities+5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% 3-month NIBOR* Bond debt+4.40%Bank loan3-month EURIBOR** +3.25%3-month NIBOR 3-month EURIBOR3-month STIBOR Credit facility+2.35%+2.35% +2.35%*The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period.** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2024, the margin on the bank loan started at 2.30% and ended at 3.25% at year end. The margin can be in a range of 2.45% to 3.25%. In connection with the renegotiation of waivers described above the maximum margin was increased with 0.50%. The margin is expected to remain at 3.25% at least through 2025. The renegotiation resulted in a modification loss of NOK 1.5 million that was recognized as interest expense in 2024. During 2024, the margin on the credit facility was between 1.60% and 2.35 %. The margin on the amended credit facility valid from 20 October 2023 is aligned for all currencies at 2.35% following an increase of 0.75% in connection with the covenants renegotiation and is expected to remain at that level through 2025. The reference rates NIBOR, STIBOR and EURIBOR are limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:Amounts in NOK million2024 2023NOK642 733EUR 270 342SEK 68 56Total interest-bearing liabilities 979 1,130The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2024Amounts in NOK million 1H 2025 2H 2025 2026 2027 2028 2029 2030 -> SumLeasing 92 84 176 79 53 31 25 541 Bond 16 16 33 427 - - - 493 Bank loans 35 34 64 75 - - - 209 Total 144 135 274 582 53 31 25 1 244 Hereof interest 33 30 52 37 4 2 1 159 The bond matures at 25 October 2027. The bank loan refers to the EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027.Year-end 2023Amounts in NOK million 1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267Total 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207Financial covenants The Company\u2019s bank loan and credit facility with Danske Bank ASA and the NOK 400 million senior unsecured bond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers. Certain covenants have been added, suspended or amended for parts of 2024 and 2025 as described in the tables on next page:\u2022 Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses\u2022 Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.\u2022 Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDA\u2022 Equity ratio: Equity in relation to total assets\u2022 New temporary covenant of minimum 12 months rolling EBITDA adjusted\u2022 New temporary covenant of minimum liquidity\u2022 Amended restriction on dividend distributionCovenants are tested and reported on a quarterly basis.The Group has no indication that it will have difficulty complying with these covenants during the next 12 months.Term loan and overdraft facility:Minimum 12 months Date Leverage ratio Interest coveragerolling EBITDA Minimum liquiditySuspended Suspended NOK 45 million NOK 100 million31.12.202431.03.2025 Suspended Suspended NOK 70 million NOK 100 million30.06.2025 Suspended Suspended NOK 170 million NOK 75 million30.09.2025 Suspended Suspended NOK 210 million NOK 75 million31.12.2025 <3.25 >3.00 Covenant removed Covenant removed2024 2023Condition Actual Condition Actual Interest cover ratio, term loanSuspended Suspended \u2265 3.00 14.21Leverage ratio, term loan Suspended Suspended \u2264 3.50 2.29Equity ratio, term loan > 25% 37% > 25% 47%Borrowing base*\u2264 60% of AR* 0% \u2264 60% of AR* 0%Minimum LTM EBITDA NOK 45 million NOK 60 million Not applicable Not applicableMinimum liquidity NOK 100 million NOK 756 million Not applicable Note applicable* Drawdowns on the Group\u2019s multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility must be made.Bond loan:2024 2023Condition Actual Condition Actual Interest cover ratio, bondSuspended Suspended >2.50 5.67Equity ratio, bond > 25% 37% > 25% 47%The interest cover ratio on the bond loan is suspended for financial quarters ending 30 September 2024, 31 December 2024 and 31 March 2025. For the quarters ending 30 June 2025 and 30 September 2025, the interest cover ratio shall exceed 1.50x and 2.00x respectively. Thereafter the ratio shall exceed 2.50x.The NOK 400 million bond agreement includes requirements of an incurrence test with leverage ratio < 3.5 for certain transactions such as paying dividend and taking on new loan agreements. For dividend distributions this ratio has been reduced to <2.0 for periods after 31 December 2025. Dividend distribution in 2024 and 2025 is not permitted under the agreement. No dividend is proposed for 2024.Changes in interest-bearing liabilities arising from financing activities:Amounts in NOK million2024 2023Interest-bearing liability at 1 January 1 130 1,423Net proceeds from borrowings 0 395Repayment of borrowings -57 -681Payments of lease liabilities -164 -184Leasing liabilities, net of additions, terminations and adjustments 64 124Currency adjustment 5 54Interest-bearing liability at 31 December 979 1,130",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__156-1": {
"value": "NOTE 19: LOANS AND OTHER NON-CURRENT LIABILITIESAt 30 June 2024 the Group was in non-compliance with the interest coverage ratio and leverage ratio covenants under its bank debt facility agreement. The Group obtained a waiver from the bank for this non-compliance. During Q3 2024 new financial covenants were agreed for the bank and bond loans for periods from Q3 2024 up to and including Q3 2025. During this period the effective size of the Groups available credit facility has also been reduced. See further descriptions in the sections below.The composition of non-current and current interest-bearing liabilities is as follows: Amounts in NOK million2024 2023Interest-bearing non-current liabilities:Lease liabilities, financial agreements123 183Lease liabilities, operating agreements 135 158Bond debt 400 400Other loans and borrowings 118 172Total interest-bearing non-current liabilities 776 913Interest-bearing current liabilities:Lease liabilities, financial agreements 51 79Lease liabilities, operating agreements 95 83Loans and borrowings 58 55Total interest-bearing current liabilities 203 218The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end temporarily restricted to NOK 300 million in connection with the covenant amendments. The credit facility increases to NOK 325 million from Q2 2025 and to NOK 400 million from Q4 2025 onwards. The credit facility is subject to annual renewal.The nominal interest rate on the balance sheet date for the main agreements was as follows: NOK EUR SEKLease liabilities+5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% 3-month NIBOR* Bond debt+4.40%Bank loan3-month EURIBOR** +3.25%3-month NIBOR 3-month EURIBOR3-month STIBOR Credit facility+2.35%+2.35% +2.35%*The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period.** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2024, the margin on the bank loan started at 2.30% and ended at 3.25% at year end. The margin can be in a range of 2.45% to 3.25%. In connection with the renegotiation of waivers described above the maximum margin was increased with 0.50%. The margin is expected to remain at 3.25% at least through 2025. The renegotiation resulted in a modification loss of NOK 1.5 million that was recognized as interest expense in 2024. During 2024, the margin on the credit facility was between 1.60% and 2.35 %. The margin on the amended credit facility valid from 20 October 2023 is aligned for all currencies at 2.35% following an increase of 0.75% in connection with the covenants renegotiation and is expected to remain at that level through 2025. The reference rates NIBOR, STIBOR and EURIBOR are limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:Amounts in NOK million2024 2023NOK642 733EUR 270 342SEK 68 56Total interest-bearing liabilities 979 1,130The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2024Amounts in NOK million 1H 2025 2H 2025 2026 2027 2028 2029 2030 -> SumLeasing 92 84 176 79 53 31 25 541 Bond 16 16 33 427 - - - 493 Bank loans 35 34 64 75 - - - 209 Total 144 135 274 582 53 31 25 1 244 Hereof interest 33 30 52 37 4 2 1 159 The bond matures at 25 October 2027. The bank loan refers to the EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027.Year-end 2023Amounts in NOK million 1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267Total 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207Financial covenants The Company\u2019s bank loan and credit facility with Danske Bank ASA and the NOK 400 million senior unsecured bond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers. Certain covenants have been added, suspended or amended for parts of 2024 and 2025 as described in the tables on next page:\u2022 Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses\u2022 Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.