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"value": "DISCLOSURE 1 | MATERIAL ACCOUNTING POLICY INFORMATION CORPORATE INFORMATION
Scana ASA\u2019s registered office is at Wernersholmvegen 49, Bergen, in Norway. Scana ASA is listed on the Oslo Stock Exchange. The consolidated financial statements of Scana Group for the fiscal year 2024 were approved in the board meeting on 23 April 2025.BASIS OF PREPARATION
Scana Group\u2019s consolidated financial statements is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2024, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2024.
The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
The financial statements have been prepared under the assumption of going concern. Annual accounts consist of a statement of profit or loss, statement of other comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and disclosures to the accounts. The financial statements have been prepared on a historical cost basis except for certain assets, liabilities and financial instruments, which are measured at fair value.
BASIS OF CONSOLIDATION
Scana Group\u2019s consolidated financial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2024. An entity has been assessed as being controlled by the Group when Scana Group is exposed for or has the right to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the group\u2019s returns. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.
Business combinations
Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to
the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contributes to the ability to create output. Acquisition-related costs are expensed as incurred and included in administrative expenses.The consideration transferred into the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identifiable acquired assets and assumed liabilities, is recognized as goodwill.
Transactions eliminated on consolidationIntercompany transactions, balances and unrealized gains or losses in transactions between Scana Group companies are eliminated. Unrealized gains related to transactions with affiliated companies and joint ventures are eliminated with Scana Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. REVENUE
Revenue from contracts with customerAll customer contracts are assessed using the five-step model. Only approved customer contracts with a firm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satisfies these performance obligations \u2013 either over time or at a point in time. This assessment may involve significant judgement. For customer contracts for which the performance obligations are satisfied over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satisfied at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 4.
Contract assets
Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer
before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade receivables: A receivable represents Scana Group\u2019s right to an amount of consideration that is unconditional.
Contract liabilities: A receivable represents the Group\u2019s right to an amount of consideration that is for which Scana Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when Scana Group fulfils the performance obligation(s) under the contract.
FOREIGN CURRENCIES
Transactions and balances
Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate. Non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Any currency differences are recognized in profit or loss as financial items.
Consolidation and conversion
Balance sheet items for foreign subsidiaries are converted to NOK using the exchange rates as of 31 December. All items in the statement of profit or loss are converted to NOK using the weighted average exchange rate per month. Consolidation leads to translation differences which is presented as other comprehensive income.
INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to Scana Group\u2019s value. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Goodwill Goodwill is initially measured at cost and is the excess of the aggregate of the consideration transferred and the amount recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Research and development
Expenses relating to research are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented:
The product or process is technically and commercially viable so that it becomes available for use or sale.
Scana Group intends to finalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale.
\u25aaThe asset will generate future economic benefits.
\u25aaScana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
\u25aaFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses.
\u25aaAmortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
RIGHT OF USE ASSETS
Scana Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use assets comprise:
\u25aaThe amount of the initial measurement of the lease liability recognized.
\u25aaAny lease payments made at or before the commencement date, less any incentives received
\u25aaAny initial direct costs incurred by the Group. \u25aaAn estimate of the costs to be incurred by Scana Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.
\u25aaRight-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.
PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to Scana Group. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the fixed assets are assessed each year.
IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, Scana Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
INVESTMENT IN ASSOCIATED COMPANIESAssociated companies are entities over which Scana Group has significant influence but not control or joint control over the financial and operating management. (Normally ownership between 20 % and 50 %). Associated companies are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Investments in associated companies are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.
FINANCIAL ASSETS
Financial assets represent a contractual right by Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred. Financial assets at amortized cost (debt instruments) Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus, required to be measured at FVTPL.
Financial assets at fair value through profit or loss Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
Impairment of financial assets The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased significantly since the initial recognition. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the first 12 months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, Scana Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date Scana Group evaluates whether there has been one significant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument.
Instruments are classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions.FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
INVENTORIES
Inventories, which consist of purchased goods and in-house produced products, are valued at the lowest of purchase/production cost and expected net selling price. The net selling price is the estimated selling price in the case of ordinary operations minus the estimated completion, marketing, and distribution costs. The acquisition cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. In-house produced goods include raw materials, energy, direct labor, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation.
CASH AND CASH EQUIVALENTS
Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insignificant risk of changes in value and have a maximum term to maturity of three months.
Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months.In Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
LEASEScana Group has entered into lease agreements relating to assets mentioned in disclosure 23. IFRS 16 sets out principles for recognition, measurement, presentation, and information about leasing. The Group as lessee recognizes assets and liabilities for all leases. At the time of implementation of a lease agreement, the company recognizes the associated lease liability to future lease payments and an asset that represents the right of use of the underlying asset during the lease period (right of use asset).
Identifying a lease
At the inception of a contract, Scana Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Recognition of leases and exemptions
At the lease commencement date, Scana Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:
\u25aaShort-term leases (defined as 12 months or less)
\u25aaLow value assets
For these leases, Scana Group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.
Lease liabilities
Scana Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.
The lease payments included in the measurement comprise of:
\u25aaFixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
\u25aaVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
\u25aaAmount expected to be payable by Scana Group under residual value guarantees.
\u25aaThe exercise price of a purchase option, if the Group is reasonably certain to exercise that option.
\u25aaPayments of penalties for terminating the lease, if the lease term reflects Scana Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (see disclosure 23), reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Scana Group does not include variable lease payments that depend on an index or a rate in the lease liability. Instead, the group recognizes these variable lease expenses in profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position.
The company classifies lease payments as follows in the cash flow statement:
\u25aaLease payments linked to the principal amount of the contract are classified as financing activity on a separate line \u201crepayment of lease obligations\u201d.
\u25aaInterest paid includes interest related to leases, classified as financing activity.
\u25aaShort-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classified as operational activity.
PENSION COST AND LIABILITIES
Scana Group\u2019s pension plans consist of defined contribution pension and Contractual pension in the private sector (AFP) plans for the Group\u2019s Norwegian employees and benefit plans (\u201cmulti-employer plans\u201d) for the group\u2019s Swedish employees. The pension plans which are administered separately (contribution-based pension plan) the annual payments/subsidies are included in personnel expenses.
Pension liabilities are valued at the present value of future pension rights earned at the balance sheet date on the basis of linear accrual and expected final salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classified in the statement of financial position as long-term liabilities. The net liability includes employer\u2019s tax.
The AFP plan for the Group\u2019s Norwegian employees and the benefit plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as defined contribution pension plans in the accounts because the necessary information to treat the plan as defined benefit plans are not yet available from
the life insurance company that administers the pension plan. When the necessary information is available, and the pension plan are accounted for as defined benefit arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts.TAXES
Income taxes
Income taxes comprise taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years\u2019 taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in profit or loss.
Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period.
Deferred tax assets
Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset.
Deferred tax and deferred tax assets in the statement of financial position is recognized at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in Scana Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date.
Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions.
Payable tax
Receivables and liabilities regarding payable tax for the current period and previous periods is recognized in the statement of financial position at
the amount that is expected to be paid from or paid into the tax authorities.PROVISIONS
A provision is recognized when Scana Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. In the case of discounting, profit and loss is recognized the interest rate effect as a financial expense.
Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually.
Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced.
Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to fulfil the obligations in the contract.
SHARE BASED PAYMENT
An option program has been entered into for the management of Scana Group and the general manager of the subsidiaries, which is being carried out by issuing shares. See further comments in disclosure 8.
The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover.
CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group.
FAIR VALUE MEASUREMENT
Scana Group measures certain financial instruments at fair value. This applies to currency contracts. The
fair value of financial liabilities is also disclosed measured at amortized cost. Fair value is the price that would have been used to sell an asset or paid to transfer one obligation in the primary market at the measurement time under the prevailing market conditions, regardless of whether the price is directly observable or estimated using another valuation technique.Scana uses the following hierarchy when assessing and presenting the fair value of financial instruments.
\u25aaLevel 1: Listed prices (unadjusted) in active markets for identical assets and liabilities.
\u25aaLevel 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date.
\u25aaLevel 3: Input for the asset or liability that is not based on observable market data.
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2024:
Scana Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024.
Amendments to IFRS 16 - Lease liability in a sale and leaseback
The amendments to IFRS 16 Leases add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that same asset back for a period of time from the new owner.
Amendments to IAS 1 - Classification of liabilities as current or non-current
A narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current.
The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity.
Amendments to IAS 1 - Non-current liabilities with covenantsThe amendments aim to improve the information companies provide about long-term debt with covenants.
The amendments respond to stakeholders\u2019 feedback on the classification of debt as current or non-current when applying requirements introduced in 2020 that are not yet in effect. Our understanding is that the new amendments override the previous amendments from 2020. See below.
IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date. However, a company\u2019s ability to do so is often subject to complying with covenants. For example, a company might have long-term debt that could become repayable within 12 months if the company fails to comply with covenants in that 12-month period.
Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements
The amendments entail disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk.
The above-mentioned amendments had no impact on the Group\u2019s consolidated financial statements.
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2025:
Amendments to IAS 21 - Lack of Exchangeability
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency.
The amendments respond to stakeholder feedback and concerns about diversity in practice in accounting for a lack of exchangeability between currencies. The amendments will help companies and investors by addressing a matter not previously covered in the accounting requirements for the effects of changes in foreign exchange rates.
These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
The amendments will become effective for annual reporting periods beginning on or after 1 January 2025. Early application is permitted.
CHANGES NOT YET ENDORSED BY THE EUIFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1 Presentation of Financial Statements and responds to investors\u2019 demand for better information about companies\u2019 financial performance. It will set out the overall requirements for presentation and disclosures in the financial statements.
IFRS 18 arises from IASB\u2019s work on the primary financial statements project. It will improve how information is communicated in financial statements and give investors a better basis for analysing and comparing companies\u2019 performance by increasing comparability, transparency, and usefulness of information. IFRS 18 will introduce three sets of new requirements:
\u25aaNew required categories and subtotals in the statement of profit or loss, including \u201coperating profit\u201d
\u25aaDisclosure about management-defined performance measures
\u25aaEnhanced guidance on grouping of information (aggregation and disaggregation)
New required categories and subtotals in the statement of profit or loss
IFRS 18 includes new categories and subtotals in the profit or loss statement to respond to investors\u2019 concerns in comparing financial performance.
Three new defined categories are introduced to provide a consistent structure of the statement of profit or loss: Operating, investing and financing.
To new required subtotals are introduced to enable analysis:
\u25aaOperating profit
\u25aaProfit before financing and income taxes Companies with financing and investing activities as their main business will include specific income and expenses in their operating profit that for other companies would be included in the investing or financing categories.
Disclosure about management-defined performance measures
Today investors find lack of transparency when it comes to how non-GAAP/APMs are calculated. To bring transparency and discipline in the use of these measures IFRS 18 defines a subset of such measures referred to as management-defined performance measures (MPMs) and requires the disclosures in the financial statements in a single note. These will also be subject to audit.
Enhanced guidance on grouping of information
These requirements respond to investors\u2019 concerns that some companies don\u2019t provide enough detailed information about aggregation and disaggregation, and that important information is obscured. IFRS 18 introduces enhanced requirements for grouping of information, provides guidance on whether information should be in the primary financial statements or in the notes, and requires disclosures about items labelled as \u201cother\u201d.
Summary
IFRS 18 will replace IAS 1 Presentation of Financial Statements but will not change how companies recognise and measure items in the financial statements. However, most companies will expect changes in the presentation of the statement of profit or loss and disclosure in the notes. IASB will also be issuing limited amendments to other IFRS Accounting Standards, including IAS 7 Statement of Cash Flows.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page89-cflshid_14269-tag340567": {
"value": "Scana ASA\u2019s registered office is at Wernersholmvegen 49, Bergen, in Norway. Scana ASA is listed on the Oslo Stock Exchange. The consolidated financial statements of Scana Group for the fiscal year 2024 were approved in the board meeting on 23 April 2025.The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14270-tag340670": {
"value": "Scana ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14271-tag340563": {
"value": "Wernersholmvegen 49, Bergen, in Norway.",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14271-tag340562": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14271-tag340671": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14271-tag340564": {
"value": "Scana ASA is listed on the Oslo Stock Exchange.",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14272-tag340565": {
"value": "The consolidated financial statements of Scana Group for the fiscal year 2024 were approved in the board meeting on 23 April 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14269-tag340673": {
"value": "BASIS OF PREPARATION
Scana Group\u2019s consolidated financial statements is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2024, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2024.
The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
The financial statements have been prepared under the assumption of going concern. Annual accounts consist of a statement of profit or loss, statement of other comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and disclosures to the accounts. The financial statements have been prepared on a historical cost basis except for certain assets, liabilities and financial instruments, which are measured at fair value.
",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14269-tag340568": {
"value": "BASIS OF PREPARATION
Scana Group\u2019s consolidated financial statements is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and are mandatory for financial years beginning on or after 1 January 2024, and Norwegian disclosure requirements listed in the Norwegian Accounting Act as of 31 December 2024.
The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA. All numbers are rounded and given to the nearest million (\u2018000 000) except when otherwise stated. As a result of rounding adjustments, the figures in one or more rows or columns included in the financial statements may not add up to the total of that row or column.
The financial statements have been prepared under the assumption of going concern. Annual accounts consist of a statement of profit or loss, statement of other comprehensive income, statement of financial position, statement of cash flow, statement of changes in equity and disclosures to the accounts. The financial statements have been prepared on a historical cost basis except for certain assets, liabilities and financial instruments, which are measured at fair value.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14286-tag340566": {
"value": "The presentation currency for the Group is Norwegian Kroner (NOK) which is also the functional currency for the parent company Scana ASA.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14296-tag340569": {
"value": "The financial statements have been prepared under the assumption of going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14269-tag340570": {
"value": "BASIS OF CONSOLIDATION
Scana Group\u2019s consolidated financial statements comprise the parent company Scana ASA and its subsidiaries as of 31 December 2024. An entity has been assessed as being controlled by the Group when Scana Group is exposed for or has the right to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the group\u2019s returns. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.
Business combinations
Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to
the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contributes to the ability to create output. Acquisition-related costs are expensed as incurred and included in administrative expenses.The consideration transferred into the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identifiable acquired assets and assumed liabilities, is recognized as goodwill.
Transactions eliminated on consolidationIntercompany transactions, balances and unrealized gains or losses in transactions between Scana Group companies are eliminated. Unrealized gains related to transactions with affiliated companies and joint ventures are eliminated with Scana Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14269-tag340571": {
"value": "BASIS OF CONSOLIDATION
An entity has been assessed as being controlled by the Group when Scana Group is exposed for or has the right to variable returns from its involvement with the entity and can use its power over the entity to affect the amount of the group\u2019s returns. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognizes the related assets, liabilities, non-controlling interest and other components of equity, while any resulting gain or loss is recognized in profit or loss.Business combinations
Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to
the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contributes to the ability to create output. Acquisition-related costs are expensed as incurred and included in administrative expenses.The consideration transferred into the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identifiable acquired assets and assumed liabilities, is recognized as goodwill.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14269-tag340675": {
"value": "Business combinations
Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to
the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contributes to the ability to create output. Acquisition-related costs are expensed as incurred and included in administrative expenses.The consideration transferred into the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identifiable acquired assets and assumed liabilities, is recognized as goodwill.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14269-tag340674": {
"value": "Business combinations
Scana Group accounts for business combinations is applying the acquisition method, meaning that the acquired set of activities and assets is transferred to
the group when it meets the definition of a business and control. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contributes to the ability to create output. Acquisition-related costs are expensed as incurred and included in administrative expenses.The consideration transferred into the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Excess of the total sum of transferred consideration, amount recognized for minority interests and fair value of any previously held equity interests in the acquired company in relation to the net value of identifiable acquired assets and assumed liabilities, is recognized as goodwill.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page89-cflshid_14331-tag340573": {
"value": "Transactions eliminated on consolidationIntercompany transactions, balances and unrealized gains or losses in transactions between Scana Group companies are eliminated. Unrealized gains related to transactions with affiliated companies and joint ventures are eliminated with Scana Group\u2019s share in the business. Correspondingly, unrealized losses are eliminated, but only to the extent that there are no indications of a decrease in value of the asset that has been sold internally. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"v1-page89-cflshid_14331-tag340574": {
"value": "REVENUE
Revenue from contracts with customerAll customer contracts are assessed using the five-step model. Only approved customer contracts with a firm commitment are basis for revenue recognition. The deliveries in the contracts are reviewed to identify distinct performance obligations, and revenue is recognized in line with how the entity satisfies these performance obligations \u2013 either over time or at a point in time. This assessment may involve significant judgement. For customer contracts for which the performance obligations are satisfied over time, revenue is recognized over time using a cost progress method or as time and material are delivered to the customer. For contracts with customers for which the performance obligations are satisfied at a point in time, revenue is recognized at the point in time when the customer obtains control of the product or the service. Details of the nature of performance obligations for each of the major types of customer contracts are set out in disclosure 4.
Contract assets
Contract assets: A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group performs by transferring goods or services to a customer
before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. Trade receivables: A receivable represents Scana Group\u2019s right to an amount of consideration that is unconditional.
Contract liabilities: A receivable represents the Group\u2019s right to an amount of consideration that is for which Scana Group has received consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognized when the payment is made. Contract liabilities are recognized as revenue when Scana Group fulfils the performance obligation(s) under the contract.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page90-cflshid_14399-tag340575": {
"value": "FOREIGN CURRENCIES
Transactions and balances
Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate. Non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. Any currency differences are recognized in profit or loss as financial items.
Consolidation and conversion
Balance sheet items for foreign subsidiaries are converted to NOK using the exchange rates as of 31 December. All items in the statement of profit or loss are converted to NOK using the weighted average exchange rate per month. Consolidation leads to translation differences which is presented as other comprehensive income.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page90-cflshid_14399-tag340576": {
"value": "INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to Scana Group\u2019s value. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Goodwill Goodwill is initially measured at cost and is the excess of the aggregate of the consideration transferred and the amount recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Research and development
Expenses relating to research are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented:
The product or process is technically and commercially viable so that it becomes available for use or sale.
Scana Group intends to finalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale.
\u25aaThe asset will generate future economic benefits.
\u25aaScana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
\u25aaFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses.
\u25aaAmortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"v1-page90-cflshid_14399-tag340577": {
"value": "INTANGIBLE ASSETS AND GOODWILL
Intangible assets with a definite economic life limit are amortized over their economic life and tested for impairment if there are any indications. The definite life is defined as the duration it contributes to Scana Group\u2019s value. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page90-cflshid_14399-tag340580": {
"value": "Goodwill Goodwill is initially measured at cost and is the excess of the aggregate of the consideration transferred and the amount recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"v1-page90-cflshid_14399-tag340579": {
"value": "Goodwill Goodwill is initially measured at cost and is the excess of the aggregate of the consideration transferred and the amount recognized in the net identifiable assets acquired and liabilities assumed through a business combination. 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 (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, Scana Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page90-cflshid_14466-tag340578": {
"value": "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 (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Goodwill is not depreciated but is tested at least annually for impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of Scana Group\u2019s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.IMPAIRMENT OF NON-FINANCIAL ASSETS
At each reporting date, Scana Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use, that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Impairment of financial assets The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased significantly since the initial recognition. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the first 12 months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, Scana Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date Scana Group evaluates whether there has been one significant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument.
Instruments are classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page90-cflshid_14464-tag340581": {
"value": "Research and development
Expenses relating to research are recognized in the statement of comprehensive income as they incur. Development expenses relating to a single project are capitalized as intangible assets when the following can be documented:
The product or process is technically and commercially viable so that it becomes available for use or sale.
Scana Group intends to finalize the intangible asset and make it available for use or sale. The Group has the ability to make the intangible asset available for use or sale.
\u25aaThe asset will generate future economic benefits.
\u25aaScana Group has sufficient resources to complete the development work.
\u25aaExpenses can be reliably measured.
\u25aaFollowing initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses.
\u25aaAmortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page90-cflshid_14464-tag340583": {
"value": "RIGHT OF USE ASSETS
Scana Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use assets comprise:
\u25aaThe amount of the initial measurement of the lease liability recognized.
\u25aaAny lease payments made at or before the commencement date, less any incentives received
\u25aaAny initial direct costs incurred by the Group. \u25aaAn estimate of the costs to be incurred by Scana Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.
\u25aaRight-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.
PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to Scana Group. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the fixed assets are assessed each year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page90-cflshid_14464-tag340582": {
"value": "RIGHT OF USE ASSETS
Scana Group measures the right of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The costs of the right of use assets comprise:
\u25aaThe amount of the initial measurement of the lease liability recognized.
\u25aaAny lease payments made at or before the commencement date, less any incentives received
\u25aaAny initial direct costs incurred by the Group. \u25aaAn estimate of the costs to be incurred by Scana Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.
\u25aaRight-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.
LEASEScana Group has entered into lease agreements relating to assets mentioned in disclosure 23. IFRS 16 sets out principles for recognition, measurement, presentation, and information about leasing. The Group as lessee recognizes assets and liabilities for all leases. At the time of implementation of a lease agreement, the company recognizes the associated lease liability to future lease payments and an asset that represents the right of use of the underlying asset during the lease period (right of use asset).
Identifying a lease
At the inception of a contract, Scana Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Recognition of leases and exemptions
At the lease commencement date, Scana Group recognizes a lease liability and corresponding right of use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:
\u25aaShort-term leases (defined as 12 months or less)
\u25aaLow value assets
For these leases, Scana Group recognizes the lease payments as other operating expenses in the statement of profit or loss when they incur.
Lease liabilities
Scana Group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.
The lease payments included in the measurement comprise of:
\u25aaFixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
\u25aaVariable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date.
\u25aaAmount expected to be payable by Scana Group under residual value guarantees.
\u25aaThe exercise price of a purchase option, if the Group is reasonably certain to exercise that option.
\u25aaPayments of penalties for terminating the lease, if the lease term reflects Scana Group exercising an option to terminate the lease.The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (see disclosure 23), reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. Scana Group does not include variable lease payments that depend on an index or a rate in the lease liability. Instead, the group recognizes these variable lease expenses in profit or loss. The Group presents its lease liabilities as separate line items in the statement of financial position.
The company classifies lease payments as follows in the cash flow statement:
\u25aaLease payments linked to the principal amount of the contract are classified as financing activity on a separate line \u201crepayment of lease obligations\u201d.
\u25aaInterest paid includes interest related to leases, classified as financing activity.
