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"scheme:5967007LIEEXZXIG6009", "period": "2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f1__s5__4__33": { "value": "39000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f1__s7__6__5": { "value": "Notes to the consolidated financial statementsNote 1 - General Information Kitron ASA and its subsidiaries (the group) comprise one of Scandinavia\u2019s leading enterprises in the development, industrialisation and manufacturing of electronics for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group has operations in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China, Malaysia and the US. Kitron ASA has its head office at Billingstad outside Oslo in Norway and is listed on the Oslo Stock Exchange. The consolidated accounts were considered and approved by the company\u2019s board of directors on 20 March 2025. Note 2 - Basis of preparation, consolidation and segment reporting The most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below or in relevant notes. These principles have been applied uniformly in all the periods unless otherwise stated. Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group implemented the following amendments for the first time for its annual reporting period commencing 1 January 2024:\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 - classification of liabilities as current or non-current and non-current liabilities with covenants Implementing these amendments to IAS 1 did not result in any changes to the classification of any liabilities. Additional information concerning the Group\u2019s covenants has been disclosed. See note 21 for further details.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Segment reportingThe Corporate management (Chief Operating Decision Maker) has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron. Kitron\u2019s long term strategy has communicated targets for revenue growth, EBIT and ROOC. These long-term targets are broken down into annual budgets.Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in EUR. The functional- and the presentation currency for the parent company is NOK.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \ue683 The balance sheet is translated at the closing exchange rate on the balance sheet date \ue683 The income statement is translated at the average exchange rate \ue683 Translation differences are recognised in OCI and specified separately \ue683 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rateNote 3 - Financial riskThe company is exposed through its business to a number of financial risks. The corporate routines for risk management focus on the unpredictability of the financial markets, and endeavour to minimise potential negative effects arising from the company\u2019s financial dispositions.Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are NOK, SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN, CZK and RMB.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the USD with all other variables held constant, post\u2013tax profit for the year would have been EUR 0.4 million (2023: EUR 0.1 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the NOK with all other variables held constant, post\u2013tax profit for the year would have been EUR 0.3 million (2023: EUR 0.4 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of NOK denominated bank deposits, trade receivables and debt.At 31 December if the EUR currency had weakened/strengthened by 1 percent against the SEK with all other variables held constant, post-tax profit for the year would have been EUR 0.2 million (2023: EUR 0.1 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Credit riskCredit risk arises from cash and cash equivalents, deposits with banks, accounts receivables and contract assets. The major part of accounts receivable are credit insured in all geographical areas. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest in relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities including interest (undiscounted numbers):Less than Between one Between two More than EUR millionone year and two yearsand five yearsfive yearsAs at 31 December 2024Bank overdraft 10.4 - - -Leasing 7.3 7.3 11.0 -Factoring debt 28.1 - - -Bank loans 11.0 11.0 2.8 80.8Trade and other payables 139.4 - - -Total 196.2 18.3 13.8 80.8As at 31 December 2023Bank overdraft 11.0 - - -Leasing 10.1 10.1 8.0 -Factoring debt 23.4 - - -Bank loans 11.0 11.0 13.8 75.4Trade and other payables 173.3 - - -Total 228.9 21.1 21.8 75.4Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor, or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2024, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.9 million (2023: EUR 0.8 million) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2024, if interest rate on borrowings in other currency had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.7 million (2023: EUR 0.9 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.Capital risk managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The gearing ratios at 31 December 2024 and 2023 were as follows:EUR million 2024 2023Total borrowings (note 21) 162.2 168.3Cash and cash equivalents (note 17) (48.7) (39.0)Net debt 113.5 129.4Total equity 198.9 183.5Total capital 312.4 312.9Gearing ratio 36 % 41 %Note 4 - Significant accounting judgements, estimates and assumptionsEstimates and discretionary assessments are based on historical experience and other factors, including expectations of future events that are considered likely under present conditions. The group prepares estimates and makes assumptions about the future. Accounting estimates derived from these will by definition seldom accord fully with the outcome. Estimates and assumptions which represent a substantial risk for significant changes in the carrying amount of assets and liabilities during the coming fiscal year are discussed below. Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details. Impairment testing of goodwill The group performs annual tests to assess the value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13. Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:EUR million 2024 2023Connectivity 121.3 140.4 Electrification 179.1 245.1 Industry 150.6 211.1 Medical devices 59.6 66.7 Defence/Aerospace 136.6 111.8 Total sales 647.2 775.2 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.EUR million 2024 2023 Norway 109.6 100.7 Sweden 237.7 278.4 Rest of Europe 234.9 303.7 USA 44.7 73.9 Other 20.3 18.5 Total sales 647.2 775.2 The largest customer counts for 9.5 % (8.1 %) of sales, the second largest counts for 8.7 % (5.1 %), the third largest counts for 5.4 % and the others are below 4.1 % (4.8 %) each.Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2024 2023 2024 2023 2024 2023Assets 12.7 9.1 11.7 6.0 25.9 28.1 Lituania Poland GermanyEUR million 2024 2023 2024 2023 2024 2023Assets 8.9 10.1 16.0 22.1 0.0 0.0 Czech Republic China USAEUR million 2024 2023 2024 2023 2024 2023Assets 11.5 11.2 6.7 7.2 4.1 4.6 India MalaysiaEUR million 2024 2023 2024 2023Assets 0.1 0.1 3.7 3.3 Included in assets under geographical segment is property, plant and equipment, intangible and right-of-use assets excluding deferred tax asset and goodwill.Note 6 - Revenues Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled. Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/ services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered. Revenues consist ofEUR million 2024 2023Revenues from contracts with customers 647.2 775.2 Total revenues 647.2 775.2 Timing of revenue recognition EUR million 2024 2023Revenues from contracts with customers, over time *) 647.2 775.2 *) Sale of services are in 2024 approximately 4 % (2023: 2-4 %)Note 7 - Other gains / (losses)EUR million 2024 2023Currency gains 7.4 11.1 Currency losses (7.3) (10.0)Other gains/(losses) 0.1 1.1 Other gains/(losses) consist of currency effects related to operations.Note 8 - Employee benefits EUR million 2024 2023Payroll 92.3 97.5Payroll tax 15.6 15.6Net pension costs defined benefit plans (note 23) 0.0 0.0Pension costs defined contribution plans 5.9 5.4Share-based payment consideration 0.6 0.7Other remuneration 1.1 3.4Total 115.5 122.4Average number of man-years (including hired-ins) 2 707 3 112Average number of employees 2 816 2 671Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2024 2023Interest income 4.7 4.9 Other financial income 0.0 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 1.7 3.3 Finance income 6.4 8.4Interest expenses (13.1) (13.3)Other financial expenses (1.5) (1.1)Finance expenses (14.6) (14.4)Net financial items (8.2) (6.0)Note 10 - Income tax expenseThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. EUR million 2024 2023Tax payable 8.4 12.5 Deferred tax (Note 22) 3.5 1.2 Income tax expense 11.9 13.7 The tax on the group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows:EUR million 2024 2023Ordinary profit before tax 39.9 64.7 Tax calculated at the domestic rate (22%) 8.8 14.2 Expenses not deducible for tax purposes 0.8 0.1 Effect of tax exemption 0.0 (1.2) Tax loss for which no deferred income tax asset was recognised 1.6 0.6 Other adjustments 0.6 0.3 Effect on different tax rates in countries in which the group operates 0.1 (0.3) Tax cost 11.9 13.7 The income tax expense is calculated using the domestic tax rate.The tax rate is 22.0 % in Norway, 20.6 % in Sweden, 22.0 % in Denmark, 15.0 % in Lithuania, 25.0 % in China, 19.0 % in the Czech Republic, 16.5 % in Hong Kong, 30.9 % in USA, 19.0 % in Poland, 15.0 % in Germany, Malaysia 24.0 % and India 25.0 %The tax (charge)/credit relating to components of other comprehensive income is as follows:2024 2023Before Tax (charge) After Before Tax (charge) After EUR milliontaxcredittaxtaxcredittaxActuarial gain / (losses) pensions (0.1) 0.0 (0.0) (0.0) 0.0 (0.0) Gains/ losses forward contract 0.0 (0.0) 0.0 (0.1) 0.0 (0.1) Gains of hedging 3.4 (0.7) 2.7 3.2 (0.4) 2.8 Exchange differences on translation (1.9) 0.4 (1.5) (5.1) 0.1 (5.0) Other comprehensive income 1.4 (0.3) 1.1 (1.8) (0.5) (2.0) Current tax - - Deferred tax 0.3 0.5Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options. (note 19).EUR million 2024 2023Profit attributable to equity holders of the company 28.0 51.1 Profit used to determine basic and diluted earnings per share 28.0 51.1 Weighted average number of ordinary shares in issue (thousands) 198 618 197 992 Adjusted for share options (thousands) 1 384 2 008 Weighted average number of ordinary shares for diluted earnings per share 200 002 200 000 (thousands)Basic earnings per share (EUR) 0.14 0.26 Diluted earnings per share (EUR) 0.14 0.26Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \ue683 Buildings: 20-33 years \ue683 Machinery and operating equipment: 3-10 years Land is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in note 26 \u201cLeases\u201d. Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsAt 1 January 2023Acquisition cost 125.0 27.8 37.1 189.9 Accumulated depreciation/impairment (105.0) (13.5) (12.8) (131.4)Accounting carrying amount 20.0 14.3 24.2 58.5 Opening balance 20.0 14.3 24.2 58.5 Currency translation adjustment (0.9) (0.4) (0.2) (1.5)Additions 19.0 3.9 9.9 32.8 Reclassification 0.9 - (0.9) - Disposals (0.4) (0.0) 0.0 (0.4)Depreciation (7.0) (1.5) (6.2) (14.7)Closing balance 31.6 16.2 26.9 74.7 Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 At 1 January 2024Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 Opening balance 31.6 16.2 26.9 74.7 Currency translation adjustment 0.4 0.0 0.0 0.4 Additions 7.0 0.8 8.3 16.1 Reclassification 0.6 (0.0) (0.6) (0.0)Disposals (0.3) - (0.1) (0.4)Depreciation (7.7) (1.5) (6.6) (15.8)Closing balance 31.7 15.5 27.9 75.1 Acquisition cost 151.4 32.1 53.6 237.0 Accumulated depreciation/impairment (119.7) (16.6) (25.6) (161.9)Accounting carrying amount 31.7 15.5 27.9 75.1Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.EUR million GoodwillAt 1 January 2023Acquisition cost 45.4 Accumulated impairment charge (0.4)Accounting carrying amount 45.0 Fiscal 2023Opening balance 45.0 Conversion differences (0.2)Closing balance 44.8 At 31 December 2023Acquisition cost 45.2 Accumulated impairment charge (0.4)Accounting carrying amount 44.8 Fiscal 2024Opening balance 44.8 Conversion differences (0.4)Closing balance 44.4 At 31 December 2024Acquisition cost 44.8 Accumulated impairment charge (0.4)Accounting carrying amount 44.4 The company\u2019s cash-generating units are identified by country.EUR million 2024 2023Norway 0.1 0.1Sweden 0.3 0.3Denmark 39.2 39.5Czech Republic 1.8 1.8Lithuania 1.9 1.9Germany 0.2 0.2USA 1.0 1.0Total 44.4 44.8The recoverable amount for a cash-generating unit is based on a calculation of value in use. The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2024 2023Denmark DenmarkGrowth rate in the forecast period 2.0 % 2.0 %Long-term growth rate 2.0 % 2.0 %Budgeted EBIT-margin 5.7 % 6.0 %Growth in other expenses in the forecast period 2.0 % 2.0 %Discount rate 23.6 % 23.6 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures.Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followed from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment chargeThe present value of goodwill is estimated well above the carrying amount. There is a substantial buffer before goodwill is in a impairment scenario.Impact of possible changes in key assumptionsThe directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount. For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the coming years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years. EUR million System software Other intangible assets Customer contracts TotalAt 1 January 2023Acquisition cost 11.2 2.8 26.4 40.4 Accumulated depreciation (7.8) (0.5) (1.7) (10.1)Accounting carrying amount 3.4 2.3 24.6 30.3 Fiscal 2023Opening balance 3.4 2.3 24.6 30.3 Currency translation adjustment (0.8) (0.0) (0.0) (0.8)Additions 0.5 0.0 0.0 0.6 Disposals (0.1) - - (0.1)Depreciation (0.7) (0.3) (1.8) (2.8)Closing balance 2.4 2.0 22.9 27.2 At 31 December 2023Acquisition cost 10.9 2.9 26.4 40.2 Accumulated depreciation (8.6) (0.9) (3.5) (12.9)Accounting carrying amount 2.4 2.0 22.9 27.2 Fiscal 2024Opening balance 2.4 2.0 22.9 27.2 Currency translation adjustment (0.2) - - (0.2)Additions 2.0 0.1 - 2.1 Disposals (0.1) - - (0.1)Depreciation (0.6) (0.1) (2.1) (2.7)Closing balance 3.5 2.0 20.8 26.3 At 31 December 2024Acquisition cost 12.6 2.9 26.4 41.9 Accumulated depreciation (9.2) (0.9) (5.6) (15.6)Accounting carrying amount 3.5 2.0 20.8 26.3 Additions to System Software in 2024 refers to various software updates, managed by the central IT department in Kitron ASA. It will be depreciated over 5-7 years. Note 15 - Accounts receivable and other receivablesAccounts receivable are recognised initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2024 2023Accounts receivable 124.4 131.7Provision for bad debts (0.3) (0.4)Accounts receivable - net 124.1 131.3EUR million 2024 2023Vat Receivables 3.6 4.0Accrued income 1.2 2.3Accrued expenses 0.9 0.9Earned, non-invoiced income 0.7 0.2Prepaid expenses 1.4 1.6Others 2.6 3.1Other current receivables 10.4 12.2Fair value of accounts receivable and other receivables:EUR million 2024 2023Accounts receivable - net 124.1 131.3Accounts receivable - net 124.1 131.3For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2024 accounts receivables of EUR 23.3 million (2023: EUR 15.6 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows::EUR million 2024 2023Not past due 100.8 115.8Past due 1-30 days 18.7 13.7Past due 31-60 days 2.9 0.9Past due 61-90 days 0.4 0.4Past due > 90 days 1.3 0.5Total 124.1 131.3As of 31 December 2024 EUR 0.3 milion of trade receivables were impaired and provided for (2023: EUR 0.4 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2024 2023EUR 47.2 55.1USD 34.6 44.3SEK 14.2 15.6NOK 22.6 15.0CNY 6.1 5.5DKK 6.2 7.7CZK 0.4 0.2MYR 0.2 0.0PLN 3.2 0.1Total 134.6 143.6Movements on the group provision for impairment of trade receivables are as follows:EUR million 2024 2023Provision at 1 January (0.4) 0.0Provision for trade receivables (0.1) (0.4)Receivables written off during the year as uncollectable 0.2 0.0Provision at 31 December (0.3) (0.4)The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.1 million impairment charge was recognised in the profit and loss account for the year (2023: EUR 0.4 million). Impairment charge is assessed based on historical losses and expected credit losses. See note 3.No special concentration of accounts receivable exists which poses an abnormal credit risk. EUR 62.4 million (2023: EUR 44.5 million) of the accounts receivable and other receivables at 31 December 2024 were provided as security, see note 21.Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2024 (2023 EUR 0.0 million). EUR million 2024 2023Contract assets 77.6 77.9Loss allowance 0.0 0.0Contract assets - net 77.6 77.9Note 16 - InventoriesInventory comprises purchased raw materials and semi-finished products. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method. Finished goods and work in progress are included in contract assets, ref note 15.EUR million 2024 2023Raw materials and purchased semi-manufactures 141.4 166.4 Total inventory 141.4 166.4 For obsolete goods there was recognised a P&L charge of EUR 0.6 million for 2024 (2023 EUR 4.1 million). The accumulated provision for impairment in the balance sheet was EUR 8.6 million for 2024 (2023 EUR 10.6 million). As the majority of the inventory is tailored materials and held for particular customer\u2019s products, there are agreements in place that compensate for obsolescence for tailored materials. These agreements have been taken into consideration when measuring the obsolescence reserve for the inventory.Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts. EUR million 2024 2023Cash and cash equivalents 48.7 39.0Cash and cash equivalents in the cash flow statement comprise:EUR million 2024 2023Cash and cash equivalents 48.7 39.0Overdraft drawn down (Note 21) (9.8) (12.8)Total 38.9 26.1EUR million 2024 2023Bank overdraft facilities 31 December 32.9 34.1Net drawn on overdraft facilities 31 December (9.8) (12.8)Locked-in bank deposits 31 DecemberSecurity for employee specific purposes 0.1 0.0Total 0.1 0.0Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompasses Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.Note 18 - Share capital and premium reserveThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received. Share capital and share premium reserveNumber of shares EUR millionShare capital Premium reserve Total(thousands) At 1 January 2023 197 691 1.9 75.4 77.3Issue of new shares 526 0.0 0.0 0.0At 31 December 2023 198 217 1.9 75.4 77.3At 1 January 2024 198 217 1.9 75.4 77.3Issue of new shares 700 0.0 0.0 0.0At 31 December 2024 198 917 1.9 75.4 77.3Shares and shareholder informationThe company\u2019s share capital at 31 December 2024 comprised 198 917 161 shares with a nominal value of NOK 0.10 each. Each share carries one vote. There were 10 344 shareholders at 31 December 2024 (31 December 2023: 10 558 shareholders).The 20 largest shareholders in Kitron ASA at 31 December 2024:Shareholder Number PercentageFOLKETRYGDFONDET 19 974 202 10.04 %VERDIPAPIRFOND ODIN NORGE 14 238 775 7.16 %MP PENSJON PK 9 681 628 4.87 %VEVLEN G\u00c5RD AS 9 000 000 4.52 %1)Avanza Bank AB 5 896 357 2.96 %State Street Bank and Trust Comp 5 766 595 2.90 %J.P. Morgan SE 5 482 734 2.76 %VERDIPAPIRFONDET HOLBERG NORGE 4 800 000 2.41 %VJ INVEST AS 4 600 000 2.31 %BNP Paribas 4 344 915 2.18 %The Bank of New York Mellon SA/NV 4 000 000 2.01 %VARNER EQUITIES AS 2 850 000 1.43 %VERDIPAPIRFONDET DNB SMB 2 743 690 1.38 %The Bank of New York Mellon SA/NV 2 490 703 1.25 %VERDIPAPIRFONDET FONDSFINANS NORGE 2 390 744 1.20 %VERDIPAPIRFONDET KLP AKSJENORGE IN 2 288 306 1.15 %State Street Bank and Trust Comp 2 199 916 1.11 %CACEIS Bank 1 929 684 0.97 %Nordnet Bank AB 1 811 310 0.91 %VPF FONDSFINANS NORDEN 1 800 000 0.90 %Total 20 largest shareholders 108 289 559 54.44 %Total other shareholders 90 627 602 45.56 %Total outstanding shares 198 917 161 100.00 %1) Beneficial owner: CEO Peter Nilsson 2 184 027 shares (1,10 per cent)Authorization to the Board to issue sharesAuthorization to strengthen equity and incentive schemes The ordinary general meeting of 25 April 2024 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: 1. The share capital may, in one or more rounds, in total be increased with up to NOK 1,982,171.34 2. The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authroization in item 3, exceeds NOK 3,964,342.68. 