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"fact-1": {
"value": "Note 1 Corporate information, basis of preparation and critical estimates
1.1 Corporate information
Techstep ASA (the Company or Company) is a public limited liability company domiciled in Norway. The address of its registered office is Brynsall\u00e9en 4, NO-0667 Oslo. The shares are listed on the Oslo Stock Exchange under the TECH ticker. The Techstep Group (Group) consists of Techstep ASA and its subsidiaries.
Techstep Group is a Nordic enabler of the mobile workplace, delivering a full range of device and services to facilitate mobile workplaces.
The consolidated financial statements for Techstep Group for the year 2024 were approved by the Board of Directors on 29 April 2025 and will be presented for approval by the Annual General Meeting on 27 May 2025.
1.2 Basis for preparation
In the preparation of the consolidated financial statements the accounting policies applied by the Group are primarily detailed within the individual notes. General accounting policies are outlined below. These policies have been consistently applied to the periods presented, unless specified otherwise.
The consolidated financial statements have been prepared and presented in accordance with the
IFRS\u00ae Accounting Standards as adopted by the EU.
Items included in the financial statements of each of the Group\u2019s entities are measured in the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in NOK, which is Techstep ASA\u2019s functional and presentation currency. The figures presented in the annual accounts are in NOK thousand unless otherwise stated.
There are no new or amended accounting standards that required the Group to change its accounting policies for the 2024 financial year.
1.31.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of Techstep ASA (the Company) and entities controlled by the Company (its subsidiaries). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. All subsidiaries are 100 percent owned, directly or indirectly, by Techstep ASA.
The income and expenses of Group subsidiaries acquired or disposed of during the year, are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal, as appropriate.
Intercompany transactions, balances and gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset.
For subsidiaries whose functional currency differs from the presentation currency, assets and liabilities are translated using the exchange rate at the reporting date. Income and expenses are translated using the monthly average exchange rates. Any translation differences arising from this process are recognised in other comprehensive income.
1.4\tSignificant judgement and critical estimates
The application of accounting policies requires management to make judgements, estimates and assumptions in determining the amount of certain assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates, judgements and underlying assumptions are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The assumptions and estimation uncertainties at 31 December 2024 that have most significant risk of resulting in material adjustments to the carrying amounts of assets and liabilities in the next financial year are deferred tax assets as outlined in Note 8 and impairment of intangible assets as outlined in note 12.
1.1 Corporate information
Techstep ASA (the Company or Company) is a public limited liability company domiciled in Norway. The address of its registered office is Brynsall\u00e9en 4, NO-0667 Oslo. The shares are listed on the Oslo Stock Exchange under the TECH ticker. The Techstep Group (Group) consists of Techstep ASA and its subsidiaries.
Techstep Group is a Nordic enabler of the mobile workplace, delivering a full range of device and services to facilitate mobile workplaces.
The consolidated financial statements for Techstep Group for the year 2024 were approved by the Board of Directors on 29 April 2025 and will be presented for approval by the Annual General Meeting on 27 May 2025.
1.1 Corporate information
Techstep ASA (the Company or Company) is a public limited liability company domiciled in Norway. The address of its registered office is Brynsall\u00e9en 4, NO-0667 Oslo. The shares are listed on the Oslo Stock Exchange under the TECH ticker. The Techstep Group (Group) consists of Techstep ASA and its subsidiaries.
Techstep Group is a Nordic enabler of the mobile workplace, delivering a full range of device and services to facilitate mobile workplaces.
The consolidated financial statements for Techstep Group for the year 2024 were approved by the Board of Directors on 29 April 2025 and will be presented for approval by the Annual General Meeting on 27 May 2025.
1.2 Basis for preparation
In the preparation of the consolidated financial statements the accounting policies applied by the Group are primarily detailed within the individual notes. General accounting policies are outlined below. These policies have been consistently applied to the periods presented, unless specified otherwise.
The consolidated financial statements have been prepared and presented in accordance with the
IFRS\u00ae Accounting Standards as adopted by the EU.
Items included in the financial statements of each of the Group\u2019s entities are measured in the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in NOK, which is Techstep ASA\u2019s functional and presentation currency. The figures presented in the annual accounts are in NOK thousand unless otherwise stated.
There are no new or amended accounting standards that required the Group to change its accounting policies for the 2024 financial year.
1.2 Basis for preparation
In the preparation of the consolidated financial statements the accounting policies applied by the Group are primarily detailed within the individual notes. General accounting policies are outlined below. These policies have been consistently applied to the periods presented, unless specified otherwise.
The consolidated financial statements have been prepared and presented in accordance with the
IFRS\u00ae Accounting Standards as adopted by the EU.
Items included in the financial statements of each of the Group\u2019s entities are measured in the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). The consolidated financial statements are presented in NOK, which is Techstep ASA\u2019s functional and presentation currency. The figures presented in the annual accounts are in NOK thousand unless otherwise stated.
There are no new or amended accounting standards that required the Group to change its accounting policies for the 2024 financial year.
1.31.3 Basis of consolidation
The consolidated financial statements incorporate the financial statements of Techstep ASA (the Company) and entities controlled by the Company (its subsidiaries). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. All subsidiaries are 100 percent owned, directly or indirectly, by Techstep ASA.
The income and expenses of Group subsidiaries acquired or disposed of during the year, are included in the consolidated income statement from the effective date of acquisition and up to the effective date of disposal, as appropriate.
Intercompany transactions, balances and gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the transferred asset.
For subsidiaries whose functional currency differs from the presentation currency, assets and liabilities are translated using the exchange rate at the reporting date. Income and expenses are translated using the monthly average exchange rates. Any translation differences arising from this process are recognised in other comprehensive income.
Note 2 Segments
Over the last years, Techstep has been through a major transition in order to unlock profitability and growth. Historically consisting of 10 acquisitions and 47 different products, the company has transformed and streamlined the organisation and its product solutions, through mergers and disposals of products or services outside the strategic roadmap.
The Group regularly reports revenue, net gross profit and adjusted EBITA to the Board of Directors and the Groups executive management (the Group\u2019s chief operating decision makers). Currently, Techstep\u2019s product offering range from individual device needs to complete transformative solutions in three different revenue streams, and the Groups strategic goal is to grow recurring high margin and highly scalable revenue streams profitably. To measure performance against strategic goals, the key performance measure is net gross profit per product solution. As the revenue streams are generated, and the Groups resources are utilised across all legal entities and geographical markets, where it is not possible nor reasonable to allocate resources to the different revenue streams, the second key performance indicator is EBITA adjusted on a group level.
Consequently, Techstep\u2019s current segment is the Group results on a total level.
Accounting policy
Revenue from contracts with customers is recognised when a performance obligation in the contract is satisfied. The recognised amount reflects the consideration the Group expects to receive for the goods and services provided. For contracts with several performance obligations, the transaction price is allocated based on their relative stand-alone selling prices.
Accounting policy
Revenue from contracts with customers is recognised when a performance obligation in the contract is satisfied. The recognised amount reflects the consideration the Group expects to receive for the goods and services provided. For contracts with several performance obligations, the transaction price is allocated based on their relative stand-alone selling prices.
Accounting policy
Revenue from contracts with customers is recognised when a performance obligation in the contract is satisfied. The recognised amount reflects the consideration the Group expects to receive for the goods and services provided. For contracts with several performance obligations, the transaction price is allocated based on their relative stand-alone selling prices.
Accounting policy
Revenue from contracts with customers is recognised when a performance obligation in the contract is satisfied. The recognised amount reflects the consideration the Group expects to receive for the goods and services provided. For contracts with several performance obligations, the transaction price is allocated based on their relative stand-alone selling prices.
Accounting policy
The Group receives government grants, including the Norwegian Skattefunn tax incentive scheme. These grants are recognised over the lifetime of the project, against the costs that they are intended to compensate.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Office maintenance expenses | 4,422 | 6,307 |
|---|
| Human resources | 1,577 | 2,258 |
|---|
| Sales and marketing | 2,464 | 3,448 |
|---|
| IT expenses | 40,875 | 51,079 |
|---|
| Fees for external services | 24,886 | 23,814 |
|---|
| Communication | 2,024 | 2,505 |
|---|
| Travel expenses | 4,343 | 4,278 |
|---|
| Other expenses | 3,862 | 5,882 |
|---|
| Total operating costs | 84,453 | 99,571 |
|---|
Accounting policy and significant judgements
Other income and expenses of a special nature are presented in the separate line items \u201cOther income\u201d and \u201cOther expenses\u201d within operating profit (loss) respectively. These items are characterised by their non-recurring nature and are outside ordinary business activities of Techstep Group.
| Other income (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Gain on sale of PPE | 238 | - |
|---|
| Other non-recurring income | 866 | 494 |
|---|
| Total | 1,104 | 494 |
|---|
Gain on sale of PPE relates to termination of a rental agreement.
| Other expenses (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Other non-recurring expenses | (6,542) | (1,970) |
|---|
| Total | (6,542) | (1,970) |
|---|
Other non-recurring expenses relates to expenses for reorganizations and downsizing.
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences.
Tax payable
The current income tax charge is calculated based on the tax laws enacted, or substantively enacted, at the end of the reporting period in Norway, Sweden, Denmark and Poland, where subsidiaries generate taxable income. Management periodically evaluates positions taken in tax returns, with respect to situations in which applicable tax regulation is subject to interpretation. Management establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities.
Deferred tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities, and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period, and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise the temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities, and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Accounting policy
At the lease commencement date, the Group recognises a right-of-use asset equal to the measurement of the lease liability less any lease incentives received, and a lease liability measured at the present value of future lease payments. As the interest rate implicit in the lease is not readily determinable, the Group uses its incremental borrowing rate to measure the lease liability.
The incremental borrowing rate is determined for each lease using interest rates acquired from external financing sources and adjusted to provide a borrowing rate that is representative of a collateralised amortising loan. Costs in leasing contracts for offices that relate to the provision of services such as maintenance and utilities are identified and treated separately as non-lease components. These costs are expensed as incurred. For office leases, the Group applies judgement in assessing whether it is likely to exercise options to extend or terminate a lease. All factors that create an economic incentive to exercise options, such as the market conditions that impact the price, the entity\u2019s demand for office space, contractual incentives and penalties, are considered. The Group assesses each lease on a running basis and recognises an adjustment when it is reasonably certain to exercise an option.
The lease contracts that the Group has for offices are often subject to periodic adjustments based on consumer price indexes. In such cases, the Group remeasures the lease liability with an unchanged discount rate and recognises the adjustment against the right-of-use asset. The adjustment is recognised when the change in payments is in effect.
The Group has elected to exempt leases from the above treatment that have a shorter duration than one year and leases where the value of the underlying asset is below USD 5 000.
Accounting policy
Property, plant and equipment are stated at historical cost less depreciation and accumulated impairment losses. Historical cost includes expenses that are directly attributable to the acquisition of the items Costs are added to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. The carrying amount of an asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives as follows:
- Device-as-a-Service \t2-3 years
- Other fixed assets\t\t3-5 years
The residual value and useful lives of the assets are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount exceeds its estimated recoverable amount.
Repair and maintenance costs are expensed to the income statement in the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset and are recognised in the income statement.
Device-as-a-service
The Group offers a leasing alternative to customers (Device-as-a-Service). The contracts are supported by financing solutions from external finance institutions. The leasing agreement is a three-part agreement between Techstep, the customer and the funder. The Group sells the devices up front to the external funder and receives payment in full. The devices are delivered to the end users, and the end users are invoiced over the contract period from the funder. The Group has no credit risk related to the end user. The contracts often require that the Group repurchases the devices at a predetermined price from the funder. This price is always lower than the original selling price.
When the Group enters into contracts containing repurchase options, management assesses whether or not the funder has a significant economic incentive to utilise the option. Where it is determined that the customer has a significant economic incentive to utilise the option, the contract is determined to be a lease and the transaction is accounted for as a lease in accordance with IFRS 16. The assets are capitalised and depreciated over the leasing period to their residual value.
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Accounting policy
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated sales price under ordinary operations less the cost of sales. Cost is determined using the FIFO or weighted average method, depending on the nature of the inventories.
| Book value of inventories (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Inventories | 4,663 | 10,791 |
|---|
| Less write-down of inventories | - | -289 |
|---|
| Total inventories | 4,663 | 10,502 |
|---|
Accounting policy
Trade receivables represent the amounts owed by customers for goods sold or services provided during regular business operations. Typically, these receivables are expected to be settled within 30 days, classifying them as current assets.
Due to the short-term nature of the current receivables, they are measured at nominal value.
The carrying amount of a trade receivable is written off when the Group has no reasonable expectations of recovering the trade receivable in its entirety or a portion thereof.
Trade receivables shown at maturity: as
| Trade receivables outstanding | (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Not due | | 122,003 | 140,592 |
|---|
| 1-30 days overdue | | 14,052 | 15,353 |
|---|
| 30-60 days overdue | | (760) | 2,238 |
|---|
| 60-90 days overdue | | 363 | 883 |
|---|
| More than 90 days overdue | | 417 | 1,361 |
|---|
| Total | | 136,075 | 160,427 |
|---|
| Allowance of doubtful accounts in the balance sheet | 2024 | 2023 |
|---|
| Opening balance as at 1 January | 1,361 | 1,792 |
|---|
| Net allowance/reversal (-) | (30) | (431) |
|---|
| Closing balance as at 31 December | 1,330 | 1,361 |
|---|
| Profit or loss effect of bad debt | 2024 | 2023 |
|---|
| Realized losses | 116 | 157 |
|---|
| Allowance for doubtful accounts | (30) | (431) |
|---|
| Net accounting losses on receivbales | 86 | (274) |
|---|
| Other short-term receivables | 2024 | 2023 |
|---|
| Accrued revenues | 8,848 | 2,074 |
|---|
| Prepaid expenses | 27,863 | 28,512 |
|---|
| Total | 36,711 | 30,586 |
|---|
Accounting policy
Financial liabilities are recognised at fair value when the loan is disbursed, net of the transaction costs incurred. Transaction costs are charged as an expense over the term of the loan (effective interest rate). Financial liabilities are classified as current liabilities unless there exists an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. According to IFRS\u00ae Accounting Standards 9, the financial liabilities are measured at amortised cost.
The Group's interest-bearing borrowings consist of:
| 2024 | 2023 |
|---|
| (Amounts in NOK 1 000) | Current | Non-current | Current | Non-current |
|---|
| Bank loans | 15,000 | 114,315 | 18,750 | 129,927 |
|---|
| Credit facilities | 10,000 | - | 30,000 | - |
|---|
| Total interest-bearing borrowings | 25,000 | 114,315 | 48,750 | 129,927 |
|---|
Bank Loans
The bank loan consists of a Term Loan A and Term Loan B of NOK 75 each. The Term Loan A matures over five years, with quarterly straight-line amortisations, while the Term Loan B matures in five years.