\u25aaShort-term leases (less than twelve months), payments related to low-value leases and leases with variable payments are classified as operational activity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14545-tag340676": {
"value": "PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognized and any gain or loss is recognized in the statement of comprehensive income. Subsequent expenditure is capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to Scana Group. Depreciation is calculated on a straight-line basis over the estimated useful life of the assets, except for land. The period of use, the residual value and the depreciation method for the fixed assets are assessed each year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14620-tag340585": {
"value": "INVESTMENT IN ASSOCIATED COMPANIESAssociated companies are entities over which Scana Group has significant influence but not control or joint control over the financial and operating management. (Normally ownership between 20 % and 50 %). Associated companies are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Investments in associated companies are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14620-tag340584": {
"value": "INVESTMENT IN ASSOCIATED COMPANIESAssociated companies are entities over which Scana Group has significant influence but not control or joint control over the financial and operating management. (Normally ownership between 20 % and 50 %). Associated companies are accounted for using the equity method from the date when significant influence or joint control is achieved until such influence ceases. Investments in associated companies are initially recognized at cost. If the Group\u2019s share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognized unless the Group has an obligation to make up for the loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14611-tag340587": {
"value": "FINANCIAL ASSETS
Financial assets represent a contractual right by Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred. Financial assets at amortized cost (debt instruments) Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus, required to be measured at FVTPL.
Financial assets at fair value through profit or loss Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
Impairment of financial assets The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased significantly since the initial recognition. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the first 12 months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, Scana Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date Scana Group evaluates whether there has been one significant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument.
Instruments are classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14611-tag340586": {
"value": "FINANCIAL ASSETS
Financial assets represent a contractual right by Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred. Financial assets at amortized cost (debt instruments) Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.
These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus, required to be measured at FVTPL.
Financial assets at fair value through profit or loss Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
Impairment of financial assets The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased significantly since the initial recognition. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the first 12 months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, Scana Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date Scana Group evaluates whether there has been one significant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument.
Instruments are classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions.FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14611-tag340588": {
"value": "FINANCIAL ASSETS
Financial assets represent a contractual right by Scana Group to receive cash or another financial asset in the future. Financial assets include financial derivatives, receivables and equity interests, as well as financial instruments used for cash-flow hedges.
On initial recognition, a financial asset is classified as measured at amortized cost, at fair value through other comprehensive income (FVOCI) or at fair value through profit or loss (FVTPL). Classification depends on the contractual terms, the business model and, for some instruments, the company\u2019s choice. Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred. Financial assets at fair value through profit or loss Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14643-tag340589": {
"value": "Financial assets are derecognized when the rights to receive cash from the asset have expired or when the asset has been transferred. Financial liabilities are derecognized when the obligation is discharged through payment, when Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14643-tag340590": {
"value": "Financial assets at amortized cost (debt instruments) Debt instruments include trade receivables, bank deposits and all other monetary instruments with a maturity above three months at the date of purchase and certain other receivables.These instruments are measured at amortized cost, with the exception of instruments where cash flows are not contractually fixed and/or consists of other elements in addition to interest and repayments; and thus, required to be measured at FVTPL.
Financial assets at fair value through profit or loss Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page91-cflshid_14611-tag340591": {
"value": "Financial assets at fair value through profit or loss Derivative instruments and other equity investments in companies that are not consolidated or accounted for using the equity method are classified as FVTPL.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page92-cflshid_14677-tag340592": {
"value": "Impairment of financial assets The measurement of allowance for expected credit losses (ECL) in the general model depends on whether the credit risk has increased significantly since the initial recognition. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). The 12-month expected loss is the proportion of the loss that is expected to occur over the lifetime of the asset the instrument, which can be linked to events occurring in the first 12 months. For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, Scana Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. Scana Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The general model means that on every reporting date Scana Group evaluates whether there has been one significant increase in the credit risk for the relevant assets after initial recognition. It is the change in risk of default that is assessed. When assessing whether the risk of default has increased significantly, the company must evaluate relevant information, both about historical, current, and future conditions. Conditions that are evaluated include:
\u25aaChange in the instrument\u2019s external credit rating since initial recognition.
\u25aaChange in external market indications relating to credit risk.
\u25aaExisting or expected changes in the borrower\u2019s business, or circumstances in general, which can negatively affect the ability to fulfil its obligations.
\u25aaSignificant changes in the borrower\u2019s results, working capital or similar.
\u25aaRegulatory conditions implemented or expected to be implemented that can affect the instrument.
If there has been a significant increase in the credit risk after initial recognition, the financial asset is transferred to step 2 or 3, and the loss provision then constitutes the expected loss over the lifetime of the instrument.
Instruments are classified at step 3 when the instruments are credit impaired, i.e., when external evidence can confirm that a loss has occurred. Loss provisions must be expected losses, based on the best available information on the time of estimation relating to historical, current and future conditions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page92-cflshid_14747-tag340593": {
"value": "FINANCIAL LIABILITIES
Financial liabilities represent a contractual obligation by Scana Group to deliver cash in the future. Financial liabilities include financial derivatives, other financial liabilities as well as financial instruments used for cash-flow hedges. Financial liabilities, with the exception of derivatives, are initially recognized at fair value, including transaction costs directly attributable to the transaction, and are subsequently measured at amortized cost. Financial liabilities are derecognized when the obligation is discharged through payment, when Scana Group has irrevocably initiated payment, or when the Group is legally released from the primary responsibility for the liability.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page92-cflshid_14747-tag340594": {
"value": "INVENTORIES
Inventories, which consist of purchased goods and in-house produced products, are valued at the lowest of purchase/production cost and expected net selling price. The net selling price is the estimated selling price in the case of ordinary operations minus the estimated completion, marketing, and distribution costs. The acquisition cost is arrived at using the FIFO method and includes the costs incurred in acquiring the goods and the costs of bringing the goods to their current state and location. In-house produced goods include raw materials, energy, direct labor, and a share of the indirect costs that can be allocated based on normal capacity utilization, including maintenance and depreciation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page92-cflshid_14747-tag340597": {
"value": "CASH AND CASH EQUIVALENTS
Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insignificant risk of changes in value and have a maximum term to maturity of three months.
Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months.In Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page92-cflshid_14747-tag340596": {
"value": "CASH AND CASH EQUIVALENTS
Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insignificant risk of changes in value and have a maximum term to maturity of three months.
Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months.In Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page92-cflshid_14747-tag340595": {
"value": "CASH AND CASH EQUIVALENTS
Cash includes cash in hand and at bank. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. For an investment to qualify as a cash equivalent it must be readily convertible to a known amount of cash, be subject to an insignificant risk of changes in value and have a maximum term to maturity of three months.
Bank deposits may also include restricted funds that may have a lock-in period of more than three months, but less than twelve months.In Scana Group\u2019s cash flow analysis cash and cash equivalents consist as defined above. The cash flow analysis has been prepared according to the indirect method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page93-cflshid_14917-tag340598": {
"value": "Interest paid includes interest related to leases, classified as financing activity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page93-cflshid_14889-tag340599": {
"value": "PENSION COST AND LIABILITIES
Scana Group\u2019s pension plans consist of defined contribution pension and Contractual pension in the private sector (AFP) plans for the Group\u2019s Norwegian employees and benefit plans (\u201cmulti-employer plans\u201d) for the group\u2019s Swedish employees. The pension plans which are administered separately (contribution-based pension plan) the annual payments/subsidies are included in personnel expenses.
Pension liabilities are valued at the present value of future pension rights earned at the balance sheet date on the basis of linear accrual and expected final salary. The pension plan\u2019s funds are valued at assumed market value. Net pension liabilities (pension liabilities minus the pension plan\u2019s funds) are classified in the statement of financial position as long-term liabilities. The net liability includes employer\u2019s tax.
The AFP plan for the Group\u2019s Norwegian employees and the benefit plan for the Group\u2019s Swedish employees are considered as so-called \u201cmulti-employer plans\u201d. These pension plans are treated as defined contribution pension plans in the accounts because the necessary information to treat the plan as defined benefit plans are not yet available from
the life insurance company that administers the pension plan. When the necessary information is available, and the pension plan are accounted for as defined benefit arrangements in accordance with IAS 19, this could have an effect on the consolidated accounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page94-cflshid_14964-tag340600": {
"value": "TAXES
Income taxes
Income taxes comprise taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years\u2019 taxes. Taxes on transactions that are recorded in other comprehensive income or directly in equity do not form part of the tax expense in profit or loss.
Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period.
Deferred tax assets
Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset.
Deferred tax and deferred tax assets in the statement of financial position is recognized at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in Scana Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date.
Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions.
Payable tax
Receivables and liabilities regarding payable tax for the current period and previous periods is recognized in the statement of financial position at
the amount that is expected to be paid from or paid into the tax authorities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page94-cflshid_14964-tag340601": {
"value": "Deferred tax assets
Deferred tax assets are recognized when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilize the tax asset. The assessment of whether deferred tax assets can be recognized in the statement of financial position, including deferred tax assets linked to losses carried forward, is made separately within each individual tax regime. The companies recognize previously unrecognized deferred tax assets to the extent it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilize the deferred tax asset.
Deferred tax and deferred tax assets in the statement of financial position is recognized at nominal value and is calculated on the basis of temporary differences between tax and accounting values for assets and liabilities on the balance sheet date, adjusted for tax loss carry forwards.
Deferred tax and deferred tax assets are measured based on the expected future tax rates applicable to the companies in Scana Group where temporary differences have arisen. It is based on tax rates and tax rules that have are adopted on the balance sheet date.
Taxes payable and deferred taxes are recognized directly in equity to the extent that they relate to equity transactions.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page94-cflshid_15028-tag340602": {
"value": "PROVISIONS
A provision is recognized when Scana Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. In the case of discounting, profit and loss is recognized the interest rate effect as a financial expense.
Warranty provisions are recognized when the product is sold, or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annually.
Restructuring provisions are recognized when the Group has approved a detailed, formal restructuring plan and the restructuring has either started or been publicly announced.
Provisions for loss-making contracts are recognized when the Group\u2019s expected revenue from a contract is lower than costs incurred to fulfil the obligations in the contract.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page94-cflshid_15028-tag340603": {
"value": "SHARE BASED PAYMENT
An option program has been entered into for the management of Scana Group and the general manager of the subsidiaries, which is being carried out by issuing shares. See further comments in disclosure 8.
The value of granted options is accrued over the agreed period the employee gains the right to receive the options, or when purchasing services from external parties over the service period of the share consideration agreed to cover.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page94-cflshid_15028-tag340604": {
"value": "CONTINGENT LIABILITIES AND ASSETS
Contingent liabilities are not recognized in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognized in the annual accounts but are disclosed if there is a certain probability that a benefit will be added to the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page94-cflshid_15028-tag340605": {
"value": "FAIR VALUE MEASUREMENT
Scana Group measures certain financial instruments at fair value. This applies to currency contracts. The
fair value of financial liabilities is also disclosed measured at amortized cost. Fair value is the price that would have been used to sell an asset or paid to transfer one obligation in the primary market at the measurement time under the prevailing market conditions, regardless of whether the price is directly observable or estimated using another valuation technique.Scana uses the following hierarchy when assessing and presenting the fair value of financial instruments.
\u25aaLevel 1: Listed prices (unadjusted) in active markets for identical assets and liabilities.
\u25aaLevel 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date.
\u25aaLevel 3: Input for the asset or liability that is not based on observable market data.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page95-cflshid_15100-tag340607": {
"value": "CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2024:
Scana Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024.
Amendments to IFRS 16 - Lease liability in a sale and leaseback
The amendments to IFRS 16 Leases add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that same asset back for a period of time from the new owner.
Amendments to IAS 1 - Classification of liabilities as current or non-current
A narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current.
The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity.
Amendments to IAS 1 - Non-current liabilities with covenantsThe amendments aim to improve the information companies provide about long-term debt with covenants.
The amendments respond to stakeholders\u2019 feedback on the classification of debt as current or non-current when applying requirements introduced in 2020 that are not yet in effect. Our understanding is that the new amendments override the previous amendments from 2020. See below.
IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date. However, a company\u2019s ability to do so is often subject to complying with covenants. For example, a company might have long-term debt that could become repayable within 12 months if the company fails to comply with covenants in that 12-month period.
Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements
The amendments entail disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk.
The above-mentioned amendments had no impact on the Group\u2019s consolidated financial statements.
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2025:
Amendments to IAS 21 - Lack of Exchangeability
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency.
The amendments respond to stakeholder feedback and concerns about diversity in practice in accounting for a lack of exchangeability between currencies. The amendments will help companies and investors by addressing a matter not previously covered in the accounting requirements for the effects of changes in foreign exchange rates.
These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
The amendments will become effective for annual reporting periods beginning on or after 1 January 2025. Early application is permitted.
CHANGES NOT YET ENDORSED BY THE EUIFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1 Presentation of Financial Statements and responds to investors\u2019 demand for better information about companies\u2019 financial performance. It will set out the overall requirements for presentation and disclosures in the financial statements.
IFRS 18 arises from IASB\u2019s work on the primary financial statements project. It will improve how information is communicated in financial statements and give investors a better basis for analysing and comparing companies\u2019 performance by increasing comparability, transparency, and usefulness of information. IFRS 18 will introduce three sets of new requirements:
\u25aaNew required categories and subtotals in the statement of profit or loss, including \u201coperating profit\u201d
\u25aaDisclosure about management-defined performance measures
\u25aaEnhanced guidance on grouping of information (aggregation and disaggregation)
New required categories and subtotals in the statement of profit or loss
IFRS 18 includes new categories and subtotals in the profit or loss statement to respond to investors\u2019 concerns in comparing financial performance.
Three new defined categories are introduced to provide a consistent structure of the statement of profit or loss: Operating, investing and financing.
To new required subtotals are introduced to enable analysis:
\u25aaOperating profit
\u25aaProfit before financing and income taxes Companies with financing and investing activities as their main business will include specific income and expenses in their operating profit that for other companies would be included in the investing or financing categories.
Disclosure about management-defined performance measures
Today investors find lack of transparency when it comes to how non-GAAP/APMs are calculated. To bring transparency and discipline in the use of these measures IFRS 18 defines a subset of such measures referred to as management-defined performance measures (MPMs) and requires the disclosures in the financial statements in a single note. These will also be subject to audit.
Enhanced guidance on grouping of information
These requirements respond to investors\u2019 concerns that some companies don\u2019t provide enough detailed information about aggregation and disaggregation, and that important information is obscured. IFRS 18 introduces enhanced requirements for grouping of information, provides guidance on whether information should be in the primary financial statements or in the notes, and requires disclosures about items labelled as \u201cother\u201d.
Summary
IFRS 18 will replace IAS 1 Presentation of Financial Statements but will not change how companies recognise and measure items in the financial statements. However, most companies will expect changes in the presentation of the statement of profit or loss and disclosure in the notes. IASB will also be issuing limited amendments to other IFRS Accounting Standards, including IAS 7 Statement of Cash Flows.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page95-cflshid_15100-tag340606": {
"value": "CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2024:
Scana Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024.
Amendments to IFRS 16 - Lease liability in a sale and leaseback
The amendments to IFRS 16 Leases add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that same asset back for a period of time from the new owner.
Amendments to IAS 1 - Classification of liabilities as current or non-current
A narrow-scope amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current.
The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity.
Amendments to IAS 1 - Non-current liabilities with covenantsThe amendments aim to improve the information companies provide about long-term debt with covenants.
The amendments respond to stakeholders\u2019 feedback on the classification of debt as current or non-current when applying requirements introduced in 2020 that are not yet in effect. Our understanding is that the new amendments override the previous amendments from 2020. See below.
IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date. However, a company\u2019s ability to do so is often subject to complying with covenants. For example, a company might have long-term debt that could become repayable within 12 months if the company fails to comply with covenants in that 12-month period.
Amendments to IAS 7 and IFRS 7 - Supplier finance arrangements
The amendments entail disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk.
The above-mentioned amendments had no impact on the Group\u2019s consolidated financial statements.
CHANGES IN ACCOUNTING POLCITIES AND DISCLOSURES APPLICABLE FROM 2025:
Amendments to IAS 21 - Lack of Exchangeability
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency.
The amendments respond to stakeholder feedback and concerns about diversity in practice in accounting for a lack of exchangeability between currencies. The amendments will help companies and investors by addressing a matter not previously covered in the accounting requirements for the effects of changes in foreign exchange rates.
These amendments will require companies to apply a consistent approach in assessing whether a currency can be exchanged into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide.
The amendments will become effective for annual reporting periods beginning on or after 1 January 2025. Early application is permitted.
CHANGES NOT YET ENDORSED BY THE EUIFRS 18 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1 Presentation of Financial Statements and responds to investors\u2019 demand for better information about companies\u2019 financial performance. It will set out the overall requirements for presentation and disclosures in the financial statements.
IFRS 18 arises from IASB\u2019s work on the primary financial statements project. It will improve how information is communicated in financial statements and give investors a better basis for analysing and comparing companies\u2019 performance by increasing comparability, transparency, and usefulness of information. IFRS 18 will introduce three sets of new requirements:
\u25aaNew required categories and subtotals in the statement of profit or loss, including \u201coperating profit\u201d
\u25aaDisclosure about management-defined performance measures
\u25aaEnhanced guidance on grouping of information (aggregation and disaggregation)
New required categories and subtotals in the statement of profit or loss
IFRS 18 includes new categories and subtotals in the profit or loss statement to respond to investors\u2019 concerns in comparing financial performance.
Three new defined categories are introduced to provide a consistent structure of the statement of profit or loss: Operating, investing and financing.
To new required subtotals are introduced to enable analysis:
\u25aaOperating profit
\u25aaProfit before financing and income taxes Companies with financing and investing activities as their main business will include specific income and expenses in their operating profit that for other companies would be included in the investing or financing categories.
Disclosure about management-defined performance measures
Today investors find lack of transparency when it comes to how non-GAAP/APMs are calculated. To bring transparency and discipline in the use of these measures IFRS 18 defines a subset of such measures referred to as management-defined performance measures (MPMs) and requires the disclosures in the financial statements in a single note. These will also be subject to audit.
Enhanced guidance on grouping of information
These requirements respond to investors\u2019 concerns that some companies don\u2019t provide enough detailed information about aggregation and disaggregation, and that important information is obscured. IFRS 18 introduces enhanced requirements for grouping of information, provides guidance on whether information should be in the primary financial statements or in the notes, and requires disclosures about items labelled as \u201cother\u201d.
Summary
IFRS 18 will replace IAS 1 Presentation of Financial Statements but will not change how companies recognise and measure items in the financial statements. However, most companies will expect changes in the presentation of the statement of profit or loss and disclosure in the notes. IASB will also be issuing limited amendments to other IFRS Accounting Standards, including IAS 7 Statement of Cash Flows.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page96-cflshid_15230-tag340608": {
"value": "| DISCLOSURE 2 | | CRITICAL ACCOUNTING JUDGEMENT AND KEY SOURCES OF ESTIMATION UNCERTAINTIES |
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Management to exercise its judgment in the process of applying Scana Group\u2019s accounting policies. Estimates and critical accounting judgement are evaluated on an ongoing basis and are based on historical experience and other factors including expectations about future events which are probably given present circumstances.
Scana Group prepares estimates and makes assumptions related to the future. The accounting estimates which follow from this are, by definition, associated with a degree of uncertainties and will give deviation relative to actual outcome. Furthermore, the choice of accounting principles and degree of uncertainty could affect the accounts.
The areas involving higher degree and judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are presented in the table below. See descriptions linked to the various accounting items below. | | | ACCOUNTINGJUDGEMENTS | ESTIMATEUNCERTAINTY |
| Accounting item | Disclosure | Estimate/Assumptions | Carrying amount | Carrying amount |
| Deferred tax assets | 9 | Assessment of the ability to utilize tax positions in the future | | 44.2 |
| Goodwill and intangible assets | 10/11 | Estimation of value in use | | 382.9 |
| Right of use assets | 12 | Incremental borrowing rate and the exercise of options | 389.2 | |
| Contract assets | 4 | Revenue over time | | 108.0 |
| Contract liabilities | 4 | Revenue over time | | 97.6 |
| Lease liabilities | 23 | Assessment of the incremental borrowing rate and the exercise of options | 415.0 | |
DEFERRED TAX ASSETS \u2013 ESTIMATE UNCERTAINTY
Deferred tax assets are recognized for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Further details on taxes are disclosed in disclosure 9.
GOODWILL AND OTHER INTANGIBLE ASSETS \u2013 ESTIMATE UNCERTAINTY
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a DCF model. The cash flows are derived from the budget for the next five years.
The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognized by the Group.
The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in disclosure 11.
CONTRACT ASSETS/CONTRACT LIABILITIES \u2013 ESTIMATE UNCERTAINTY
Contract assets and contract liabilities are linked to larger projects where income is recognized over time. Assumptions are made in relation to estimated costs and profits connected to the projects. Each contract is reviewed and identified according to the delivery obligations. Assessments and assumptions are also made relating to measurement of completion. Changes in the assumptions can lead to recognition of income and profits deviates from the underlying value creation, relative to the project\u2019s total revenue and profit. Profit can thus be accounted for too early or too late in the project.
LEASE LIABLITIES/RIGHT OF USE ASSETS
Scana Group cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate to measure lease liabilities. This is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right of use asset in a similar economic environment. The incremental borrowing rate therefore reflects what the Group \u2018would have to pay\u2019, which requires estimation when no observable rates are available. Scana Group estimates the incremental borrowing rate using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating).
DETERMINATION OF LEASE TERMS
Scana Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised. The Group has several lease
contracts that include extension and termination options. Scana Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page97-cflshid_15364-tag340677": {
"value": " ACCOUNTINGJUDGEMENTSESTIMATEUNCERTAINTYAccounting itemDisclosureEstimate/AssumptionsCarrying amountCarrying amountDeferred tax assets9Assessment of the ability to utilize tax positions in the future44.2Goodwill and intangible assets10/11Estimation of value in use382.9Right of use assets12Incremental borrowing rate and the exercise of options389.2Contract assets4Revenue over time108.0Contract liabilities4Revenue over time97.6Lease liabilities23Assessment of the incremental borrowing rate and the exercise of options415.0",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXI6WO83",
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"value": "DISCLOSURE 3 | BUSINESS COMBINATIONS
ACQUISITION OF MONGSTAD INDUSTRIER AS
On 15 May 2024, Scana-owned PSW Technology AS acquired 100% of the shares in Mongstad Industrier AS. The company is a provider of high-quality steelworks and prefabrication services. On acquisition date Mongstad Industrier AS had 45 highly skilled employees. The collaboration between PSW Technology AS and Mongstad Industrier AS was driven by jointly bidding on the maintenance contract for the Mongstad refinery. This collaboration has led to the identification of significant synergies best realized through PSW Technology AS ownership.