\u2022 Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDA\u2022 Equity ratio: Equity in relation to total assets\u2022 New temporary covenant of minimum 12 months rolling EBITDA adjusted\u2022 New temporary covenant of minimum liquidity\u2022 Amended restriction on dividend distributionCovenants are tested and reported on a quarterly basis.The Group has no indication that it will have difficulty complying with these covenants during the next 12 months.Term loan and overdraft facility:Minimum 12 months Date Leverage ratio Interest coveragerolling EBITDA Minimum liquiditySuspended Suspended NOK 45 million NOK 100 million31.12.202431.03.2025 Suspended Suspended NOK 70 million NOK 100 million30.06.2025 Suspended Suspended NOK 170 million NOK 75 million30.09.2025 Suspended Suspended NOK 210 million NOK 75 million31.12.2025 <3.25 >3.00 Covenant removed Covenant removed2024 2023Condition Actual Condition Actual Interest cover ratio, term loanSuspended Suspended \u2265 3.00 14.21Leverage ratio, term loan Suspended Suspended \u2264 3.50 2.29Equity ratio, term loan > 25% 37% > 25% 47%Borrowing base*\u2264 60% of AR* 0% \u2264 60% of AR* 0%Minimum LTM EBITDA NOK 45 million NOK 60 million Not applicable Not applicableMinimum liquidity NOK 100 million NOK 756 million Not applicable Note applicable* Drawdowns on the Group\u2019s multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility must be made.Bond loan:2024 2023Condition Actual Condition Actual Interest cover ratio, bondSuspended Suspended >2.50 5.67Equity ratio, bond > 25% 37% > 25% 47%The interest cover ratio on the bond loan is suspended for financial quarters ending 30 September 2024, 31 December 2024 and 31 March 2025. For the quarters ending 30 June 2025 and 30 September 2025, the interest cover ratio shall exceed 1.50x and 2.00x respectively. Thereafter the ratio shall exceed 2.50x.The NOK 400 million bond agreement includes requirements of an incurrence test with leverage ratio < 3.5 for certain transactions such as paying dividend and taking on new loan agreements. For dividend distributions this ratio has been reduced to <2.0 for periods after 31 December 2025. Dividend distribution in 2024 and 2025 is not permitted under the agreement. No dividend is proposed for 2024.Changes in interest-bearing liabilities arising from financing activities:Amounts in NOK million2024 2023Interest-bearing liability at 1 January 1 130 1,423Net proceeds from borrowings 0 395Repayment of borrowings -57 -681Payments of lease liabilities -164 -184Leasing liabilities, net of additions, terminations and adjustments 64 124Currency adjustment 5 54Interest-bearing liability at 31 December 979 1,130NOTE 20: OTHER CURRENT LIABILITIES Amounts in NOK million2024 2023Accrued salaries etc256 265Accrued project expenses 88 105Provisions 86 15Other current liabilities 159 73Total 589 458",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__155": {
"value": "NOTE 19: LOANS AND OTHER NON-CURRENT LIABILITIESAt 30 June 2024 the Group was in non-compliance with the interest coverage ratio and leverage ratio covenants under its bank debt facility agreement. The Group obtained a waiver from the bank for this non-compliance. During Q3 2024 new financial covenants were agreed for the bank and bond loans for periods from Q3 2024 up to and including Q3 2025. During this period the effective size of the Groups available credit facility has also been reduced. See further descriptions in the sections below.The composition of non-current and current interest-bearing liabilities is as follows: Amounts in NOK million2024 2023Interest-bearing non-current liabilities:Lease liabilities, financial agreements123 183Lease liabilities, operating agreements 135 158Bond debt 400 400Other loans and borrowings 118 172Total interest-bearing non-current liabilities 776 913Interest-bearing current liabilities:Lease liabilities, financial agreements 51 79Lease liabilities, operating agreements 95 83Loans and borrowings 58 55Total interest-bearing current liabilities 203 218The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end temporarily restricted to NOK 300 million in connection with the covenant amendments. The credit facility increases to NOK 325 million from Q2 2025 and to NOK 400 million from Q4 2025 onwards. The credit facility is subject to annual renewal.The nominal interest rate on the balance sheet date for the main agreements was as follows: NOK EUR SEKLease liabilities+5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% 3-month NIBOR* Bond debt+4.40%Bank loan3-month EURIBOR** +3.25%3-month NIBOR 3-month EURIBOR3-month STIBOR Credit facility+2.35%+2.35% +2.35%*The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period.** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2024, the margin on the bank loan started at 2.30% and ended at 3.25% at year end. The margin can be in a range of 2.45% to 3.25%. In connection with the renegotiation of waivers described above the maximum margin was increased with 0.50%. The margin is expected to remain at 3.25% at least through 2025. The renegotiation resulted in a modification loss of NOK 1.5 million that was recognized as interest expense in 2024. During 2024, the margin on the credit facility was between 1.60% and 2.35 %. The margin on the amended credit facility valid from 20 October 2023 is aligned for all currencies at 2.35% following an increase of 0.75% in connection with the covenants renegotiation and is expected to remain at that level through 2025. The reference rates NIBOR, STIBOR and EURIBOR are limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:Amounts in NOK million2024 2023NOK642 733EUR 270 342SEK 68 56Total interest-bearing liabilities 979 1,130The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2024Amounts in NOK million 1H 2025 2H 2025 2026 2027 2028 2029 2030 -> SumLeasing 92 84 176 79 53 31 25 541 Bond 16 16 33 427 - - - 493 Bank loans 35 34 64 75 - - - 209 Total 144 135 274 582 53 31 25 1 244 Hereof interest 33 30 52 37 4 2 1 159 The bond matures at 25 October 2027. The bank loan refers to the EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027.Year-end 2023Amounts in NOK million 1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267Total 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207Financial covenants The Company\u2019s bank loan and credit facility with Danske Bank ASA and the NOK 400 million senior unsecured bond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers. Certain covenants have been added, suspended or amended for parts of 2024 and 2025 as described in the tables on next page:\u2022 Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses\u2022 Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.\u2022 Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDA\u2022 Equity ratio: Equity in relation to total assets\u2022 New temporary covenant of minimum 12 months rolling EBITDA adjusted\u2022 New temporary covenant of minimum liquidity\u2022 Amended restriction on dividend distributionCovenants are tested and reported on a quarterly basis.The Group has no indication that it will have difficulty complying with these covenants during the next 12 months.Term loan and overdraft facility:Minimum 12 months Date Leverage ratio Interest coveragerolling EBITDA Minimum liquiditySuspended Suspended NOK 45 million NOK 100 million31.12.202431.03.2025 Suspended Suspended NOK 70 million NOK 100 million30.06.2025 Suspended Suspended NOK 170 million NOK 75 million30.09.2025 Suspended Suspended NOK 210 million NOK 75 million31.12.2025 <3.25 >3.00 Covenant removed Covenant removed2024 2023Condition Actual Condition Actual Interest cover ratio, term loanSuspended Suspended \u2265 3.00 14.21Leverage ratio, term loan Suspended Suspended \u2264 3.50 2.29Equity ratio, term loan > 25% 37% > 25% 47%Borrowing base*\u2264 60% of AR* 0% \u2264 60% of AR* 0%Minimum LTM EBITDA NOK 45 million NOK 60 million Not applicable Not applicableMinimum liquidity NOK 100 million NOK 756 million Not applicable Note applicable* Drawdowns on the Group\u2019s multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility must be made.Bond loan:2024 2023Condition Actual Condition Actual Interest cover ratio, bondSuspended Suspended >2.50 5.67Equity ratio, bond > 25% 37% > 25% 47%The interest cover ratio on the bond loan is suspended for financial quarters ending 30 September 2024, 31 December 2024 and 31 March 2025. For the quarters ending 30 June 2025 and 30 September 2025, the interest cover ratio shall exceed 1.50x and 2.00x respectively. Thereafter the ratio shall exceed 2.50x.The NOK 400 million bond agreement includes requirements of an incurrence test with leverage ratio < 3.5 for certain transactions such as paying dividend and taking on new loan agreements. For dividend distributions this ratio has been reduced to <2.0 for periods after 31 December 2025. Dividend distribution in 2024 and 2025 is not permitted under the agreement. No dividend is proposed for 2024.Changes in interest-bearing liabilities arising from financing activities:Amounts in NOK million2024 2023Interest-bearing liability at 1 January 1 130 1,423Net proceeds from borrowings 0 395Repayment of borrowings -57 -681Payments of lease liabilities -164 -184Leasing liabilities, net of additions, terminations and adjustments 64 124Currency adjustment 5 54Interest-bearing liability at 31 December 979 1,130",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__154": {