Credit facilities
Available credit facilities consist of a Revolving Credit Facility of NOK 30 million, an overdraft facility of NOK 25 million and a seasonal facility of NOK 20 million.
All the interest-bearing borrowings are provided by Nordea Bank APB.
Accounting policy
Trade payables and other current liabilities are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest method. Short-term payables are normally not discounted as the interest element is minimal.
| Other current liabilities (Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Accrued expenses | | 19,923 | 42,584 |
|---|
| Prepaid revenue | | 18,054 | 17,142 |
|---|
| Lease liabilities | 9 | 10,896 | 10,809 |
|---|
| Public duties | | 27,184 | 24,278 |
|---|
| Tax payable | | 1,841 | 599 |
|---|
| Other current financial and non-financial liabilities | | 174 | 3,433 |
|---|
| Total other current liabilities | | 78,071 | 98,845 |
|---|
Accounting policy
Financial derivatives are initially recognised at fair value on the date a derivative contract is entered into, and are subsequently remeasured to fair value through profit and loss at the end of each reporting period.
| Liabilities (Amounts in NOK 1 000) | 2024 | 2023 | |
|---|
| Nominal amount | Fair Value | Nominal amount | Fair Value | Maturity Date | Interest rate |
|---|
| Interest rate swap | 98,438 | (1,307) | 112,500 | (4,092) | Sept 2028 | 4.47% p.a |
|---|
| Total interest-bearing debt | 98,438 | (1,307) | 112,500 | (4,092) | | |
|---|
The derivative instrument consists of an interest rate swap entered into with the purpose of reducing the interest rate risk on the long term loans. In connection with the refinancing, Techstep ASA entered into an interest rate hedge agreement, where the floating interest base for 75% of the long-term borrowings is secured at 4.47% p.a. The duration of the agreement is five years.
A negative change in fair value of the interest rate swap of NOK 1.3 million (NOK 4.1 million) is included in financial expenses.
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Accounting policy
Share-based payments are part of the remuneration to executive management and other key personnel.
The fair value of options granted is recognised as an employee benefit expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.
The total expense is recognised over the vesting period, which is the period over which the vesting conditions are satisfied. At the end of each period, the estimate of the number of options that are expected to vest based on the non-market vesting and service conditions is revised. The revision, if any, of the original estimates is recognised in the income statement, with a corresponding adjustment to equity.
Social security tax is provided for at each balance sheet date based on the intrinsic value of the options.
3.1 Sale of products and services
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-36": {
"value": "Note 4 Payroll
| (Amounts in NOK 1 000) | 2024 | 2023* |
|---|
| Salaries and holiday pay | 180,992 | 168,695 |
|---|
| Social security tax | 38,213 | 39,526 |
|---|
| Pension costs including social security tax | 10,045 | 12,414 |
|---|
| Other personnel costs | (20,291) | (12,672) |
|---|
| Total personnel costs | 208,959 | 207,964 |
|---|
| Number of employees at year end | 258 | 267 |
|---|
*2023 has been reclassified to ensure comparability to 2024.
Retirement benefit plan
The Group has defined contribution plans covering all employees. A defined contribution plan is a retirement plan in which the Group pays fixed contributions to a separate legal entity. The Group has no legal or other obligation to pay additional contributions if the entity does not have sufficient assets to pay all employee benefits associated with earnings in present and previous periods. Pre-paid contributions are recorded in the accounts as an asset, to the extent the contribution may be refunded or may reduce future contributions.
Regarding remuneration to executive management, please refer to note 26 Remuneration to Board of Directors and executive management.
Other personnel costs
Other personnel costs include sales performance bonus, capitalization of personnel costs for development projects, and costs for the share option programme. See note 25 for details on the share option programme.
Note 5 Other operational costs
Accounting policy
The Group receives government grants, including the Norwegian Skattefunn tax incentive scheme. These grants are recognised over the lifetime of the project, against the costs that they are intended to compensate.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Office maintenance expenses | 4,422 | 6,307 |
|---|
| Human resources | 1,577 | 2,258 |
|---|
| Sales and marketing | 2,464 | 3,448 |
|---|
| IT expenses | 40,875 | 51,079 |
|---|
| Fees for external services | 24,886 | 23,814 |
|---|
| Communication | 2,024 | 2,505 |
|---|
| Travel expenses | 4,343 | 4,278 |
|---|
| Other expenses | 3,862 | 5,882 |
|---|
| Total operating costs | 84,453 | 99,571 |
|---|
Auditor remuneration
2024
| (Amounts in NOK 1 000) | Audit services | Other attestation services | Tax advisory services | Other non-audit services | Total |
|---|
| PWC | 3,164 | - | - | 353 | 3,517 |
|---|
| Other | 193 | - | - | - | 193 |
|---|
| Total | 3,357 | - | - | 353 | 3,710 |
|---|
2023
| (Amounts in NOK 1 000) | Audit services | Other attestation services | Tax advisory services | Other non-audit services | Total |
|---|
| BDO | 1,779 | - | - | 183 | 1,962 |
|---|
| PWC | 1,298 | - | - | - | 1,298 |
|---|
| Other | 82 | - | - | - | 82 |
|---|
| Total | 3,159 | - | - | 183 | 3,342 |
|---|
At the extraordinary general meeting on 13 October 2023, Techstep elected PwC as new auditor for the Group, with immediate effect.
Note 5 Other operational costs
Accounting policy
The Group receives government grants, including the Norwegian Skattefunn tax incentive scheme. These grants are recognised over the lifetime of the project, against the costs that they are intended to compensate.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Office maintenance expenses | 4,422 | 6,307 |
|---|
| Human resources | 1,577 | 2,258 |
|---|
| Sales and marketing | 2,464 | 3,448 |
|---|
| IT expenses | 40,875 | 51,079 |
|---|
| Fees for external services | 24,886 | 23,814 |
|---|
| Communication | 2,024 | 2,505 |
|---|
| Travel expenses | 4,343 | 4,278 |
|---|
| Other expenses | 3,862 | 5,882 |
|---|
| Total operating costs | 84,453 | 99,571 |
|---|
Auditor remuneration
2024
| (Amounts in NOK 1 000) | Audit services | Other attestation services | Tax advisory services | Other non-audit services | Total |
|---|
| PWC | 3,164 | - | - | 353 | 3,517 |
|---|
| Other | 193 | - | - | - | 193 |
|---|
| Total | 3,357 | - | - | 353 | 3,710 |
|---|
2023
| (Amounts in NOK 1 000) | Audit services | Other attestation services | Tax advisory services | Other non-audit services | Total |
|---|
| BDO | 1,779 | - | - | 183 | 1,962 |
|---|
| PWC | 1,298 | - | - | - | 1,298 |
|---|
| Other | 82 | - | - | - | 82 |
|---|
| Total | 3,159 | - | - | 183 | 3,342 |
|---|
At the extraordinary general meeting on 13 October 2023, Techstep elected PwC as new auditor for the Group, with immediate effect.
Note 6 Other income and other expenses
Accounting policy and significant judgements
Other income and expenses of a special nature are presented in the separate line items \u201cOther income\u201d and \u201cOther expenses\u201d within operating profit (loss) respectively. These items are characterised by their non-recurring nature and are outside ordinary business activities of Techstep Group.
| Other income (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Gain on sale of PPE | 238 | - |
|---|
| Other non-recurring income | 866 | 494 |
|---|
| Total | 1,104 | 494 |
|---|
Gain on sale of PPE relates to termination of a rental agreement.
| Other expenses (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Other non-recurring expenses | (6,542) | (1,970) |
|---|
| Total | (6,542) | (1,970) |
|---|
Other non-recurring expenses relates to expenses for reorganizations and downsizing.
Auditor remuneration
2024
| (Amounts in NOK 1 000) | Audit services | Other attestation services | Tax advisory services | Other non-audit services | Total |
|---|
| PWC | 3,164 | - | - | 353 | 3,517 |
|---|
| Other | 193 | - | - | - | 193 |
|---|
| Total | 3,357 | - | - | 353 | 3,710 |
|---|
2023
| (Amounts in NOK 1 000) | Audit services | Other attestation services | Tax advisory services | Other non-audit services | Total |
|---|
| BDO | 1,779 | - | - | 183 | 1,962 |
|---|
| PWC | 1,298 | - | - | - | 1,298 |
|---|
| Other | 82 | - | - | - | 82 |
|---|
| Total | 3,159 | - | - | 183 | 3,342 |
|---|
At the extraordinary general meeting on 13 October 2023, Techstep elected PwC as new auditor for the Group, with immediate effect.
Note 6 Other income and other expenses
Accounting policy and significant judgements
Other income and expenses of a special nature are presented in the separate line items \u201cOther income\u201d and \u201cOther expenses\u201d within operating profit (loss) respectively. These items are characterised by their non-recurring nature and are outside ordinary business activities of Techstep Group.
| Other income (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Gain on sale of PPE | 238 | - |
|---|
| Other non-recurring income | 866 | 494 |
|---|
| Total | 1,104 | 494 |
|---|
Gain on sale of PPE relates to termination of a rental agreement.
| Other expenses (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Other non-recurring expenses | (6,542) | (1,970) |
|---|
| Total | (6,542) | (1,970) |
|---|
Other non-recurring expenses relates to expenses for reorganizations and downsizing.
Note 6 Other income and other expenses
Accounting policy and significant judgements
Other income and expenses of a special nature are presented in the separate line items \u201cOther income\u201d and \u201cOther expenses\u201d within operating profit (loss) respectively. These items are characterised by their non-recurring nature and are outside ordinary business activities of Techstep Group.
| Other income (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Gain on sale of PPE | 238 | - |
|---|
| Other non-recurring income | 866 | 494 |
|---|
| Total | 1,104 | 494 |
|---|
Gain on sale of PPE relates to termination of a rental agreement.
| Other expenses (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Other non-recurring expenses | (6,542) | (1,970) |
|---|
| Total | (6,542) | (1,970) |
|---|
Other non-recurring expenses relates to expenses for reorganizations and downsizing.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Note 6 Other income and other expenses
Accounting policy and significant judgements
Other income and expenses of a special nature are presented in the separate line items \u201cOther income\u201d and \u201cOther expenses\u201d within operating profit (loss) respectively. These items are characterised by their non-recurring nature and are outside ordinary business activities of Techstep Group.
| Other income (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Gain on sale of PPE | 238 | - |
|---|
| Other non-recurring income | 866 | 494 |
|---|
| Total | 1,104 | 494 |
|---|
Gain on sale of PPE relates to termination of a rental agreement.
| Other expenses (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Other non-recurring expenses | (6,542) | (1,970) |
|---|
| Total | (6,542) | (1,970) |
|---|
Other non-recurring expenses relates to expenses for reorganizations and downsizing.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Note 7 Financial income and expenses
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Accounting policy
Individual financial statements of Techstep ASA and its subsidiaries are prepared in the respective entities\u2019 functional currency. Functional currency is the currency of the primary economic environment in which the entity operates. The functional currency of Techstep ASA is Norwegian kroner (NOK). In the individual financial statements, transactions in currencies other than the entity\u2019s functional currency are recognised by applying the exchange rate at the date of transaction. At the balance sheet date, monetary items denominated in foreign currencies are translated using the exchange rate at that date. The changes in value due to such foreign currency translations are recognised in the statement of income of the individual entity and reflected as \u201cforeign currency exchange gain/loss\u201d in the consolidated statement of income for the Group.
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Interest income | 1,369 | 1,099 |
|---|
| Total financial income | 1,369 | 1,099 |
|---|
| Interest expenses interest bearing borrowings | (15,041) | (13,203) |
|---|
| Interest expenses leasing | (1,763) | (1,449) |
|---|
| Net foreign exchange loss | (279) | (5,546) |
|---|
| Other financial expenses | (77) | (3,954) |
|---|
| Total financial expenses | (17,160) | (24,153) |
|---|
Other financial expenses include the fair value adjustment of the interest swap of NOK 1.3 million (NOK 4.1 million). See note 19 for further information on financial instruments.
Note 8 Tax
Accounting policy
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences.
Tax payable
The current income tax charge is calculated based on the tax laws enacted, or substantively enacted, at the end of the reporting period in Norway, Sweden, Denmark and Poland, where subsidiaries generate taxable income. Management periodically evaluates positions taken in tax returns, with respect to situations in which applicable tax regulation is subject to interpretation. Management establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities.
Deferred tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities, and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period, and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise the temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities, and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Critical estimates
Deferred tax assets are recognised when future taxable profit is probable. Judgements on taxable profit levels, timing, and temporary differences determine the ability to utilise tax positions. At the balance sheet date, tax losses carried forward are excluded from deferred tax assets due to uncertainty about their utilisation.
| Income tax expense (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Current tax | (2,153) | (1,867) |
|---|
| Change in deferred tax | 6,902 | 16,873 |
|---|
| Tax expense | 4,749 | 15,006 |
|---|
| Reconciliation of relationship between accounting profit and tax expense |
|---|
| Profit before tax | (50,444) | (59,552) |
|---|
| Tax at the Norwegian tax rate of 22% | 11,098 | 13,101 |
|---|
| Tax effect permanent differences | (7,011) | 1,778 |
|---|
| Difference in tax rates | (383) | (739) |
|---|
| Deferred tax asset not recognised | 1,272 | (21) |
|---|
| Other | (227) | 887 |
|---|
| Income tax expense | 4,749 | 15,006 |
|---|
| Effective tax rate | -9\u00a0% | -25\u00a0% |
|---|
| Tax losses |
|---|
| Unused tax losses for which no deferred tax asset has been recognised | (607,078) | (564,667) |
|---|
| Potential tax asset at 22% tax rate | (133,557) | (124,227) |
|---|
| Components of deferred taxes |
|---|
| The balance comprises temporary differences attributable to: |
|---|
| Intangible assets | 5,615 | 11,124 |
|---|
| Tangible assets | 17,738 | 19,064 |
|---|
| Inventories | - | (14) |
|---|
| Trade receivables and other receivables | (186) | (180) |
|---|
| Leasing | (265) | (447) |
|---|
| Other current liabilities | (1,051) | (1,470) |
|---|
| Financial Instruments | (288) | (900) |
|---|
| Tax loss carried forward | (143,162) | (138,812) |
|---|
| Carry forward interest | (831) | (831) |
|---|
| for which no deferred tax asset has been recognised | 134,175 | 125,521 |
|---|
| Goodwill from acquisitions with no deferred tax effect | (16,871) | (16,871) |
|---|
| Other | (1,769) | 5,401 |
|---|
| Total net deferred tax | (6,895) | 1,582 |
|---|
| Net deferred tax related to Norway | (17,295) | (12,943) |
|---|
| Net deferred tax related to Sweden | 7,921 | 10,811 |
|---|
| Net deferred tax related to Polen | 2,479 | 3,714 |
|---|
| Total deferred tax (+)/ deferred tax asset (-) | (6,895) | 1,582 |
|---|
| Deferred tax asset | (14,122) | (13,092) |
|---|
| Deferred tax liability | 7,227 | 14,674 |
|---|
| Total deferred tax (+)/ deferred tax asset (-) | (6,895) | 1,582 |
|---|
Note 8 Tax
Accounting policy
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences.