Mongstad Industrier AS delivered revenues of NOK 75 million and a profit before tax of NOK 12 million in 2023.
The acquisition is effective from 15 May 2024. The acquisition is financed through internal funds and a seller credit of NOK 10 million. The purchase price allocation and the accounting for the acquisition is preliminary. Therefor there can be adjustments to the below amounts in subsequent accounting periods.
CONSIDERATION TRANSFERRED
The following table summarizes the acquisition date fair value of each major class of consideration transferred.
| CONSIDERATION TRANSFERRED | 15/05/2024 |
| Cash | 25.5 |
| Seller credit | 10.0 |
| Earn out | 8.2 |
| Consideration transferred | 43.7 |
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
The fair value of identifiable assets and liabilities is based on a purchase price allocation. The following table summarizes the recognized amounts of assets acquired and liabilities assumed at the date of acquisition.
| IDENTIFIABLE ASSETS AQUIRED AND LIABILITIES ASSUMED | 15/05/2024 |
| Property, plant and equipment | 8.8 |
| Inventories | 0.8 |
| Trade receivables | 15.4 |
| Contract assets | 5.9 |
| Prepayments and other current receivables | 0.7 |
| Cash and cash equivalents | 7.5 |
| Deferred tax liability | 1.1 |
| Trade payables | 5.1 |
| Contract liabilities | 3.1 |
| Other current liabilities | 13.3 |
| Total identifiable net assets acquired | 16.4 |
GOODWILL
Goodwill arising from the acquisition has been recognised as follows. The goodwill-value can be explained by synergies, economies of scale, expectations of future profitability and growth and expectations of better market conditions.| GOODWILL | 15/05/2024 |
| Total consideration transferred | 43.7 |
| Fair value of identifiable net assets acquired | -16.4 |
| Goodwill | 27.2 |
DISCLOSURE 4 | SEGMENT INFORMATION & REVENUE
SEGMENT INFORMATION
Scana Group has two business areas being OFFSHORE and ENERGY.
ENERGY delivers product and service portfolio ranges from the design and integration of electrical power systems to electrical infrastructure, energy storage systems and control systems.
OFFSHORE delivers the design and manufacturing of riser applications and specialist subsea equipment to rig servicing, ISS services, mooring systems and IMR lifecycle services for rigs and vessels, our companies cover a wide range of products and services. In addition, delivers mooring solutions and valve control systems to the shipping, energy and aquaculture industry.
Scana HQ includes corporate costs. Inter-segment revenues are eliminated upon consolidation and reflected in the \u2018elimination\u2019 column.
| Composition of the group | Segment | Country | Ownership share |
| PSW Power & Automation AS | Energy | Norway | 100% |
| PSW Power & Automation AB | Energy | Sweden | 100% |
| PSW Technology AS | Offshore | Norway | 100% |
| PSW Solutions AS | Offshore | Norway | 100% |
| Mongstad Industrier AS | Offshore | Norway | 100% |
| PSW Offshore Oil Technical Services Ltd | Offshore | Namibia | 100% |
| West Assets Management AS | Offshore | Norway | 100% |
| Subseatec S AB | Offshore | Sweden | 100% |
| Skarpenord AS | Offshore | Norway | 100% |
| Seasystems AS | Offshore | Norway | 100% |
| Scana ASA | Scana HQ | Norway | ultimate parent |
| 2024 (NOK million) | OFFSHORE | ENERGY | SCANA HQ | ELIM | TOTAL |
| External revenue | 1 145.7 | 824.3 | 0.1 | 0.0 | 1 970.1 |
| Internal revenue | 55.4 | 0.4 | 5.8 | -61.6 | 0.0 |
| Total operating revenue | 1 201.2 | 824.6 | 5.8 | -61.6 | 1 970.1 |
| Total operating expenses | -975.5 | -738.2 | -57.4 | 61.6 | -1 709.4 |
| EBITDA | 225.7 | 86.5 | -51.5 | 0.0 | 260.6 |
| Depreciation | -76.2 | -32.4 | -0.3 | 0.0 | -108.9 |
| Impairment | 0.0 | -4.1 | 0.0 | 0.0 | -4.1 |
| Operating profit/loss (-) | 149.5 | 50.0 | -51.9 | 0.0 | 147.6 |
| EBIT margin | 12% | 6% | | | 7% |
| Net Financial income / expense (-) | | | | | -37.7 |
| Profit / (loss) before tax | | | | | 109.9 |
| Income tax expense | | | | | 26.6 |
| Net profit / (loss) | | | | | 83.3 |
| BALANCE SHEET FIGURES | | | | | |
| Total assets | 994.3 | 698.4 | 833.8 | -955.3 | 1 571.3 |
| Total non-current liabilities | -368.4 | -112.1 | -35.8 | 133.0 | -383.2 |
| Total current liabilities | -386.0 | -313.3 | -183.2 | 357.4 | -525.1 |
| OTHER SEGMENT INFORMATION | | | | | |
| Goodwill | 106.8 | 206.4 | 0.0 | 0.0 | 313.1 |
| Acquisition of property, plants, equipment and intangible assets | -44.1 | -36.8 | -0.1 | 0.0 | -81.0 |
| 2023 (NOK million) | OFFSHORE | ENERGY | SCANA HQ | ELIM | TOTAL |
| External revenue | 1 047.2 | 558.8 | 0.0 | 0.0 | 1 606.0 |
| Internal revenue | 8.1 | 3.3 | 5.1 | -16.5 | 0.0 |
| Total operating revenue | 1 055.3 | 562.1 | 5.1 | -16.5 | 1 606.0 |
| Total operating expenses | -890.5 | -500.6 | -50.2 | 16.5 | -1 424.8 |
| EBITDA | 164.8 | 61.5 | -45.0 | 0.0 | 181.3 |
| Depreciation | -74.9 | -20.3 | -0.6 | 0.0 | -95.8 |
| Impairment | 0.0 | -2.1 | 0.0 | 0.0 | -2.1 |
| Operating profit/loss (-) | 89.9 | 39.1 | -45.6 | 0.0 | 83.3 |
| EBIT margin | 9% | 7% | | | 5% |
| Income from interests in associated companies | | | | | 4.8 |
| Net Financial income / expense (-) | | | | | -31.6 |
| Profit / (loss) before tax | | | | | 56.5 |
| Income tax expense | | | | | -15.0 |
| Net profit / (loss) | | | | | 71.6 |
| BALANCE SHEET FIGURES | | | | | |
| Total assets | 1 058.4 | 570.8 | 807.1 | -941.2 | 1 495.2 |
| Total non-current liabilities | -443.8 | -87.5 | -83.0 | 192.3 | -422.0 |
| Total current liabilities | -351.9 | -231.2 | -205.9 | 297.0 | -492.1 |
| OTHER SEGMENT INFORMATION | | | | | |
| Goodwill | 79.5 | 206.4 | 0.0 | 0.0 | 285.9 |
| Acquisition of property, plants, equipment and intangible assets | -12.1 | -19.2 | -0.1 | 0.0 | -32.7 |
REVENUE DISAGGREGATION In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.
| 2024 (NOK million) | OFFSHORE | ENERGY | SCANA HQ | ELIM | TOTAL |
| TYPE OF GOODS OR SERVICE | | | | | |
| Service- and maintenance contracts | 652.3 | | | -45.9 | 606.4 |
| Shore Power systems | | 75.6 | | | 75.6 |
| Energy Storage systems | | 264.5 | | | 264.5 |
| Energy Modules | | 434.6 | | | 434.6 |
| Subsea and well control | 105.7 | | | -0.3 | 105.4 |
| Valve control systems | 33.7 | | | | 33.7 |
| Mooring-solutions | 143.0 | | | | 143.0 |
| Sale of equipment and spare-parts | 191.9 | | | | 191.9 |
| Other | 28.9 | 49.7 | | -9.6 | 69.0 |
| Operational revenue | 1 155.4 | 824.5 | 0.0 | -55.8 | 1 924.1 |
| Other revenue | 45.8 | 0.1 | | | 45.9 |
| Total operating revenue | 1 201.2 | 824.6 | 0.0 | -55.8 | 1 970.1 |
| TIMING OF REVENUE RECOGNITION | | | | | |
| Products transferred at a point in time | 328.7 | | | -46.2 | 282.5 |
| Products and services transferred over time | 826.7 | 824.5 | | -9.6 | 1 641.6 |
| Operational revenue | 1 155.4 | 824.5 | 0.0 | -55.8 | 1 924.1 |
| Other revenue | 45.8 | 0.1 | | | 45.9 |
| Total operating revenue | 1 201.2 | 824.6 | 0.0 | -55.8 | 1 970.1 |
Revenue from one customer amounted to NOK 319,3 million, arising from sales in the Energy segment.
PERFORMANCE OBLIGATIONS
Information about the Scana Group\u2019s performance obligations is summarised below:
SERVICE-AND MAINTANANCE CONTRACTS
Service and maintenance mainly related to rig, drilling and valve control equipment. These contracts can be both time- and material contracts and fixed-price contracts. Each individual contract is normally considered a separate performance obligation and revenue is recognized over time to depict the delivered time and materials. For contracts with significant fixed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time. Invoices are issued according to contractual terms and are usually payable within 30 days.
SHORE POWER SYSTEMS, ENERGY STORAGE SYSTEMS, ENERGY MODULES
These contracts are normally fixed-price contracts. Each individual contract is normally considered a separate performance obligation and revenue is recognized over time. For contracts with significant fixed-price elements an input method is used to measure the progress of the project, which is the basis for recognizing revenue over time. Invoices are issued according to contractual terms and are usually payable within 30-90 days.
SUBSEA AND WELL CONTROL
Forged goods to the oil and gas industry. The goods are customized based on customers\u2019 requirements and are sold as bundled goods. The goods are considered as a single performance obligation as the components are not separately identifiable. Revenue for these performance obligations is recognized over time based on the progress towards complete satisfaction of the performance obligation. Progress in the projects is measured according to the input method. Invoices are issued according to contractual terms and are usually payable within 30 days.
VALVE CONTROL SYSTEMS Valve control systems to the marine and offshore industry, which consists of several components but can only be used by the customer as a complete unit. The revenue is recognized over time where the transaction price is allocated to a performance obligation based on the input method and when control is transferred to the customer. Contracts do normally have fixed prices. Variation orders are included in the project when it is signed. The customers pay advances based on milestones defined in the contract. Invoices are issued according to contractual terms and are usually payable within 30 days.
MOORING-SOLUTIONS
Innovative system solutions within anchoring and turrets for floating production and storage ships, aquaculture units and offshore wind. The systems linked to offloading are customized based on hose reels requirement specification from the customer who has no alternative use. The same assessments are made in relation to anchorage and turret. The revenue is recognized over time where control is transferred to the buyer which coincides with the progress of the projects measured according to the input method. In the contracts with the customers the company has the right to be compensated for incurred costs and margin if the customer cancels the contracts. Contract deliveries where the revenue is recognized over time are often entered into with milestone invoicing such as due after 30 days.
SALE OF EQUIPMENT AND SPARE-PARTS
This revenue type involves sale of products or equipment that are of a standard nature, not made according to the customer\u2019s specifications. Customers usually obtain control of these products when the goods are delivered to the customers in accordance with the contract terms. The Group has assessed that the performance obligations for such products are satisfied at a point in time, and revenue from these performance obligations is recognized at that point in time.
REVENUE DISTRIBUTED BY COUNTRY
In the following table, revenue from contracts with customers is disaggregated by primary geographical market.
| (NOK million) | 2024 | 2023 |
| Norway | 1 379.3 | 1 156.0 |
| Other European countries | 331.6 | 348.0 |
| America | 113.3 | 28.8 |
| Asia | 51.7 | 71.3 |
| Africa | 48.2 | 1.6 |
| Total operational revenue | 1 924.1 | 1 605.7 |
CONTRACTS
The contract assets primarily relate to the Scana Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Scana companies issue an invoice to the customer. The contract liabilities primarily relate to milestone invoicing and advance consideration received from customers.
The amount of NOK 115.6 million included in contract liabilities on 31 December 2023 has been recognized as revenue in 2024. No revenue is recognized in 2024 from performance obligations satisfied (or partially satisfied) in previous periods.
The transaction price allocated to remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2024 is NOK 564.3 million (2023: NOK 801.3 million). 100 % of the performance obligations are expected to be satisfied during 2025/2026. All ongoing projects in the beginning of 2024 have been delivered. The following table provides information about contract assets and contract liabilities from contracts with customers.
| 2024 | 2023 |
| Contract assets | 108.0 | 99.4 |
| Contract liabilities | 97.6 | 115.6 |
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"value": "REVENUE DISAGGREGATION In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.
| 2024 (NOK million) | OFFSHORE | ENERGY | SCANA HQ | ELIM | TOTAL |
| TYPE OF GOODS OR SERVICE | | | | | |
| Service- and maintenance contracts | 652.3 | | | -45.9 | 606.4 |
| Shore Power systems | | 75.6 | | | 75.6 |
| Energy Storage systems | | 264.5 | | | 264.5 |
| Energy Modules | | 434.6 | | | 434.6 |
| Subsea and well control | 105.7 | | | -0.3 | 105.4 |
| Valve control systems | 33.7 | | | | 33.7 |
| Mooring-solutions | 143.0 | | | | 143.0 |
| Sale of equipment and spare-parts | 191.9 | | | | 191.9 |
| Other | 28.9 | 49.7 | | -9.6 | 69.0 |
| Operational revenue | 1 155.4 | 824.5 | 0.0 | -55.8 | 1 924.1 |
| Other revenue | 45.8 | 0.1 | | | 45.9 |
| Total operating revenue | 1 201.2 | 824.6 | 0.0 | -55.8 | 1 970.1 |
| TIMING OF REVENUE RECOGNITION | | | | | |
| Products transferred at a point in time | 328.7 | | | -46.2 | 282.5 |
| Products and services transferred over time | 826.7 | 824.5 | | -9.6 | 1 641.6 |
| Operational revenue | 1 155.4 | 824.5 | 0.0 | -55.8 | 1 924.1 |
| Other revenue | 45.8 | 0.1 | | | 45.9 |
| Total operating revenue | 1 201.2 | 824.6 | 0.0 | -55.8 | 1 970.1 |
REVENUE DISTRIBUTED BY COUNTRY
In the following table, revenue from contracts with customers is disaggregated by primary geographical market.
| (NOK million) | 2024 | 2023 |
| Norway | 1 379.3 | 1 156.0 |
| Other European countries | 331.6 | 348.0 |
| America | 113.3 | 28.8 |
| Asia | 51.7 | 71.3 |
| Africa | 48.2 | 1.6 |
| Total operational revenue | 1 924.1 | 1 605.7 |
CONTRACTS
The contract assets primarily relate to the Scana Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Scana companies issue an invoice to the customer. The contract liabilities primarily relate to milestone invoicing and advance consideration received from customers.
The amount of NOK 115.6 million included in contract liabilities on 31 December 2023 has been recognized as revenue in 2024. No revenue is recognized in 2024 from performance obligations satisfied (or partially satisfied) in previous periods.
The transaction price allocated to remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2024 is NOK 564.3 million (2023: NOK 801.3 million). 100 % of the performance obligations are expected to be satisfied during 2025/2026. All ongoing projects in the beginning of 2024 have been delivered. The following table provides information about contract assets and contract liabilities from contracts with customers.
| 2024 | 2023 |
| Contract assets | 108.0 | 99.4 |
| Contract liabilities | 97.6 | 115.6 |
In the following table, revenue from contracts with customers is disaggregated by major products and service lines and timing of revenue recognition.
| 2024 (NOK million) | OFFSHORE | ENERGY | SCANA HQ | ELIM | TOTAL |
| TYPE OF GOODS OR SERVICE | | | | | |
| Service- and maintenance contracts | 652.3 | | | -45.9 | 606.4 |
| Shore Power systems | | 75.6 | | | 75.6 |
| Energy Storage systems | | 264.5 | | | 264.5 |
| Energy Modules | | 434.6 | | | 434.6 |
| Subsea and well control | 105.7 | | | -0.3 | 105.4 |
| Valve control systems | 33.7 | | | | 33.7 |
| Mooring-solutions | 143.0 | | | | 143.0 |
| Sale of equipment and spare-parts | 191.9 | | | | 191.9 |
| Other | 28.9 | 49.7 | | -9.6 | 69.0 |
| Operational revenue | 1 155.4 | 824.5 | 0.0 | -55.8 | 1 924.1 |
| Other revenue | 45.8 | 0.1 | | | 45.9 |
| Total operating revenue | 1 201.2 | 824.6 | 0.0 | -55.8 | 1 970.1 |
| TIMING OF REVENUE RECOGNITION | | | | | |
| Products transferred at a point in time | 328.7 | | | -46.2 | 282.5 |
| Products and services transferred over time | 826.7 | 824.5 | | -9.6 | 1 641.6 |
| Operational revenue | 1 155.4 | 824.5 | 0.0 | -55.8 | 1 924.1 |
| Other revenue | 45.8 | 0.1 | | | 45.9 |
| Total operating revenue | 1 201.2 | 824.6 | 0.0 | -55.8 | 1 970.1 |
REVENUE DISTRIBUTED BY COUNTRY
In the following table, revenue from contracts with customers is disaggregated by primary geographical market.
| (NOK million) | 2024 | 2023 |
| Norway | 1 379.3 | 1 156.0 |
| Other European countries | 331.6 | 348.0 |
| America | 113.3 | 28.8 |
| Asia | 51.7 | 71.3 |
| Africa | 48.2 | 1.6 |
| Total operational revenue | 1 924.1 | 1 605.7 |
CONTRACTS
The contract assets primarily relate to the Scana Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. This usually occurs when the Scana companies issue an invoice to the customer. The contract liabilities primarily relate to milestone invoicing and advance consideration received from customers.
The amount of NOK 115.6 million included in contract liabilities on 31 December 2023 has been recognized as revenue in 2024. No revenue is recognized in 2024 from performance obligations satisfied (or partially satisfied) in previous periods.
The transaction price allocated to remaining performance obligations (unsatisfied or partially unsatisfied) as of 31 December 2024 is NOK 564.3 million (2023: NOK 801.3 million). 100 % of the performance obligations are expected to be satisfied during 2025/2026. All ongoing projects in the beginning of 2024 have been delivered. The following table provides information about contract assets and contract liabilities from contracts with customers.
| 2024 | 2023 |
| Contract assets | 108.0 | 99.4 |
| Contract liabilities | 97.6 | 115.6 |
| OTHER REVENUE | 2024 | 2023 |
| Net gain on disposal of property, plant and equipment | 45.7 | 0.1 |
| Other revenue | 0.2 | 0.2 |
| Total other revenue | 45.9 | 0.3 |
DISCLOSURE 6 | OTHER OPERATING EXPENSES
| OTHER OPERATING EXPENSES | 2024 | 2023 |
| Operation and maintenance | 23.0 | 18.5 |
| Rental costs | 41.4 | 20.1 |
| Fees and consultancy services | 43.2 | 27.6 |
| Travel and marketing costs | 17.7 | 19.2 |
| Office and administration costs | 17.7 | 9.4 |
| Insurance costs | 6.0 | 4.8 |
| Other operating expenses | 6.9 | 2.0 |
| Total other operating expenses | 156.0 | 101.6 |
| OTHER REVENUE | 2024 | 2023 |
| Net gain on disposal of property, plant and equipment | 45.7 | 0.1 |
| Other revenue | 0.2 | 0.2 |
| Total other revenue | 45.9 | 0.3 |
DISCLOSURE 6 | OTHER OPERATING EXPENSES
| OTHER OPERATING EXPENSES | 2024 | 2023 |
| Operation and maintenance | 23.0 | 18.5 |
| Rental costs | 41.4 | 20.1 |
| Fees and consultancy services | 43.2 | 27.6 |
| Travel and marketing costs | 17.7 | 19.2 |
| Office and administration costs | 17.7 | 9.4 |
| Insurance costs | 6.0 | 4.8 |
| Other operating expenses | 6.9 | 2.0 |
| Total other operating expenses | 156.0 | 101.6 |
The company has an ongoing arbitration case, with clarification expected in the second quarter of 2025. No provisions have been made related to the outcome, and legal fees are expensed on an ongoing basis.
| AUDIT FEES | 2024 | 2023 |
| Audit services | 4.2 | 4.4 |
| Other assurance services | 0.1 | 0.2 |
| Tax services | 0.2 | 0.2 |
| Total audit fees | 4.6 | 4.8 |
DISCLOSURE 6 | OTHER OPERATING EXPENSES
| OTHER OPERATING EXPENSES | 2024 | 2023 |
| Operation and maintenance | 23.0 | 18.5 |
| Rental costs | 41.4 | 20.1 |
| Fees and consultancy services | 43.2 | 27.6 |
| Travel and marketing costs | 17.7 | 19.2 |
| Office and administration costs | 17.7 | 9.4 |
| Insurance costs | 6.0 | 4.8 |
| Other operating expenses | 6.9 | 2.0 |
| Total other operating expenses | 156.0 | 101.6 |
| AUDIT FEES | 2024 | 2023 |
| Audit services | 4.2 | 4.4 |
| Other assurance services | 0.1 | 0.2 |
| Tax services | 0.2 | 0.2 |
| Total audit fees | 4.6 | 4.8 |
DISCLOSURE 7 | OTHER FINANCIAL INCOME/EXPENSES
| OTHER FINANCIAL INCOME/COSTS (-) | 2024 | 2023 |
| Amortization costs | 0.2 | 0.2 |
| Other financial expenses | -2.1 | -2.8 |
| Other financial income | 0.0 | 0.2 |
| Total other financial income/costs | -1.9 | -2.4 |
DISCLOSURE 7 | OTHER FINANCIAL INCOME/EXPENSES
| OTHER FINANCIAL INCOME/COSTS (-) | 2024 | 2023 |
| Amortization costs | 0.2 | 0.2 |
| Other financial expenses | -2.1 | -2.8 |
| Other financial income | 0.0 | 0.2 |
| Total other financial income/costs | -1.9 | -2.4 |
DISCLOSURE 7 | OTHER FINANCIAL INCOME/EXPENSES
| OTHER FINANCIAL INCOME/COSTS (-) | 2024 | 2023 |
| Amortization costs | 0.2 | 0.2 |
| Other financial expenses | -2.1 | -2.8 |
| Other financial income | 0.0 | 0.2 |
| Total other financial income/costs | -1.9 | -2.4 |
DISCLOSURE 8 | PAYROLL EXPENSES
| PAYROLL EXPENSES | 2024 | 2023 |
| Salary costs | 500.1 | 352.6 |
| Social security costs | 78.1 | 54.7 |
| Pension costs | 34.6 | 21.4 |
| Insurance costs | 4.7 | 2.8 |
| Option program | 3.7 | 3.3 |
| Other wages and personnel costs | 13.0 | 7.1 |
| Total payroll expenses | 634.1 | 441.9 |
| TOTAL AVERAGE NUMBER OF EMPLOYEES | 2024 | 2023 |
| Norway | 585 | 426 |
| Sweden | 10 | 9 |
| Namibia | 7 | |
Scana Group had 657 employees on 31 December 2024 (2023: 537 employees). For further information relating to salaries and remuneration to senior executives, see \u201cReport on remuneration to senior executives\u201d. You will also \ufb01nd the report on Scana ASA\u2019s website.