"value": "NOTE 19: LOANS AND OTHER NON-CURRENT LIABILITIESAt 30 June 2024 the Group was in non-compliance with the interest coverage ratio and leverage ratio covenants under its bank debt facility agreement. The Group obtained a waiver from the bank for this non-compliance. During Q3 2024 new financial covenants were agreed for the bank and bond loans for periods from Q3 2024 up to and including Q3 2025. During this period the effective size of the Groups available credit facility has also been reduced. See further descriptions in the sections below.The composition of non-current and current interest-bearing liabilities is as follows: Amounts in NOK million2024 2023Interest-bearing non-current liabilities:Lease liabilities, financial agreements123 183Lease liabilities, operating agreements 135 158Bond debt 400 400Other loans and borrowings 118 172Total interest-bearing non-current liabilities 776 913Interest-bearing current liabilities:Lease liabilities, financial agreements 51 79Lease liabilities, operating agreements 95 83Loans and borrowings 58 55Total interest-bearing current liabilities 203 218The interest-bearing debt has variable interest rates or interest adjustment clauses that are shorter than three months at any given time. Since the debt can be repaid, other than the bond, at the time when the interest rate is regulated, the difference between the fair value and carrying amount will be small and insignificant.Additionally, the Group has an unused credit facility of NOK 400 million at year-end temporarily restricted to NOK 300 million in connection with the covenant amendments. The credit facility increases to NOK 325 million from Q2 2025 and to NOK 400 million from Q4 2025 onwards. The credit facility is subject to annual renewal.The nominal interest rate on the balance sheet date for the main agreements was as follows: NOK EUR SEKLease liabilities+5.50% - 6.50% +5.10% - 5.80% +4.05% - 4.80% 3-month NIBOR* Bond debt+4.40%Bank loan3-month EURIBOR** +3.25%3-month NIBOR 3-month EURIBOR3-month STIBOR Credit facility+2.35%+2.35% +2.35%*The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period.** Minimum zeroThe margins on the bank loan and credit facility depend on the leverage ratio (net interest-bearing debt divided by adjusted EBITDA). During 2024, the margin on the bank loan started at 2.30% and ended at 3.25% at year end. The margin can be in a range of 2.45% to 3.25%. In connection with the renegotiation of waivers described above the maximum margin was increased with 0.50%. The margin is expected to remain at 3.25% at least through 2025. The renegotiation resulted in a modification loss of NOK 1.5 million that was recognized as interest expense in 2024. During 2024, the margin on the credit facility was between 1.60% and 2.35 %. The margin on the amended credit facility valid from 20 October 2023 is aligned for all currencies at 2.35% following an increase of 0.75% in connection with the covenants renegotiation and is expected to remain at that level through 2025. The reference rates NIBOR, STIBOR and EURIBOR are limited at minimum zero.Carrying amount of non-current and current interest-bearing liabilities:Amounts in NOK million2024 2023NOK642 733EUR 270 342SEK 68 56Total interest-bearing liabilities 979 1,130The undiscounted maturity structure of the NRC Group\u2019s current and non-current interest-bearing liabilities including estimated interest expenses where applicable is as follows:Year-end 2024Amounts in NOK million 1H 2025 2H 2025 2026 2027 2028 2029 2030 -> SumLeasing 92 84 176 79 53 31 25 541 Bond 16 16 33 427 - - - 493 Bank loans 35 34 64 75 - - - 209 Total 144 135 274 582 53 31 25 1 244 Hereof interest 33 30 52 37 4 2 1 159 The bond matures at 25 October 2027. The bank loan refers to the EUR facility with Danske Bank with quarterly instalments of EUR 1.2 million and final settlement on 1 July 2027.Year-end 2023Amounts in NOK million 1H 2024 2H 2024 2025 2026 2027 2028 2029 -> SumLeasing93 88 140 98 52 38 45 552Bond 16 16 33 33 427 - - 526Bank loans 35 34 65 62 72 - - 267Total 144 138 238 192 550 38 45 1,345Hereof interest 34 31 55 47 35 3 2 207Financial covenants The Company\u2019s bank loan and credit facility with Danske Bank ASA and the NOK 400 million senior unsecured bond contain certain financial conditions based on the facility agreements that may not be directly related to reported IFRS numbers. Certain covenants have been added, suspended or amended for parts of 2024 and 2025 as described in the tables on next page:\u2022 Interest cover ratio (related to term loan agreement)): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses\u2022 Interest coverage ratio (related to bond loan agreement): 12 months rolling EBITDA (adjusted for acquisition costs and certain non-recurring items) divided by the 12 months rolling net financial expenses.\u2022 Leverage ratio: Net interest-bearing debt in relation to adjusted 12 months rolling EBITDA\u2022 Equity ratio: Equity in relation to total assets\u2022 New temporary covenant of minimum 12 months rolling EBITDA adjusted\u2022 New temporary covenant of minimum liquidity\u2022 Amended restriction on dividend distributionCovenants are tested and reported on a quarterly basis.The Group has no indication that it will have difficulty complying with these covenants during the next 12 months.Term loan and overdraft facility:Minimum 12 months Date Leverage ratio Interest coveragerolling EBITDA Minimum liquiditySuspended Suspended NOK 45 million NOK 100 million31.12.202431.03.2025 Suspended Suspended NOK 70 million NOK 100 million30.06.2025 Suspended Suspended NOK 170 million NOK 75 million30.09.2025 Suspended Suspended NOK 210 million NOK 75 million31.12.2025 <3.25 >3.00 Covenant removed Covenant removed2024 2023Condition Actual Condition Actual Interest cover ratio, term loanSuspended Suspended \u2265 3.00 14.21Leverage ratio, term loan Suspended Suspended \u2264 3.50 2.29Equity ratio, term loan > 25% 37% > 25% 47%Borrowing base*\u2264 60% of AR* 0% \u2264 60% of AR* 0%Minimum LTM EBITDA NOK 45 million NOK 60 million Not applicable Not applicableMinimum liquidity NOK 100 million NOK 756 million Not applicable Note applicable* Drawdowns on the Group\u2019s multi-currency overdraft facility can maximum be 60% of last month\u2019s book value of the Group\u2019s accounts receivables (AR). Minimum twice a year, clean-downs the overdraft facility must be made.Bond loan:2024 2023Condition Actual Condition Actual Interest cover ratio, bondSuspended Suspended >2.50 5.67Equity ratio, bond > 25% 37% > 25% 47%The interest cover ratio on the bond loan is suspended for financial quarters ending 30 September 2024, 31 December 2024 and 31 March 2025. For the quarters ending 30 June 2025 and 30 September 2025, the interest cover ratio shall exceed 1.50x and 2.00x respectively. Thereafter the ratio shall exceed 2.50x.The NOK 400 million bond agreement includes requirements of an incurrence test with leverage ratio < 3.5 for certain transactions such as paying dividend and taking on new loan agreements. For dividend distributions this ratio has been reduced to <2.0 for periods after 31 December 2025. Dividend distribution in 2024 and 2025 is not permitted under the agreement. No dividend is proposed for 2024.Changes in interest-bearing liabilities arising from financing activities:Amounts in NOK million2024 2023Interest-bearing liability at 1 January 1 130 1,423Net proceeds from borrowings 0 395Repayment of borrowings -57 -681Payments of lease liabilities -164 -184Leasing liabilities, net of additions, terminations and adjustments 64 124Currency adjustment 5 54Interest-bearing liability at 31 December 979 1,130",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__160": {
"value": "NOTE 20: OTHER CURRENT LIABILITIES Amounts in NOK million2024 2023Accrued salaries etc256 265Accrued project expenses 88 105Provisions 86 15Other current liabilities 159 73Total 589 458",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__159": {
"value": "NOTE 20: OTHER CURRENT LIABILITIES Amounts in NOK million2024 2023Accrued salaries etc256 265Accrued project expenses 88 105Provisions 86 15Other current liabilities 159 73Total 589 458",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__163-1": {
"value": "NOTE 21: PROVISIONSWarranty Provisions for Restructuring Total Amounts in NOK millionprovisionsloss-making projectsprovisionsprovisionsOpening Balance 1 January 20248 6 2 15Arising during the year 14 46 18 77Utilised -1 -4 -2 -7Closing Balance 31 December 2024 21 48 18 86Included in restructuring provisions is NOK 9 million accrued for future environmental rehabilitation expenses related to a production plant in Finland. There are two mutually excluding alternatives for the extent of rehabilitation work that need to be undertaken. The Group has accrued for the future probable scenario. An alternative and considerably more costly alternative has been sketched by the Finnish Centre for Economic Development, Transport and the Environment (ELY). The Group considers the likelihood of implementation of the high-cost alternative to be remote. Warranty Provisions for Restructuring Total Amounts in NOK millionprovisionsloss-making projectsprovisionsprovisionsOpening Balance 1 January 20235 15 0 20Translation differences 0 1 0 1Acquisitions 1 3 2 6Arising during the year 3 1 0 4Utilised -1 -13 0 -13Unused amounts reversed -1 -2 0 -2Closing Balance 31 December 2023 8 6 2 15",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__165": {
"value": "Accounting policy Claims and disputes The Group recognises provisions when there is a present legal or constructive obligation as a result of past events, it is probable that the obligation will be settled by a transfer of economic resources, and a reliable estimate can be made of the amount of the obligation.Contingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.Warranty Provisions for warranty-related costs are recognised when the project is delivered to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__166-1": {