3. The authorization shall be valid until the Annual General Meeting in 2025, but no later than 30 June 2025. 4. The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. 5. The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. 6. The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. 7. The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. 8. The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to strengthening of Kitron ASA\u2019s equity, joint ventures or joint business operations, remuneration to members of the Board of Directors of Kitron ASA, incentive schemes, and acquisition of property and business within Kitron ASA\u2019s purpose 9. The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization. 10. This authorization replaces any previously granted authorizations for the Board of Directors to increase the share capital.Strategic authorizationThe ordinary general meeting of 25 April 2024 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions:1. The share capital may, in one or more rounds, in total be increased with up to NOK 3,964,342.68. 2. The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authorization in item 3, exceeds NOK 3,964,342.68. 3. The authorization shall be valid until the Annual General Meeting in 2025, but no later than 30 June 2025. 4. The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. 5. The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. 6. The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. 7. The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. 8. The authorization is limited to include strengthening of Kitron ASA\u2019s equity and issuing of consideration shares in connection with acquisition of other companies or enterprises within Kitron ASA\u2019s purpose. 9. The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization.Authorization to the Board to buy own sharesThe ordinary general meeting on 25 April 2024 authorized the board of directors of Kitron ASA to acquire Kitron ASA\u2019s own shares, for the purpose of ownership or charge, in accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5 on the following conditions:1. The Board of Directors may acquire shares in Kitron ASA, on one or several occasions, provided that the total combined nominal value of the acquired shares after the acquisition must not exceed ten per cent of the share capital, i.e. up to a total nominal value of NOK 1,982,171.34. The authorization also includes contract liens in the shares of Kitron ASA. 2. The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. 3. Under this authorization the Board of Directors may pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 100 per share. 4. Any and all previous authorizations given to the Board of Directors to acquire own shares shall be, and hereby are, withdrawn with effect from the date this authorization is registered with the Norwegian Register of Business Enterprises. 5. Shares acquired according to the authorization shall either be cancelled, used as remuneration to the members of the Board of Directors of Kitron ASA, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business within Kitron ASA\u2019s purpose. 6. This authorization shall be valid until the 2024 annual general meeting, but not longer than 30 June 2025.Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay the tax cost. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent.The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay taxes. Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimates the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2024, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2024 are listed below (calculated at grant):Granted 2022Exercise price (NOK) 0.10Share price at grant date (NOK) 19.70Expected life from grant date 2,68 years Volatility 41.2%Interest rate 3.61%Fair value per option (NOK) 8.89Expected volatility is based on the historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2024 arising from the option plans is EUR 374 thousand, not including social security (2023: EUR 696 thousand).The total carrying amount per 31 December 2024 is EUR 79 thousand, not including social security (2023: EUR 528 thousand). Accrued social security at 31 December 2024 is EUR 433 thousand (2023: EUR 777 thousand). Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike Price (NOK)Outstanding OB (01.01.2023) 3 400 000 0.10Granted 50 000 0.10Exercised (1 250 000) -Terminated - 0.10Expired - -Outstanding CB (31.12.2023) 2 200 000 0.10Vested CB -Options not granted CB (31.12.2023) 300 000 0.10Outstanding OB (01.01.2024) 2 200 000 0.10Granted 0.10Exercised (1 250 000) 0.10Terminated (75 000) 0.10Expired - -Outstanding CB (31.12.2024) 875 000 0.10Vested CBOptions not granted CB (31.12.2024) 375 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2024Strike Price0.10 NOK 875 000 0.75 0.10 NOK 0 -Board Number of shares Number of options2024 2023 2024 2023Tuomo L\u00e4hdesm\u00e4ki, chairman 305 634 297 105 - -Gyrid Skalleberg Inger\u00f8, board member 17 706 4 235 - -Maalfrid Brath, board member 37 740 32 690 - -Petra Grandinson, board member 27 273 22 943 - -Michael Lundgaard Thomsen, board member 13 019 8 689 - -Jarle Larsen, employee elected board member 22 712 21 154 - -Tone Aas, employee elected board member 3 088 1 530 - -Henriette Stene, employee elected board member 3 088 1 530 - -Corporate management team Number of shares Number of options2024 2023 2024 2023Peter Nilsson, CEO 2 184 027 2 633 157 225 000 495 000Cathrin Nylander, CFO 1 179 052 1 081 992 75 000 175 000Kristoffer Askl\u00f6v, COO 196 113 144 080 100 000 200 000Stian Haugen, CTO 157 870 100 851 75 000 175 000Mindaugas Sestokas,Vice President Central Eastern Europe 548 619 480 619 75 000 175 000Hans Petter Thomassen, Vice President Nordics & North 570 716 517 657 75 000 175 000AmericaZygimantas Dirse, Vice President Asia region 590 763 596 763 75 000 175 000Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.EUR million 2024 2023Accounts payable 111.8 139.4 Deposits received *) 43.3 42.4 Accounts payable 155.1 181.9 *)Deposits from customers EUR million 2024 2023Employee related accruals 12.0 13.5 Public duties 3.8 3.2 Social security cost and taxes 2.6 3.7 Prepayments from customers 1.7 3.3 Other accruals 1.0 0.2 Payable to related parties (note 27) 0.0 2.2 Other payables 6.5 7.7Other payables 27.6 33.8 The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2024 2023Accounts payable and other payablesEUR 53.2 57.7 USD 59.1 81.5 SEK 17.5 17.5 NOK 17.1 25.7 CNY 20.3 13.5 DKK 9.1 12.0 CZK 2.6 7.0 PLN 1.4 0.8 Others 2.4 -0.0 Total accounts payable and other payables 182.7 215.7Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2024 2023Long-term interest bearing debtLeasing 17.3 17.01)Other 91.0 96.2Total 108.2 113.3Current interest bearing debt)Debt to credit institutions \u00b2 (Note 17) 9.8 12.83)Factoring debt 26.5 22.1Leasing 6.8 9.51)Other 10.9 10.7Total 54.0 55.1Total interest bearing debt 162.2 168.31) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2024 of EUR 9.8 million (2023: EUR 10.4 million). The draft split by currency pr 31.12. was per the table below (all numbers are presented in EUR): Interest is payable at a rate of IBOR and a margin. 3) Kitron has per 31 December 2024 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin. EUR million 2024 2023EUR (7.8) (13.8)NOK (19.0) (20.2)USD 18.4 22.8Other (1.4) 0.8Currency split of draft on group account agreement (9.8) (10.4)Under the terms of the major bank loans, which have a carrying amount of EUR 109.6 million (2023: EUR 115.4 million), the group is required to comply with the following financial covenants at the end of each quarter: \ue683 the consolidated Net interest-bearing debt/EBITDA ratio must be not more than 3.5, and \ue683 the borrowing base/LTV ratio must be not more than 80%.The group has complied with these covenants throughout the reporting period. As at 31 December 2024, the Net interest-bearing debt/EBITDA ratio was 1.5 before IFRS16 effects (1.4 as at 31 December 2023). The borrowing base/LTV ratio as at 31 December 2024 was 31.9% (30.8% as at 31 December 2023).There are no indications that Kitron group would have difficulties complying with the covenants when they will be tested at the end of each quarter in 2025.Unrestricted bank deposits and unused credit lines amounted to EUR 70.2 million for the group at 31 December 2024 (EUR 61.8 million at 31 December 2023).Periods to maturity of long-term interest bearing debt:EUR million 2024 2023Between one and two years 16.2 20.2Between two and five years 12.9 20.1Over 5 years 79.1 73.0Total 108.2 113.3Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2024 2023 2024 2023Leasing 17.3 17.0 14.5 16.4Other 91.0 96.2 69.0 76.7Total 108.2 113.3 83.5 93.1Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2023: 6.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on the level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2024 2023EUR 46.5 65.7USD 6.1 13.0SEK 15.1 10.6NOK 90.2 75.7CNY 1.2 2.7DKK 2.3 0.7CZK 0.0 0.0MYR 0.7 0.7PLN 0.1 0.0INR 0.0 0.0HKD 0.0 0.0Total 162.2 168.3Interest bearing debt include EUR 143.3 million (2023: EUR 156.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2024 2023Debt secured by mortgages 143.3 156.9Carrying amount of the group\u2019s assets provided as security:EUR million 2024 2023Inventory and contract assets 102.5 133.2Receivables 62.4 44.5Machinery and equipment 14.7 15.9Buildings and land 6.4 5.7Total 185.9 199.3For the Swedish entity there are company mortgages of EUR 4.1 million at 31 December 2024 (2023: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 5.2 million at 31 December 2024 (2023: EUR 15.1 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2023: EUR 0.3 million) and EUR 1.9 million (2023: EUR 2.0 million) respectively for the group.Per 31 December 2024 Kitron ASA has granted the following parent company guarantees: \ue683 EUR 25.3 million related to lease obligations for the polish subsidiary Kitron sp. z o.o (2023: EUR 25.9 million) \ue683 EUR 10 million related to factoring agreement for the polish subsidiary Kitron sp. z o.o (2023: EUR 10.0 million) \ue683 NOK 350 million related to bank financing for Kitron AS and Kitron AB (2023: NOK 350 million).Note 22 - Deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws which have been substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future.Deferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority.Deferred tax asset:EUR million 2024 2023Deferred tax asset to be recovered after more than 12 months 7.1 6.2 Deferred tax liability:Deferred tax liability to be recovered after more than 12 months 8.6 5.4 Deferred tax asset (net) (1.5) 0.8 Change in carrying amount of deferred tax asset:EUR million 2024 2023Opening balance 0.8 2.4 Currency translation differences 1.4 (0.1) Profit and loss account (3.5) (1.2) Other comprehensive income (0.3) (0.5) Equity for the period 0.0 0.3 Closing balance (1.5) 0.8 Changes in deferred tax assets and deferred tax liabilities (with netting in same tax regime).Deferred tax liabilities:Deferred Customer EUR million Fixed assets Contract assetsTotalcapital gaincontractsAt 1 January 2023 0.7 1.6 0.0 5.6 7.9 Profit/(loss) for the period 0.2 1.5 0.4 (0.2) 1.9 Other comprehensive income - - - - - Currency translation differences 0.0 (0.2) 0.0 (0.3) (0.5) At 31 December 2023 0.9 2.9 0.5 5.0 9.3 At 1 January 2024 0.9 2.9 0.5 5.0 9.3 Profit/(loss) for the period 0.5 0.2 (0.0) - 0.6 Other comprehensive income - - - - - Currency translation differences (1.0) 0.0 (0.1) (0.2) (1.3) At 31 December 2024 0.4 3.1 0.3 4.8 8.6 Deferred tax asset:Provision and Loss carried EUR millionPension Totalcurrent assetsforwardAt 1 January 2023 1.5 8.7 0.1 10.2 Profit/(loss) for the period 1.2 (0.5) (0.0) 0.6 Other comprehensive income - (0.5) 0.0 (0.5) Equity for the period - 0.3 - 0.3 Currency translation differences 0.1 (0.7) 0.0 (0.6) At 31 December 2023 2.7 7.3 0.1 10.1 At 1 January 2024 2.7 7.3 0.1 10.1 Profit/(loss) for the period 0.4 (3.3) 0.0 (2.8) Other comprehensive income - (0.3) (0.0) (0.0) Equity for the period - 0.4 - - Currency translation differences (0.4) 0.2 (0.0) (0.2) At 31 December 2024 2.8 4.3 0.1 7.1 Deferred tax assets related to tax loss carried forward is recognised in the balance sheet to the extent that it is probable that the group can apply this against future taxable profit. Tax losses carried forward are related to the operations in Norway and USA.Deferred tax assets related to losses carried forward amounted to MEUR 0.4 in Norway (2023: MEUR 2.2) and MEUR 3.2 in USA (2023: MEUR 5.1)Due to a recent history of results through 2024 in US, Kitron will make an evaluation on the conservative side for the deferred tax assets at 31 December 2024. Accumulated EBT for the period 2025-2029 (5 years) in the conservative scenario for US and total tax rate of 29.49 % (Federal and State) this corresponds to deferred tax assets EUR 3.2 million, which will be established as the book value for deferred tax asset at 31 December 2024. This corresponds to an additional impairment of EUR 1.6 million compared to the book value at 31 December 2024.The group did not recognise deferred tax assets of MEUR 4.1 (2023: MEUR 2.7) related to tax losses carried forward for the operation in the USA. The business improvements made and the expected development on future sales and profitability now warrant deferred tax assets in the balance sheet of Kitron Technologies Inc. Utilization time for State tax losses carried forward is 20 years and infinite for Federal tax losses carried forward. There are no restrictions on the right to carry the tax loss forward in other countries.Note 23 - Retirement benefit obligationsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has a defined benefit plan for only a former CEO. A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income. The pension plans in Norway comply with the Norwegian mandatory service pension act. The pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded.The AFP-scheme is a defined benefit multi-enterprise scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet. UnfundedEUR million 2024 2023Carrying amount of the obligationPension commitments 0.4 0.5Costs recognised in the profit and loss account (incl in note 8)Pension costs (gain) defined benefit plans 0.0 0.0Cost recognised in other comprehensive incomeActuarial losses (gains) pensions 0.1 0.0DEFINED PENSION BENEFIT PLANSCarrying amount of the obligation is determined as follows Present value of pension obligation (0.4) (0.5)Fair value of plan asset - - Net commitments in unfunded defined benefit plans (0.4) (0.5)Hereof payroll tax on the pension obligations (0.1) (0.1)Net pension obligation in the balance sheet (0.4) (0.5)UnfundedEUR million 2024 2023Net pension costs compriseInterest cost 0.0 0.0Total, included in payroll costs 0.0 0.0Change in carrying amount of pension commitmentsOpening balance (0.5) (0.5)Cost recognised in the profit and loss account for the year 0.0 0.0Cost reccognised in other comprehensive income (0.1) 0.0Benefits paid 0.1 0.1Closing balance (0.4) (0.5)The following assumptions have been applied in calculating pension commitments:Discount rate 3.3% 3.7%Annual pension adjustment 3.25% 3.5%Social security tax rate 14.1% 14.1%Assumptions on mortality rates are based on published statistics in Norway K2013 K2013Number of employees in defined benefit plans 1 1Note 24 - Dividends per sharePossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting. For 2023 a dividend of NOK 0.75 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.35 per share for the financial year 2024 to the Annual General Meeting in April 2025.The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 24 April 2025 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).The total proposed dividend is NOK 69.6 million. Note 25 - Cash flow from operationsEUR million 2024 2023Profit/(loss) before tax 39.9 64.7 Depreciation and impairment 18.7 17.6 Change in inventory 25.1 6.3 Change in contract assets 0.3 (18.5)Change in accounts receivable and other short term receivables 8.5 13.8 Change in accounts payable and other short term payables (32.9) (5.0)Change in pension funds/obligations (0.0) (0.0) Effect from option costs 0.4 0.7 Effect from vesting of options (1.6) (1.5)Change in other items (0.2) 0.5 Interest cost - net 8.4 8.4 Foreign exchange losses / (gains) on operating activities (3.5) (10.0)Cash flow from operations 62.9 77.1 Interest bearing debt presented as financing activities in the cash flow statement:EUR million 2024 2023Leasing - long-term 17.3 17.0 Leasing - short-term 6.8 9.5 Total lease liablities 24.1 26.5 Long-term bank loans 91.0 96.2 Short-term bank loans 10.9 10.7 Factoring debt 26.5 22.1 Debt to credit institutions 9.8 12.8 Total borrowings 138.1 141.8 EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2022 21.6 127.1 32.0 180.7 Cash flows (8.6) (4.4) (8.2) (21.1)Lease liabilities recognised 15.5 0.0 0.0 15.5 Foreign exchange adjustments (2.0) (3.0) (1.7) (6.7)Interest bearing debt as at 31 December 2023 26.5 119.7 22.1 168.3 EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2023 26.5 119.7 22.1 168.3 Cash flows (13.0) (4.6) 4.4 (13.2)Lease liabilities recognised 8.3 0.0 0.0 8.3 Other non-cash movements 2.3 (2.3) 0.0 0.0Foreign exchange adjustments 0.0 (1.2) 0.0 (1.2)Interest bearing debt as at 31 December 2024 24.1 111.6 26.5 162.2Note 26 - LeasesThe group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis.The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrwing rate.\ue878Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture. Kitron does not have lease agreements with variable lease payments of any significance. Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Amounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases: EUR million 2024 2023Right-of-use assetsBuildings and land 13.8 11.7Machinery and equipment 14.1 15.2Total 27.9 26.9Lease liabilities*Current 6.9 9.5Non-Current 17.3 17.0Total 24.1 26.5*included in the line items \u201cInterest bearing debt\u201d in the balance sheet. Additions to the right-of-use assets in 2024 were EUR 8.3 million (2023: EUR 9.9 million) (Note 12). Amounts recognised in the consolidated income statement The statement of profit or loss shows the following amounts relating to leases: EUR million 2024 2023Depreciation charge of right-of-use assetsBuildings and land 3.5 3.2Machinery and equipment 3.1 3.0Total 6.6 6.2Interest expense 1.3 0.9Expenses relating to short-term leases 0.2 0.1Expenses relating to leases of low-value 0.0 0.1Expenses relating to variable lease payments not included in lease liabilities 0.0 - Income from subleasing right-of-use assets 0.0 - Gains or losses arising from sale and leaseback transactions 0.0 - The total cash outflow for leases in 2024 was EUR 13.0 million (2023: EUR 8.6 million)Note 27 - Related partiesEUR 1000 2024 2023Remuneration of senior executivesPay and other benefits (1) 4 315 7 813Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 0 2 216Total 0 2 216(1) Senior executives comprise the corporate management team at Kitron ASA. Remuneration of senior executives, directors and auditorEUR 1000 2024 2023Directors' fee: 251 273- chairman 61 56- board members 190 217Auditors fee 669 646- statutory audit 607 619- other attestation services 4 4- tax related services 54 12- other services 4 10The company has not given any loans or security for directors or senior executives at 31 December 2024.For more information about remuneration of senior executives, see the separate Remuneration Report available at www.kitron.com.Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2024. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their of principal place of business.Book Voting Company name Country of incorporation Share-holdingvalue shareNOK 1000Kitron AS Arendal, Norway 100% 100% 243 737Kitron AB J\u00f6nk\u00f6ping, Sweden 100% 100% 13 463Kitron Hong Kong Ltd Hong Kong 100% 100% 1Kitron GmbH Metzingen, Germany 100% 100% 30 194Kitron Holding USA Inc Delaware, USA 100% 100% 69 433UAB Kitron Real Estate Kaunas, Lithuania 100% 100% 12 422UAB Kitron Kaunas, Lithuania 100% 100% 29 201Kitron sp. z o.o Grudziadz, Poland 100% 100% 49 538Kitron Holding A/S Denmark Horsens Denmark 100% 100% 576 803Kitron Electronics Manufacturing Sd. Bhd. Senai, Malaysia 100% 100% 22 778Total investment in subsidiaries 1 047 570 The Kitron Hong Kong Ltd subsidiary owns shares in the following subsidiaries:Country of incorporation Share-holding Voting shareKitron Electronics Manufacturing (Ningbo) Co., Ltd. Ningbo, China 100% 100%Kitron Electromechanical (Ningbo) CO. Ltd Ningbo, China 100% 100%The Kitron Holding USA Inc subsidiary owns shares in the following subsidiaries:Country of incorporation Share-holding Voting shareKitron Technologies Inc Delaware, USA 100% 100%Kitron Systems Inc Delaware, USA 100% 100%The Kitron Holding A/S Denmark subsidiary owns shares in the following subsidiaries:Country of incorporation Share-holding Voting shareKitron A/S Horsens, Denmark 100% 100%Kitron A/S in Denmark owns shares in the following companies:Country of incorporation Share-holding Voting shareKitron Electronics Manufacturing (Suzhou) Co. Ltd Suzhou, China 100% 100%Kitron Holding Czech a.sLanskroun, Czech 100% 100%Kitron India ApS Horsens, Denmark 100% 100%Kitron India Services Private Limited Chennai, India 100% 100%Kitron Electronics Manufacturing (Suzhou) Co. Ltd owns shares in the following companies:Country of incorporation Share-holding Voting shareKitron Electromechanical (Suzhou) Co. Ltd. Suzhou, China 100% 100%Kitron Holding Czech a.s owns shares in the following companies:Country of incorporation Share-holding Voting shareKitron Czech a.s. Lanskroun, Czech 100% 100%Note 29 - Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets. The group has received grants in 2024 of EUR 0.21 million (2023: EUR 0.3 million). EUR 35 thousand (2023: EUR 50 thousand) was for employee training refund and EUR 175 thousand (2023: EUR 150 thousand) was for business reward and different subsidies, while EUR 0,1 million in wage refund only occured in 2023.Note 30 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank. BB Electronics has later been renamed to Kitron A/S. In 2024 Kitron ASA sold the shares in Kitron A/S Denmark to the new established Danish holding company Kitron Holding Denmark A/S for 667 million DKK. After the sales and a later debt conversion to equity, Kitron ASA has a receivable on Kitron Holding Denmark of 300 million DKK.Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron Denmark and the EUR loan. The total net assets of Kitron Denmark, the DKK receivable on Kitron Holding Denmark and the net excess values in intangible assets and goodwill constitute the hedged items and the EUR loan constitutes the hedging instrument. The sale of shares from Kitron ASA to Kitron Holding Denmark is group internal and does not change the hedging- and economic relationship between the investment and the loan.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets. See quantitative information in the tables below:Hedging instrument Currency 2024 2023 Balance sheet itemCarrying amount (31 December)Interest bearing debt - Bank loan (5-year term loan) EUR million 23.5 33.9(Current/Non-current)DKK eqvivalent 175.2 252.2Change in carrying amount of bank loan NOK million 12.5 26.0Hedging objects Currency 2024 2023 Balance sheet itemCarrying amount (31 December) - Net equity Kitron Denmark DKK million 523.9 343.0 Equity - Receivable DKK million 300.0 Long-term receivable - Goodwill DKK million 309.1 309.1 Goodwill - Customer contracts DKK million 157.1 170.2 Intangible assets - Deferred tax DKK million (34.6) (37.4) Deferred tax liabilitiesTotal 1 255.5 784.9Change in value of hedged objects NOK million 42.8 57.7Net effect presented in Other Comprehensive Income EUR million 2.7 2.8Hedge ratio (31 December) 7.2 3.1Note 31 - Subsequent eventsThere have been no events to date in 2025 that significantly affect the result for 2024 or valuation of the company\u2019s assets and liabilities at the balance sheet date. Kitron ASA P O Box 97, NO-1375 Billingstad, NorwayVisiting address:Olav Brunborgs vei 4 1396 BillingstadTel: +47 66 10 00 00", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__6": { "value": "Note 1 - General Information Kitron ASA and its subsidiaries (the group) comprise one of Scandinavia\u2019s leading enterprises in the development, industrialisation and manufacturing of electronics for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group has operations in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China, Malaysia and the US. Kitron ASA has its head office at Billingstad outside Oslo in Norway and is listed on the Oslo Stock Exchange. The consolidated accounts were considered and approved by the company\u2019s board of directors on 20 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__10": { "value": "Kitron ASA and its subsidiaries (the group) comprise one of Scandinavia\u2019s leading enterprises in the development, industrialisation and manufacturing of electronics for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__109": { "value": "Kitron ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__11": { "value": "Kitron ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__7": { "value": "Kitron ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__12": { "value": "The group has operations in Norway, Sweden, Denmark, Lithuania, Germany, Poland, Czech Republic, India, China, Malaysia and the US.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__8": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__9": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__13": { "value": "The consolidated accounts were considered and approved by the company\u2019s board of directors on 20 March 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__14": { "value": "Note 2 - Basis of preparation, consolidation and segment reporting The most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below or in relevant notes. These principles have been applied uniformly in all the periods unless otherwise stated. Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group implemented the following amendments for the first time for its annual reporting period commencing 1 January 2024:\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 - classification of liabilities as current or non-current and non-current liabilities with covenants Implementing these amendments to IAS 1 did not result in any changes to the classification of any liabilities. Additional information concerning the Group\u2019s covenants has been disclosed. See note 21 for further details.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Segment reportingThe Corporate management (Chief Operating Decision Maker) has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron. Kitron\u2019s long term strategy has communicated targets for revenue growth, EBIT and ROOC. These long-term targets are broken down into annual budgets.Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in EUR. The functional- and the presentation currency for the parent company is NOK.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \ue683 The balance sheet is translated at the closing exchange rate on the balance sheet date \ue683 The income statement is translated at the average exchange rate \ue683 Translation differences are recognised in OCI and specified separately \ue683 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__21": { "value": "segment reporting The most significant accounting principles applied in the preparation of the consolidated financial statements are detailed below or in relevant notes. These principles have been applied uniformly in all the periods unless otherwise stated. Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group implemented the following amendments for the first time for its annual reporting period commencing 1 January 2024:\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 - classification of liabilities as current or non-current and non-current liabilities with covenants Implementing these amendments to IAS 1 did not result in any changes to the classification of any liabilities. Additional information concerning the Group\u2019s covenants has been disclosed. See note 21 for further details.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Segment reportingThe Corporate management (Chief Operating Decision Maker) has evaluated that the group operates in only one segment; Electronics Manufacturing Services (EMS). There is therefore no separate segment reporting in Kitron. Kitron\u2019s long term strategy has communicated targets for revenue growth, EBIT and ROOC. These long-term targets are broken down into annual budgets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__16": { "value": "Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__15": { "value": "Basis for preparationThe consolidated financial statements of Kitron ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention except for financial assets and liabilities (including derivative instruments) measured at fair value. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. The consolidated financial statements are prepared based on a going concern assumption.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__17": { "value": "Changes in accounting policy and disclosuresNew standards and interpretations adopted by the company and other changes in accounting policiesThe Group implemented the following amendments for the first time for its annual reporting period commencing 1 January 2024:\u2022 Amendments to IAS 1 \u2018Presentation of Financial Statements\u2019 - classification of liabilities as current or non-current and non-current liabilities with covenants Implementing these amendments to IAS 1 did not result in any changes to the classification of any liabilities. Additional information concerning the Group\u2019s covenants has been disclosed. See note 21 for further details.New standards and interpretations not yet adoptedCertain amendments to accounting standards have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These amendments are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__20": { "value": "Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__19": { "value": "Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__18-1": { "value": "Basis for consolidation SubsidiariesSubsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases.Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2024. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their of principal place of business.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__22-1": { "value": "Translation of foreign currenciesFunctional and presentation currenciesThe accounts of the individual units are compiled in the principal currency used in the economic area in which the unit operates (the functional currency). The consolidated accounts are presented in EUR. The functional- and the presentation currency for the parent company is NOK.Transaction and balance sheet itemsForeign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. Foreign exchange gains and losses that relate to borrowings are presented in the statement of profit or loss, within finance costs. All other foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within other gains/(losses). Group companiesThe income statements and balance sheets for group units (none of which are affected by hyperinflation) in functional currencies which differ from the presentation currency are translated as follows: \ue683 The balance sheet is translated at the closing exchange rate on the balance sheet date \ue683 The income statement is translated at the average exchange rate \ue683 Translation differences are recognised in OCI and specified separately \ue683 Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rateNote 30 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank. BB Electronics has later been renamed to Kitron A/S. In 2024 Kitron ASA sold the shares in Kitron A/S Denmark to the new established Danish holding company Kitron Holding Denmark A/S for 667 million DKK. After the sales and a later debt conversion to equity, Kitron ASA has a receivable on Kitron Holding Denmark of 300 million DKK.Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron Denmark and the EUR loan. The total net assets of Kitron Denmark, the DKK receivable on Kitron Holding Denmark and the net excess values in intangible assets and goodwill constitute the hedged items and the EUR loan constitutes the hedging instrument. The sale of shares from Kitron ASA to Kitron Holding Denmark is group internal and does not change the hedging- and economic relationship between the investment and the loan.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__23": { "value": "Note 3 - Financial riskThe company is exposed through its business to a number of financial risks. The corporate routines for risk management focus on the unpredictability of the financial markets, and endeavour to minimise potential negative effects arising from the company\u2019s financial dispositions.Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are NOK, SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN, CZK and RMB.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the USD with all other variables held constant, post\u2013tax profit for the year would have been EUR 0.4 million (2023: EUR 0.1 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the NOK with all other variables held constant, post\u2013tax profit for the year would have been EUR 0.3 million (2023: EUR 0.4 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of NOK denominated bank deposits, trade receivables and debt.At 31 December if the EUR currency had weakened/strengthened by 1 percent against the SEK with all other variables held constant, post-tax profit for the year would have been EUR 0.2 million (2023: EUR 0.1 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Credit riskCredit risk arises from cash and cash equivalents, deposits with banks, accounts receivables and contract assets. The major part of accounts receivable are credit insured in all geographical areas. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest in relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities including interest (undiscounted numbers):Less than Between one Between two More than EUR millionone year and two yearsand five yearsfive yearsAs at 31 December 2024Bank overdraft 10.4 - - -Leasing 7.3 7.3 11.0 -Factoring debt 28.1 - - -Bank loans 11.0 11.0 2.8 80.8Trade and other payables 139.4 - - -Total 196.2 18.3 13.8 80.8As at 31 December 2023Bank overdraft 11.0 - - -Leasing 10.1 10.1 8.0 -Factoring debt 23.4 - - -Bank loans 11.0 11.0 13.8 75.4Trade and other payables 173.3 - - -Total 228.9 21.1 21.8 75.4Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor, or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2024, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.9 million (2023: EUR 0.8 million) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2024, if interest rate on borrowings in other currency had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.7 million (2023: EUR 0.9 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.Capital risk managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The gearing ratios at 31 December 2024 and 2023 were as follows:EUR million 2024 2023Total borrowings (note 21) 162.2 168.3Cash and cash equivalents (note 17) (48.7) (39.0)Net debt 113.5 129.4Total equity 198.9 183.5Total capital 312.4 312.9Gearing ratio 36 % 41 %", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__24-1": { "value": "Market riskCurrency risk: the group is exposed to changes in foreign exchange rates because a significant share of the group\u2019s goods and services are sold in such currencies. At the same time raw material are bought in foreign currency and the operating costs in foreign group entities are in local currency. To reduce the currency risk the company\u2019s standard contracts include currency clauses which allow the company to adjust the price when the actual exchange rate differs significantly from the agreed base rate. The group has not established other significant currency hedge arrangements over and above its standard contracts with customers. The most significant foreign currencies are NOK, SEK, EUR and USD. The group has significant investments in foreign operations whose net assets are exposed to foreign currency translation risk in DKK, SEK, EUR, USD, PLN, CZK and RMB.