REMUNERATION LEADING PERSONNEL
| | | Fixed remuneration | Bonus | Extraord-inary items | Pensionexpense | TotalRemuneration | Proportion of fixedand variableremuneration |
| Name | Position | Year | Base salary | Fringebenefits | Variable | Variable | Fixed | Fixed | Variable | Fixed | Variable |
| P\u00e5l Selvik | CEO | 2024 | 4 270 | 21 | 347 | | 322 | 4 613 | 347 | 93% | 7% |
| 2023 * | 1 333 | 7 | | | 99 | 1 439 | 0 | 100% | 0% |
| Torvald Ulland Reiestad | CFO | 2024 | 2 406 | 24 | 199 | | 90 | 2 520 | 199 | 93% | 7% |
| 2023 | 1 805 | 18 | | | 62 | 1 886 | 0 | 100% | 0% |
| Anette Netteland Dybvik | IR & Communication | 2024 | 1 339 | 34 | 111 | | 86 | 1 459 | 111 | 93% | 7% |
| 2023 | 1 145 | 22 | | | 52 | 1 218 | 0 | 100% | 0% |
| Baste Tveito | COO | 2024 | 2 276 | 120 | 191 | | 92 | 2 488 | 191 | 93% | 7% |
| 2023 ** | 1 678 | 35 | | | 55 | 1 768 | 0 | 100% | 0% |
| Stian Vikeb\u00f8 | General Counsel | 2024 *** | 1 263 | 23 | 144 | | 70 | 1 356 | 144 | 90% | 10% |
| 2023 | | | | | | 0 | 0 | 0% | 0% |
| Former CBO | 2024 **** | 3 239 | 17 | 267 | 1 600 | 93 | 3 349 | 1 867 | 64% | 36% |
| 2023 | 3 211 | 18 | | | 62 | 3 291 | 0 | 100% | 0% |
| Former CCO | 2024 ** | 672 | 8 | | | 22 | 702 | 0 | 100% | 0% |
| 2023 | 1 758 | 25 | | 2 400 | 41 | 1 823 | 2 400 | 43% | 57% |
| Former CEO | 2024 | | | | | | 0 | 0 | 0% | 0% |
| 2023 * | 1 808 | 60 | | 6 827 | 37 | 1 905 | 6 827 | 22% | 78% |
* CEO hired in September 2023 and Former CEO resigned in January 2023.
** COO was hired from March 2023. Former CCO was hired from April 2023 to end of March 2024.
*** General Counsel was hired from April 2024.
**** Former CBO did in period from January 2023 to end August 2023 serve as interim CEO.
All numbers in the overview above are in thousand NOK.
The resignation period for key personnel is from 3\u20136 months. Key personnel may have severance agreements involving salary for six-month period. The pension scheme for senior employees is contribution-based.
No loans, advance payments or collateral have been given to leading persons during 2023. On the balance sheet date, no leading persons have loans.",
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"value": "| TOTAL AVERAGE NUMBER OF EMPLOYEES | 2024 | 2023 |
| Norway | 585 | 426 |
| Sweden | 10 | 9 |
| Namibia | 7 | |
REMUNERATION LEADING PERSONNEL
| | | Fixed remuneration | Bonus | Extraord-inary items | Pensionexpense | TotalRemuneration | Proportion of fixedand variableremuneration |
| Name | Position | Year | Base salary | Fringebenefits | Variable | Variable | Fixed | Fixed | Variable | Fixed | Variable |
| P\u00e5l Selvik | CEO | 2024 | 4 270 | 21 | 347 | | 322 | 4 613 | 347 | 93% | 7% |
| 2023 * | 1 333 | 7 | | | 99 | 1 439 | 0 | 100% | 0% |
| Torvald Ulland Reiestad | CFO | 2024 | 2 406 | 24 | 199 | | 90 | 2 520 | 199 | 93% | 7% |
| 2023 | 1 805 | 18 | | | 62 | 1 886 | 0 | 100% | 0% |
| Anette Netteland Dybvik | IR & Communication | 2024 | 1 339 | 34 | 111 | | 86 | 1 459 | 111 | 93% | 7% |
| 2023 | 1 145 | 22 | | | 52 | 1 218 | 0 | 100% | 0% |
| Baste Tveito | COO | 2024 | 2 276 | 120 | 191 | | 92 | 2 488 | 191 | 93% | 7% |
| 2023 ** | 1 678 | 35 | | | 55 | 1 768 | 0 | 100% | 0% |
| Stian Vikeb\u00f8 | General Counsel | 2024 *** | 1 263 | 23 | 144 | | 70 | 1 356 | 144 | 90% | 10% |
| 2023 | | | | | | 0 | 0 | 0% | 0% |
| Former CBO | 2024 **** | 3 239 | 17 | 267 | 1 600 | 93 | 3 349 | 1 867 | 64% | 36% |
| 2023 | 3 211 | 18 | | | 62 | 3 291 | 0 | 100% | 0% |
| Former CCO | 2024 ** | 672 | 8 | | | 22 | 702 | 0 | 100% | 0% |
| 2023 | 1 758 | 25 | | 2 400 | 41 | 1 823 | 2 400 | 43% | 57% |
| Former CEO | 2024 | | | | | | 0 | 0 | 0% | 0% |
| 2023 * | 1 808 | 60 | | 6 827 | 37 | 1 905 | 6 827 | 22% | 78% |
* CEO hired in September 2023 and Former CEO resigned in January 2023.
** COO was hired from March 2023. Former CCO was hired from April 2023 to end of March 2024.
*** General Counsel was hired from April 2024.
**** Former CBO did in period from January 2023 to end August 2023 serve as interim CEO.
All numbers in the overview above are in thousand NOK.
The resignation period for key personnel is from 3\u20136 months. Key personnel may have severance agreements involving salary for six-month period. The pension scheme for senior employees is contribution-based.
No loans, advance payments or collateral have been given to leading persons during 2023. On the balance sheet date, no leading persons have loans.SHARE-BASED REMUNERATION CEO
The CEO has an incentive scheme of 2.5 million options divided into three tranches. The first tranche has a vesting time to May 2024. The second tranche has a vesting time to May 2025 and the third tranche has a vesting time to May 2026. Each tranche has an equal size of 0.8 million options. End of December 2024 0.8 million options are vested. No options are exercised during 2024. Share options at the end of December 2024 were 2.5 million.
| The main conditions of share option plans | Information regarding the reported financial year |
| | | | | | | Opening balance | Closing balance | |
| Specification of plan | Performance period | Award date | Vesting Date | End of holdingperiod | Exercise period | Strike price ofthe share | Share optionsawarded at thebeginning of the year | Excercised 2024 | Deducted in 2024 | Share optionsvested | Share optionssubject to aperformancecondition | Share optionsawarded andunvested | Share optionsat the end of the year |
| Exercise period 1 | 01.09.23 - 31.05.24 | 01.09.24 | 31.05.24 | 0.8 | 30.06.24 | 1.806 | 0.8 | | | 0.8 | | | 0.8 |
| Exercise period 2 | 01.09.23 - 31.05.25 | 01.09.24 | 31.05.25 | 0.8 | 30.06.25 | 1.806 | 0.8 | | | | 0.8 | 0.8 | 0.8 |
| Exercise period 3 | 01.09.23 - 31.05.26 | 01.09.24 | 31.05.26 | 0.8 | 30.06.26 | 1.806 | 0.8 | | | | 0.8 | 0.8 | 0.8 |
| Total | | | | 2.5 | | | 2.5 | 0.0 | 0.0 | 0.8 | 1.7 | 1.7 | 2.5 |
BOARD REMUNERATION
The board of Scana ASA was paid TNOK 1.800 in fees in 2024, TNOK 75 to the election committee and TNOK 40 to the audit committee. Board remunerations are paid annually in arrears and apply for the period from the ordinary general meeting 2023 to the ordinary general meeting 2024. Fees in arrears for the board elected in June 2023 with a term of of\ufb01ce until May 2024 are speci\ufb01ed below.
| Name | Position | Active period | Remuneration paid out in 2023 | Remuneration paid out in 2024 |
| Bj\u00f8rn Gabriel Reed | Board Member | Aug 2023 - | | 300 |
| Morten Blix | Board Member | Jan 2022 - Dec 2022 / Jun 2023 - | 115 | 230 |
| Ida Ianssen Lundh | Board Member | Dec 2022 - | 97 | 300 |
| Gunnar Eliassen | Former Chairman of the board | Aug 2023 - Aug 2024 | | 460 |
| Birgitte Feginn Angelil | Former Board Member | Dec 2022 - Dec 2024 | 97 | 300 |
| P\u00e5l Selvik | Former Deputy chair of the board and Chairman of the board | Dec 2022 - Jan 2023 / Jan 2023 - Aug 2023 | 141 | 140 |
| Vidar Rabben | Former Board Member | Dec 2022 - Aug 2023 | 97 | 70 |
| Former Chairman of the board | May 2018 - Jan 2023 | 174 | |
| Former Board Member | May 2021 - Jan 2023 | 116 | |
| Former Board Member | May 2016 - Jan 2023 | 116 | |
| Former Board Member | May 2018 - Dec 2022 | 103 | |
| Total remuneration | | | 1 058 | 1 800 |
SHARE-BASED REMUNERATION (EQUITY-SETTLED)
On 24 June 2019, the company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 8 May 2020. On 24 January 2022, the Company announced that senior employees have been awarded an option program together with the general manager of the subsidiaries. The option program was approved at the ordinary general meeting on 22 June 2022.
The report \ufb01rst presents the 2019 program and then the 2022 program.
SHARE-BASED REMUNERATION FROM 2019
One participator held 0.4 million options at beginning of 2024. All options were exercised connected to 2019 program during 2024.
SHARE-BASED REMUNERATION CEO
The CEO has an incentive scheme of 2.5 million options divided into three tranches. The first tranche has a vesting time to May 2024. The second tranche has a vesting time to May 2025 and the third tranche has a vesting time to May 2026. Each tranche has an equal size of 0.8 million options. End of December 2024 0.8 million options are vested. No options are exercised during 2024. Share options at the end of December 2024 were 2.5 million.
| The main conditions of share option plans | Information regarding the reported financial year |
| | | | | | | Opening balance | Closing balance | |
| Specification of plan | Performance period | Award date | Vesting Date | End of holdingperiod | Exercise period | Strike price ofthe share | Share optionsawarded at thebeginning of the year | Excercised 2024 | Deducted in 2024 | Share optionsvested | Share optionssubject to aperformancecondition | Share optionsawarded andunvested | Share optionsat the end of the year |
| Exercise period 1 | 01.09.23 - 31.05.24 | 01.09.24 | 31.05.24 | 0.8 | 30.06.24 | 1.806 | 0.8 | | | 0.8 | | | 0.8 |
| Exercise period 2 | 01.09.23 - 31.05.25 | 01.09.24 | 31.05.25 | 0.8 | 30.06.25 | 1.806 | 0.8 | | | | 0.8 | 0.8 | 0.8 |
| Exercise period 3 | 01.09.23 - 31.05.26 | 01.09.24 | 31.05.26 | 0.8 | 30.06.26 | 1.806 | 0.8 | | | | 0.8 | 0.8 | 0.8 |
| Total | | | | 2.5 | | | 2.5 | 0.0 | 0.0 | 0.8 | 1.7 | 1.7 | 2.5 |
SHARE-BASED REMUNERATION FROM 2022
| The main conditions of share option plans | Information regarding the reported financial year |
| | | | | | | Opening balance | Closing balance | |
| Specification of plan | Performance period | Award date | Vesting Date | End of holdingperiod | Exercise period | Strike price ofthe share | Share optionsawarded at thebeginning of the year | Excercised 2024 | Deducted in 2024 | Share optionsvested | Share optionssubject to aperformancecondition | Share optionsawarded andunvested | Share optionsat the end of the year |
| Plan 1a | 24.01.22 - 30.06.23 | 24.01.22 | 30.06.23 | 5.2 | 30.06.23 | 1.400 | 5.2 | -5.2 | | | | | |
| Plan 1b | 24.01.22 - 30.06.24 | 24.01.22 | 30.06.24 | 7.4 | 30.06.24 | 1.470 | 7.4 | -6.3 | | 7.4 | | | 1.1 |
| Plan 1c | | 24.01.22 | | 0.0 | | 1.470 | | | | | | | |
| Plan 1d | 24.01.22 - 30.06.25 | 24.01.22 | 30.06.25 | 7.4 | 30.06.25 | 1.543 | 7.4 | | -2.0 | 0.0 | 7.4 | 7.4 | 5.4 |
| Plan 1e | | 24.01.22 | | 0.0 | | 1.543 | | | | | | | |
| Total | | | | 20.0 | | | 20.0 | -11.5 | -2.0 | 7.4 | 7.4 | 7.4 | 6.5 |
All numbers of options in the overview above are in million.
The options can be exercised in connection with the reporting of the quarterly reports indicated in the table above. The exercise period is two weeks after the quarterly report is published at Oslo B\u00f8rs. The options linked to plan 1a are earned in the period from the award date to the vesting date, which is 24 January 2022 \u2013 30 June 2023. The options linked to plan 1b are earned in the period from the award date to the vesting date, which is 24 January 2022\u201330 June 2024.
Options that have not been exercised (cf. plan 1a) can be exercised through plan 1c on 30 June 2024 at a strike price of 1.47. The exercise can take place after the publication of the second quarter report of 2024 and the following two weeks. The options linked to plan 1d are earned in the period from the award date to the vesting date, which is 24 January 2022 \u2013 30 June 2025.
Options that have not been exercised (cf. 1a and 1b) can be exercised through plan 1e until 30 June 2025 at a strike price of 1.544. The exercise can take place after the publication of the second quarter report of 2025 and the following two weeks.
No shares or other instruments have been allocated in connection with remuneration to leading persons. 11.5 million options have been exercised in 2024.
In connection with determining the value of the option program, a binomial option pricing model has been used. It is assumed that a \u201cgeometric Brownian motion\u201d model as a price model, which is the most widely used price model in \ufb01nancial mathematics, can be used to generate future share prices.
The risk-free interest rate is in accordance with Norges Bank\u2019s interest rate at the time of the award. Risk-free interest is interpolated over the accrual period. The volatility is based on trades made in the share in the past \ufb01ve years, which is 97 %. Dividend is not considered.
Based on simulations, this gives an indicative option value of NOK 10.5 million according to option program announced January 2022.
In the option program, it is assumed that no one who has been granted options will end the vesting period and that everyone will redeem the options after 36 months.
The value of granted options is accrued over the period in which the employees acquire the right to receive the options. In 2024, NOK 4.2 million was recognized as a cost the of option program in accordance with the vesting period which includes the existing incentive scheme to CEO started up in September 2023.",
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"value": "DISCLOSURE 9 | TAX
As of 31 December 2024, the tax loss to be carried forward in Norway is NOK 309.0 million (2023: NOK 361.5 million). There are no restrictions on the right to carry forward tax losses.
As of 31 December 2024, the Deferred tax assets is NOK 44.2 million where NOK 44.8 million is allocated to business in Norway.
Management considers that tax losses will be used in connection with companies in Norway. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests which is supported by the order backlog, new contracts and the outlook within the markets where the companies operate. The management expects that the running business will contribute with increased future taxable income.
Scana considers that there is suf\ufb01cient taxable income in future periods, adjusted for net temporary differences with future taxable income. Taxable amounts arising from tax-reducing temporary differences expected to arise in future periods are disregarded. Also mentioned in disclosures 2.| RECONCILIATION OF NET DEFERRED TAX ASSETS | 2024 | 2023 |
| Opening balance, net deferred tax assets | 67.8 | 52.4 |
| Change in tax / deferred tax asset over the result | -22.5 | 15.3 |
| Deferred tax business combination | -1.2 | 0.0 |
| Deferred tax assets capital expansion | 0.0 | 0.0 |
| Net deferred tax assets | 44.2 | 67.8 |
| SPECIFICATION OF NET DEFERRED TAX ASSETS | 2024 | 2023 |
| Fixed assets | 28.7 | 25.4 |
| Right of use assets/ lease liabilities | -5.4 | -4.5 |
| Current assets | 3.2 | -4.8 |
| Liabilities | -2.7 | -2.3 |
| Taxable loss carried forward | -68.0 | -81.6 |
| Net deferred tax assets | 44.2 | 67.8 |
DISCLOSURE 9 | TAX
As of 31 December 2024, the tax loss to be carried forward in Norway is NOK 309.0 million (2023: NOK 361.5 million). There are no restrictions on the right to carry forward tax losses.
As of 31 December 2024, the Deferred tax assets is NOK 44.2 million where NOK 44.8 million is allocated to business in Norway.
Management considers that tax losses will be used in connection with companies in Norway. This is based on expected future cash \ufb02ows and builds on the same assumptions used in the impairment tests which is supported by the order backlog, new contracts and the outlook within the markets where the companies operate. The management expects that the running business will contribute with increased future taxable income.
Scana considers that there is suf\ufb01cient taxable income in future periods, adjusted for net temporary differences with future taxable income. Taxable amounts arising from tax-reducing temporary differences expected to arise in future periods are disregarded. Also mentioned in disclosures 2.
| THE TAX EXPENSE FOR THE YEAR APPEARS AS FOLLOWS | 2024 | 2023 |
| Current tax | -4.1 | -0.3 |
| Change in deferred tax / deferred tax assets | -22.5 | 15.1 |
| Currency differences foreign tax | 0.0 | 0.1 |
| Tax expenses | -26.6 | 15.0 |
| Foreign tax expenses | -2.6 | -1.4 |
| Effective tax rate | 24% | -27% |
| RECONCILIATION OF TAX EXPENSE AGAINST ORDINARY PROFIT BEFORE TAX | 2024 | 2023 |
| Profit before tax | 109.9 | 56.5 |
| 22% of profit before tax | 24.2 | 12.4 |
| Tax expense for the year | 26.6 | -15.0 |
| The differences; due to | -2.4 | 27.5 |
| Permanent differences | 0.3 | 7.2 |
| Withholding tax | -2.7 | 0.0 |
| Change not capitalized deferred tax assets | 0.0 | 20.2 |
| Effect of foreign activity due to different tax levels | 0.0 | 0.1 |
| Total | -2.4 | 27.5 |
| RECONCILIATION OF NET DEFERRED TAX ASSETS | 2024 | 2023 |
| Opening balance, net deferred tax assets | 67.8 | 52.4 |
| Change in tax / deferred tax asset over the result | -22.5 | 15.3 |
| Deferred tax business combination | -1.2 | 0.0 |
| Deferred tax assets capital expansion | 0.0 | 0.0 |
| Net deferred tax assets | 44.2 | 67.8 |
| SPECIFICATION OF NET DEFERRED TAX ASSETS | 2024 | 2023 |
| Fixed assets | 28.7 | 25.4 |
| Right of use assets/ lease liabilities | -5.4 | -4.5 |
| Current assets | 3.2 | -4.8 |
| Liabilities | -2.7 | -2.3 |
| Taxable loss carried forward | -68.0 | -81.6 |
| Net deferred tax assets | 44.2 | 67.8 |
DISCLOSURE 10 | INTANGIBLE ASSETS | INTANGIBLE ASSETS AS OF 31.12.24 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 296.6 | 56.2 | 46.9 | 399.7 |
| Additions | 0.0 | 10.0 | 0.0 | 10.0 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 27.2 | 0.0 | 0.0 | 27.2 |
| Translation difference | 0.0 | 0.1 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 324.2 | 65.2 | 46.9 | 436.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -22.3 | -9.4 | -42.4 |
| Amortisation | 0.0 | -4.3 | -4.7 | -9.0 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 0.6 | 0.0 | 0.6 |
| Translation difference | 0.0 | -0.1 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -11.1 | -28.2 | -14.1 | -53.4 |
| Book value as of 31.12 | 313.1 | 37.0 | 32.8 | 382.9 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
PSW Power & Automation AS has capitalized development costs corresponding to NOK 10.0 million in connection with product development of mobile battery solutions and software for battery grid. In 2024 an impairment of NOK 2.1 million has been made regarding product development of the Electric Valve Actuator. Development costs are amortized over the product\u2019s expected lifetime.
| INTANGIBLE ASSETS AS OF 31.12.23 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 284.8 | 47.6 | 46.9 | 379.3 |
| Additions | 0.0 | 9.3 | 0.0 | 9.3 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 11.7 | 0.0 | 0.0 | 11.7 |
| Translation difference | 0.0 | 0.4 | 0.0 | 0.4 |
| Accumulated as of 31.12. | 296.6 | 56.2 | 46.9 | 399.7 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -18.2 | -4.7 | -33.5 |
| Amortisation | 0.0 | -2.7 | -4.7 | -7.4 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 1.0 | 0.0 | 1.0 |
| Translation difference | 0.0 | -0.3 | 0.0 | -0.3 |
| Accumulated as of 31.12. | -10.7 | -22.3 | -9.4 | -42.4 |
| Book value as of 31.12 | 285.9 | 33.9 | 37.5 | 357.3 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
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"value": "DISCLOSURE 10 | INTANGIBLE ASSETS | INTANGIBLE ASSETS AS OF 31.12.24 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 296.6 | 56.2 | 46.9 | 399.7 |
| Additions | 0.0 | 10.0 | 0.0 | 10.0 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 27.2 | 0.0 | 0.0 | 27.2 |
| Translation difference | 0.0 | 0.1 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 324.2 | 65.2 | 46.9 | 436.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -22.3 | -9.4 | -42.4 |
| Amortisation | 0.0 | -4.3 | -4.7 | -9.0 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 0.6 | 0.0 | 0.6 |
| Translation difference | 0.0 | -0.1 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -11.1 | -28.2 | -14.1 | -53.4 |
| Book value as of 31.12 | 313.1 | 37.0 | 32.8 | 382.9 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
PSW Power & Automation AS has capitalized development costs corresponding to NOK 10.0 million in connection with product development of mobile battery solutions and software for battery grid. In 2024 an impairment of NOK 2.1 million has been made regarding product development of the Electric Valve Actuator. Development costs are amortized over the product\u2019s expected lifetime.