Tax payable
The current income tax charge is calculated based on the tax laws enacted, or substantively enacted, at the end of the reporting period in Norway, Sweden, Denmark and Poland, where subsidiaries generate taxable income. Management periodically evaluates positions taken in tax returns, with respect to situations in which applicable tax regulation is subject to interpretation. Management establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities.
Deferred tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities, and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period, and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise the temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities, and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Critical estimates
Deferred tax assets are recognised when future taxable profit is probable. Judgements on taxable profit levels, timing, and temporary differences determine the ability to utilise tax positions. At the balance sheet date, tax losses carried forward are excluded from deferred tax assets due to uncertainty about their utilisation.
| Income tax expense (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Current tax | (2,153) | (1,867) |
|---|
| Change in deferred tax | 6,902 | 16,873 |
|---|
| Tax expense | 4,749 | 15,006 |
|---|
| Reconciliation of relationship between accounting profit and tax expense |
|---|
| Profit before tax | (50,444) | (59,552) |
|---|
| Tax at the Norwegian tax rate of 22% | 11,098 | 13,101 |
|---|
| Tax effect permanent differences | (7,011) | 1,778 |
|---|
| Difference in tax rates | (383) | (739) |
|---|
| Deferred tax asset not recognised | 1,272 | (21) |
|---|
| Other | (227) | 887 |
|---|
| Income tax expense | 4,749 | 15,006 |
|---|
| Effective tax rate | -9\u00a0% | -25\u00a0% |
|---|
| Tax losses |
|---|
| Unused tax losses for which no deferred tax asset has been recognised | (607,078) | (564,667) |
|---|
| Potential tax asset at 22% tax rate | (133,557) | (124,227) |
|---|
| Components of deferred taxes |
|---|
| The balance comprises temporary differences attributable to: |
|---|
| Intangible assets | 5,615 | 11,124 |
|---|
| Tangible assets | 17,738 | 19,064 |
|---|
| Inventories | - | (14) |
|---|
| Trade receivables and other receivables | (186) | (180) |
|---|
| Leasing | (265) | (447) |
|---|
| Other current liabilities | (1,051) | (1,470) |
|---|
| Financial Instruments | (288) | (900) |
|---|
| Tax loss carried forward | (143,162) | (138,812) |
|---|
| Carry forward interest | (831) | (831) |
|---|
| for which no deferred tax asset has been recognised | 134,175 | 125,521 |
|---|
| Goodwill from acquisitions with no deferred tax effect | (16,871) | (16,871) |
|---|
| Other | (1,769) | 5,401 |
|---|
| Total net deferred tax | (6,895) | 1,582 |
|---|
| Net deferred tax related to Norway | (17,295) | (12,943) |
|---|
| Net deferred tax related to Sweden | 7,921 | 10,811 |
|---|
| Net deferred tax related to Polen | 2,479 | 3,714 |
|---|
| Total deferred tax (+)/ deferred tax asset (-) | (6,895) | 1,582 |
|---|
| Deferred tax asset | (14,122) | (13,092) |
|---|
| Deferred tax liability | 7,227 | 14,674 |
|---|
| Total deferred tax (+)/ deferred tax asset (-) | (6,895) | 1,582 |
|---|
Accounting policy
The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income, based on the applicable income tax rate for each jurisdiction, adjusted for changes in deferred tax assets and liabilities attributable to temporary differences.
Tax payable
The current income tax charge is calculated based on the tax laws enacted, or substantively enacted, at the end of the reporting period in Norway, Sweden, Denmark and Poland, where subsidiaries generate taxable income. Management periodically evaluates positions taken in tax returns, with respect to situations in which applicable tax regulation is subject to interpretation. Management establishes provisions where appropriate, based on amounts expected to be paid to the tax authorities.
Deferred tax
Deferred income tax is provided on temporary differences arising between the tax bases of assets and liabilities, and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is determined using tax rates (and laws) that have been enacted, or substantially enacted, by the end of the reporting period, and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise the temporary differences and losses.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities, and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends to either settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income, or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
Note 9 Leases
Accounting policy
At the lease commencement date, the Group recognises a right-of-use asset equal to the measurement of the lease liability less any lease incentives received, and a lease liability measured at the present value of future lease payments. As the interest rate implicit in the lease is not readily determinable, the Group uses its incremental borrowing rate to measure the lease liability.
The incremental borrowing rate is determined for each lease using interest rates acquired from external financing sources and adjusted to provide a borrowing rate that is representative of a collateralised amortising loan. Costs in leasing contracts for offices that relate to the provision of services such as maintenance and utilities are identified and treated separately as non-lease components. These costs are expensed as incurred. For office leases, the Group applies judgement in assessing whether it is likely to exercise options to extend or terminate a lease. All factors that create an economic incentive to exercise options, such as the market conditions that impact the price, the entity\u2019s demand for office space, contractual incentives and penalties, are considered. The Group assesses each lease on a running basis and recognises an adjustment when it is reasonably certain to exercise an option.
The lease contracts that the Group has for offices are often subject to periodic adjustments based on consumer price indexes. In such cases, the Group remeasures the lease liability with an unchanged discount rate and recognises the adjustment against the right-of-use asset. The adjustment is recognised when the change in payments is in effect.
The Group has elected to exempt leases from the above treatment that have a shorter duration than one year and leases where the value of the underlying asset is below USD 5 000.
Critical estimates
In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The lease term is reassessed if an option is actually exercised (or not exercised) or Techstep becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. During the current financial year such an event has not occurred.
| Righ-of-use-assets (Amounts in NOK 1 000) | Buildings | Equipment | Vehicles | Total |
|---|
| As at 1 January 2023 | 25,508 | 2,141 | 2,090 | 29,738 |
|---|
| Additions | 7,274 | (88) | 919 | 8,105 |
|---|
| Depreciation | (11,355) | (1,140) | (1,611) | (14,106) |
|---|
| Disposals | - | - | (328) | (328) |
|---|
| Translation differences | 765 | 32 | 39 | 836 |
|---|
| As at 31 December 2023 | 22,192 | 945 | 1,109 | 24,245 |
|---|
| As at 1 January 2024 | 22,192 | 945 | 1,109 | 24,245 |
|---|
| Additions | 10,626 | 25 | 1,192 | 11,843 |
|---|
| Reclassification | (1,026) | 887 | 140 | - |
|---|
| Depreciation | (9,207) | (1,094) | (1,160) | (11,461) |
|---|
| Translation differences | 166 | 16 | 27 | 209 |
|---|
| As at 31 December 2024 | 22,751 | 779 | 1,307 | 24,837 |
|---|
| Lease liabilities | Buildings | Equipment | Vehicles | Total |
|---|
| As at 1 January 2023 | 27,456 | 2,259 | 2,166 | 31,880 |
|---|
| Additions | 7,332 | (88) | 919 | 8,162 |
|---|
| Interest expense | 1,111 | 132 | 104 | 1,347 |
|---|
| Lease payments | (12,082) | (1,277) | (1,740) | (15,099) |
|---|
| Disposals | - | - | (305) | (305) |
|---|
| Translation differences | 676 | 29 | 35 | 740 |
|---|
| As at 31 December 2023 | 24,494 | 1,055 | 1,178 | 26,725 |
|---|
| As at 1 January 2024 | 24,494 | 1,055 | 1,178 | 26,725 |
|---|
| Additions | 10,626 | 25 | 1,192 | 11,843 |
|---|
| Reclassification | (1,036) | 911 | 125 | - |
|---|
| Interest expense | 1,552 | 104 | 108 | 1,764 |
|---|
| Lease payments | (11,252) | (1,250) | (1,265) | (13,767) |
|---|
| Translation differences | 100 | 6 | 17 | 122 |
|---|
| As at 31 December 2024 | 24,484 | 852 | 1,354 | 26,690 |
|---|
| Lease liabilities | | | 2024 | 2023 |
|---|
| Non-current | | | 15,794 | 15,916 |
|---|
| Current | | | 10,896 | 10,809 |
|---|
| Total | | | 26,690 | 26,725 |
|---|
Maturity analysis nominal payments of lease liabilities
| Lease liabilities | 2024 | 2023 |
|---|
| Up to 1 year | 11,249 | 10,128 |
|---|
| Between 1 and 2 years | 8,474 | 5,096 |
|---|
| Between 2 and 5 years | 9,958 | 8,139 |
|---|
| Over 5 years | - | - |
|---|
Description of the Group\u2019s leasing activities
The Group has lease contracts for offices in the countries in which it operates, as well as equipment and vehicles. Rental contracts are typically made for fixed periods of 12 months to 5 years but may have extension options.
Right-of-use assets are depreciated on a straight-line basis over the remaining term of the lease. The remaining term of the lease is for all leases held by the Group assessed to be equal to the economic life of the asset.
The costs associated with short duration and low-cost leases are expensed systematically over the duration of the lease.
Total cash outflows for leases in 2024 were NOK 13.4 million (2023: NOK 15.3 million).
Interest expense relating to leases recognised in the statement of profit or loss for 2024 was NOK 1.8 million (2023: NOK 1.4 million)
Accounting policy
At the lease commencement date, the Group recognises a right-of-use asset equal to the measurement of the lease liability less any lease incentives received, and a lease liability measured at the present value of future lease payments. As the interest rate implicit in the lease is not readily determinable, the Group uses its incremental borrowing rate to measure the lease liability.
The incremental borrowing rate is determined for each lease using interest rates acquired from external financing sources and adjusted to provide a borrowing rate that is representative of a collateralised amortising loan. Costs in leasing contracts for offices that relate to the provision of services such as maintenance and utilities are identified and treated separately as non-lease components. These costs are expensed as incurred. For office leases, the Group applies judgement in assessing whether it is likely to exercise options to extend or terminate a lease. All factors that create an economic incentive to exercise options, such as the market conditions that impact the price, the entity\u2019s demand for office space, contractual incentives and penalties, are considered. The Group assesses each lease on a running basis and recognises an adjustment when it is reasonably certain to exercise an option.
The lease contracts that the Group has for offices are often subject to periodic adjustments based on consumer price indexes. In such cases, the Group remeasures the lease liability with an unchanged discount rate and recognises the adjustment against the right-of-use asset. The adjustment is recognised when the change in payments is in effect.
The Group has elected to exempt leases from the above treatment that have a shorter duration than one year and leases where the value of the underlying asset is below USD 5 000.
Note 10 Property, plant and equipment
Accounting policy
Property, plant and equipment are stated at historical cost less depreciation and accumulated impairment losses. Historical cost includes expenses that are directly attributable to the acquisition of the items Costs are added to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. The carrying amount of an asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives as follows:
- Device-as-a-Service \t2-3 years
- Other fixed assets\t\t3-5 years
The residual value and useful lives of the assets are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount exceeds its estimated recoverable amount.
Repair and maintenance costs are expensed to the income statement in the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset and are recognised in the income statement.
Device-as-a-service
The Group offers a leasing alternative to customers (Device-as-a-Service). The contracts are supported by financing solutions from external finance institutions. The leasing agreement is a three-part agreement between Techstep, the customer and the funder. The Group sells the devices up front to the external funder and receives payment in full. The devices are delivered to the end users, and the end users are invoiced over the contract period from the funder. The Group has no credit risk related to the end user. The contracts often require that the Group repurchases the devices at a predetermined price from the funder. This price is always lower than the original selling price.
When the Group enters into contracts containing repurchase options, management assesses whether or not the funder has a significant economic incentive to utilise the option. Where it is determined that the customer has a significant economic incentive to utilise the option, the contract is determined to be a lease and the transaction is accounted for as a lease in accordance with IFRS 16. The assets are capitalised and depreciated over the leasing period to their residual value.
Critical estimates \u2013 residual value
Estimates of residual values for Device-as-a-Service assets require management\u2019s assessment of future market values. These estimates are supported by external appraisal and producer\u2019s estimates for depreciation of values.
The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis.
| (Amounts in NOK 1 000) | Device-as-a-service | Other
fixed
assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 359,273 |
|---|
| Additions | 112,733 |
|---|
| Disposals | (138,653) |
|---|
| Translation differences | 11,103 |
|---|
| Accumulated cost as at 31 December 2023 | 344,456 |
|---|
| Accumulated cost as at 1 January 2024 | 344,456 |
|---|
| Additions | 128,086 |
|---|
| Disposals | (146,405) |
|---|
| Translation differences | 3,392 |
|---|
| Accumulated cost as at 31 December 2024 | 329,529 |
|---|
| Accumulated depreciation as at 1 January 2023 | (190,947) |
|---|
| Current year depreciation | (93,498) |
|---|
| Disposals | 113,845 |
|---|
| Translation differences | (7,090) |
|---|
| Accumulated depreciation as at 31 December 2023 | (177,690) |
|---|
| Accumulated depreciation as at 1 January 2024 | (177,690) |
|---|
| Current year depreciation | (102,430) |
|---|
| Disposals | 127,458 |
|---|
| Translation differences | (2,296) |
|---|
| Accumulated depreciation as at 31 December 2024 | (154,957) |
|---|
| Book value of assets 31 December 2023 | 166,767 |
|---|
| Book value of assets 31 December 2024 | 174,572 |
|---|
Note 10 Property, plant and equipment
Accounting policy
Property, plant and equipment are stated at historical cost less depreciation and accumulated impairment losses. Historical cost includes expenses that are directly attributable to the acquisition of the items Costs are added to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. The carrying amount of an asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives as follows:
- Device-as-a-Service \t2-3 years
- Other fixed assets\t\t3-5 years
The residual value and useful lives of the assets are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount exceeds its estimated recoverable amount.
Repair and maintenance costs are expensed to the income statement in the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset and are recognised in the income statement.
Device-as-a-service
The Group offers a leasing alternative to customers (Device-as-a-Service). The contracts are supported by financing solutions from external finance institutions. The leasing agreement is a three-part agreement between Techstep, the customer and the funder. The Group sells the devices up front to the external funder and receives payment in full. The devices are delivered to the end users, and the end users are invoiced over the contract period from the funder. The Group has no credit risk related to the end user. The contracts often require that the Group repurchases the devices at a predetermined price from the funder. This price is always lower than the original selling price.
When the Group enters into contracts containing repurchase options, management assesses whether or not the funder has a significant economic incentive to utilise the option. Where it is determined that the customer has a significant economic incentive to utilise the option, the contract is determined to be a lease and the transaction is accounted for as a lease in accordance with IFRS 16. The assets are capitalised and depreciated over the leasing period to their residual value.
Critical estimates \u2013 residual value
Estimates of residual values for Device-as-a-Service assets require management\u2019s assessment of future market values. These estimates are supported by external appraisal and producer\u2019s estimates for depreciation of values.
The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimates accounted for on a prospective basis.
| (Amounts in NOK 1 000) | Device-as-a-service | Other
fixed
assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 359,273 |
|---|
| Additions | 112,733 |
|---|
| Disposals | (138,653) |
|---|
| Translation differences | 11,103 |
|---|
| Accumulated cost as at 31 December 2023 | 344,456 |
|---|
| Accumulated cost as at 1 January 2024 | 344,456 |
|---|
| Additions | 128,086 |
|---|
| Disposals | (146,405) |
|---|
| Translation differences | 3,392 |
|---|
| Accumulated cost as at 31 December 2024 | 329,529 |
|---|
| Accumulated depreciation as at 1 January 2023 | (190,947) |
|---|
| Current year depreciation | (93,498) |
|---|
| Disposals | 113,845 |
|---|
| Translation differences | (7,090) |
|---|
| Accumulated depreciation as at 31 December 2023 | (177,690) |
|---|
| Accumulated depreciation as at 1 January 2024 | (177,690) |
|---|
| Current year depreciation | (102,430) |
|---|
| Disposals | 127,458 |
|---|
| Translation differences | (2,296) |
|---|
| Accumulated depreciation as at 31 December 2024 | (154,957) |
|---|
| Book value of assets 31 December 2023 | 166,767 |
|---|
| Book value of assets 31 December 2024 | 174,572 |
|---|
Accounting policy
Property, plant and equipment are stated at historical cost less depreciation and accumulated impairment losses. Historical cost includes expenses that are directly attributable to the acquisition of the items Costs are added to the asset\u2019s carrying amount or recognised as a separate asset only when it is probable that future economic benefits associated with the item will flow to the entity and the cost can be measured reliably. The carrying amount of an asset is derecognised upon disposal or when no future economic benefits are expected from its use or disposal.
Depreciation is calculated using the straight-line method to allocate their cost over their estimated useful lives as follows:
- Device-as-a-Service \t2-3 years
- Other fixed assets\t\t3-5 years
The residual value and useful lives of the assets are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the carrying amount exceeds its estimated recoverable amount.
Repair and maintenance costs are expensed to the income statement in the period in which they are incurred.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of the asset and are recognised in the income statement.
Device-as-a-service
The Group offers a leasing alternative to customers (Device-as-a-Service). The contracts are supported by financing solutions from external finance institutions. The leasing agreement is a three-part agreement between Techstep, the customer and the funder. The Group sells the devices up front to the external funder and receives payment in full. The devices are delivered to the end users, and the end users are invoiced over the contract period from the funder. The Group has no credit risk related to the end user. The contracts often require that the Group repurchases the devices at a predetermined price from the funder. This price is always lower than the original selling price.
When the Group enters into contracts containing repurchase options, management assesses whether or not the funder has a significant economic incentive to utilise the option. Where it is determined that the customer has a significant economic incentive to utilise the option, the contract is determined to be a lease and the transaction is accounted for as a lease in accordance with IFRS 16. The assets are capitalised and depreciated over the leasing period to their residual value.
Note 11 Intangible assets
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Other intangible assets
Other intangible assets consist mainly of internally developed software. Additions to software are costs that are directly related to the development of identifiable and unique software products controlled by the Group.
Customer relationship
Customer relationships were acquired as part of a business combination. They are recognised at fair value as of the acquisition date and amortised on a straight-line basis over their estimated useful lives. The Group estimates the useful life of the customer relationship to be at least five years based on the expected future revenue generated from the customer base. However, the actual useful life may be shorter or longer than five years, based on management assessments of technical innovations, technical obsolescence of existing products and competitor actions.
Goodwill
Goodwill was acquired as part of business combinations. Goodwill is recognised at fair value as of the acquisition date, less accumulated impairment losses. See note 12 for impairment assessment.
Note 11 Intangible assets
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Other intangible assets
Other intangible assets consist mainly of internally developed software. Additions to software are costs that are directly related to the development of identifiable and unique software products controlled by the Group.
Customer relationship
Customer relationships were acquired as part of a business combination. They are recognised at fair value as of the acquisition date and amortised on a straight-line basis over their estimated useful lives. The Group estimates the useful life of the customer relationship to be at least five years based on the expected future revenue generated from the customer base. However, the actual useful life may be shorter or longer than five years, based on management assessments of technical innovations, technical obsolescence of existing products and competitor actions.
Goodwill
Goodwill was acquired as part of business combinations. Goodwill is recognised at fair value as of the acquisition date, less accumulated impairment losses. See note 12 for impairment assessment.
Note 11 Intangible assets
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Other intangible assets
Other intangible assets consist mainly of internally developed software. Additions to software are costs that are directly related to the development of identifiable and unique software products controlled by the Group.
Customer relationship
Customer relationships were acquired as part of a business combination. They are recognised at fair value as of the acquisition date and amortised on a straight-line basis over their estimated useful lives. The Group estimates the useful life of the customer relationship to be at least five years based on the expected future revenue generated from the customer base. However, the actual useful life may be shorter or longer than five years, based on management assessments of technical innovations, technical obsolescence of existing products and competitor actions.
Goodwill
Goodwill was acquired as part of business combinations. Goodwill is recognised at fair value as of the acquisition date, less accumulated impairment losses. See note 12 for impairment assessment.
Note 11 Intangible assets
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Other intangible assets
Other intangible assets consist mainly of internally developed software. Additions to software are costs that are directly related to the development of identifiable and unique software products controlled by the Group.
Customer relationship
Customer relationships were acquired as part of a business combination. They are recognised at fair value as of the acquisition date and amortised on a straight-line basis over their estimated useful lives. The Group estimates the useful life of the customer relationship to be at least five years based on the expected future revenue generated from the customer base. However, the actual useful life may be shorter or longer than five years, based on management assessments of technical innovations, technical obsolescence of existing products and competitor actions.
Goodwill
Goodwill was acquired as part of business combinations. Goodwill is recognised at fair value as of the acquisition date, less accumulated impairment losses. See note 12 for impairment assessment.
Accounting policy
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives of the assets. The estimated useful life and amortisation method is reviewed at the end of each reporting period, with the effect of any changes on estimates being accounted for on a prospective basis.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
The costs of intangible assets acquired through acquisitions are recorded at fair value at the date of acquisition.
Software expenses related to the purchase of new computer programmes are accounted for as intangible assets if these expenses are not part of device acquisition costs, and the Group is assumed to have control over the asset and future economic benefits. Costs incurred due to updates and general maintenance of the software, are accounted for as running costs over the income statement, unless the changes in the software increase the future economic benefits from the software.
Expenses incurred in developing own software are recognized as intangible assets if the project expenses satisfy the following capitalization criteria:
- The project must be technically feasible, and the entity must intend to complete the asset for use or sale.
- Intention to Complete: The entity must demonstrate its intention to complete the asset and use or sell it.
- Ability to Use or Sell: The entity must have the ability to use or sell the asset.
- Economic Benefits: The asset must generate probable future economic benefits, either through revenue generation or cost savings.
- Availability of Resources: The entity must have adequate technical, financial, and other resources to complete the development and use or sell the asset.
- Ability to Measure Costs Reliably: The costs attributable to the asset during its development must be reliably measurable.
Directly attributable costs that are capitalised as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
Costs that relate to updates and general maintenance of the software are accounted for as running costs in the income statement, unless the changes in the software increase its future economic benefits.
| (Amounts in NOK 1 000) | Goodwill | Customer relationships | Other intangible assets | Total |
|---|
| Accumulated cost as at 1 January 2023 | 738,168 | 382,316 | 204,614 | 1,325,099 |
|---|
| Additions | - | - | 33,920 | 33,920 |
|---|
| Translation differences | 23,090 | 1,555 | 8,823 | 33,466 |
|---|
| Accumulated cost as at 31 December 2023 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Accumulated cost as at 1 January 2024 | 761,258 | 383,871 | 247,357 | 1,392,485 |
|---|
| Additions | - | - | 29,520 | 29,520 |
|---|
| Disposals | - | - | (20,959) | (20,959) |
|---|
| Translation differences | 7,935 | 3,297 | 4,031 | 15,263 |
|---|
| Accumulated cost as at 31 December 2024 | 769,193 | 387,168 | 259,948 | 1,416,309 |
|---|
| Accumulated amortisation and impairment as at 1 January 2023 | (137,085) | (326,744) | (77,889) | (541,718) |
|---|
| Amortisation | - | (20,385) | (44,530) | (64,915) |
|---|
| Translation differences | - | 3,092 | (3,781) | (688) |
|---|
Accumulated amortisation and impairment
as at 31 December 2023 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Accumulated amortisation and impairment as at 1 January 2024 | (137,085) | (344,036) | (126,200) | (607,320) |
|---|
| Amortisation | - | (21,025) | (47,945) | (68,970) |
|---|
| Disposals | - | - | 20,983 | 20,983 |
|---|
| Translation differences | - | (2,427) | (1,809) | (4,237) |
|---|
Accumulated amortisation and impairment
as at 31 December 2024 | (137,085) | (367,489) | (154,971) | (659,544) |
|---|
| Book value as at 31 December 2023 | 624,173 | 39,835 | 121,157 | 785,164 |
|---|
| Book value as at 31 December 2024 | 632,108 | 19,679 | 104,977 | 756,765 |
|---|
| Estimated economic lifetime in years | Indefinite | 5\u00a0years | 3-5 years | - |
|---|
| Depreciation method | none | linear | linear | - |
|---|
Goodwill
Goodwill was acquired as part of business combinations. Goodwill is recognised at fair value as of the acquisition date, less accumulated impairment losses. See note 12 for impairment assessment.
Note 12 Impairment of intangible assets
Techstep\u2019s goodwill is material. No impairment loss has been recognised during the current or the previous year.
Goodwill represents the excess of the cost of acquisition over the fair value of the net identifiable assets of the acquired business at the time of the acquisition. Goodwill is tested annually for impairment, or more frequently when there is an indication that the unit may be impaired and carried at cost less accumulated impairment losses. An impairment loss recognised for goodwill is not reversed in a subsequent period. Goodwill is allocated to the relevant cash-generating units for the purpose of impairment testing. Each of those cash-generating units represents the lowest levels for which there are separately identifiable cash flows. Gains and losses on the sale of business interests include the carrying amount of goodwill relating to the entity sold
Cash generating units (CGU)
Since Techstep\u2019s establishment in 2016 and up until 2022, the strategy was based in large on acquiring companies with compatible business operations within the mobile technology industry in the Nordics and in Poland, and 14 companies were added to the Group in the period. Over the same period, there has been substantial mergers between legal entities in the Group, resulting in extensive integration of operations. A comprehensive restructuring is still ongoing, where the business is being more closely integrated across legal entities. The Group is currently operating in 3 main legal entities, located in Norway, Sweden and Poland. The device-as-a-service business is operated through two stand-alone entities in Norway and Sweden, but the operations are tightly integrated with the business in the operating entities in the same countries, in line with the strategy of integrating the business across the Group.
| Goodwill |
|---|
| (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Norway | 349,404 | 349,404 |
|---|
| Sweden | 206,435 | 203,166 |
|---|
| Poland | 76,269 | 71,603 |
|---|
| Total | 632,108 | 624,173 |
|---|
The CGU Norway comprise the legal entities Techstep Norway AS and Techstep Finance AS. The operations in Techstep Finance AS are fully interconnected with the operations in Techstep Norway AS, and is therefore not considered to be a stand-alone cash generating unit.
Goodwill allocated to Norway primarily consists of excess values in the acquisition of Nordialog, Techstep Finance AS and Mytos AS. Nordialog and Mytos AS are now merged with Techstep Norway AS.
CGU Sweden comprise the companies Techstep AB, Techstep Finance AB and Optidev ApS. Similarly to Techstep Finance AS, Techstep Finance AB and Optidev Aps are interconnected with Techstep Sweden AB, and are not considered to be individual cash generating units.
Goodwill allocated to Sweden is primarily related to the acquisition of Techstep AB, Optidev AB and eConnectivity, where the two latter entities are now merged with Techstep Sweden AB.
CGU Poland comprise the company Techstep S.A. Goodwill allocated to Poland is related to the acquisition of Techstep S.A and Famoc ltd.
Impairment test
Goodwill are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired.
Impairment reviews are undertaken by calculating the recoverable amount of the CGU containing goodwill. The carrying amount of the CGU is then compared to the recoverable amount of the CGU, which is the higher of value in use and fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
The estimate of the recoverable amount of the CGU is largely based on management\u2019s assumption pertaining to the Group\u2019s future cash flow projections, where the most important factors affecting future cash flow projections is assumptions about future growth in revenues, the terminal growth rate and the EBITDA margin.
The recoverable amount of the cash generating units (CGUs) was determined based on value-in-use calculations. Cash flow is based on the budget for 2025 and projections for 2026-2027 are in line with the 3-year plan approved by the Board of Directors. Growth estimates for 2028 and 2029 are based on management estimates and expected market growth in every country. Cash flows beyond these five years are based on an expected long term inflation rate of 2.0% for an indefinite period.
| Assumptions | | | | |
|---|
| DCF Norway | FY25F | FY26F | FY27F | FY28F | TV (FY29) |
|---|
| Growth in revenue | 15.8\u00a0% | 7.1\u00a0% | 7.7\u00a0% | 2.3\u00a0% | 2.4\u00a0% |
|---|
| EBITDA margin 1) | 7.2\u00a0% | 9.7\u00a0% | 12.9\u00a0% | 12.3\u00a0% | 11.5\u00a0% |
|---|
| DCF Sweden | FY25F | FY26F | FY27F | FY28F | TV (FY29) |
|---|
| Growth in revenue | 12.9\u00a0% | 3.7\u00a0% | 4.1\u00a0% | 4.4\u00a0% | 3.2\u00a0% |
|---|
| EBITDA margin 1) | 7.3\u00a0% | 7.5\u00a0% | 7.5\u00a0% | 8.4\u00a0% | 8.2\u00a0% |
|---|
| DCF Poland | FY25F | FY26F | FY27F | FY28F | TV (FY29) |
|---|
| Growth in revenue | 35.5\u00a0% | 14.7\u00a0% | 14.8\u00a0% | 14.8\u00a0% | 14.8\u00a0% |
|---|
| EBITDA margin 1) | 32.7\u00a0% | 37.2\u00a0% | 41.3\u00a0% | 46.3\u00a0% | 50.9\u00a0% |
|---|
- EBITDA includes depreciation on Device-as-a-service.
Key assumptions for estimating future cash flow
Discount rates
Discount rates represent the current market assessment of the risks specific to each cash-generating unit, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its CGU\u2019s and is derived from its weighted average cost of capital (WACC) using the capital asset pricing model (CAPM). The WACC rates used in discounting the future cash flows are based on a 10-year government bond rate in the respective countries, with a premium added to reflect the creditors' risk when lending funds to the Group. The discount rate includes a small business premium (operational risk) and the expected future levels of inflation.
The discount rates also consider the gearing, corporate tax rate and asset beta. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest-bearing borrowings the Group is obliged to service. Segment-specific risk is incorporated by applying a beta factor.
These assumptions have been applied consistently across the Group for impairment reviews performed at year-end 2024 and 2023
| WACC after tax (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| CGU Norway | 10.1\u00a0% | 9.5\u00a0% |
|---|
| CGU Sweden | 9.4\u00a0% | 9.0\u00a0% |
|---|
| CGU Poland | 11.2\u00a0% | 10.5\u00a0% |
|---|
Sensitivity
In addition to impairment testing using the base case assumptions above, separate sensitivity analyses were performed for each cash-generating unit for the input assumptions that are assumed to impact the outcome the most:
- Sensitivity towards changes in applied discount rate (WACC),
- Sensitivity to changes in EBITDA and
- Sensitivity to changes in long-term growth rate in the terminal year.
Sensitivity analysis indicates that even with the use of conservative estimates of future cash flows and discount rates, the book value of any of the assets will not exceed the recoverable amounts
Norway: In order to have an impairment loss situation, the long-term growth rate must be 0.1% and the WACC must be 18%, or EBITDA must decrease by 33%
Sweden: In order to have an impairment loss situation, the long-term growth rate must be 0.1% and the WACC must be 12%, or EBITDA must decrease by 17%
Poland: In order to have an impairment loss situation. the long-term growth rate must be 0.1% and the WACC must be 22%, or EBITDA must decrease by 34%
These scenarios highlight the sensitivity of the CGU's recoverable amount to changes in key assumptions. Management will continue to monitor these factors closely to ensure the carrying value of intangible assets remains appropriate.
Note 13 Inventories
Accounting policy
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated sales price under ordinary operations less the cost of sales. Cost is determined using the FIFO or weighted average method, depending on the nature of the inventories.
| Book value of inventories (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Inventories | 4,663 | 10,791 |
|---|
| Less write-down of inventories | - | -289 |
|---|
| Total inventories | 4,663 | 10,502 |
|---|
Accounting policy
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated sales price under ordinary operations less the cost of sales. Cost is determined using the FIFO or weighted average method, depending on the nature of the inventories.
| Book value of inventories (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Inventories | 4,663 | 10,791 |
|---|
| Less write-down of inventories | - | -289 |
|---|
| Total inventories | 4,663 | 10,502 |
|---|
Note 14 Trade receivables and other receivables
Accounting policy
Trade receivables represent the amounts owed by customers for goods sold or services provided during regular business operations. Typically, these receivables are expected to be settled within 30 days, classifying them as current assets.
Due to the short-term nature of the current receivables, they are measured at nominal value.
The carrying amount of a trade receivable is written off when the Group has no reasonable expectations of recovering the trade receivable in its entirety or a portion thereof.
Trade receivables shown at maturity: as
| Trade receivables outstanding | (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Not due | | 122,003 | 140,592 |
|---|
| 1-30 days overdue | | 14,052 | 15,353 |
|---|
| 30-60 days overdue | | (760) | 2,238 |
|---|
| 60-90 days overdue | | 363 | 883 |
|---|
| More than 90 days overdue | | 417 | 1,361 |
|---|
| Total | | 136,075 | 160,427 |
|---|
| Allowance of doubtful accounts in the balance sheet | 2024 | 2023 |
|---|
| Opening balance as at 1 January | 1,361 | 1,792 |
|---|
| Net allowance/reversal (-) | (30) | (431) |
|---|
| Closing balance as at 31 December | 1,330 | 1,361 |
|---|
| Profit or loss effect of bad debt | 2024 | 2023 |
|---|
| Realized losses | 116 | 157 |
|---|
| Allowance for doubtful accounts | (30) | (431) |
|---|
| Net accounting losses on receivbales | 86 | (274) |
|---|
| Other short-term receivables | 2024 | 2023 |
|---|
| Accrued revenues | 8,848 | 2,074 |
|---|
| Prepaid expenses | 27,863 | 28,512 |
|---|
| Total | 36,711 | 30,586 |
|---|
Note 14 Trade receivables and other receivables
Accounting policy
Trade receivables represent the amounts owed by customers for goods sold or services provided during regular business operations. Typically, these receivables are expected to be settled within 30 days, classifying them as current assets.
Due to the short-term nature of the current receivables, they are measured at nominal value.
The carrying amount of a trade receivable is written off when the Group has no reasonable expectations of recovering the trade receivable in its entirety or a portion thereof.
Trade receivables shown at maturity: as
| Trade receivables outstanding | (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Not due | | 122,003 | 140,592 |
|---|
| 1-30 days overdue | | 14,052 | 15,353 |
|---|
| 30-60 days overdue | | (760) | 2,238 |
|---|
| 60-90 days overdue | | 363 | 883 |
|---|
| More than 90 days overdue | | 417 | 1,361 |
|---|
| Total | | 136,075 | 160,427 |
|---|
| Allowance of doubtful accounts in the balance sheet | 2024 | 2023 |
|---|
| Opening balance as at 1 January | 1,361 | 1,792 |
|---|
| Net allowance/reversal (-) | (30) | (431) |
|---|
| Closing balance as at 31 December | 1,330 | 1,361 |
|---|
| Profit or loss effect of bad debt | 2024 | 2023 |
|---|
| Realized losses | 116 | 157 |
|---|
| Allowance for doubtful accounts | (30) | (431) |
|---|
| Net accounting losses on receivbales | 86 | (274) |
|---|
| Other short-term receivables | 2024 | 2023 |
|---|
| Accrued revenues | 8,848 | 2,074 |
|---|
| Prepaid expenses | 27,863 | 28,512 |
|---|
| Total | 36,711 | 30,586 |
|---|
Accounting policy
Trade receivables represent the amounts owed by customers for goods sold or services provided during regular business operations. Typically, these receivables are expected to be settled within 30 days, classifying them as current assets.
Due to the short-term nature of the current receivables, they are measured at nominal value.
The carrying amount of a trade receivable is written off when the Group has no reasonable expectations of recovering the trade receivable in its entirety or a portion thereof.
Trade receivables shown at maturity: as
| Trade receivables outstanding | (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Not due | | 122,003 | 140,592 |
|---|
| 1-30 days overdue | | 14,052 | 15,353 |
|---|
| 30-60 days overdue | | (760) | 2,238 |
|---|
| 60-90 days overdue | | 363 | 883 |
|---|
| More than 90 days overdue | | 417 | 1,361 |
|---|
| Total | | 136,075 | 160,427 |
|---|
| Allowance of doubtful accounts in the balance sheet | 2024 | 2023 |
|---|
| Opening balance as at 1 January | 1,361 | 1,792 |
|---|
| Net allowance/reversal (-) | (30) | (431) |
|---|
| Closing balance as at 31 December | 1,330 | 1,361 |
|---|
| Profit or loss effect of bad debt | 2024 | 2023 |
|---|
| Realized losses | 116 | 157 |
|---|
| Allowance for doubtful accounts | (30) | (431) |
|---|
| Net accounting losses on receivbales | 86 | (274) |
|---|
| Other short-term receivables | 2024 | 2023 |
|---|
| Accrued revenues | 8,848 | 2,074 |
|---|
| Prepaid expenses | 27,863 | 28,512 |
|---|
| Total | 36,711 | 30,586 |
|---|
Note 15 Cash and cash equivalents
The fair value for cash and cash equivalents is assessed to be equal to the nominal amount.
| The Group\u2019s cash and cash equivalents consists of (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Cash and bank deposits | 30,776 | 77,459 |
|---|
| Total | 30,776 | 77,459 |
|---|
| Of which is restricted | 3,663 | 3,957 |
|---|
The Group\u2019s cash and cash equivalents consist in their entirety of short-term bank deposits.
The carrying amounts of the Group\u2019s cash and cash equivalents by currency
(Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| NOK | 11,397 | 42,693 |
|---|
| SEK | 10,598 | 18,685 |
|---|
| Other | 8,781 | 16,081 |
|---|
| total | 30,776 | 77,459 |
|---|
| The Group\u2019s cash and cash equivalents consists of (Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Cash and bank deposits | 30,776 | 77,459 |
|---|
| Total | 30,776 | 77,459 |
|---|
| Of which is restricted | 3,663 | 3,957 |
|---|
The Group\u2019s cash and cash equivalents consist in their entirety of short-term bank deposits.",
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"language": "en",
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"value": "Note 16 Financial liabilities
Accounting policy
Financial liabilities are recognised at fair value when the loan is disbursed, net of the transaction costs incurred. Transaction costs are charged as an expense over the term of the loan (effective interest rate). Financial liabilities are classified as current liabilities unless there exists an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. According to IFRS\u00ae Accounting Standards 9, the financial liabilities are measured at amortised cost.
The Group's interest-bearing borrowings consist of:
| 2024 | 2023 |
|---|
| (Amounts in NOK 1 000) | Current | Non-current | Current | Non-current |
|---|
| Bank loans | 15,000 | 114,315 | 18,750 | 129,927 |
|---|
| Credit facilities | 10,000 | - | 30,000 | - |
|---|
| Total interest-bearing borrowings | 25,000 | 114,315 | 48,750 | 129,927 |
|---|
Bank Loans
The bank loan consists of a Term Loan A and Term Loan B of NOK 75 each. The Term Loan A matures over five years, with quarterly straight-line amortisations, while the Term Loan B matures in five years.
Credit facilities
Available credit facilities consist of a Revolving Credit Facility of NOK 30 million, an overdraft facility of NOK 25 million and a seasonal facility of NOK 20 million.
All the interest-bearing borrowings are provided by Nordea Bank APB.
Maturity analysis for loans
| | Due within | |
|---|
2024
(Amounts in NOK 1 000) | Total | 1 year | 1-5 years | over 5 years | Annual interest rate |
|---|
| Bank overdraft facilities | - | - | - | - | 3-month NIBOR + 250 bps |
|---|
| Bank loan | 129,315 | 15,000 | 114,315 | - | 3-month NIBOR + 305 / 285 bps |
|---|
| Revolving Credit Facility | 10,000 | 10,000 | - | - | 3-month NIBOR + 285 bps |
|---|
| Total | 139,315 | 25,000 | 114,315 | - | |
|---|
| | Due within | |
|---|
| 2023 | Total | 1 year | 1-5 years | over 5 years | Annual interest rate |
|---|
| Bank overdraft facilities | - | - | - | - | 3-month NIBOR + 225 bps |
|---|
| Bank loan | 148,677 | 18,750 | 129,927 | - | 3-month NIBOR + 280 / 260 bps |
|---|
| Revolving Credit Facility | 30,000 | 30,000 | - | - | 3-month NIBOR + 260 bps |
|---|
| Total | 178,677 | 48,750 | 129,927 | - | |
|---|
In connection with the refinancing, Techstep ASA entered into an interest rate hedge agreement, where interest payments for 75% of the long-term borrowings are secured at a NIBOR base of 4.47% p.a. The duration of the agreement is five years.
Collateral
Nordea Bank ABP has entered into the following agreements regarding collateral for Techstep ASA\u2019s loans in Nordea Bank ABP:
- Share Pledge Agreements covering the shares in Techstep Norway AS, Techstep Finance AS, Techstep AB and Techstep Finance AB.
- Security Agreements with Techstep Norway AS and Techstep Finance AS, covering their respective trade receivables, operating assets, and inventory.
- Business Mortgage Agreements (Foretagshypotek) with Techstep AB and Techstep Finance AB.
Financial covenants
The financial covenants related to the new financing are:
- Maximum leverage ratio*: 2.2x to 2.0x over the next three quarters
- Minimum interest cover ratio**: 3.2x to 4.0x over the next four quarters
- Equity ratio: above 30%
* Leverage ratio means net interest-bearing debt, including leasing liabilities and liabilities related to device as a service, to EBITDA adjusted.
** Interest cover ratio means net EBITA adjusted to net interest expenses.
The Group was in compliance with all financial covenant requirements as at 31 December 2024.
Reconciliation of interest-bearing debt
(Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Balance as of 1 January | 178,677 | 173,987 |
|---|
| Cash flow from financing activities |
|---|
| Proceeds from borrowings | - | 178,313 |
|---|
| Payments of borrowings | -40,079 | -161,075 |
|---|
| Net cash flow from financing activities | -40,079 | 17,238 |
|---|
| Additions arising from business combinations |
|---|
| Non-cash settlements | 717 | -14,607 |
|---|
| Effects from exchange rate fluctuations | - | 2,024 |
|---|
| Other | - | 35 |
|---|
| Balance as of 31 December | 139,315 | 178,677 |
|---|
In September 2023, Techstep refinanced all interest-bearing borrowings from several financial credit institutions in the countries in which it is located into one borrowing relationship with Nordea Bank APB.
Sustainability Linked Loan
In July 2024, Techstep added Sustainability features to the loan terms connected to three KPIs, which may give a discount of up to 5 bps on the margin if the three KPIs are reached, or a penalty of up to 5 bps if the KPIs are not reached. The KPI performance, which relates to reduction of greenhouse gas emissions (Scope 1 and 2), supplier due diligence and cybersecurity training, will be evaluated on an annual basis. The two latter KPIs will be replaced by new KPIs for the last two years of the loan period.
Accounting policy
Financial liabilities are recognised at fair value when the loan is disbursed, net of the transaction costs incurred. Transaction costs are charged as an expense over the term of the loan (effective interest rate). Financial liabilities are classified as current liabilities unless there exists an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. According to IFRS\u00ae Accounting Standards 9, the financial liabilities are measured at amortised cost.
The Group's interest-bearing borrowings consist of:
| 2024 | 2023 |
|---|
| (Amounts in NOK 1 000) | Current | Non-current | Current | Non-current |
|---|
| Bank loans | 15,000 | 114,315 | 18,750 | 129,927 |
|---|
| Credit facilities | 10,000 | - | 30,000 | - |
|---|
| Total interest-bearing borrowings | 25,000 | 114,315 | 48,750 | 129,927 |
|---|
Bank Loans
The bank loan consists of a Term Loan A and Term Loan B of NOK 75 each. The Term Loan A matures over five years, with quarterly straight-line amortisations, while the Term Loan B matures in five years.
Credit facilities
Available credit facilities consist of a Revolving Credit Facility of NOK 30 million, an overdraft facility of NOK 25 million and a seasonal facility of NOK 20 million.
All the interest-bearing borrowings are provided by Nordea Bank APB.
Note 17 Other non-current liabilities
Other non-current liabilities consists of the following:
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Lease liabilities | 9 | 15,794 | 15,916 |
|---|
| Non-current liabilities related to Device-as-a-Service | | 39,476 | 19,316 |
|---|
| Total other non-current liabilities | | 55,270 | 35,231 |
|---|
Non-current liabilities related to Device-as-a-Service include prepaid lease income with expected revenue recognition beyond 12 months of the balance sheet date, and buy-back obligations to funder. See note 3 for information about liabilities related to Device-as-a-Service.
Note 17 Other non-current liabilities
Other non-current liabilities consists of the following:
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Lease liabilities | 9 | 15,794 | 15,916 |
|---|
| Non-current liabilities related to Device-as-a-Service | | 39,476 | 19,316 |
|---|
| Total other non-current liabilities | | 55,270 | 35,231 |
|---|
Non-current liabilities related to Device-as-a-Service include prepaid lease income with expected revenue recognition beyond 12 months of the balance sheet date, and buy-back obligations to funder. See note 3 for information about liabilities related to Device-as-a-Service.
Note 17 Other non-current liabilities
Other non-current liabilities consists of the following:
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Lease liabilities | 9 | 15,794 | 15,916 |
|---|
| Non-current liabilities related to Device-as-a-Service | | 39,476 | 19,316 |
|---|
| Total other non-current liabilities | | 55,270 | 35,231 |
|---|
Non-current liabilities related to Device-as-a-Service include prepaid lease income with expected revenue recognition beyond 12 months of the balance sheet date, and buy-back obligations to funder. See note 3 for information about liabilities related to Device-as-a-Service.
Note 18 Trade payables and other current liabilities
Accounting policy
Trade payables and other current liabilities are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest method. Short-term payables are normally not discounted as the interest element is minimal.
| Other current liabilities (Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Accrued expenses | | 19,923 | 42,584 |
|---|
| Prepaid revenue | | 18,054 | 17,142 |
|---|
| Lease liabilities | 9 | 10,896 | 10,809 |
|---|
| Public duties | | 27,184 | 24,278 |
|---|
| Tax payable | | 1,841 | 599 |
|---|
| Other current financial and non-financial liabilities | | 174 | 3,433 |
|---|
| Total other current liabilities | | 78,071 | 98,845 |
|---|
Note 18 Trade payables and other current liabilities
Accounting policy
Trade payables and other current liabilities are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest method. Short-term payables are normally not discounted as the interest element is minimal.
| Other current liabilities (Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Accrued expenses | | 19,923 | 42,584 |
|---|
| Prepaid revenue | | 18,054 | 17,142 |
|---|
| Lease liabilities | 9 | 10,896 | 10,809 |
|---|
| Public duties | | 27,184 | 24,278 |
|---|
| Tax payable | | 1,841 | 599 |
|---|
| Other current financial and non-financial liabilities | | 174 | 3,433 |
|---|
| Total other current liabilities | | 78,071 | 98,845 |
|---|
Note 18 Trade payables and other current liabilities
Accounting policy
Trade payables and other current liabilities are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest method. Short-term payables are normally not discounted as the interest element is minimal.
| Other current liabilities (Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Accrued expenses | | 19,923 | 42,584 |
|---|
| Prepaid revenue | | 18,054 | 17,142 |
|---|
| Lease liabilities | 9 | 10,896 | 10,809 |
|---|
| Public duties | | 27,184 | 24,278 |
|---|
| Tax payable | | 1,841 | 599 |
|---|
| Other current financial and non-financial liabilities | | 174 | 3,433 |
|---|
| Total other current liabilities | | 78,071 | 98,845 |
|---|
Accounting policy
Trade payables and other current liabilities are initially recognised at fair value. Subsequently they are measured at amortised cost using the effective interest method. Short-term payables are normally not discounted as the interest element is minimal.
| Other current liabilities (Amounts in NOK 1 000) | Note | 2024 | 2023 |
|---|
| Accrued expenses | | 19,923 | 42,584 |
|---|
| Prepaid revenue | | 18,054 | 17,142 |
|---|
| Lease liabilities | 9 | 10,896 | 10,809 |
|---|
| Public duties | | 27,184 | 24,278 |
|---|
| Tax payable | | 1,841 | 599 |
|---|
| Other current financial and non-financial liabilities | | 174 | 3,433 |
|---|
| Total other current liabilities | | 78,071 | 98,845 |
|---|
Note 19 Financial Derivatives
Accounting policy
Financial derivatives are initially recognised at fair value on the date a derivative contract is entered into, and are subsequently remeasured to fair value through profit and loss at the end of each reporting period.
| Liabilities (Amounts in NOK 1 000) | 2024 | 2023 | |
|---|
| Nominal amount | Fair Value | Nominal amount | Fair Value | Maturity Date | Interest rate |
|---|
| Interest rate swap | 98,438 | (1,307) | 112,500 | (4,092) | Sept 2028 | 4.47% p.a |
|---|
| Total interest-bearing debt | 98,438 | (1,307) | 112,500 | (4,092) | | |
|---|
The derivative instrument consists of an interest rate swap entered into with the purpose of reducing the interest rate risk on the long term loans. In connection with the refinancing, Techstep ASA entered into an interest rate hedge agreement, where the floating interest base for 75% of the long-term borrowings is secured at 4.47% p.a. The duration of the agreement is five years.
A negative change in fair value of the interest rate swap of NOK 1.3 million (NOK 4.1 million) is included in financial expenses.
Note 20 Financial risk management
The Group's financial risk is related to credit risk, liquidity risk, currency risk and interest rate risk. The Group's risk management aims to support value creation and ensure a solid financial platform, through transparent and strategic management of both financial and operational risk factors. Operational risk relates mainly to major projects, which are continuously reviewed by management.
The Group\u2019s capital consists of net interest-bearing debt (NIBD) and equity:
(Amounts in NOK 1 000) | 2024 | 2023 |
|---|
| Non-current interest-bearing borrowings | 114,315 | 129,927 |
|---|
| Current interest-bearing borrowings | 25,000 | 48,750 |
|---|
| Cash and cash equivalents* | 30,776 | 77,459 |
|---|
| NIBD | 108,540 | 101,218 |
|---|
| Group equity | 578,289 | 573,697 |
|---|
| Net gearing (NIBD/equity) | 19\u00a0% | 18\u00a0% |
|---|
| Undrawn credit facilities* | 45,000 | 28,368 |
|---|
* Seasonal facility of NOK 20 million is not included in undrawn credit facility. The seasonal facilitiy is available for four months with opening in the period between 1 May and 30 September.
A) Capital management
Techstep manages its capital to secure the ongoing operations of the companies in the Group and to maximise the shareholders\u2019 return. The Group\u2019s capital structure's focus is to ensure sufficient free liquidity in the form of cash and cash equivalents along with bank overdraft facilities to ensure that the Group can continually service its obligations and at the same time be able to make strategic acquisitions.
B) Credit risk
Credit risk is the risk that customers are unable to settle their obligations as they mature. Credit risk is considered part of the business risk and is included in ongoing operations. The Group has established procedures for credit rating major of private customers, and the risk that customers do not have the financial means to meet their obligations is considered low. Historically, only minor losses have been realised as a result of customers experiencing financial difficulties.
The customer base comprises many medium-sized customers, along with a few larger customers. The customer portfolio is considered to be well diversified across industries, with both private and public customers. The risk level is considered satisfactory. The bulk of the Group's customers are Norwegian and Swedish, which constitutes a geographic concentration of risk.
In 2024 there are two single customers that represented 10% or more of the Group's revenues (10.6% and 10.3%). No customers constituted more than 10 % of the total in 2023.
The maximum credit exposure consists of the carrying value of receivables and cash and cash equivalents. All receivables are due within one year. Normally, payment is 30 days after invoicing.
Provisions for losses on trade receivables are based on portfolio assessment of trade receivables as disclosed in note 14.
Historically, actual losses on trade receivables have been immaterial, as was also the case in 2024. It is management\u2019s assessment that the Group's overall credit risk is satisfactory. Please also refer to note 14, Trade receivables and other receivables.
C) Liquidity risk
Liquidity risk is the risk of not being able to pay the Group's financial obligations upon maturity. Liquidity risk arises from a mismatch between cash flows from operations and financial commitments. Liquidity budgets are prepared based on the Group's financial budgets. The budgets are prepared annually and are updated with new forecasts throughout the year. Transforming from a transactional model to a recurring revenue model, which by definition postpones incoming cash flows, puts a higher strain on the liquidity position of the Group. The Group's liquidity is closely monitored by management and the Board of Directors. If the need arises, the Group has access to multiple funding sources to balance the transformation.
For details regarding the Group's interest-bearing borrowings refer to note 16 Borrowings.
D) Currency risk
The material part of the Group's operations is conducted in the Nordics. The Group is thus not materially affected by operational currency fluctuations other than fluctuations between NOK and SEK. The bulk of the Group's goods and services is billed in NOK or SEK as appropriate. To a minor extent, some solutions revenue and expenses are invoiced in PLN, EUR and USD. The Group does not hedge cash flows in foreign currencies. The Group has low cash holdings, trade receivables and trade payables in currencies other than NOK and SEK.
Therefore, the consequences on the Group's profit and equity from changes in exchange rates between NOK and foreign currencies, and SEK and foreign currencies is limited and deemed acceptable. There is limited trade between Norway and Sweden and currency risk is considered to be low overall. Group values related to foreign operations are subject to currency fluctuations. As such, there will be variations in the financial statement\u2019s line item Exchange differences on translating foreign operations in the consolidated statement of comprehensive income.
E) Interest rate risk
Interest rate changes have an effect on consolidated operating income and cash flows from operating activities. The Group's interest rate risk is related to floating interest rates on bank accounts and deposits, in addition to floating rate debt in credit institutions. The Group has no fixed-rate deposits or debt and is therefore not exposed to fair value interest rate risk. The Group assesses its capital structure on an ongoing basis.
| Interest rate sensitivity | Increase/
decrease in basis points | Increased interest rate effect on profit before tax | Decreased interest rate effect on profit before tax |
|---|
| Based on net interest-bearing items 31.12.2024 | +/- 100 | -1,085 | 1,085 |
|---|
| Based on net interest-bearing items 31.12.2023 | +/- 100 | -1,012 | 1,012 |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
A) Capital management
Techstep manages its capital to secure the ongoing operations of the companies in the Group and to maximise the shareholders\u2019 return. The Group\u2019s capital structure's focus is to ensure sufficient free liquidity in the form of cash and cash equivalents along with bank overdraft facilities to ensure that the Group can continually service its obligations and at the same time be able to make strategic acquisitions.
B) Credit risk
Credit risk is the risk that customers are unable to settle their obligations as they mature. Credit risk is considered part of the business risk and is included in ongoing operations. The Group has established procedures for credit rating major of private customers, and the risk that customers do not have the financial means to meet their obligations is considered low. Historically, only minor losses have been realised as a result of customers experiencing financial difficulties.
The customer base comprises many medium-sized customers, along with a few larger customers. The customer portfolio is considered to be well diversified across industries, with both private and public customers. The risk level is considered satisfactory. The bulk of the Group's customers are Norwegian and Swedish, which constitutes a geographic concentration of risk.
In 2024 there are two single customers that represented 10% or more of the Group's revenues (10.6% and 10.3%). No customers constituted more than 10 % of the total in 2023.
The maximum credit exposure consists of the carrying value of receivables and cash and cash equivalents. All receivables are due within one year. Normally, payment is 30 days after invoicing.
Provisions for losses on trade receivables are based on portfolio assessment of trade receivables as disclosed in note 14.
Historically, actual losses on trade receivables have been immaterial, as was also the case in 2024. It is management\u2019s assessment that the Group's overall credit risk is satisfactory. Please also refer to note 14, Trade receivables and other receivables.
C) Liquidity risk
Liquidity risk is the risk of not being able to pay the Group's financial obligations upon maturity. Liquidity risk arises from a mismatch between cash flows from operations and financial commitments. Liquidity budgets are prepared based on the Group's financial budgets. The budgets are prepared annually and are updated with new forecasts throughout the year. Transforming from a transactional model to a recurring revenue model, which by definition postpones incoming cash flows, puts a higher strain on the liquidity position of the Group. The Group's liquidity is closely monitored by management and the Board of Directors. If the need arises, the Group has access to multiple funding sources to balance the transformation.
For details regarding the Group's interest-bearing borrowings refer to note 16 Borrowings.
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
F) Categories of financial instruments
Accounting policy
Financial assets and liabilities include investments, derivatives, receivables, borrowings, payables and other liabilities. Financial instruments are classified as:
- Fair value through profit or loss, or
- Amortised cost
Financial instruments at fair value through profit or loss are derivatives entered into to hedge the interest rate risk for the long-term borrowings.
Financial assets at amortised cost are held for principal and interest payments, initially recognised at fair value plus transaction cost, and measured using the effective interest method. Current assets are assumed to be at fair value due to their short-term nature.
Financial liabilities at amortised cost includ borrowings, payables and other liabilities, recognised initially at fair value and measured using the effective interest method. Effective interest is recognised in the income statement as financial expenses. Current liabilities are not amortised unless material.
Trade and other receivables are assessed for credit loss based on payment defaults and debtor\u2019s financial difficulties. For trade receivables the loss allowance is measured at the lifetime expected credit loss. The loss is recognised as other operating expenses in the income statement.
Fair value of financial instruments is based on market prices or valuation techniques that are expected to provide a reliable estimate of the fair value. Unlisted securities are valued using discounted cash flows. Financial assets and liabilities are classified by valuation method:
Level 1: Valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2: Valuation based on inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3: Valuation based on inputs for the asset or liability that are unobservable market data.
Changes in fair value recognised in profit or loss are presented in the line items Financial expenses and Other income and expenses.
Financial instruments by category
The Group has the following categories of financial instruments as at 31 December 2024:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 45 | | 45 | 3 |
|---|
| Other non-current assets | - | 125 | 125 | |
|---|
| Accounts receivables | - | 134,745 | 134,745 | |
|---|
| Other receivables | - | 36,711 | 36,711 | |
|---|
| Cash and cash equivalents | - | 30,776 | 30,776 | |
|---|
| Total assets | 45 | 202,357 | 202,401 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing borrowings | - | 114,315 | 114,315 | |
|---|
| Other non-current debt | - | 6,118 | 6,118 | |
|---|
| Financial derivatives | 1,307 | - | 1,307 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 39,476 | 39,476 | |
|---|
| Current interest-bearing borrowings | - | 25,000 | 25,000 | |
|---|
| Accounts payables | - | 175,792 | 175,792 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 149,770 | 149,770 | |
|---|
| Current lease liabilities | - | 10,896 | 10,896 | |
|---|
| Other current financial liabilities | - | 68,611 | 68,611 | |
|---|
| Total liabilities | 1,307 | 589,979 | 591,286 | |
|---|
The Group has the following categories of financial instruments as at 31 December 2023:
(Amounts in NOK 1 000) | Financial assets at fair value through profit or loss | Financial assets at amortised cost | Total | Level in fair value hierarchy |
|---|
| ASSETS |
|---|
| Shares and investments | 695 | - | 695 | 3 |
|---|
| Other non-current assets | - | 3,222 | 3,222 | |
|---|
| Accounts receivables | - | 159,067 | 159,067 | |
|---|
| Other receivables | - | 30,586 | 30,586 | |
|---|
| Cash and cash equivalents | - | 77,459 | 77,459 | |
|---|
| Total assets | 695 | 270,334 | 271,029 | |
|---|
| (Amounts in NOK 1 000) | Financial liabilities at fair value through profit or loss | Financial liabilities at amortised cost | Total | Level in fair value hierarchy |
|---|
| LIABILITIES |
|---|
| Non-current interest-bearing debt | - | 129,927 | 129,927 | |
|---|
| Other non-current debt | - | 15,916 | 15,916 | |
|---|
| Financial derivatives | 4,092 | - | 4,092 | 2 |
|---|
| Non-current liabilities related to Device-as-a-Service | - | 19,316 | 19,316 | |
|---|
| Current interest-bearing borrowings | - | 48,750 | 48,750 | |
|---|
| Trade payables | - | 198,353 | 198,353 | |
|---|
| Current liabilities related to Device-as-a-Service | - | 167,231 | 167,231 | |
|---|
| Current lease liabilities | - | 10,809 | 10,809 | |
|---|
| Other current financial liabilities | - | 88,036 | 88,036 | |
|---|
| Total liabilities | 4,092 | 678,337 | 682,429 | |
|---|
Note 21 Legal disputes and contingencies
The Group has no ongoing legal disputes or contingencies.
Note 22 Group structure
As at 31 December 2024 the Group consisted of the following companies:
|
| Techstep ASA |
|---|
| Techstep Norway AS |
|---|
| Techstep Finance AS |
|---|
| Techstep AB |
|---|
| Techstep Finance AB |
|---|
| Techstep ApS |
|---|
| Optidev ApS |
|---|
| Techstep S.A |
|---|
| Santa Rita Private Venture |
|---|
Note 23 Related party transactions
The following are considered related parties to the Group:
All the members of the Board of Directors and Group management, including close family members, as defined by the Norwegian Accounting Act and associated regulations.
The following companies are considered as related parties to the Group during 2023 and 2024:
| Consolidated income statement | Revenue from | Expenses to |
|---|
| (Amounts in NOK 1 000) | 2024 | 2023 | 2024 | 2023 |
|---|
| Crayon | 2,830 | 3,044 | 6,053 | 5,530 |
|---|
| Stobor Invest AB* | - | - | - | 290 |
|---|
| Virtudev AB ** | - | - | 4,741 | 8,909 |
|---|
| Receivables | Payables |
|---|
| Balance as at 31 December (Amounts in NOK 1 000) | 2024 | 2023 | 2024 | 2023 |
|---|
| Crayon | 1,270 | 1,221 | 733 | 598 |
|---|
| Virtudev AB ** | - | - | - | 2,680 |
|---|
*Stobor Invest AB is 50% owned by former COO \u00c5ke Fredrik Logenius. He resigned from the role as COO 1 June 2023.
** Virtudev AB is 26% owned by Stobor Invest AB.
All transactions with related parties are carried out at the arm\u2019s length principle.
Note 24 Earnings per share
Basic earnings per share are calculated by dividing the profit attributable to shareholders of the company by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
| 2024 | 2023 |
|---|
| Net income attributable to shareholders of Techstep ASA (Amounts in NOK 1 000) | (45,696) | (44,546) |
|---|
| Weighted average number of shares outstanding (Basic) | 32,205,993 | 31,094,275 |
|---|
| Weighted average number of shares outstanding (Diluted) | 32,205,993 | 31,094,275 |
|---|
| Earnings per share (Basic) | (1.42) | (1.43) |
|---|
| Earnings per share (Diluted) | (1.42) | (1.43) |
|---|
| Number of outstanding ordinary shares as at 1 January | 31,629,381 | 30,513,107 |
|---|
| Number of outstanding ordinary shares as at 31 December | 34,407,158 | 31,629,381 |
|---|
The Group has issued stock options to some members of the executive management group and other key employees, refer to note 26 Remuneration to the board and executive management for details.
For details regarding the issuance of shares in 2024 and 2023, refer to note 25 Shares, capital structure, options and shareholders.
Note 25 Shares, capital structure, options and shareholders
Share capital
The company\u2019s share capital as at 31 December 2024 was NOK 34,407,158 based on 34,407,158 ordinary shares with a par value of NOK 1.00.
Each share gives the right to one vote at the company\u2019s general meeting. At the date of this report, Techstep holds 192 treasury shares.
The development in share capital and other paid-in equity is set out in the consolidated statement of changes in equity.
The nominal value of treasury shares is reported in the balance sheet, as a deduction to other equity.
Development in the number of issued and outstanding shares:
| Shares outstanding | Treasury shares* | Issued |
|---|
| Number of shares 1 January 2024 | 31,629,281 | 192 | 31,629,281 |
|---|
| New share capital | 2,777,777 | | 2,777,777 |
|---|
| Number of shares 31 December 2024 | 34,407,158 | 192 | 34,407,158 |
|---|
| Number of shares 1 January 2023 | 30,513,107 | 192 | 30,513,107 |
|---|
| Employee share purchase programme | 63,146 | | 63,146 |
|---|
| Conversion of debt | 1,053,028 | | 1,053,028 |
|---|
| Number of shares 31 December 2023 | 31,629,281 | 192 | 31,629,281 |
|---|
*Treasury shares are included in the column other equity in the statement of changes in equity.
Please note that on the Annual General Meeting 23 May 2023, it was approved to resolve a 10:1 reverse share split, so that 10 shares were reversely split into 1 share (ex-date 30 May 2023). On 12 July, a share capital decrease was completed, reducing the nominal value of each Techstep share to NOK 1. The number of shares stated for 1 January 2023 reflects this reverse share split.
2024
Techstep has issued consideration shares in relation to the following:
2\u00a0777\u00a0777 new shares in a private placement
2023
Techstep has issued consideration shares in relation to the following:
63 146 new shares related to employee share purchase programme
1\u00a0053 028 new shares related to issuance of shares to Stobor Invest AB by conversion of the company\u2019s debt owed to Stobor Invest AB into shares in the company
As at 30 December 2024, Techstep\u2019s 20 largest shareholders were as follows:
| Shareholder | Number of shares | Ownership |
|---|
| DATUM AS 1) | 6,296,415 | 18.30\u00a0% |
|---|
| KARBON INVEST AS 2) | 4,755,546 | 13.82\u00a0% |
|---|
| VALSET INVEST AS | 2,530,000 | 7.35\u00a0% |
|---|
| Swedbank AB | 2,524,685 | 7.34\u00a0% |
|---|
| CAMIKO AS | 1,073,082 | 3.12\u00a0% |
|---|
| STEENCO AS | 869,566 | 2.53\u00a0% |
|---|
| AS CLIPPER | 869,566 | 2.53\u00a0% |
|---|
| CIPRIANO AS | 759,916 | 2.21\u00a0% |
|---|
| SPECTER INVEST AS | 652,500 | 1.90\u00a0% |
|---|
| VERDIPAPIRFONDET DNB SMB | 628,206 | 1.83\u00a0% |
|---|
| Saxo Bank A/S | 483,023 | 1.40\u00a0% |
|---|
| GIMLE INVEST AS | 407,096 | 1.18\u00a0% |
|---|
| Sbakkejord AS | 363,134 | 1.06\u00a0% |
|---|
| TIGERSTADEN AS | 325,000 | 0.94\u00a0% |
|---|
| TORSTEIN TVENGE | 300,000 | 0.87\u00a0% |
|---|
| NILS GABRIEL ANDRESEN | 260,191 | 0.76\u00a0% |
|---|
| TIGERSTADEN MARINE AS | 250,000 | 0.73\u00a0% |
|---|
| NORDHOLMEN AS | 238,372 | 0.69\u00a0% |
|---|
| NORDNET LIVSFORSIKRING AS | 235,704 | 0.69\u00a0% |
|---|
| PIKA HOLDING AS | 214,346 | 0.62\u00a0% |
|---|
| Total number owned by top 20 | 24,036,348 | 69.86\u00a0% |
|---|
| Total number of shares | 34,407,158 | 100.00\u00a0% |
|---|
- Datum AS is controlled by deputy Board member Jan Haudemann-Andersen.
- Karbon Invest AS is owned by Board member Jens Rugseth. Jens Rugseth also owns shares in Techstep ASA through RugZ AS.
Duo Jag AS, which is partly owned by Board member Ingrid Leisner, owns 60 157 shares in Techstep ASA. Hermia AS, which is partly owned by Board member Harald Arnet, owns 63\u00a0439 shares in Techstep ASA.
Accounting policy
Share-based payments are part of the remuneration to executive management and other key personnel.
The fair value of options granted is recognised as an employee benefit expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.
The total expense is recognised over the vesting period, which is the period over which the vesting conditions are satisfied. At the end of each period, the estimate of the number of options that are expected to vest based on the non-market vesting and service conditions is revised. The revision, if any, of the original estimates is recognised in the income statement, with a corresponding adjustment to equity.
Social security tax is provided for at each balance sheet date based on the intrinsic value of the options.
Share option grant
| Programme | Grant date | Vesting date | Expiry date | Share options granted | Exercise price | Share options 31.12.23 | Share options 31.12.24 |
|---|
| 2020 | 22.06.2020 | 22.06.2021 | 22.06.2024 | 426,988 | 30.00 | 131,922 | - |
|---|
| 2021 | 22.04.2021 | 22.04.2022 | 22.04.2026 | 153,110 | 58.00 | 70,429 | 70,429 |
|---|
| 22.04.2021 | 22.04.2023 | 22.04.2026 | 153,110 | 58.00 | 50,525 | 50,525 |
|---|
| 22.04.2021 | 22.04.2024 | 22.04.2026 | 153,110 | 21.70 | 50,525 | 50,525 |
|---|
| 2022 | 21.04.2022 | 21.04.2023 | 21.04.2027 | 105,688 | 32.45 | 56,775 | 45,420 |
|---|
| 21.04.2022 | 21.04.2024 | 21.04.2027 | 105,688 | 21.70 | 56,775 | 56,775 |
|---|
| 21.04.2022 | 21.04.2025 | 21.04.2027 | 105,688 | 25.60 | 56,775 | 56,775 |
|---|
| 2023 | 30.08.2023 | 14.06.2024 | 14.06.2028 | 238,333 | 18.7 | 188,329 | 188,329 |
|---|
| 30.08.2023 | 14.06.2025 | 14.06.2028 | 238,333 | 18.7 | 188,333 | 158,333 |
|---|
| 30.08.2023 | 14.06.2026 | 14.06.2028 | 238,333 | 18.7 | 188,338 | 158,337 |
|---|
| 2024 | 05.04.2024 | 05.04.2025 | 05.04.2029 | 509,991 | 8.75 | - | 509,991 |
|---|
| 05.04.2024 | 05.04.2026 | 05.04.2029 | 510,000 | 10.9 | - | 510,000 |
|---|
| 05.04.2024 | 05.04.2027 | 05.04.2029 | 510,009 | 13.6 | - | 510,009 |
|---|
| 01.07.2024 | 05.04.2025 | 05.04.2029 | 13,334 | 8.75 | - | 13,334 |
|---|
| 01.07.2024 | 05.04.2026 | 05.04.2029 | 13,333 | 10.9 | - | 13,333 |
|---|
| 01.07.2024 | 05.04.2027 | 05.04.2029 | 13,333 | 13.6 | - | 13,333 |
|---|
| Total | | | | | | 1,038,725 | 2,405,447 |
|---|
The fair value at grant date is independently determined per tranche using the Black Scholes Model. As option gains are taxed with personal income tax rates (higher) and gains on ordinary shares are taxed with capital gains tax rates (lower), the assessment is that the participants will exercise early. Hence, exercise is assessed to occur before a full lifetime has lapsed. As the options are \u201cnon-transferable\u201d, it is also likely that participants will tend to realise the gain on the options by exercising early as soon as exercise is possible.
Due to the arguments above, it is management\u2019s best estimate that using the term from the grant date until one year after the vesting date as the estimated lifetime on the options is a fair assumption.
The expected volatility of the company\u2019s share price is 64%. To estimate the volatility of the Techstep share, the company\u2019s historic volatility over the expected lifetime of the options has been used.
The risk-free interest rate used in the B&S model is the zero-coupon government bond issues of the country in whose currency the exercise price is expressed, with the term equal to the expected term of the option being valued. Since the exercise price is expressed in Norwegian kroner, the \u201cNorges Bank Treasury Bill\u201d and \u201cGovernment bond\u201d rate is used as input. The interest rates used for the options with term structures outside of the quoted terms of Norges Bank\u2019s interest rates are calculated with the use of a linear interpolation between the two closest quoted rates.
Please see separate remuneration report for 2024 for more information about the share option programmes.
Overview of share options held by members of the management group as at 31 December 2024:
| Name | Position | Shares | Share Options |
|---|
| Morten Meier* | CEO | 100,000 | 350,000 |
|---|
| Ellen Solum | CFO | 15,402 | 350,000 |
|---|
| David Landerborn | Chief Product Officer | 32,497 | 282,966 |
|---|
| Bartosz Leoszewski | Chief Technology Officer | 41,336 | 164,065 |
|---|
| Sheena Lim | Chief Marketing Officer | 2,134 | 164,065 |
|---|
| Suzanne Almbring | Chief People & Culture Officer | 2,394 | - |
|---|
- Morten Meier owns 50.000 shares directly, and controls 50.000 shares through close associate Mia Unhjem Meier
Total cost for the share option program in 2024 included in personnel costs, was NOK 3.7 million (NOK -1.4 million), the difference between 2023 and 2024 is due to the reversal of previously recognized costs for unvested share options for employees leaving the company during 2023.
Note 25 Shares, capital structure, options and shareholders
Share capital
The company\u2019s share capital as at 31 December 2024 was NOK 34,407,158 based on 34,407,158 ordinary shares with a par value of NOK 1.00.
Each share gives the right to one vote at the company\u2019s general meeting. At the date of this report, Techstep holds 192 treasury shares.
The development in share capital and other paid-in equity is set out in the consolidated statement of changes in equity.
The nominal value of treasury shares is reported in the balance sheet, as a deduction to other equity.
Development in the number of issued and outstanding shares:
| Shares outstanding | Treasury shares* | Issued |
|---|
| Number of shares 1 January 2024 | 31,629,281 | 192 | 31,629,281 |
|---|
| New share capital | 2,777,777 | | 2,777,777 |
|---|
| Number of shares 31 December 2024 | 34,407,158 | 192 | 34,407,158 |
|---|
| Number of shares 1 January 2023 | 30,513,107 | 192 | 30,513,107 |
|---|
| Employee share purchase programme | 63,146 | | 63,146 |
|---|
| Conversion of debt | 1,053,028 | | 1,053,028 |
|---|
| Number of shares 31 December 2023 | 31,629,281 | 192 | 31,629,281 |
|---|
*Treasury shares are included in the column other equity in the statement of changes in equity.
Please note that on the Annual General Meeting 23 May 2023, it was approved to resolve a 10:1 reverse share split, so that 10 shares were reversely split into 1 share (ex-date 30 May 2023). On 12 July, a share capital decrease was completed, reducing the nominal value of each Techstep share to NOK 1. The number of shares stated for 1 January 2023 reflects this reverse share split.
2024
Techstep has issued consideration shares in relation to the following:
2\u00a0777\u00a0777 new shares in a private placement
2023
Techstep has issued consideration shares in relation to the following:
63 146 new shares related to employee share purchase programme
1\u00a0053 028 new shares related to issuance of shares to Stobor Invest AB by conversion of the company\u2019s debt owed to Stobor Invest AB into shares in the company
As at 30 December 2024, Techstep\u2019s 20 largest shareholders were as follows:
| Shareholder | Number of shares | Ownership |
|---|
| DATUM AS 1) | 6,296,415 | 18.30\u00a0% |
|---|
| KARBON INVEST AS 2) | 4,755,546 | 13.82\u00a0% |
|---|
| VALSET INVEST AS | 2,530,000 | 7.35\u00a0% |
|---|
| Swedbank AB | 2,524,685 | 7.34\u00a0% |
|---|
| CAMIKO AS | 1,073,082 | 3.12\u00a0% |
|---|
| STEENCO AS | 869,566 | 2.53\u00a0% |
|---|
| AS CLIPPER | 869,566 | 2.53\u00a0% |
|---|
| CIPRIANO AS | 759,916 | 2.21\u00a0% |
|---|
| SPECTER INVEST AS | 652,500 | 1.90\u00a0% |
|---|
| VERDIPAPIRFONDET DNB SMB | 628,206 | 1.83\u00a0% |
|---|
| Saxo Bank A/S | 483,023 | 1.40\u00a0% |
|---|
| GIMLE INVEST AS | 407,096 | 1.18\u00a0% |
|---|
| Sbakkejord AS | 363,134 | 1.06\u00a0% |
|---|
| TIGERSTADEN AS | 325,000 | 0.94\u00a0% |
|---|
| TORSTEIN TVENGE | 300,000 | 0.87\u00a0% |
|---|
| NILS GABRIEL ANDRESEN | 260,191 | 0.76\u00a0% |
|---|
| TIGERSTADEN MARINE AS | 250,000 | 0.73\u00a0% |
|---|
| NORDHOLMEN AS | 238,372 | 0.69\u00a0% |
|---|
| NORDNET LIVSFORSIKRING AS | 235,704 | 0.69\u00a0% |
|---|
| PIKA HOLDING AS | 214,346 | 0.62\u00a0% |
|---|
| Total number owned by top 20 | 24,036,348 | 69.86\u00a0% |
|---|
| Total number of shares | 34,407,158 | 100.00\u00a0% |
|---|
- Datum AS is controlled by deputy Board member Jan Haudemann-Andersen.
- Karbon Invest AS is owned by Board member Jens Rugseth. Jens Rugseth also owns shares in Techstep ASA through RugZ AS.
Duo Jag AS, which is partly owned by Board member Ingrid Leisner, owns 60 157 shares in Techstep ASA. Hermia AS, which is partly owned by Board member Harald Arnet, owns 63\u00a0439 shares in Techstep ASA.
Accounting policy
Share-based payments are part of the remuneration to executive management and other key personnel.
The fair value of options granted is recognised as an employee benefit expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted.
The total expense is recognised over the vesting period, which is the period over which the vesting conditions are satisfied. At the end of each period, the estimate of the number of options that are expected to vest based on the non-market vesting and service conditions is revised. The revision, if any, of the original estimates is recognised in the income statement, with a corresponding adjustment to equity.
Social security tax is provided for at each balance sheet date based on the intrinsic value of the options.
Share option grant
| Programme | Grant date | Vesting date | Expiry date | Share options granted | Exercise price | Share options 31.12.23 | Share options 31.12.24 |
|---|
| 2020 | 22.06.2020 | 22.06.2021 | 22.06.2024 | 426,988 | 30.00 | 131,922 | - |
|---|
| 2021 | 22.04.2021 | 22.04.2022 | 22.04.2026 | 153,110 | 58.00 | 70,429 | 70,429 |
|---|
| 22.04.2021 | 22.04.2023 | 22.04.2026 | 153,110 | 58.00 | 50,525 | 50,525 |
|---|
| 22.04.2021 | 22.04.2024 | 22.04.2026 | 153,110 | 21.70 | 50,525 | 50,525 |
|---|
| 2022 | 21.04.2022 | 21.04.2023 | 21.04.2027 | 105,688 | 32.45 | 56,775 | 45,420 |
|---|
| 21.04.2022 | 21.04.2024 | 21.04.2027 | 105,688 | 21.70 | 56,775 | 56,775 |
|---|
| 21.04.2022 | 21.04.2025 | 21.04.2027 | 105,688 | 25.60 | 56,775 | 56,775 |
|---|
| 2023 | 30.08.2023 | 14.06.2024 | 14.06.2028 | 238,333 | 18.7 | 188,329 | 188,329 |
|---|
| 30.08.2023 | 14.06.2025 | 14.06.2028 | 238,333 | 18.7 | 188,333 | 158,333 |
|---|
| 30.08.2023 | 14.06.2026 | 14.06.2028 | 238,333 | 18.7 | 188,338 | 158,337 |
|---|
| 2024 | 05.04.2024 | 05.04.2025 | 05.04.2029 | 509,991 | 8.75 | - | 509,991 |
|---|
| 05.04.2024 | 05.04.2026 | 05.04.2029 | 510,000 | 10.9 | - | 510,000 |
|---|
| 05.04.2024 | 05.04.2027 | 05.04.2029 | 510,009 | 13.6 | - | 510,009 |
|---|
| 01.07.2024 | 05.04.2025 | 05.04.2029 | 13,334 | 8.75 | - | 13,334 |
|---|
| 01.07.2024 | 05.04.2026 | 05.04.2029 | 13,333 | 10.9 | - | 13,333 |
|---|
| 01.07.2024 | 05.04.2027 | 05.04.2029 | 13,333 | 13.6 | - | 13,333 |
|---|
| Total | | | | | | 1,038,725 | 2,405,447 |
|---|
The fair value at grant date is independently determined per tranche using the Black Scholes Model. As option gains are taxed with personal income tax rates (higher) and gains on ordinary shares are taxed with capital gains tax rates (lower), the assessment is that the participants will exercise early. Hence, exercise is assessed to occur before a full lifetime has lapsed. As the options are \u201cnon-transferable\u201d, it is also likely that participants will tend to realise the gain on the options by exercising early as soon as exercise is possible.
Due to the arguments above, it is management\u2019s best estimate that using the term from the grant date until one year after the vesting date as the estimated lifetime on the options is a fair assumption.
The expected volatility of the company\u2019s share price is 64%. To estimate the volatility of the Techstep share, the company\u2019s historic volatility over the expected lifetime of the options has been used.
The risk-free interest rate used in the B&S model is the zero-coupon government bond issues of the country in whose currency the exercise price is expressed, with the term equal to the expected term of the option being valued. Since the exercise price is expressed in Norwegian kroner, the \u201cNorges Bank Treasury Bill\u201d and \u201cGovernment bond\u201d rate is used as input. The interest rates used for the options with term structures outside of the quoted terms of Norges Bank\u2019s interest rates are calculated with the use of a linear interpolation between the two closest quoted rates.
Please see separate remuneration report for 2024 for more information about the share option programmes.
Overview of share options held by members of the management group as at 31 December 2024:
| Name | Position | Shares | Share Options |
|---|
| Morten Meier* | CEO | 100,000 | 350,000 |
|---|
| Ellen Solum | CFO | 15,402 | 350,000 |
|---|
| David Landerborn | Chief Product Officer | 32,497 | 282,966 |
|---|
| Bartosz Leoszewski | Chief Technology Officer | 41,336 | 164,065 |
|---|
| Sheena Lim | Chief Marketing Officer | 2,134 | 164,065 |
|---|
| Suzanne Almbring | Chief People & Culture Officer | 2,394 | - |
|---|
- Morten Meier owns 50.000 shares directly, and controls 50.000 shares through close associate Mia Unhjem Meier
Total cost for the share option program in 2024 included in personnel costs, was NOK 3.7 million (NOK -1.4 million), the difference between 2023 and 2024 is due to the reversal of previously recognized costs for unvested share options for employees leaving the company during 2023.
Share capital
The company\u2019s share capital as at 31 December 2024 was NOK 34,407,158 based on 34,407,158 ordinary shares with a par value of NOK 1.00.
Each share gives the right to one vote at the company\u2019s general meeting. At the date of this report, Techstep holds 192 treasury shares.
The development in share capital and other paid-in equity is set out in the consolidated statement of changes in equity.
The nominal value of treasury shares is reported in the balance sheet, as a deduction to other equity.
Options
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIJ9474",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-113": {
"value": "Share option grant
| Programme | Grant date | Vesting date | Expiry date | Share options granted | Exercise price | Share options 31.12.23 | Share options 31.12.24 |
|---|
| 2020 | 22.06.2020 | 22.06.2021 | 22.06.2024 | 426,988 | 30.00 | 131,922 | - |
|---|
| 2021 | 22.04.2021 | 22.04.2022 | 22.04.2026 | 153,110 | 58.00 | 70,429 | 70,429 |
|---|
| 22.04.2021 | 22.04.2023 | 22.04.2026 | 153,110 | 58.00 | 50,525 | 50,525 |
|---|
| 22.04.2021 | 22.04.2024 | 22.04.2026 | 153,110 | 21.70 | 50,525 | 50,525 |
|---|
| 2022 | 21.04.2022 | 21.04.2023 | 21.04.2027 | 105,688 | 32.45 | 56,775 | 45,420 |
|---|
| 21.04.2022 | 21.04.2024 | 21.04.2027 | 105,688 | 21.70 | 56,775 | 56,775 |
|---|
| 21.04.2022 | 21.04.2025 | 21.04.2027 | 105,688 | 25.60 | 56,775 | 56,775 |
|---|
| 2023 | 30.08.2023 | 14.06.2024 | 14.06.2028 | 238,333 | 18.7 | 188,329 | 188,329 |
|---|
| 30.08.2023 | 14.06.2025 | 14.06.2028 | 238,333 | 18.7 | 188,333 | 158,333 |
|---|
| 30.08.2023 | 14.06.2026 | 14.06.2028 | 238,333 | 18.7 | 188,338 | 158,337 |
|---|
| 2024 | 05.04.2024 | 05.04.2025 | 05.04.2029 | 509,991 | 8.75 | - | 509,991 |
|---|
| 05.04.2024 | 05.04.2026 | 05.04.2029 | 510,000 | 10.9 | - | 510,000 |
|---|
| 05.04.2024 | 05.04.2027 | 05.04.2029 | 510,009 | 13.6 | - | 510,009 |
|---|
| 01.07.2024 | 05.04.2025 | 05.04.2029 | 13,334 | 8.75 | - | 13,334 |
|---|
| 01.07.2024 | 05.04.2026 | 05.04.2029 | 13,333 | 10.9 | - | 13,333 |
|---|
| 01.07.2024 | 05.04.2027 | 05.04.2029 | 13,333 | 13.6 | - | 13,333 |
|---|
| Total | | | | | | 1,038,725 | 2,405,447 |
|---|
The fair value at grant date is independently determined per tranche using the Black Scholes Model. As option gains are taxed with personal income tax rates (higher) and gains on ordinary shares are taxed with capital gains tax rates (lower), the assessment is that the participants will exercise early. Hence, exercise is assessed to occur before a full lifetime has lapsed. As the options are \u201cnon-transferable\u201d, it is also likely that participants will tend to realise the gain on the options by exercising early as soon as exercise is possible.
Due to the arguments above, it is management\u2019s best estimate that using the term from the grant date until one year after the vesting date as the estimated lifetime on the options is a fair assumption.
The expected volatility of the company\u2019s share price is 64%. To estimate the volatility of the Techstep share, the company\u2019s historic volatility over the expected lifetime of the options has been used.
The risk-free interest rate used in the B&S model is the zero-coupon government bond issues of the country in whose currency the exercise price is expressed, with the term equal to the expected term of the option being valued. Since the exercise price is expressed in Norwegian kroner, the \u201cNorges Bank Treasury Bill\u201d and \u201cGovernment bond\u201d rate is used as input. The interest rates used for the options with term structures outside of the quoted terms of Norges Bank\u2019s interest rates are calculated with the use of a linear interpolation between the two closest quoted rates.
Please see separate remuneration report for 2024 for more information about the share option programmes.
Note 26 Remuneration to the board and executive management
For detailed information on remuneration to executive management and the Board of Directors, see the separate remuneration report for 2024. The company has established guidelines for remuneration to executive management which were approved by the company\u2019s general meeting on 27 May 2024.
Note 27 Events after the reporting period
On 12 February 2025, Techstep announced that it had entered into a Letter of Intent with a leading IT vendor in Ireland/UK, marking its strategic entry into the Ireland and UK markets. With this partnership the vendor will adopt Techstep's Lifecycle platform as their standard solution for Device-as-a-Service (DaaS) offerings, enhancing operational efficiency and customer experiences. Both companies are committed to going live with the Lifecycle platform this year with customers onboarded in the fourth quarter. The commercial model includes a license price per device per month.
On 3 April 2025, Techstep announced that it had entered into an extensive agreement with LKAB, one of Sweden's most historically significant industrial companies. Under the agreement, Techstep will be responsible for managing LKAB's growing mobility initiatives in a secure, efficient, and sustainable manner. Techstep will deliver, manage and support their entire mobile estate with mobile devices, experience and security management. The agreement initially spans three years and covers LKAB's entire mobile estate.