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the USD with all other variables held constant, post\u2013tax profit for the year would have been EUR 0.4 million (2023: EUR 0.1 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of US dollar denominated bank deposits, trade receivables and debt.At 31 December, if the EUR currency had weakened/strengthened by 1 per cent against the NOK with all other variables held constant, post\u2013tax profit for the year would have been EUR 0.3 million (2023: EUR 0.4 million) higher/ lower, mainly as a result of foreign exchange gains/losses on translation of NOK denominated bank deposits, trade receivables and debt.At 31 December if the EUR currency had weakened/strengthened by 1 percent against the SEK with all other variables held constant, post-tax profit for the year would have been EUR 0.2 million (2023: EUR 0.1 million) higher/lower, mainly as a result of foreign exchange gains/losses on translation of SEK denominated bank deposit, trade receivables and dept.Price risk: the company is exposed to price risk both because raw materials follow international market prices for electronic and mechanical components and because the company\u2019s goods and services are subject to price pressures. Routines have been established for procurement by the company\u2019s own sourcing organisation, which negotiates group contracts. The sourcing function allows Kitron to achieve improved material prices.Interest rate riskThe group\u2019s interest rate risk arises mainly from short-term borrowings (factoring debt and bank overdraft) and long-term bank debt. The group\u2019s borrowings are mainly with variable rates which expose the group to cash flow interest rate risk.Interest on the group\u2019s interest-bearing debt is charged at the relevant market rate prevailing at any given time (mainly one-month interbank offered rate \u2013 Nibor, Stibor, or Libor as the case may be \u2013 plus the agreed interest margin). There will not occur any gain/loss on the balance sheet amounts in case interest rates are increased or lowered. At 31 December 2024, if interest rate on NOK borrowings had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.9 million (2023: EUR 0.8 million) lower/higher, mainly as a result of higher/lower interest expense on floating rate borrowings. At 31 December 2024, if interest rate on borrowings in other currency had been 1 percentage points higher/lower during the year with all other variables held constant, post-tax profit for the year would have been EUR 0.7 million (2023: EUR 0.9 million) lower/higher. External financing for the group\u2019s operational companies takes place in the functional currency. No interest rate instruments have been established in the group. The group does not have significant interest-bearing assets, so that its income and cash flow from operational activities are not significantly exposed to changes in the market interest rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__25": { "value": "Credit riskCredit risk arises from cash and cash equivalents, deposits with banks, accounts receivables and contract assets. The major part of accounts receivable are credit insured in all geographical areas. Kitron accordingly bears credit risk only for accounts receivable which are not insured. The company has routines to ensure that uninsured sales on credit are made only to creditworthy customers.The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the trade receivables for the same types of contracts. The group has therefore concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for the contract assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__26": { "value": "Liquidity riskCash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance Cash flow forecasting is performed in the operating entities of the group and aggregated by group finance. Group finance monitors rolling forecasts of the group\u2019s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the group does not breach borrowing limits or covenants on any of its borrowing facilities.Kitron\u2019s financing is primarily short-term and based on factoring finance for accounts receivable. This means that fluctuations in turnover affect the company\u2019s liquidity. In addition, drawing facilities have been established in banks which counteract the liquidity fluctuations related to turnover.The table below shows the group\u2019s financial loans including interest in relevant maturity groupings based on the remaining period at the balance sheet date to contractual maturity date.Periods to maturity of financial liabilities including interest (undiscounted numbers):Less than Between one Between two More than EUR millionone year and two yearsand five yearsfive yearsAs at 31 December 2024Bank overdraft 10.4 - - -Leasing 7.3 7.3 11.0 -Factoring debt 28.1 - - -Bank loans 11.0 11.0 2.8 80.8Trade and other payables 139.4 - - -Total 196.2 18.3 13.8 80.8As at 31 December 2023Bank overdraft 11.0 - - -Leasing 10.1 10.1 8.0 -Factoring debt 23.4 - - -Bank loans 11.0 11.0 13.8 75.4Trade and other payables 173.3 - - -Total 228.9 21.1 21.8 75.4", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__28": { "value": "Capital risk managementThe group\u2019s objectives when managing capital are to safeguard the group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The gearing ratios at 31 December 2024 and 2023 were as follows:EUR million 2024 2023Total borrowings (note 21) 162.2 168.3Cash and cash equivalents (note 17) (48.7) (39.0)Net debt 113.5 129.4Total equity 198.9 183.5Total capital 312.4 312.9Gearing ratio 36 % 41 %", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__29": { "value": "Note 4 - Significant accounting judgements, estimates and assumptionsEstimates and discretionary assessments are based on historical experience and other factors, including expectations of future events that are considered likely under present conditions. The group prepares estimates and makes assumptions about the future. Accounting estimates derived from these will by definition seldom accord fully with the outcome. Estimates and assumptions which represent a substantial risk for significant changes in the carrying amount of assets and liabilities during the coming fiscal year are discussed below. Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details. Impairment testing of goodwill The group performs annual tests to assess the value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__30-1": { "value": "Deferred tax assetsThe group performs annual tests for impairment of deferred tax assets. Part of the basis for recognising deferred tax assets are based on applying the loss carried forward against future taxable income in the group. This requires the use of estimates for calculating future taxable income. See note 22 for details.Note 22 - Deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws which have been substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future.Deferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__31-1": { "value": "Impairment testing of goodwill The group performs annual tests to assess the value of goodwill. The recoverable amount from cash generating units is determined based on present-value calculations of expected annual cash flows. These calculations require the use of estimates for cash flows and the choice of discount rate before tax for discounting the cash flows. Additional information is disclosed in note 13.Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__33-1": { "value": "Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:EUR million 2024 2023Connectivity 121.3 140.4 Electrification 179.1 245.1 Industry 150.6 211.1 Medical devices 59.6 66.7 Defence/Aerospace 136.6 111.8 Total sales 647.2 775.2 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.EUR million 2024 2023 Norway 109.6 100.7 Sweden 237.7 278.4 Rest of Europe 234.9 303.7 USA 44.7 73.9 Other 20.3 18.5 Total sales 647.2 775.2 The largest customer counts for 9.5 % (8.1 %) of sales, the second largest counts for 8.7 % (5.1 %), the third largest counts for 5.4 % and the others are below 4.1 % (4.8 %) each.Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2024 2023 2024 2023 2024 2023Assets 12.7 9.1 11.7 6.0 25.9 28.1 Lituania Poland GermanyEUR million 2024 2023 2024 2023 2024 2023Assets 8.9 10.1 16.0 22.1 0.0 0.0 Czech Republic China USAEUR million 2024 2023 2024 2023 2024 2023Assets 11.5 11.2 6.7 7.2 4.1 4.6 India MalaysiaEUR million 2024 2023 2024 2023Assets 0.1 0.1 3.7 3.3 Included in assets under geographical segment is property, plant and equipment, intangible and right-of-use assets excluding deferred tax asset and goodwill.Note 6 - Revenues Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled. Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/ services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered. Revenues consist ofEUR million 2024 2023Revenues from contracts with customers 647.2 775.2 Total revenues 647.2 775.2 Timing of revenue recognition EUR million 2024 2023Revenues from contracts with customers, over time *) 647.2 775.2 *) Sale of services are in 2024 approximately 4 % (2023: 2-4 %)", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__32": { "value": "Note 5 - Geographical breakdown of revenues and assetsThe revenues come from sales of goods and services in the fields of development, industrialization and production to customers involved in Connectivity, Defence/Aerospace, Electrification, Industry and Medical devices. Revenues by line of businessThe table shows the EMS turnover by industry:EUR million 2024 2023Connectivity 121.3 140.4 Electrification 179.1 245.1 Industry 150.6 211.1 Medical devices 59.6 66.7 Defence/Aerospace 136.6 111.8 Total sales 647.2 775.2 Geographical breakdown revenuesThe geographical distribution is based on countries where the different customers are located.EUR million 2024 2023 Norway 109.6 100.7 Sweden 237.7 278.4 Rest of Europe 234.9 303.7 USA 44.7 73.9 Other 20.3 18.5 Total sales 647.2 775.2 The largest customer counts for 9.5 % (8.1 %) of sales, the second largest counts for 8.7 % (5.1 %), the third largest counts for 5.4 % and the others are below 4.1 % (4.8 %) each.Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2024 2023 2024 2023 2024 2023Assets 12.7 9.1 11.7 6.0 25.9 28.1 Lituania Poland GermanyEUR million 2024 2023 2024 2023 2024 2023Assets 8.9 10.1 16.0 22.1 0.0 0.0 Czech Republic China USAEUR million 2024 2023 2024 2023 2024 2023Assets 11.5 11.2 6.7 7.2 4.1 4.6 India MalaysiaEUR million 2024 2023 2024 2023Assets 0.1 0.1 3.7 3.3 Included in assets under geographical segment is property, plant and equipment, intangible and right-of-use assets excluding deferred tax asset and goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__34": { "value": "Geographical breakdown of assetsNorway Sweden DenmarkEUR million 2024 2023 2024 2023 2024 2023Assets 12.7 9.1 11.7 6.0 25.9 28.1 Lituania Poland GermanyEUR million 2024 2023 2024 2023 2024 2023Assets 8.9 10.1 16.0 22.1 0.0 0.0 Czech Republic China USAEUR million 2024 2023 2024 2023 2024 2023Assets 11.5 11.2 6.7 7.2 4.1 4.6 India MalaysiaEUR million 2024 2023 2024 2023Assets 0.1 0.1 3.7 3.3 Included in assets under geographical segment is property, plant and equipment, intangible and right-of-use assets excluding deferred tax asset and goodwill.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__36": { "value": "Note 6 - Revenues Revenue recognitionRevenue is measured at the fair value of the consideration received or receivable. Amounts disclosed as revenue are net of returns, trade allowances, rebates and amounts collected on behalf of third parties. Sales of goodsThe group manufactures and sells electronics that are embedded in the customer\u2019s own products as well as box-build electronic products in the EMS market. The products are manufactured based on the customer\u2019s specifications and quality standards, and the group does not own the intellectual property of the products. Sales are recognized based on estimated percentage of completion for the relevant contracts going forward as control is transferred to the customer over time. This is determined based on the actual cost relative to the total expected cost. The purchase price agreed between the parties is fixed and specified for each good or service provided. The customer is obligated to pay a minimum fee based on the order status if the order is cancelled. Some contracts include multiple deliverables, such as test development, engineering change orders and production. These are accounted for as separate performance obligations. In this case, the transaction price will be allocated to each performance obligation based on the standalone selling prices. Where these are not directly observable, they are estimated based on expected cost-plus margin. In fixed-price contracts, the customer pays the fixed unit amount based on a payment schedule. If the goods/ services rendered by the group exceed the payment, a contract asset is recognized. If the payments exceed the services rendered, a contract liability is recognized. Sales of servicesSales of services embrace development assignments and services related to industrialisation. Service deliveries are partly project based and partly hourly based. Sales of project-based services are recognised in the period in which the services are rendered, based on the degree of completion of the relevant project. The degree of completion is determined by measuring the services provided as a proportion of the total services to be rendered. Hourly-based services are recognised in the period when the service is rendered.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__37": { "value": "Note 7 - Other gains / (losses)EUR million 2024 2023Currency gains 7.4 11.1 Currency losses (7.3) (10.0)Other gains/(losses) 0.1 1.1 Other gains/(losses) consist of currency effects related to operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__39": { "value": "Note 8 - Employee benefits EUR million 2024 2023Payroll 92.3 97.5Payroll tax 15.6 15.6Net pension costs defined benefit plans (note 23) 0.0 0.0Pension costs defined contribution plans 5.9 5.4Share-based payment consideration 0.6 0.7Other remuneration 1.1 3.4Total 115.5 122.4Average number of man-years (including hired-ins) 2 707 3 112Average number of employees 2 816 2 671", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__38-1": { "value": "Note 8 - Employee benefits EUR million 2024 2023Payroll 92.3 97.5Payroll tax 15.6 15.6Net pension costs defined benefit plans (note 23) 0.0 0.0Pension costs defined contribution plans 5.9 5.4Share-based payment consideration 0.6 0.7Other remuneration 1.1 3.4Total 115.5 122.4Average number of man-years (including hired-ins) 2 707 3 112Average number of employees 2 816 2 671Note 23 - Retirement benefit obligationsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has a defined benefit plan for only a former CEO. A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income. The pension plans in Norway comply with the Norwegian mandatory service pension act. The pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded.The AFP-scheme is a defined benefit multi-enterprise scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet. UnfundedEUR million 2024 2023Carrying amount of the obligationPension commitments 0.4 0.5Costs recognised in the profit and loss account (incl in note 8)Pension costs (gain) defined benefit plans 0.0 0.0Cost recognised in other comprehensive incomeActuarial losses (gains) pensions 0.1 0.0DEFINED PENSION BENEFIT PLANSCarrying amount of the obligation is determined as follows Present value of pension obligation (0.4) (0.5)Fair value of plan asset - - Net commitments in unfunded defined benefit plans (0.4) (0.5)Hereof payroll tax on the pension obligations (0.1) (0.1)Net pension obligation in the balance sheet (0.4) (0.5)UnfundedEUR million 2024 2023Net pension costs compriseInterest cost 0.0 0.0Total, included in payroll costs 0.0 0.0Change in carrying amount of pension commitmentsOpening balance (0.5) (0.5)Cost recognised in the profit and loss account for the year 0.0 0.0Cost reccognised in other comprehensive income (0.1) 0.0Benefits paid 0.1 0.1Closing balance (0.4) (0.5)The following assumptions have been applied in calculating pension commitments:Discount rate 3.3% 3.7%Annual pension adjustment 3.25% 3.5%Social security tax rate 14.1% 14.1%Assumptions on mortality rates are based on published statistics in Norway K2013 K2013Number of employees in defined benefit plans 1 1", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__44": { "value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2024 2023Interest income 4.7 4.9 Other financial income 0.0 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 1.7 3.3 Finance income 6.4 8.4Interest expenses (13.1) (13.3)Other financial expenses (1.5) (1.1)Finance expenses (14.6) (14.4)Net financial items (8.2) (6.0)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__43": { "value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2024 2023Interest income 4.7 4.9 Other financial income 0.0 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 1.7 3.3 Finance income 6.4 8.4Interest expenses (13.1) (13.3)Other financial expenses (1.5) (1.1)Finance expenses (14.6) (14.4)Net financial items (8.2) (6.0)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__41": { "value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2024 2023Interest income 4.7 4.9 Other financial income 0.0 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 1.7 3.3 Finance income 6.4 8.4", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__40": { "value": "Note 9 - Financial income and expensesInterest on bank deposits is recognised in the period when it is earned. EUR million 2024 2023Interest income 4.7 4.9 Other financial income 0.0 0.2 Foreign currency gains related to borrowings, cash and cash equivalents 1.7 3.3 Finance income 6.4 8.4Interest expenses (13.1) (13.3)Other financial expenses (1.5) (1.1)Finance expenses (14.6) (14.4)Net financial items (8.2) (6.0)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__42": { "value": "Interest expenses (13.1) (13.3)Other financial expenses (1.5) (1.1)Finance expenses (14.6) (14.4)Net financial items (8.2) (6.0)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__46": { "value": "Note 10 - Income tax expenseThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__45": { "value": "Note 10 - Income tax expenseThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. EUR million 2024 2023Tax payable 8.4 12.5 Deferred tax (Note 22) 3.5 1.2 Income tax expense 11.9 13.7 The tax on the group\u2019s profit before tax differs from the theoretical amount that would arise using the domestic tax rate applicable to profits of the consolidated entities as follows:EUR million 2024 2023Ordinary profit before tax 39.9 64.7 Tax calculated at the domestic rate (22%) 8.8 14.2 Expenses not deducible for tax purposes 0.8 0.1 Effect of tax exemption 0.0 (1.2) Tax loss for which no deferred income tax asset was recognised 1.6 0.6 Other adjustments 0.6 0.3 Effect on different tax rates in countries in which the group operates 0.1 (0.3) Tax cost 11.9 13.7 The income tax expense is calculated using the domestic tax rate.The tax rate is 22.0 % in Norway, 20.6 % in Sweden, 22.0 % in Denmark, 15.0 % in Lithuania, 25.0 % in China, 19.0 % in the Czech Republic, 16.5 % in Hong Kong, 30.9 % in USA, 19.0 % in Poland, 15.0 % in Germany, Malaysia 24.0 % and India 25.0 %The tax (charge)/credit relating to components of other comprehensive income is as follows:2024 2023Before Tax (charge) After Before Tax (charge) After EUR milliontaxcredittaxtaxcredittaxActuarial gain / (losses) pensions (0.1) 0.0 (0.0) (0.0) 0.0 (0.0) Gains/ losses forward contract 0.0 (0.0) 0.0 (0.1) 0.0 (0.1) Gains of hedging 3.4 (0.7) 2.7 3.2 (0.4) 2.8 Exchange differences on translation (1.9) 0.4 (1.5) (5.1) 0.1 (5.0) Other comprehensive income 1.4 (0.3) 1.1 (1.8) (0.5) (2.0) Current tax - - Deferred tax 0.3 0.5", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__48": { "value": "Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options. (note 19).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__47": { "value": "Note 11 - Earnings per shareBasic earnings per share is calculated by dividing the profit attributable to equity holders of the company by the weighted average number of ordinary shares in issue during the year. The company has no own shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The company has one category, which is share options, of dilutive potential ordinary shares. A calculation is done to determine the number of shares that could have been acquired at fair value based on the monetary value of the subscription rights attached to share options. The number of shares calculated is compared with the number of shares that would have been issued assuming the exercise of the share options. (note 19).EUR million 2024 2023Profit attributable to equity holders of the company 28.0 51.1 Profit used to determine basic and diluted earnings per share 28.0 51.1 Weighted average number of ordinary shares in issue (thousands) 198 618 197 992 Adjusted for share options (thousands) 1 384 2 008 Weighted average number of ordinary shares for diluted earnings per share 200 002 200 000 (thousands)Basic earnings per share (EUR) 0.14 0.26 Diluted earnings per share (EUR) 0.14 0.26", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__52-1": { "value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \ue683 Buildings: 20-33 years \ue683 Machinery and operating equipment: 3-10 years Land is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in note 26 \u201cLeases\u201d. Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsAt 1 January 2023Acquisition cost 125.0 27.8 37.1 189.9 Accumulated depreciation/impairment (105.0) (13.5) (12.8) (131.4)Accounting carrying amount 20.0 14.3 24.2 58.5 Opening balance 20.0 14.3 24.2 58.5 Currency translation adjustment (0.9) (0.4) (0.2) (1.5)Additions 19.0 3.9 9.9 32.8 Reclassification 0.9 - (0.9) - Disposals (0.4) (0.0) 0.0 (0.4)Depreciation (7.0) (1.5) (6.2) (14.7)Closing balance 31.6 16.2 26.9 74.7 Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 At 1 January 2024Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 Opening balance 31.6 16.2 26.9 74.7 Currency translation adjustment 0.4 0.0 0.0 0.4 Additions 7.0 0.8 8.3 16.1 Reclassification 0.6 (0.0) (0.6) (0.0)Disposals (0.3) - (0.1) (0.4)Depreciation (7.7) (1.5) (6.6) (15.8)Closing balance 31.7 15.5 27.9 75.1 Acquisition cost 151.4 32.1 53.6 237.0 Accumulated depreciation/impairment (119.7) (16.6) (25.6) (161.9)Accounting carrying amount 31.7 15.5 27.9 75.1Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.EUR million GoodwillAt 1 January 2023Acquisition cost 45.4 Accumulated impairment charge (0.4)Accounting carrying amount 45.0 Fiscal 2023Opening balance 45.0 Conversion differences (0.2)Closing balance 44.8 At 31 December 2023Acquisition cost 45.2 Accumulated impairment charge (0.4)Accounting carrying amount 44.8 Fiscal 2024Opening balance 44.8 Conversion differences (0.4)Closing balance 44.4 At 31 December 2024Acquisition cost 44.8 Accumulated impairment charge (0.4)Accounting carrying amount 44.4 The company\u2019s cash-generating units are identified by country.EUR million 2024 2023Norway 0.1 0.1Sweden 0.3 0.3Denmark 39.2 39.5Czech Republic 1.8 1.8Lithuania 1.9 1.9Germany 0.2 0.2USA 1.0 1.0Total 44.4 44.8The recoverable amount for a cash-generating unit is based on a calculation of value in use. The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2024 2023Denmark DenmarkGrowth rate in the forecast period 2.0 % 2.0 %Long-term growth rate 2.0 % 2.0 %Budgeted EBIT-margin 5.7 % 6.0 %Growth in other expenses in the forecast period 2.0 % 2.0 %Discount rate 23.6 % 23.6 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures.Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followed from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment chargeThe present value of goodwill is estimated well above the carrying amount. There is a substantial buffer before goodwill is in a impairment scenario.Impact of possible changes in key assumptionsThe directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount. For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the coming years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years. EUR million System software Other intangible assets Customer contracts TotalAt 1 January 2023Acquisition cost 11.2 2.8 26.4 40.4 Accumulated depreciation (7.8) (0.5) (1.7) (10.1)Accounting carrying amount 3.4 2.3 24.6 30.3 Fiscal 2023Opening balance 3.4 2.3 24.6 30.3 Currency translation adjustment (0.8) (0.0) (0.0) (0.8)Additions 0.5 0.0 0.0 0.6 Disposals (0.1) - - (0.1)Depreciation (0.7) (0.3) (1.8) (2.8)Closing balance 2.4 2.0 22.9 27.2 At 31 December 2023Acquisition cost 10.9 2.9 26.4 40.2 Accumulated depreciation (8.6) (0.9) (3.5) (12.9)Accounting carrying amount 2.4 2.0 22.9 27.2 Fiscal 2024Opening balance 2.4 2.0 22.9 27.2 Currency translation adjustment (0.2) - - (0.2)Additions 2.0 0.1 - 2.1 Disposals (0.1) - - (0.1)Depreciation (0.6) (0.1) (2.1) (2.7)Closing balance 3.5 2.0 20.8 26.3 At 31 December 2024Acquisition cost 12.6 2.9 26.4 41.9 Accumulated depreciation (9.2) (0.9) (5.6) (15.6)Accounting carrying amount 3.5 2.0 20.8 26.3 Additions to System Software in 2024 refers to various software updates, managed by the central IT department in Kitron ASA. It will be depreciated over 5-7 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__51-1": { "value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \ue683 Buildings: 20-33 years \ue683 Machinery and operating equipment: 3-10 years Land is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in note 26 \u201cLeases\u201d.Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__50": { "value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \ue683 Buildings: 20-33 years \ue683 Machinery and operating equipment: 3-10 years Land is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in note 26 \u201cLeases\u201d. Machinery and Buildings Right-of-use Total EUR millionequipment and landassetsAt 1 January 2023Acquisition cost 125.0 27.8 37.1 189.9 Accumulated depreciation/impairment (105.0) (13.5) (12.8) (131.4)Accounting carrying amount 20.0 14.3 24.2 58.5 Opening balance 20.0 14.3 24.2 58.5 Currency translation adjustment (0.9) (0.4) (0.2) (1.5)Additions 19.0 3.9 9.9 32.8 Reclassification 0.9 - (0.9) - Disposals (0.4) (0.0) 0.0 (0.4)Depreciation (7.0) (1.5) (6.2) (14.7)Closing balance 31.6 16.2 26.9 74.7 Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 At 1 January 2024Acquisition cost 143.7 31.2 46.0 220.8 Accumulated depreciation/impairment (112.0) (15.0) (19.1) (146.1)Accounting carrying amount 31.6 16.2 26.9 74.7 Opening balance 31.6 16.2 26.9 74.7 Currency translation adjustment 0.4 0.0 0.0 0.4 Additions 7.0 0.8 8.3 16.1 Reclassification 0.6 (0.0) (0.6) (0.0)Disposals (0.3) - (0.1) (0.4)Depreciation (7.7) (1.5) (6.6) (15.8)Closing balance 31.7 15.5 27.9 75.1 Acquisition cost 151.4 32.1 53.6 237.0 Accumulated depreciation/impairment (119.7) (16.6) (25.6) (161.9)Accounting carrying amount 31.7 15.5 27.9 75.1", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__49": { "value": "Note 12 - Property, plant and equipmentTangible fixed assets primarily embrace buildings and land, machinery, equipment, and fixtures and fittings. Tangible fixed assets are stated at historical cost less accumulated depreciation and impairments. They are recognised in the balance sheet and depreciated on a straight-line basis to their residual value over their expected useful life, which is: \ue683 Buildings: 20-33 years \ue683 Machinery and operating equipment: 3-10 years Land is not depreciated. Right-of-use assets consist of buildings, machinery and equipment accounted for in accordance with IFRS 16. See more info under \u201cThe group\u2019s leasing activities and how they are accounted for\u201d later in note 26 \u201cLeases\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__55": { "value": "Note 13 - GoodwillGoodwill is the difference between the sum of the consideration paid, non-controlling interests recognised and previously held interests at fair value for the acquisition of a business and the fair value of the acquiree\u2019s net identifiable assets at the acquisition date. Goodwill is tested annually for impairment and recognised in the balance sheet at its acquisition cost less impairment charges. Impairment losses on goodwill are not reversed. The goodwill is allocated to relevant cash generating units at the time of the acquisition. The allocation is made to those cash-generating units or groups of such units which are expected to benefit from the acquisition. The group allocates goodwill to cash generating units in each country in which it operates.EUR million GoodwillAt 1 January 2023Acquisition cost 45.4 Accumulated impairment charge (0.4)Accounting carrying amount 45.0 Fiscal 2023Opening balance 45.0 Conversion differences (0.2)Closing balance 44.8 At 31 December 2023Acquisition cost 45.2 Accumulated impairment charge (0.4)Accounting carrying amount 44.8 Fiscal 2024Opening balance 44.8 Conversion differences (0.4)Closing balance 44.4 At 31 December 2024Acquisition cost 44.8 Accumulated impairment charge (0.4)Accounting carrying amount 44.4 The company\u2019s cash-generating units are identified by country.EUR million 2024 2023Norway 0.1 0.1Sweden 0.3 0.3Denmark 39.2 39.5Czech Republic 1.8 1.8Lithuania 1.9 1.9Germany 0.2 0.2USA 1.0 1.0Total 44.4 44.8The recoverable amount for a cash-generating unit is based on a calculation of value in use. The following table sets out the key assumptions for those cash-generating units that have significant goodwill allocated to them:2024 2023Denmark DenmarkGrowth rate in the forecast period 2.0 % 2.0 %Long-term growth rate 2.0 % 2.0 %Budgeted EBIT-margin 5.7 % 6.0 %Growth in other expenses in the forecast period 2.0 % 2.0 %Discount rate 23.6 % 23.6 %Assumption Approach used to determining values Average annual growth rate over the five-year forecast period is 2% and is based on expected Growth rate in the forecast periodinflation on a long term basis.The growth rate does not exceed the long-term growth rates of the market in which the business Long-term growth rateoperates and is determined to be 2% per year. Budgeted gross margin Based on past performance and management\u2019s expectations for the future.Fixed costs of the CGUs, which do not vary significantly with sales volumes or prices. Management Growth in other expenses in the forecasts these costs based on the current structure of the business, adjusting for inflationary forecast periodincreases but not reflecting any future restructurings or cost-saving measures.Discount rate is based on the WACC model and converted to pre-tax numbers. The discount rate is Discount ratein accordance with the discount rate that followed from the purchase price in the transaction and divided into the asset categories based on a judgement of risikiness of each asset.Impairment chargeThe present value of goodwill is estimated well above the carrying amount. There is a substantial buffer before goodwill is in a impairment scenario.Impact of possible changes in key assumptionsThe directors and management have considered and assessed reasonably possible changes for the key assumptions and have not identified any instances that could cause the carrying amount of the Danish cash-generating unit to exceed its recoverable amount. For the other cash-generating units the cash flow assumption is based on financial budgets approved by the company\u2019s board. These calculations are based on growth assumptions which correspond with industry expectations of growth in the EMS market in the coming years and no significant changes in margins. The calculated values are also sustainable against write offs due to a fair change in assumptions. The calculations are based on cash flows for the next three years and a residual value for future earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__59": { "value": "Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years. EUR million System software Other intangible assets Customer contracts TotalAt 1 January 2023Acquisition cost 11.2 2.8 26.4 40.4 Accumulated depreciation (7.8) (0.5) (1.7) (10.1)Accounting carrying amount 3.4 2.3 24.6 30.3 Fiscal 2023Opening balance 3.4 2.3 24.6 30.3 Currency translation adjustment (0.8) (0.0) (0.0) (0.8)Additions 0.5 0.0 0.0 0.6 Disposals (0.1) - - (0.1)Depreciation (0.7) (0.3) (1.8) (2.8)Closing balance 2.4 2.0 22.9 27.2 At 31 December 2023Acquisition cost 10.9 2.9 26.4 40.2 Accumulated depreciation (8.6) (0.9) (3.5) (12.9)Accounting carrying amount 2.4 2.0 22.9 27.2 Fiscal 2024Opening balance 2.4 2.0 22.9 27.2 Currency translation adjustment (0.2) - - (0.2)Additions 2.0 0.1 - 2.1 Disposals (0.1) - - (0.1)Depreciation (0.6) (0.1) (2.1) (2.7)Closing balance 3.5 2.0 20.8 26.3 At 31 December 2024Acquisition cost 12.6 2.9 26.4 41.9 Accumulated depreciation (9.2) (0.9) (5.6) (15.6)Accounting carrying amount 3.5 2.0 20.8 26.3 Additions to System Software in 2024 refers to various software updates, managed by the central IT department in Kitron ASA. It will be depreciated over 5-7 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__56": { "value": "Note 14 - Intangible assetsCustomer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Computer software is depreciated on a straight-line basis to their residual value over their expected useful life, which is 7 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__64-1": { "value": "Note 15 - Accounts receivable and other receivablesAccounts receivable are recognised initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__63": { "value": "Note 15 - Accounts receivable and other receivablesAccounts receivable are recognised initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2024 2023Accounts receivable 124.4 131.7Provision for bad debts (0.3) (0.4)Accounts receivable - net 124.1 131.3EUR million 2024 2023Vat Receivables 3.6 4.0Accrued income 1.2 2.3Accrued expenses 0.9 0.9Earned, non-invoiced income 0.7 0.2Prepaid expenses 1.4 1.6Others 2.6 3.1Other current receivables 10.4 12.2Fair value of accounts receivable and other receivables:EUR million 2024 2023Accounts receivable - net 124.1 131.3Accounts receivable - net 124.1 131.3For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2024 accounts receivables of EUR 23.3 million (2023: EUR 15.6 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows::EUR million 2024 2023Not past due 100.8 115.8Past due 1-30 days 18.7 13.7Past due 31-60 days 2.9 0.9Past due 61-90 days 0.4 0.4Past due > 90 days 1.3 0.5Total 124.1 131.3As of 31 December 2024 EUR 0.3 milion of trade receivables were impaired and provided for (2023: EUR 0.4 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2024 2023EUR 47.2 55.1USD 34.6 44.3SEK 14.2 15.6NOK 22.6 15.0CNY 6.1 5.5DKK 6.2 7.7CZK 0.4 0.2MYR 0.2 0.0PLN 3.2 0.1Total 134.6 143.6Movements on the group provision for impairment of trade receivables are as follows:EUR million 2024 2023Provision at 1 January (0.4) 0.0Provision for trade receivables (0.1) (0.4)Receivables written off during the year as uncollectable 0.2 0.0Provision at 31 December (0.3) (0.4)The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.1 million impairment charge was recognised in the profit and loss account for the year (2023: EUR 0.4 million). Impairment charge is assessed based on historical losses and expected credit losses. See note 3.No special concentration of accounts receivable exists which poses an abnormal credit risk. EUR 62.4 million (2023: EUR 44.5 million) of the accounts receivable and other receivables at 31 December 2024 were provided as security, see note 21.Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2024 (2023 EUR 0.0 million). EUR million 2024 2023Contract assets 77.6 77.9Loss allowance 0.0 0.0Contract assets - net 77.6 77.9", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__61": { "value": "Note 15 - Accounts receivable and other receivablesAccounts receivable are recognised initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. EUR million 2024 2023Accounts receivable 124.4 131.7Provision for bad debts (0.3) (0.4)Accounts receivable - net 124.1 131.3EUR million 2024 2023Vat Receivables 3.6 4.0Accrued income 1.2 2.3Accrued expenses 0.9 0.9Earned, non-invoiced income 0.7 0.2Prepaid expenses 1.4 1.6Others 2.6 3.1Other current receivables 10.4 12.2Fair value of accounts receivable and other receivables:EUR million 2024 2023Accounts receivable - net 124.1 131.3Accounts receivable - net 124.1 131.3For other current receivables, the carrying amount is virtually identical with the fair value.As of 31 December 2024 accounts receivables of EUR 23.3 million (2023: EUR 15.6 million) were past due. These relate to a number of independent customers for whom there is no recent history of default.The ageing analysis of these trade receivables is as follows::EUR million 2024 2023Not past due 100.8 115.8Past due 1-30 days 18.7 13.7Past due 31-60 days 2.9 0.9Past due 61-90 days 0.4 0.4Past due > 90 days 1.3 0.5Total 124.1 131.3As of 31 December 2024 EUR 0.3 milion of trade receivables were impaired and provided for (2023: EUR 0.4 million).The carrying amount of the group\u2019s trade and other receivables are denominated in the following currencies:EUR million 2024 2023EUR 47.2 55.1USD 34.6 44.3SEK 14.2 15.6NOK 22.6 15.0CNY 6.1 5.5DKK 6.2 7.7CZK 0.4 0.2MYR 0.2 0.0PLN 3.2 0.1Total 134.6 143.6Movements on the group provision for impairment of trade receivables are as follows:EUR million 2024 2023Provision at 1 January (0.4) 0.0Provision for trade receivables (0.1) (0.4)Receivables written off during the year as uncollectable 0.2 0.0Provision at 31 December (0.3) (0.4)The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.1 million impairment charge was recognised in the profit and loss account for the year (2023: EUR 0.4 million). Impairment charge is assessed based on historical losses and expected credit losses. See note 3.No special concentration of accounts receivable exists which poses an abnormal credit risk. EUR 62.4 million (2023: EUR 44.5 million) of the accounts receivable and other receivables at 31 December 2024 were provided as security, see note 21.Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2024 (2023 EUR 0.0 million). EUR million 2024 2023Contract assets 77.6 77.9Loss allowance 0.0 0.0Contract assets - net 77.6 77.9", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__60": { "value": "Note 15 - Accounts receivable and other receivablesAccounts receivable are recognised initially at fair value and subsequently measured at fair value less loss allowance. Accounts receivable are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30- 120 days and therefore are all classified as current. For part of the accounts receivable the group has recourse factoring, and the credit risk remains with the group. To measure the expected credit losses, accounts receivable and contract assets have been grouped based on shared credit risk characteristics and the days past due. The contract assets relate to unbilled work in progress and have substantially the same risk characteristics as the accounts receivable for the same types of contracts. The group has therefore concluded that the expected loss rates for accounts receivable are a reasonable approximation of the loss rates for the contract assets. Accounts receivable and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. Impairment losses on accounts receivable and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__62": { "value": "Movements on the group provision for impairment of trade receivables are as follows:EUR million 2024 2023Provision at 1 January (0.4) 0.0Provision for trade receivables (0.1) (0.4)Receivables written off during the year as uncollectable 0.2 0.0Provision at 31 December (0.3) (0.4)The creation and release of provision for impaired receivables have been included in other operating expenses in the income statement. Amounts charged to the allowance account are generally written off when there is no expectation of recovering additional cash.The maximum exposure to credit risk at the reporting date is the carrying value of the receivables mentioned above. The group does not hold any collateral as security. However, the group has credit insurance that reduces the credit risk on account receivables. See note 3.EUR 0.1 million impairment charge was recognised in the profit and loss account for the year (2023: EUR 0.4 million). Impairment charge is assessed based on historical losses and expected credit losses. See note 3.No special concentration of accounts receivable exists which poses an abnormal credit risk. EUR 62.4 million (2023: EUR 44.5 million) of the accounts receivable and other receivables at 31 December 2024 were provided as security, see note 21.Contract assetsThe group has recognised assets related to contract with customers. No increase in loss allowance in 2024 (2023 EUR 0.0 million). EUR million 2024 2023Contract assets 77.6 77.9Loss allowance 0.0 0.0Contract assets - net 77.6 77.9", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__66": { "value": "Note 16 - InventoriesInventory comprises purchased raw materials and semi-finished products. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method. Finished goods and work in progress are included in contract assets, ref note 15.EUR million 2024 2023Raw materials and purchased semi-manufactures 141.4 166.4 Total inventory 141.4 166.4 For obsolete goods there was recognised a P&L charge of EUR 0.6 million for 2024 (2023 EUR 4.1 million). The accumulated provision for impairment in the balance sheet was EUR 8.6 million for 2024 (2023 EUR 10.6 million). As the majority of the inventory is tailored materials and held for particular customer\u2019s products, there are agreements in place that compensate for obsolescence for tailored materials. These agreements have been taken into consideration when measuring the obsolescence reserve for the inventory.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__65": { "value": "Note 16 - InventoriesInventory comprises purchased raw materials and semi-finished products. It is stated at the lower of average acquisition cost and net realisable value. Cost is determined using the weighted average method. Finished goods and work in progress are included in contract assets, ref note 15.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__69": { "value": "Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts. EUR million 2024 2023Cash and cash equivalents 48.7 39.0Cash and cash equivalents in the cash flow statement comprise:EUR million 2024 2023Cash and cash equivalents 48.7 39.0Overdraft drawn down (Note 21) (9.8) (12.8)Total 38.9 26.1EUR million 2024 2023Bank overdraft facilities 31 December 32.9 34.1Net drawn on overdraft facilities 31 December (9.8) (12.8)Locked-in bank deposits 31 DecemberSecurity for employee specific purposes 0.1 0.0Total 0.1 0.0Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompasses Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__68": { "value": "Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__67": { "value": "Note 17 - Cash and cash equivalentsCash and cash equivalents include cash and deposits in bank accounts. EUR million 2024 2023Cash and cash equivalents 48.7 39.0Cash and cash equivalents in the cash flow statement comprise:EUR million 2024 2023Cash and cash equivalents 48.7 39.0Overdraft drawn down (Note 21) (9.8) (12.8)Total 38.9 26.1EUR million 2024 2023Bank overdraft facilities 31 December 32.9 34.1Net drawn on overdraft facilities 31 December (9.8) (12.8)Locked-in bank deposits 31 DecemberSecurity for employee specific purposes 0.1 0.0Total 0.1 0.0Kitron ASA has established a group account agreement with the company\u2019s main bank. This encompasses Kitron ASA and Norwegian, Swedish, Danish, German, Polish and US subsidiaries.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__71": { "value": "Note 18 - Share capital and premium reserveThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received. Share capital and share premium reserveNumber of shares EUR millionShare capital Premium reserve Total(thousands) At 1 January 2023 197 691 1.9 75.4 77.3Issue of new shares 526 0.0 0.0 0.0At 31 December 2023 198 217 1.9 75.4 77.3At 1 January 2024 198 217 1.9 75.4 77.3Issue of new shares 700 0.0 0.0 0.0At 31 December 2024 198 917 1.9 75.4 77.3Shares and shareholder informationThe company\u2019s share capital at 31 December 2024 comprised 198 917 161 shares with a nominal value of NOK 0.10 each. Each share carries one vote. There were 10 344 shareholders at 31 December 2024 (31 December 2023: 10 558 shareholders).The 20 largest shareholders in Kitron ASA at 31 December 2024:Shareholder Number PercentageFOLKETRYGDFONDET 19 974 202 10.04 %VERDIPAPIRFOND ODIN NORGE 14 238 775 7.16 %MP PENSJON PK 9 681 628 4.87 %VEVLEN G\u00c5RD AS 9 000 000 4.52 %1)Avanza Bank AB 5 896 357 2.96 %State Street Bank and Trust Comp 5 766 595 2.90 %J.P. Morgan SE 5 482 734 2.76 %VERDIPAPIRFONDET HOLBERG NORGE 4 800 000 2.41 %VJ INVEST AS 4 600 000 2.31 %BNP Paribas 4 344 915 2.18 %The Bank of New York Mellon SA/NV 4 000 000 2.01 %VARNER EQUITIES AS 2 850 000 1.43 %VERDIPAPIRFONDET DNB SMB 2 743 690 1.38 %The Bank of New York Mellon SA/NV 2 490 703 1.25 %VERDIPAPIRFONDET FONDSFINANS NORGE 2 390 744 1.20 %VERDIPAPIRFONDET KLP AKSJENORGE IN 2 288 306 1.15 %State Street Bank and Trust Comp 2 199 916 1.11 %CACEIS Bank 1 929 684 0.97 %Nordnet Bank AB 1 811 310 0.91 %VPF FONDSFINANS NORDEN 1 800 000 0.90 %Total 20 largest shareholders 108 289 559 54.44 %Total other shareholders 90 627 602 45.56 %Total outstanding shares 198 917 161 100.00 %1) Beneficial owner: CEO Peter Nilsson 2 184 027 shares (1,10 per cent)Authorization to the Board to issue sharesAuthorization to strengthen equity and incentive schemes The ordinary general meeting of 25 April 2024 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions: 1. The share capital may, in one or more rounds, in total be increased with up to NOK 1,982,171.34 2. The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authroization in item 3, exceeds NOK 3,964,342.68. 3. The authorization shall be valid until the Annual General Meeting in 2025, but no later than 30 June 2025. 4. The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. 5. The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. 6. The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. 7. The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. 8. The authorization is limited to encompass capital requirements or issuance of consideration shares in relation to strengthening of Kitron ASA\u2019s equity, joint ventures or joint business operations, remuneration to members of the Board of Directors of Kitron ASA, incentive schemes, and acquisition of property and business within Kitron ASA\u2019s purpose 9. The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization. 10. This authorization replaces any previously granted authorizations for the Board of Directors to increase the share capital.Strategic authorizationThe ordinary general meeting of 25 April 2024 authorized the board of directors of Kitron ASA to increase the share capital in accordance with the Norwegian Public Limited Liability Companies Act section 10-14 on the following conditions:1. The share capital may, in one or more rounds, in total be increased with up to NOK 3,964,342.68. 2. The Board of Directors may not use the authorization if the total increase of the share capital approved by the Board of Directors in accordance with this authorization together with the use of other authorizations to issue shares, in the period for the authorization in item 3, exceeds NOK 3,964,342.68. 3. The authorization shall be valid until the Annual General Meeting in 2025, but no later than 30 June 2025. 4. The shareholders\u2019 pre-emptive rights according to the Norwegian Public Limited Liability Companies Act section 10-4 may be set aside. 5. The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. 6. The authorization encompasses share capital increase by contribution in any kind and the right to incur Kitron ASA with special obligations according to the Norwegian Public Limited Liability Companies Act section 10-2. 7. The authorization encompasses resolutions on merger according to the Norwegian Public Limited Liability Companies Act section 13-5. 8. The authorization is limited to include strengthening of Kitron ASA\u2019s equity and issuing of consideration shares in connection with acquisition of other companies or enterprises within Kitron ASA\u2019s purpose. 9. The Board of Directors is authorized to decide other terms and conditions of the subscription and is authorized to amend the articles of association as implied by the use of this authorization.Authorization to the Board to buy own sharesThe ordinary general meeting on 25 April 2024 authorized the board of directors of Kitron ASA to acquire Kitron ASA\u2019s own shares, for the purpose of ownership or charge, in accordance with the Norwegian Public Limited Liability Companies Act sections 9-4 and 9-5 on the following conditions:1. The Board of Directors may acquire shares in Kitron ASA, on one or several occasions, provided that the total combined nominal value of the acquired shares after the acquisition must not exceed ten per cent of the share capital, i.e. up to a total nominal value of NOK 1,982,171.34. The authorization also includes contract liens in the shares of Kitron ASA. 2. The authorization is not intended for use to facilitate or obstruct the success of a take-over bid where Kitron is the target company. 3. Under this authorization the Board of Directors may pay minimum NOK 1 per share and maximum the prevailing market price per share on the day the offer is made, provided, however, that the maximum amount does not exceed NOK 100 per share. 4. Any and all previous authorizations given to the Board of Directors to acquire own shares shall be, and hereby are, withdrawn with effect from the date this authorization is registered with the Norwegian Register of Business Enterprises. 5. Shares acquired according to the authorization shall either be cancelled, used as remuneration to the members of the Board of Directors of Kitron ASA, used in incentive schemes or be used as consideration in connection with acquisition of other companies or businesses, joint ventures or joint business operations, and acquisition of property and business within Kitron ASA\u2019s purpose. 6. This authorization shall be valid until the 2024 annual general meeting, but not longer than 30 June 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__70": { "value": "Note 18 - Share capital and premium reserveThe share capital comprises the number of shares multiplied by their nominal value and are classified as equity. Expenses which can be attributed directly to the issue of new shares or options (less tax) are recognised in equity as a reduction in the proceeds received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__75": { "value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay the tax cost. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent.The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay taxes. Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimates the likelihood of performance fulfillment and takes this into account in the valuation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__73": { "value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay the tax cost. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent.The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay taxes. Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimates the likelihood of performance fulfillment and takes this into account in the valuation.During the period ended 31 December 2024, the Company has had share-based payment arrangements for employees, as described below.Fair value of Share Options granted is calculated using the Monte Carlo option pricing model. The weighted average inputs to Monte Carlo model and Fair values per 31 December 2024 are listed below (calculated at grant):Granted 2022Exercise price (NOK) 0.10Share price at grant date (NOK) 19.70Expected life from grant date 2,68 years Volatility 41.2%Interest rate 3.61%Fair value per option (NOK) 8.89Expected volatility is based on the historical volatility of the Company. The Company is listed on the Oslo Stock Exchange. Interest rates used are quoted Norwegian government bonds and bills retrieved from Norges Bank. The total expensed amount in 2024 arising from the option plans is EUR 374 thousand, not including social security (2023: EUR 696 thousand).The total carrying amount per 31 December 2024 is EUR 79 thousand, not including social security (2023: EUR 528 thousand). Accrued social security at 31 December 2024 is EUR 433 thousand (2023: EUR 777 thousand). Quantity and weighted average pricesActivity Number of instruments Weighted Average Strike Price (NOK)Outstanding OB (01.01.2023) 3 400 000 0.10Granted 50 000 0.10Exercised (1 250 000) -Terminated - 0.10Expired - -Outstanding CB (31.12.2023) 2 200 000 0.10Vested CB -Options not granted CB (31.12.2023) 300 000 0.10Outstanding OB (01.01.2024) 2 200 000 0.10Granted 0.10Exercised (1 250 000) 0.10Terminated (75 000) 0.10Expired - -Outstanding CB (31.12.2024) 875 000 0.10Vested CBOptions not granted CB (31.12.2024) 375 000 0.10Outstanding instruments Vested instruments Number of Weighted Average Weighted Average Vested instruments Weighted Average Strike priceinstrumentsremaining contractual lifeStrike Price31.12.2024Strike Price0.10 NOK 875 000 0.75 0.10 NOK 0 -Board Number of shares Number of options2024 2023 2024 2023Tuomo L\u00e4hdesm\u00e4ki, chairman 305 634 297 105 - -Gyrid Skalleberg Inger\u00f8, board member 17 706 4 235 - -Maalfrid Brath, board member 37 740 32 690 - -Petra Grandinson, board member 27 273 22 943 - -Michael Lundgaard Thomsen, board member 13 019 8 689 - -Jarle Larsen, employee elected board member 22 712 21 154 - -Tone Aas, employee elected board member 3 088 1 530 - -Henriette Stene, employee elected board member 3 088 1 530 - -Corporate management team Number of shares Number of options2024 2023 2024 2023Peter Nilsson, CEO 2 184 027 2 633 157 225 000 495 000Cathrin Nylander, CFO 1 179 052 1 081 992 75 000 175 000Kristoffer Askl\u00f6v, COO 196 113 144 080 100 000 200 000Stian Haugen, CTO 157 870 100 851 75 000 175 000Mindaugas Sestokas,Vice President Central Eastern Europe 548 619 480 619 75 000 175 000Hans Petter Thomassen, Vice President Nordics & North 570 716 517 657 75 000 175 000AmericaZygimantas Dirse, Vice President Asia region 590 763 596 763 75 000 175 000", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__72-1": { "value": "Note 19 - Share based paymentThe group operates an equity settled share-based compensation plan under which the entity receives services from employees as consideration from equity instruments (options) for the group. The compensation plan comprises senior management only. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value). The social security contribution payable in connection with the grant of the share options is considered as an integral part of the grant itself, and the charge will be settled as a cash-settled transaction. The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay the tax cost. Further details around the arrangement are described below.The Company has implemented a share option program for its Senior Executives comprising of up to 5,000,000 shares. The share option program was implemented in 2018 and is divided into four three-year subprograms, each with an allocation of 1,250,000 options, where the first program started in 2019, and is followed by one program every year until 2022.The share option program entails that Senior Executives, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested for each subprogram are linked to the development of the market capitalization at Oslo Stock Exchange, adjusted for dividends and share buy-backs. For each program to vest fully, the market capitalization adjusted for dividends and share buy-backs must increase 50 per cent. The program starts to vest at an increase of 20 per cent and will vest linearly between 20 per cent to 50 per cent.The Company can require that a number of shares for which the employee is entitled to subscribe to are converted to a cash consideration which the company uses to pay taxes. Each subprogram is capped at 200 per cent increase of the market capitalization, adjusted for dividends and share buy-backs.Any shares delivered as a result of exercising options are subject to a three-year lock-up period. During the first year of the lock-up period, no sales are allowed. The following two years, 1/8 of the option shares are released each quarter of the calendar year. Further, the program has a claw back clause that provides the Company with a right to purchase option shares if the option holder\u2019s employment with the Company is terminated and the criteria of the program are not met during the lock-up program.The Company utilizes a Monte Carlo simulation to determine the impact of stock option grants in accordance with IFRS 2, Share-based payment, on the Company\u2019s net income. The model utilizes certain information, such as the interest rate on a risk-free security maturing generally at the same time as the option being valued, and requires certain assumptions, such as the expected amount of time an option will be outstanding until it is exercised or it expires and the volatility associated with the price of the underlying shares of common stock, to calculate the fair value of stock options granted. The model also estimates the likelihood of performance fulfillment and takes this into account in the valuation.Note 23 - Retirement benefit obligationsGroup companies have various pension schemes. These schemes are generally funded through payments to insurance companies or pension funds based on periodic actuarial calculations. The group has both defined contribution and defined benefit plans. From 2016 the group has a defined benefit plan for only a former CEO. A defined benefit plan is one that is not a defined contribution plan, and typically defines an amount of pension benefit an employee will receive on retirement. That benefit is normally dependent on one or more factors such as age, years of service and pay. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets. An independent actuary calculates the pension commitment annually. The present value of the defined benefit obligations is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds. Estimated payroll tax on the net pension commitment calculated by an actuary is added to the carrying amount of the obligation. Changes in pension plan benefits are recognised immediately in the income statement. Actuarial gains and losses are recognised in other comprehensive income. The pension plans in Norway comply with the Norwegian mandatory service pension act. The pension obligation below is relating to life-long pension benefits to a former CEO. The pension plan is unfunded.The AFP-scheme is a defined benefit multi-enterprise scheme, but is recognised in the accounts as a defined contribution scheme until reliable and sufficient information is available for the group to recognise its proportional share of pension cost, pension liability and pension funds in the scheme. The company\u2019s liabilities are therefore not recognised as debt in the balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__74": { "value": "Board Number of shares Number of options2024 2023 2024 2023Tuomo L\u00e4hdesm\u00e4ki, chairman 305 634 297 105 - -Gyrid Skalleberg Inger\u00f8, board member 17 706 4 235 - -Maalfrid Brath, board member 37 740 32 690 - -Petra Grandinson, board member 27 273 22 943 - -Michael Lundgaard Thomsen, board member 13 019 8 689 - -Jarle Larsen, employee elected board member 22 712 21 154 - -Tone Aas, employee elected board member 3 088 1 530 - -Henriette Stene, employee elected board member 3 088 1 530 - -Corporate management team Number of shares Number of options2024 2023 2024 2023Peter Nilsson, CEO 2 184 027 2 633 157 225 000 495 000Cathrin Nylander, CFO 1 179 052 1 081 992 75 000 175 000Kristoffer Askl\u00f6v, COO 196 113 144 080 100 000 200 000Stian Haugen, CTO 157 870 100 851 75 000 175 000Mindaugas Sestokas,Vice President Central Eastern Europe 548 619 480 619 75 000 175 000Hans Petter Thomassen, Vice President Nordics & North 570 716 517 657 75 000 175 000AmericaZygimantas Dirse, Vice President Asia region 590 763 596 763 75 000 175 000", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__80": { "value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.EUR million 2024 2023Accounts payable 111.8 139.4 Deposits received *) 43.3 42.4 Accounts payable 155.1 181.9 *)Deposits from customers EUR million 2024 2023Employee related accruals 12.0 13.5 Public duties 3.8 3.2 Social security cost and taxes 2.6 3.7 Prepayments from customers 1.7 3.3 Other accruals 1.0 0.2 Payable to related parties (note 27) 0.0 2.2 Other payables 6.5 7.7Other payables 27.6 33.8 The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2024 2023Accounts payable and other payablesEUR 53.2 57.7 USD 59.1 81.5 SEK 17.5 17.5 NOK 17.1 25.7 CNY 20.3 13.5 DKK 9.1 12.0 CZK 2.6 7.0 PLN 1.4 0.8 Others 2.4 -0.0 Total accounts payable and other payables 182.7 215.7", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__79": { "value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.EUR million 2024 2023Accounts payable 111.8 139.4 Deposits received *) 43.3 42.4 Accounts payable 155.1 181.9 *)Deposits from customers EUR million 2024 2023Employee related accruals 12.0 13.5 Public duties 3.8 3.2 Social security cost and taxes 2.6 3.7 Prepayments from customers 1.7 3.3 Other accruals 1.0 0.2 Payable to related parties (note 27) 0.0 2.2 Other payables 6.5 7.7Other payables 27.6 33.8 The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2024 2023Accounts payable and other payablesEUR 53.2 57.7 USD 59.1 81.5 SEK 17.5 17.5 NOK 17.1 25.7 CNY 20.3 13.5 DKK 9.1 12.0 CZK 2.6 7.0 PLN 1.4 0.8 Others 2.4 -0.0 Total accounts payable and other payables 182.7 215.7", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__77": { "value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.EUR million 2024 2023Accounts payable 111.8 139.4 Deposits received *) 43.3 42.4 Accounts payable 155.1 181.9 *)Deposits from customers EUR million 2024 2023Employee related accruals 12.0 13.5 Public duties 3.8 3.2 Social security cost and taxes 2.6 3.7 Prepayments from customers 1.7 3.3 Other accruals 1.0 0.2 Payable to related parties (note 27) 0.0 2.2 Other payables 6.5 7.7Other payables 27.6 33.8 The carrying amount of the group\u2019s trade and other payables are denominated in the following currencies:EUR million 2024 2023Accounts payable and other payablesEUR 53.2 57.7 USD 59.1 81.5 SEK 17.5 17.5 NOK 17.1 25.7 CNY 20.3 13.5 DKK 9.1 12.0 CZK 2.6 7.0 PLN 1.4 0.8 Others 2.4 -0.0 Total accounts payable and other payables 182.7 215.7", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__76": { "value": "Note 20 - Accounts payable and other payablesThese amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30-120 days of recognition. Accounts payable and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__87": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__86": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2024 2023Long-term interest bearing debtLeasing 17.3 17.01)Other 91.0 96.2Total 108.2 113.3Current interest bearing debt)Debt to credit institutions \u00b2 (Note 17) 9.8 12.83)Factoring debt 26.5 22.1Leasing 6.8 9.51)Other 10.9 10.7Total 54.0 55.1Total interest bearing debt 162.2 168.31) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2024 of EUR 9.8 million (2023: EUR 10.4 million). The draft split by currency pr 31.12. was per the table below (all numbers are presented in EUR): Interest is payable at a rate of IBOR and a margin. 