| INTANGIBLE ASSETS AS OF 31.12.23 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 284.8 | 47.6 | 46.9 | 379.3 |
| Additions | 0.0 | 9.3 | 0.0 | 9.3 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 11.7 | 0.0 | 0.0 | 11.7 |
| Translation difference | 0.0 | 0.4 | 0.0 | 0.4 |
| Accumulated as of 31.12. | 296.6 | 56.2 | 46.9 | 399.7 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -18.2 | -4.7 | -33.5 |
| Amortisation | 0.0 | -2.7 | -4.7 | -7.4 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 1.0 | 0.0 | 1.0 |
| Translation difference | 0.0 | -0.3 | 0.0 | -0.3 |
| Accumulated as of 31.12. | -10.7 | -22.3 | -9.4 | -42.4 |
| Book value as of 31.12 | 285.9 | 33.9 | 37.5 | 357.3 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
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"value": "DISCLOSURE 10 | INTANGIBLE ASSETS | INTANGIBLE ASSETS AS OF 31.12.24 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 296.6 | 56.2 | 46.9 | 399.7 |
| Additions | 0.0 | 10.0 | 0.0 | 10.0 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 27.2 | 0.0 | 0.0 | 27.2 |
| Translation difference | 0.0 | 0.1 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 324.2 | 65.2 | 46.9 | 436.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -22.3 | -9.4 | -42.4 |
| Amortisation | 0.0 | -4.3 | -4.7 | -9.0 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 0.6 | 0.0 | 0.6 |
| Translation difference | 0.0 | -0.1 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -11.1 | -28.2 | -14.1 | -53.4 |
| Book value as of 31.12 | 313.1 | 37.0 | 32.8 | 382.9 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
PSW Power & Automation AS has capitalized development costs corresponding to NOK 10.0 million in connection with product development of mobile battery solutions and software for battery grid. In 2024 an impairment of NOK 2.1 million has been made regarding product development of the Electric Valve Actuator. Development costs are amortized over the product\u2019s expected lifetime.
| INTANGIBLE ASSETS AS OF 31.12.23 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 284.8 | 47.6 | 46.9 | 379.3 |
| Additions | 0.0 | 9.3 | 0.0 | 9.3 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 11.7 | 0.0 | 0.0 | 11.7 |
| Translation difference | 0.0 | 0.4 | 0.0 | 0.4 |
| Accumulated as of 31.12. | 296.6 | 56.2 | 46.9 | 399.7 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -18.2 | -4.7 | -33.5 |
| Amortisation | 0.0 | -2.7 | -4.7 | -7.4 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 1.0 | 0.0 | 1.0 |
| Translation difference | 0.0 | -0.3 | 0.0 | -0.3 |
| Accumulated as of 31.12. | -10.7 | -22.3 | -9.4 | -42.4 |
| Book value as of 31.12 | 285.9 | 33.9 | 37.5 | 357.3 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
DISCLOSURE 12 | RIGHT OF USE ASSETS All right of use assets presented in the table below relate to premises, machines and cars. The right of use assets are depreciated on a linear basis over the \ufb01xed lease period, with the exception of a machine which is depreciated over its economic life. As of 31 December 2024, the remaining part of the leasing period is reflected in the right of use assets. Any extension of the lease period will be assessed when the options should be exercised. In connection to right of use assets, read disclosure 2 for critical accounting judgement.
| RIGHT OF USE ASSETS AS OF 31.12.24 | PROPERTY | MACHINERY | VEHICLE | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 479.9 | 17.6 | 21.1 | 518.5 |
| Additions | 65.5 | 5.4 | 8.2 | 79.1 |
| Disposals | -9.6 | -1.3 | -2.9 | -13.8 |
| Translation difference | 0.0 | 0.0 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 535.8 | 21.8 | 26.3 | 583.8 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -115.0 | -7.6 | -6.3 | -129.0 |
| Depreciation | -66.8 | -4.4 | -6.3 | -77.4 |
| Impairment | -2.0 | 0.0 | 0.0 | -2.0 |
| Additions | 0.0 | 0.0 | 0.0 | 0.0 |
| Disposals | 9.6 | 0.7 | 3.5 | 13.8 |
| Translation difference | 0.0 | 0.0 | 0.0 | 0.0 |
| Accumulated as of 31.12. | -174.2 | -11.3 | -9.2 | -194.6 |
| Book value as of 31.12. | 361.6 | 10.5 | 17.2 | 389.2 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in no. of years | 1-10 | 1-10 | 1-5 | |
| RIGHT OF USE ASSETS AS OF 31.12.23 | PROPERTY | MACHINERY | VEHICLE | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 449.7 | 9.9 | 12.7 | 472.3 |
| Additions | 36.4 | 6.6 | 11.4 | 54.4 |
| Disposals | -6.4 | -0.9 | -1.2 | -8.5 |
| Reclassification | 0.0 | 1.9 | -1.9 | 0.0 |
| Translation difference | 0.1 | 0.1 | 0.0 | 0.3 |
| Accumulated as of 31.12. | 479.9 | 17.6 | 21.1 | 518.5 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -62.6 | -2.8 | -4.3 | -69.7 |
| Depreciation | -58.8 | -4.6 | -4.4 | -67.8 |
| Disposals | 6.5 | 0.9 | 1.2 | 8.6 |
| Reclassification | 0.0 | -1.2 | 1.2 | 0.0 |
| Mergers | 0.0 | 0.0 | 0.0 | 0.0 |
| Translation difference | -0.1 | 0.0 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -115.0 | -7.6 | -6.3 | -129.0 |
| Book value as of 31.12. | 364.8 | 10.0 | 14.7 | 389.5 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in no. of years | 1-10 | 1-10 | 1-5 | |
DISCLOSURE 13 | PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.24 | TOTAL |
| ACCUMULATIVE COSTS | |
| Opening balance | 284.3 |
| Additions | 71.1 |
| Disposals | -111.1 |
| Acquisitions | 10.0 |
| Translation difference | 0.2 |
| Accumulated as of 31.12. | 254.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | |
| Opening balance | -130.4 |
| Depreciation | -22.5 |
| Disposals | 51.1 |
| Acquisitions | -1.2 |
| Translation difference | 0.0 |
| Accumulated as of 31.12. | -102.9 |
| Book value as of 31.12. | 151.5 |
| The linear depreciation method is used | |
| Depreciation/amortisation period in number of years | 3-10 |
Fixed assets are pledged so there are restrictions on disposal. This applies to companies in Norway and Sweden. Booked value of pledged operating assets is NOK 151.4 million as of 31 December 2024 (31.12.23: NOK 153.9 million).
In 2024, Scana sold equipment with a total net carrying amount of NOK 60.0 million for a cash consideration of NOK 106.1 million. Most of this was related to the sale of a capping stack. The net gains on these disposals were recognised as a part of other operation come in the statement of profit or loss. Refer to note 5.
| PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.23 | TOTAL |
| ACCUMULATIVE COSTS | |
| Opening balance | 262.3 |
| Additions | 23.4 |
| Disposals | -4.6 |
| Reclassification | 3.1 |
| Translation difference | 0.2 |
| Accumulated as of 31.12. | 284.3 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | |
| Opening balance | -114.5 |
| Depreciation | -20.6 |
| Disposals | 3.8 |
| Reclassification | 0.9 |
| Translation difference | -0.1 |
| Accumulated as of 31.12. | -130.4 |
| Book value as of 31.12. | 154.0 |
| The linear depreciation method is used | |
| Depreciation/amortisation period in number of years | 3-5 |
DISCLOSURE 10 | INTANGIBLE ASSETS | INTANGIBLE ASSETS AS OF 31.12.24 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 296.6 | 56.2 | 46.9 | 399.7 |
| Additions | 0.0 | 10.0 | 0.0 | 10.0 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 27.2 | 0.0 | 0.0 | 27.2 |
| Translation difference | 0.0 | 0.1 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 324.2 | 65.2 | 46.9 | 436.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -22.3 | -9.4 | -42.4 |
| Amortisation | 0.0 | -4.3 | -4.7 | -9.0 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 0.6 | 0.0 | 0.6 |
| Translation difference | 0.0 | -0.1 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -11.1 | -28.2 | -14.1 | -53.4 |
| Book value as of 31.12 | 313.1 | 37.0 | 32.8 | 382.9 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
PSW Power & Automation AS has capitalized development costs corresponding to NOK 10.0 million in connection with product development of mobile battery solutions and software for battery grid. In 2024 an impairment of NOK 2.1 million has been made regarding product development of the Electric Valve Actuator. Development costs are amortized over the product\u2019s expected lifetime.
| INTANGIBLE ASSETS AS OF 31.12.23 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 284.8 | 47.6 | 46.9 | 379.3 |
| Additions | 0.0 | 9.3 | 0.0 | 9.3 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 11.7 | 0.0 | 0.0 | 11.7 |
| Translation difference | 0.0 | 0.4 | 0.0 | 0.4 |
| Accumulated as of 31.12. | 296.6 | 56.2 | 46.9 | 399.7 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -18.2 | -4.7 | -33.5 |
| Amortisation | 0.0 | -2.7 | -4.7 | -7.4 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 1.0 | 0.0 | 1.0 |
| Translation difference | 0.0 | -0.3 | 0.0 | -0.3 |
| Accumulated as of 31.12. | -10.7 | -22.3 | -9.4 | -42.4 |
| Book value as of 31.12 | 285.9 | 33.9 | 37.5 | 357.3 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
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"v1-page108-cflshid_20053-tag340628": {
"value": "DISCLOSURE 10 | INTANGIBLE ASSETS | INTANGIBLE ASSETS AS OF 31.12.24 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 296.6 | 56.2 | 46.9 | 399.7 |
| Additions | 0.0 | 10.0 | 0.0 | 10.0 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 27.2 | 0.0 | 0.0 | 27.2 |
| Translation difference | 0.0 | 0.1 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 324.2 | 65.2 | 46.9 | 436.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -22.3 | -9.4 | -42.4 |
| Amortisation | 0.0 | -4.3 | -4.7 | -9.0 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 0.6 | 0.0 | 0.6 |
| Translation difference | 0.0 | -0.1 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -11.1 | -28.2 | -14.1 | -53.4 |
| Book value as of 31.12 | 313.1 | 37.0 | 32.8 | 382.9 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
PSW Power & Automation AS has capitalized development costs corresponding to NOK 10.0 million in connection with product development of mobile battery solutions and software for battery grid. In 2024 an impairment of NOK 2.1 million has been made regarding product development of the Electric Valve Actuator. Development costs are amortized over the product\u2019s expected lifetime.
| INTANGIBLE ASSETS AS OF 31.12.23 | GOODWILL | DEVELOPMENT COSTS | CUSTOMER RELATIONSHIPS | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 284.8 | 47.6 | 46.9 | 379.3 |
| Additions | 0.0 | 9.3 | 0.0 | 9.3 |
| Disposals | 0.0 | -1.0 | 0.0 | -1.0 |
| Acquisitions | 11.7 | 0.0 | 0.0 | 11.7 |
| Translation difference | 0.0 | 0.4 | 0.0 | 0.4 |
| Accumulated as of 31.12. | 296.6 | 56.2 | 46.9 | 399.7 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -10.7 | -18.2 | -4.7 | -33.5 |
| Amortisation | 0.0 | -2.7 | -4.7 | -7.4 |
| Impairment | 0.0 | -2.1 | 0.0 | -2.1 |
| Disposals | 0.0 | 1.0 | 0.0 | 1.0 |
| Translation difference | 0.0 | -0.3 | 0.0 | -0.3 |
| Accumulated as of 31.12. | -10.7 | -22.3 | -9.4 | -42.4 |
| Book value as of 31.12 | 285.9 | 33.9 | 37.5 | 357.3 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in number of years | No amortisation | 5-10 | 10 | |
",
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"v1-page109-cflshid_20682-tag340633": {
"value": "DISCLOSURE 11 | IMPAIRMENT IMPAIRMENT TESTS
For impairment testing, goodwill acquired through business combinations are allocated to either Offshore and Energy CGUs.
Scana tests for impairment annually or more frequently if there are indicators of impairment. Scana assesses various impairment indicators, including the ratio between market value on the Oslo stock exchange and book value of equity, market development, lower than expected earnings and changes in market interest rates. As of 31 December 2024, the market value of the company is higher than the book value of the equity, which does not indicate impairment of goodwill or other assets in the various CGUs.
CGU-OFFSHORE
CGU-OFFSHORE consists of PSW Technology AS PSW Solutions AS and Mongstad Industrier AS. The carrying amount of goodwill allocated to this CGU as of 31 December 2024 is MNOK 106.8. The recoverable amount of this CGU was based on its value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. The calculations are based upon estimated future cash flows for the cash generating unit, OFFSHORE. The estimated future cash flows are based upon budgets and long-term business plan covering a five-year period. The cash flows are based on the managements and the board\u2019s best estimate.
Per end of December 2024 estimated recoverable amount exceeds the carrying amount of the CGU, and management did not identify an impairment for this CGU.
CGU-ENERGY
CGU-ENERGY consists of PSW Power & Automation AS. The carrying amount of goodwill allocated to this CGU as of 31 December 2024 is MNOK 206.4. The recoverable amount of this CGU was based on its value in use, determined by discounting the future cash flows to be generated from the continuing use of the CGU. The calculations are based upon estimated future cash flows for the cash generating unit, ENERGY. The estimated future cash flows are based upon budgets and long-term business plan covering a five-year period. The cash flows are based on the managements and the board\u2019s best estimate.
Per end of December 2024 estimated recoverable amount exceeds the carrying amount of the CGU, and management did not identify an impairment for this CGU.
KEY ASSUMTIONS
The values assigned to the key assumptions represent management\u2019s conservative assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources. The calculation of value in use for CGU-ENERGY and CGU-OFFSHORE is most sensitive to the following assumptions:
| KEY ASSUMPTIONS | ENERGY | OFFSHORE |
| Average operating margin for the next five years | 8.0 % | 9.0 % |
| Discount rate (nominal before tax) | 11.3 % | 14.6 % |
| Average growth rate per year next five years | 3.6 % | 3.7 % |
| Growth rate per year after next five year (nominal) | 2.0 % | 2.0 % |
| Value in use | 410.0 | 413.0 |
| Headroom | 129.0 | 245.0 |
Operating margins \u2212 Estimated taking into account past experience.
Discount rates \u2212 Discount rates represent the current market assessment of the risks specific to each CGU. The discount rate calculation is based on the specific circumstances of Scana Group and its GGU\u2019s and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings Scana Group is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data.Revenue growth \u2013 Revenue growth projections include specific estimates for the next five years and a terminal growth rate that reflects long-term inflation expectations. The revenue estimate is based on concluded contracts, information about the potential for new contracts and an assumption about the development of the price in the market.
Climate-related matters \u2013Scana Group monitors climate-related risks when measuring the recoverable amount. The value-in-use may be impacted by transition risk, such as climate-related legislation, climate-related regulations and changes in demand for the Group\u2019s products and services. The Group has not incorporated any significant costs in the future cash flows expectations. Regarding CGU-ENERGY the products and services offered are mainly linked to electrification and is considered to be part of the solution of a carbon neutral feature. Regarding the CGU-OFFSHORE the majority of the revenues are related to the oil and gas industries. There are limited long term assets related to product-sales and rental equipment that could be exposed. The material revenue streams are related to services and engineering capacities which contribute to reducing the carbon footprint of the oil and gas industry, therefore no significant cost or negative impact related to climate is factored in.
SENSITIVITY ANALYSIS
The following table shows the effect of the recoverable amount by changes to specific key assumptions by one percentage point.
| SENSITIVITY | CHANGES | ENERGY | OFFSHORE |
| Operating margin for the next five years | 1.0 % | 110.6 | 80.7 |
| Operating margin for the next five years | -1.0 % | -110.6 | -80.7 |
| Growth rate per year next five years | 1.0 % | 41.9 | 67.7 |
| Growth rate per year next five years | -1.0 % | -39.5 | -62.5 |
| Growth rate in terminal | 1.0 % | 55.2 | 29.0 |
| Growth rate in terminal | -1.0 % | -41.1 | -23.4 |
| Discount rate (nominal before tax) | 1.0 % | -77.2 | -56.6 |
| Discount rate (nominal before tax) | -1.0 % | 103.4 | 69.6 |
DISCLOSURE 12 | RIGHT OF USE ASSETS All right of use assets presented in the table below relate to premises, machines and cars. The right of use assets are depreciated on a linear basis over the \ufb01xed lease period, with the exception of a machine which is depreciated over its economic life. As of 31 December 2024, the remaining part of the leasing period is reflected in the right of use assets. Any extension of the lease period will be assessed when the options should be exercised. In connection to right of use assets, read disclosure 2 for critical accounting judgement.
| RIGHT OF USE ASSETS AS OF 31.12.24 | PROPERTY | MACHINERY | VEHICLE | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 479.9 | 17.6 | 21.1 | 518.5 |
| Additions | 65.5 | 5.4 | 8.2 | 79.1 |
| Disposals | -9.6 | -1.3 | -2.9 | -13.8 |
| Translation difference | 0.0 | 0.0 | 0.0 | 0.1 |
| Accumulated as of 31.12. | 535.8 | 21.8 | 26.3 | 583.8 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -115.0 | -7.6 | -6.3 | -129.0 |
| Depreciation | -66.8 | -4.4 | -6.3 | -77.4 |
| Impairment | -2.0 | 0.0 | 0.0 | -2.0 |
| Additions | 0.0 | 0.0 | 0.0 | 0.0 |
| Disposals | 9.6 | 0.7 | 3.5 | 13.8 |
| Translation difference | 0.0 | 0.0 | 0.0 | 0.0 |
| Accumulated as of 31.12. | -174.2 | -11.3 | -9.2 | -194.6 |
| Book value as of 31.12. | 361.6 | 10.5 | 17.2 | 389.2 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in no. of years | 1-10 | 1-10 | 1-5 | |
| RIGHT OF USE ASSETS AS OF 31.12.23 | PROPERTY | MACHINERY | VEHICLE | TOTAL |
| ACCUMULATIVE COSTS | | | | |
| Opening balance | 449.7 | 9.9 | 12.7 | 472.3 |
| Additions | 36.4 | 6.6 | 11.4 | 54.4 |
| Disposals | -6.4 | -0.9 | -1.2 | -8.5 |
| Reclassification | 0.0 | 1.9 | -1.9 | 0.0 |
| Translation difference | 0.1 | 0.1 | 0.0 | 0.3 |
| Accumulated as of 31.12. | 479.9 | 17.6 | 21.1 | 518.5 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | | | | |
| Opening balance | -62.6 | -2.8 | -4.3 | -69.7 |
| Depreciation | -58.8 | -4.6 | -4.4 | -67.8 |
| Disposals | 6.5 | 0.9 | 1.2 | 8.6 |
| Reclassification | 0.0 | -1.2 | 1.2 | 0.0 |
| Mergers | 0.0 | 0.0 | 0.0 | 0.0 |
| Translation difference | -0.1 | 0.0 | 0.0 | -0.1 |
| Accumulated as of 31.12. | -115.0 | -7.6 | -6.3 | -129.0 |
| Book value as of 31.12. | 364.8 | 10.0 | 14.7 | 389.5 |
| The linear depreciation method is used | | | | |
| Depreciation/amortisation period in no. of years | 1-10 | 1-10 | 1-5 | |
DISCLOSURE 23 | LEASE LIABILITIES
The Scana ASA and subsidiaries leases premises for all business activities. These leases have a lease period of one to ten years. There are opportunities to extend some of these leases by up to \ufb01ve years. Fixed rental period covers Scana Group\u2019s needs and provides the necessary \ufb02exibility. The rental period is based on best judgment and best estimate with regard to probable length.
Leased machines are mainly smaller machines and equipment. Examples of machinery and equipment are the hire of trucks and copiers, which represent greater value. Lease agreements relating to the trucks are for up to eight years. Cars are rented normally over a period of three years and are returned to the lessor at expiry date. The leases can be extended by two years, but this is not practiced. Options are therefore not included in the lease liabilities.
Total lease liabilities are measured at the present value of future rental payments with the exception of common services and costs. Scana Group has used a weighted average linked to the marginal interest rate for each of the leasing groups at the time of recognition. The following marginal interest rate is used for lease liabilities signed in 2024; machinery and equipment 7\u20138 %, cars 7 % and premises 7 %. For lease liabilities established before January 1, 2024, the marginal interest remains unchanged; otherwise, the leasing period is adjusted. The interest rate is connected to the marginal interest rate re\ufb02ects the level linked to loan conditions when \ufb01nancing similar assets. The company has used common marginal interest for each portfolio of leases relating to usufruct assets with matching properties.
Scana Group has entered into lease agreements connected to buildings, properties, machines, premises and other facilities with a remaining lease period of one to ten years. The agreements do not contain restrictions on the company\u2019s dividend policy or \ufb01nancing options. The table below shows lease liabilities as of 31 December.
| CHANGE IN LEASE LIABILITIES | 2024 | 2023 |
| Opening balance lease liabilities 01.01. | 407.6 | 412.1 |
| New lease liabilities | 79.1 | 54.4 |
| Payments | -97.4 | -83.5 |
| Interests | 25.6 | 24.5 |
| Ending balance lease liabilities 31.12. | 415.0 | 407.6 |
New lease liabilities amounted to NOK 79.1 million consists of new leasing agreements of NOK 52.1 million, price index adjustments NOK 28.4 million and terminations of NOK 1.4 million.
| PROFIT AND LOSS ITEMS RELATED TO LEASE AGREEMENTS | 2024 | 2023 |
| Depreciation for the year continued operations | 77.4 | 67.8 |
| Impairment for the year continued operations | 2.0 | 0.0 |
| Net gain/loss assets (IFRS 16) | 0.0 | 0.1 |
| Interests costs | 25.6 | 24.5 |
| Short-term / low value leases | 3.4 | 1.1 |
| Total profit items | 108.4 | 93.5 |
| LEASE LIABILITIES CASH FLOW | 2024 | 2023 |
| Payments related to lease liabilities - installments | -71.8 | -59.0 |
| Payments related to lease liabilities - interests | -25.6 | -24.5 |
| Short-term / low value leases | -3.4 | -1.1 |
| Total outflow cash for all lease liabilities | -100.8 | -84.5 |
| MATURITY ANALYSIS COMMENCED LEASES | 2024 | 2023 |
| Within one year | 95.4 | 84.3 |
| Between one and two years | 91.1 | 78.8 |
| Between two and three years | 82.4 | 75.4 |
| Between three and four years | 77.8 | 70.6 |
| Between four and five years | 56.6 | 66.8 |
| More than five years | 90.2 | 115.7 |
| Total payments lease liabilities | 493.5 | 491.6 |
The payments linked to the lease agreements are \ufb01xed. The variable part is considered insigni\ufb01cant. The overview below shows the company\u2019s exposure related to future payments not discounted related to options and terminations that are not included in the lease liabilities as of 31 December 2024.
| Within five years | More than five years | Total |
| Potential extension of lease agreements (options) | 68.3 | 712.8 | 781.1 |
| Total | 68.3 | 712.8 | 781.1 |
DISCLOSURE 13 | PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.24 | TOTAL |
| ACCUMULATIVE COSTS | |
| Opening balance | 284.3 |
| Additions | 71.1 |
| Disposals | -111.1 |
| Acquisitions | 10.0 |
| Translation difference | 0.2 |
| Accumulated as of 31.12. | 254.4 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | |
| Opening balance | -130.4 |
| Depreciation | -22.5 |
| Disposals | 51.1 |
| Acquisitions | -1.2 |
| Translation difference | 0.0 |
| Accumulated as of 31.12. | -102.9 |
| Book value as of 31.12. | 151.5 |
| The linear depreciation method is used | |
| Depreciation/amortisation period in number of years | 3-10 |
Fixed assets are pledged so there are restrictions on disposal. This applies to companies in Norway and Sweden. Booked value of pledged operating assets is NOK 151.4 million as of 31 December 2024 (31.12.23: NOK 153.9 million).
In 2024, Scana sold equipment with a total net carrying amount of NOK 60.0 million for a cash consideration of NOK 106.1 million. Most of this was related to the sale of a capping stack. The net gains on these disposals were recognised as a part of other operation come in the statement of profit or loss. Refer to note 5.
| PROPERTY, PLANT AND EQUIPMENT AS OF 31.12.23 | TOTAL |
| ACCUMULATIVE COSTS | |
| Opening balance | 262.3 |
| Additions | 23.4 |
| Disposals | -4.6 |
| Reclassification | 3.1 |
| Translation difference | 0.2 |
| Accumulated as of 31.12. | 284.3 |
| DEPRECIATION/AMORTISATION/IMPAIRMENT | |
| Opening balance | -114.5 |
| Depreciation | -20.6 |
| Disposals | 3.8 |
| Reclassification | 0.9 |
| Translation difference | -0.1 |
| Accumulated as of 31.12. | -130.4 |
| Book value as of 31.12. | 154.0 |
| The linear depreciation method is used | |
| Depreciation/amortisation period in number of years | 3-5 |
| INVENTORIES | 2024 | 2023 |
| Raw materials | 30.1 | 24.3 |
| Semi-\ufb01nished products and work in progress | 64.8 | 29.8 |
| Finished goods | 4.5 | 5.1 |
| Total inventories end balance 31.12. | 99.4 | 59.2 |
| Provision for obsolescence as of 31.12. | 7.9 | 7.8 |
| This year's change in provision for obsolescence | 0.1 | 1.0 |
| Total pledged inventories | 99.4 | 59.2 |
DISCLOSURE 15 | TRADE RECEIVABLES
| TRADE RECEIVABLES | 2024 | 2023 |
| Trade receivables - denomination | 326.8 | 248.7 |
| Trade receivables associated companies | 1.1 | 4.3 |
| Provision for losses on trade receivables | -0.3 | -0.5 |
| Total | 327.6 | 252.6 |
| Bad debt expenses | 0.0 | -0.4 |
| Changes in provisions for doubtful debts | 0.6 | 0.0 |
| Loss recognized in profit and loss on receivables, including changes in provisions | 0.6 | -0.4 |
A reversal of provision for losses on trade receivables of NOK 0.5 million has been done connected to an acquired company in 2024.
| AGING SUMMARY | 2024 | 2023 |
| Trade receivables not due | 286.0 | 198.9 |
| 0\u201330 days | 27.9 | 20.1 |
| 31\u201360 days | 12.4 | 29.1 |
| 61\u201390 days | 0.5 | 3.4 |
| More than 90 days | 1.1 | 1.5 |
| Total trade receivables | 327.9 | 253.0 |
Provision for potential losses on receivables is based on individual assessments of each individual item. See disclosure 19 related to changes in loss provisions.
DISCLOSURE 16 | PREPAYMENTS, OTHER CURRENT RECEIVABLES,
OTHER NON-CURRENT ASSETS
| PREPAYMENTS AND OTHER CURRENT RECEIVABLES | 2024 | 2023 |
| Prepaid to suppliers | 26.0 | 24.2 |
| Prepaid tax | 0.8 | 0.4 |
| Prepaid costs | 10.6 | 29.8 |
| VAT | 3.4 | 0.3 |
| Other current receivables | 4.3 | 1.9 |
| Total prepayments and other current receivables | 44.8 | 56.6 |
| OTHER NON-CURRENT ASSETS | 2024 | 2023 |
| Investments in shares | 5.3 | 5.3 |
| Long-term interest-bearing receivables | 5.1 | 6.9 |
| LT interest-bearing receivables - IG | 0.0 | 0.0 |
| Long-term interest-free receivables | 1.6 | 0.5 |
| Pensions funds | 2.8 | 2.2 |
| Unspecified other receivables | 0.1 | 0.0 |
| Total other non-current assets | 14.8 | 15.0 |
DISCLOSURE 15 | TRADE RECEIVABLES
| TRADE RECEIVABLES | 2024 | 2023 |
| Trade receivables - denomination | 326.8 | 248.7 |
| Trade receivables associated companies | 1.1 | 4.3 |
| Provision for losses on trade receivables | -0.3 | -0.5 |
| Total | 327.6 | 252.6 |
| Bad debt expenses | 0.0 | -0.4 |
| Changes in provisions for doubtful debts | 0.6 | 0.0 |
| Loss recognized in profit and loss on receivables, including changes in provisions | 0.6 | -0.4 |
| AGING SUMMARY | 2024 | 2023 |
| Trade receivables not due | 286.0 | 198.9 |
| 0\u201330 days | 27.9 | 20.1 |
| 31\u201360 days | 12.4 | 29.1 |
| 61\u201390 days | 0.5 | 3.4 |
| More than 90 days | 1.1 | 1.5 |
| Total trade receivables | 327.9 | 253.0 |
DISCLOSURE 16 | PREPAYMENTS, OTHER CURRENT RECEIVABLES,
OTHER NON-CURRENT ASSETS
| PREPAYMENTS AND OTHER CURRENT RECEIVABLES | 2024 | 2023 |
| Prepaid to suppliers | 26.0 | 24.2 |
| Prepaid tax | 0.8 | 0.4 |
| Prepaid costs | 10.6 | 29.8 |
| VAT | 3.4 | 0.3 |
| Other current receivables | 4.3 | 1.9 |
| Total prepayments and other current receivables | 44.8 | 56.6 |
DISCLOSURE 16 | PREPAYMENTS, OTHER CURRENT RECEIVABLES,
OTHER NON-CURRENT ASSETS
| PREPAYMENTS AND OTHER CURRENT RECEIVABLES | 2024 | 2023 |
| Prepaid to suppliers | 26.0 | 24.2 |
| Prepaid tax | 0.8 | 0.4 |
| Prepaid costs | 10.6 | 29.8 |
| VAT | 3.4 | 0.3 |
| Other current receivables | 4.3 | 1.9 |
| Total prepayments and other current receivables | 44.8 | 56.6 |
| OTHER NON-CURRENT ASSETS | 2024 | 2023 |
| Investments in shares | 5.3 | 5.3 |
| Long-term interest-bearing receivables | 5.1 | 6.9 |
| LT interest-bearing receivables - IG | 0.0 | 0.0 |
| Long-term interest-free receivables | 1.6 | 0.5 |
| Pensions funds | 2.8 | 2.2 |
| Unspecified other receivables | 0.1 | 0.0 |
| Total other non-current assets | 14.8 | 15.0 |
DISCLOSURE 16 | PREPAYMENTS, OTHER CURRENT RECEIVABLES,
OTHER NON-CURRENT ASSETS
| PREPAYMENTS AND OTHER CURRENT RECEIVABLES | 2024 | 2023 |
| Prepaid to suppliers | 26.0 | 24.2 |
| Prepaid tax | 0.8 | 0.4 |
| Prepaid costs | 10.6 | 29.8 |
| VAT | 3.4 | 0.3 |
| Other current receivables | 4.3 | 1.9 |
| Total prepayments and other current receivables | 44.8 | 56.6 |
| OTHER NON-CURRENT ASSETS | 2024 | 2023 |
| Investments in shares | 5.3 | 5.3 |
| Long-term interest-bearing receivables | 5.1 | 6.9 |
| LT interest-bearing receivables - IG | 0.0 | 0.0 |
| Long-term interest-free receivables | 1.6 | 0.5 |
| Pensions funds | 2.8 | 2.2 |
| Unspecified other receivables | 0.1 | 0.0 |
| Total other non-current assets | 14.8 | 15.0 |
DISCLOSURE 16 | PREPAYMENTS, OTHER CURRENT RECEIVABLES,
OTHER NON-CURRENT ASSETS
| PREPAYMENTS AND OTHER CURRENT RECEIVABLES | 2024 | 2023 |
| Prepaid to suppliers | 26.0 | 24.2 |
| Prepaid tax | 0.8 | 0.4 |
| Prepaid costs | 10.6 | 29.8 |
| VAT | 3.4 | 0.3 |
| Other current receivables | 4.3 | 1.9 |
| Total prepayments and other current receivables | 44.8 | 56.6 |
| OTHER NON-CURRENT ASSETS | 2024 | 2023 |
| Investments in shares | 5.3 | 5.3 |
| Long-term interest-bearing receivables | 5.1 | 6.9 |
| LT interest-bearing receivables - IG | 0.0 | 0.0 |
| Long-term interest-free receivables | 1.6 | 0.5 |
| Pensions funds | 2.8 | 2.2 |
| Unspecified other receivables | 0.1 | 0.0 |
| Total other non-current assets | 14.8 | 15.0 |
DISCLOSURE 17 | OTHER CURRENT LIABILITIES
| OTHER CURRENT LIABILITIES | 2024 | 2023 |
| Provision - Warranty | 5.7 | 4.4 |
| Provision - Restructuring | 1.8 | 0.0 |
| Wages, holiday pay, VAT etc. | 157.9 | 99.3 |
| Accrued cost non-invoiced expenses | 41.7 | 58.5 |
| Other current liabilities | 5.9 | 6.7 |
| Total other current liabilities | 213.0 | 168.8 |
DISCLOSURE 16 | PREPAYMENTS, OTHER CURRENT RECEIVABLES,
OTHER NON-CURRENT ASSETS
| PREPAYMENTS AND OTHER CURRENT RECEIVABLES | 2024 | 2023 |
| Prepaid to suppliers | 26.0 | 24.2 |
| Prepaid tax | 0.8 | 0.4 |
| Prepaid costs | 10.6 | 29.8 |
| VAT | 3.4 | 0.3 |
| Other current receivables | 4.3 | 1.9 |
| Total prepayments and other current receivables | 44.8 | 56.6 |
| OTHER NON-CURRENT ASSETS | 2024 | 2023 |
| Investments in shares | 5.3 | 5.3 |
| Long-term interest-bearing receivables | 5.1 | 6.9 |
| LT interest-bearing receivables - IG | 0.0 | 0.0 |
| Long-term interest-free receivables | 1.6 | 0.5 |
| Pensions funds | 2.8 | 2.2 |
| Unspecified other receivables | 0.1 | 0.0 |
| Total other non-current assets | 14.8 | 15.0 |
DISCLOSURE 17 | OTHER CURRENT LIABILITIES
| OTHER CURRENT LIABILITIES | 2024 | 2023 |
| Provision - Warranty | 5.7 | 4.4 |
| Provision - Restructuring | 1.8 | 0.0 |
| Wages, holiday pay, VAT etc. | 157.9 | 99.3 |
| Accrued cost non-invoiced expenses | 41.7 | 58.5 |
| Other current liabilities | 5.9 | 6.7 |
| Total other current liabilities | 213.0 | 168.8 |
DISCLOSURE 17 | OTHER CURRENT LIABILITIES
| OTHER CURRENT LIABILITIES | 2024 | 2023 |
| Provision - Warranty | 5.7 | 4.4 |
| Provision - Restructuring | 1.8 | 0.0 |
| Wages, holiday pay, VAT etc. | 157.9 | 99.3 |
| Accrued cost non-invoiced expenses | 41.7 | 58.5 |
| Other current liabilities | 5.9 | 6.7 |
| Total other current liabilities | 213.0 | 168.8 |
DISCLOSURE 17 | OTHER CURRENT LIABILITIES
| OTHER CURRENT LIABILITIES | 2024 | 2023 |
| Provision - Warranty | 5.7 | 4.4 |
| Provision - Restructuring | 1.8 | 0.0 |
| Wages, holiday pay, VAT etc. | 157.9 | 99.3 |
| Accrued cost non-invoiced expenses | 41.7 | 58.5 |
| Other current liabilities | 5.9 | 6.7 |
| Total other current liabilities | 213.0 | 168.8 |
DISCLOSURE 18 | TRADE PAYABLES
| TRADE PAYABLES | 2024 | 2023 |
| Trade payables | 109.8 | 100.8 |
| Trade payables associated companies | 0.0 | 0.4 |
| Total trade payables | 109.8 | 101.2 |
DISCLOSURE 19 | FINANCIAL RISK
This disclosure provides information about exposure to financial risk as well as goals, principles and processes for measuring and managing risk, and Scana Group\u2019s capital management. More quantitative information is included elsewhere in the consolidated accounts.
The Group is exposed to market risk, liquidity risk and credit risk. Scana Group\u2019s senior management oversees the management of these risks. The board of directors has overall responsibility for establishing and monitoring The Group\u2019s risk management framework. Risk management principles have been established to identify and analyse the risks to which Scana Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to re\ufb02ect changes in activities and market conditions.
MARKET RISK
Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimizing the risk-adjusted return.
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 Scana Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency) and the Group\u2019s net investments in foreign subsidiaries.
Scana Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. Scana Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases within a 12-month period. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries.
| SENSITIVITY - CURRENCY | Changes in currency NOK | Impact result before tax | Impact on net equity before tax |
| 2024 | 5% | -8.4 | -8.4 |
| 2024 | -5% | 8.4 | 8.4 |
| 2023 | 5% | -7.9 | -7.9 |
| 2023 | -5% | 7.9 | 7.9 |
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Scana Group\u2019s exposure to the risk of changes in market interest rates relates primarily to Scana Group\u2019s long-term interest-bearing debt with floating interest rates. Scana Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. The Group has no interest rate hedges on the balance sheet date.
SENSITIVITY ANALYSIS \u2013 INTEREST RATE
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, with all other variables held constant. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below.
| SENSITIVITY - INTEREST RATE | Changes in interest rate | Impact result before tax | Impact on net equity before tax |
| 2024 | 1% | -0.6 | -0.6 |
| 2024 | -1% | 0.6 | 0.6 |
| 2023 | 1% | -0.8 | -0.8 |
| 2023 | -1% | 0.8 | 0.8 |
LIQUIDITY RISK
Liquidity risk is the risk that Scana Group will not be able to meet its \ufb01nancial obligations as they fall due. Scana Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities.
Scana Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries.
See disclosure 22 for more information on the Group\u2019s bank loans as of 31 December 2024. See disclosure 21 for more information on the Group\u2019s cash and cash equivalents as of 31 December 2024.
Scana Group has a bank balance as of 31 December 24 of NOK 7.4 million and unused drawing facilities amounting to NOK 160 million. All significant subsidiaries participate in a cash pool in the Group except for the business in Namibia. There are no restrictions regarding the available cash equivalent and the drawing facilities.
EXPOSURE TO LIQUIDITY RISK The following are the contractual maturities of \ufb01nancial liabilities at the reporting date for the next three years.The amounts are gross and undiscounted and include contractual interest payments.
| EXPOSURE TO LIQUIDITY RISK | As of 31.12.24 | 2025 | 2026 | 2027 |
| Lease liabilities | 415.0 | 95.4 | 91.1 | 82.4 |
| Bank loan - DNB | 50.0 | | | 50.0 |
| Seller credit and earn out | 18.2 | 8.7 | 4.5 | 5.0 |
| Trade payables | 109.8 | 109.8 | | |
| Derivates | 2.6 | | | |
| Interest payments | 0.8 | 3.8 | 3.8 | 3.8 |
| Total outflow (payments) | 596.4 | 217.7 | 99.4 | 141.3 |
For further information regarding lease payments please read disclosure 23. Seller credit and earn out includes current and non-current payments.
| EXPOSURE TO LIQUIDITY RISK | As of 31.12.23 | 2024 | 2025 | 2026 |
| Lease liabilities | 407.6 | 84.3 | 78.8 | 75.4 |
| Bank loan - DNB | 115.0 | 20.0 | 20.0 | 20.0 |
| Trade payables | 101.2 | 101.2 | | |
| Derivates | 2.8 | | | |
| Interest payments | 2.1 | 9.2 | 9.2 | |
| Total outflow (payments) | 628.7 | 214.7 | 108.0 | 95.4 |
Credit risk is the risk of \ufb01nancial losses if a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. Scana Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk.
Customer credit risk is managed by each business unit subject to Scana Group\u2019s established policy and guidelines relating to customer credit risk management. Credit quality of a customer is assessed based on credit rating and individual credit limits can be defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored. Scana Group enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress.
Scana Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited.
| AS OF 31.12.24 | Disclosure | Gross assets | Expected loss within 12 months | Expected loss portfolio | Expected loss individual | Provision for loss on receivables | Net assets |
| Trade receivable | 15 | 327.9 | -0.3 | | -0.3 | -0.3 | 327.6 |
| Contract assets | 4 | 108.4 | | | -0.4 | -0.4 | 108.0 |
| Total | | 436.3 | -0.3 | 0.0 | -0.8 | -0.8 | 435.5 |
| AS OF 31.12.23 | Disclosure | Gross assets | Expected loss within 12 months | Expected loss portfolio | Expected loss individual | Provision for loss on receivables | Net assets |
| Trade receivable | 15 | 253.0 | -0.4 | 0.0 | -0.4 | -0.5 | 252.6 |
| Contract assets | 4 | 100.9 | -1.0 | 0.0 | -1.0 | -1.5 | 99.4 |
| Total | | 354.0 | -1.5 | 0.0 | -1.5 | -2.0 | 352.0 |
| CHANGES IN PROVISIONS\u2013 LOSS | Disclosure | Opening balance provision loss | Realized losses | Changes in provision | Currency differences | Ending balance provision loss |
| Trade receivable | 15 | -0.5 | | 0.6 | | -0.3 |
| Contract assets | 4 | -1.5 | | 1.1 | | -0.4 |
| Total | | -2.0 | 0.0 | 1.7 | 0.0 | -0.8 |
DISCLOSURE 19 | FINANCIAL RISK
This disclosure provides information about exposure to financial risk as well as goals, principles and processes for measuring and managing risk, and Scana Group\u2019s capital management. More quantitative information is included elsewhere in the consolidated accounts.
The Group is exposed to market risk, liquidity risk and credit risk. Scana Group\u2019s senior management oversees the management of these risks. The board of directors has overall responsibility for establishing and monitoring The Group\u2019s risk management framework. Risk management principles have been established to identify and analyse the risks to which Scana Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to re\ufb02ect changes in activities and market conditions.
MARKET RISK
Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimizing the risk-adjusted return.
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 Scana Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency) and the Group\u2019s net investments in foreign subsidiaries.
Scana Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. Scana Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases within a 12-month period. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries.
| SENSITIVITY - CURRENCY | Changes in currency NOK | Impact result before tax | Impact on net equity before tax |
| 2024 | 5% | -8.4 | -8.4 |
| 2024 | -5% | 8.4 | 8.4 |
| 2023 | 5% | -7.9 | -7.9 |
| 2023 | -5% | 7.9 | 7.9 |
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Scana Group\u2019s exposure to the risk of changes in market interest rates relates primarily to Scana Group\u2019s long-term interest-bearing debt with floating interest rates. Scana Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. The Group has no interest rate hedges on the balance sheet date.
SENSITIVITY ANALYSIS \u2013 INTEREST RATE
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, with all other variables held constant. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below.
| SENSITIVITY - INTEREST RATE | Changes in interest rate | Impact result before tax | Impact on net equity before tax |
| 2024 | 1% | -0.6 | -0.6 |
| 2024 | -1% | 0.6 | 0.6 |
| 2023 | 1% | -0.8 | -0.8 |
| 2023 | -1% | 0.8 | 0.8 |
LIQUIDITY RISK
Liquidity risk is the risk that Scana Group will not be able to meet its \ufb01nancial obligations as they fall due. Scana Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities.
Scana Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries.
See disclosure 22 for more information on the Group\u2019s bank loans as of 31 December 2024. See disclosure 21 for more information on the Group\u2019s cash and cash equivalents as of 31 December 2024.
Scana Group has a bank balance as of 31 December 24 of NOK 7.4 million and unused drawing facilities amounting to NOK 160 million. All significant subsidiaries participate in a cash pool in the Group except for the business in Namibia. There are no restrictions regarding the available cash equivalent and the drawing facilities.
EXPOSURE TO LIQUIDITY RISK The following are the contractual maturities of \ufb01nancial liabilities at the reporting date for the next three years.The amounts are gross and undiscounted and include contractual interest payments.
| EXPOSURE TO LIQUIDITY RISK | As of 31.12.24 | 2025 | 2026 | 2027 |
| Lease liabilities | 415.0 | 95.4 | 91.1 | 82.4 |
| Bank loan - DNB | 50.0 | | | 50.0 |
| Seller credit and earn out | 18.2 | 8.7 | 4.5 | 5.0 |
| Trade payables | 109.8 | 109.8 | | |
| Derivates | 2.6 | | | |
| Interest payments | 0.8 | 3.8 | 3.8 | 3.8 |
| Total outflow (payments) | 596.4 | 217.7 | 99.4 | 141.3 |
For further information regarding lease payments please read disclosure 23. Seller credit and earn out includes current and non-current payments.
| EXPOSURE TO LIQUIDITY RISK | As of 31.12.23 | 2024 | 2025 | 2026 |
| Lease liabilities | 407.6 | 84.3 | 78.8 | 75.4 |
| Bank loan - DNB | 115.0 | 20.0 | 20.0 | 20.0 |
| Trade payables | 101.2 | 101.2 | | |
| Derivates | 2.8 | | | |
| Interest payments | 2.1 | 9.2 | 9.2 | |
| Total outflow (payments) | 628.7 | 214.7 | 108.0 | 95.4 |
Credit risk is the risk of \ufb01nancial losses if a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. Scana Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk.
Customer credit risk is managed by each business unit subject to Scana Group\u2019s established policy and guidelines relating to customer credit risk management. Credit quality of a customer is assessed based on credit rating and individual credit limits can be defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored. Scana Group enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress.
Scana Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited.
| AS OF 31.12.24 | Disclosure | Gross assets | Expected loss within 12 months | Expected loss portfolio | Expected loss individual | Provision for loss on receivables | Net assets |
| Trade receivable | 15 | 327.9 | -0.3 | | -0.3 | -0.3 | 327.6 |
| Contract assets | 4 | 108.4 | | | -0.4 | -0.4 | 108.0 |
| Total | | 436.3 | -0.3 | 0.0 | -0.8 | -0.8 | 435.5 |
| AS OF 31.12.23 | Disclosure | Gross assets | Expected loss within 12 months | Expected loss portfolio | Expected loss individual | Provision for loss on receivables | Net assets |
| Trade receivable | 15 | 253.0 | -0.4 | 0.0 | -0.4 | -0.5 | 252.6 |
| Contract assets | 4 | 100.9 | -1.0 | 0.0 | -1.0 | -1.5 | 99.4 |
| Total | | 354.0 | -1.5 | 0.0 | -1.5 | -2.0 | 352.0 |
| CHANGES IN PROVISIONS\u2013 LOSS | Disclosure | Opening balance provision loss | Realized losses | Changes in provision | Currency differences | Ending balance provision loss |
| Trade receivable | 15 | -0.5 | | 0.6 | | -0.3 |
| Contract assets | 4 | -1.5 | | 1.1 | | -0.4 |
| Total | | -2.0 | 0.0 | 1.7 | 0.0 | -0.8 |
DISCLOSURE 20 | FINANCIAL INSTRUMENTS
HEDGING CURRENCY RISK
As a proportion of Scana Group\u2019s sales take place in foreign currency, the Group is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. Scana Group hedges the net exposure per material currency.
Listed below is a summary of all open currency contracts as of 31 December 24:
| Currency contracts | Net | Denomination | Maturity period | Unrealized gain / loss (-) |
| EUR | sale | -8.0 | 2025 | -0.3 |
| SEK | sale | -36.3 | 2025 | -0.4 |
| USD | sale | -3.0 | 2025 | -1.4 |
| ZAR | buy | 10.0 | 2025 | -0.1 |
| Total | | | | -2.2 |
Listed below is a summary of all open currency contracts as of 31 December 23:
| Currency contracts | Net | Denomination | Maturity period | Unrealized gain / loss (-) |
| EUR | sale | -2.2 | 2024 | -0.1 |
| SEK | sale | -45.6 | 2024 | -1.0 |
| SEK | sale | -10.5 | 2025 | -0.2 |
| USD | sale | -3.5 | 2024 | 3.2 |
| USD | sale | -2.3 | 2025 | 1.8 |
| Total | | | | 3.6 |
CLASSIFICATION OF FINANCIAL ASSETS
In accordance with IFRS 9, Scana Group classi\ufb01es \ufb01nancial assets based on the business model where they are managed based on contractual cash \ufb02ows. The main categories of \ufb01nancial assets according to IFRS 9 are amortized cost, fair value classi\ufb01ed as other comprehensive income and expenses and fair value presented in pro\ufb01t and loss. In accordance with the loss model, Scana Group recognizes expected losses over the lifetime of \ufb01nancial assets that are measured at amortized cost, debt instruments that are measured at fair value over other income and costs and contract assets. The Group assesses expected losses related to \ufb01nancial assets over their lifetime.
DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions.
The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2024
| | | | | | 2024 | 2023 |
| Financial instruments | Disclosure | Fair value hierarchy | Fair value profit & loss | Fair value - other comprehensive income | Amortized cost | Total | Total |
| FINANCIAL ASSETS | | | | | | | |
| Other non-current financial assets | 16 | Level 3 | 5.3 | | 6.7 | 12.0 | 12.8 |
| Trade receivable | 15/19 | | | | 327.6 | 327.6 | 252.6 |
| Derivates | 20 | Level 2 | 0.4 | | | 0.4 | 6.4 |
| Prepayments and other current receivables | 16 | | | | 44.8 | 44.8 | 56.6 |
| Bank deposits | 21 | | | | 7.3 | 7.3 | 36.4 |
| Total | | | 5.7 | | 386.4 | 392.1 | 364.7 |
| FINANCIAL LIABILITIES | | | | | | | |
| Lease liabilities | 23 | | | | 415.0 | 415.0 | 407.6 |
| Loans and borrowings | 22 | | | | 67.5 | 67.5 | 115.8 |
| Trade payables | 18/19 | | | | 109.8 | 109.8 | 101.2 |
| Derivates | 20 | Level 2 | 2.6 | | | 2.6 | 2.8 |
| Other current liabilities | 17 | | | | 213.0 | 213.0 | 168.8 |
| Total | | | 2.6 | | 805.3 | 807.9 | 796.2 |
FAIR VALUE \u2013 VALUE HIERARCHY
Scana Group uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. The asset will generate future economic benefits.
\u25aaLevel 1: Listed prices (unadjusted) in active markets for identical assets and liabilities.
\u25aaLevel 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability.
\u25aaLevel 3: Input for the asset or liability that is not based on observable market data.
The table on the previous page shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2024, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value.
CAPITAL STRUCTURE AND EQUITY
The main purpose of Scana Group\u2019s composition and management of debt and equity is to ensure sufficient and competitive funding of Scana Group\u2019s activities and create value for the shareholders. Scana Group should have a
reasonable credit rating, and thus competitive borrowing conditions. Through good capital management of equity and debt, Scana Group will support the business that is run and thus contribute to increasing shareholder value. Scana Group must have suf\ufb01cient liquid funds and access to credit facilities for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and makes necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 22. Reference is made to the section liquidity risk in disclosure 19 related to the company\u2019s \ufb01nancial position.
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"value": "MARKET RISK
Market risk is the risk that \ufb02uctuations in market prices, e.g. exchange rates and interest rates, will affect future cash \ufb02ows or the value of \ufb01nancial instruments. Market risk management aims to ensure that risk exposure stays within the de\ufb01ned limits, while optimizing the risk-adjusted return.
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 Scana Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency) and the Group\u2019s net investments in foreign subsidiaries.
Scana Group\u2019s management continuously monitors and reports on the Group\u2019s currency positions. Scana Group\u2019s risk management policy is to hedge material estimated foreign currency exposure in respect of forecast sales and purchases within a 12-month period. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. SENSITIVITY ANALYSIS \u2013 CURRENCY
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries.
| SENSITIVITY - CURRENCY | Changes in currency NOK | Impact result before tax | Impact on net equity before tax |
| 2024 | 5% | -8.4 | -8.4 |
| 2024 | -5% | 8.4 | 8.4 |
| 2023 | 5% | -7.9 | -7.9 |
| 2023 | -5% | 7.9 | 7.9 |
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Scana Group\u2019s exposure to the risk of changes in market interest rates relates primarily to Scana Group\u2019s long-term interest-bearing debt with floating interest rates. Scana Group\u2019s objective is to secure and counteract major effects from changes in the market interest rate. The Group has no interest rate hedges on the balance sheet date.
SENSITIVITY ANALYSIS \u2013 INTEREST RATE
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected, with all other variables held constant. A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) equity and pro\ufb01t or loss by the amounts shown below.
| SENSITIVITY - INTEREST RATE | Changes in interest rate | Impact result before tax | Impact on net equity before tax |
| 2024 | 1% | -0.6 | -0.6 |
| 2024 | -1% | 0.6 | 0.6 |
| 2023 | 1% | -0.8 | -0.8 |
| 2023 | -1% | 0.8 | 0.8 |
SENSITIVITY ANALYSIS \u2013 CURRENCY
The following table demonstrates the sensitivity to a reasonably possible change in exchange rates, with all other variables held constant. Tax effects are not considered in the calculations. A reasonably possible strengthening (weakening) of NOK against all other currencies on 31 December would have affected equity and pro\ufb01t or loss by the amounts shown below. The analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect from translation of subsidiaries.
| SENSITIVITY - CURRENCY | Changes in currency NOK | Impact result before tax | Impact on net equity before tax |
| 2024 | 5% | -8.4 | -8.4 |
| 2024 | -5% | 8.4 | 8.4 |
| 2023 | 5% | -7.9 | -7.9 |
| 2023 | -5% | 7.9 | 7.9 |
LIQUIDITY RISK
Liquidity risk is the risk that Scana Group will not be able to meet its \ufb01nancial obligations as they fall due. Scana Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have suf\ufb01cient liquidity to meet its liabilities.
Scana Group works continuously to reduce liquidity risk through monitoring and active dialogue with the subsidiaries.
See disclosure 22 for more information on the Group\u2019s bank loans as of 31 December 2024. See disclosure 21 for more information on the Group\u2019s cash and cash equivalents as of 31 December 2024.
Scana Group has a bank balance as of 31 December 24 of NOK 7.4 million and unused drawing facilities amounting to NOK 160 million. All significant subsidiaries participate in a cash pool in the Group except for the business in Namibia. There are no restrictions regarding the available cash equivalent and the drawing facilities.
EXPOSURE TO LIQUIDITY RISK The following are the contractual maturities of \ufb01nancial liabilities at the reporting date for the next three years.The amounts are gross and undiscounted and include contractual interest payments.
| EXPOSURE TO LIQUIDITY RISK | As of 31.12.24 | 2025 | 2026 | 2027 |
| Lease liabilities | 415.0 | 95.4 | 91.1 | 82.4 |
| Bank loan - DNB | 50.0 | | | 50.0 |
| Seller credit and earn out | 18.2 | 8.7 | 4.5 | 5.0 |
| Trade payables | 109.8 | 109.8 | | |
| Derivates | 2.6 | | | |
| Interest payments | 0.8 | 3.8 | 3.8 | 3.8 |
| Total outflow (payments) | 596.4 | 217.7 | 99.4 | 141.3 |
For further information regarding lease payments please read disclosure 23. Seller credit and earn out includes current and non-current payments.
| EXPOSURE TO LIQUIDITY RISK | As of 31.12.23 | 2024 | 2025 | 2026 |
| Lease liabilities | 407.6 | 84.3 | 78.8 | 75.4 |
| Bank loan - DNB | 115.0 | 20.0 | 20.0 | 20.0 |
| Trade payables | 101.2 | 101.2 | | |
| Derivates | 2.8 | | | |
| Interest payments | 2.1 | 9.2 | 9.2 | |
| Total outflow (payments) | 628.7 | 214.7 | 108.0 | 95.4 |
Credit risk is the risk of \ufb01nancial losses if a customer or counterparty in a \ufb01nancial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s trade receivables, contract assets and cash and cash equivalents. Scana Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less in\ufb02uence on the credit risk.
Customer credit risk is managed by each business unit subject to Scana Group\u2019s established policy and guidelines relating to customer credit risk management. Credit quality of a customer is assessed based on credit rating and individual credit limits can be defined in accordance with this assessment. Outstanding customer receivables and contract assets are regularly monitored. Scana Group enters into larger customer contracts with advance payments (20 %\u201330 %) or milestone invoicing throughout the entire project progress.
Scana Group regards its maximum credit risk exposure to the carrying amount of trade receivables and contract assets. Historically, losses on trade receivables and contract assets have been limited.
| AS OF 31.12.24 | Disclosure | Gross assets | Expected loss within 12 months | Expected loss portfolio | Expected loss individual | Provision for loss on receivables | Net assets |
| Trade receivable | 15 | 327.9 | -0.3 | | -0.3 | -0.3 | 327.6 |
| Contract assets | 4 | 108.4 | | | -0.4 | -0.4 | 108.0 |
| Total | | 436.3 | -0.3 | 0.0 | -0.8 | -0.8 | 435.5 |
| AS OF 31.12.23 | Disclosure | Gross assets | Expected loss within 12 months | Expected loss portfolio | Expected loss individual | Provision for loss on receivables | Net assets |
| Trade receivable | 15 | 253.0 | -0.4 | 0.0 | -0.4 | -0.5 | 252.6 |
| Contract assets | 4 | 100.9 | -1.0 | 0.0 | -1.0 | -1.5 | 99.4 |
| Total | | 354.0 | -1.5 | 0.0 | -1.5 | -2.0 | 352.0 |
| CHANGES IN PROVISIONS\u2013 LOSS | Disclosure | Opening balance provision loss | Realized losses | Changes in provision | Currency differences | Ending balance provision loss |
| Trade receivable | 15 | -0.5 | | 0.6 | | -0.3 |
| Contract assets | 4 | -1.5 | | 1.1 | | -0.4 |
| Total | | -2.0 | 0.0 | 1.7 | 0.0 | -0.8 |
HEDGING CURRENCY RISK
As a proportion of Scana Group\u2019s sales take place in foreign currency, the Group is exposed to \ufb02uctuations in exchange rates in the period from the conclusion of the sales contract until the \ufb01nal payment from the customer. In addition, there are risks associated with future payments in foreign currency. Scana Group hedges the net exposure per material currency.
Listed below is a summary of all open currency contracts as of 31 December 24:
| Currency contracts | Net | Denomination | Maturity period | Unrealized gain / loss (-) |
| EUR | sale | -8.0 | 2025 | -0.3 |
| SEK | sale | -36.3 | 2025 | -0.4 |
| USD | sale | -3.0 | 2025 | -1.4 |
| ZAR | buy | 10.0 | 2025 | -0.1 |
| Total | | | | -2.2 |
Listed below is a summary of all open currency contracts as of 31 December 23:
| Currency contracts | Net | Denomination | Maturity period | Unrealized gain / loss (-) |
| EUR | sale | -2.2 | 2024 | -0.1 |
| SEK | sale | -45.6 | 2024 | -1.0 |
| SEK | sale | -10.5 | 2025 | -0.2 |
| USD | sale | -3.5 | 2024 | 3.2 |
| USD | sale | -2.3 | 2025 | 1.8 |
| Total | | | | 3.6 |
The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions.
The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2024
| | | | | | 2024 | 2023 |
| Financial instruments | Disclosure | Fair value hierarchy | Fair value profit & loss | Fair value - other comprehensive income | Amortized cost | Total | Total |
| FINANCIAL ASSETS | | | | | | | |
| Other non-current financial assets | 16 | Level 3 | 5.3 | | 6.7 | 12.0 | 12.8 |
| Trade receivable | 15/19 | | | | 327.6 | 327.6 | 252.6 |
| Derivates | 20 | Level 2 | 0.4 | | | 0.4 | 6.4 |
| Prepayments and other current receivables | 16 | | | | 44.8 | 44.8 | 56.6 |
| Bank deposits | 21 | | | | 7.3 | 7.3 | 36.4 |
| Total | | | 5.7 | | 386.4 | 392.1 | 364.7 |
| FINANCIAL LIABILITIES | | | | | | | |
| Lease liabilities | 23 | | | | 415.0 | 415.0 | 407.6 |
| Loans and borrowings | 22 | | | | 67.5 | 67.5 | 115.8 |
| Trade payables | 18/19 | | | | 109.8 | 109.8 | 101.2 |
| Derivates | 20 | Level 2 | 2.6 | | | 2.6 | 2.8 |
| Other current liabilities | 17 | | | | 213.0 | 213.0 | 168.8 |
| Total | | | 2.6 | | 805.3 | 807.9 | 796.2 |
FAIR VALUE \u2013 VALUE HIERARCHY
Scana Group uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. The asset will generate future economic benefits.
\u25aaLevel 1: Listed prices (unadjusted) in active markets for identical assets and liabilities.
\u25aaLevel 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability.
\u25aaLevel 3: Input for the asset or liability that is not based on observable market data.
The table on the previous page shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2024, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value.",
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"value": "DETERMINATION OF FAIR VALUE The fair value of forward currency contracts is determined by using the closing rate on the balance sheet date adjusted for an interest addition or deduction based on the interest rate difference between the respective currencies. For forward exchange contracts, the present value of the cash \ufb02ow is taken as a starting point. The fair value of cash, overdrafts and other interest-bearing debt is considered to be approximately equal to the value on the statement of \ufb01nancial position, as these have a short maturity and thus provide a \ufb02oating interest rate that is adjusted in line with changes in the general interest rate level. Similarly, the fair value of trade receivables and trade payables is assumed to be equal to the book value as both items have a short maturity and are entered into under normal conditions.
The table below shows how the various \ufb01nancial instruments are categorized cf. IFRS 7 as of 31 December 2024
| | | | | | 2024 | 2023 |
| Financial instruments | Disclosure | Fair value hierarchy | Fair value profit & loss | Fair value - other comprehensive income | Amortized cost | Total | Total |
| FINANCIAL ASSETS | | | | | | | |
| Other non-current financial assets | 16 | Level 3 | 5.3 | | 6.7 | 12.0 | 12.8 |
| Trade receivable | 15/19 | | | | 327.6 | 327.6 | 252.6 |
| Derivates | 20 | Level 2 | 0.4 | | | 0.4 | 6.4 |
| Prepayments and other current receivables | 16 | | | | 44.8 | 44.8 | 56.6 |
| Bank deposits | 21 | | | | 7.3 | 7.3 | 36.4 |
| Total | | | 5.7 | | 386.4 | 392.1 | 364.7 |
| FINANCIAL LIABILITIES | | | | | | | |
| Lease liabilities | 23 | | | | 415.0 | 415.0 | 407.6 |
| Loans and borrowings | 22 | | | | 67.5 | 67.5 | 115.8 |
| Trade payables | 18/19 | | | | 109.8 | 109.8 | 101.2 |
| Derivates | 20 | Level 2 | 2.6 | | | 2.6 | 2.8 |
| Other current liabilities | 17 | | | | 213.0 | 213.0 | 168.8 |
| Total | | | 2.6 | | 805.3 | 807.9 | 796.2 |
FAIR VALUE \u2013 VALUE HIERARCHY
Scana Group uses the following hierarchy when assessing and presenting the fair value of the \ufb01nancial instruments. The asset will generate future economic benefits.
\u25aaLevel 1: Listed prices (unadjusted) in active markets for identical assets and liabilities.
\u25aaLevel 2: Input other than quoted prices from active markets included in level 1, which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). To calculate the value of open foreign exchange contracts, it is obtained from Norges Bank on the closing date. Valuations also include valuations based on market-con\ufb01rmed inputs. Market-con\ufb01rmed input data is input data determined through mathematical or statistical methods, such as correlation or regression analysis, where input data in the analysis and/or results can be con\ufb01rmed against observable market data. If such an analysis is to be used for the purpose of \ufb01nancial reporting, the statistical goodness of the analysis should be assessed based on usual statistical criteria and predictive ability.
\u25aaLevel 3: Input for the asset or liability that is not based on observable market data.
The table on the previous page shows the valuation hierarchy for fair value disclosures for assets and liabilities. In 2024, there has been no transfer between level 1 and level 2 in the assessment of fair value, and no transfers into or out of level 3 in the assessment of fair value.",
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"value": "CAPITAL STRUCTURE AND EQUITY
The main purpose of Scana Group\u2019s composition and management of debt and equity is to ensure sufficient and competitive funding of Scana Group\u2019s activities and create value for the shareholders. Scana Group should have a
reasonable credit rating, and thus competitive borrowing conditions. Through good capital management of equity and debt, Scana Group will support the business that is run and thus contribute to increasing shareholder value. Scana Group must have suf\ufb01cient liquid funds and access to credit facilities for \ufb01nancing operational activities. This takes place through targets for ongoing operations and capital management. The Group manages the capital structure and makes necessary changes based on an ongoing assessment of market and \ufb01nancial risk and those \ufb01nancial prospects seen in the short and medium term refer to disclosure 22. Reference is made to the section liquidity risk in disclosure 19 related to the company\u2019s \ufb01nancial position.
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"value": "DISCLOSURE 21 | CASH AND CASH EQUIVALENTS
Scana Group has a bank deposit as of 31 December 2024 which amounts to NOK 7.3 million. In the table above relating to liquidity, cash withdrawals are included as mentioned in disclosure 22. The Group has an unused overdraft facility of NOK 160 million as of 31 December 2024. The total liquidity reserve was as of 31 December 2024 NOK 167.3 million (31 December 2023: NOK 146.4 million). Scana Group has a cash pool arrangement.
Scana Group has no restricted funds as of December 2024 and all disclosed cash and cash equivalents are available. Bank guarantees have been issued according to tax deductions, which as of 31 December 2024 was NOK 30.0 million.
| BANK DEPOSITS | 2024 | 2023 |
| Ordinary bank deposits | 7.3 | 36.4 |
| Total | 7.3 | 36.4 |
| RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT | 2024 | 2023 |
| Ordinary bank deposits | 7.3 | 36.4 |
| Cash and cash equiv. at end of period | 7.3 | 36.4 |
DISCLOSURE 21 | CASH AND CASH EQUIVALENTS
Scana Group has a bank deposit as of 31 December 2024 which amounts to NOK 7.3 million. In the table above relating to liquidity, cash withdrawals are included as mentioned in disclosure 22. The Group has an unused overdraft facility of NOK 160 million as of 31 December 2024. The total liquidity reserve was as of 31 December 2024 NOK 167.3 million (31 December 2023: NOK 146.4 million). Scana Group has a cash pool arrangement.
Scana Group has no restricted funds as of December 2024 and all disclosed cash and cash equivalents are available. Bank guarantees have been issued according to tax deductions, which as of 31 December 2024 was NOK 30.0 million.
| BANK DEPOSITS | 2024 | 2023 |
| Ordinary bank deposits | 7.3 | 36.4 |
| Total | 7.3 | 36.4 |
| RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT | 2024 | 2023 |
| Ordinary bank deposits | 7.3 | 36.4 |
| Cash and cash equiv. at end of period | 7.3 | 36.4 |
| RECONCILIATION BETWEEN BANK DEPOSITS AND LIQUIDITY IN THE CASH FLOW STATEMENT | 2024 | 2023 |
| Ordinary bank deposits | 7.3 | 36.4 |
| Cash and cash equiv. at end of period | 7.3 | 36.4 |
DISCLOSURE 22 | LOANS AND BORROWINGS
| 2024 | Nominal interest rate | Current | Non-current | Maturity date |
| Bank loan | NIBOR + 2.75% | | 50.0 | Jan - 2027 |
| Seller credit and earn out | | 8.7 | 9.5 | |
| Amortisation costs | | | -1.5 | |
| Accrued interests | | 0.8 | | |
| Total loans and borrowings | | 9.5 | 58.0 | |
| 2023 | Nominal interest rate | Current | Non-current | Maturity date |
| Bank loan | NIBOR + 3.5% | 20.0 | 95.0 | Jan - 2027 |
| Amortisation costs | | | -1.4 | |
| Accrued interests | | 2.1 | | |
| Total loans and borrowings | | 22.1 | 93.6 | |
LOANS AND BANK OVERDRAFT
The \ufb01nancing is linked to an overdraft facility of NOK 160 million and a bank guarantee facility of NOK 60 million. It is a rolling draft facility with annual renewal next time on 9 October 2025.
Bank loans as of 31 December 2024 amounting to NOK 50 million. The loan is a bullet loan of NOK 50 million and has a due date in January 2027.
COVENANTSThere are certain \ufb01nancial covenants to the loan agreement. These are covenant equity ratio 30 %, borrowing base 70 % and covenant NIBD / EBITDA on 12 month bases less than 2.5.
In addition to \ufb01nancial covenants mentioned, the contract contains other covenants considered common for similar contractual relationships. This includes limitations on acquisitions, disposals, change of control and conditions related to continued listing. Scana Group was in compliance with the loan terms as of 31 December 2024.
SELLER CREDIT AND EARN OUT
Seller credit and earn out is connected to the acquisition of Mongstad Industrier AS. Refer to disclosure 3 for further details.
CHANGE IN LIABILITIES RELATED TO FINANCING ACTIVITIES
The overview below shows the change in liabilities due to \ufb01nancing activities in 2024 and where the changes take effect.
| | CASH FLOW STATEMENT | | | | |
| 01.01.2024 | Proceedsfrom LTand STborrowings | Paymentsofborrowings | Interests paid | Profit and loss | Net new lease liabilities and disposals | Translation differences | 31.12.24 |
| Lease liabilities | 407.6 | 0.0 | -71.8 | -25.6 | 25.6 | 79.1 | 0.0 | 415.0 |
| Bank loan LT | 93.6 | 0.0 | -45.0 | 0.0 | -0.2 | 0.0 | 0.0 | 48.5 |
| Bank loan ST | 20.0 | 0.0 | -20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interests | 2.1 | 0.0 | 0.0 | -12.9 | 11.6 | 0.0 | 0.0 | 0.8 |
| Total liabilities connected to financing activities | 523.4 | 0.0 | -136.8 | -38.5 | 37.0 | 79.1 | 0.0 | 464.4 |
The overview below shows the change in liabilities due to \ufb01nancing activities in 2023 and where the changes have an effect.
Paid interest leases apply to statement of \ufb01nancial position leases. Interest payments include costs associated with establishing the \ufb01nancing. Increased liability is linked to new lease agreements and interests added to the principal of the shareholder\u2019s loan.
| | CASH FLOW STATEMENT | | | | |
| 01.01.2023 | Proceedsfrom LTand STborrowings | Paymentsofborrowings | Interests paid | Profit and loss | Net new lease liabilities and disposals | Translation differences | 31.12.23 |
| Lease liabilities | 412.2 | 0.0 | -59.1 | -24.5 | 24.5 | 54.5 | 0.0 | 407.6 |
| Bank loan LT | 129.7 | 0.0 | -35.9 | 0.0 | -0.2 | 0.0 | 0.0 | 93.6 |
| Bank loan ST | 20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 20.0 |
| Interests | 2.2 | 0.0 | 0.0 | -15.9 | 15.8 | 0.0 | 0.0 | 2.1 |
| Total liabilities connected to financing activities | 564.1 | 0.0 | -95.0 | -40.4 | 40.1 | 54.5 | 0.0 | 523.4 |
DISCLOSURE 22 | LOANS AND BORROWINGS
| 2024 | Nominal interest rate | Current | Non-current | Maturity date |
| Bank loan | NIBOR + 2.75% | | 50.0 | Jan - 2027 |
| Seller credit and earn out | | 8.7 | 9.5 | |
| Amortisation costs | | | -1.5 | |
| Accrued interests | | 0.8 | | |
| Total loans and borrowings | | 9.5 | 58.0 | |
| 2023 | Nominal interest rate | Current | Non-current | Maturity date |
| Bank loan | NIBOR + 3.5% | 20.0 | 95.0 | Jan - 2027 |
| Amortisation costs | | | -1.4 | |
| Accrued interests | | 2.1 | | |
| Total loans and borrowings | | 22.1 | 93.6 | |
LOANS AND BANK OVERDRAFT
The \ufb01nancing is linked to an overdraft facility of NOK 160 million and a bank guarantee facility of NOK 60 million. It is a rolling draft facility with annual renewal next time on 9 October 2025.
Bank loans as of 31 December 2024 amounting to NOK 50 million. The loan is a bullet loan of NOK 50 million and has a due date in January 2027.
COVENANTSThere are certain \ufb01nancial covenants to the loan agreement. These are covenant equity ratio 30 %, borrowing base 70 % and covenant NIBD / EBITDA on 12 month bases less than 2.5.
In addition to \ufb01nancial covenants mentioned, the contract contains other covenants considered common for similar contractual relationships. This includes limitations on acquisitions, disposals, change of control and conditions related to continued listing. Scana Group was in compliance with the loan terms as of 31 December 2024.
SELLER CREDIT AND EARN OUT
Seller credit and earn out is connected to the acquisition of Mongstad Industrier AS. Refer to disclosure 3 for further details.
CHANGE IN LIABILITIES RELATED TO FINANCING ACTIVITIES
The overview below shows the change in liabilities due to \ufb01nancing activities in 2024 and where the changes take effect.
| | CASH FLOW STATEMENT | | | | |
| 01.01.2024 | Proceedsfrom LTand STborrowings | Paymentsofborrowings | Interests paid | Profit and loss | Net new lease liabilities and disposals | Translation differences | 31.12.24 |
| Lease liabilities | 407.6 | 0.0 | -71.8 | -25.6 | 25.6 | 79.1 | 0.0 | 415.0 |
| Bank loan LT | 93.6 | 0.0 | -45.0 | 0.0 | -0.2 | 0.0 | 0.0 | 48.5 |
| Bank loan ST | 20.0 | 0.0 | -20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Interests | 2.1 | 0.0 | 0.0 | -12.9 | 11.6 | 0.0 | 0.0 | 0.8 |
| Total liabilities connected to financing activities | 523.4 | 0.0 | -136.8 | -38.5 | 37.0 | 79.1 | 0.0 | 464.4 |
The overview below shows the change in liabilities due to \ufb01nancing activities in 2023 and where the changes have an effect.
Paid interest leases apply to statement of \ufb01nancial position leases. Interest payments include costs associated with establishing the \ufb01nancing. Increased liability is linked to new lease agreements and interests added to the principal of the shareholder\u2019s loan.
| | CASH FLOW STATEMENT | | | | |
| 01.01.2023 | Proceedsfrom LTand STborrowings | Paymentsofborrowings | Interests paid | Profit and loss | Net new lease liabilities and disposals | Translation differences | 31.12.23 |
| Lease liabilities | 412.2 | 0.0 | -59.1 | -24.5 | 24.5 | 54.5 | 0.0 | 407.6 |
| Bank loan LT | 129.7 | 0.0 | -35.9 | 0.0 | -0.2 | 0.0 | 0.0 | 93.6 |
| Bank loan ST | 20.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 20.0 |
| Interests | 2.2 | 0.0 | 0.0 | -15.9 | 15.8 | 0.0 | 0.0 | 2.1 |
| Total liabilities connected to financing activities | 564.1 | 0.0 | -95.0 | -40.4 | 40.1 | 54.5 | 0.0 | 523.4 |
DISCLOSURE 24 | GUARANTEES AND PLEDGE
Of the bank guarantees, approx. 44 % (2023: 41 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 39 % (2023: 42 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 17 % (2023: 17 %) of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee.
| MORTGAGE ENCUMBRANCES | 2024 | 2023 |
| Of the group's book debts, the following were secured by pledge | 50.0 | 115.0 |
| Total | 50.0 | 115.0 |
| BOOK VALUE OF PLEDGED OBJECTS | | |
| Machinery | 149.7 | 153.8 |
| Buildings | 1.7 | 0.1 |
| Inventories | 99.4 | 59.2 |
| Trade receivables | 327.6 | 252.6 |
| Contract assets | 108.0 | 99.4 |
| Total | 686.4 | 565.1 |
| GUARANTEES FOR BANK / SURETY | 2024 | 2023 |
| Warranty and surety liability | 181.5 | 210.2 |
DISCLOSURE 24 | GUARANTEES AND PLEDGE
Of the bank guarantees, approx. 44 % (2023: 41 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 39 % (2023: 42 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 17 % (2023: 17 %) of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee.
| MORTGAGE ENCUMBRANCES | 2024 | 2023 |
| Of the group's book debts, the following were secured by pledge | 50.0 | 115.0 |
| Total | 50.0 | 115.0 |
| BOOK VALUE OF PLEDGED OBJECTS | | |
| Machinery | 149.7 | 153.8 |
| Buildings | 1.7 | 0.1 |
| Inventories | 99.4 | 59.2 |
| Trade receivables | 327.6 | 252.6 |
| Contract assets | 108.0 | 99.4 |
| Total | 686.4 | 565.1 |
| GUARANTEES FOR BANK / SURETY | 2024 | 2023 |
| Warranty and surety liability | 181.5 | 210.2 |
DISCLOSURE 24 | GUARANTEES AND PLEDGE
Of the bank guarantees, approx. 44 % (2023: 41 %) linked to performance guarantees. Errors in deliveries and the inability to correct errors will give the customer the right to draw on the guarantees. About 39 % (2023: 42 %) of the bank and parent company guarantees are demand guarantees (\u201con demand\u201d guarantees) and includes tax deductions. Approximately 17 % (2023: 17 %) of the guarantees are linked to the lease agreements. In the event of non-payment, the creditor can call on the guarantee.
| MORTGAGE ENCUMBRANCES | 2024 | 2023 |
| Of the group's book debts, the following were secured by pledge | 50.0 | 115.0 |
| Total | 50.0 | 115.0 |
| BOOK VALUE OF PLEDGED OBJECTS | | |
| Machinery | 149.7 | 153.8 |
| Buildings | 1.7 | 0.1 |
| Inventories | 99.4 | 59.2 |
| Trade receivables | 327.6 | 252.6 |
| Contract assets | 108.0 | 99.4 |
| Total | 686.4 | 565.1 |
| GUARANTEES FOR BANK / SURETY | 2024 | 2023 |
| Warranty and surety liability | 181.5 | 210.2 |
DISCLOSURE 25 | SHARES AND SHAREHOLDERS Scana ASA had 4 692 shareholders as of 31 December 2024. Foreign shareholders owned shares that together made up 3.6 % of the share capital.
| NUMBER OF SHARES OWNED BY BOARD MEMERS AND MANAGEMENT | Number of shares |
| Morten Blix, Board Member | 11 724 059 |
| Torvald Ulland Reiestad, CFO | 1 265 326 |
| Baste Tveito, COO | 899 059 |
| Bj\u00f8rn Gabriel Reed, Board Member | 235 000 |
LARGEST SHAREHOLDERS
| THE 20 LARGEST SHAREHOLDERS AS OF 31.12.24 | Number of shares | Percentage |
| RIEBER & S\u00d8N AS | 42 798 921 | 9.3 % |
| NO SURRENDER AS | 36 187 143 | 7.8 % |
| SIRENA II AS | 25 196 000 | 5.5 % |
| PERESTROIKA AS | 23 808 854 | 5.2 % |
| MAKRELLA HOLDING AS | 20 285 714 | 4.4 % |
| KREFTING AS | 19 083 715 | 4.1 % |
| SPIRALEN HOLDING AS | 11 724 059 | 2.5 % |
| TRIKO AS | 11 100 000 | 2.4 % |
| KLK INVESTMENT AS | 10 000 000 | 2.2 % |
| WERGELAND HOLDING AS | 10 000 000 | 2.2 % |
| OSAKONGEN DRIFT AS | 9 835 000 | 2.1 % |
| HOLCK, FRANK ROBERT | 7 871 738 | 1.7 % |
| LILJE AS | 7 784 857 | 1.7 % |
| NORDNET LIVSFORSIKRING AS | 7 477 420 | 1.6 % |
| WEST COAST INVEST AS | 7 142 857 | 1.5 % |
| JEKTEVIKA HOLDING AS | 6 682 000 | 1.4 % |
| EIKEVIKEN HOLDING AS | 6 000 000 | 1.3 % |
| BERGEN KOMMUNALE PENSJONSKASSE | 6 000 000 | 1.3 % |
| STOLEN AS | 5 159 132 | 1.1 % |
| INTER SEA AS | 4 388 241 | 1.0 % |
| Total holdings 20 largest shareholders | 278 525 651 | 60.3 % |
| Other | 183 367 247 | 39.7 % |
| Total number of shares | 461 892 898 | 100.0 % |
DISCLOSURE 26 | EARNINGS PER SHARE AND OWN SHARES
Scana ASA has 6 461 own shares as of 31 December 2024, which is unchanged from 31 December 2023. At the ordinary general meeting on 29 May 2024, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 45.2 million. The authorization is valid until the 2025 ordinary general meeting, under no circumstances valid beyond 30 June 2025.
| 2024 | 2023 |
| Net profit/loss - equity holders of the parent | 83.3 | 71.6 |
| Shares in market from previous year | 449 972 901 | 440 582 901 |
| Own shares | (6 461) | (6 461) |
| Exercised options September 2023 | | 2 109 534 |
| Exercised options January 2024 | 2 294 372 | |
| Exercised options September 2024 | 2 647 540 | |
| Weighted average number of shares | 454 908 352 | 442 685 974 |
| EFFECT OF DILUTION | | |
| Options / Subscription rights | 13 478 085 | 27 700 463 |
| Weighted average number of shares adjusted for the effect of extraction | 468 386 437 | 470 386 437 |
| Earnings per share - continuing operation | 0.18 | 0.16 |
| Earnings per diluted share - continuing operation | 0.18 | 0.15 |
| Earnings per share | 0.18 | 0.16 |
| Earnings per diluted share | 0.18 | 0.15 |
DISCLOSURE 27 | SHARE CAPITAL
Issue of new share capital in 2024 is connected to exercised options. The first one in January 2024 and the second in September 2024. The last one was registered October 2024. Each with a nominal value of NOK 1.00. On 31 December 2024, the share capital of Scana ASA was NOK 461 892 898, divided into 461 892 898 shares, each with a nominal value of NOK 1.00. All shares have equal voting right.
| Number of shares | Share capital |
| Number of outstanding ordinary shares from previous years | 449 972 901 | 450.0 |
| Issue of new share capital January 2024 | 2 420 000 | 2.4 |
| Issue of new share capital September 2024 | 9 499 997 | 9.5 |
| Number of outstanding ordinary shares as of 31.12. | 461 892 898 | 461.9 |
DISCLOSURE 25 | SHARES AND SHAREHOLDERS Scana ASA had 4 692 shareholders as of 31 December 2024. Foreign shareholders owned shares that together made up 3.6 % of the share capital.
| NUMBER OF SHARES OWNED BY BOARD MEMERS AND MANAGEMENT | Number of shares |
| Morten Blix, Board Member | 11 724 059 |
| Torvald Ulland Reiestad, CFO | 1 265 326 |
| Baste Tveito, COO | 899 059 |
| Bj\u00f8rn Gabriel Reed, Board Member | 235 000 |
LARGEST SHAREHOLDERS
| THE 20 LARGEST SHAREHOLDERS AS OF 31.12.24 | Number of shares | Percentage |
| RIEBER & S\u00d8N AS | 42 798 921 | 9.3 % |
| NO SURRENDER AS | 36 187 143 | 7.8 % |
| SIRENA II AS | 25 196 000 | 5.5 % |
| PERESTROIKA AS | 23 808 854 | 5.2 % |
| MAKRELLA HOLDING AS | 20 285 714 | 4.4 % |
| KREFTING AS | 19 083 715 | 4.1 % |
| SPIRALEN HOLDING AS | 11 724 059 | 2.5 % |
| TRIKO AS | 11 100 000 | 2.4 % |
| KLK INVESTMENT AS | 10 000 000 | 2.2 % |
| WERGELAND HOLDING AS | 10 000 000 | 2.2 % |
| OSAKONGEN DRIFT AS | 9 835 000 | 2.1 % |
| HOLCK, FRANK ROBERT | 7 871 738 | 1.7 % |
| LILJE AS | 7 784 857 | 1.7 % |
| NORDNET LIVSFORSIKRING AS | 7 477 420 | 1.6 % |
| WEST COAST INVEST AS | 7 142 857 | 1.5 % |
| JEKTEVIKA HOLDING AS | 6 682 000 | 1.4 % |
| EIKEVIKEN HOLDING AS | 6 000 000 | 1.3 % |
| BERGEN KOMMUNALE PENSJONSKASSE | 6 000 000 | 1.3 % |
| STOLEN AS | 5 159 132 | 1.1 % |
| INTER SEA AS | 4 388 241 | 1.0 % |
| Total holdings 20 largest shareholders | 278 525 651 | 60.3 % |
| Other | 183 367 247 | 39.7 % |
| Total number of shares | 461 892 898 | 100.0 % |
DISCLOSURE 26 | EARNINGS PER SHARE AND OWN SHARES
Scana ASA has 6 461 own shares as of 31 December 2024, which is unchanged from 31 December 2023. At the ordinary general meeting on 29 May 2024, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 45.2 million. The authorization is valid until the 2025 ordinary general meeting, under no circumstances valid beyond 30 June 2025.
| 2024 | 2023 |
| Net profit/loss - equity holders of the parent | 83.3 | 71.6 |
| Shares in market from previous year | 449 972 901 | 440 582 901 |
| Own shares | (6 461) | (6 461) |
| Exercised options September 2023 | | 2 109 534 |
| Exercised options January 2024 | 2 294 372 | |
| Exercised options September 2024 | 2 647 540 | |
| Weighted average number of shares | 454 908 352 | 442 685 974 |
| EFFECT OF DILUTION | | |
| Options / Subscription rights | 13 478 085 | 27 700 463 |
| Weighted average number of shares adjusted for the effect of extraction | 468 386 437 | 470 386 437 |
| Earnings per share - continuing operation | 0.18 | 0.16 |
| Earnings per diluted share - continuing operation | 0.18 | 0.15 |
| Earnings per share | 0.18 | 0.16 |
| Earnings per diluted share | 0.18 | 0.15 |
DISCLOSURE 27 | SHARE CAPITAL
Issue of new share capital in 2024 is connected to exercised options. The first one in January 2024 and the second in September 2024. The last one was registered October 2024. Each with a nominal value of NOK 1.00. On 31 December 2024, the share capital of Scana ASA was NOK 461 892 898, divided into 461 892 898 shares, each with a nominal value of NOK 1.00. All shares have equal voting right.
| Number of shares | Share capital |
| Number of outstanding ordinary shares from previous years | 449 972 901 | 450.0 |
| Issue of new share capital January 2024 | 2 420 000 | 2.4 |
| Issue of new share capital September 2024 | 9 499 997 | 9.5 |
| Number of outstanding ordinary shares as of 31.12. | 461 892 898 | 461.9 |
DISCLOSURE 26 | EARNINGS PER SHARE AND OWN SHARES
Scana ASA has 6 461 own shares as of 31 December 2024, which is unchanged from 31 December 2023. At the ordinary general meeting on 29 May 2024, the board was authorized to acquire the company\u2019s own shares for a nominal value of up to NOK 45.2 million. The authorization is valid until the 2025 ordinary general meeting, under no circumstances valid beyond 30 June 2025.
| 2024 | 2023 |
| Net profit/loss - equity holders of the parent | 83.3 | 71.6 |
| Shares in market from previous year | 449 972 901 | 440 582 901 |
| Own shares | (6 461) | (6 461) |
| Exercised options September 2023 | | 2 109 534 |
| Exercised options January 2024 | 2 294 372 | |
| Exercised options September 2024 | 2 647 540 | |
| Weighted average number of shares | 454 908 352 | 442 685 974 |
| EFFECT OF DILUTION | | |
| Options / Subscription rights | 13 478 085 | 27 700 463 |
| Weighted average number of shares adjusted for the effect of extraction | 468 386 437 | 470 386 437 |
| Earnings per share - continuing operation | 0.18 | 0.16 |
| Earnings per diluted share - continuing operation | 0.18 | 0.15 |
| Earnings per share | 0.18 | 0.16 |
| Earnings per diluted share | 0.18 | 0.15 |
DISCLOSURE 28 | SUBSEQUENT EVENTS
Seasystems AS signed a sizeable contract for mooring equipment to FLNG plant.
Subseatec S AB signed frame agreement with international subsea technology company, becoming exclusive global supplier of steel parts. Expected volume classified as a \u201csizeable contract\u201d.
PSW Technology AS has signed a frame agreement with Equinor who has exercised the first option of two three-year options. The contract is estimated at up to NOK 150 million per year.
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