"value": "Accounting policyContingent liabilities are not recognised unless assumed in a business combination. Contingent liabilities assumed in a business combination are initially measured at fair value. Subsequently, it is measured at the higher of the best estimate of the expenditure required to settle the obligation and the amount initially recognised less (when appropriate) cumulative amortisation recognised in accordance with the requirements for revenue recognition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__171": {
"value": "NOTE 22: PLEDGED ASSETS, GUARANTEES AND SECURITY Bank loans amounting to EUR 16 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP, Signal och Banbyggarna i Dalarna AB, NRC Group Maskin Sverige AB, NRC Vedlikehold AS and Asker Milj\u00f8park AS, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,127 million. Leasing liabilities amounting to NOK 404 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 427 million. The Group has framework guarantee agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 337 million out of NOK 450 million), Nordic Guarantee (utilised NOK 198 million out of NOK 400 million), Liberty Mutual (utilised NOK 68 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 30 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 15.9 million of EUR 26.3 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 78 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__170": {
"value": "NOTE 22: PLEDGED ASSETS, GUARANTEES AND SECURITY Bank loans amounting to EUR 16 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP, Signal och Banbyggarna i Dalarna AB, NRC Group Maskin Sverige AB, NRC Vedlikehold AS and Asker Milj\u00f8park AS, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,127 million. Leasing liabilities amounting to NOK 404 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 427 million. The Group has framework guarantee agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 337 million out of NOK 450 million), Nordic Guarantee (utilised NOK 198 million out of NOK 400 million), Liberty Mutual (utilised NOK 68 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 30 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 15.9 million of EUR 26.3 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 78 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__169": {
"value": "NOTE 22: PLEDGED ASSETS, GUARANTEES AND SECURITY Bank loans amounting to EUR 16 million and an unused credit facility of NOK 400 million are secured by pledge over shares in subsidiaries, other than GSP, Signal och Banbyggarna i Dalarna AB, NRC Group Maskin Sverige AB, NRC Vedlikehold AS and Asker Milj\u00f8park AS, amounting to NOK 2,000 million, receivables, inventory and operating equipment amounting to NOK 500 million per entity and intra-group loans of NOK 2,000 million. Total book value of receivables and inventory amounts to NOK 1,127 million. Leasing liabilities amounting to NOK 404 million are secured by way of the underlying assets for which the legal ownership is kept by the lease counterpart. Total book value of right-of-use assets amounts to NOK 427 million. The Group has framework guarantee agreements with Tryg Garanti/ Tryg Forsikring A/S (utilised NOK 337 million out of NOK 450 million), Nordic Guarantee (utilised NOK 198 million out of NOK 400 million), Liberty Mutual (utilised NOK 68 million out of NOK 200 million), Euler Hermes Norge (utilised NOK 30 million out of NOK 200 million), Garantia Insurance Company Ltd (utilised EUR 15.9 million of EUR 26.3 million) and Standard Garanti Forsikring AS (utilised NOK 9 million out of NOK 9 million). The Group also has framework agreements with Atlas Garanti AS (NOK 100 million) and IAM Insurance AS (NOK 100 million) that are not utilised. Guarantees are issued as collateral for the fulfilment of the Group\u2019s contractual obligations. These could be based on contract performance, prepayments, warranty obligations, withholding taxes and similar. In addition, the Group have issued parent company guarantees of a total amount of NOK 78 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__174-1": {
"value": "NOTE 23: FAIR VALUE OF ASSETS AND LIABILITIES, ANDFINANCIAL ASSETS PER CATEGORYThere are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments Balance Financial Financial Financial Financial per categorysheet on 31 assets at assets at liabilities liabilities at Non-finan- Amounts in NOK millionDecember 2024fair value amortised costat fair valueamortised costcial itemNon-current financial assets3 2 1 Total inventories 25 25Trade receivables 1 102 1 102 Contract assets 393 393 Other current receivables 228 13 215Cash & cash equivalents 357 357 Assets held for sale 36 36 Total 2 144 2 1 901 0 0 240Pension obligations 6 6Non-current financial liabilities 0Interest-bearing non- current liabilities776 776Deferred tax 0Other non-current liabilities 0Interest-bearing current liabilities 203 203Trade payables 480 480Contract liabilities 536 536Public fees payable 259 259Tax payable 5 5Other current liabilities 591 591Liabilities directly associated with assets held for sale 34 34 Total 2 892 0 0 0 1 494 1 399Financial instruments Balance Financial Financial Financial Financial per categorysheet on 31 assets at assets at liabilities liabilities at Non-finan- Amounts in NOK millionDecember 2023fair value amortised costat fair valueamortised costcial itemNon-current financial assets1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369Total 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non- current liabilities 913 913Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457Total 2,712 0 0 7 1,702 1,002Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20230 0 0 0Financial assets at fair value through profit or lossDerivatives defined as hedging instruments0 0 2 2Total at 31 December 2024 0 0 2 2Financial liabilities at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments7 7Total at 31 December 2023 0 0 7 7Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20240 0 0 0The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201cnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__179": {
"value": "Accounting policy Financial instrumentsFinancial assetFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred. At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from the asset have expired.Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__187-1": {
"value": "Accounting policyAt initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price.Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__185-1": {
"value": "Accounting policyFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__183-1": {
"value": "Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss.Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__180": {
"value": "Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, at fair value through other comprehensive income (OCI) or fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them.All material financial assets are measured at amortised cost. In general, financial assets are recognised initially at fair value plus transaction costs and are subsequently measured at amortised cost using the effective interest rate method, less provision for losses that have been incurred. At initial recognition, trade and other receivables that do not have a significant financing component are measured at their transaction price. Financial assets measured at amortised cost are financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that are solely payments of principal and interest on the principal amount outstanding. This category includes the Group\u2019s trade and other receivables, contract assets, any loans included under other non-current financial assets and cash and cash equivalents.For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses. The Group recognises a loss provision at each reporting date for the total expected credit loss based on individual assessments of specific trade receivables and contract assets.Financial assets are derecognised when the rights to receive cash flows from the asset have expired.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__190-1": {
"value": "Financial assets are derecognised when the rights to receive cash flows from the asset have expired.A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__181": {
"value": "Financial liabilitiesFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.Most relevant to the Group is loans and borrowings or payables and consists of current and non-current interest-bearing loans, lease liability and trade and other payables. Financial liabilities are recognised initially at fair value net of directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest rate method. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Loans are classified as current liabilities unless there is an unconditional right to defer payment of the debt by more than 12 months from the date of the balance sheet. Trade and other payables are classified as current if payment is due within one year or less. Otherwise, they are classified as non-current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__192": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__182": {
"value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest risk. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.For the purpose of hedge accounting, hedges are classified as:\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__193": {
"value": "For the purpose of hedge accounting, hedges are classified as:\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.For cash flow hedges, the effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value of the hedged item.Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as OCI while any gains or losses relating to the ineffective portion are recognised in the statement of profit or loss. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__177": {
"value": "There are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments Balance Financial Financial Financial Financial per categorysheet on 31 assets at assets at liabilities liabilities at Non-finan- Amounts in NOK millionDecember 2024fair value amortised costat fair valueamortised costcial itemNon-current financial assets3 2 1 Total inventories 25 25Trade receivables 1 102 1 102 Contract assets 393 393 Other current receivables 228 13 215Cash & cash equivalents 357 357 Assets held for sale 36 36 Total 2 144 2 1 901 0 0 240Pension obligations 6 6Non-current financial liabilities 0Interest-bearing non- current liabilities776 776Deferred tax 0Other non-current liabilities 0Interest-bearing current liabilities 203 203Trade payables 480 480Contract liabilities 536 536Public fees payable 259 259Tax payable 5 5Other current liabilities 591 591Liabilities directly associated with assets held for sale 34 34 Total 2 892 0 0 0 1 494 1 399Financial instruments Balance Financial Financial Financial Financial per categorysheet on 31 assets at assets at liabilities liabilities at Non-finan- Amounts in NOK millionDecember 2023fair value amortised costat fair valueamortised costcial itemNon-current financial assets1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369Total 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non- current liabilities 913 913Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457Total 2,712 0 0 7 1,702 1,002Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20230 0 0 0Financial assets at fair value through profit or lossDerivatives defined as hedging instruments0 0 2 2Total at 31 December 2024 0 0 2 2Financial liabilities at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments7 7Total at 31 December 2023 0 0 7 7Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20240 0 0 0The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201cnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__176": {
"value": "There are no material differences between the fair value and carrying value of financial assets and liabilities.Financial instruments Balance Financial Financial Financial Financial per categorysheet on 31 assets at assets at liabilities liabilities at Non-finan- Amounts in NOK millionDecember 2024fair value amortised costat fair valueamortised costcial itemNon-current financial assets3 2 1 Total inventories 25 25Trade receivables 1 102 1 102 Contract assets 393 393 Other current receivables 228 13 215Cash & cash equivalents 357 357 Assets held for sale 36 36 Total 2 144 2 1 901 0 0 240Pension obligations 6 6Non-current financial liabilities 0Interest-bearing non- current liabilities776 776Deferred tax 0Other non-current liabilities 0Interest-bearing current liabilities 203 203Trade payables 480 480Contract liabilities 536 536Public fees payable 259 259Tax payable 5 5Other current liabilities 591 591Liabilities directly associated with assets held for sale 34 34 Total 2 892 0 0 0 1 494 1 399Financial instruments Balance Financial Financial Financial Financial per categorysheet on 31 assets at assets at liabilities liabilities at Non-finan- Amounts in NOK millionDecember 2023fair value amortised costat fair valueamortised costcial itemNon-current financial assets1 1Total inventories 35 35Trade receivables 895 895Contract assets 379 379Other current receivables 195 30 165Cash & cash equivalents 369 369Total 1,874 1,673 0 0 200Pension obligations 9 9Non-current financial liabilities 7 7Interest-bearing non- current liabilities 913 913Interest-bearing current liabilities 218 218Trade payables 572 572Contract liabilities 341 341Public fees payable 194 194Tax payable 1 1Other current liabilities 457 457Total 2,712 0 0 7 1,702 1,002Non-financial assets and liabilities include contract liabilities, advance payments, accruals and provisions.The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20230 0 0 0Financial assets at fair value through profit or lossDerivatives defined as hedging instruments0 0 2 2Total at 31 December 2024 0 0 2 2Financial liabilities at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments7 7Total at 31 December 2023 0 0 7 7Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20240 0 0 0The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201cnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__178": {
"value": "The table below analyses financial instruments recorded at fair value according to valuation method. The different levels are defined as follows:Level 1: Fair value is measured using quoted prices from active markets for identical financial instruments. No adjustment is made for these prices.Level 2: Fair value is measured using other observable input than that used in level 1, either directly (prices) or indirectly (derived from the prices).Level 3: Fair value is measured using input that is not based on observable market data.Financial assets at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20230 0 0 0Financial assets at fair value through profit or lossDerivatives defined as hedging instruments0 0 2 2Total at 31 December 2024 0 0 2 2Financial liabilities at fair value: Level 1 Level 2 Level 3 TotalFinancial assets at fair value through profit or lossDerivatives defined as hedging instruments7 7Total at 31 December 2023 0 0 7 7Financial assets at fair value through profit or lossDerivatives defined as hedging instrumentsTotal at 31 December 20240 0 0 0The carrying value of cash and cash equivalents and liabilities to credit institutions is virtually the same as their fair value since these instruments have a short maturity term. Correspondingly, the carrying value of trade receivables and trade payables are virtually the same as the fair value, as they are agreed upon under \u201cnormal\u201d terms. This also applies to unpaid government charges, tax payable and current liabilities. A large proportion of non-current liabilities has variable interest rates and continuous interest rate adjustment, and therefore the carrying value is substantially the same as the fair value. The fair value of the group\u2019s interest rate hedge per year-end is estimated using the forward rate on the balance sheet date and is confirmed by the financial institution with which the agreement is signed. For more information about the hedging instruments, please refer to note 24.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__195": {
"value": "NOTE 24: FINANCIAL RISK The Group activities involve various types of financial risk: market risk (currency and interest rate), credit risk and liquidity risk. A Group risk management policy for hedging is implemented to manage this risk, and the Group has a central finance department to carry out the risk management in close cooperation with the subsidiaries. The Group\u2019s senior management oversees the management of these risks. The purpose of risk management is to minimise any potentially negative impact on the Group\u2019s financial results.Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk most relevant to the Group comprises currency risk and interest rate.a. Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries.The Group focuses on reducing any foreign currency risk associated with cash flows, and on reducing the foreign currency risk associated with assets and liabilities. The subsidiaries in general have revenue and expenses in the same currency, and this substantially reduces the Group\u2019s cash flow exposure to a single currency. The finance department carries out assessments of the need for any hedging of currency risk in cash flows, based on a group hedging policy.The EUR 16 million loan in Danske Bank hedges the net investment in Finland. Net foreign exchange gains totalled NOK 0 million in 2024 (2023: NOK 1 million).The NOK/SEK rate of exchange as of 31 December 2024 was 1.021 (2023: 1.013), while the average of the monthly average rates used to translate the income statement was 1.017 (2023: 0.9984). The NOK/EUR rate of exchange as of 31 December 2024 was 11.795 (2023: 11.2405), while the average of the monthly average rates used to translate the income statement was 11.625 (2023: 11.4549).The following tables demonstrate the sensitivity to a reasonably possible change in SEK and EUR exchange rates, with all other variables held constant. The main sensitivities are related to translation of loans and net investments in subsidiaries. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.Amounts in NOK million2024 2023Change in SEK rate -5% -5 %Effect on net income 0 2 Effect on equity -22 -21 Effect on net interest-bearing debt 3 3 Change in EUR rate -5% -5 %Effect on net income 9 -4 Effect on equity -37 -56 Effect on net interest-bearing debt 6 6 b. Interest rate riskThe Group has interest-bearing debt as described in note 19. The Group has a loan agreement with Danske Bank, a 5-year bond, and operational and financial leases being interest-bearing. The total cash position nets off some of the interest rate risk. The NOK 400 million bond issued in October 2023 carries an interest of 3 months NIBOR + 4.40% until maturity 25 October 2027. The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period using an interest rate swap. The bond creates an exposure to pay 3 months NIBOR interest on the NOK 400 million notional. The interest rate swap on the same notional creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable of 3.843%. As the interest rate swap is based on the same notional, settlement dates and maturity as the bond, the hedge ratio is 100%. The fair value of the interest rate swap was NOK 3 million at year-end (2023: NOK -7 million). The net effect interest rate swap related to the old bond and the interest swap related to the new bond impacts OCI negatively with NOK 8 million in 2024 (NOK 17 million in positive effect in 2023).Net interest expense for 2024 amounts to NOK 78 million (2023: NOK 59 million). An increase in interest rate of 1 percentage point would have increased interest on debt by approximately NOK 10 million in 2024 (2023: NOK 8 million).Credit riskCredit risk in connection with sales to customers is managed within the subsidiaries, and at group level for major projects. Credit risk is monitored by the subsidiaries and at group level. The Group has guidelines for new contracts that focus on various elements, all of which shall contribute to early payments from the customer.83% of the revenues for 2024 were to customers that are municipalities or government agencies, or companies or institutions where municipalities or government agencies have a dominant influence. The Group considers the risk of potential future losses from this type of customer to be low. The Group has not entered any transactions that involve financial derivatives or other financial instruments to mitigate credit risks.As of 31 December 2024, the Group has provisions of NOK 42 million (2023: NOK 6 million) for potential future losses on specific trade receivables. The loss provision represents the total expected credit loss based on individual assessments of specific trade receivables at the reporting date. The age distribution of the Group\u2019s trade receivables is specified in Note 15.The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 23.Liquidity riskLiquidity risk is the risk that the Group will be unable to meet its financial obligations when they are due, and that financing will not be available at a reasonable price. The central management team and the local managers of subsidiaries monitor the Group\u2019s liquid resources and credit facilities through revolving forecasts based on the expected cash flow. The Group\u2019s operations are impacted by seasonal fluctuations, since a large portion of the Group\u2019s operations consist of railroad work. Railroad work is performed to a lesser extent in winter during frost and when the surface of the earth is covered in snow. The Group normally ties up working capital when the activity is increasing. In addition, the overall cash flow is impacted by intramonth volatility, working capital volatility and payment profiles in specific projects, underlying profitability, investment activity and financial cash flows.The Group had NOK 757 million in liquid reserves at the end of the year, compared with NOK 769 million in liquid reserves at the end of the previous year. Restricted bank deposits totalled NOK 0 million (2023: NOK 0 million) and total cash were NOK 357 million (2023: NOK 369 million). Included in liquid reserves is an unused credit facility of NOK 400 million. Total short-term interest-bearing debt including leasing liabilities at the year-end that are due to be paid during 2024 amounts to NOK 203 million (2023: NOK 218 million to be paid in 2024).Moreover, the Group has total current liabilities excluding interest-bearing debt as of 31 December 2024, totalling NOK 2,075 million (2023: NOK 1,562 million). Total current assets amounted to NOK 2,105 million compared to NOK 1,873 million last year.Capital managementThe purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations and provide shareholders with a return according to our dividend policy.The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangements as well as working capital needs and to provide necessary funds for dividend payment. The long-term ambition is to have a leverage ratio below 2.5. Due to losses incurred in 2024 the ratio at year end was 6.5 It is expected that the leverage ratio will drop significantly after Q1 2025. Refer to note 19 Loans and other non-current liabilities for information on financial covenants.The Group manages its capital structure and makes changes based on an ongoing assessment of the current economic condition and the outlook for both the short and medium term. Capital management is amongst other monitored based on available cash and net interest-bearing debt, as well as the Group\u2019s leverage ratio, interest cover ratio and equity ratio. For more information about capital management considerations, see separate section under liquidity risk above and note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__196": {
"value": "Market riskMarket risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk most relevant to the Group comprises currency risk and interest rate.a. Currency riskForeign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in foreign subsidiaries.The Group focuses on reducing any foreign currency risk associated with cash flows, and on reducing the foreign currency risk associated with assets and liabilities. The subsidiaries in general have revenue and expenses in the same currency, and this substantially reduces the Group\u2019s cash flow exposure to a single currency. The finance department carries out assessments of the need for any hedging of currency risk in cash flows, based on a group hedging policy.The EUR 16 million loan in Danske Bank hedges the net investment in Finland. Net foreign exchange gains totalled NOK 0 million in 2024 (2023: NOK 1 million).The NOK/SEK rate of exchange as of 31 December 2024 was 1.021 (2023: 1.013), while the average of the monthly average rates used to translate the income statement was 1.017 (2023: 0.9984). The NOK/EUR rate of exchange as of 31 December 2024 was 11.795 (2023: 11.2405), while the average of the monthly average rates used to translate the income statement was 11.625 (2023: 11.4549).The following tables demonstrate the sensitivity to a reasonably possible change in SEK and EUR exchange rates, with all other variables held constant. The main sensitivities are related to translation of loans and net investments in subsidiaries. The Group\u2019s exposure to foreign currency changes for all other currencies is not material.Amounts in NOK million2024 2023Change in SEK rate -5% -5 %Effect on net income 0 2 Effect on equity -22 -21 Effect on net interest-bearing debt 3 3 Change in EUR rate -5% -5 %Effect on net income 9 -4 Effect on equity -37 -56 Effect on net interest-bearing debt 6 6 b. Interest rate riskThe Group has interest-bearing debt as described in note 19. The Group has a loan agreement with Danske Bank, a 5-year bond, and operational and financial leases being interest-bearing. The total cash position nets off some of the interest rate risk. The NOK 400 million bond issued in October 2023 carries an interest of 3 months NIBOR + 4.40% until maturity 25 October 2027. The 3 months NIBOR has been hedged to a fixed rate of 3.843% for the full period using an interest rate swap. The bond creates an exposure to pay 3 months NIBOR interest on the NOK 400 million notional. The interest rate swap on the same notional creates an equal and opposite interest receipt and a fixed interest payment, therefore creating an exact offset for this transaction resulting in a net fixed interest payable of 3.843%. As the interest rate swap is based on the same notional, settlement dates and maturity as the bond, the hedge ratio is 100%. The fair value of the interest rate swap was NOK 3 million at year-end (2023: NOK -7 million). The net effect interest rate swap related to the old bond and the interest swap related to the new bond impacts OCI negatively with NOK 8 million in 2024 (NOK 17 million in positive effect in 2023).Net interest expense for 2024 amounts to NOK 78 million (2023: NOK 59 million). An increase in interest rate of 1 percentage point would have increased interest on debt by approximately NOK 10 million in 2024 (2023: NOK 8 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__197": {
"value": "Credit riskCredit risk in connection with sales to customers is managed within the subsidiaries, and at group level for major projects. Credit risk is monitored by the subsidiaries and at group level. The Group has guidelines for new contracts that focus on various elements, all of which shall contribute to early payments from the customer.83% of the revenues for 2024 were to customers that are municipalities or government agencies, or companies or institutions where municipalities or government agencies have a dominant influence. The Group considers the risk of potential future losses from this type of customer to be low. The Group has not entered any transactions that involve financial derivatives or other financial instruments to mitigate credit risks.As of 31 December 2024, the Group has provisions of NOK 42 million (2023: NOK 6 million) for potential future losses on specific trade receivables. The loss provision represents the total expected credit loss based on individual assessments of specific trade receivables at the reporting date. The age distribution of the Group\u2019s trade receivables is specified in Note 15.The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets disclosed in note 23.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__201-1": {
"value": "NOTE 25: INVENTORIES Amounts in NOK million2024 2023Raw materials and materials for resale18 21Finished goods 7 14Total inventories 25 35Inventory mainly relates to the Finish operations. No write-downs to inventory have been made in 2024. Inventories have been pledged for short- and long-term loans, see note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__198": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will be unable to meet its financial obligations when they are due, and that financing will not be available at a reasonable price. The central management team and the local managers of subsidiaries monitor the Group\u2019s liquid resources and credit facilities through revolving forecasts based on the expected cash flow. The Group\u2019s operations are impacted by seasonal fluctuations, since a large portion of the Group\u2019s operations consist of railroad work. Railroad work is performed to a lesser extent in winter during frost and when the surface of the earth is covered in snow. The Group normally ties up working capital when the activity is increasing. In addition, the overall cash flow is impacted by intramonth volatility, working capital volatility and payment profiles in specific projects, underlying profitability, investment activity and financial cash flows.The Group had NOK 757 million in liquid reserves at the end of the year, compared with NOK 769 million in liquid reserves at the end of the previous year. Restricted bank deposits totalled NOK 0 million (2023: NOK 0 million) and total cash were NOK 357 million (2023: NOK 369 million). Included in liquid reserves is an unused credit facility of NOK 400 million. Total short-term interest-bearing debt including leasing liabilities at the year-end that are due to be paid during 2024 amounts to NOK 203 million (2023: NOK 218 million to be paid in 2024).Moreover, the Group has total current liabilities excluding interest-bearing debt as of 31 December 2024, totalling NOK 2,075 million (2023: NOK 1,562 million). Total current assets amounted to NOK 2,105 million compared to NOK 1,873 million last year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__199": {
"value": "Capital managementThe purpose of the Group\u2019s capital management is to ensure a predictable financial framework for operations and provide shareholders with a return according to our dividend policy.The Group\u2019s capital structure considers the required financial flexibility to execute strategic plans, to handle existing debt financing arrangements as well as working capital needs and to provide necessary funds for dividend payment. The long-term ambition is to have a leverage ratio below 2.5. Due to losses incurred in 2024 the ratio at year end was 6.5 It is expected that the leverage ratio will drop significantly after Q1 2025. Refer to note 19 Loans and other non-current liabilities for information on financial covenants.The Group manages its capital structure and makes changes based on an ongoing assessment of the current economic condition and the outlook for both the short and medium term. Capital management is amongst other monitored based on available cash and net interest-bearing debt, as well as the Group\u2019s leverage ratio, interest cover ratio and equity ratio. For more information about capital management considerations, see separate section under liquidity risk above and note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__203": {
"value": "Accounting policyInventories are carried at the lower of cost and net realisable value. Cost is determined using the first-in, first-out method. The cost of finished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and applicable variable selling expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__205": {
"value": "NOTE 26: DISPUTES AND CLAIMS RELATED TO PROJECTS Through its ongoing operations, the Group is involved in disputes with customers regarding the interpretation and understanding of contracts and agreements. This applies in particular to complex and large projects where the contract terms can be challenging. The Group strives to resolve these kinds of disputes outside court whenever possible, but some cases may nevertheless have to be decided by arbitration or in court. Disputes can be the Group\u2019s claims on customers and/or customers\u2019 claims on the Group. Comprehensive assessments are conducted in connection with disputed claims to ensure the most correct revenue and/ or expense recognition. At year-end the Group had mediation proceedings with Bane NOR related to the project \u2018Elektrifisering av Tr\u00f8nder og Mer\u00e5ker banen\u2019 (\u201cETM\u201d). The Group has thoroughly documented changes in scope relating to ground conditions, tunnel conditions, access to tracks, lack of signal design and incorrect cable mapping, among others, and submitted claims to Bane NOR regarding the project. The mediation resumed in February 2025, where an acceptable agreement could not be reached. The Group will initiate legal proceedings. The Group has recognised a loss of NOK 155 million on the project in 2024. While the Group considers that it has solid basis for its claims against the customer the final outcome of the legal proceedings is uncertain and may have a material positive or negative impact on the Group\u2019s results and financial position.The Group has an ongoing legal dispute in Sweden related to a maintenance contract. The Group lost the case in the District court (\u201cTingsr\u00e4tten\u201d) and has appealed the dispute. The dispute will be tried in the High court (\u201cHovr\u00e4tten\u201d), probably during the first half of 2026. The Group has made necessary accruals based on a prudent assessment of its position. At year-end the Group has no other ongoing legal or arbitration proceedings that is assumed can have significant negative effects on the Group\u2019s financial position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__210-1": {
"value": "NOTE 27: SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES The Group has a 50% investment in JV Bergensbanen ANS where Nettpartner AS owns the remaining 50%. Based on the contract between the parties the entity has been determined to be a joint operation where the Group accounts for its share of assets, liabilities, revenues and expenses. In February 2024 JV Bergensbanen ANS was awarded a contract with Bane NOR to rehabilitate and upgrade the catenary infrastructure on the railway between H\u00f8nefoss and Nesbyen in Norway. The contract value is NOK 872 million whereof the Group\u2019s share is NOK 436 million. The Group has a 20% interest sharing risks and rewards of two larger projects (E04 Station Haga, and E03 Kvarnberget) with Webuild (40%) and G\u00fclermak (40%) in connection with Station Haga in Gothenburg, through the associated company AGN Haga AB. The projects commenced during 2018/2019 and were previously scheduled to be completed by 2026. The projects are complex with substantial risk. The Group is not operationally involved in any of the projects.Webuild, G\u00fclermak and Nordic Railway Construction Sverige AB have given surety to Trafikverket related to AGN Haga\u2019s execution of project E03 Kvarnberget.In 2022, NRC Group made capital contribution of SEK 15 million to AGN Haga AB, representing NRC Group\u2019s pro-rata share of the total capital contributions, to support working capital in AGN Haga AB. Due to substantial uncertainty in the projects, net income from AGN Haga AB has not been recognised in NRC Group accounts, and all capital contributions of SEK 15.5 million was impaired in 2022. In 2023, a loss of NOK 2 million was recognised related to AGN Haga. On January 24, 2023, AGN Haga received a termination notice from Trafikverket in relation to Station Haga in Gothenburg (E04). The contract in relation to Kvarnberget (E03) was not part of the termination notice. Trafikverkets termination of Station Haga (E04) affected AGN\u2019s liquidity negatively, leading to the company\u2019s application for reconstruction. Trafikverket has furthermore claimed AGN and the owners for a preliminary gross amount of SEK 247 million, while AGN and the owners have a counterclaim, related to E03. During the first half of 2023, AGN filed an application for reconstruction to the District Court, which was approved on the 22 May 2023. In December, the District Court approved to extend the reconstruction period until 19 March 2024, which was later further extended to 19 June 2024. The reconstruction period is now finished, a debt settlement agreement with the company\u2019s creditors has been made, and the company has during Q2 2024 in all material respect finished the work on Kvarnberget (E03). The Group\u2019s subsidiary Nordic Railway Construction Sverige AB and the other owners have provided a guarantee for AGN to pay its creditors in accordance with the debt settlement agreement. Final settlement with Trafikverket is expected to commence during 2025. Both AGN and Nordic Railway Construction Sverige AB are contesting the claim and are considering the situation together with their legal advisors. Should the situation not be resolved, Nordic Railway Construction Sverige AB could ultimately be subject to litigation from Trafikverket. Nordic Railway Construction Sverige AB has, together with the other shareholders, agreed to a capital contribution in AGN Haga to fund the company\u2019s liquidity needs for the rest of 2024. The total amount includes settlement to the creditors in the restructuring mentioned above, which in all material respects has been paid in 2024. The Group\u2019s share is SEK 17.6 million. The capital contribution is considered to be impaired and was thus charged in Q3 2024 as share of result from associated companies. The book value of AGN Haga AB in the Group\u2019s Q4 2024 accounts is NOK 0 million.A summary of the financial information of AGN Haga AB, based on 100% figures:Amounts in NOK million2024 2023Total revenue361 950Net profit for the year -249 -68The Group's calculated share of the net profit (20%) -50 -14Provisions made in the Group accounts 50 14The Group's reported share of the net profit 0 0The associated company had no discontinued operations or other comprehensive income in 2024 or 2023.Amounts in NOK million2024 2023Current assets245 843Non-current assets 0 3Current liabilities 227 624Non-current liabilities 0 17Equity 18 205The Group's calculated share of equity (20%) 4 41Accumulated provisions made in the Group accounts -4 -41Book value 31.12 0 0A summary of financial information of JV Bergensbanen ANS, based on 100% figures:Amounts in NOK million2024Total revenue79Operating expenses -79Operating profit -0Current assets 91Current liabilities 91Equity 0Current assets included cash and cash equivalents of NOK 26 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__208-1": {
"value": "NOTE 27: SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES The Group has a 50% investment in JV Bergensbanen ANS where Nettpartner AS owns the remaining 50%. Based on the contract between the parties the entity has been determined to be a joint operation where the Group accounts for its share of assets, liabilities, revenues and expenses. In February 2024 JV Bergensbanen ANS was awarded a contract with Bane NOR to rehabilitate and upgrade the catenary infrastructure on the railway between H\u00f8nefoss and Nesbyen in Norway. The contract value is NOK 872 million whereof the Group\u2019s share is NOK 436 million. The Group has a 20% interest sharing risks and rewards of two larger projects (E04 Station Haga, and E03 Kvarnberget) with Webuild (40%) and G\u00fclermak (40%) in connection with Station Haga in Gothenburg, through the associated company AGN Haga AB. The projects commenced during 2018/2019 and were previously scheduled to be completed by 2026. The projects are complex with substantial risk. The Group is not operationally involved in any of the projects.Webuild, G\u00fclermak and Nordic Railway Construction Sverige AB have given surety to Trafikverket related to AGN Haga\u2019s execution of project E03 Kvarnberget.In 2022, NRC Group made capital contribution of SEK 15 million to AGN Haga AB, representing NRC Group\u2019s pro-rata share of the total capital contributions, to support working capital in AGN Haga AB. Due to substantial uncertainty in the projects, net income from AGN Haga AB has not been recognised in NRC Group accounts, and all capital contributions of SEK 15.5 million was impaired in 2022. In 2023, a loss of NOK 2 million was recognised related to AGN Haga. On January 24, 2023, AGN Haga received a termination notice from Trafikverket in relation to Station Haga in Gothenburg (E04). The contract in relation to Kvarnberget (E03) was not part of the termination notice. Trafikverkets termination of Station Haga (E04) affected AGN\u2019s liquidity negatively, leading to the company\u2019s application for reconstruction. Trafikverket has furthermore claimed AGN and the owners for a preliminary gross amount of SEK 247 million, while AGN and the owners have a counterclaim, related to E03. During the first half of 2023, AGN filed an application for reconstruction to the District Court, which was approved on the 22 May 2023. In December, the District Court approved to extend the reconstruction period until 19 March 2024, which was later further extended to 19 June 2024. The reconstruction period is now finished, a debt settlement agreement with the company\u2019s creditors has been made, and the company has during Q2 2024 in all material respect finished the work on Kvarnberget (E03). The Group\u2019s subsidiary Nordic Railway Construction Sverige AB and the other owners have provided a guarantee for AGN to pay its creditors in accordance with the debt settlement agreement. Final settlement with Trafikverket is expected to commence during 2025. Both AGN and Nordic Railway Construction Sverige AB are contesting the claim and are considering the situation together with their legal advisors. Should the situation not be resolved, Nordic Railway Construction Sverige AB could ultimately be subject to litigation from Trafikverket. Nordic Railway Construction Sverige AB has, together with the other shareholders, agreed to a capital contribution in AGN Haga to fund the company\u2019s liquidity needs for the rest of 2024. The total amount includes settlement to the creditors in the restructuring mentioned above, which in all material respects has been paid in 2024. The Group\u2019s share is SEK 17.6 million. The capital contribution is considered to be impaired and was thus charged in Q3 2024 as share of result from associated companies. The book value of AGN Haga AB in the Group\u2019s Q4 2024 accounts is NOK 0 million.A summary of the financial information of AGN Haga AB, based on 100% figures:Amounts in NOK million2024 2023Total revenue361 950Net profit for the year -249 -68The Group's calculated share of the net profit (20%) -50 -14Provisions made in the Group accounts 50 14The Group's reported share of the net profit 0 0The associated company had no discontinued operations or other comprehensive income in 2024 or 2023.Amounts in NOK million2024 2023Current assets245 843Non-current assets 0 3Current liabilities 227 624Non-current liabilities 0 17Equity 18 205The Group's calculated share of equity (20%) 4 41Accumulated provisions made in the Group accounts -4 -41Book value 31.12 0 0A summary of financial information of JV Bergensbanen ANS, based on 100% figures:Amounts in NOK million2024Total revenue79Operating expenses -79Operating profit -0Current assets 91Current liabilities 91Equity 0Current assets included cash and cash equivalents of NOK 26 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__207": {
"value": "NOTE 27: SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES The following directly and indirectly owned subsidiaries are included in the consolidated accounts. All entities are owned 100% unless otherwise noted.NRC Group Holding AS, NorwayNRC Norge Holding AS, Norway NRC Norge AS, Norway NRC Kept AS, Norway Gunnar Knutsen AS, Norway Asker Milj\u00f8park AS, Norway NRC Vedlikehold AS, Norway Nordic Railway Construction Group Holding Sverige AB, Sweden Nordic Railway Construction Sverige AB, Sweden Signal & Banbyggarna i Dalarna AB, Sweden NRC Sverige Maskin AB, Sweden G\u00e4strike Signal & Projektering AB, Sweden (merged with NRC Group Holding AB in February 2025) Nordic Railway Construction Group Sverige AB, Sweden NRC Holding Finland Oy, Finland NRC Group Finland Oy, Finland",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__212": {
"value": "Accounting policyThe Group holds an investment in an associated company, AGN Haga AB, accounted for according to the equity method. The financial statements of AGN Haga AB are prepared for the same reporting period as the Group. The accounting policies is aligned with those of the Group, hence no adjustments related to accounting principles are made when measuring and recognising the Group\u2019s share of the profit or loss after the date of the acquisition. The carrying amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the associate or joint venture since the acquisition date. The statement of profit or loss reflects the Group\u2019s share of the results of operations of the associate. The Group assess the need for making any provisions to the Group\u2019s share of the results from the associate. More information about this is reflected in the note.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s14__6__214": {
"value": "NOTE 28: RELATED PARTY DISCLOSURES Note 27 provides information about the Group\u2019s structure, subsidiaries and associated companies. Note 17 provides information about the shareholders. No shareholders consider the Group as an associated company. Note 6 and 7 discloses the management and Board of Directors of the Group, including their benefits and any other transactions with the Group.NRC Group ASA may have agreements with Board members for consultancy services related to certain internal projects such as acquisitions and management recruitment. The agreements are based on hourly rates and are carried out on arm\u2019s length terms. Currently, there exists one agreement with Mats Williamson. Total expense amounted to NOK 0.1 million for 2024 based on hourly rates of SEK 1,500. Except for this, no significant related party transactions exist. Any related party transactions are carried out on arm\u2019s length terms.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI5D463",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}