3) Kitron has per 31 December 2024 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin. EUR million 2024 2023EUR (7.8) (13.8)NOK (19.0) (20.2)USD 18.4 22.8Other (1.4) 0.8Currency split of draft on group account agreement (9.8) (10.4)Under the terms of the major bank loans, which have a carrying amount of EUR 109.6 million (2023: EUR 115.4 million), the group is required to comply with the following financial covenants at the end of each quarter: \ue683 the consolidated Net interest-bearing debt/EBITDA ratio must be not more than 3.5, and \ue683 the borrowing base/LTV ratio must be not more than 80%.The group has complied with these covenants throughout the reporting period. As at 31 December 2024, the Net interest-bearing debt/EBITDA ratio was 1.5 before IFRS16 effects (1.4 as at 31 December 2023). The borrowing base/LTV ratio as at 31 December 2024 was 31.9% (30.8% as at 31 December 2023).There are no indications that Kitron group would have difficulties complying with the covenants when they will be tested at the end of each quarter in 2025.Unrestricted bank deposits and unused credit lines amounted to EUR 70.2 million for the group at 31 December 2024 (EUR 61.8 million at 31 December 2023).Periods to maturity of long-term interest bearing debt:EUR million 2024 2023Between one and two years 16.2 20.2Between two and five years 12.9 20.1Over 5 years 79.1 73.0Total 108.2 113.3Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2024 2023 2024 2023Leasing 17.3 17.0 14.5 16.4Other 91.0 96.2 69.0 76.7Total 108.2 113.3 83.5 93.1Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2023: 6.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on the level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2024 2023EUR 46.5 65.7USD 6.1 13.0SEK 15.1 10.6NOK 90.2 75.7CNY 1.2 2.7DKK 2.3 0.7CZK 0.0 0.0MYR 0.7 0.7PLN 0.1 0.0INR 0.0 0.0HKD 0.0 0.0Total 162.2 168.3Interest bearing debt include EUR 143.3 million (2023: EUR 156.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2024 2023Debt secured by mortgages 143.3 156.9Carrying amount of the group\u2019s assets provided as security:EUR million 2024 2023Inventory and contract assets 102.5 133.2Receivables 62.4 44.5Machinery and equipment 14.7 15.9Buildings and land 6.4 5.7Total 185.9 199.3For the Swedish entity there are company mortgages of EUR 4.1 million at 31 December 2024 (2023: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 5.2 million at 31 December 2024 (2023: EUR 15.1 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2023: EUR 0.3 million) and EUR 1.9 million (2023: EUR 2.0 million) respectively for the group.Per 31 December 2024 Kitron ASA has granted the following parent company guarantees:", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__85": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2024 2023Long-term interest bearing debtLeasing 17.3 17.01)Other 91.0 96.2Total 108.2 113.3Current interest bearing debt)Debt to credit institutions \u00b2 (Note 17) 9.8 12.83)Factoring debt 26.5 22.1Leasing 6.8 9.51)Other 10.9 10.7Total 54.0 55.1Total interest bearing debt 162.2 168.31) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2024 of EUR 9.8 million (2023: EUR 10.4 million). The draft split by currency pr 31.12. was per the table below (all numbers are presented in EUR): Interest is payable at a rate of IBOR and a margin. 3) Kitron has per 31 December 2024 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin. EUR million 2024 2023EUR (7.8) (13.8)NOK (19.0) (20.2)USD 18.4 22.8Other (1.4) 0.8Currency split of draft on group account agreement (9.8) (10.4)Under the terms of the major bank loans, which have a carrying amount of EUR 109.6 million (2023: EUR 115.4 million), the group is required to comply with the following financial covenants at the end of each quarter: \ue683 the consolidated Net interest-bearing debt/EBITDA ratio must be not more than 3.5, and \ue683 the borrowing base/LTV ratio must be not more than 80%.The group has complied with these covenants throughout the reporting period. As at 31 December 2024, the Net interest-bearing debt/EBITDA ratio was 1.5 before IFRS16 effects (1.4 as at 31 December 2023). The borrowing base/LTV ratio as at 31 December 2024 was 31.9% (30.8% as at 31 December 2023).There are no indications that Kitron group would have difficulties complying with the covenants when they will be tested at the end of each quarter in 2025.Unrestricted bank deposits and unused credit lines amounted to EUR 70.2 million for the group at 31 December 2024 (EUR 61.8 million at 31 December 2023).Periods to maturity of long-term interest bearing debt:EUR million 2024 2023Between one and two years 16.2 20.2Between two and five years 12.9 20.1Over 5 years 79.1 73.0Total 108.2 113.3Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2024 2023 2024 2023Leasing 17.3 17.0 14.5 16.4Other 91.0 96.2 69.0 76.7Total 108.2 113.3 83.5 93.1Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2023: 6.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on the level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2024 2023EUR 46.5 65.7USD 6.1 13.0SEK 15.1 10.6NOK 90.2 75.7CNY 1.2 2.7DKK 2.3 0.7CZK 0.0 0.0MYR 0.7 0.7PLN 0.1 0.0INR 0.0 0.0HKD 0.0 0.0Total 162.2 168.3Interest bearing debt include EUR 143.3 million (2023: EUR 156.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2024 2023Debt secured by mortgages 143.3 156.9Carrying amount of the group\u2019s assets provided as security:EUR million 2024 2023Inventory and contract assets 102.5 133.2Receivables 62.4 44.5Machinery and equipment 14.7 15.9Buildings and land 6.4 5.7Total 185.9 199.3For the Swedish entity there are company mortgages of EUR 4.1 million at 31 December 2024 (2023: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 5.2 million at 31 December 2024 (2023: EUR 15.1 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2023: EUR 0.3 million) and EUR 1.9 million (2023: EUR 2.0 million) respectively for the group.Per 31 December 2024 Kitron ASA has granted the following parent company guarantees:", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__84": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2024 2023Long-term interest bearing debtLeasing 17.3 17.01)Other 91.0 96.2Total 108.2 113.3Current interest bearing debt)Debt to credit institutions \u00b2 (Note 17) 9.8 12.83)Factoring debt 26.5 22.1Leasing 6.8 9.51)Other 10.9 10.7Total 54.0 55.1Total interest bearing debt 162.2 168.31) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2024 of EUR 9.8 million (2023: EUR 10.4 million). The draft split by currency pr 31.12. was per the table below (all numbers are presented in EUR): Interest is payable at a rate of IBOR and a margin. 3) Kitron has per 31 December 2024 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin. EUR million 2024 2023EUR (7.8) (13.8)NOK (19.0) (20.2)USD 18.4 22.8Other (1.4) 0.8Currency split of draft on group account agreement (9.8) (10.4)Under the terms of the major bank loans, which have a carrying amount of EUR 109.6 million (2023: EUR 115.4 million), the group is required to comply with the following financial covenants at the end of each quarter: \ue683 the consolidated Net interest-bearing debt/EBITDA ratio must be not more than 3.5, and \ue683 the borrowing base/LTV ratio must be not more than 80%.The group has complied with these covenants throughout the reporting period. As at 31 December 2024, the Net interest-bearing debt/EBITDA ratio was 1.5 before IFRS16 effects (1.4 as at 31 December 2023). The borrowing base/LTV ratio as at 31 December 2024 was 31.9% (30.8% as at 31 December 2023).There are no indications that Kitron group would have difficulties complying with the covenants when they will be tested at the end of each quarter in 2025.Unrestricted bank deposits and unused credit lines amounted to EUR 70.2 million for the group at 31 December 2024 (EUR 61.8 million at 31 December 2023).Periods to maturity of long-term interest bearing debt:EUR million 2024 2023Between one and two years 16.2 20.2Between two and five years 12.9 20.1Over 5 years 79.1 73.0Total 108.2 113.3Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2024 2023 2024 2023Leasing 17.3 17.0 14.5 16.4Other 91.0 96.2 69.0 76.7Total 108.2 113.3 83.5 93.1Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2023: 6.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on the level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2024 2023EUR 46.5 65.7USD 6.1 13.0SEK 15.1 10.6NOK 90.2 75.7CNY 1.2 2.7DKK 2.3 0.7CZK 0.0 0.0MYR 0.7 0.7PLN 0.1 0.0INR 0.0 0.0HKD 0.0 0.0Total 162.2 168.3Interest bearing debt include EUR 143.3 million (2023: EUR 156.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2024 2023Debt secured by mortgages 143.3 156.9Carrying amount of the group\u2019s assets provided as security:EUR million 2024 2023Inventory and contract assets 102.5 133.2Receivables 62.4 44.5Machinery and equipment 14.7 15.9Buildings and land 6.4 5.7Total 185.9 199.3For the Swedish entity there are company mortgages of EUR 4.1 million at 31 December 2024 (2023: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 5.2 million at 31 December 2024 (2023: EUR 15.1 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2023: EUR 0.3 million) and EUR 1.9 million (2023: EUR 2.0 million) respectively for the group.Per 31 December 2024 Kitron ASA has granted the following parent company guarantees:", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__83": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2024 2023Long-term interest bearing debtLeasing 17.3 17.01)Other 91.0 96.2Total 108.2 113.3Current interest bearing debt)Debt to credit institutions \u00b2 (Note 17) 9.8 12.83)Factoring debt 26.5 22.1Leasing 6.8 9.51)Other 10.9 10.7Total 54.0 55.1Total interest bearing debt 162.2 168.31) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2024 of EUR 9.8 million (2023: EUR 10.4 million). The draft split by currency pr 31.12. was per the table below (all numbers are presented in EUR): Interest is payable at a rate of IBOR and a margin. 3) Kitron has per 31 December 2024 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin. EUR million 2024 2023EUR (7.8) (13.8)NOK (19.0) (20.2)USD 18.4 22.8Other (1.4) 0.8Currency split of draft on group account agreement (9.8) (10.4)Under the terms of the major bank loans, which have a carrying amount of EUR 109.6 million (2023: EUR 115.4 million), the group is required to comply with the following financial covenants at the end of each quarter: \ue683 the consolidated Net interest-bearing debt/EBITDA ratio must be not more than 3.5, and \ue683 the borrowing base/LTV ratio must be not more than 80%.The group has complied with these covenants throughout the reporting period. As at 31 December 2024, the Net interest-bearing debt/EBITDA ratio was 1.5 before IFRS16 effects (1.4 as at 31 December 2023). The borrowing base/LTV ratio as at 31 December 2024 was 31.9% (30.8% as at 31 December 2023).There are no indications that Kitron group would have difficulties complying with the covenants when they will be tested at the end of each quarter in 2025.Unrestricted bank deposits and unused credit lines amounted to EUR 70.2 million for the group at 31 December 2024 (EUR 61.8 million at 31 December 2023).Periods to maturity of long-term interest bearing debt:EUR million 2024 2023Between one and two years 16.2 20.2Between two and five years 12.9 20.1Over 5 years 79.1 73.0Total 108.2 113.3Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2024 2023 2024 2023Leasing 17.3 17.0 14.5 16.4Other 91.0 96.2 69.0 76.7Total 108.2 113.3 83.5 93.1Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2023: 6.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on the level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2024 2023EUR 46.5 65.7USD 6.1 13.0SEK 15.1 10.6NOK 90.2 75.7CNY 1.2 2.7DKK 2.3 0.7CZK 0.0 0.0MYR 0.7 0.7PLN 0.1 0.0INR 0.0 0.0HKD 0.0 0.0Total 162.2 168.3Interest bearing debt include EUR 143.3 million (2023: EUR 156.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2024 2023Debt secured by mortgages 143.3 156.9Carrying amount of the group\u2019s assets provided as security:EUR million 2024 2023Inventory and contract assets 102.5 133.2Receivables 62.4 44.5Machinery and equipment 14.7 15.9Buildings and land 6.4 5.7Total 185.9 199.3For the Swedish entity there are company mortgages of EUR 4.1 million at 31 December 2024 (2023: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 5.2 million at 31 December 2024 (2023: EUR 15.1 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2023: EUR 0.3 million) and EUR 1.9 million (2023: EUR 2.0 million) respectively for the group.Per 31 December 2024 Kitron ASA has granted the following parent company guarantees:", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__82": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. EUR million 2024 2023Long-term interest bearing debtLeasing 17.3 17.01)Other 91.0 96.2Total 108.2 113.3Current interest bearing debt)Debt to credit institutions \u00b2 (Note 17) 9.8 12.83)Factoring debt 26.5 22.1Leasing 6.8 9.51)Other 10.9 10.7Total 54.0 55.1Total interest bearing debt 162.2 168.31) Other long-term and current interest bearing debt consist mainly of bank loans from the group\u2019s principle banks. Interest is payable at a rate of IBOR and a margin, dependent on Kitron\u2019s NIBD/EBITDA ratio.2) Kitron has established a group account agreement with the group\u2019s main bank. This embraces the Norwegian, Swedish, German, Polish, Danish and US companies. The agreement is regarded to be a unit of account, and is presented net. The group\u2019s short term bank financing is a revolving facility. There was a draft at the group account agreement at 31 December 2024 of EUR 9.8 million (2023: EUR 10.4 million). The draft split by currency pr 31.12. was per the table below (all numbers are presented in EUR): Interest is payable at a rate of IBOR and a margin. 3) Kitron has per 31 December 2024 factoring arrangements for the Norwegian and Swedish entities. The factoring facility is a rolling facility and is subject to yearly renewal. Interest is payable at a rate of IBOR and a margin. EUR million 2024 2023EUR (7.8) (13.8)NOK (19.0) (20.2)USD 18.4 22.8Other (1.4) 0.8Currency split of draft on group account agreement (9.8) (10.4)Under the terms of the major bank loans, which have a carrying amount of EUR 109.6 million (2023: EUR 115.4 million), the group is required to comply with the following financial covenants at the end of each quarter: \ue683 the consolidated Net interest-bearing debt/EBITDA ratio must be not more than 3.5, and \ue683 the borrowing base/LTV ratio must be not more than 80%.The group has complied with these covenants throughout the reporting period. As at 31 December 2024, the Net interest-bearing debt/EBITDA ratio was 1.5 before IFRS16 effects (1.4 as at 31 December 2023). The borrowing base/LTV ratio as at 31 December 2024 was 31.9% (30.8% as at 31 December 2023).There are no indications that Kitron group would have difficulties complying with the covenants when they will be tested at the end of each quarter in 2025.Unrestricted bank deposits and unused credit lines amounted to EUR 70.2 million for the group at 31 December 2024 (EUR 61.8 million at 31 December 2023).Periods to maturity of long-term interest bearing debt:EUR million 2024 2023Between one and two years 16.2 20.2Between two and five years 12.9 20.1Over 5 years 79.1 73.0Total 108.2 113.3Carrying amount and fair value of long-term interest bearing debt: Carrying amount Fair valueEUR million 2024 2023 2024 2023Leasing 17.3 17.0 14.5 16.4Other 91.0 96.2 69.0 76.7Total 108.2 113.3 83.5 93.1Fair value is based on discounted cash flow with a discount rate of 6.0 per cent (2023: 6.0 per cent). The carrying amount of current loans is virtually identical with fair value. The fair value calculations are based on the level 3 valuation method. Inputs in assets and liabilities are not based on observable market data.Carrying amount of the group\u2019s interest bearing debt in various currencies:EUR million 2024 2023EUR 46.5 65.7USD 6.1 13.0SEK 15.1 10.6NOK 90.2 75.7CNY 1.2 2.7DKK 2.3 0.7CZK 0.0 0.0MYR 0.7 0.7PLN 0.1 0.0INR 0.0 0.0HKD 0.0 0.0Total 162.2 168.3Interest bearing debt include EUR 143.3 million (2023: EUR 156.9 million) in secured commitments (bank loans and other secured loans). MortgagesEUR million 2024 2023Debt secured by mortgages 143.3 156.9Carrying amount of the group\u2019s assets provided as security:EUR million 2024 2023Inventory and contract assets 102.5 133.2Receivables 62.4 44.5Machinery and equipment 14.7 15.9Buildings and land 6.4 5.7Total 185.9 199.3For the Swedish entity there are company mortgages of EUR 4.1 million at 31 December 2024 (2023: EUR 4.2 million).Debt secured by mortgages includes leasing liabilities for machinery and equipment. The carrying amount of these fixed assets is included in the carrying amount of assets provided as security. Of the mortgage debt in the consolidated accounts, the commitment related to leasing recognised in the balance sheet amounted to EUR 5.2 million at 31 December 2024 (2023: EUR 15.1 million).Conditions in the form of vendor\u2019s fixed charge are moreover related to deliveries from Kitron\u2019s suppliers of goods.The group\u2019s receivables recognised in the balance sheet are provided as security (factoring mortgage) for obligations to DNB Finans.The group\u2019s guarantee provider had provided guarantees at 31 December for leasing obligations and tax due but not paid. These totalled EUR 0.3 million (2023: EUR 0.3 million) and EUR 1.9 million (2023: EUR 2.0 million) respectively for the group.Per 31 December 2024 Kitron ASA has granted the following parent company guarantees:", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__81": { "value": "Note 21 - BorrowingsInterest bearing debt is initially recognised at fair value, net of transaction costs incurred. Interest bearing debt is subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the loans using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Interest bearing debt is removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Interest bearing debt is classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__89": { "value": "Note 22 - Deferred income taxDeferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred tax is determined using tax rates and laws which have been substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available, and that the temporary differences can be deducted from this profit. Deferred tax is calculated on temporary differences arising on investments in subsidiaries, except where the timing of the reversal of the temporary differences is controlled by the group and it is probable that they will not be reversed in the foreseeable future.Deferred tax is recognised net when the group has a legal right to net deferred tax assets against deferred tax in the balance sheet and if the deferred tax is payable to the same tax authority.Deferred tax asset:EUR million 2024 2023Deferred tax asset to be recovered after more than 12 months 7.1 6.2 Deferred tax liability:Deferred tax liability to be recovered after more than 12 months 8.6 5.4 Deferred tax asset (net) (1.5) 0.8 Change in carrying amount of deferred tax asset:EUR million 2024 2023Opening balance 0.8 2.4 Currency translation differences 1.4 (0.1) Profit and loss account (3.5) (1.2) Other comprehensive income (0.3) (0.5) Equity for the period 0.0 0.3 Closing balance (1.5) 0.8 Changes in deferred tax assets and deferred tax liabilities (with netting in same tax regime).Deferred tax liabilities:Deferred Customer EUR million Fixed assets Contract assetsTotalcapital gaincontractsAt 1 January 2023 0.7 1.6 0.0 5.6 7.9 Profit/(loss) for the period 0.2 1.5 0.4 (0.2) 1.9 Other comprehensive income - - - - - Currency translation differences 0.0 (0.2) 0.0 (0.3) (0.5) At 31 December 2023 0.9 2.9 0.5 5.0 9.3 At 1 January 2024 0.9 2.9 0.5 5.0 9.3 Profit/(loss) for the period 0.5 0.2 (0.0) - 0.6 Other comprehensive income - - - - - Currency translation differences (1.0) 0.0 (0.1) (0.2) (1.3) At 31 December 2024 0.4 3.1 0.3 4.8 8.6 Deferred tax asset:Provision and Loss carried EUR millionPension Totalcurrent assetsforwardAt 1 January 2023 1.5 8.7 0.1 10.2 Profit/(loss) for the period 1.2 (0.5) (0.0) 0.6 Other comprehensive income - (0.5) 0.0 (0.5) Equity for the period - 0.3 - 0.3 Currency translation differences 0.1 (0.7) 0.0 (0.6) At 31 December 2023 2.7 7.3 0.1 10.1 At 1 January 2024 2.7 7.3 0.1 10.1 Profit/(loss) for the period 0.4 (3.3) 0.0 (2.8) Other comprehensive income - (0.3) (0.0) (0.0) Equity for the period - 0.4 - - Currency translation differences (0.4) 0.2 (0.0) (0.2) At 31 December 2024 2.8 4.3 0.1 7.1 Deferred tax assets related to tax loss carried forward is recognised in the balance sheet to the extent that it is probable that the group can apply this against future taxable profit. Tax losses carried forward are related to the operations in Norway and USA.Deferred tax assets related to losses carried forward amounted to MEUR 0.4 in Norway (2023: MEUR 2.2) and MEUR 3.2 in USA (2023: MEUR 5.1)Due to a recent history of results through 2024 in US, Kitron will make an evaluation on the conservative side for the deferred tax assets at 31 December 2024. Accumulated EBT for the period 2025-2029 (5 years) in the conservative scenario for US and total tax rate of 29.49 % (Federal and State) this corresponds to deferred tax assets EUR 3.2 million, which will be established as the book value for deferred tax asset at 31 December 2024. This corresponds to an additional impairment of EUR 1.6 million compared to the book value at 31 December 2024.The group did not recognise deferred tax assets of MEUR 4.1 (2023: MEUR 2.7) related to tax losses carried forward for the operation in the USA. The business improvements made and the expected development on future sales and profitability now warrant deferred tax assets in the balance sheet of Kitron Technologies Inc. Utilization time for State tax losses carried forward is 20 years and infinite for Federal tax losses carried forward. There are no restrictions on the right to carry the tax loss forward in other countries.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__93": { "value": "Note 24 - Dividends per sharePossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting. For 2023 a dividend of NOK 0.75 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.35 per share for the financial year 2024 to the Annual General Meeting in April 2025.The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 24 April 2025 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).The total proposed dividend is NOK 69.6 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__92": { "value": "Note 24 - Dividends per sharePossible dividend payments to the company\u2019s shareholders are recognised as a liability in the group\u2019s financial statements in the period when the dividend is approved by the general meeting. For 2023 a dividend of NOK 0.75 per share was paid. The Kitron Board of Directors will propose a dividend of NOK 0.35 per share for the financial year 2024 to the Annual General Meeting in April 2025.The dividend will be payable to shareholders registered in Kitron\u2019s shareholder register with the Norwegian Central Securities Depository (Euronext Securities Oslo \u2013 formerly named Euronext VPS) as of expiry of 24 April 2025 (being shareholders as of the date of the Annual General Meeting\u2019s resolution).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__94": { "value": "Note 25 - Cash flow from operationsEUR million 2024 2023Profit/(loss) before tax 39.9 64.7 Depreciation and impairment 18.7 17.6 Change in inventory 25.1 6.3 Change in contract assets 0.3 (18.5)Change in accounts receivable and other short term receivables 8.5 13.8 Change in accounts payable and other short term payables (32.9) (5.0)Change in pension funds/obligations (0.0) (0.0) Effect from option costs 0.4 0.7 Effect from vesting of options (1.6) (1.5)Change in other items (0.2) 0.5 Interest cost - net 8.4 8.4 Foreign exchange losses / (gains) on operating activities (3.5) (10.0)Cash flow from operations 62.9 77.1 Interest bearing debt presented as financing activities in the cash flow statement:EUR million 2024 2023Leasing - long-term 17.3 17.0 Leasing - short-term 6.8 9.5 Total lease liablities 24.1 26.5 Long-term bank loans 91.0 96.2 Short-term bank loans 10.9 10.7 Factoring debt 26.5 22.1 Debt to credit institutions 9.8 12.8 Total borrowings 138.1 141.8 EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2022 21.6 127.1 32.0 180.7 Cash flows (8.6) (4.4) (8.2) (21.1)Lease liabilities recognised 15.5 0.0 0.0 15.5 Foreign exchange adjustments (2.0) (3.0) (1.7) (6.7)Interest bearing debt as at 31 December 2023 26.5 119.7 22.1 168.3 EUR million Leases Borrowings Factoring TotalInterest bearing debt as at 31 December 2023 26.5 119.7 22.1 168.3 Cash flows (13.0) (4.6) 4.4 (13.2)Lease liabilities recognised 8.3 0.0 0.0 8.3 Other non-cash movements 2.3 (2.3) 0.0 0.0Foreign exchange adjustments 0.0 (1.2) 0.0 (1.2)Interest bearing debt as at 31 December 2024 24.1 111.6 26.5 162.2", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__96": { "value": "Note 26 - LeasesThe group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis.The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrwing rate.\ue878Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture. Kitron does not have lease agreements with variable lease payments of any significance. Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Amounts recognised in the balance sheetThe balance sheet shows the following amounts relating to leases: EUR million 2024 2023Right-of-use assetsBuildings and land 13.8 11.7Machinery and equipment 14.1 15.2Total 27.9 26.9Lease liabilities*Current 6.9 9.5Non-Current 17.3 17.0Total 24.1 26.5*included in the line items \u201cInterest bearing debt\u201d in the balance sheet. Additions to the right-of-use assets in 2024 were EUR 8.3 million (2023: EUR 9.9 million) (Note 12). Amounts recognised in the consolidated income statement The statement of profit or loss shows the following amounts relating to leases: EUR million 2024 2023Depreciation charge of right-of-use assetsBuildings and land 3.5 3.2Machinery and equipment 3.1 3.0Total 6.6 6.2Interest expense 1.3 0.9Expenses relating to short-term leases 0.2 0.1Expenses relating to leases of low-value 0.0 0.1Expenses relating to variable lease payments not included in lease liabilities 0.0 - Income from subleasing right-of-use assets 0.0 - Gains or losses arising from sale and leaseback transactions 0.0 - The total cash outflow for leases in 2024 was EUR 13.0 million (2023: EUR 8.6 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__95": { "value": "Note 26 - LeasesThe group\u2019s leasing activities and how they are accounted forThe group leases various properties, equipment and cars. Rental contracts are typically made for fixed periods of 1 to 12 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis.The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the group\u2019s incremental borrwing rate.\ue878Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture. Kitron does not have lease agreements with variable lease payments of any significance. Extension and termination options are included in a number of property leases across the group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__97": { "value": "Note 27 - Related partiesEUR 1000 2024 2023Remuneration of senior executivesPay and other benefits (1) 4 315 7 813Balance items at 31 December resulting from purchase/sale of goods and services Payable to related parties:Senior executives (1) 0 2 216Total 0 2 216(1) Senior executives comprise the corporate management team at Kitron ASA. Remuneration of senior executives, directors and auditorEUR 1000 2024 2023Directors' fee: 251 273- chairman 61 56- board members 190 217Auditors fee 669 646- statutory audit 607 619- other attestation services 4 4- tax related services 54 12- other services 4 10The company has not given any loans or security for directors or senior executives at 31 December 2024.For more information about remuneration of senior executives, see the separate Remuneration Report available at www.kitron.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__98": { "value": "Remuneration of senior executives, directors and auditorEUR 1000 2024 2023Directors' fee: 251 273- chairman 61 56- board members 190 217Auditors fee 669 646- statutory audit 607 619- other attestation services 4 4- tax related services 54 12- other services 4 10The company has not given any loans or security for directors or senior executives at 31 December 2024.For more information about remuneration of senior executives, see the separate Remuneration Report available at www.kitron.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__99": { "value": "Note 28 - Interest in subsidiariesSet out below are the group\u2019s principal subsidiaries at 31 December 2024. Unless otherwise stated, the subsidiaries as listed below have share capital consisting solely of ordinary shares, which are held directly by the group and the proportion of ownership interests held equals to the voting rights held by group. The country of incorporation or registration is also their of principal place of business.Book Voting Company name Country of incorporation Share-holdingvalue shareNOK 1000Kitron AS Arendal, Norway 100% 100% 243 737Kitron AB J\u00f6nk\u00f6ping, Sweden 100% 100% 13 463Kitron Hong Kong Ltd Hong Kong 100% 100% 1Kitron GmbH Metzingen, Germany 100% 100% 30 194Kitron Holding USA Inc Delaware, USA 100% 100% 69 433UAB Kitron Real Estate Kaunas, Lithuania 100% 100% 12 422UAB Kitron Kaunas, Lithuania 100% 100% 29 201Kitron sp. z o.o Grudziadz, Poland 100% 100% 49 538Kitron Holding A/S Denmark Horsens Denmark 100% 100% 576 803Kitron Electronics Manufacturing Sd. Bhd. Senai, Malaysia 100% 100% 22 778Total investment in subsidiaries 1 047 570 The Kitron Hong Kong Ltd subsidiary owns shares in the following subsidiaries:Country of incorporation Share-holding Voting shareKitron Electronics Manufacturing (Ningbo) Co., Ltd. Ningbo, China 100% 100%Kitron Electromechanical (Ningbo) CO. Ltd Ningbo, China 100% 100%The Kitron Holding USA Inc subsidiary owns shares in the following subsidiaries:Country of incorporation Share-holding Voting shareKitron Technologies Inc Delaware, USA 100% 100%Kitron Systems Inc Delaware, USA 100% 100%The Kitron Holding A/S Denmark subsidiary owns shares in the following subsidiaries:Country of incorporation Share-holding Voting shareKitron A/S Horsens, Denmark 100% 100%Kitron A/S in Denmark owns shares in the following companies:Country of incorporation Share-holding Voting shareKitron Electronics Manufacturing (Suzhou) Co. Ltd Suzhou, China 100% 100%Kitron Holding Czech a.sLanskroun, Czech 100% 100%Kitron India ApS Horsens, Denmark 100% 100%Kitron India Services Private Limited Chennai, India 100% 100%Kitron Electronics Manufacturing (Suzhou) Co. Ltd owns shares in the following companies:Country of incorporation Share-holding Voting shareKitron Electromechanical (Suzhou) Co. Ltd. Suzhou, China 100% 100%Kitron Holding Czech a.s owns shares in the following companies:Country of incorporation Share-holding Voting shareKitron Czech a.s. Lanskroun, Czech 100% 100%", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__102": { "value": "Note 29 - Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets. The group has received grants in 2024 of EUR 0.21 million (2023: EUR 0.3 million). EUR 35 thousand (2023: EUR 50 thousand) was for employee training refund and EUR 175 thousand (2023: EUR 150 thousand) was for business reward and different subsidies, while EUR 0,1 million in wage refund only occured in 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__101": { "value": "Note 29 - Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognised in the income statement over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are reducing cost price of the related assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__106": { "value": "Note 30 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank. BB Electronics has later been renamed to Kitron A/S. In 2024 Kitron ASA sold the shares in Kitron A/S Denmark to the new established Danish holding company Kitron Holding Denmark A/S for 667 million DKK. After the sales and a later debt conversion to equity, Kitron ASA has a receivable on Kitron Holding Denmark of 300 million DKK.Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron Denmark and the EUR loan. The total net assets of Kitron Denmark, the DKK receivable on Kitron Holding Denmark and the net excess values in intangible assets and goodwill constitute the hedged items and the EUR loan constitutes the hedging instrument. The sale of shares from Kitron ASA to Kitron Holding Denmark is group internal and does not change the hedging- and economic relationship between the investment and the loan.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__105": { "value": "Note 30 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank. BB Electronics has later been renamed to Kitron A/S. In 2024 Kitron ASA sold the shares in Kitron A/S Denmark to the new established Danish holding company Kitron Holding Denmark A/S for 667 million DKK. After the sales and a later debt conversion to equity, Kitron ASA has a receivable on Kitron Holding Denmark of 300 million DKK.Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron Denmark and the EUR loan. The total net assets of Kitron Denmark, the DKK receivable on Kitron Holding Denmark and the net excess values in intangible assets and goodwill constitute the hedged items and the EUR loan constitutes the hedging instrument. The sale of shares from Kitron ASA to Kitron Holding Denmark is group internal and does not change the hedging- and economic relationship between the investment and the loan.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets. See quantitative information in the tables below:Hedging instrument Currency 2024 2023 Balance sheet itemCarrying amount (31 December)Interest bearing debt - Bank loan (5-year term loan) EUR million 23.5 33.9(Current/Non-current)DKK eqvivalent 175.2 252.2Change in carrying amount of bank loan NOK million 12.5 26.0Hedging objects Currency 2024 2023 Balance sheet itemCarrying amount (31 December) - Net equity Kitron Denmark DKK million 523.9 343.0 Equity - Receivable DKK million 300.0 Long-term receivable - Goodwill DKK million 309.1 309.1 Goodwill - Customer contracts DKK million 157.1 170.2 Intangible assets - Deferred tax DKK million (34.6) (37.4) Deferred tax liabilitiesTotal 1 255.5 784.9Change in value of hedged objects NOK million 42.8 57.7Net effect presented in Other Comprehensive Income EUR million 2.7 2.8Hedge ratio (31 December) 7.2 3.1", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__104": { "value": "Note 30 - HedgingHedges of net investments in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss within other gains/ (losses). Gains and losses accumulated in equity are reclassified to profit or loss when the foreign operation is partially disposed of or sold. Kitron ASA acquired BB Electronics with effect from 1 January 2022. Purchase price was 663.5 million DKK. Purchase Price Allocation analysis per acquisition date shows excess value of 448.9 million DKK in intangible assets and goodwill net after tax. Part of the acquisition was financed by a 52.1 million EUR term loan in bank. BB Electronics has later been renamed to Kitron A/S. In 2024 Kitron ASA sold the shares in Kitron A/S Denmark to the new established Danish holding company Kitron Holding Denmark A/S for 667 million DKK. After the sales and a later debt conversion to equity, Kitron ASA has a receivable on Kitron Holding Denmark of 300 million DKK.Hedging- and economic relationshipA hedging- and an economic relationship consist between the total DKK investment in Kitron Denmark and the EUR loan. The total net assets of Kitron Denmark, the DKK receivable on Kitron Holding Denmark and the net excess values in intangible assets and goodwill constitute the hedged items and the EUR loan constitutes the hedging instrument. The sale of shares from Kitron ASA to Kitron Holding Denmark is group internal and does not change the hedging- and economic relationship between the investment and the loan.The nature of the risk being hedgedThe hedged items and the hedging instrument will be translated using the \u201cindirect method\u201d, that is translation to NOK and further to EUR at balance sheet date. Currency translation effects will be created due to changes in NOK/DKK and NOK/EUR currency rates.Hedge effectivenessAs DKK is pegged to EUR the two currencies will move in the same direction. The total DKK investment (hedged objects) and the EUR liability (hedging instrument) will make a hedge. The currency effect in Kitron ASA parent company account from the translation of the EUR loan will be neutralized by the effect from the translation of the DKK assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__107": { "value": "Note 31 - Subsequent eventsThere have been no events to date in 2025 that significantly affect the result for 2024 or valuation of the company\u2019s assets and liabilities at the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__111": { "value": "P O Box 97, NO-1375 Billingstad, Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s7__6__110": { "value": "Olav Brunborgs vei 4 1396 Billingstad", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXIG6009", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }