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NOTE 1:
CORPORATE INFORMATION
End\u00far ASA is a public limited liability company based in Norway and was founded on 22 May 2007. The Company\u2019s registered office is at Strandveien 17, 1366 Lysaker, Norway. These consolidated financial statements comprise the Company and its subsidiaries
(collectively the \u201cGroup\u201d and individually \u201cGroup companies\u201d). End\u00far ASA is listed on Oslo Stock Exchange with the ticker ENDUR.
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NOTE 2:
ACCOUNTING PRINCIPLES
DECLARATION OF CONFORMITY
The consolidated financial statements of the End\u00far Group have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and associated interpretations, and also the additional Norwegian information requirement pursuant to the Norwegian Accounting Act, and that are applicable as at 31 December 2024. The consolidated accounts are for the period 01.01.2024 until 31.12.2024. The proposed annual accounts were adopted by the Board of Directors on 26 March 2025. The annual accounts will be dealt with by the Ordinary General Meeting in May 2025 for final approval.
BASIS OF MEASUREMENT
The consolidated financial statements have been prepared based on historical cost, with the exemption of financial instruments at fair value.
The consolidated accounts are presented in NOK, which is also the functional currency of the parent company. The accounts of foreign operations with a different functional currency, income statement items are converted at the average exchange rates per month. Assets and liabilities are converted at the exchange rate in effect on the balance sheet date. Financial information is stated in NOK million, unless otherwise specified.
ACCOUNTING ESTIMATES
Preparation of the annual accounts in accordance with IFRS Accounting Standards includes valuations, estimates and assumptions that influence both the choice of
accounting principles applied and reported amounts for assets, obligations, income and expenses. During preparation of the annual accounts, the management has used estimates based on best judgement and assumptions that are considered realistic based on historical experience. Actual amounts may differ from estimated amounts. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is included in the following notes:
Note 5
Whether revenue is recognized over time or at a point in time. Identification of performance obligations in customer contracts. The percentage of completion method is used to recognize earned revenue for construction projects, based on incurred costs as a proportion of estimated total project costs.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:
Note 8
Recognition of deferred tax assets; availability of future taxable profit against
which carry forward tax losses can be used.
Note 12Impairment test: key assumptions underlying recoverable amounts.
Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.
Climate change
End\u00far is exposed to both risks and opportunities arising from climate change, including physical risks, such as extreme weather events that may impact operations and project timelines, and transition risks, including regulatory changes and evolving market expectations. While no immediate material financial effects have been identified, climate-related developments may influence investment needs, cost structures, and long-term market dynamics in both Infrastructure and Aquaculture.
As of year-end, climate-related risks have been considered in:
\u25aaUseful life of long-term assets (Note 11): Future regulatory requirements and contractual expectations may affect the replacement timeline for certain machinery and equipment. However, the availability of viable, lower-emission alternatives from market suppliers remains a key factor in determining timing and feasibility.
\u25aaImpairment assessments (Note 12): Climate risks have been evaluated, particularly regarding potential regulatory shifts, market demand changes, and investment needs within Infrastructure and Aquaculture. Climate-related risks have been reflected in forecasted figures through conservative margin assumptions and adjustments to future capital expenditure needs to account for regulatory uncertainty, potential cost increases and the need to update renew our machinery and equipment.
CHANGES IN ACCOUNTING PRINCIPLES AND NEW PRONOUNCEMENTS
End\u00far has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2024, except for the following:
\u25aaAmendments to IAS 1 - Classification of Liabilities as current or non-current with covenants
None of the issued, not yet effective, accounting standards or amendments to such standards are expected to have significant effects for End\u00far\u2019s financial reporting.
NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days. Cost-plus and construction contracts based on percentage of completion method constitutes the majority of production in these segments.
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The
revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
The contracts may include variable compensation in the form of bonus/malus mechanisms within target price contracts. Such compensation components are recognized in the accounts based on probability assessments and the percentage of completion method. As of the end of 2024, the extent of such variable compensation remains very limited.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations.
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the
income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operate in niche markets with a significant amount of specialized land-based and sea-based machinery and equipment. Future regulatory requirements and contractual demands may affect the useful life of certain assets, particularly where stricter environmental standards or customer expectations drive the need for equipment upgrades or replacements.
As part of our ongoing assessment, we have evaluated the potential financial impact of these factors on the estimated useful life of the Group\u2019s machinery and equipment. While no immediate adjustments have been made to carrying amounts, End\u00far will continue to monitor potential changes in asset requirements and adjust capital expenditure plans accordingly.
The transition to lower-emission alternatives remains contingent on technological advancements and the availability of suitable equipment from market suppliers. At present, fully viable substitutes for certain specialized machinery remain limited, and large-scale replacements would require further development in market infrastructure and equipment capabilities. Given these uncertainties, the expected financial impact of short- and mid-term capital expenditures is not considered to have a material effect at this stage, as the replacement of machinery and equipment will be evaluated based on operational needs, regulatory developments, and contract-specific requirements.
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised
Other lease liabilities recognised in P&L
Leases with a lease term of 12 months or less are not capitalised. Low-value leases, typically office equipment / fixtures, are not capitalised
NOTE 14:
INVENTORIES
The cost of inventory is based on the FIFO method and includes costs of bringing the goods to their present state and location.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL)CONTRACT BALANCES
The Group\u2019s contract balance as at 31 December is presented in the table below. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation(s) under the contract.
NOTE 18:
PROVISIONS
The Groups provisions mainly consist of the following:
Warranty provision and guarantee liabilities
A provision for warranty is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
Group companies assess and recognize provisions for warranty and guarantee provisions when relevant circumstances become known or are deemed probable. These provisions are allocated specifically to ongoing or completed projects rather than as general or unspecified balance sheet provisions. Actual costs incurred are continuously matched against these provisions. Artec Aqua applies a more standardized provision approach, reflecting the potentially warranty obligations associated with completed projects of considerable scope. There is estimation uncertainty related to several factors, including the fact that cost-bearing circumstances may not necessarily materialize, and that the magnitude of potential costs remains uncertain. Large and complex contracts, involving multiple stakeholders such as the end client, main contractors, subcontractors, and suppliers of parallel works, create significant room for interpretation regarding the allocation of responsibilities for remediation needs. The provision is recognized under the balance sheet item Other current liabilities, and changes in provisions are accounted for through operating expenses in the income statement
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
The contingent earn-out consideration from the acquisition of Repstad Anlegg in 2023 is measured at fair value at the acquisition date using estimates of discounted cash flows. The consideration agreement includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out is increased from NOK 50 million to NOK 60 million in 2024 to reflect the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS. The subsequent measurement of the earn-out is at fair value through profit and loss.
SHARE PURCHASE PROGRAM
The Group issued a share subscription program in December 2021 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount. The sale of shares to employees at less than market price is accounted for by recognising the difference between market value of the shares and purchase price as a payroll expense.
SHARE OPTION PROGRAMS
The Group offers share option programs to executive management and key personnel of the Group. Share options are measured at fair value at the time of allotment. The calculated value of the estimated share of redeemed options is recognised as a payroll expense, booked towards other paid-in equity. The cost is distributed over the period until the employee acquires an unconditional right to redeem the options. The estimated number of options that are expected to be redeemed is reassessed on every balance sheet date. The Group had the following share option programs during the year:
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DECLARATION OF CONFORMITY
The consolidated financial statements of the End\u00far Group have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and associated interpretations, and also the additional Norwegian information requirement pursuant to the Norwegian Accounting Act, and that are applicable as at 31 December 2024. The consolidated accounts are for the period 01.01.2024 until 31.12.2024. The proposed annual accounts were adopted by the Board of Directors on 26 March 2025. The annual accounts will be dealt with by the Ordinary General Meeting in May 2025 for final approval.
BASIS OF MEASUREMENT
The consolidated financial statements have been prepared based on historical cost, with the exemption of financial instruments at fair value.
The consolidated accounts are presented in NOK, which is also the functional currency of the parent company. The accounts of foreign operations with a different functional currency, income statement items are converted at the average exchange rates per month. Assets and liabilities are converted at the exchange rate in effect on the balance sheet date. Financial information is stated in NOK million, unless otherwise specified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_35767-tag293064": { "value": "
DECLARATION OF CONFORMITY
The consolidated financial statements of the End\u00far Group have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU (IFRS) and associated interpretations,", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_35885-tag293062": { "value": "The proposed annual accounts were adopted by the Board of Directors on 26 March 2025. The annual accounts will be dealt with by the Ordinary General Meeting in May 2025 for final approval", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_35885-tag293061": { "value": "
BASIS OF MEASUREMENT
The accounts of foreign operations with a different functional currency, income statement items are converted at the average exchange rates per month. Assets and liabilities are converted at the exchange rate in effect on the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_35885-tag293060": { "value": "
BASIS OF MEASUREMENT
The consolidated accounts are presented in NOK, which is also the functional currency of the parent company.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_35885-tag293063": { "value": "
ACCOUNTING ESTIMATES
Preparation of the annual accounts in accordance with IFRS Accounting Standards includes valuations, estimates and assumptions that influence both the choice of
accounting principles applied and reported amounts for assets, obligations, income and expenses. During preparation of the annual accounts, the management has used estimates based on best judgement and assumptions that are considered realistic based on historical experience. Actual amounts may differ from estimated amounts. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
Judgements
Information about judgements made in applying accounting policies that have the most significant effects on the amounts recognised in the consolidated financial statements is included in the following notes:
Note 5
Whether revenue is recognized over time or at a point in time. Identification of performance obligations in customer contracts. The percentage of completion method is used to recognize earned revenue for construction projects, based on incurred costs as a proportion of estimated total project costs.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:
Note 8
Recognition of deferred tax assets; availability of future taxable profit against
which carry forward tax losses can be used.
Note 12Impairment test: key assumptions underlying recoverable amounts.
Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.
Climate change
End\u00far is exposed to both risks and opportunities arising from climate change, including physical risks, such as extreme weather events that may impact operations and project timelines, and transition risks, including regulatory changes and evolving market expectations. While no immediate material financial effects have been identified, climate-related developments may influence investment needs, cost structures, and long-term market dynamics in both Infrastructure and Aquaculture.
As of year-end, climate-related risks have been considered in:
\u25aaUseful life of long-term assets (Note 11): Future regulatory requirements and contractual expectations may affect the replacement timeline for certain machinery and equipment. However, the availability of viable, lower-emission alternatives from market suppliers remains a key factor in determining timing and feasibility.
\u25aaImpairment assessments (Note 12): Climate risks have been evaluated, particularly regarding potential regulatory shifts, market demand changes, and investment needs within Infrastructure and Aquaculture. Climate-related risks have been reflected in forecasted figures through conservative margin assumptions and adjustments to future capital expenditure needs to account for regulatory uncertainty, potential cost increases and the need to update renew our machinery and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_36060-tag293067": { "value": "
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:
Note 8
Recognition of deferred tax assets; availability of future taxable profit against
which carry forward tax losses can be used.
Note 12Impairment test: key assumptions underlying recoverable amounts.
Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page79-cflshid_36060-tag293068": { "value": "Assumptions and estimation uncertaintiesInformation about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the year to come is included in the following notes:Note 8Recognition of deferred tax assets; availability of future taxable profit against which carry forward tax losses can be used.Note 12Impairment test: key assumptions underlying recoverable amounts.Note 18Recognition and measurement of provisions and contingencies; key assumptions about the likelihood and magnitude of an outflow of resources.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page80-cflshid_36394-tag293092": { "value": "
CHANGES IN ACCOUNTING PRINCIPLES AND NEW PRONOUNCEMENTS
End\u00far has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2024, except for the following:
\u25aaAmendments to IAS 1 - Classification of Liabilities as current or non-current with covenants
None of the issued, not yet effective, accounting standards or amendments to such standards are expected to have significant effects for End\u00far\u2019s financial reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page80-cflshid_36394-tag293091": { "value": "
CHANGES IN ACCOUNTING PRINCIPLES AND NEW PRONOUNCEMENTS
End\u00far has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2024, except for the following:
\u25aaAmendments to IAS 1 - Classification of Liabilities as current or non-current with covenants
None of the issued, not yet effective, accounting standards or amendments to such standards are expected to have significant effects for End\u00far\u2019s financial reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page81-cflshid_36495-tag293093": { "value": "
NOTE 3:BUSINESS COMBINATIONS AND SALE OF BUSINESS
BUSINESS COMBINATIONS AND SALE OF BUSINESS IN 2024
NORSK BERGSIKRING AS
In July 2024, End\u00far ASA through subsidiary BMO Entrepren\u00f8r AS, acquired 100 % of the shares in Norsk Bergsikring AS (NBS), an infrastructure company, located in Stongfjorden, Norway, specialized within rockfall, landslide and avalanche protection.
The business of NBS is highly complementary to BMO\u2019s operations, with a direct operational interface, within rehabilitation of concrete structures, such as dams, bridges and tunnels. The outlook for both NBS and BMO remains attractive due to an increasing maintenance gap on critical infrastructure. The services of NBS are provided to public infrastructure owners, where the company can take the role as both main contractor and sub-contractor.
In November 2024, we completed the sale of a 9.9% non-controlling interest in NBS.
HAV ELEKTRO AS
In December 2024, End\u00far ASA through subsidiary End\u00far Sj\u00f8sterk AS, acquired 100 % of the shares in Hav Elektro AS (HAV Elektro), an electrical contractor, servicing businesses within maritime, aquaculture and industrial sectors. The company is located at Nestun in Bergen, Norway.
Hav Elektro will continue to service its existing business and client portfolio, as well as serve as an in-house supplier of electrical works to End\u00far\u2019s existing group companies. These services represent a key input to Sj\u00f8sterk\u2019s feed-barge production and End\u00far Maritime\u2019s ship maintenance and upgrade projects, both companies also operating from Bergen, Norway.
CONSIDERATIONS TRANSFERRED
The following table summarizes the acquisition date fair value of each major class of consideration transferred.
(NOKm)HAVNBS
Cash considerations10.610.1
Shares in End\u00far ASA-10.1
Seller\u2019s credit3.8-
Other adjustments0.10.4
Total considerations transferred14.420.5
Consideration shares
The fair value of the consideration shares transferred in the acquisition of NBS was based on the volume-weighted average share price for the last 10 days prior to the transaction of End\u00far ASA at NOK 55.0 per share.
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
The fair value of identifiable assets and liabilities is based on a purchase allocation. The following table summarizes the recognised amounts of assets acquired and liabilities assumed at the date of acquisition.
(NOKm)NoteHAVNBS
Assets
Deferred tax assets-22.8
Intangible assets and goodwill10--
Property, plant and equipment110.78.8
Right-of-use assets130.60.3
Other non-current assets0.00.0
Inventories142.53.0
Contract assets152.6-0.2
Trade and other receivables3.94.3
Cash and cash equivalents169.02.0
Liabilities
Deferred tax liabilities(0.1)-
Lease liabilities13(0.6)(0.3)
Loans and borrowings20-(13.1)
Trade and other payables17(5.5)(7.1)
Contract liabilities15--
Total identifiable net assets acquired13.220.5
The deferred tax asset in NBS is mainly comprised of losses carried forward. The gross amount of the receivables acquired are immaterially different from the fair value presented above.
GOODWILL
Goodwill arising from the acquisitions has been recognised as follows:
(NOKm)HAVNBS
Total considerations transferred14.420.5
- Fair value of identifiable net assets acquired13.220.5
Goodwill1.2-
Included in goodwill of HAV Elektro is the value of know-how, customer relationships, and expected synergies with the existing business of End\u00far. The goodwill is not tax depreciable or otherwise recognised for tax purposes.
REVENUE AND PROFIT OR LOSS OF THE ACQUIREE AND COMBINED ENTITY
NBS has from the date of acquisition contributed to the Group's revenues and profit before taxes by NOK 17.0 million and NOK 2.2 million respectively. If the acquisition had occurred at the beginning of 2024, revenues for 2024 and profit before taxes for 2024 for the Group would have been NOK 2 819.4 million and NOK 48.2 million respectively.
HAV Elektro has from the date of acquisition contributed to the Group's revenues and profit before taxes by NOK 0.0 million and NOK 0.0 million respectively. If the acquisition had occurred at the beginning of 2024, revenues for 2024 and profit before taxes for 2024 for the Group would have been NOK 2 818.9 million and NOK 59.6 million respectively.
BUSINESS COMBINATIONS AND SALE OF BUSINESS IN 2023
REPSTAD ANLEGG AS
On 14 December 2023, End\u00far ASA acquired 100 % of the shares in Repstad Anlegg AS (Repstad) for a purchase price of approx. NOK 298.3 million, of which 56% of the purchase price was settled by issuing 4,174,202 consideration shares in End\u00far ASA, 17 % in sellers\u2019 credit of NOK 50 million and 27 % in cash consideration of NOK 81.3 million.
On the same day, the extraordinary general meeting passed the board of directors\u2019 proposal, to issue the consideration shares. The company\u2019s share capital increased by NOK 2,087,101 issuing 4,174,202 new shares, each with a nominal value of NOK 0.5. The capital increase was registered on 20 December 2023.
Repstad Anlegg AS and its wholly owned subsidiaries; Breakwaters AS, Agder Marine AS, Sand\u00e5s Anlegg AS and Leif Hodnemyr Transport AS, is a Norwegian infrastructure contractor, specialized within marine services, quays & harbours and groundworks. Repstad Anlegg AS and the large majority of its subsidiary companies, are headquartered in Agder county, in south Norway, a region where End\u00far had a more limited presence before the acquisition.
The acquisition entails increased exposure to complementary niche markets with strong underlying demand and growth. Repstad has a direct operational interface with End\u00far\u2019s existing companies, including dock and below-water operations, groundworks and intake pipes. The management team of Repstad has a successful track-record for profitable growth and the organizational culture is very much aligned with that of End\u00far.
SVENSKA TUNGDYKARGRUPPEN AB
In September 2023, End\u00far ASA through subsidiary Marcon-Gruppen i Sverige AB, acquired 100 % of the shares in Svenska Tungdykargruppen AB (STDG), a marine infrastructure company, located in Mora, Sweden, specialized within diving and dredging operations. The primary purpose of the acquisition is to meet an increasing demand and secure increased capacities for Marcon\u2019s existing and highly profitable service offerings.
CONSIDERATIONS TRANSFERRED
The following table summarizes the acquisition date fair value of each major class of consideration transferred.
(NOKm)STDGREPSTAD
Cash considerations26.181.3
Shares in End\u00far ASA-159.9
Seller\u2019s credit-50.0
Contingent earn-out consideration-50.0
Other adjustments-6.5
Total considerations transferred26.1347.6
Equity instruments issued
The fair value of the shares issued in the acquisition of Repstad was based on the listed share price of the End\u00far ASA at 14 December 2023 at NOK 38.3 per share.
Contingent earn-out
The consideration agreement in the acquisition of Repstad includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out consideration is measured at fair value at the acquisition date using estimates of discounted cash flows, see further details in Note 21.
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
The fair value of identifiable assets and liabilities is based on a purchase allocation. The following table summarizes the recognised amounts of assets acquired and liabilities assumed at the date of acquisition.
(NOKm)NoteSTDGREPSTAD
Assets
Intangible assets and goodwill10-7.3
Property, plant and equipment1135.848.1
Right-of-use assets13-150.2
Other non-current assets-20.0
Inventories140.421.5
Contract assets152.135.8
Trade and other receivables6.8115.2
Cash and cash equivalents166.05.9
Liabilities
Deferred tax liabilities(3.9)(30.6)
Lease liabilities13-(150.2)
Loans and borrowings20-(78.4)
Trade and other payables17(20.3)(84.3)
Tax payables-(2.3)
Contract liabilities15(0.9)(29.0)
Total identifiable net assets acquired26.129.3
The deferred tax liability mainly comprises the difference between the accounting value and the tax conditioned value of the depreciation of tangible and intangible assets. The gross amount of the receivables acquired are immaterially different from the fair value presented above.
GOODWILL
Goodwill arising from the acquisitions has been recognised as follows:
(NOKm)STDGREPSTAD
Total considerations transferred26.1347.6
- Fair value of identifiable net assets acquired26.129.3
Goodwill-318.2
Included in goodwill of Repstad is the value of know-how, customer relationships, and expected synergies with the existing business of End\u00far. The Group has a strong organisational culture and expertise which have been shown through the organisations ability to operate profitable. In addition, Repstad operations and geographical location are considered to be complementary to the Groups existing operations increasing the synergy potential of the acquisition. The goodwill is not tax depreciable or otherwise recognised for tax purposes.
REVENUE AND PROFIT OR LOSS OF THE ACQUIREE AND COMBINED ENTITY
Repstad has from the date of acquisition contributed to the Group's revenues and profit before taxes by NOK 36,4 million and NOK 4,6 million respectively. If the acquisition had occurred at the beginning of 2023, revenues for 2023 and profit before taxes for 2023 for the Group would have been NOK 2 599.4 million and NOK 4.4 million respectively.
STDG has from the date of acquisition contributed to the Group's revenues and profit before taxes by NOK 13.5 million and NOK -4.0 million respectively. If the acquisition had occurred at the beginning of 2023, revenues for 2023 and profit before taxes for 2023 for the Group would have been NOK 2 015.8 million and NOK -25.6 million respectively.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page85-cflshid_39204-tag293070": { "value": "
NOTE 4:
OPERATING SEGMENTS
OPERATING SEGMENTS
End\u00far reports in 2024 distributed on the following segments. These segments offer different products and services and are managed separately because they require different marketing strategies. Inter-segment pricing is determined on an arm\u2019s length basis.
Segment performance is measured by operating profit before depreciation, amortization, and write-downs (EBITDA) and operating profit (EBIT). This is included in internal management reports, which are being reviewed by the Group\u2019s executive management, consisting of CEO, CFO and the Board of Directors.
Aquaculture solutions
The Aquaculture solutions segment includes production of concrete barges for the aquaculture industry. The segment consists of the companies Artec Aqua AS, End\u00far Sj\u00f8sterk AS, HAV Elektro AS and End\u00far Eiendom AS. HAV Elektro AS was acquired in December 2024, details regarding the transaction are presented in note 3.
Infrastructure
In Q4 2024 we renamed our previously called \u201cMarine Infrastructure\u201d to \u201cInfrastructure\u201d in line with our strategic update, growth ambitions as well as recent acquisitions. The Infrastructure segment includes harbour/quay, bridge, railway construction and maintenance, other specialized concrete and steel projects and underwater services. The segment consists of the companies BMO Entrepren\u00f8r AS (incl. 1 subsidiary), Marcon-Gruppen i Sverige AB (incl. 11 subsidiaries) and Repstad Anlegg AS (incl. 5 subsidiaries).Norsk Bergsikring AS, a subsidiary of BMO, was acquired in July 2024, details regarding the transaction are presented in note 3.
Other
Other includes maritime service and ship maintenance, unallocated corporate costs, investments in the Group\u2019s subsidiaries and Group financing. Consists of the companies End\u00far Maritime AS, End\u00far ASA, End\u00far Bidco II and BG Malta Ltd.
2024 (NOKm)Aquaculture SolutionsInfrastructureOtherIntra-group eliminationsTotal
Operating revenue475.22 022.9269.6(0.9)2 766.9
Operating profit / loss EBITDA30.5353.7(16.0)-368.2
Depreciation(12.5)(154.5)(11.8)-(178.8)
Amortization(27.1)(15.3)--(42.4)
Impairment-(0.4)--(0.4)
Operating profit / loss EBIT(9.0)183.4(27.7)-146.7
Segment assets958.42 145.5223.4(271.3)3 056.1
Segment liabilities284.81 006.1802.0(271.3)1 821.7
2023 (NOKm)Aquaculture SolutionsInfrastructureOtherIntra-group eliminationsTotal
\u00a0\u00a0
Operating revenue449.6 1 234.6 277.0 (0.2) 1 961.0
Operating profit / loss EBITDA3.0 227.0 9.0 - 239.0
Depreciation(7.9) (82.9) (17.2) - (108.0)
Amortization(27.1)(17.7)--(44.8)
Impairment- - - - -
Operating profit / loss EBIT(32.0) 126.3 (8.2) - 86.1
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Segment assets924.6 2 167.5 373.9 (526.9) 2 939.1
Segments liabilities226.4 1 050.6 985.2 (514.9) 1 747.4
MAJOR CUSTOMERS
There was no customer in the Group where the recognised revenue is more than 10 percent of total revenues in 2024 and 2023.
GEOGRAPHICAL ALLOCATION OF NON-CURRENT ASSETS
NorwaySwedenTotal
(NOKm)At 31 Dec. 2024At 31. Dec. 2023At 31 Dec. 2024At 31. Dec. 2023At 31 Dec. 2024At 31. Dec. 2023
\u00a0\u00a0\u00a0\u00a0
Intangible assets and goodwill 1 263.1 1 284.6 89.8 88.4 1 352.9 1 373.0
Property, plant and equipment112.4 108.1 331.0 358.1 443.5 466.3
Right-of-use assets299.1 253.9 17.0 16.7 316.2 252.5
Other non-current assets 37.9 23.3 2.0 2.0 39.9 25.3
Total non-current assets 1 712.5 1 652.0 439.9 465.1 2 152.4 1 576.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page87-cflshid_40260-tag293095": { "value": "
NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days. Cost-plus and construction contracts based on percentage of completion method constitutes the majority of production in these segments.
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The
revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
The contracts may include variable compensation in the form of bonus/malus mechanisms within target price contracts. Such compensation components are recognized in the accounts based on probability assessments and the percentage of completion method. As of the end of 2024, the extent of such variable compensation remains very limited.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
Aquaculture SolutionsInfrastructureOtherTotal
(NOKm)20242023202420232024202320242023
Primary geographical markets
Norway and the Norwegian Continental Shelf451.9358.21 376.4587.4262.4270.52 090.61 216.1
Sweden--578.5537.7-0.1578.5537.8
Other23.191.267.4109.47.26.497.8207.0
Total475.0449.42 022.31 234.6269.6277.02 766.91 961.0
Major products / service lines
Public Sector-Directly0.42.01 152.3697.5126.9185.71 279.6885.2
Private Sector-Directly474.6447.5870.0537.1142.791.31 487.31 075.8
Total475.0449.42 022.31 234.6269.6277.02 766.91 961.0
Timing of revenue recognition
Products transferred at a point in time115.20.037.66.6269.6277.0422.4283.6
Products and services transferred over time359.8449.41 984.61 228.0--2 344.41 677.4
Total475.0449.42 022.31 234.6269.6277.02 766.91 961.0
CONTRACT BALANCES
(NOKm)31.12.202431.12.2023
Trade receivables418.0514.1
Contract assets157.6107.1
Contract liabilities78.215.2
See note 15 for details on trade receivables, contract assets and contract liabilities
Remaining performance obligations
The remaining performance obligations related to contracts with customers that were in progress as of year-end are as follows:
(NOKm)31.12.2024
Within one year1 388.4
More than 1 year723.3
Remaining performance obligations at year end2 111.8
CONTRACT BALANCES
The Group\u2019s contract balance as at 31 December is presented in the table below. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation(s) under the contract.
(NOKm)20242023
Contract assets157.6107.1
Contract liabilities78.215.2
Contract assets
(NOKm)20242023
Total contract assets at 1 Jan86.6123.5
Invoiced through the year(19.6)(104.2)
Work done this year, not invoiced87.351.3
Acquisition of business2.630.5
Other changes0.65.9
Total contract assets at 31 Dec157.6107.1
Contract liabilities
(NOKm)20242023
Total contract liabilities at 1 Jan15.2103.9
Recognised as income during the year31.8(113.1)
Advances received25.620.6
Acquisition of business2.4
Other changes5.71.3
Total contract liabilities at 31 Dec78.215.2
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NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days. Cost-plus and construction contracts based on percentage of completion method constitutes the majority of production in these segments.
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The
revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
The contracts may include variable compensation in the form of bonus/malus mechanisms within target price contracts. Such compensation components are recognized in the accounts based on probability assessments and the percentage of completion method. As of the end of 2024, the extent of such variable compensation remains very limited.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations.
DISAGGREGATION OF REVENUE FROM CONTRACTS WITH CUSTOMERS
Aquaculture SolutionsInfrastructureOtherTotal
(NOKm)20242023202420232024202320242023
Primary geographical markets
Norway and the Norwegian Continental Shelf451.9358.21 376.4587.4262.4270.52 090.61 216.1
Sweden--578.5537.7-0.1578.5537.8
Other23.191.267.4109.47.26.497.8207.0
Total475.0449.42 022.31 234.6269.6277.02 766.91 961.0
Major products / service lines
Public Sector-Directly0.42.01 152.3697.5126.9185.71 279.6885.2
Private Sector-Directly474.6447.5870.0537.1142.791.31 487.31 075.8
Total475.0449.42 022.31 234.6269.6277.02 766.91 961.0
Timing of revenue recognition
Products transferred at a point in time115.20.037.66.6269.6277.0422.4283.6
Products and services transferred over time359.8449.41 984.61 228.0--2 344.41 677.4
Total475.0449.42 022.31 234.6269.6277.02 766.91 961.0
CONTRACT BALANCES
(NOKm)31.12.202431.12.2023
Trade receivables418.0514.1
Contract assets157.6107.1
Contract liabilities78.215.2
See note 15 for details on trade receivables, contract assets and contract liabilities
Remaining performance obligations
The remaining performance obligations related to contracts with customers that were in progress as of year-end are as follows:
(NOKm)31.12.2024
Within one year1 388.4
More than 1 year723.3
Remaining performance obligations at year end2 111.8
CONTRACT BALANCES
The Group\u2019s contract balance as at 31 December is presented in the table below. If the Group performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognised for the earned consideration that is conditional. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation(s) under the contract.
(NOKm)20242023
Contract assets157.6107.1
Contract liabilities78.215.2
Contract assets
(NOKm)20242023
Total contract assets at 1 Jan86.6123.5
Invoiced through the year(19.6)(104.2)
Work done this year, not invoiced87.351.3
Acquisition of business2.630.5
Other changes0.65.9
Total contract assets at 31 Dec157.6107.1
Contract liabilities
(NOKm)20242023
Total contract liabilities at 1 Jan15.2103.9
Recognised as income during the year31.8(113.1)
Advances received25.620.6
Acquisition of business2.4
Other changes5.71.3
Total contract liabilities at 31 Dec78.215.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page87-cflshid_40260-tag293096": { "value": "
NOTE 5:
REVENUE FROM CONTRACTS WITH CUSTOMERS
The majority of the Group\u2019s revenues, in the infrastructure and Aquaculture solutions segment, stem from projects based on Norwegian Standard Contracts (NS) for construction works. Payments may be based on fixed totals with milestone instalments, cost-plus or quantity-based unit prices. The latter two are typically billed monthly. Revenues are typically due for payment within 30 days after the billing date, while end invoices typically are due for payment within 60 days. Cost-plus and construction contracts based on percentage of completion method constitutes the majority of production in these segments.
For revenue from projects defined as over time, End\u00far primarily uses the stage of completion method, based on the estimated final contribution margins. Revenue is reported in line with actual production progress, based on degree of completion. The
revenue recognition for variation orders and disputed claims with a high level of uncertainty is based on assessments of the highly probable outcome of the claim and elements that can be measured reliably.
The contracts may include variable compensation in the form of bonus/malus mechanisms within target price contracts. Such compensation components are recognized in the accounts based on probability assessments and the percentage of completion method. As of the end of 2024, the extent of such variable compensation remains very limited.
Revenue in the Other segment stem mainly form service and maintenance contracts, typically with a large amount of smaller work orders. This implies that revenue mainly is recognized as point in time with limited use of stage of completion calculations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page88-cflshid_41119-tag293073": { "value": "
NOTE 6:
PAYROLL EXPENSES
PAYROLL EXPENSES
(NOKm)20242023
Salaries and holiday pay575.8377.7
Employer's national insurance contribution109.682.2
Share subscription program-0.0
Share option program3.9-
Pension expenses27.117.0
Other payroll expenses10.47.1
Total726.8484.1
Number of employees 31.12.767730
For share-based payments and share subscription program, see note 24.
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the
income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page88-cflshid_41119-tag293072": { "value": "
NOTE 6:
PAYROLL EXPENSES
PAYROLL EXPENSES
(NOKm)20242023
Salaries and holiday pay575.8377.7
Employer's national insurance contribution109.682.2
Share subscription program-0.0
Share option program3.9-
Pension expenses27.117.0
Other payroll expenses10.47.1
Total726.8484.1
Number of employees 31.12.767730
For share-based payments and share subscription program, see note 24.
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the
income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page88-cflshid_41303-tag293071": { "value": "
Pensions
The Group is required to have a pension scheme in accordance with the Norwegian law on required occupational pension schemes (\u201c\u201dlov om obligatorisk tjenestepensjon\u201d\u201d). The Group\u2019s pension arrangements fulfil the law requirements.
The Group mainly has defined contribution pension schemes that are recognized in the
income statement as contributions are made to the scheme. Some group companies also have an early retirement scheme (AFP) in the LO-NHO area which gives a lifelong contribution to the ordinary pension. The employees can choose to exercise the AFP-scheme starting at the age of 62 years, also in combination with continued work until they turn 67 years old. The AFP-scheme is a defined benefit multi-employer plan, of which is financed through contributions that are determined by a percentage of the employee\u2019s earnings between 1G and 7.1G. The AFP scheme is accounted for as a defined contribution pension scheme, as the scheme\u2019s administrator is not able to make the necessary calculation of obligations, assets and pension earnings for each member enterprise. Consequently, the premium and contributions will be recognized in the income statement as they arise. However, an obligation is calculated for employees who have chosen to take early retirement. These are defined as active AFPs, and the obligation is equivalent to the employer\u2019s contribution in the period from when they take early retirement until they reach 67 years of age. The obligation is recognized in the consolidated accounts under other non-current liabilities. In a previous AFP scheme, there was an under coverage. The company have accrued for the expected cost related to this under coverage.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293102": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293101": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293100": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293099": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293098": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293097": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page89-cflshid_41690-tag293082": { "value": "
NOTE 7:
NET FINANCE COSTS
NET FINANCE COSTS
The Groups net finance cost stems primarily from the parent company, End\u00far ASA. Decrease in financial expenses from prior year stems primarily from the refinancing in March 2023; break fee in connection with early call of the bond, write down of remaining bond fees and termination of cross currency swap.
(NOKm)20242023
Interest income0.18.4
Interest income bond2.4
Currency gain4.60.4
Increase in value of financial instruments0.81.2
Other financial income0.21.0
Finance income5.713.3
Interest expenses64.945.6
Interest expenses bond20.4
Currency loss6.919.8
Other financial expenses2.741.6
Interest expense (IFRS 16 lease)22.75.4
Amortization bond0.0
Finance costs97.2132.9
Net finance costs recognised in the income statement(91.5)(119.6)
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The interest rate margins on
the new bank loans are contingent on the Group\u2019s leverage ratio (Net interest-bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follows: Leverage ratio below 2.00: 3.55 % margin, leverage ratio between 2.00 and 2.50: 3.60 % margin, leverage ratio between 2.50 and 3.00; 3.80 % margin, leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.5 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.0 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page90-cflshid_42004-tag293103": { "value": "
NOTE 8:
TAX
INCOME TAX EXPENSE
(NOKm)20242023
Tax payable for the year(6.2)(22.3)
Changes in deferred tax(5.0)29.9
Adjustment in respect of previous years(0.5)(1.1)
Net tax income/expense(11.6)6.4
TAX PAYABLE
(NOKm)TotalNorwayAbroad
Corporate income tax(6.2)(0.0)(6.4)
Prepaid tax6.1-6.4
Total tax payable 2024(0.0)(0.0)-
Taxes paid abroad relates to the Swedish operations. Taxes are paid monthly in Sweden, based on estimated figures and settled yearly, resulting in zero tax payable in the balance sheet at 31.12.2024.
RECONCILIATION OF EFFECTIVE TAX RATE
(NOKm)20242023
Profit/(loss) before tax 55.1 (33.5)
Tax at nominal tax rate (22 %) (12.1) 7.4
Non-deductible expenses and non-taxable income 0.8 (0.5)
Effect of other tax rates in subsidiaries 0.2 0.3
Changes in unrecognized deferred tax asset (1.1) (1.7)
Adjustments in respect to previous years 0.3 1.7
Other 0.3 (0.8)
Total tax payable for the period (11.6) 6.4
Effective tax rate21 %19 %
MOVEMENT IN DEFERRED TAX BALANCES
(NOKm)31.12.2023Recognised in profit or lossAcquisition and sale of businessesCurrency translation31.12.2024
Property plant and equipment 291.5 (28.0) 4.2 4.1 271.7
Intangible assets 199.5 (29.2) - - 170.3
Projects in process 121.9 80.2 - - 202.1
Other current assets (113.1) 64.9 (2.8) - (51.0)
Provisions for liabilities (20.6) 2.4 - - (18.2)
Tax allocation reserves, Sweden 49.4 (3.4) - 8.8 54.7
Other temporary differences 13.7 (6.0) (0.2) - 7.5
Interest deductibility carried forward (196.0) (59.1) - - (255.1)
Losses carried forward (11.2) (19.1) (97.8) - (128.1)
Total basis related to deferred tax 335.1 2.7 (96.6) 12.9 254.0
Net deferred tax (69.4) (1.3) 21.3 (2.7) (52.1)
Net deferred tax asset - not recognised in the accounts 17.6 1.1 - - 18.7
Net deferred tax - recognised in the accounts (87.2) (2.3) 21.3 (2.7) (70.8)
Deferred tax assets have been recognised in respect of the total basis, because it is probable that future taxable profit will be available against which the Group can use the benefits therefrom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page90-cflshid_42048-tag293105": { "value": "
TAX PAYABLE
(NOKm)TotalNorwayAbroad
Corporate income tax(6.2)(0.0)(6.4)
Prepaid tax6.1-6.4
Total tax payable 2024(0.0)(0.0)-
Taxes paid abroad relates to the Swedish operations. Taxes are paid monthly in Sweden, based on estimated figures and settled yearly, resulting in zero tax payable in the balance sheet at 31.12.2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page91-cflshid_42405-tag293104": { "value": "
MOVEMENT IN DEFERRED TAX BALANCES
(NOKm)31.12.2023Recognised in profit or lossAcquisition and sale of businessesCurrency translation31.12.2024
Property plant and equipment 291.5 (28.0) 4.2 4.1 271.7
Intangible assets 199.5 (29.2) - - 170.3
Projects in process 121.9 80.2 - - 202.1
Other current assets (113.1) 64.9 (2.8) - (51.0)
Provisions for liabilities (20.6) 2.4 - - (18.2)
Tax allocation reserves, Sweden 49.4 (3.4) - 8.8 54.7
Other temporary differences 13.7 (6.0) (0.2) - 7.5
Interest deductibility carried forward (196.0) (59.1) - - (255.1)
Losses carried forward (11.2) (19.1) (97.8) - (128.1)
Total basis related to deferred tax 335.1 2.7 (96.6) 12.9 254.0
Net deferred tax (69.4) (1.3) 21.3 (2.7) (52.1)
Net deferred tax asset - not recognised in the accounts 17.6 1.1 - - 18.7
Net deferred tax - recognised in the accounts (87.2) (2.3) 21.3 (2.7) (70.8)
Deferred tax assets have been recognised in respect of the total basis, because it is probable that future taxable profit will be available against which the Group can use the benefits therefrom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page92-cflshid_42853-tag293074": { "value": "
NOTE 9:
EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
The calculation of basic earnings per share has been based on the following profit attributable to ordinary shareholders and weighted-average number of shares outstanding.
Profit (loss) attributable to ordinary shareholders (basic) (NOKm)20242023
Profit (loss) attributable to ordinary shareholders (basic)43.5(27.0)
Weighted-average number of ordinary shares (basic)Date20242023
Issued ordinary shares at 1 January36 769 027 27 452 869
Effect of shares issued tranche 119/01/20232 599 999
Effect of shares issued tranche 209/02/20232 490 910
Effect of shares issued related to share purchase program27/04/202351 047
Effect of shares issued related to a business combination20/12/2023 4 174 202
Effect of shares issued related to share purchase program01/03/2024123 123
Weighted-average number of ordinary shares at 31 December36 871 629 32 295 941
DILUTED EARNINGS PER SHARE
The calculation of diluted earnings per share has been based on the following profit attributable to ordinary shareholders and weighted- average number of shares outstanding after adjustment for the effects of all dilutive potential ordinary shares.
Profit (loss) attributable to ordinary shareholders (diluted) (NOKm)20242023
Profit (loss) attributable to ordinary shareholders (diluted)43.5(27.0)
Weighted-average number of ordinary shares (diluted) (NOKm)20242023
Weighted-average number of ordinary shares (diluted) 37 383 28132 295 941
At 31 December 2024, 3,334,017 outstanding options were included in the diluted weighted-average number of ordinary shares calculation. At 31 December 2023, 503,669 options were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43245-tag293109": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2024 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 2024 100.3 186.7 31.1 1 202.2 1 520.2
Addition 1.5 - - - 1.5
Addition through business combinations3 - - - 10.91 10.9
Currency adjustment - - - 1.4 1.4
Other changes - - - (1.0) (1.0)
Acquisition cost 31 Dec. 2024 101.8 186.7 31.1 1 213.5 1 533.2
Accumulated depreciations/impairment as of 1 Jan. 2024(26.6) (52.8) (26.1) (42.3) (147.6)
Current year's depreciations(11.7) (18.7) (2.2) - (32.5)
Current year's impairment - - - - -
Accumulated depreciations/impairments as of 31 Dec. 2024\u00a0(38.3) (71.4) (28.3) (42.3) (180.3)
Book value 31. Dec 2024 63.5 115.3 2.8 1 171.2 1 352.9
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
1 Approximately 9.8 million of Additions of Goodwill through business combinations is related to the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
See note 12 for details regarding impairment-testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43245-tag293108": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2024 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 2024 100.3 186.7 31.1 1 202.2 1 520.2
Addition 1.5 - - - 1.5
Addition through business combinations3 - - - 10.91 10.9
Currency adjustment - - - 1.4 1.4
Other changes - - - (1.0) (1.0)
Acquisition cost 31 Dec. 2024 101.8 186.7 31.1 1 213.5 1 533.2
Accumulated depreciations/impairment as of 1 Jan. 2024(26.6) (52.8) (26.1) (42.3) (147.6)
Current year's depreciations(11.7) (18.7) (2.2) - (32.5)
Current year's impairment - - - - -
Accumulated depreciations/impairments as of 31 Dec. 2024\u00a0(38.3) (71.4) (28.3) (42.3) (180.3)
Book value 31. Dec 2024 63.5 115.3 2.8 1 171.2 1 352.9
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
1 Approximately 9.8 million of Additions of Goodwill through business combinations is related to the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
See note 12 for details regarding impairment-testing.
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operate in niche markets with a significant amount of specialized land-based and sea-based machinery and equipment. Future regulatory requirements and contractual demands may affect the useful life of certain assets, particularly where stricter environmental standards or customer expectations drive the need for equipment upgrades or replacements.
As part of our ongoing assessment, we have evaluated the potential financial impact of these factors on the estimated useful life of the Group\u2019s machinery and equipment. While no immediate adjustments have been made to carrying amounts, End\u00far will continue to monitor potential changes in asset requirements and adjust capital expenditure plans accordingly.
The transition to lower-emission alternatives remains contingent on technological advancements and the availability of suitable equipment from market suppliers. At present, fully viable substitutes for certain specialized machinery remain limited, and large-scale replacements would require further development in market infrastructure and equipment capabilities. Given these uncertainties, the expected financial impact of short- and mid-term capital expenditures is not considered to have a material effect at this stage, as the replacement of machinery and equipment will be evaluated based on operational needs, regulatory developments, and contract-specific requirements.
2024 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202457.81 015.51 073.3
Additions4.652.056.6
Additions through business combinations3-86.186.1
Disposals(3.3)(32.7)(36.0)
Currency adjustment0.413.413.9
Acquisition cost as of 31 Dec. 202459.51 134.31 193.8
Accumulated depreciations as of 1 Jan. 2024(21.7)(585.3)(607.0)
Additions through business combinations3-(76.7)(76.7)
Current year's depreciation(2.3)(82.8)(85.1)
Current year's impairment-(0.4)(0.4)
Disposals-26.626.6
Currency adjustment(0.2)(7.6)(7.7)
Accumulated depreciations as of 31 Dec. 2024(24.2)(726.1)(750.4)
Book value 31. Dec 202435.3408.2443.5
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
2023 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202328.6798.5827.1
Acquisitions3.035.138.1
Acquisitions through business combinations11.9156.2168.0
Disposals-(2.8)(2.8)
Currency adjustment1.141.742.9
Other changes13.2(13.2)(0.0)
Acquisition cost as of 31 Dec. 202357.81 015.51 073.3
Accumulated depreciations as of 1 Jan. 2023(14.4)(421.0)(435.4)
Additions through business combinations(1.6)(82.6)(84.2)
Current year's depreciation(1.9)(73.0)(74.9)
Disposals-6.16.1
Currency adjustment(0.5)(18.1)(18.6)
Other changes(3.4)3.4-
Accumulated depreciations as of 31 Dec. 2023(21.7)(585.3)(607.0)
Book value 31. Dec 202336.1430.2466.3
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
RIGHT-OF-USE ASSETS
2024 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 2024127.9 84.1 119.6 2.1 333.7
Additions of right-of-use assets31.9 55.4 86.9 1.0 175.3
Additions through business acquisitions3 0.4 - 0.5 - 0.9
Disposals(4.0)(7.4)(21.7)(0.0)(33.1)
Currency exchange differences0.0 0.0 (0.0) 0.0 0.1
Other changes0.1 0.0 0.20.00.3
Acquisition cost 31 Dec. 2024156.4 132.1 185.5 3.1 477.1
Accumulated depreciations 1 Jan. 2024(55.1)(9.1)(16.4)(0.5)(81.1)
Depreciation(29.2)(32.7)(41.2)(0.8)(103.9)
Disposals2.9 6.8 14.3 - 24.0
Currency exchange differences(0.0)0.0 (0.0)(0.0)(0.1)
Other changes0.4(0.1)(0.2) 0.0 0.2
Accumulated depreciations 31 Dec. 2024(81.0)(35.1)(43.4)(1.3)(160.9)
\u00a0\u00a0\u00a0\u00a0\u00a0
Book value 31. Dec 202475.3 97.0 142.1 1.8 316.2
2023 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 202393.8 16.1 24.0 1.3 135.2
Additions of right-of-use assets23.5 15.1 19.6 1.1 59.4
Additions through business acquisitions3 21.8 51.8 76.2 0.4 150.2
Disposals(12.3)- (0.8)(0.7)(13.9)
Currency exchange differences0.2 0.9 0.7 0.0 1.8
Other changes0.9 0.1 (0.0)(0.0)0.9
Acquisition cost 31 Dec. 2023127.9 84.1 119.6 2.1 333.7
Accumulated depreciations 1 Jan. 2023(37.7)(2.6)(5.3)(0.7)(46.5)
Depreciation(25.5)(6.5)(11.2)(0.5)(43.7)
Disposals8.7 - 0.2 0.7 9.5
Currency exchange differences(0.1)0.0 (0.0)(0.0)(0.1)
Other changes(0.5)(0.0)- 0.0 (0.5)
Accumulated depreciations 31 Dec. 2023(55.1)(9.1)(16.4)(0.5)(81.1)
Book value 31. Dec 2023\u00a072.8 \u00a075.0 \u00a0103.2 \u00a01.6 \u00a0252.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43245-tag293106": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2024 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 2024 100.3 186.7 31.1 1 202.2 1 520.2
Addition 1.5 - - - 1.5
Addition through business combinations3 - - - 10.91 10.9
Currency adjustment - - - 1.4 1.4
Other changes - - - (1.0) (1.0)
Acquisition cost 31 Dec. 2024 101.8 186.7 31.1 1 213.5 1 533.2
Accumulated depreciations/impairment as of 1 Jan. 2024(26.6) (52.8) (26.1) (42.3) (147.6)
Current year's depreciations(11.7) (18.7) (2.2) - (32.5)
Current year's impairment - - - - -
Accumulated depreciations/impairments as of 31 Dec. 2024\u00a0(38.3) (71.4) (28.3) (42.3) (180.3)
Book value 31. Dec 2024 63.5 115.3 2.8 1 171.2 1 352.9
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
1 Approximately 9.8 million of Additions of Goodwill through business combinations is related to the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
See note 12 for details regarding impairment-testing", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43245-tag293077": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2024 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 2024 100.3 186.7 31.1 1 202.2 1 520.2
Addition 1.5 - - - 1.5
Addition through business combinations3 - - - 10.91 10.9
Currency adjustment - - - 1.4 1.4
Other changes - - - (1.0) (1.0)
Acquisition cost 31 Dec. 2024 101.8 186.7 31.1 1 213.5 1 533.2
Accumulated depreciations/impairment as of 1 Jan. 2024(26.6) (52.8) (26.1) (42.3) (147.6)
Current year's depreciations(11.7) (18.7) (2.2) - (32.5)
Current year's impairment - - - - -
Accumulated depreciations/impairments as of 31 Dec. 2024\u00a0(38.3) (71.4) (28.3) (42.3) (180.3)
Book value 31. Dec 2024 63.5 115.3 2.8 1 171.2 1 352.9
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
1 Approximately 9.8 million of Additions of Goodwill through business combinations is related to the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS.
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
See note 12 for details regarding impairment-testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43289-tag293107": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively.
2024 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 2024 100.3 186.7 31.1 1 202.2 1 520.2
Addition 1.5 - - - 1.5
Addition through business combinations3 - - - 10.91 10.9
Currency adjustment - - - 1.4 1.4
Other changes - - - (1.0) (1.0)
Acquisition cost 31 Dec. 2024 101.8 186.7 31.1 1 213.5 1 533.2
Accumulated depreciations/impairment as of 1 Jan. 2024(26.6) (52.8) (26.1) (42.3) (147.6)
Current year's depreciations(11.7) (18.7) (2.2) - (32.5)
Current year's impairment - - - - -
Accumulated depreciations/impairments as of 31 Dec. 2024\u00a0(38.3) (71.4) (28.3) (42.3) (180.3)
Book value 31. Dec 2024 63.5 115.3 2.8 1 171.2 1 352.9
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
1 Approximately 9.8 million of Additions of Goodwill through business combinations is related to the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS
2023 (NOKm)NoteLicenses, patents, etc.Customer relationshipOrder backlogGoodwillTotal
Acquisition cost 1 Jan. 202397.4 186.7 26.1 874.8 1 185.0
Addition2.8---2.8
Addition through business combinations3--5.0320.5325.5
Currency adjustment---6.96.9
Acquisition cost 31 Dec. 2023100.3186.731.11 202.21 520.2
Accumulated depreciations/impairment as of 1 Jan. 2023(16.7)(34.1)(20.9)(42.3)(113.9)
Current year's depreciations(9.8)(18.7)(5.2)-(33.6)
Current year's impairment----0.0
Accumulated depreciations/impairments as of 31 Dec. 2023\u00a0(26.6)(52.8)(26.1)(42.3)(147.6)
Book value 31. Dec 202373.7133.95.01 159.91 372.6
Amortization rates10 years7 years2.5 yearsImpairment
Amortization planLinearLinearLineartest
See note 12 for details regarding impairment-testing.
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operate in niche markets with a significant amount of specialized land-based and sea-based machinery and equipment. Future regulatory requirements and contractual demands may affect the useful life of certain assets, particularly where stricter environmental standards or customer expectations drive the need for equipment upgrades or replacements.
As part of our ongoing assessment, we have evaluated the potential financial impact of these factors on the estimated useful life of the Group\u2019s machinery and equipment. While no immediate adjustments have been made to carrying amounts, End\u00far will continue to monitor potential changes in asset requirements and adjust capital expenditure plans accordingly.
The transition to lower-emission alternatives remains contingent on technological advancements and the availability of suitable equipment from market suppliers. At present, fully viable substitutes for certain specialized machinery remain limited, and large-scale replacements would require further development in market infrastructure and equipment capabilities. Given these uncertainties, the expected financial impact of short- and mid-term capital expenditures is not considered to have a material effect at this stage, as the replacement of machinery and equipment will be evaluated based on operational needs, regulatory developments, and contract-specific requirements.
2024 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202457.81 015.51 073.3
Additions4.652.056.6
Additions through business combinations3-86.186.1
Disposals(3.3)(32.7)(36.0)
Currency adjustment0.413.413.9
Acquisition cost as of 31 Dec. 202459.51 134.31 193.8
Accumulated depreciations as of 1 Jan. 2024(21.7)(585.3)(607.0)
Additions through business combinations3-(76.7)(76.7)
Current year's depreciation(2.3)(82.8)(85.1)
Current year's impairment-(0.4)(0.4)
Disposals-26.626.6
Currency adjustment(0.2)(7.6)(7.7)
Accumulated depreciations as of 31 Dec. 2024(24.2)(726.1)(750.4)
Book value 31. Dec 202435.3408.2443.5
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
2023 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202328.6798.5827.1
Acquisitions3.035.138.1
Acquisitions through business combinations11.9156.2168.0
Disposals-(2.8)(2.8)
Currency adjustment1.141.742.9
Other changes13.2(13.2)(0.0)
Acquisition cost as of 31 Dec. 202357.81 015.51 073.3
Accumulated depreciations as of 1 Jan. 2023(14.4)(421.0)(435.4)
Additions through business combinations(1.6)(82.6)(84.2)
Current year's depreciation(1.9)(73.0)(74.9)
Disposals-6.16.1
Currency adjustment(0.5)(18.1)(18.6)
Other changes(3.4)3.4-
Accumulated depreciations as of 31 Dec. 2023(21.7)(585.3)(607.0)
Book value 31. Dec 202336.1430.2466.3
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised.
IMPAIRMENT TESTING OF GOODWILL
End\u00far`s goodwill originates from several business combinations. Goodwill has been allocated to the Group\u2019s cash generating units as follows:
(NOKm)20242023
Aquaculture Solutions - Artec Aqua AS413.8413.8
Aquaculture Solutions - End\u00far Sj\u00f8sterk AS48.548.5
Aquaculture Solutions - HAV Elektro AS1.2
Infrastructure - Marcon Gruppen i Sverige AB84.383.0
Infrastructure - BMO Entrepren\u00f8r AS271.3271.3
Infrastructure - Repstad Anlegg AS328.01318.2
Other - End\u00far Maritime AS15.715.7
Total goodwill1 162.71 150.5
There were no impairment losses in 2024 and 2023.
Considerations of climate effects in estimating the recoverable amount.
End\u00far has assessed potential climate-related risks as part of its impairment testing in accordance with IAS 36. The double materiality assessment conducted as part of the CSRD framework has identified climate-related uncertainties that could influence financial projections, particularly within the Infrastructure and Aquaculture segments.
For Infrastructure, regulatory developments related to stricter environmental requirements and carbon reduction measures may affect project costs and execution timelines. While such changes may introduce short-term margin pressure and project delays, they are to some extent expected to be balanced out over time through industry adaptation, contract adjustments, and evolving market conditions. Additionally, extreme weather events pose operational risks, potentially increasing project costs and affecting revenue recognition timelines. However, given End\u00far\u2019s diversified geographical footprint and project portfolio, no immediate impairment triggers have been identified in this regard.
1 Goodwill calculated from the acquisition of Repstad Anlegg AS has been subject to changes in 2024 to reflect final adjustments on the Purchase Price Allocation.
In the Aquaculture segment, the impairment analysis has considered market demand shifts driven by sustainability concerns, regulatory changes, and evolving industry standards. While land-based aquaculture continues to gain traction due to stricter regulations on traditional offshore fish farming, financial projections reflect a conservative margin assumption to account for potential project delays and cost fluctuations linked to energy pricing, environmental policies, and permitting processes.
End\u00far continuously monitors the evolving climate risk landscape, ensuring that financial estimates and impairment assessments remain aligned with the latest regulatory, market, and operational developments.
Aquaculture solutions - Artec Aqua AS
As of 31.12.2024, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Artec Aqua AS. The calculations are based upon budgets and long-term profit goals for the period 2025 up to and including 2029. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.5 % has been used, which is in line with the expected inflation rate. WACC of 10.8 % before tax (9.1 % after tax) and EBITDA-margins of 5-6.5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value, and no reasonably possible change in key assumptions would result in an impairment of goodwill.
Aquaculture solutions - End\u00far Sj\u00f8sterk AS
As of 31.12.2024, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, End\u00far Sj\u00f8sterk AS. The calculations are based upon budgets and long-term profit goals for the period 2025 up to and including 2029. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.5 % has been used, which is in line with the expected inflation rate. WACC of 11.1 % before tax (9.1 % after tax) and EBITDA-margin of 10.0 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value, and no reasonably possible change in key assumptions would result in an impairment of goodwill.
Infrastructure - Marcon-Gruppen i Sverige AB
As of 31.12.2024, the value in use has been used in order to determine recoverable amount.
The calculations are based upon estimated future cash flows for the cash generating unit, Marcon-Gruppen i Sverige AB. The calculations are based upon budgets and long-term profit goals for the period 2025 up to and including 2029. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.5 % has been used, which is in line with the expected inflation rate. WACC of 9.8 % before tax (8.4 % after tax) and EBITDA-margin of 15-16 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value, and no reasonably possible change in key assumptions would result in an impairment of goodwill.
Infrastructure \u2013 Repstad Anlegg AS
As of 31.12.2024, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, Repstad Anlegg AS. The calculations are based upon budgets and long-term profit goals for the period 2025 up to and including 2029. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.5 % has been used, which is in line with the expected inflation rate. WACC of 10.1 % before tax (8.4 % after tax) and EBITDA-margin of 8.5-8.6 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value, and no reasonably possible change in key assumptions would result in an impairment of goodwill.
Infrastructure - BMO Entrepren\u00f8r AS
As of 31.12.2024, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, BMO Entrepren\u00f8r AS. The calculations are based upon budgets and long-term profit goals for the period 2025 up to and including 2029. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.5 % has been used, which is in line with the expected inflation rate. WACC of 10.1 % before tax (8.4 % after tax) and EBITDA-margin of 13.9-15.0 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value, and no reasonably possible change in key assumptions would result in an impairment of goodwill.
Other - End\u00far Maritime AS
As of 31.12.2024, the value in use has been used in order to determine recoverable amount. The calculations are based upon estimated future cash flows for the cash generating unit, End\u00far Maritime AS. The calculations are based upon budgets and long-term profit goals for the period 2025 up to and including 2029. Budgeted EBITDA is based on expectations for future results taking into account experience from historical results. For subsequent periods, a growth rate of 2.5 % has been used, which is in line with the expected inflation rate. WACC of 10.6 % before tax (8.7 % after tax) and EBITDA-margin of 5.8-6.5 % has been used. Estimated recoverable amount of cash-generating unit exceeds book value, and no reasonably possible change in key assumptions would result in an impairment of goodwill.
RIGHT-OF-USE ASSETS
2024 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 2024127.9 84.1 119.6 2.1 333.7
Additions of right-of-use assets31.9 55.4 86.9 1.0 175.3
Additions through business acquisitions3 0.4 - 0.5 - 0.9
Disposals(4.0)(7.4)(21.7)(0.0)(33.1)
Currency exchange differences0.0 0.0 (0.0) 0.0 0.1
Other changes0.1 0.0 0.20.00.3
Acquisition cost 31 Dec. 2024156.4 132.1 185.5 3.1 477.1
Accumulated depreciations 1 Jan. 2024(55.1)(9.1)(16.4)(0.5)(81.1)
Depreciation(29.2)(32.7)(41.2)(0.8)(103.9)
Disposals2.9 6.8 14.3 - 24.0
Currency exchange differences(0.0)0.0 (0.0)(0.0)(0.1)
Other changes0.4(0.1)(0.2) 0.0 0.2
Accumulated depreciations 31 Dec. 2024(81.0)(35.1)(43.4)(1.3)(160.9)
\u00a0\u00a0\u00a0\u00a0\u00a0
Book value 31. Dec 202475.3 97.0 142.1 1.8 316.2
2023 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 202393.8 16.1 24.0 1.3 135.2
Additions of right-of-use assets23.5 15.1 19.6 1.1 59.4
Additions through business acquisitions3 21.8 51.8 76.2 0.4 150.2
Disposals(12.3)- (0.8)(0.7)(13.9)
Currency exchange differences0.2 0.9 0.7 0.0 1.8
Other changes0.9 0.1 (0.0)(0.0)0.9
Acquisition cost 31 Dec. 2023127.9 84.1 119.6 2.1 333.7
Accumulated depreciations 1 Jan. 2023(37.7)(2.6)(5.3)(0.7)(46.5)
Depreciation(25.5)(6.5)(11.2)(0.5)(43.7)
Disposals8.7 - 0.2 0.7 9.5
Currency exchange differences(0.1)0.0 (0.0)(0.0)(0.1)
Other changes(0.5)(0.0)- 0.0 (0.5)
Accumulated depreciations 31 Dec. 2023(55.1)(9.1)(16.4)(0.5)(81.1)
Book value 31. Dec 2023\u00a072.8 \u00a075.0 \u00a0103.2 \u00a01.6 \u00a0252.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43289-tag293076": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page93-cflshid_43289-tag293075": { "value": "
NOTE 10:
INTANGIBLE ASSETS
Intangible assets that have been acquired separately are carried at cost. The costs of intangible assets acquired through an acquisition are recognised at their fair value in the Group\u2019s opening balance sheet. Capitalised intangible assets are recognised at cost less any amortization and impairment losses. Intangible assets with a definite economic life are amortised over their economic life and tested for impairment if there are any indications. The amortization method and period are assessed at least once a year. Changes to the amortization method and/or period are accounted for as a change in estimate.
Internally generated intangible assets, excluding capitalised development costs, are not capitalised but are expensed as occurred.
The economic life is either definite or indefinite. Intangible assets with an indefinite economic life and goodwill are tested for impairment at least once a year, either individually or as a part of a cash-generating unit. Intangible assets with an indefinite economic life and goodwill are not amortised. The economic life is assessed annually with regard to whether the assumption of an indefinite economic life can be justified. If it cannot, the change to a definite economic life is made prospectively", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page95-cflshid_44340-tag293111": { "value": "
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operate in niche markets with a significant amount of specialized land-based and sea-based machinery and equipment. Future regulatory requirements and contractual demands may affect the useful life of certain assets, particularly where stricter environmental standards or customer expectations drive the need for equipment upgrades or replacements.
As part of our ongoing assessment, we have evaluated the potential financial impact of these factors on the estimated useful life of the Group\u2019s machinery and equipment. While no immediate adjustments have been made to carrying amounts, End\u00far will continue to monitor potential changes in asset requirements and adjust capital expenditure plans accordingly.
The transition to lower-emission alternatives remains contingent on technological advancements and the availability of suitable equipment from market suppliers. At present, fully viable substitutes for certain specialized machinery remain limited, and large-scale replacements would require further development in market infrastructure and equipment capabilities. Given these uncertainties, the expected financial impact of short- and mid-term capital expenditures is not considered to have a material effect at this stage, as the replacement of machinery and equipment will be evaluated based on operational needs, regulatory developments, and contract-specific requirements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page95-cflshid_44340-tag293110": { "value": "
NOTE 11:
PROPERTY, PLANT AND EQUIPMENT
Property plant and equipment are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
The cost of property plant and equipment is the purchase price, including taxes/duties and costs directly linked to preparing the asset ready for its intended use. Costs incurred after the asset is in use, such as regular maintenance costs, are recognised in the statement of comprehensive income, while other costs that are expected to provide future financial benefits are capitalised.
The depreciation period and method are assessed each year. A residual value and useful life is estimated at each year-end, and changes to the estimated residual value and useful life are recognised as a change in an estimate.
Considerations of climate effects in estimating the useful life
Several of the Group\u2019s subsidiaries operate in niche markets with a significant amount of specialized land-based and sea-based machinery and equipment. Future regulatory requirements and contractual demands may affect the useful life of certain assets, particularly where stricter environmental standards or customer expectations drive the need for equipment upgrades or replacements.
As part of our ongoing assessment, we have evaluated the potential financial impact of these factors on the estimated useful life of the Group\u2019s machinery and equipment. While no immediate adjustments have been made to carrying amounts, End\u00far will continue to monitor potential changes in asset requirements and adjust capital expenditure plans accordingly.
The transition to lower-emission alternatives remains contingent on technological advancements and the availability of suitable equipment from market suppliers. At present, fully viable substitutes for certain specialized machinery remain limited, and large-scale replacements would require further development in market infrastructure and equipment capabilities. Given these uncertainties, the expected financial impact of short- and mid-term capital expenditures is not considered to have a material effect at this stage, as the replacement of machinery and equipment will be evaluated based on operational needs, regulatory developments, and contract-specific requirements.
2024 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202457.81 015.51 073.3
Additions4.652.056.6
Additions through business combinations3-86.186.1
Disposals(3.3)(32.7)(36.0)
Currency adjustment0.413.413.9
Acquisition cost as of 31 Dec. 202459.51 134.31 193.8
Accumulated depreciations as of 1 Jan. 2024(21.7)(585.3)(607.0)
Additions through business combinations3-(76.7)(76.7)
Current year's depreciation(2.3)(82.8)(85.1)
Current year's impairment-(0.4)(0.4)
Disposals-26.626.6
Currency adjustment(0.2)(7.6)(7.7)
Accumulated depreciations as of 31 Dec. 2024(24.2)(726.1)(750.4)
Book value 31. Dec 202435.3408.2443.5
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
2023 (NOKm)NoteLand, buildingsMachinery and other equipmentTotal
Acquisition cost as of 1 Jan. 202328.6798.5827.1
Acquisitions3.035.138.1
Acquisitions through business combinations11.9156.2168.0
Disposals-(2.8)(2.8)
Currency adjustment1.141.742.9
Other changes13.2(13.2)(0.0)
Acquisition cost as of 31 Dec. 202357.81 015.51 073.3
Accumulated depreciations as of 1 Jan. 2023(14.4)(421.0)(435.4)
Additions through business combinations(1.6)(82.6)(84.2)
Current year's depreciation(1.9)(73.0)(74.9)
Disposals-6.16.1
Currency adjustment(0.5)(18.1)(18.6)
Other changes(3.4)3.4-
Accumulated depreciations as of 31 Dec. 2023(21.7)(585.3)(607.0)
Book value 31. Dec 202336.1430.2466.3
Depreciation rates0-20 years 2-10 years
Depreciation planLinear Linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page97-cflshid_45390-tag293113": { "value": "
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page97-cflshid_45390-tag293112": { "value": "
NOTE 12:
IMPAIRMENT OF ASSETS
The carrying amounts of the Group\u2019s assets, other than employee benefit assets, inventories, deferred tax assets and derivatives are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If an indication of impairment exists, the asset\u2019s recoverable amount is estimated.
Cash-generating units (CGU) containing goodwill, assets that have an indefinite useful life and intangible assets that are not yet available for use are tested for impairment annually.
The recoverable amount is the greater of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the CGU to which the asset belongs.
An impairment loss is recognised whenever the carrying amount of an asset or its CGU exceeds its recoverable amount. Impairment losses are recognised in the income statement. An impairment loss recognised in respect of CGU is allocated first to goodwill and then to the other assets in the unit (group of units) on a pro rata basis.
An impairment loss on goodwill is not reversed. An impairment loss on other assets is reversed if there has been a change in the estimates used to determine the recoverable amount, and the change can be objectively related to an event occurring after the impairment was recognised. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognised", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page100-cflshid_46901-tag293114": { "value": "
NOTE 13:RIGHT-OF-USE-ASSETS AND LEASING LIABILITIES
RIGHT-OF-USE ASSETS
2024 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 2024127.9 84.1 119.6 2.1 333.7
Additions of right-of-use assets31.9 55.4 86.9 1.0 175.3
Additions through business acquisitions3 0.4 - 0.5 - 0.9
Disposals(4.0)(7.4)(21.7)(0.0)(33.1)
Currency exchange differences0.0 0.0 (0.0) 0.0 0.1
Other changes0.1 0.0 0.20.00.3
Acquisition cost 31 Dec. 2024156.4 132.1 185.5 3.1 477.1
Accumulated depreciations 1 Jan. 2024(55.1)(9.1)(16.4)(0.5)(81.1)
Depreciation(29.2)(32.7)(41.2)(0.8)(103.9)
Disposals2.9 6.8 14.3 - 24.0
Currency exchange differences(0.0)0.0 (0.0)(0.0)(0.1)
Other changes0.4(0.1)(0.2) 0.0 0.2
Accumulated depreciations 31 Dec. 2024(81.0)(35.1)(43.4)(1.3)(160.9)
\u00a0\u00a0\u00a0\u00a0\u00a0
Book value 31. Dec 202475.3 97.0 142.1 1.8 316.2
2023 (NOKm)NoteBuilding, propertyMachinery, equipmentVehicles, vesselsOther office equipmentTotal
Acquisition cost 1 Jan. 202393.8 16.1 24.0 1.3 135.2
Additions of right-of-use assets23.5 15.1 19.6 1.1 59.4
Additions through business acquisitions3 21.8 51.8 76.2 0.4 150.2
Disposals(12.3)- (0.8)(0.7)(13.9)
Currency exchange differences0.2 0.9 0.7 0.0 1.8
Other changes0.9 0.1 (0.0)(0.0)0.9
Acquisition cost 31 Dec. 2023127.9 84.1 119.6 2.1 333.7
Accumulated depreciations 1 Jan. 2023(37.7)(2.6)(5.3)(0.7)(46.5)
Depreciation(25.5)(6.5)(11.2)(0.5)(43.7)
Disposals8.7 - 0.2 0.7 9.5
Currency exchange differences(0.1)0.0 (0.0)(0.0)(0.1)
Other changes(0.5)(0.0)- 0.0 (0.5)
Accumulated depreciations 31 Dec. 2023(55.1)(9.1)(16.4)(0.5)(81.1)
Book value 31. Dec 2023\u00a072.8 \u00a075.0 \u00a0103.2 \u00a01.6 \u00a0252.5
LEASING LIABILITIES
(NOKm)20242023
Total lease liabilities at 1 Jan. 2024256.992.0
Additions from business combinations0.9150.2
New lease liabilities recognised during the period176.159.4
Cash payments for lease liabilities(119.5)(47.8)
Interest expensed from lease liabilities22.75.4
Amendments/Terminations of leases(9.2)(4.0)
Translation differences0.81.7
Total lease liabilities at 31 Dec. 2024327.8256.9
Aging of leasing liabilities
(NOKm)31.12.202431.12.2023
Debt analysis - contractual undiscounted cash flows
Less than 1 year117.783.0
1-5 years243.9190.4
Over 5 years17.021.3
Total378.7294.7
Non-current lease liabilities recognised230.3152.7
Current lease liabilities recognised97.5104.3
Total327.8256.9
The leasing liability as of 31 December 2024 primarily comprises lease of office space and other property, vehicles, vessels and office machines.
Other lease liabilities recognised in P&L
Leases with a lease term of 12 months or less are not capitalised. Low-value leases, typically office equipment / fixtures, are not capitalised.
(NOKm)20242023
Expense relating to short-term leases (included in other operating expenses)0.4 0.3
Expense relating to leases of low-value assets (included in other operating expenses)0.1 0.2
Variable lease payments (included in other operating expenses)0.7 0.7
Total1.2 1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page102-cflshid_48013-tag293078": { "value": "
Other lease liabilities recognised in P&L
Leases with a lease term of 12 months or less are not capitalised. Low-value leases, typically office equipment / fixtures, are not capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page102-cflshid_47969-tag293115": { "value": "
NOTE 14:
INVENTORIES
The cost of inventory is based on the FIFO method and includes costs of bringing the goods to their present state and location.
(NOKm)31.12.202431.12.2023
Raw materials and consumables14.96.7
Work in progress0.0
Finished goods41.936.4
Impairment of inventories(1.3)(1.3)
Total55.541.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page102-cflshid_47969-tag293116": { "value": "
NOTE 14:
INVENTORIES
The cost of inventory is based on the FIFO method and includes costs of bringing the goods to their present state and location.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page103-cflshid_48367-tag293118": { "value": "
NOTE 15:
TRADE AND OTHER RECEIVABLES AND CONTRACT BALANCES
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL).
Trade receivables represent the Group\u2019s right to an amount of consideration that is unconditional.
(NOKm)20242023
Trade receivables at nominal value476.1638.6
Provision for bad debt(58.2)(124.4)
Trade receivables, net418.0514.1
Prepaid expenses51.619.3
Other short-term receivables28.536.4
Provision for bad debt
Total498.1569.8
MATURITY PROFILE OF TRADE RECEIVABLES
20242023
(NOKm)Trade receivablesProvision for bad debtsTrade receivablesProvision for bad debts
Not overdue245.4(2.0)287.9(14.7)
Overdue 0-30 days110.8(0.7)50.70.1
Overdue 31-90 days9.366.1(0.3)
Overdue 91-365 days21.3(0.2)115.0(20.2)
Overdue > 1 year 89.8(55.3)119.8(89.4)
Ending Balance476.1(58.2)638.6(124.4)
In 2024 NOK 54 million in provisions for bad debt on trade receivables overdue by more than 12 months pertain to one project undertaken by BMO Entrepren\u00f8r AS respectively prior to their incorporation into End\u00far. BMO Entrepren\u00f8r AS was involved in a dispute against the Norwegian Public Roads Administration (NPRA) related to Nordhordlandsbrua. The provisions reflect the settlement from the court decisions. These receivables were largely guaranteed through an indemnity provided by the seller of BMO Entrepren\u00f8r AS which provide that End\u00far\u2019s risk of incurring losses from this disputed project is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page103-cflshid_48367-tag293117": { "value": "
NOTE 15:
TRADE AND OTHER RECEIVABLES AND CONTRACT BALANCES
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL).
Trade receivables represent the Group\u2019s right to an amount of consideration that is unconditional.
(NOKm)20242023
Trade receivables at nominal value476.1638.6
Provision for bad debt(58.2)(124.4)
Trade receivables, net418.0514.1
Prepaid expenses51.619.3
Other short-term receivables28.536.4
Provision for bad debt
Total498.1569.8
MATURITY PROFILE OF TRADE RECEIVABLES
20242023
(NOKm)Trade receivablesProvision for bad debtsTrade receivablesProvision for bad debts
Not overdue245.4(2.0)287.9(14.7)
Overdue 0-30 days110.8(0.7)50.70.1
Overdue 31-90 days9.366.1(0.3)
Overdue 91-365 days21.3(0.2)115.0(20.2)
Overdue > 1 year 89.8(55.3)119.8(89.4)
Ending Balance476.1(58.2)638.6(124.4)
In 2024 NOK 54 million in provisions for bad debt on trade receivables overdue by more than 12 months pertain to one project undertaken by BMO Entrepren\u00f8r AS respectively prior to their incorporation into End\u00far. BMO Entrepren\u00f8r AS was involved in a dispute against the Norwegian Public Roads Administration (NPRA) related to Nordhordlandsbrua. The provisions reflect the settlement from the court decisions. These receivables were largely guaranteed through an indemnity provided by the seller of BMO Entrepren\u00f8r AS which provide that End\u00far\u2019s risk of incurring losses from this disputed project is limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page103-cflshid_48411-tag293079": { "value": "
TRADE AND OTHER RECEIVABLES
Trade and other receivables are recognized at the original invoiced amount, less impairment losses. Impairment losses are estimated using the simplified approach in calculating the expected credit losses (ECL).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page105-cflshid_49367-tag293119": { "value": "
NOTE 16:CASH AND CASH EQUIVALENTS
The Groups cash and cash equivalents consists of the following as per year end:
(NOKm)31.12.202431.12.2023
Cash and cash equivalents177.389.5
Cash and bank deposits - restricted funds15.213.7
Total192.5103.2
RESTRICTED FUNDS
(NOKm)31.12.202431.12.2023
Tax withholding accounts 11.310.0
Security related to guarantees issued0.0
Deposit accounts for non-insured pension obligations3.93.8
Total15.213.7
The Group companies End\u00far Maritime AS, BMO Entrepren\u00f8r AS, Agder Marine AS, Leif Hodnemyr Transport AS and Sand\u00e5s Anlegg AS have established bank guarantee for tax payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page105-cflshid_49367-tag293120": { "value": "
RESTRICTED FUNDS
(NOKm)31.12.202431.12.2023
Tax withholding accounts 11.310.0
Security related to guarantees issued0.0
Deposit accounts for non-insured pension obligations3.93.8
Total15.213.7
The Group companies End\u00far Maritime AS, BMO Entrepren\u00f8r AS, Agder Marine AS, Leif Hodnemyr Transport AS and Sand\u00e5s Anlegg AS have established bank guarantee for tax payment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page105-cflshid_49367-tag293081": { "value": "
NOTE 17:TRADE AND OTHER PAYABLES
(NOKm)31.12.202431.12.2023
Trade payables332.3261.7
Accrued expenses33.436.8
Public duties and taxes54.389.9
Holiday-pay allowance46.141.7
Salary liability60.546.6
Provisions20.719.9
Other current liabilities77.266.7
Total624.6563.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page105-cflshid_49367-tag293080": { "value": "
NOTE 17:TRADE AND OTHER PAYABLES
(NOKm)31.12.202431.12.2023
Trade payables332.3261.7
Accrued expenses33.436.8
Public duties and taxes54.389.9
Holiday-pay allowance46.141.7
Salary liability60.546.6
Provisions20.719.9
Other current liabilities77.266.7
Total624.6563.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page106-cflshid_49672-tag293121": { "value": "
NOTE 18:
PROVISIONS
The Groups provisions mainly consist of the following:
Warranty provision and guarantee liabilities
A provision for warranty is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
Group companies assess and recognize provisions for warranty and guarantee provisions when relevant circumstances become known or are deemed probable. These provisions are allocated specifically to ongoing or completed projects rather than as general or unspecified balance sheet provisions. Actual costs incurred are continuously matched against these provisions. Artec Aqua applies a more standardized provision approach, reflecting the potentially warranty obligations associated with completed projects of considerable scope. There is estimation uncertainty related to several factors, including the fact that cost-bearing circumstances may not necessarily materialize, and that the magnitude of potential costs remains uncertain. Large and complex contracts, involving multiple stakeholders such as the end client, main contractors, subcontractors, and suppliers of parallel works, create significant room for interpretation regarding the allocation of responsibilities for remediation needs. The provision is recognized under the balance sheet item Other current liabilities, and changes in provisions are accounted for through operating expenses in the income statement.
(NOKm)WarrantiesOther provisionsTotal
Balance as at 1 Jan. 202419.60.319.9
Provisions made during the year3.220.523.7
Provisions used during the year(1.6)(17.5)(19.1)
Provisions reversed during the year(3.6)(0.3)(3.8)
Balance as at 31 Dec. 202417.63.020.7
Expected timing of payment
(NOKm)WarrantiesOther provisionsTotal
Current13.83.016.8
Non-current3.93.9
Total17.63.020.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page106-cflshid_49672-tag293122": { "value": "
NOTE 18:
PROVISIONS
The Groups provisions mainly consist of the following:
Warranty provision and guarantee liabilities
A provision for warranty is recognised when the underlying products or services are sold. The provision is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities.
Group companies assess and recognize provisions for warranty and guarantee provisions when relevant circumstances become known or are deemed probable. These provisions are allocated specifically to ongoing or completed projects rather than as general or unspecified balance sheet provisions. Actual costs incurred are continuously matched against these provisions. Artec Aqua applies a more standardized provision approach, reflecting the potentially warranty obligations associated with completed projects of considerable scope. There is estimation uncertainty related to several factors, including the fact that cost-bearing circumstances may not necessarily materialize, and that the magnitude of potential costs remains uncertain. Large and complex contracts, involving multiple stakeholders such as the end client, main contractors, subcontractors, and suppliers of parallel works, create significant room for interpretation regarding the allocation of responsibilities for remediation needs. The provision is recognized under the balance sheet item Other current liabilities, and changes in provisions are accounted for through operating expenses in the income statement", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page107-cflshid_50106-tag293123": { "value": "
NOTE 19:
FINANCIAL INSTRUMENTS
The Group\u2019s financial assets mainly consist of debt instruments (receivables) and cash. The receivables cash flows consist only of principal and any interest, and all receivables are only held to receive contractual cash flows.
The Group\u2019s financial liabilities consist of bank loans, vendor credit payables and other payment obligations.
Overview of carrying amounts of financial instruments in the consolidated balance sheet
2024 (NOKm)NoteFinancial assets and liabilities at amortized costFinancial assets and liabilities at fair value through profit and lossFinancial assets and liabilities at fair value through OCITotal carrying amount 2024
Financial assets by category
Financial derivatives21, 22----
Other financial assets12.0--12.0
Trade receivables15418.0--418.0
Cash and cash equivalents16192.5--103.2
Total622.5--622.5
Financial liabilities by category
Loans and borrowings \u2013 non-current20541.1--541.1
Other non-current liabilities3, 20-60.0-60.0
Loans and borrowings \u2013 current20118.0--118.0
Trade payables17335.8--335.8
Total994.960.0-1 054.9
2023 (NOKm)NoteFinancial assets and liabilities at amortized costFinancial assets and liabilities at fair value through profit and lossFinancial assets and liabilities at fair value through OCITotal carrying amount 2023
Financial assets by category
Financial derivatives21, 22-3.9-3.9
Other financial assets0.7--0.7
Trade receivables15514.1--514.1
Cash and cash equivalents16103.2--103.2
Total618.03.9-621.9
Financial liabilities by category
Loans and borrowings20645.9--645.9
Other non-current liabilities3, 20-50.0-50.0
Other financial liabilities----
Other current loans20109.0--109.0
Trade payables17261.7--261.7
Total1 016.650.0-1 066.6
Fair value of financial assets and liabilities not measured at fair value
The Group has not disclosed the fair values for financial assets and liabilities not measured at fair value as the carrying amount is considered to be a reasonable approximation of fair value.
NOTE 20: LOANS AND BORROWINGS
LOANS AND BORROWINGS
(NOKm)20242023
Non-current loans and borrowings
Secured bank loans446.6547.7
Other loans94.598.2
Current loans and borrowings
Secured bank loans118.0109.0
Total659.1754.9
Instalments for 2025 on our long-term bank facility is classified as current loans and borrowings as per 31.12.24. Loans and borrowings for 2023 have been restated to reflect the current portion of non-current loans as per 31.12.23.
TERMS AND REPAYMENT SCHEDULE
(NOKm)CurrencyNominal interest rateYear of maturityCarrying amount
Secured bank loanNOK/SEKSee description below2026564.6
Other loans NOK5 % PIK2028-202952.6
Other loans NOKFixed margin 1-1.5 % + 3 M NIBOR2028-202936.5
Other loansNOK5 % PIK20253.8
Other loansNOK3-6 %2023-20241.6
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The interest rate margins on
the new bank loans are contingent on the Group\u2019s leverage ratio (Net interest-bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follows: Leverage ratio below 2.00: 3.55 % margin, leverage ratio between 2.00 and 2.50: 3.60 % margin, leverage ratio between 2.50 and 3.00; 3.80 % margin, leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.5 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.0 million.
Refinancing of bank facilities
In February 2025, End\u00far ASA refinanced existing bank facilities with our existing bank syndicate, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The refinancing includes NOK 600 million in term loans, structured to refinance all current bank loans. The loans will have quarterly instalments of NOK 15 million. As part of this refinancing, End\u00far secured a NOK 400 million acquisition financing facility, where NOK 50 million was earmarked for the acquisition of VAQ AS and the remaining utilized for the Total Betong acquisition. This facility will have quarterly instalments of NOK 10 million.
The bank financing facilities are subject to a financial covenant, requiring a minimum equity ratio of 30% and a maximum leverage ratio that gradually decreases over time. The interest rate margin structure is based on the leverage ratio, for further details see Note 30 Subsequent events.
Carrying amount of assets pledged as security for liabilities
(NOKm)31.12.202431.12.2023
Property, plant and equipment360.3 371.8
Inventories81.041.9
Contract assets161.8107.1
Trade and other receivables505.6 546.2
Cash and cash equivalents177.3 89.5
Reconciliation of movements of liabilities to cash flows arising from financing activities
(NOKm)Secured bank loan non-currentOther loansSecured bank loan currentTotal
Balance as at 1 Jan. 2024 547.7 98.2 109.0 754.9
Changes from financing cash flows
Proceeds from loans and borrowings- - - -
Repayment of borrowings-(7.9)(96.3)(104.2)
Total changes from financing cash flows 547.7 90.3 12.7 650.7
Changes arising from business combinations- 3.8 - 3.8
Reclassification from non-current to current(105.3)-105.3-
Other changes 4.2 0.5 - 4.7
Balance as at 31 Dec. 2024 446.6 94.5 118.0 659.1
(NOKm)Secured bond loanSecured bank loannon-currentOther loansSecured bank loan currentTotal
Balance as at 1 Jan. 2023 806.1 - 4.3 0.1 810.5
Changes from financing cash flows
Proceeds from loans and borrowings- 638.1 -- 638.1
Repayment of borrowings (incl. bond buy-back)(816.3)---(816.3)
Total changes from financing cash flows(10.2) 638.1 4.3 0.1 632.3
Changes arising from business combinations--96.5-96.5
Reclassification from non-current to current-(109.0)-109.0-
Other changes 10.2 18.6 (2.6)(0.1) 26.1
Balance as at 31 Dec. 2023- 547.7 98.2 109.0 754.9
Other changes consist primarily of change in accrued interest and amortisation.
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2024:
20242023
(NOKm)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Derivative instruments-----3.9-3.9
Financial assets measured at fair value-----3.9-3.9
Contingent earn-out--60.060.0--50.050.0
Financial liabilities measured at fair value--60.060.0--50.050.0
Financial derivatives
In 2024 End\u00far terminated an interest rate swap. The financial income related to termination of the swap amounted to NOK 4.7 million, whereby NOK 3.9 million was already reflected as of 31.12.23.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg in 2023 is measured at fair value at the acquisition date using estimates of discounted cash flows. The consideration agreement includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out is increased from NOK 50 million to NOK 60 million in 2024 to reflect the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS. The subsequent measurement of the earn-out is at fair value through profit and loss.
NOTE 22:
FINANCIAL RISK MANAGEMENT
The Group is exposed to the following financial risks resulting from the use of financial instruments:
- credit risk- liquidity risk- market risk - currency risk - interest rate risk
The board of directors has overall responsibility for establishing and monitoring the Group\u2019s risk management framework. Risk management principles have been established in order to identify and analyse the risks to which the Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to reflect changes in activities and market conditions.
CREDIT RISK
Credit risk is the risk of financial losses in the event that a customer or counterparty in a financial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s receivables from customers. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less influence on the credit risk. There is no geographical concentration of credit risk. For loss-allowances related to trade receivables, see further details in Note 15.
The Group\u2019s trade receivables are related to the segments infrastructure, Aquaculture solutions and Other. The customers are public customers within maritime and transport related infrastructure, aquaculture companies and other industrial companies of all sizes.
The Group has established guidelines for credit rating. This means that the creditworthiness of all new customers is assessed on an individual basis before the customer is offered the Group\u2019s standard terms and conditions for delivery and payment.
For the public sector, credit risk is considered to be minimal and for Norwegian private customers, most contracts follow standards with requirements of providing security before fulfilment of contractual obligations, reducing the credit exposure for the Group. The Groups sales directly to the public sector amounted to approx. 46 % of operating revenue in 2024.
The credit risk linked to transactions on financial derivatives is considered to be limited as the counterparties are banks with a high credit ranking.
Credit risk is monitored by subsidiaries and at group level. The Group regards its maximum credit risk exposure to the carrying amount of trade debtors and other receivables.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions. The Group management monitors the Groups liquidity through revolving liquidity forecast. See note 20 for more information on the Group\u2019s loans and borrowings as of 31.12.2024.
The Group\u2019s liquidity is impacted by seasonal fluctuations and fluctuations between different project phases. The Group had NOK 342.5 million in liquidity reserves as at 31.12.2024, including 15.2 million in restricted funds and NOK 150 million in non-utilized overdraft facility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date, including payment of interest and without the effect of settlement arrangements:
31.12.2024Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans \u2013 non-current 446.6 503.8 22.0 19.5 462.3 --
Other loans94.5 98.4 7.8 9.0 76.0 5.6 -
Other non-current liabilities60.0 60.0 --60.0 --
Secured bank loans \u2013 current118.0118.059.059.0---
Trade and other payables621.7 621.7 621.7 ----
Total1 340.8 1 401.9 710.5 87.6 598.3 5.6 -
31.12.2023Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans547.7651.528.319.5158.2445.6-
Other loans98.2104.710.20.915.777.9-
Other non-current liabilities50.050.0---50.0-
Current interest-bearing debt109.0109.050.059.0---
Financial derivatives3.94.4--4.4--
Trade and other payables563.5563.5563.5----
Total1 372.31 483.1652.179.4178.2573.4-
MARKET RISK
Market risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the parent company\u2019s bank loan facility of SEK 266 million (outstanding as per 31.12.24) as part of our financing, but also has minor exposure against other currencies. The Group continuously assesses the
need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the parent company SEK bank facility and assumes all other variables remain unchanged.
(NOKm)20242023
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax an equity4.4 11.5
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to changes in market interest rates relates primarily to the Group\u2019s secured bank loan with floating interest rates. End\u00far entered into an interest rate swap in 2022 to partly hedge against the interest rate risk of the Group, the interest rate swap was terminated in 2024, and the group continuously assess whether to hedge against interest rate risk.
Sensitivity analysis
A change in the interest rate of 100 base points on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below (net of interest rate swap in 2023). This analysis assumes that all other variables, particularly the exchange rates, remain unchanged.
(NOKm)20242023
Effect of 100 bp increase in interest rate
Effect on profit after tax and equity(4.7) (4.5)
CAPITAL MANAGEMENT
The Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the confidence of investors, creditors and market, and to develop business activities. The return on capital is monitored by the board. Return on capital is defined as the operating profit/ loss divided by the total equity. The board also monitors the level of dividends on ordinary shares. The Board of Directors initiated a share buy-back program in March 2024, for further details, see Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page109-cflshid_50953-tag293084": { "value": "
NOTE 20: LOANS AND BORROWINGS
LOANS AND BORROWINGS
(NOKm)20242023
Non-current loans and borrowings
Secured bank loans446.6547.7
Other loans94.598.2
Current loans and borrowings
Secured bank loans118.0109.0
Total659.1754.9
Instalments for 2025 on our long-term bank facility is classified as current loans and borrowings as per 31.12.24. Loans and borrowings for 2023 have been restated to reflect the current portion of non-current loans as per 31.12.23.
TERMS AND REPAYMENT SCHEDULE
(NOKm)CurrencyNominal interest rateYear of maturityCarrying amount
Secured bank loanNOK/SEKSee description below2026564.6
Other loans NOK5 % PIK2028-202952.6
Other loans NOKFixed margin 1-1.5 % + 3 M NIBOR2028-202936.5
Other loansNOK5 % PIK20253.8
Other loansNOK3-6 %2023-20241.6
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The interest rate margins on
the new bank loans are contingent on the Group\u2019s leverage ratio (Net interest-bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follows: Leverage ratio below 2.00: 3.55 % margin, leverage ratio between 2.00 and 2.50: 3.60 % margin, leverage ratio between 2.50 and 3.00; 3.80 % margin, leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.5 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.0 million.
Refinancing of bank facilities
In February 2025, End\u00far ASA refinanced existing bank facilities with our existing bank syndicate, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The refinancing includes NOK 600 million in term loans, structured to refinance all current bank loans. The loans will have quarterly instalments of NOK 15 million. As part of this refinancing, End\u00far secured a NOK 400 million acquisition financing facility, where NOK 50 million was earmarked for the acquisition of VAQ AS and the remaining utilized for the Total Betong acquisition. This facility will have quarterly instalments of NOK 10 million.
The bank financing facilities are subject to a financial covenant, requiring a minimum equity ratio of 30% and a maximum leverage ratio that gradually decreases over time. The interest rate margin structure is based on the leverage ratio, for further details see Note 30 Subsequent events.
Carrying amount of assets pledged as security for liabilities
(NOKm)31.12.202431.12.2023
Property, plant and equipment360.3 371.8
Inventories81.041.9
Contract assets161.8107.1
Trade and other receivables505.6 546.2
Cash and cash equivalents177.3 89.5
Reconciliation of movements of liabilities to cash flows arising from financing activities
(NOKm)Secured bank loan non-currentOther loansSecured bank loan currentTotal
Balance as at 1 Jan. 2024 547.7 98.2 109.0 754.9
Changes from financing cash flows
Proceeds from loans and borrowings- - - -
Repayment of borrowings-(7.9)(96.3)(104.2)
Total changes from financing cash flows 547.7 90.3 12.7 650.7
Changes arising from business combinations- 3.8 - 3.8
Reclassification from non-current to current(105.3)-105.3-
Other changes 4.2 0.5 - 4.7
Balance as at 31 Dec. 2024 446.6 94.5 118.0 659.1
(NOKm)Secured bond loanSecured bank loannon-currentOther loansSecured bank loan currentTotal
Balance as at 1 Jan. 2023 806.1 - 4.3 0.1 810.5
Changes from financing cash flows
Proceeds from loans and borrowings- 638.1 -- 638.1
Repayment of borrowings (incl. bond buy-back)(816.3)---(816.3)
Total changes from financing cash flows(10.2) 638.1 4.3 0.1 632.3
Changes arising from business combinations--96.5-96.5
Reclassification from non-current to current-(109.0)-109.0-
Other changes 10.2 18.6 (2.6)(0.1) 26.1
Balance as at 31 Dec. 2023- 547.7 98.2 109.0 754.9
Other changes consist primarily of change in accrued interest and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page109-cflshid_50953-tag293083": { "value": "
NOTE 20: LOANS AND BORROWINGS
LOANS AND BORROWINGS
(NOKm)20242023
Non-current loans and borrowings
Secured bank loans446.6547.7
Other loans94.598.2
Current loans and borrowings
Secured bank loans118.0109.0
Total659.1754.9
Instalments for 2025 on our long-term bank facility is classified as current loans and borrowings as per 31.12.24. Loans and borrowings for 2023 have been restated to reflect the current portion of non-current loans as per 31.12.23.
TERMS AND REPAYMENT SCHEDULE
(NOKm)CurrencyNominal interest rateYear of maturityCarrying amount
Secured bank loanNOK/SEKSee description below2026564.6
Other loans NOK5 % PIK2028-202952.6
Other loans NOKFixed margin 1-1.5 % + 3 M NIBOR2028-202936.5
Other loansNOK5 % PIK20253.8
Other loansNOK3-6 %2023-20241.6
Secured bank loan
In connection with the refinancing of the net NOK 810 million secured bond loan in March 2023. End\u00far entered into a bank loan agreement with a syndicate consisting of SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The bank financing includes a NOK 250 million term loan (\"Facility A\"). a SEK 300 million term loan (\"Facility B\") and a NOK 150 million overdraft facility (\"Facility C\") (together. the \"Facilities\"). Facility A and B will have 3-year maturity with quarterly instalments of NOK 12 million and SEK 13 million. Transaction cost amortized on the bank loan amounted to NOK 16.4 million.
The bank financing facilities are subject to a financial covenant which requires maintaining a leverage ratio not greater than 3.25x up to 31 December 2023. and then 3.0x. 2.75x and 2.5x up to 30 June 2024. 30 September 2024 and until maturity.
The NOK loan facilities use NIBOR 3M as reference rates. and the SEK loan facility use STIBOR 3M as reference rate. The interest rate margins on
the new bank loans are contingent on the Group\u2019s leverage ratio (Net interest-bearing debt divided by earnings before interest, tax, depreciation, and amortization) and are as follows: Leverage ratio below 2.00: 3.55 % margin, leverage ratio between 2.00 and 2.50: 3.60 % margin, leverage ratio between 2.50 and 3.00; 3.80 % margin, leverage ratio between 3.00 and 3.25: 4.05 % margin
In addition, the acquisition of Repstad Anlegg AS was partially financed with a NOK 100 million 3-year loan facility from SpareBank 1 SR-Bank ASA and SpareBank 1 SMN. The loan facility has the same terms as the existing NOK loan (\u201cFacility A\u201d), with quarterly instalments of NOK 4.5 million beginning in Q3 2024. Transaction cost amortized on the bank loan amounted to NOK 3.0 million.
Refinancing of bank facilities
In February 2025, End\u00far ASA refinanced existing bank facilities with our existing bank syndicate, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The refinancing includes NOK 600 million in term loans, structured to refinance all current bank loans. The loans will have quarterly instalments of NOK 15 million. As part of this refinancing, End\u00far secured a NOK 400 million acquisition financing facility, where NOK 50 million was earmarked for the acquisition of VAQ AS and the remaining utilized for the Total Betong acquisition. This facility will have quarterly instalments of NOK 10 million.
The bank financing facilities are subject to a financial covenant, requiring a minimum equity ratio of 30% and a maximum leverage ratio that gradually decreases over time. The interest rate margin structure is based on the leverage ratio, for further details see Note 30 Subsequent events.
Carrying amount of assets pledged as security for liabilities
(NOKm)31.12.202431.12.2023
Property, plant and equipment360.3 371.8
Inventories81.041.9
Contract assets161.8107.1
Trade and other receivables505.6 546.2
Cash and cash equivalents177.3 89.5
Reconciliation of movements of liabilities to cash flows arising from financing activities
(NOKm)Secured bank loan non-currentOther loansSecured bank loan currentTotal
Balance as at 1 Jan. 2024 547.7 98.2 109.0 754.9
Changes from financing cash flows
Proceeds from loans and borrowings- - - -
Repayment of borrowings-(7.9)(96.3)(104.2)
Total changes from financing cash flows 547.7 90.3 12.7 650.7
Changes arising from business combinations- 3.8 - 3.8
Reclassification from non-current to current(105.3)-105.3-
Other changes 4.2 0.5 - 4.7
Balance as at 31 Dec. 2024 446.6 94.5 118.0 659.1
(NOKm)Secured bond loanSecured bank loannon-currentOther loansSecured bank loan currentTotal
Balance as at 1 Jan. 2023 806.1 - 4.3 0.1 810.5
Changes from financing cash flows
Proceeds from loans and borrowings- 638.1 -- 638.1
Repayment of borrowings (incl. bond buy-back)(816.3)---(816.3)
Total changes from financing cash flows(10.2) 638.1 4.3 0.1 632.3
Changes arising from business combinations--96.5-96.5
Reclassification from non-current to current-(109.0)-109.0-
Other changes 10.2 18.6 (2.6)(0.1) 26.1
Balance as at 31 Dec. 2023- 547.7 98.2 109.0 754.9
Other changes consist primarily of change in accrued interest and amortisation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52376-tag293126": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2024:
20242023
(NOKm)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Derivative instruments-----3.9-3.9
Financial assets measured at fair value-----3.9-3.9
Contingent earn-out--60.060.0--50.050.0
Financial liabilities measured at fair value--60.060.0--50.050.0
Financial derivatives
In 2024 End\u00far terminated an interest rate swap. The financial income related to termination of the swap amounted to NOK 4.7 million, whereby NOK 3.9 million was already reflected as of 31.12.23.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg in 2023 is measured at fair value at the acquisition date using estimates of discounted cash flows. The consideration agreement includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out is increased from NOK 50 million to NOK 60 million in 2024 to reflect the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52376-tag293125": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2024:
20242023
(NOKm)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Derivative instruments-----3.9-3.9
Financial assets measured at fair value-----3.9-3.9
Contingent earn-out--60.060.0--50.050.0
Financial liabilities measured at fair value--60.060.0--50.050.0
Financial derivatives
In 2024 End\u00far terminated an interest rate swap. The financial income related to termination of the swap amounted to NOK 4.7 million, whereby NOK 3.9 million was already reflected as of 31.12.23.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg in 2023 is measured at fair value at the acquisition date using estimates of discounted cash flows. The consideration agreement includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out is increased from NOK 50 million to NOK 60 million in 2024 to reflect the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52376-tag293124": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2024:
20242023
(NOKm)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Derivative instruments-----3.9-3.9
Financial assets measured at fair value-----3.9-3.9
Contingent earn-out--60.060.0--50.050.0
Financial liabilities measured at fair value--60.060.0--50.050.0
Financial derivatives
In 2024 End\u00far terminated an interest rate swap. The financial income related to termination of the swap amounted to NOK 4.7 million, whereby NOK 3.9 million was already reflected as of 31.12.23.
Contingent earn-out
The contingent earn-out consideration from the acquisition of Repstad Anlegg in 2023 is measured at fair value at the acquisition date using estimates of discounted cash flows. The consideration agreement includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out is increased from NOK 50 million to NOK 60 million in 2024 to reflect the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52420-tag293127": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
Financial assets and liabilities measured at fair value as per year end 2024:
20242023
(NOKm)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Derivative instruments-----3.9-3.9
Financial assets measured at fair value-----3.9-3.9
Contingent earn-out--60.060.0--50.050.0
Financial liabilities measured at fair value--60.060.0--50.050.0
Financial derivatives
In 2024 End\u00far terminated an interest rate swap. The financial income related to termination of the swap amounted to NOK 4.7 million, whereby NOK 3.9 million was already reflected as of 31.12.23.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52420-tag293129": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
The contingent earn-out consideration from the acquisition of Repstad Anlegg in 2023 is measured at fair value at the acquisition date using estimates of discounted cash flows. The consideration agreement includes an earn-out of +/- 2x Earnings before interest and tax in local GAAP from 2023 to 2025 with a reference point of NOK 150 million, capped and floored at + NOK 100 million and \u2013 NOK 50 million, due by June 2026. The contingent earn-out is increased from NOK 50 million to NOK 60 million in 2024 to reflect the final adjustments on the Purchase Price Allocation from the acquisition of Repstad Anlegg AS. The subsequent measurement of the earn-out is at fair value through profit and loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52420-tag293128": { "value": "
NOTE 21:
FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS
The Group have the following financial assets and liabilities measured at fair value through profit and loss; derivative financial instruments and contingent earn-out liability from acquisition of business (see note 3 for more details).
The Group uses the following derivative financial instruments to hedge its risks associated with interest rates: interest rate swaps. Derivatives are recognised without any offsetting; as assets when the value is positive and as liabilities when the value is negative, unless the Group has the intention or legally enforceable right to settle the contracts net.
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page112-cflshid_52420-tag293085": { "value": "
Fair value hierarchy
The Group classifies the financial instruments at fair value in accordance with the valuation hierarchy prescribed under the accounting standards. The various levels are defined as follows:
Level 1 \u2013 Quoted price (unadjusted) in active markets for identical assets or liabilities.
Level 2 \u2013 Valuation derived directly or indirectly from a quoted price within level 1.
Level 3 \u2013 Valuation based on inputs not obtained from observable market data.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page113-cflshid_52934-tag293130": { "value": "
NOTE 22:
FINANCIAL RISK MANAGEMENT
The Group is exposed to the following financial risks resulting from the use of financial instruments:
- credit risk- liquidity risk- market risk - currency risk - interest rate risk
The board of directors has overall responsibility for establishing and monitoring the Group\u2019s risk management framework. Risk management principles have been established in order to identify and analyse the risks to which the Group is exposed, to stipulate limits on risk and pertaining control procedures, and to monitor risk and compliance with the limits. Risk management principles and systems are reviewed regularly to reflect changes in activities and market conditions.
CREDIT RISK
Credit risk is the risk of financial losses in the event that a customer or counterparty in a financial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s receivables from customers. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less influence on the credit risk. There is no geographical concentration of credit risk. For loss-allowances related to trade receivables, see further details in Note 15.
The Group\u2019s trade receivables are related to the segments infrastructure, Aquaculture solutions and Other. The customers are public customers within maritime and transport related infrastructure, aquaculture companies and other industrial companies of all sizes.
The Group has established guidelines for credit rating. This means that the creditworthiness of all new customers is assessed on an individual basis before the customer is offered the Group\u2019s standard terms and conditions for delivery and payment.
For the public sector, credit risk is considered to be minimal and for Norwegian private customers, most contracts follow standards with requirements of providing security before fulfilment of contractual obligations, reducing the credit exposure for the Group. The Groups sales directly to the public sector amounted to approx. 46 % of operating revenue in 2024.
The credit risk linked to transactions on financial derivatives is considered to be limited as the counterparties are banks with a high credit ranking.
Credit risk is monitored by subsidiaries and at group level. The Group regards its maximum credit risk exposure to the carrying amount of trade debtors and other receivables.
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions. The Group management monitors the Groups liquidity through revolving liquidity forecast. See note 20 for more information on the Group\u2019s loans and borrowings as of 31.12.2024.
The Group\u2019s liquidity is impacted by seasonal fluctuations and fluctuations between different project phases. The Group had NOK 342.5 million in liquidity reserves as at 31.12.2024, including 15.2 million in restricted funds and NOK 150 million in non-utilized overdraft facility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date, including payment of interest and without the effect of settlement arrangements:
31.12.2024Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans \u2013 non-current 446.6 503.8 22.0 19.5 462.3 --
Other loans94.5 98.4 7.8 9.0 76.0 5.6 -
Other non-current liabilities60.0 60.0 --60.0 --
Secured bank loans \u2013 current118.0118.059.059.0---
Trade and other payables621.7 621.7 621.7 ----
Total1 340.8 1 401.9 710.5 87.6 598.3 5.6 -
31.12.2023Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans547.7651.528.319.5158.2445.6-
Other loans98.2104.710.20.915.777.9-
Other non-current liabilities50.050.0---50.0-
Current interest-bearing debt109.0109.050.059.0---
Financial derivatives3.94.4--4.4--
Trade and other payables563.5563.5563.5----
Total1 372.31 483.1652.179.4178.2573.4-
MARKET RISK
Market risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the parent company\u2019s bank loan facility of SEK 266 million (outstanding as per 31.12.24) as part of our financing, but also has minor exposure against other currencies. The Group continuously assesses the
need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the parent company SEK bank facility and assumes all other variables remain unchanged.
(NOKm)20242023
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax an equity4.4 11.5
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to changes in market interest rates relates primarily to the Group\u2019s secured bank loan with floating interest rates. End\u00far entered into an interest rate swap in 2022 to partly hedge against the interest rate risk of the Group, the interest rate swap was terminated in 2024, and the group continuously assess whether to hedge against interest rate risk.
Sensitivity analysis
A change in the interest rate of 100 base points on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below (net of interest rate swap in 2023). This analysis assumes that all other variables, particularly the exchange rates, remain unchanged.
(NOKm)20242023
Effect of 100 bp increase in interest rate
Effect on profit after tax and equity(4.7) (4.5)
CAPITAL MANAGEMENT
The Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the confidence of investors, creditors and market, and to develop business activities. The return on capital is monitored by the board. Return on capital is defined as the operating profit/ loss divided by the total equity. The board also monitors the level of dividends on ordinary shares. The Board of Directors initiated a share buy-back program in March 2024, for further details, see Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page113-cflshid_52984-tag293086": { "value": "
CREDIT RISK
Credit risk is the risk of financial losses in the event that a customer or counterparty in a financial instrument is unable to meet its contractual obligations. Credit risk relates usually to the Group\u2019s receivables from customers. The Group\u2019s exposure to credit risk is mainly the result of individual factors relating to each individual customer. The demographics of the customer base, including the risk of default of payment in the industry and the country in which the customers operate, have less influence on the credit risk. There is no geographical concentration of credit risk. For loss-allowances related to trade receivables, see further details in Note 15.
The Group\u2019s trade receivables are related to the segments infrastructure, Aquaculture solutions and Other. The customers are public customers within maritime and transport related infrastructure, aquaculture companies and other industrial companies of all sizes.
The Group has established guidelines for credit rating. This means that the creditworthiness of all new customers is assessed on an individual basis before the customer is offered the Group\u2019s standard terms and conditions for delivery and payment.
For the public sector, credit risk is considered to be minimal and for Norwegian private customers, most contracts follow standards with requirements of providing security before fulfilment of contractual obligations, reducing the credit exposure for the Group. The Groups sales directly to the public sector amounted to approx. 46 % of operating revenue in 2024.
The credit risk linked to transactions on financial derivatives is considered to be limited as the counterparties are banks with a high credit ranking.
Credit risk is monitored by subsidiaries and at group level. The Group regards its maximum credit risk exposure to the carrying amount of trade debtors and other receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page113-cflshid_53206-tag293087": { "value": "
LIQUIDITY RISK
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities under both normal and stressed conditions. The Group management monitors the Groups liquidity through revolving liquidity forecast. See note 20 for more information on the Group\u2019s loans and borrowings as of 31.12.2024.
The Group\u2019s liquidity is impacted by seasonal fluctuations and fluctuations between different project phases. The Group had NOK 342.5 million in liquidity reserves as at 31.12.2024, including 15.2 million in restricted funds and NOK 150 million in non-utilized overdraft facility.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date, including payment of interest and without the effect of settlement arrangements:
31.12.2024Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans \u2013 non-current 446.6 503.8 22.0 19.5 462.3 --
Other loans94.5 98.4 7.8 9.0 76.0 5.6 -
Other non-current liabilities60.0 60.0 --60.0 --
Secured bank loans \u2013 current118.0118.059.059.0---
Trade and other payables621.7 621.7 621.7 ----
Total1 340.8 1 401.9 710.5 87.6 598.3 5.6 -
31.12.2023Contractual cash flows
(NOKm)Carrying amountTotal6 months or less6-12 months1-2 years2-5 yearsMore than 5 years
Secured bank loans547.7651.528.319.5158.2445.6-
Other loans98.2104.710.20.915.777.9-
Other non-current liabilities50.050.0---50.0-
Current interest-bearing debt109.0109.050.059.0---
Financial derivatives3.94.4--4.4--
Trade and other payables563.5563.5563.5----
Total1 372.31 483.1652.179.4178.2573.4-
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MARKET RISK
Market risk is the risk that fluctuations in market prices, e.g. exchange rates, the price of such raw materials as steel, and interest rates, will affect future cash flows or the value of financial instruments. Market risk management aims to ensure that risk exposure stays within the defined limits, while optimising the risk-adjusted return. Attempts should be made to secure major purchases in connection with projects as soon as possible after the final clarification of the project.
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the parent company\u2019s bank loan facility of SEK 266 million (outstanding as per 31.12.24) as part of our financing, but also has minor exposure against other currencies. The Group continuously assesses the
need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the parent company SEK bank facility and assumes all other variables remain unchanged.
(NOKm)20242023
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax an equity4.4 11.5
INTEREST RATE RISK
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to changes in market interest rates relates primarily to the Group\u2019s secured bank loan with floating interest rates. End\u00far entered into an interest rate swap in 2022 to partly hedge against the interest rate risk of the Group, the interest rate swap was terminated in 2024, and the group continuously assess whether to hedge against interest rate risk.
Sensitivity analysis
A change in the interest rate of 100 base points on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below (net of interest rate swap in 2023). This analysis assumes that all other variables, particularly the exchange rates, remain unchanged.
(NOKm)20242023
Effect of 100 bp increase in interest rate
Effect on profit after tax and equity(4.7) (4.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page114-cflshid_53495-tag293132": { "value": "
CURRENCY RISK
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to changes in foreign exchange rates relates primarily to the parent company\u2019s bank loan facility of SEK 266 million (outstanding as per 31.12.24) as part of our financing, but also has minor exposure against other currencies. The Group continuously assesses the
need for hedging remaining currency exposure, based on perceived risk and materiality.
Sensitivity analysis
A change in the foreign exchange rate towards SEK on the reporting date would have increased (reduced) equity and yearly profit by the amounts shown in the table below. The analysis shows the sensitivity of the parent company SEK bank facility and assumes all other variables remain unchanged.
(NOKm)20242023
Effect of 5 % appreciation of NOK towards SEK at 31 Dec
Effect on profit after tax an equity4.4 11.5
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CAPITAL MANAGEMENT
The Board of Directors\u2019 goal is to maintain a strong capital base in order to preserve the confidence of investors, creditors and market, and to develop business activities. The return on capital is monitored by the board. Return on capital is defined as the operating profit/ loss divided by the total equity. The board also monitors the level of dividends on ordinary shares. The Board of Directors initiated a share buy-back program in March 2024, for further details, see Note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page116-cflshid_54613-tag293133": { "value": "
NOTE 23:
SHARE CAPITAL AND SHAREHOLDER INFORMATION
SHARE CAPITAL
Issue of shares registered 05 March 2024 - The company\u2019s share capital increased by NOK 61,561.5 from NOK 18,384,513.5 to NOK 18,446,075 by issuing 123,123 new shares each with a nominal value of NOK 0.5. The issuance was in connection with the employee share purchase program for 2024.
At 31 December 2024 the share capital of End\u00far ASA was NOK 18,445,075 divided into 36,890,150 shares each with a nominal value of NOK 0.5. All shares have equal voting rights.
Shareholders as of 31 December 2024No of sharesHolding
Artec Holding AS6 598 31317.76 %
Tigerstaden Marine AS 2.000.000 5.38 %
Bever Holding AS1 750 739 4.71 %
Verdipapirfondet DNB Norge1 604 2194.32 %
Verdipapirfondet DNB SMB1 441 5133.88 %
Hausta Investor AS1 100 0002.96 %
Songa Capital AS997 7432.69 %
LGA Holding AS952 0242.56 %
BOW Holding AS861 7532.32 %
T\u00e5ka Holding AS842 1592.27 %
J\u00f6rn Ryberg Holding AB800 0002.15 %
Pirol AS750 0002.02 %
Fender Eiendom AS681 6001.83 %
Metal Monkey AS632 9831.70 %
Alden AS594 4701.60 %
Danske Bank A/S578 6041.14 %
Guttis AS510 8081.37 %
Gimle Invest AS418 4041.13 %
Cygnus Olor AB400 0001.08 %
T.D. Veen AS394 1091.06 %
Total shares owned by 20 largest shareholders23 909 44164.81 %
Other shareholders 12 980 709 35.19 %
Total number of shares 31.12.2024 36 890 150 100.00 %
SHARE BUY-BACK PROGRAM
At the General Meeting held on May 23, 2023, the Board of Directors received approval to acquire up to 1.629.741 treasury shares, with a maximum amount paid under the program of NOK 50 million. The buy-back program was initiated in Q1 2024, with the first trade executed 6 March 2024. The program is expected to be finalized within February 28\u2019th 2026, at the latest. The program will be used for corporate purposes in accordance with the authorization given by the Annual general Meeting.
The total amount of shares purchased through the buyback program per 31 December 2024 was 426.521, with a volume-weighted average cost price of NOK 51.74. As part of the acquisition of Norsk Bergsikring AS, 182,896 shares were transferred to a price per share of NOK 54,9492. In addition, 35.101 shares have been used for exercise of employee share options. As per 31 December 2024, the company holds 208.524 own shares corresponding to 0.57 % of the company\u2019s total registered share capital.
The following table shows shares owned by End\u00far ASA, as of 31 December 2024.
Changes in share holdingNoteConsideration paid/received in NOK millionNo of sharesHolding
Total number of treasury shares 01.01.2024- - %
Acquired during 202422.1426.521 1.16 %
Use of own shares - Share option program(1.5)(35.101) (0.10 %)
Use of own shares \u2013 Business combination3(10.0)(182.896) (0.50 %)
Total number of treasury shares 31.12.2024 10.6208 5240.57 %
SHARES OWNED BY EXECUTIVE PERSONNEL AND BOARD MEMBERS
The following table shows shares owned by executive personnel and board members, including shares owned by their related parties, as of 31 December 2024.
NameRole/TitleOwnershipNo of sharesHolding
P\u00e5l Reiulf OlsenChairmanShares owned by Poca Invest AS115 075 0.31 %
Bj\u00f8rn Finn\u00f8yBoard memberShares owned by Artec Holding AS6 598 313 17.88 %
Kristine LandmarkBoard member30 885 0.08 %
Jostein DevoldDeputy member, (member May 24-Mar 25) 5 0000.13 %
Jeppe RaaholtCEO End\u00far ASA and the GroupShares owned by R\u00e5bj\u00f8rn AS220 000 0.59 %
Einar OlsenCFO End\u00far ASA and the GroupShares owned by Red Devil Holding AS 50 000 0.13 %
Total number of shares 31.12.2024 owned by executive personnel and board members7 019 27319.03 %
At year end, in addition to the shareholdings presented above, P\u00e5l Reiulf Olsen owned 30,000 share options, Jeppe Raaholt owned 800,000 share options and Einar Olsen owned 540,000 share options. No loans nor guarantees have been issued to members of the Board.
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SHARE CAPITAL
Issue of shares registered 05 March 2024 - The company\u2019s share capital increased by NOK 61,561.5 from NOK 18,384,513.5 to NOK 18,446,075 by issuing 123,123 new shares each with a nominal value of NOK 0.5. The issuance was in connection with the employee share purchase program for 2024.
At 31 December 2024 the share capital of End\u00far ASA was NOK 18,445,075 divided into 36,890,150 shares each with a nominal value of NOK 0.5. All shares have equal voting rights.
Shareholders as of 31 December 2024No of sharesHolding
Artec Holding AS6 598 31317.76 %
Tigerstaden Marine AS 2.000.000 5.38 %
Bever Holding AS1 750 739 4.71 %
Verdipapirfondet DNB Norge1 604 2194.32 %
Verdipapirfondet DNB SMB1 441 5133.88 %
Hausta Investor AS1 100 0002.96 %
Songa Capital AS997 7432.69 %
LGA Holding AS952 0242.56 %
BOW Holding AS861 7532.32 %
T\u00e5ka Holding AS842 1592.27 %
J\u00f6rn Ryberg Holding AB800 0002.15 %
Pirol AS750 0002.02 %
Fender Eiendom AS681 6001.83 %
Metal Monkey AS632 9831.70 %
Alden AS594 4701.60 %
Danske Bank A/S578 6041.14 %
Guttis AS510 8081.37 %
Gimle Invest AS418 4041.13 %
Cygnus Olor AB400 0001.08 %
T.D. Veen AS394 1091.06 %
Total shares owned by 20 largest shareholders23 909 44164.81 %
Other shareholders 12 980 709 35.19 %
Total number of shares 31.12.2024 36 890 150 100.00 %
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SHARE BUY-BACK PROGRAM
At the General Meeting held on May 23, 2023, the Board of Directors received approval to acquire up to 1.629.741 treasury shares, with a maximum amount paid under the program of NOK 50 million. The buy-back program was initiated in Q1 2024, with the first trade executed 6 March 2024. The program is expected to be finalized within February 28\u2019th 2026, at the latest. The program will be used for corporate purposes in accordance with the authorization given by the Annual general Meeting.
The total amount of shares purchased through the buyback program per 31 December 2024 was 426.521, with a volume-weighted average cost price of NOK 51.74. As part of the acquisition of Norsk Bergsikring AS, 182,896 shares were transferred to a price per share of NOK 54,9492. In addition, 35.101 shares have been used for exercise of employee share options. As per 31 December 2024, the company holds 208.524 own shares corresponding to 0.57 % of the company\u2019s total registered share capital.
The following table shows shares owned by End\u00far ASA, as of 31 December 2024.
Changes in share holdingNoteConsideration paid/received in NOK millionNo of sharesHolding
Total number of treasury shares 01.01.2024- - %
Acquired during 202422.1426.521 1.16 %
Use of own shares - Share option program(1.5)(35.101) (0.10 %)
Use of own shares \u2013 Business combination3(10.0)(182.896) (0.50 %)
Total number of treasury shares 31.12.2024 10.6208 5240.57 %
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NOTE 24:
SHARE-BASED PAYMENTS
SHARE PURCHASE PROGRAM
The Group issued a share subscription program in December 2021 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount. The sale of shares to employees at less than market price is accounted for by recognising the difference between market value of the shares and purchase price as a payroll expense.
Share purchase program in 2023
The Group did undertake a share purchase program in March 2023 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount in accordance with a resolution made by the annual general meeting on 21 May 2021 at a subscription price per share of NOK 34.15, reflecting a discount of 20% on the volume weighted average closing price of the Group\u2019s share during the application. The fair value of the discount per share was NOK 8.54. A total of 51,047 shares were allocated. All shares subscribed and allotted under the offering are subject to 6 months lock-up.
Share purchase program in 2024
The Group did undertake a share purchase program in January 2024 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount in accordance with a resolution made by the annual general meeting on 23 May 2023 at a subscription price per share of NOK 32.75, reflecting a discount of 20% on the volume weighted average closing price of the Group\u2019s share during the application. The fair value of the discount per share was NOK 8.19. A total of 123,123 shares were allocated. All shares subscribed and allotted under the offering are subject to 6 months lock-up.
SHARE OPTION PROGRAMS
The Group offers share option programs to executive management and key personnel of the Group. Share options are measured at fair value at the time of allotment. The calculated value of the estimated share of redeemed options is recognised as a payroll expense, booked towards other paid-in equity. The cost is distributed over the period until the employee acquires an unconditional right to redeem the options. The estimated number of options that are expected to be redeemed is reassessed on every balance sheet date. The Group had the following share option programs during the year:
Share option program 2022
The Group issued a share option program to executive management and key personnel of the Group in 2022. A total of 311.000 share options / warrants were issued (before share consolidation of 50:1 in June 2022, the number of share options totalled to 15.550.000), each option with a right of issuance or purchase of 1 share in End\u00far ASA. The strike price is NOK 41.25. The share options were allocated 28 February 2022. The vesting period is 1 year from the date of allocation, with a 3-year exercise period, subject to the participant\u2019s continued employment. Options not exercised by the expiration date will lapse without consideration.
Share option program 2023
The Group issued a share option program to executive management and key personnel of the Group in 2023. A total of 280.000 share options / warrants were issued, each option with a right of issuance or purchase of 1 share in End\u00far ASA. The strike price is NOK 44.88. The share options were allocated 5 June 2023. The vesting period is 1 year from the date of allocation, with a 3-year exercise period, subject to the participant\u2019s continued employment. Options not exercised by the expiration date will lapse without consideration.
Share option program 2024
The Group issued a share option program to executive management and key personnel of the Group in 2024. A total of 262.000 share options / warrants were issued, each option with a right of issuance or purchase of 1 share in End\u00far ASA. The strike price is NOK 42,74. The share options were allocated 5 March 2024. The vesting period is 1 year from the date of allocation, with a 3-year exercise period, subject to the participant\u2019s continued employment. Options not exercised by the expiration date will lapse without consideration.
Options awarded Repstad transaction
Following the acquisition of Repstad Anlegg AS, with subsidiaries, in 2023, End\u00far issued 235 000 share options key employees of the acquired companies. Award date was 3 March 2024, with strike price NOK 44,01. The vesting period is 1 year from the date of allocation, with a 3-year exercise period, subject to the participant\u2019s continued employment. Options not exercised by the expiration date will lapse without consideration.
Long-term incentive program
In December 2024, the Board of Directors of End\u00far resolved to grant a new long term incentive program for executive management and key employees, in accordance with the authorization granted by the Annual General meeting on 23 May 2024. A total of 2,450,000 share options were issued, each option with a right to acquire 1 share in End\u00far ASA. The strike price is NOK 61.09.The vesting period is 5 year from the date of allocation, with a 2-
year exercise period subject to the participant\u2019s continued employment. 50 % of the shares exercised shall be subject to lock-up. The lock-up ceases for 20 percent of such shares on each anniversary of the vesting of the related options, so that all shares are freely tradable ten years after the grant of the share option. Options not exercised by the expiration date will lapse without consideration.
Reconciliation of outstanding share options
2024 number2024 WAEP2023 number2023 WAEP
\u00a0
Share option program \u00a0\u00a0
Outstanding options at 1 January 503 669 43.19 255 000 41.25
Granted during the year2 947 000 58.10 280 000 44.88
Expired during the year
Forfeited during the year(81 551) 42.79 (31 331) 41.25
Exercised during the year(35 101) 42.71
Outstanding options at 31 December 3 334 017 56.38503 669 43.19
Exercisable at 31 December387 01743.32234 00041.25
For options exercised during the year, the weighted average share price at the date of exercise was NOK 63.07
Measurement of fair value granted share option programs
The model used for measurement of the fair values is Black-Scholes. The inputs used in the measurement of the fair values at grant date of the options outstanding at 31 December 2024 were as follows:
Share option programs as at 31 December 2024
Long-term incentive programOptions awarded Repstad transactionShare option program 2024Share option program 2023Share option program 2022
Options outstanding at 31 Dec2 450 000235 000262 000269 669234 000
Awarded date9 Dec 20245 Mar 20245 Mar 2024 5 Jun 2023 28 Feb 2022
Expiration period in months84 months48 months48 months 48 months 48 months
Fair value at grant NOK 10.06NOK 4.55NOK 3.80 NOK 6.6 NOK 1.9
Share price at grant date66.738.8538.8539.70 37.50
Strike price61.0944.0142.7444.88 41.25
Risk free interest rate3 %3.0 %3.0 %3.5 %2.75 %
Expected volatility15.0 %15.0 %15.0 %20.0 %12.9 %
The weighted average remaining contractual life of the share options outstanding as of 31 December 2024 was 5.8 years (31 December 2023: 2.8 years). Expected volatility has been based on an evaluation of the 12-24-month historical volatility of the Company\u2019s share price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page118-cflshid_55582-tag293089": { "value": "SHARE PURCHASE PROGRAM
The Group issued a share subscription program in December 2021 whereby all permanent employees of the Group were offered the opportunity to subscribe new shares in the Group at a discount. The sale of shares to employees at less than market price is accounted for by recognising the difference between market value of the shares and purchase price as a payroll expense.
SHARE OPTION PROGRAMS
The Group offers share option programs to executive management and key personnel of the Group. Share options are measured at fair value at the time of allotment. The calculated value of the estimated share of redeemed options is recognised as a payroll expense, booked towards other paid-in equity. The cost is distributed over the period until the employee acquires an unconditional right to redeem the options. The estimated number of options that are expected to be redeemed is reassessed on every balance sheet date. The Group had the following share option programs during the year:
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page120-cflshid_56975-tag293137": { "value": "
NOTE 25:GROUP COMPANIES
Group companyOwnerRegistered officeCompany\u2019s share capitalHolding and votesProfit/loss for the year (prelim.)Equity as at 31.12.24 (prelim.)
End\u00far Maritime ASEnd\u00far ASA 1366 Lysaker 12.4 100 %12.8 51.9
Marcon Gruppen i Sverige ABEnd\u00far ASA Sweden 0.2 100 %10.3 170.3
BG Malta LtdEnd\u00far ASA Malta 0.0 100 %(0.0)(0.0)
BMO Entrepren\u00f8r ASEnd\u00far ASA 3619 Skollenborg0.6 100 %84.7 121.7
Norsk Bergsikring ASBMO Entrepren\u00f8r AS 3619 Skollenborg4.090.1 %1.721.1
Artec Aqua ASEnd\u00far ASA 6018 \u00c5lesund 3.3 100 %(8.0) 50.9
End\u00far Sj\u00f8sterk ASEnd\u00far ASA 5252 S\u00f8reidgrend 0.4 100 %21.6 12.3
Hav Elektro ASEnd\u00far Sj\u00f8sterk AS 5384 Torangsv\u00e5g0.2100 %-13.2
End\u00far Eiendom ASEnd\u00far ASA 5160 Laksev\u00e5g 0.1 100 %0.6 12.5
End\u00far Bidco II ASEnd\u00far ASA 1366 Lysaker 0.0 100 %- 0.0
Repstad Anlegg ASEnd\u00far ASA 4636 Kristiansand1.5100 %28.899.3
Marcon Teknik ABMarcon Gruppen i Sverige AB Sweden 0.2 100 %0.4 8.4
Svensk Sj\u00f6entrepenad i Malm\u00f6 ABMarcon Gruppen i Sverige AB Sweden 0.2 100 %4.5 22.1
Stockholms Vattentrepenader ABMarcon Gruppen i Sverige AB Sweden 0.1 100 %6.9 28.0
Marc-Con Wind Power i Sverige ABMarcon Gruppen i Sverige AB Sweden 0.1 100 %0.6 1.5
SSE Gibraltar LtdMarcon Gruppen i Sverige AB Sweden 0.0 100 %0.1 1.7
Marcon Vindtransmission ABMar-Con Wind Power i Sverige AB Sweden 0.1 100 %- 0.1
Incerno ABSvensk Sj\u00f6entrepenad i Malm\u00f6 AB\u00a0Sweden 0.1 100 %0.00.0
DYKAB i Lule\u00e5 ABMarcon Gruppen i Sverige AB Sweden 0.3 100 %5.1 12.5
DYKAB i Stockholm ABMarcon Gruppen i Sverige AB Sweden 0.2 100 %0.2 1.4
DYKAB Varv & Mek ABMarcon Gruppen i Sverige AB Sweden 0.1 100 %0.01.0
Svenska Tungdykargruppen ABMarcon Gruppen i Sverige AB Sweden 0.1100 %3.630.9
Repstad Anlegg 2 ASRepstad Anlegg AS4636 Kristiansand1.0100 %(0.0)3.8
Leif Hodnemyr Transport ASRepstad Anlegg AS4636 Kristiansand2.8100 %(1.2)2.8
Sand\u00e5s Anlegg ASRepstad Anlegg AS4820 Froland1.0100 %5.415.4
Breakwaters ASRepstad Anlegg AS3209 Sandefjord0.1100 %0.80.8
Agder Marine ASRepstad Anlegg AS4515 Mandal4.0100 %(4.0)11.6
\"\"
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NOTE 25:GROUP COMPANIES
Group companyOwnerRegistered officeCompany\u2019s share capitalHolding and votesProfit/loss for the year (prelim.)Equity as at 31.12.24 (prelim.)
End\u00far Maritime ASEnd\u00far ASA 1366 Lysaker 12.4 100 %12.8 51.9
Marcon Gruppen i Sverige ABEnd\u00far ASA Sweden 0.2 100 %10.3 170.3
BG Malta LtdEnd\u00far ASA Malta 0.0 100 %(0.0)(0.0)
BMO Entrepren\u00f8r ASEnd\u00far ASA 3619 Skollenborg0.6 100 %84.7 121.7
Norsk Bergsikring ASBMO Entrepren\u00f8r AS 3619 Skollenborg4.090.1 %1.721.1
Artec Aqua ASEnd\u00far ASA 6018 \u00c5lesund 3.3 100 %(8.0) 50.9
End\u00far Sj\u00f8sterk ASEnd\u00far ASA 5252 S\u00f8reidgrend 0.4 100 %21.6 12.3
Hav Elektro ASEnd\u00far Sj\u00f8sterk AS 5384 Torangsv\u00e5g0.2100 %-13.2
End\u00far Eiendom ASEnd\u00far ASA 5160 Laksev\u00e5g 0.1 100 %0.6 12.5
End\u00far Bidco II ASEnd\u00far ASA 1366 Lysaker 0.0 100 %- 0.0
Repstad Anlegg ASEnd\u00far ASA 4636 Kristiansand1.5100 %28.899.3
Marcon Teknik ABMarcon Gruppen i Sverige AB Sweden 0.2 100 %0.4 8.4
Svensk Sj\u00f6entrepenad i Malm\u00f6 ABMarcon Gruppen i Sverige AB Sweden 0.2 100 %4.5 22.1
Stockholms Vattentrepenader ABMarcon Gruppen i Sverige AB Sweden 0.1 100 %6.9 28.0
Marc-Con Wind Power i Sverige ABMarcon Gruppen i Sverige AB Sweden 0.1 100 %0.6 1.5
SSE Gibraltar LtdMarcon Gruppen i Sverige AB Sweden 0.0 100 %0.1 1.7
Marcon Vindtransmission ABMar-Con Wind Power i Sverige AB Sweden 0.1 100 %- 0.1
Incerno ABSvensk Sj\u00f6entrepenad i Malm\u00f6 AB\u00a0Sweden 0.1 100 %0.00.0
DYKAB i Lule\u00e5 ABMarcon Gruppen i Sverige AB Sweden 0.3 100 %5.1 12.5
DYKAB i Stockholm ABMarcon Gruppen i Sverige AB Sweden 0.2 100 %0.2 1.4
DYKAB Varv & Mek ABMarcon Gruppen i Sverige AB Sweden 0.1 100 %0.01.0
Svenska Tungdykargruppen ABMarcon Gruppen i Sverige AB Sweden 0.1100 %3.630.9
Repstad Anlegg 2 ASRepstad Anlegg AS4636 Kristiansand1.0100 %(0.0)3.8
Leif Hodnemyr Transport ASRepstad Anlegg AS4636 Kristiansand2.8100 %(1.2)2.8
Sand\u00e5s Anlegg ASRepstad Anlegg AS4820 Froland1.0100 %5.415.4
Breakwaters ASRepstad Anlegg AS3209 Sandefjord0.1100 %0.80.8
Agder Marine ASRepstad Anlegg AS4515 Mandal4.0100 %(4.0)11.6
\"\"
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NOTE 26:
MANAGEMENT REMUNERATION
There were no changes to End\u00fars executive management over the course of 2024.
Remuneration paid out and termination agreements to members of the executive management team in 2024 and 2023:
2024 (NOKm)Base salary1VariablepayOther benefits2PensionbenefitTotalNotice periodSeverancepay
Chief Executive Officer4.13.40.20.17.83 months12 months
Chief Financial Officer3.12.70.20.16.13 months6 months
Total7.26.10.40.213.9
2023 (NOKm)Base salary1VariablepayOther benefitsPensionbenefitTotalNotice periodSeverancepay
Chief Executive Officer3.43.10.10.16.83 months12 months
Chief Financial Officer2 72.60.20.15.63 months6 months
Total6.15.70.30.212.4
Variable remuneration for 2023 was paid in 2024. Variable remuneration for 2024 is estimated to accrue to NOK 5.9 million for the CEO and NOK 4.4 million for the CFO as of year-end 2024. In 2024, as part of the share option program and the new Long-term incentive program (see note 24), the CEO was granted 720,000 share options, Raaholt holds a total of 800,000 share options per year-end. The CFO was granted a total of 480,000 shares in 2024 relating to the above-mentioned programs and holds a total of 540,000 share options as of 31.12.24.
The Group\u2019s guidelines on salaries and other remuneration for directors and senior management, as resolved in the 2024 ordinary general meeting, are available at the Group\u2019s website; endur.no/investor-relations/remuneration-policy/
2 Other benefits include the taxable 20 % discount offered to employees when participating in the company\u2019s share purchase program described
Remuneration to the Board of Directors for the period from ordinary meeting 2023 until ordinary general meeting 2024
NamePositionRemunerationin NOK thousand
P\u00e5l Reiulf OlsenChairman of the Board, Audit Committee and Remuneration Committee688
Bj\u00f8rn Finn\u00f8yMember of the Board330
Hedvig Bugge ReiersenMember of the Board and Remuneration Committee363
Kristine LandmarkMember of the Board and Audit Committee396
B\u00f8rge KlungerboMember of the Board, elected March 25-
Jostein DevoldDeputy member of the Board, elected Dec 23 (member May 24-Mar 25)138
Other remuneration to the Board of Directors
End\u00far ASA\u2019s board chairman, P\u00e5l Reiulf Olsen received additional remuneration in 2024 based on management consulting services to the Group of NOK 15.8 thousand, remuneration was paid on an hourly basis. P\u00e5l Reiulf Olsen also received holiday pay in 2024 for services rendered in 2023.
Remuneration to the nomination committee for the period from ordinary meeting 2023 until ordinary general meeting 2024
NamePositionRemunerationin NOK thousand
Henning NordgulenMember28
Arne Henning MarkhusMember28
Espen OmmedalLeader39
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NOTE 27:
AUDIT FEE
(NOKm - all amounts excluding VAT)20242023
Audit services3.03.0
Other attestation services
Tax advisory services0.0
Other non-audit services0.00.4
Total3.13.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page123-cflshid_58703-tag293140": { "value": "
NOTE 28:
RELATED PARTIES
The Group companies had the following related party transactions in 2024:
Marcon-Gruppen I Sverige AB
Customer / VendorSource of serviceAmount SaleAmount Purchase
Marine Supply Invest ABBarboat Charter-1.0
Marine Supply Invest ABSubcontractor-0.1
Total-1.1
End\u00far Sj\u00f8sterk AS
Customer / Vendor Source of serviceAmount SaleAmount Purchase
Ramnkloa ASRent of equipment-0.1
Fluctus ASSubcontractor-15.5
Total-15.6
BMO Entrepren\u00f8r AS
Customer / VendorSource of serviceAmount SaleAmount Purchase
Bever Holding ASSale of admin services and rent of premises0.00.9
BMO Elektro ASSubcontractor0.22.1
BMO Tunnelsikring ASRe-invoicing0.00.3
Buskerud Malerforretning AS|Re-invoicing0.1-
Bever Eiendom ASRent of premises-0.8
Provita ANSRent of premises0.02.0
Skrubbemoen 3 ASRent of premises-0.3
Skrubbemoen 8 ASRent of premises-1.8
Total0.48.2
Sand\u00e5s Anlegg AS
Customer / Vendor Source of serviceAmount SaleAmount Purchase
Agder Vedlikehold ASSubcontractor0.1-
Ole Andreas Sand\u00e5sSubcontractor0.0-
Sand\u00e5s Eiendom ASRent of property-0.8
Tybakktoppen ASSubcontractor16.6-
Total16.70.8
Repstad Anlegg AS
Customer / VendorSource of serviceAmount SaleAmount Purchase
Bernt Olav Walvik HolenRe-invoicing0.0-
BOW Holding ASSale of property3.2-
Lars Gunnar AndersenRe-invoicing0.0-
Mira Repstad ASConsultant services and re-invoicing1.00.8
Otra Holding ASRe-invoicing0.0-
Repstad Gruppen ASSubcontractor0.3-
Solsiden Eiendom Utvikling ASSubcontractor1.8-
Stuedalen deponi ASSubcontractor0.8-
Total7.20.8
Leif Hodnemyr Transport AS
Customer / Vendor Source of serviceAmount SaleAmount Purchase
Bernt Olav Walvik HolenRe-invoicing0.0-
Lars Gunnar AndersenRe-invoicing0.0-
Mira Repstad ASConsultant services and re-invoicing0.0-
Total0.0-
For transactions with executive management and board members, see note 26.
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NOTE 29:
CONTINGENT LIABILITIES / LEGAL CLAIMS
LEGAL CLAIMS
No group companies are involved in any material legal claims as of 31.12.2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page125-cflshid_59523-tag293142": { "value": "
NOTE 30:
SUBSEQUENT EVENTS
REFINANCING BANCK LOANS
In February 2025, End\u00far ASA refinanced existing bank facilities with our existing bank syndicate, Sparebank 1 S\u00f8r-Norge and Sparebank 1 SMN. The refinancing includes NOK 600 million in term loans, structured to refinance all current bank loans. The term loans (\u201cFacility A\u201d) will be partly nominated in NOK (300 million) with 3-month NIBOR as reference interest rate and partly nominated in SEK (300 million) with 3-month STIBOR as reference interest rate. The term loans will be amortized over 10 years, yielding quarterly instalments of NOK 15 million.
As part of this refinancing, End\u00far increased its overdraft facility to NOK 250 million (\u201cFacility C\u201d) and secured an NOK 400 million acquisition financing facility (\u201cFacility B\u201d), where NOK 50 million have been earmarked for the recent acquisition of VAQ AS and the remaining utilized for the Total Betong acquisition. This facility will have quarterly instalments of NOK 10 million.
The financial covenants remain in line with previous agreements, requiring a minimum equity ratio of 30% and a maximum leverage ratio, defined as net interest-bearing debt excl. leasing liabilities, that gradually decreases over time:
-Utilization \u2013 31 March 2025 < 3.30x
-1 April 2025 \u2013 31 December 2025 < 3.00x
-1 January 2026 \u2013 Maturity < 2.50x
Interest rate margins for Facility A/B and Facility C, will be:
-Leverage ratio 0.00x \u2013 1.50x: 260 bps / 160 bps
-Leverage ratio 1.51x \u2013 2.00x: 270 bps / 170 bps
-Leverage ratio 2.01x \u2013 2.50x: 285 bps / 180 bps
-Leverage ratio 2.51x \u2013 3.30x: 305 bps / 195 bps
BUSINESS COMBINATIONS IN THE BEGINNING OF 2025
VAQ AS
On 17 January 2025, End\u00far ASA acquired 100 % of the shares in VAQ AS, for a purchase price of approx. NOK 122.5 million, of which 48% of the purchase price was settled by issuing 887,566 consideration shares in End\u00far ASA, and transferring 50,000 consideration shares from the Company\u2019s holding of treasury shares, 41 % in debt financing of NOK 50 million and 10 % in cash considerations and other adjustments of NOK 12.5 million.
The board decided, pursuant to a board authorization granted by the ordinary general meeting on 23 May 2025, to issue the consideration shares. The company\u2019s share capital increased by NOK 443,783 issuing 887,566 new shares, each with a nominal value of NOK 0.5. The capital increase was registered on 21 January 2025.
VAQ AS (VAQ) is a leading provider of Recirculating Aquaculture Systems (RAS). Headquartered in Asker, Norway, with additional offices in Trondheim and subsidiary VAQ Aps with office in Ribe, Denmark.
The acquisition of VAQ AS strengthens End\u00far ASA\u2019s position in the land-based aquaculture sector by integrating VAQ\u2019s advanced Recirculating Aquaculture Systems (RAS) expertise with End\u00far\u2019s existing capabilities, particularly through Artec Aqua\u2019s Hybrid System\u2122. This combination enhances End\u00far\u2019s ability to offer comprehensive, flexible, and resource-efficient aquaculture solutions to meet the increasing industry demand. Additionally, VAQ\u2019s experienced team and established market presence expand End\u00far\u2019s technical expertise and reinforce its position as a leading supplier of sustainable infrastructure solutions for land-based fish farming.
TOTAL BETONG AS, IGANG TOTALENTREPREN\u00d8R AS, AND HABTO HOLDING AS
On 18 March 2025, End\u00far ASA acquired 100 % of the shares in Total Betong AS, Igang Totalentrepren\u00f8r AS, and Habto Holding AS including its subsidiaries HAB construction AS and Propoint Survey AS (collectively referred to as the \u201cTotalbetong acquisition\u201d) for a purchase price of approx. NOK 1 453.4 million, of which 38 % of the purchase price was settled by issuing 7,333,333 consideration shares in End\u00far ASA, 29 % in seller\u2019s liabilities
towards the acquired companies of NOK 412.3 million, 24 % in bank financing of NOK 350 million and 9 % in cash consideration and other adjustments of NOK 126.3 million.
On the same day, the board decided, pursuant to a board authorization granted by the extraordinary general meeting on 4 March 2025, to issue the consideration shares. The company\u2019s share capital increased by NOK 3,666,667 issuing 7,333,333 new shares, each with a nominal value of NOK 0.5. The capital increase was registered on 20 March 2025.
About the Acquired Companies in the Totalbetong Acquisition
Total Betong AS (\u201cTotalbetong\u201d), founded in 2011 and headquartered in Bryne, Norway, is a leading contractor specializing in land-based aquaculture facilities and concrete construction.
Igang Totalentrepren\u00f8r AS (IGANG), headquartered in Sandnes, Norway, is a turnkey contractor focusing on commercial and residential building projects for both private and public developers.
HAB Construction AS (HAB), based in Lysaker, Norway, specializes in water, wastewater, and transportation infrastructure, serving both public and private clients. The company provides both main contractor and turnkey construction services, with extensive experience in complex infrastructure projects. 100 % of the shares in HAB Construction AS is owned through Habto Holding AS.
ProPoint Survey AS (Propoint), headquartered in Lysaker, Norway, offers advanced surveying and documentation services, including 3D scanning, staking, and drone-based quantity surveying, supporting construction and civil engineering projects. 51 % of the shares in ProPoint is owned through Habto Holding AS, 49 % of the shares is owned directly by End\u00far ASA.
The acquired companies form a leading Norwegian contractor group with highly complementary services to End\u00far\u2019s existing subsidiaries, strengthening the Group\u2019s position in key infrastructure markets. The acquisition significantly enhances End\u00far\u2019s expertise within land-based aquaculture, concrete construction, and water and wastewater infrastructure, areas that are expected to see continued strong demand.
By integrating these companies, End\u00far gains a broader geographical presence and a stronger foothold in both private and public sector projects. The acquired companies have
a strong management team with a proven track record of profitable growth, and their organizational culture is well aligned with that of End\u00far.
Overall, this acquisition reinforces End\u00far\u2019s market position, enhances scalability, and provides a solid platform for future growth and value creation in the infrastructure and construction sectors.
CONSIDERATIONS TRANSFERRED
The following table summarizes the acquisition date fair value of each major class of consideration transferred. The consideration shares and financing debt is allocated to Totalbetong in the acquisition of Totalbetong, IGANG and Habto Holding AS (Habto).
(NOKm)VAQHabtoIGANGTotalbetong
Cash considerations 58.8 225.7 100.0 145.4
Debt transfer - 15.3 5.4 391.5
Shares in End\u00far ASA 58.8 550.0
Other adjustments 3.8 1.3 0.5 3.4
Total considerations transferred 121.3 242.3 105.9 1 090.3
Equity instruments issued
The fair value of the consideration shares transferred in the acquisition of VAQ was based on the volume-weighted average share price for the last 25 days prior to the transaction of End\u00far ASA at NOK 62.7 per share.
The value of the shares issued in the Totalbetong acquisition was based on agreed-upon share price of End\u00far ASA at NOK 75.0.
IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED
The fair value of identifiable assets and liabilities is based on a preliminary purchase allocation. The following table summarizes the amounts of assets acquired and liabilities assumed at the date of acquisition.
(NOKm)VAQHabtoIGANGTotalbetong
Assets
Deferred tax assets 0.2 - - -
Intangible assets and goodwill 6.5 31.5 17.6 68.9
Property, plant and equipment 1.2 4.1 0.4 9.3
Right-of-use assets 7.6 49.1 1.5 103.0
Other non-current assets 0.1 15.8 5.4 391.8
Inventories - - - -
Contract assets 42.6 56.5 - 25.5
Trade and other receivables 19.5 240.0 73.7 86.6
Cash and cash equivalents 8.9 193.7 53.4 206.1
Liabilities
Deferred tax liabilities - 14.0 7.4 71.7
Loans and borrowings - 115.2 10.0 174.4
Lease liabilities 7.6 49.1 1.5 100.8
Other non-current liabilities 8.8 - - -
Trade and other payables 52.3 315.3 62.5 295.6
Tax payables 3.4 11.2 1.7 -
Contract liabilities 1.3 102.1 36.7 122.5
Total identifiable net assets acquired 13.2 (16.2) 32.2 126.2
The deferred tax liability mainly comprises the difference between the accounting value and the tax conditioned value of the depreciation of tangible and intangible assets, and deferred tax related to percentage-of-completion contracts. The gross amount of the receivables acquired are immaterially different from the fair value presented above.
GOODWILL
Based on the preliminary Purchase Price Allocation, the Goodwill arising from the acquisitions amounts to the following:
(NOKm)VAQHabtoIGANGTotalbetong
Total considerations transferred 121.3 242.3 105.9 1 090.3
- Fair value of identifiable net assets acquired 13.2 (16.2) 32.2 126.2
Goodwill 108.1 258.6 73.7 964.2
Included in the goodwill from the acquisition of VAQ AS is the value of the company\u2019s technical know-how, and the expected synergies arising from the integration with End\u00far\u2019s existing aquaculture operations. VAQ\u2019s specialist expertise within Recirculating Aquaculture Systems (RAS) and its complementary capabilities to Artec Aqua\u2019s Hybrid System\u2122 are expected to enhance the Group\u2019s overall technology offering and market reach. The goodwill also reflects the value of VAQ\u2019s experienced team, their innovation capacity, and strong reputation in the industry. The goodwill is not tax depreciable or otherwise recognised for tax purposes.
The goodwill arising from the Totalbetong acquisition reflects the value of their combined expertise, market reach, and the operational synergies expected through integration with End\u00far\u2019s existing business. The acquired entities bring complementary services across concrete construction, land-based aquaculture, and critical infrastructure projects, strengthening End\u00far\u2019s position in both the private and public sectors. The strong management teams, proven profitability, and cultural alignment with End\u00far are also important contributors. The goodwill is not tax depreciable or otherwise recognised for tax purposes.
PRIVATE PLACEMENT
End\u00far raised NOK 350 million in a private placement 11 February 2025 through the issuance of 4,861,111 new shares. The net proceeds from the private placement were to be used to partly finance the cash settlement of the consideration for the Totalbetong acquisitions, short-term net working capital needs and general corporate purposes and a buffer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "v1-page128-cflshid_61534-tag293143": { "value": "
NOTE 31:
GOING CONCERN
The Board of End\u00far ASA confirms, according to \u00a7 3-3a of the Accounting Act, that the annual accounts have been prepared based on the assumption of going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXIIHC31", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }