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Note 1: General information
Nordic Semiconductor ASA is a public limited company
whose ordinary shares are listed on the Oslo Stock
Exchange with ticker code NOD. The company is domiciled
in Norway, and the registered head office is at Otto
Nielsens veg 12, 7052 Trondheim.
Nordic Semiconductor is a Norwegian fabless
semiconductor company specializing in wireless
communication technology that powers the Internet of
Things (IoT). Nordic was established in 1983 and has more
than 1300 employees across the globe. The Group\u2019s
award-winning Bluetooth Low Energy solutions pioneered
ultra-low power wireless, making it the global market
leader. Nordic\u2019s technology range was later supplemented
by ANT+, Thread and Zigbee. In 2018, Nordic launched its
low power, compact LTE-M/NB-IoT cellular IoT solutions to
extend the penetration of IoT. The Nordic portfolio was
further complemented by Wi-Fi technology in 2021.
Nordic Semiconductor has only one reportable operating
segment, and this corresponds with the internal reporting
structure and management activities to monitor
profitability. The revenue is broken down into product
markets and geographical areas in which its distributors
are located, see Note 5: Revenues.
The financial accounts were audited and approved for
publication by the Board of Directors on March 19, 2025,
and will be presented for approval at the Annual General
Meeting on April 24th, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-212": { "value": "
Note 1: General information
Nordic Semiconductor ASA is a public limited company
whose ordinary shares are listed on the Oslo Stock
Exchange with ticker code NOD. The company is domiciled
in Norway, and the registered head office is at Otto
Nielsens veg 12, 7052 Trondheim.
Nordic Semiconductor is a Norwegian fabless
semiconductor company specializing in wireless
communication technology that powers the Internet of
Things (IoT). Nordic was established in 1983 and has more
than 1300 employees across the globe. The Group\u2019s
award-winning Bluetooth Low Energy solutions pioneered
ultra-low power wireless, making it the global market
leader. Nordic\u2019s technology range was later supplemented
by ANT+, Thread and Zigbee. In 2018, Nordic launched its
low power, compact LTE-M/NB-IoT cellular IoT solutions to
extend the penetration of IoT. The Nordic portfolio was
further complemented by Wi-Fi technology in 2021.
Nordic Semiconductor has only one reportable operating
segment, and this corresponds with the internal reporting
structure and management activities to monitor
profitability. The revenue is broken down into product
markets and geographical areas in which its distributors
are located, see Note 5: Revenues.
The financial accounts were audited and approved for
publication by the Board of Directors on March 19, 2025,
and will be presented for approval at the Annual General
Meeting on April 24th, 2025.
The consolidated financial statements incorporate the
results, cash flows, and assets and liabilities of the parent
company Nordic Semiconductor ASA and its wholly owned
subsidiaries.
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company is exposed, or has rights, to variable
returns from its involvement with the investee and has the
ability to affect those returns through its power to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests. Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
Note 4: Climate related risk
Cost of goods sold for sustainable solutions
Nordic see that customers and other stakeholders care
about the use of renewable energy solutions in the value
chain. Changes in attitude could potentially impact the
cost of production, such as cost of investments in new
production technologies and renewable energy certificates.
Nordic sees this as a possibility to obtain new customers or
enhance cooperation with existing while also balancing
pricing in order to maintain margins and managing the risk
of not being able to comply with various requirements.
Impairment of inventories
One of Nordic's primary tangible assets in the balance
sheet is inventory. This is dispersed across a few large
warehousing locations. Some locations are exposed to
weather phenomena such as typhoons, heatwaves and
more, which can impact the value of Nordic's inventory.
However, Nordic has proper safeguards in place to
mitigate this risk, and considers the risk to be\u00a0low.
Financing cost
Nordic has an undrawn sustainability linked RCF. The
interest is calculated as the aggregate of SOFR + Margin +
Credit adjustment spread. The applicable Margin shall be
adjusted based on the aggregate number of KPI meeting
their year-end KPI targets each\u00a0year.
The ESG indicators are :
\u25a0Percentage of reduction of scope 2 emission
\u25a0Percentage of increase of recycled plastic used
\u25a0CDP rating
Going-concern assumption
Management consider the potential implications of
climate-related risks for their going-concern assessment.
Given the rapidly changing circumstances (i.e.,
environmental development, expectations from
stakeholders, laws and regulations), the management has
to consider and monitor going-concern on an ongoing
basis.
Climate-related risks could give rise to events or conditions
that may cast significant doubt on Nordic\u2019s ability to
continue as a going concern.
These events may arise from physical risks such as
destruction of production plants in a tropical cyclone (i.e.,
hurricanes, typhoons, and resulting floods) or large carbon
footprint in manufacturing of components. This could
trigger, for example, a halt in production, litigation that
results in significant penalties for exceeding emission
targets, shift in customer preferences that results in loss of
major customers, halts in ability to obtain input material, or
customer production stops hindering stable revenue
generation.
Nordic has secured its liquidity reserves to meet short-term
obligations. According to the Group liquidity policy, the
total liquidity amount should equal at least one year of
total R&D expenses.
To conclude, the expected impact of climate-related risks
on the going-concern assessment is expected to\u00a0be\u00a0low.
Note 5: Revenues
All figures in USD 1 000
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered consist
of consulting services. The Group and the customer do not
receive financing from the sales, therefore, there are no
significant financing components to be accounted for
separately from the revenue transaction. The normal credit
term is 30-90 days upon delivery. In other words, the
contract does not require the customer to pay in advance
or require the customer to pay a significant amount after
delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
5.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgements and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
5.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication. These
wireless components are split into the following end product areas: Consumer, Industrial,
Healthcare and Other. In 2024, wireless components accounted for 99.5% of sales versus
99.1% in 2023. In addition to standard components, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting Services.
Most of Nordic\u2019s Wi-Fi and PMIC customers are still in the development phase or in early
commercial phase. When Wi-Fi and PMIC revenue materialize, Nordic will report the
revenue in the relevant end product\u00a0areas.
GROUP
PARENT
2024
2023
Revenue
2024
2023
337\u00a0150
302\u00a0486
Consumer
314\u00a0854
283\u00a0076
93\u00a0535
117\u00a0203
Industrial
87\u00a0349
109\u00a0682
65\u00a0313
103\u00a0325
Healthcare
60\u00a0994
96\u00a0695
12\u00a0869
15\u00a0153
Other
12\u00a0018
14\u00a0181
508\u00a0868
538\u00a0168
Wireless components
475\u00a0215
503\u00a0634
2\u00a0547
4\u00a0701
ASIC components
2\u00a0379
4\u00a0399
\u2014
\u2014
Management fee
\u2014
-9
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
Revenue classified by customer location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2024
2023
2024
2023
35\u00a0438
59\u00a0933
Europe
33\u00a0094
56\u00a0086
84\u00a0717
120\u00a0571
Americas
79\u00a0114
112\u00a0833
391\u00a0260
362\u00a0365
Asia/Pacific
365\u00a0386
339\u00a0107
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
The Group sells its components to distributors, who then sell components onward to
electronics manufacturers that build end products and sell them to customers across the
world. Three distributors were above 10% of revenue in 2024, with 35%, 13% and 10% of
total revenue respectively, two located in Asia and the other in the Americas. In
comparison, two distributors were above 10% of revenue in 2023, with 37% and 18% of total
revenue respectively, one located in Asia and the other in the Americas.
Revenue from contracts with customers classified by timing of revenue recognition:
GROUP
PARENT
2024
2023
2024
2023
511\u00a0415
542\u00a0869
Goods transferred at a point in time
477\u00a0595
508\u00a0035
\u2014
\u2014
Services transferred over time
\u2014
-9
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
5.4 Contract balances
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
See note 25 for further details.
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Trade receivables
1\u00a0037
983
5.5 Refund liabilities
GROUP
PARENT
2024
2023
2024
2023
22\u00a0363
30\u00a0010
Refund liability \u2013 from ship & debit
\u2014
\u2014
3\u00a0679
25\u00a0294
Refund liability \u2013 from end-customer rebates
\u2014
\u2014
5.6 Performance obligations
A performance obligation refers to a commitment to deliver a distinct good or service to a
customer. The performance obligations for the sale of components are normally satisfied
upon the time of delivery. Payment is generally due 30 to 90 days within delivery. For
consulting services, the performance obligation is satisfied over time and the customer is
generally invoiced at month-end for the work performed.
The Group has decided to use the \"right-to-invoice\" practical expedient. This means that
the Group can sidestep the need to determine the transaction price and allocate it to
unsatisfied or partially unsatisfied performance obligations. All performance obligations are
expected to be fully satisfied and recognized as revenue within\u00a0one\u00a0year.
Note 6: Cost of materials / inventory
All figures in USD 1 000
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
6.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
6.3 Cost of materials / inventory
GROUP
PARENT
2024
2023
2024
2023
266\u00a0413
316\u00a0788
Purchased materials
266\u00a0382
316\u00a0788
-8\u00a0817
-60\u00a0999
Changes in inventory
-8\u00a0817
-60\u00a0999
11\u00a0850
3\u00a0368
Write-down in inventory
11\u00a0850
3\u00a0368
269\u00a0446
259\u00a0157
Cost of materials
269\u00a0415
259\u00a0157
89\u00a0615
95\u00a0043
Raw materials
89\u00a0615
95\u00a0043
35\u00a0435
9\u00a0907
Work in Progress
35\u00a0435
9\u00a0907
46\u00a0857
58\u00a0139
Finished goods
46\u00a0857
58\u00a0139
171\u00a0907
163\u00a0090
Total inventory
171\u00a0907
163\u00a0090
As Nordic is a fabless manufacturer, all inventories, including raw materials and finished
goods, are located at sub-contractors.
Note 7: Payroll expenses
All figures in USD 1 000
GROUP
PARENT
2024
2023
Combined expenses for salary and other
compensation are distributed as follows:
2024
2023
137\u00a0679
126\u00a0961
Salary and vacation pay
55\u00a0930
53\u00a0728
20\u00a0737
18\u00a0845
Other compensation
16\u00a0366
12\u00a0937
14\u00a0429
14\u00a0759
Payroll tax
9\u00a0889
9\u00a0217
\u2014
-397
Tax grant
\u2014
-397
11\u00a0175
11\u00a0502
Defined contribution pension
4\u00a0541
4\u00a0639
-13\u00a0699
-18\u00a0680
Capitalized development expenses (hourly costs)
-13\u00a0699
-18\u00a0680
170\u00a0321
152\u00a0990
Total
73\u00a0026
61\u00a0443
1\u00a0405
1\u00a0481
Weighted average number of full time employees
579
620
GROUP
PARENT
2024
2023
Employees as of December 31, are distributed as
follows:
2024
2023
558
631
Norway
558
631
304
318
Finland
\u2014
\u2014
112
113
Poland
\u2014
\u2014
48
47
India
\u2014
\u2014
62
72
USA
\u2014
\u2014
58
55
Taiwan
\u2014
\u2014
49
77
UK
\u2014
\u2014
62
55
Philippines
1
1
34
45
Sweden
\u2014
\u2014
28
28
China
\u2014
\u2014
12
12
Hong Kong
1
1
4
3
South Korea
3
3
5
5
Germany
\u2014
\u2014
5
5
Japan
\u2014
\u2014
2
2
The Netherlands
2
2
3
16
Denmark
\u2014
\u2014
2
2
Australia
2
2
8
7
Singapore
\u2014
\u2014
1
Bulgaria
1
1\u00a0363
1\u00a0493
Total
574
640
Note 8: Executive compensation
All figures in USD 1 000
Note 8.1: Management remuneration
Pursuant to the changes in the Public Limited Liability Companies Act, i.e., the addition of a new section 6-16 (b), and associated new regulations, Nordic will publish a separate
management remuneration report for presentation at the Annual General Meeting on 29 April 2025, containing detailed information on remuneration to Executive Management Team
(EMT) for the reporting year 2024. The remuneration report includes detailed information on the EMT's remuneration complementing the numbers presented below. This includes an
overview of the operational, financial, environmental, social, and governance targets that form the basis for the short-term incentives.
EMT members\u2019 salaries and other benefits, including long term incentive plans are presented in the table below. Unless otherwise stated, Nordic did not have any loans to or guarantees
made on behalf of any EMT members in 2024 and 2023.
The remuneration paid or awarded to the CEO and other members of the EMT was aligned with Nordics\u2019s remuneration policy. The policy is available in its full at nordicsemi.com.
Total compensation* expensed during the year for the CEO and other executives:
2024
Salary
Bonus
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Vegard Wollan, CEO**
358
158
157
3
70
747
P\u00e5l Elstad, CFO/EVP Finance
246
78
109
3
43
479
Svein Egil Nielsen, CTO/EVP R&D and Strategy
618
\u2014
-204
1
33
448
Geir Langeland, EVP Sales & Marketing
262
93
121
4
42
521
Ole Fredrik Morken, EVP Supply Chain***
273
74
88
5
34
474
St\u00e5le Ytterdal, SVP IR & Strategic Sales
165
51
71
4
23
314
Kjetil Holstad, EVP Product Management
233
74
97
4
44
452
Katarina Finneng, EVP People & Communication
257
43
-73
2
33
263
Sonja Kusmin, SVP People & Culture
150
31
33
0
28
243
Linda Pettersson, SVP Legal & Compliance
50
\u2014
-20
0
4
35
Ola Bostr\u00f6m, SVP Quality & Sustainability
164
51
57
2
24
298
Joakim Ferm, SVP BU WI-FI
145
43
38
4
20
250
\u00d8yvind Str\u00f8m, EVP BU Short-Range
155
57
29
1
29
272
\u00d8yvind Birkenes, EVP BU Long-Range
163
59
29
4
30
284
Total
3\u00a0239
812
532
37
458
5\u00a0079
2023
Salary
Bonus
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Svenn-Tore Larsen, CEO**
1\u00a0707
\u2014
-66
1
73
1\u00a0716
P\u00e5l Elstad, CFO/EVP Finance
250
\u2014
104
3
39
397
Svein Egil Nielsen, CTO/EVP R&D and Strategy
283
\u2014
117
5
46
450
Geir Langeland, EVP Sales & Marketing
266
\u2014
128
4
42
440
Ole Fredrik Morken, EVP Supply Chain***
241
\u2014
79
3
27
351
St\u00e5le Ytterdal, SVP IR & Strategic Sales
168
\u2014
69
3
22
262
Kjetil Holstad, EVP Product Management
213
\u2014
79
4
26
322
Katarina Finneng, EVP People & Communication
209
\u2014
86
3
31
329
Linda Pettersson, SVP Legal & Compliance****
154
\u2014
16
1
20
192
Ola Bostr\u00f6m, SVP Quality & Sustainability****
165
\u2014
34
3
20
222
Total
3\u00a0656
\u2014
646
31
349
4\u00a0681
*Management compensation is paid in NOK, with one exception of EURO. Exchange rate for 2024: 10.74 and 2023: 10.56
**CEO, Svenn-Tore Larsen resigned after 2023, the salary cost also includes after pay. Upon resignation Svenn-Tore Larsen exited the here presented RSU/PSU agreements as part of the termination.
***Includes expat allowances
****Marianne Frydenlund and Ebbe R\u00f8mcke were no longer a part of the EMT by year end 2022. Linda Pettersson and Ola Bostr\u00f6m joined the EMT during 2022, in July and August respectively
The Group has granted EMT members the following RSUs and performance shares (PSUs):*
EMT member
2024
2023
Vegard Vollan, CEO
10 493 RSUs
10 493 PSUs
11 240 RSUs
11 240 PSUs
Svenn-Tore Larsen, CEO
\u2014
\u2014
9 184 RSUs
9 184 PSUs
P\u00e5l Elstad, CFO/EVP Finance
4 830 RSUs
4 830 PSUs
4 520 RSUs
4 520 PSUs
Katarina Finneng, EVP People & Communication
4 028 RSUs
4 028 PSUs
3 769 RSUs
3 769 PSUs
Svein Egil Nielsen, CTO/EVP R&D and Strategy
5 110 RSUs
5 110 PSUs
Geir Langeland, EVP Sales & Marketing
5 112 RSUs
5 112 PSUs
4 783 RSUs
4 783 PSUs
Ole Fredrik Morken, EVP Supply Chain**
4 629 RSUs
4 629 PSUs
3 439 RSUs
3 439 PSUs
St\u00e5le Ytterdal, SVP IR & Strategic Sales
3 158 RSUs
3 158 PSUs
2 955 RSUs
2 955 PSUs
Kjetil Holstad, EVP Product Management
4 629 RSUs
4 629 PSUs
4 332 RSUs
4 332 PSUs
Ola Bost\u00f8m, SCP Quality & Sustainability
3 148 RSUs
3 148 PSUs
2 946 RSUs
2 946 PSUs
Linda Petterson, SVP Legal
2 823 RSUs
2 823 PSUs
Joakim Ferm, SVP BU WI-FI
3 148 RSUs
3 148 PSUs
\u00d8yvind Str\u00f8m, EVP BU Short-Range
5 000 RSUs
5 000 PSUs
\u00d8yvind Birkenes, EVP BU Long-Range
5 000 RSUs
5 000 PSUs
Sonja Kusmin, SVP People & Culture
2 203 RSUs
1 000 PSUs
*Overview of outstanding RSU and PSU for the respective EMT members are presented in the remuneration report
During 2024 the executives exercised the following RSU and PSU:
Executives
Grant year
Number of
RSU
Exercised
Share price
at time of
release
in NOK
Cash
payout in
USD 1000
P\u00e5l Elstad, CFO/EVP Finance
2021 RSU
3\u00a0056
127.74
37
2021 PSU
\u2014
\u2014
Geir Langeland, EVP Sales & Marketing
2021 RSU
6\u00a0621
127.74
74
2021 PSU
\u2014
\u2014
Katarina Finneng, EVP People &
Communication
2021 RSU
2\u00a0524
127.74
30
2021 PSU
\u2014
\u2014
Ole Fredrik Morken, EVP Supply Chain**
2021 RSU
2\u00a0325
127.74
28
2021 PSU
\u2014
\u2014
Ola Bostr\u00f8m, SVP Quality & Sustainability
2021 RSU
2\u00a0381
127.74
29
2021 PSU
\u2014
\u2014
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2021 RSU
2\u00a0066
127.74
25
2021 PSU
\u2014
\u2014
Kjetil Holstad, EVP Product Management
2021 RSU
2\u00a0156
127.74
26
2021 PSU
\u2014
\u2014
\u2014
*The RSU for management vest after three years for management two years for employees
**Purchased shares, no cash payout from the company
Note 8.2: Board remuneration
Total compensation expensed for Board Members*
2024
2023
Birger Steen, Chair
128
126
Inger Berg \u00d8rstavik, Board Member
62
57
Endre Holen, Board Member
\u2014
18
Snorre Kjesbu, Board member
62
38
Jan Magnus Frykhammar, Board Member
\u2014
41
\u00d8yvind Birkenes, Board Member
\u2014
12
Annastiina Hintsa, Board Member
61
56
Anita Huun, Board Member
62
60
Helmut Gassel, Board Member
49
0
Dieter May, Board Member
49
0
Jon Helge Nistad, Board Employee Representative (Board remuneration
only)
15
15
Morten Dammen, Board Employee Representative (Board remuneration
only)
15
15
Anja Dekens, Board Employee Representative (Board remuneration only)
15
15
Gro Fykse, Board Employee Representative (Board remuneration only)
0
15
Krishna Shingala, Board Employee Representative (Board remuneration
only)
5
0
Total
524
466
*Numbers noted in USD and converted from NOK using USD/NOK rate of 10.74. for 2024 and 10.56 for
2023
Note 9: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
30\u00a0284
31\u00a0374
Service and maintenance
26\u00a0132
29\u00a0094
18\u00a0031
22\u00a0360
Other consultancy fees
15\u00a0409
15\u00a0470
3\u00a0582
3\u00a0140
Office expenses
2\u00a0456
1\u00a0349
1\u00a0138
1\u00a0748
Office equipment
815
1\u00a0201
12\u00a0297
11\u00a0746
Material and components
11\u00a0790
8\u00a0747
\u2014
-70
Tax grant
\u2014
-70
-5\u00a0643
-3\u00a0293
Capitalized development expenses
-5\u00a0643
-3\u00a0293
3\u00a0115
2\u00a0712
Travel and meeting expenses
1\u00a0322
1\u00a0262
14\u00a0076
11\u00a0974
Other operating expenses
9\u00a0145
10\u00a0751
\u2014
\u2014
Other operating expenses intercompany
115\u00a0287
110\u00a0402
76\u00a0880
81\u00a0691
Total other operating expenses
176\u00a0714
174\u00a0914
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2024
2023
2024
2023
309
159
Audit services
216
119
95
\u2014
Other attestation Services/CSRD
95
\u2014
22
35
Tax advisory Services
5
26
26
36
Other Non Audit service
26
36
451
230
Total audit fee
341
181
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
11\u00a0079
9\u00a0670
Interest income
11\u00a0150
9\u00a0313
40
\u2014
Interest income on lease receivables
40
\u2014
\u2014
\u2014
Dividend received from group companies
10\u00a0830
\u2014
58
57
Other financial income
58
48
11\u00a0177
9\u00a0726
Financial income
22\u00a0078
9\u00a0361
3\u00a0514
1\u00a0550
Interest expenses on lease liabilities
2\u00a0958
1\u00a0229
\u2014
\u2014
Interest expenses on intercompany loans
668
\u2014
7\u00a0239
756
Bond interest expense
7\u00a0239
756
1\u00a0366
1\u00a0384
Other financial expense
1\u00a0310
1\u00a0380
12\u00a0119
3\u00a0690
Financial expense
12\u00a0176
3\u00a0365
3\u00a0819
1\u00a0358
Foreign exchange gain(loss)
4\u00a0022
1\u00a0362
-260
\u2014
Share of gain (loss) from joint venture
-260
\u2014
2\u00a0617
7\u00a0394
Net financial
13\u00a0665
7\u00a0358
Note 11: Tax
All figures in USD 1 000
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities who do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
11.2 Tax
GROUP
PARENT
2024
2023
Tax consists of
2024
2023
4\u00a0294
6\u00a0339
Current tax expense
251
3\u00a0366
-8\u00a0979
-1\u00a0892
Change in deferred tax
-8\u00a0358
-1\u00a0251
-4\u00a0685
4\u00a0447
Tax expense (income)
-8\u00a0107
2\u00a0115
GROUP
PARENT
2024
2023
Reconciliation of nominal and actual tax expense
2024
2023
-43\u00a0189
12\u00a0096
Profit before tax
-55\u00a0885
-13\u00a0841
-9\u00a0502
2\u00a0661
Computed tax at parent's nominal tax rate of 22%
-12\u00a0295
-3\u00a0045
-722
-702
Differences due to different tax rates
\u2014
\u2014
1\u00a0702
1\u00a0256
Non taxable income/non deductible expenses
-863
360
\u2014
\u2014
Credit for tax paid
\u2014
\u2014
-1\u00a0373
-2\u00a0646
Tax incentives
\u2014
\u2014
-170
-1\u00a0082
Adjustment previous years
291
-392
4\u00a0902
4\u00a0960
Currency translation differences
4\u00a0760
5\u00a0193
478
\u2014
Other items
\u2014
\u2014
-4\u00a0685
4\u00a0447
Total tax expense (income)
-8\u00a0107
2\u00a0116
GROUP
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2024
31.12.2023
2024
2023
2024
2023
Inventory
2\u00a0593
751
-2\u00a0063
-17
\u2014
\u2014
Fixed Assets
4\u00a0302
4\u00a0188
-616
-1\u00a0167
\u2014
\u2014
Right-of-use assets
-9\u00a0511
-10\u00a0394
214
8\u00a0031
\u2014
\u2014
Lease liabilities
9\u00a0965
10\u00a0606
-496
-8\u00a0071
\u2014
\u2014
Social security tax (RSUs)
176
130
-63
145
\u2014
\u2014
Pension obligation
127
89
-51
3
-29
-8
Financial instruments
\u2014
\u2014
\u2014
-57
\u2014
\u2014
Accruals
84
202
33
120
\u2014
\u2014
Deferred tax benefit - gross
7\u00a0746
5\u00a0890
-3\u00a0152
-1\u00a0985
-29
-8
Gain and loss account
-13
18
-4
5
\u2014
\u2014
Net other tax-obligations
\u2014
\u2014
\u2014
0
\u2014
\u2014
Financial instrument
5\u00a0364
0
-5\u00a0765
0
\u2014
\u2014
Deferred tax obligation - gross
5\u00a0351
18
-5\u00a0769
5
0
0
Currency effect of translation to USD
-58
98
Net deferred tax benefit (obligation)
13\u00a0097
5\u00a0872
Deferred tax expense (income)
-8\u00a0979
-1\u00a0892
-29
-8
The Group has not recognized a net deferred tax benefit of USD 3.213 related to the
subsidiary in Poland and USD 190 related to the subsidiary in India.
PARENT
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2024
31.12.2023
2024
2023
2024
2023
Inventory
2\u00a0593
751
-2\u00a0064
-17
\u2014
\u2014
Fixed assets
3\u00a0453
3\u00a0774
-77
-1\u00a0026
\u2014
\u2014
Leasing
451
209
-283
-42
\u2014
\u2014
Social security tax (RSUs)
176
130
-64
145
\u2014
\u2014
Pension obligation
127
89
-51
3
-29
-8
Financial instrument
\u2014
\u2014
\u2014
-57
\u2014
\u2014
Accruals
30
13
-19
16
\u2014
\u2014
Deferred tax benefit - gross
6\u00a0830
4\u00a0967
-2\u00a0558
-978
-29
-8
Gain and loss account
-13
-18
-3
-5
\u2014
\u2014
Net other tax-obligations
\u2014
\u2014
30
-276
\u2014
\u2014
Financial instrument
5\u00a0364
\u2014
-5\u00a0765
\u2014
\u2014
\u2014
Deferred tax obligation - gross
5\u00a0351
-18
-5\u00a0738
-281
0
0
Currency effect of translation to USD
-62
8
Net deferred tax benefit (obligation)
12\u00a0181
4\u00a0948
Deferred tax expense (income)
-8\u00a0358
-1\u00a0251
-29
-8
GROUP
PARENT
2024
2023
Reconciliation of net deferred tax obligation
2024
2023
5\u00a0872
4\u00a0554
Opening balance as of 1.1
4\u00a0948
3\u00a0808
8\u00a0979
1\u00a0892
Tax expense recognized in the P&L
8\u00a0358
1\u00a0251
29
8
Tax expense recognized in OCI
29
8
-1\u00a0783
-582
Currency effect from translation to USD
-1\u00a0154
-119
13\u00a0097
5\u00a0872
Net deferred tax benefit (obligation) as of 31.12
12\u00a0181
4\u00a0948
GROUP
PARENT
2024
2023
Net deferred tax recognized in OCI as of 31.12
2024
2023
-29
-8
Net gain on actuarial gains and losses
-29
-8
-29
-8
Total tax expense (income) in OCI
-29
-8
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
1\u00a0705\u00a0649
Book value
569\u00a0766
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
12.3 Goodwill and intangible assets
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated amortization
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization and impairment as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization and impairment as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0420
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0847
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0104
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Acquisition cost as of 31.12
40\u00a0217
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0010
38\u00a0938
249
56\u00a0196
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
Impairment of intangible assets
The asset group Software is impaired during the current reporting period, resulting in an impairment loss of USD 0.4m. There have been no indications of possible impairment related to
other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.
Note 13: Fixed assets
All figures in USD 1 000
13.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.
13.2 Fixed assets
GROUP
2024
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0581
Additions
2\u00a0003
3\u00a0209
199
\u2014
5\u00a0411
Disposals
-312
\u2014
-80
\u2014
-392
Acquisition cost as of 31.12
48\u00a0378
52\u00a0913
6\u00a0977
333
108\u00a0600
Opening balance
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0485
Depreciation expenses
7\u00a0409
5\u00a0911
1\u00a0062
\u2014
14\u00a0382
Disposals
-202
\u2014
-65
\u2014
-267
Currency translation differences
-1\u00a0217
-668
-69
\u2014
-1\u00a0954
Accumulated depreciation as of 31.12
39\u00a0426
42\u00a0636
4\u00a0584
\u2014
86\u00a0646
Net carrying value as of 31.12
8\u00a0952
10\u00a0278
2\u00a0393
333
21\u00a0955
PARENT
2024
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0168
Additions
1\u00a0832
3\u00a0929
86
\u2014
5\u00a0847
Disposals
\u2014
-487
-80
\u2014
-566
Acquisition cost as of 31.12
23\u00a0009
48\u00a0518
3\u00a0585
333
75\u00a0444
Opening balance
15\u00a0724
33\u00a0873
2\u00a0074
\u2014
51\u00a0671
Depreciation expenses
2\u00a0538
5\u00a0701
395
\u2014
8\u00a0635
Disposals
\u2014
-126
-65
\u2014
-190
Accumulated depreciation as of 31.12
18\u00a0262
39\u00a0448
2\u00a0405
\u2014
60\u00a0116
Net carrying value as of 31.12
4\u00a0746
9\u00a0070
1\u00a0180
333
15\u00a0329
GROUP
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
39\u00a0843
44\u00a0673
6\u00a0138
333
90\u00a0987
Additions
6\u00a0823
5\u00a0017
707
\u2014
12\u00a0546
Additions from business combinations
21
14
15
\u2014
51
Acquisition cost as of 31.12
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0580
Opening balance
24\u00a0845
26\u00a0138
2\u00a0448
\u2014
53\u00a0431
Depreciation expenses
8\u00a0110
11\u00a0097
1\u00a0187
\u2014
20\u00a0389
Currency translation differences
481
158
22
\u2014
661
Accumulated depreciation as of 31.12
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0480
Net carrying value as of 31.12
13\u00a0251
12\u00a0309
3\u00a0202
333
29\u00a0095
PARENT
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
18\u00a0262
40\u00a0555
2\u00a0977
333
62\u00a0126
Additions
2\u00a0915
4\u00a0538
861
\u2014
8\u00a0313
Disposals
\u2014
-12
-259
\u2014
-271
Acquisition cost as of 31.12
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0167
Opening balance
12\u00a0212
23\u00a0127
1\u00a0517
\u2014
36\u00a0856
Depreciation expenses
3\u00a0512
10\u00a0751
571
\u2014
14\u00a0835
Disposals
\u2014
-5
-14
\u2014
-19
Accumulated depreciation as of 31.12
15\u00a0724
33\u00a0873
2\u00a0074
0
51\u00a0672
Net carrying value as of 31.12
5\u00a0453
11\u00a0208
1\u00a0504
333
18\u00a0498
GROUP AND PARENT
Estimated useful life
3 - 5 years
3 - 5 years
5 years
Depreciation method
Straight-line
Straight-line
Straight-line
No depreciation
Total depreciation expenses consist of depreciation of fixed assets and depreciation of
intangible assets (Note 12: Goodwill and intangible assets).
Non-depreciable property assets:
The parent company has an apartment in Trondheim for use by employees in the Oslo
office while in Trondheim. The apartment is assessed at acquisition cost. The residual value
is expected to be at least equal to the carrying amount.
Scrapped capital assets
All capital assets that are ready to be scrapped have been fully depreciated and have no
residual book value.
Impairment
There have been no indications of possible impairment related to fixed assets during the
current reporting period.
Change in estimate with respect to useful life
The useful life of the fixed assets has been reviewed during the year. Management has
evaluated the current useful life estimates as appropriate.
Note 14: Leases
All figures in USD 1 000.
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
14.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment and machinery
The Group's office leases range between 1 to 13 years. Equipment and machinery leases
range between 1 to 5 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease has not
been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
Leasing activities
In 2024, the following legal entities renegotiated their obligations to existing
office\u00a0locations:
\u25a0In 2024, Nordic Semiconductor ASA exercised the option to transfer addition office
space in Trondheim, with a commencement date of October 1, 2024, November 1, 2024
and April 11, 2025. The office space is subleased from these dates on the same terms as
the head lease.
\u25a0Nordic Semiconductor India Private Limited signed an office rental agreement with a
commencement date of January 1, 2024.
\u25a0Nordic Semiconductor Hong Kong Limited signed an office rental agreement with a
commencement date of November 1, 2024
\u25a0Nordic Semiconductor Poland Sp. Z.o.o. exercised the option to extend the office lease
for another 2 years.
In 2024, the following legal entities signed office rental agreements for new locations:
\u25a0Nordic Semiconductor Finland Oy signed an office rental agreement with a
commencement date of March 1, 2024.
\u25a0Nordic Semiconductor Inc signed an office rental agreement with a expected
commencement date of March 25, 2025.
\u25a0Nordic Semiconductor (Philippines) Inc signed an office rental agreement with a
expected commencement date of January 7, 2025.\u00a0
Contractual cash flow of leases
Below is the expected contractual cash flow of leases not reflected in the measurement of
lease liabilities as of December 31, 2024 (commencement date after balance sheet date).
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
4\u00a0189
270
2\u00a0598
1\u00a0320
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
4\u00a0189
270
2\u00a0598
1\u00a0320
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
3\u00a0304
194
1\u00a0931
1\u00a0179
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
3\u00a0304
194
1\u00a0931
1\u00a0179
Minimum lease payments payable on leases are presented in note 26.
Below is the expected contractual cash flow of subleasing.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables*
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
Total
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables*
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
Total
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
*Lease payments receivables contractual cash flow is including lease payments from subleasing with
commencement date after balance sheet date.
Amounts recognized in the balance sheet:
Right-of-use assets
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in finance lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Impairment expenses
\u2014
\u2014
\u2014
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
GROUP
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
42\u00a0286
\u2014
42\u00a0286
Additions
28\u00a0826
\u2014
28\u00a0826
Adjustments
12\u00a0468
\u2014
12\u00a0468
Acquisition cost as of 31.12
83\u00a0580
\u2014
83\u00a0580
Accumulated depreciation
Opening balance
20\u00a0816
\u2014
20\u00a0816
Depreciation expenses
8\u00a0094
\u2014
8\u00a0094
Accumulated depreciation and impairment as of 31.12
28\u00a0910
\u2014
28\u00a0910
Net carrying value as of 31.12
54\u00a0670
\u2014
54\u00a0670
PARENT
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
25\u00a0662
\u2014
25\u00a0662
Additions
25\u00a0761
\u2014
25\u00a0761
Adjustments
11\u00a0827
\u2014
11\u00a0827
Acquisition cost as of 31.12
63\u00a0250
\u2014
63\u00a0250
Accumulated depreciation
Opening balance
13\u00a0586
\u2014
13\u00a0586
Depreciation expenses
4\u00a0138
\u2014
4\u00a0138
Accumulated depreciation and impairment as of 31.12
17\u00a0724
\u2014
17\u00a0724
Net carrying value as of 31.12
45\u00a0527
\u2014
45\u00a0527
Impairment
In 2024, Nordic Semiconductor Inc and Nordic Semiconductor UK Limited closed an office due to downsizing. The impairment loss of right-of-use assets is USD 1,3m.
Lease payment receivables:
Below is the carrying amount of lease payment receivables (from subleasing) and the
movements during the period.
GROUP
PARENT
\u2014
Lease payment receivables as of 1 January 2024
\u2014
-59
Lease payments
-59
2\u00a0825
Acquisitions and adjustments
2\u00a0825
\u2014
Disposals
\u2014
27
Interest
27
-94
Foreign exchange adjustments
-94
2\u00a0699
Lease payment receivables\u00a0 as of 31 December 2024
2\u00a0699
Lease liabilities
Below is the disclosure of financial position from lease liabilities.
GROUP
PARENT
2024
2023
Lease liabilities
2024
2023
10\u00a0360
9\u00a0897
Current
5\u00a0865
5\u00a0963
45\u00a0752
47\u00a0864
Non-Current
38\u00a0957
42\u00a0127
56\u00a0112
57\u00a0762
Total lease liabilities
44\u00a0822
48\u00a0090
Below is the carrying amount of lease liabilities and the movements during the period.
GROUP
PARENT
57\u00a0762
Net liabilities as of 1 January 2024
48\u00a0090
-10\u00a0878
Lease payments
-6\u00a0029
11\u00a0069
Acquisitions and adjustments
4\u00a0955
\u2014
Disposals
\u2014
3\u00a0556
Interest
2\u00a0958
-5\u00a0397
Foreign exchange adjustments
-5\u00a0152
56\u00a0112
Net liabilities as of 31 December 2024
44\u00a0821
Other items
Below is the disclosure of other items from operational leases and subleasing:
GROUP
PARENT
2024
2023
Other items from operational leases and
subleasing
2024
2023
59
\u2014
Income from subleasing right-of-use assets
59
\u2014
27
\u2014
Interest income from net investment in finance
leases
27
\u2014
86
\u2014
Total items from subleasing
86
\u2014
397
405
Expenses relating to short-term leases
75
138
932
735
Expenses relating to leases of low-value assets
269
293
3\u00a0555
1\u00a0597
Interest expense on lease liabilities
2\u00a0958
1\u00a0229
4\u00a0884
2\u00a0737
Total items from operational leases
3\u00a0302
1\u00a0660
12\u00a0148
9\u00a0567
The total cash outflow for leases
6\u00a0314
4\u00a0842
Note 15: Investments in subsidiaries and joint ventures
All figures in USD 1 000
Note 15.1: Subsidiaries
The following subsidiaries have been included in the financial statements.
Subsidiaries consolidated in
Established
Year
Location
Share
Ownership
Voting
Rights
Nordic Semiconductor Inc
2006
USA
100%
100%
Nordic Semiconductor Poland S.P z o.o
2013
Poland
100%
100%
Nordic Semiconductor Finland OY
2014
Finland
100%
100%
Nordic Semiconductor KK
2017
Japan
100%
100%
Nordic Semiconductor Germany GmbH
2018
Germany
100%
100%
Nordic Semiconductor Norway AS
2020
Norway
100%
100%
Nordic Semiconductor UK Limited
2020
UK
100%
100%
Nordic Semiconductor India Pvt. Ltd
2020
India
100%
100%
Nordic Semiconductor Sweden AB
2020
Sweden
100%
100%
Nordic Semiconductor Hong Kong Limited
2021
Hong Kong
100%
100%
Nordic Semiconductor (Shenzhen) Limited
2021
China
100%
100%
Nordic Semiconductor Singapore Pte Ltd
2022
Singapore
100%
100%
Nordic Semiconductor Denmark ApS
2022
Denmark
100%
100%
Nordic Semiconductor Philippines, Inc.
2022
Philippines
100%
100%
Subsidiaries as of 31 December 2024
Ownership
Share of
votes
Net profit
2024
Equity 31.
Dec 2024
Nordic Semiconductor Inc, USA
100%
100%
1\u00a0821
7\u00a0002
Nordic Semiconductor Poland S.P z o.o
100%
100%
2\u00a0196
10\u00a0358
Nordic Semiconductor Finland OY
100%
100%
4\u00a0548
15\u00a0212
Nordic Semiconductor KK
100%
100%
44
163
Nordic Semiconductor Germany GmbH
100%
100%
39
178
Nordic Semiconductor Norway AS
100%
100%
363
8\u00a0029
Nordic Semiconductor UK Limited
100%
100%
841
4\u00a0557
Nordic Semiconductor India Pvt. Ltd
100%
100%
651
2\u00a0546
Nordic Semiconductor Sweden AB
100%
100%
482
1\u00a0635
Nordic Semiconductor Hong Kong Limited
100%
100%
103
353
Nordic Semiconductor (Shenzhen) Limited
100%
100%
322
853
Nordic Semiconductor Singapore Pte Ltd
100%
100%
10\u00a0601
22\u00a0603
Nordic Semiconductor Denmark ApS
100%
100%
46
282
Nordic Semiconductor Philippines, Inc.
100%
100%
245
357
\u25a0All intellectual property (IP) is owned by Nordic Semiconductor ASA, which is the ultimate parent company of the Group. All intercompany transactions are conducted in accordance
with the Group's transfer pricing policy.
\u25a0Nordic Semiconductor Inc is a market development, product promotion, and support company, but since 2016 has run a small R&D department as well.
\u25a0Nordic Semiconductor Poland Sp. z.o.o. is an extension of the software development team in the parent company.
\u25a0Nordic Semiconductor Finland OY is a development company working mainly with long range technology. The R&D team in Finland works closely alongside the rest of the R&D teams
in the Group.
\u25a0Nordic Semiconductor KK is a market development, product promotion, and support company,
\u25a0Nordic Semiconductor Germany GmbH is a market development, product promotion, and support company,
\u25a0Nordic Semiconductor Norway AS is the parent company of Nordic Semiconductor UK Limited, Nordic Semiconductor India Pvt. Ltd, Nordic Semiconductor Sweden AB, Nordic
Semiconductor Hong Kong Limited and Nordic Semiconductor (Shenzhen) Limited.
\u25a0Nordic Semiconductor UK limited is a development company working with Wi-Fi and PMIC technology. The R&D team in the UK works closely alongside the rest of the R&D teams in
the Group.
\u25a0Nordic Semiconductor India Pvt. Ltd is a development company working with Wi-Fi technology. The R&D team in India works closely alongside the rest of the R&D teams in the Group.
\u25a0Nordic Semiconductor Sweden AB is a development company working mainly with Wi-Fi technology. The R&D team in Sweden works closely alongside the rest of the R&D teams in the
Group.
\u25a0Nordic Semiconductor Hong Kong Limited is a market development, product promotion, and support\u00a0company.
\u25a0Nordic Semiconductor (Shenzhen) Limited is a market development, product promotion, and support company.
\u25a0Nordic Semiconductor Singapore Pte Ltd is Nordic's regional head office in the APAC region, distributing the Group's products.
\u25a0Nordic Semiconductor Denmark ApS is a development company working with mainly short range technology.
\u25a0Nordic Semiconductor Philippines, Inc. is a development, supply chain and support company. The R&D team in the Philippines is working across all technologies, and works closely
alongside the rest of the R&D teams in the Group.
Note 15.2: Joint ventures
Nordic Semiconductor ASA has 20% ownership in Quintauris GmbH. The investment is accounted for in accordance with the equity method. The carrying value of joint ventures are USD
177m on December 31, 2024
Note 17: Accounts receivable
All figures in USD 1 000
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
17.2 Accounts receivable
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Gross receivables
1\u00a0037
983
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
66\u00a0412
133\u00a0316
Accounts receivable, net
1\u00a0037
983
Note 18: Intercompany
All figures in USD 1 000
PARENT
2024
2023
Loans to group companies
3\u00a0032
6\u00a0145
Receivables group companies
99\u00a0301
105\u00a0406
Total receivable
102\u00a0333
111\u00a0551
Accounts payable, group companies
28\u00a0395
55\u00a0148
Total payables
28\u00a0395
55\u00a0148
PARENT
2024
2023
Sale of goods
474\u00a0356
521\u00a0464
Total revenue
474\u00a0356
521\u00a0464
Cost of goods sold
261\u00a0125
268\u00a0237
Total cost of goods sold
261\u00a0125
268\u00a0237
Service fee for R&D and product promotion
115\u00a0288
110\u00a0402
Total other operating expenses
115\u00a0288
110\u00a0402
Interest income from loans to group companies
353
371
Total financial income
353
371
Note 19: Cash and cash equivalents
All figures in USD 1 000
19.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
19.2 Cash and cash equivalents
GROUP
PARENT
2024
2023
Cash and cash equivalents as of the balance
sheet date were as follows:
2024
2023
192\u00a0445
189\u00a0853
Cash at bank
90\u00a0164
166\u00a0449
2\u00a0256
2\u00a0372
Restricted cash (withholding tax account)
2\u00a0256
2\u00a0372
93\u00a0213
98\u00a0731
Money market funds
93\u00a0213
98\u00a0731
287\u00a0914
290\u00a0957
Cash and cash equivalents in statement of
financial position
185\u00a0633
267\u00a0553
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Money market fund invests in short-term securities in Norwegian fixed-income market.
The instruments are issued or guaranteed by the state, municipalities, county
authorities, industrial companies, and financial institutions. The fund may, for extended
periods, allocate all its investments within just one or a few of these segments.\u25a0
Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based on daily bank deposit rates.
For information on credit and liquidity risk, see Note 26: Financial risk management.
Note 20: Share capital and shareholder information
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
20.2 Share capital and shareholder information
Share capital
The share capital in Nordic Semiconductor ASA as of December 31, 2024 consists of one share class with a total of 192,781,600 shares with a par value of NOK 0.01, with a total share
capital of NOK 1,927,816. Each share grants the same rights in the company, and in the event of any increase in capital, existing shareholders have preemptive rights for any new shares.
During the year, the following changes have been made in the number of shares, share capital, and share\u00a0premium.
GROUP
Number of shares
Share capital
(USD 1000)
Treasury shares
(USD 1000)
Share premium
(USD 1000)
2024
2023
2024
2023
2024
2023
2024
2023
Holdings as of 1.1
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-2
235\u00a0448
235\u00a0448
Change during the year
\u2014
\u2014
\u2014
\u2014
0
1
\u2014
\u2014
Holdings as of 31.12
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-1
235\u00a0448
235\u00a0448
Dividend
No dividend was paid during 2024.
Treasury shares
The company owned 518,692 treasury shares on December 31, 2024. On January 1, 2024, the company owned 382,102 treasury shares. Based on a resolution of the annual general meeting
of April 24, 2024, the Board has authority to purchase the company\u2019s own shares with a limit of a par value of NOK 192,000 through one or more transactions. This authority is limited to
9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the par value and not higher than NOK 350. This authority
applies until the company\u2019s annual general meeting in 2025, and by June 30, 2025 at the latest. On February 4, 2025, the board authorized the Company to commence a share repurchase
program based on the aforementioned resolution of the annual general meeting. The purpose of the program is to have available shares to settle the company's obligations under the
Employee long-term equity linked incentive programs and to cover the outstanding considerations for the acquisition of Mobile Semiconductor.
Long-term incentive plan
With reference to the board meeting on March 19, 2024, the Group approved a combination of Restricted Stock Units (RSUs) and Performance Shares (PSUs) for all employees, with the
exception of the Executive Management team. Additionally, on April 24, 2024, the Annual General Meeting of Nordic Semiconductor ASA approved the grant of Restricted Stock Units
(RSUs) in accordance with the 2024 Employee Long-Term Incentive Plan. See note 23 for further\u00a0information.
Shareholder overview
The largest shareholders in Nordic Semiconductor ASA were as follows as of December 31, 2024, based on data provided by an investor relations advisory service provider*, and is
obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Nordic VPS share
register.
Shareholder
Shares
Percentage
Folketrygdfondet
23\u00a0716\u00a0239
12.3%
DNB Asset Management AS
21\u00a0722\u00a0619
11.3%
Accelerator Limited
17\u00a0472\u00a0950
9.1%
The Vanguard Group, Inc.
7\u00a0244\u00a0165
3.8%
BlackRock Fund Advisors
5\u00a0719\u00a0504
3.0%
KLP Kapitalforvaltning AS
5\u00a0214\u00a0809
2.7%
Eika Kapitalforvaltning AS
4\u00a0481\u00a0082
2.3%
Danske Bank Investment Management
4\u00a0108\u00a0926
2.1%
Handelsbanken Fonder AB
3\u00a0546\u00a0461
1.8%
The Hongkong & Shanghai Banking Corp . Ltd
3\u00a0415\u00a0437
1.8%
Storebrand Asset Management AS
3\u00a0224\u00a0060
1.7%
Skandia Fonder AB
3\u00a0217\u00a0099
1.7%
Robeco Institutional Asset Management B.V.
2\u00a0829\u00a0065
1.5%
Alfred Berg Kapitalforvaltning AS
2\u00a0590\u00a0962
1.3%
E. \u00d6hman J :or Fonder AB
2\u00a0496\u00a0899
1.3%
Bluepearl Map I LP
2\u00a0402\u00a0622
1.2%
Svenn Tore Larsen
1\u00a0947\u00a0142
1.0%
Odin Forvaltning AS
1\u00a0924\u00a0548
1.0%
TTC Invest AS
1\u00a0772\u00a0000
0.9%
Merrill Lynch International
1\u00a0757\u00a0869
0.9%
Total for the 20 largest shareholders
120\u00a0804\u00a0458
62.7%
Other shareholders
71\u00a0977\u00a0142
37.3%
Total shares outstanding
192\u00a0781\u00a0600
100.0%
*Every reasonable effort has been made to verify the data, however neither Nordic nor the investor relations advisory service provider can guarantee the accuracy of the analysis.
Shares held by the Board of Directors and Executive Management were as follows as of December 31, 2024:
Board of Directors
Shares
Executive Management
Shares
Birger Steen
270\u00a0907
Vegard Wollan
131\u00a0000
Anita Huun
14\u00a0683
Geir Langeland
222\u00a0722
Inger Berg \u00d8rstavik
7\u00a0283
Ole Fredrik Morken
206\u00a0507
Annastiina Hintsa
5\u00a0683
St\u00e5le Ytterdal
142\u00a0665
Snorre Kjesbu
7\u00a0425
Ola Bostr\u00f8m
5\u00a0927
Jon Helge Nistad
958
P\u00e5l Elstad
50\u00a0945
Anja Dekens
570
\u00d8yvind Birkenes
9\u00a0540
Morten Dammen
2\u00a0507
Kjetil Holstad
17\u00a0479
Dieter May
6\u00a0264
Joakim Ferm
1\u00a0801
Helmut Gassel
764
Sonja Kusmin
600
Monika Lie Larsen
1\u00a0051
\u00d8yvind Str\u00f8m
6\u00a0000
Total
318\u00a0095
Total
795\u00a0186
Note 21: Shares outstanding
Basis for calculation of basic earnings per share
2024
2023
Earnings for the year (USD \u2018000)
-38\u00a0504
7\u00a0650
Weighted average number of outstanding shares (\u2018000)
192\u00a0196
192\u00a0085
Earnings per share (USD)
-0.20
0.04
Basis for calculation of fully diluted earnings per share
Earnings for the year (USD \u2018000)
-38\u00a0504
7\u00a0650
Weighted average number of outstanding shares (\u2018000)
194\u00a0717
193\u00a0350
Earnings per share (USD)
-0.20
0.04
The number of shares was as follows:
Date
Shares issued
Shares outstanding
01.01.2024
Opening balance
192\u00a0781\u00a0600
192\u00a0399\u00a0498
31.12.2024
Closing balance
192\u00a0781\u00a0600
192\u00a0262\u00a0908
Restricted Stock Units (RSUs) and Performance Shares (PSUs) granted to employees are
considered to be potential ordinary shares. They have been included in the determination
of diluted earnings per share. RSUs and PSUs have not been included in the determination
of basic earnings per share. Details relating to share based compensation are set out in
note 23.
Note 22: Pensions
Defined benefit plan
The total pension liability from defined benefit plans was USD 765,294 for the Group. This
amount consists of liabilities in Norway, the Philippines, Poland and India.
The Norwegian company in the Group is required to have mandatory employment pension
for employees in Norway, according to the Mandatory Employment Pension Act. The
defined benefit plan was closed for new members effective January 1, 2008, and from this
point a new defined contribution plan was established.
Nordic has had a pension plan for the Philippines office as of January 2014. The retirement
plan is unfunded and of the defined benefit type that provides a retirement benefit
calculated based on number of years of credited service. At the end of 2024, the pension
liability was USD\u00a0396,358.
In Finland, earnings-related pensions are financed with insurance contributions paid by
employers and employee. In Poland, the employers and employee contribute to a social
security plan including pensions and disability insurance. In addition, the company offers a
employee capital plan (PPK) financed jointly by the employee, the employer, and the
government.
In India, the company provides for gratuity, a defined benefit plan (the \u201cGratuity Plan\u201d)
covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The
amount of gratuity payable on retirement/termination is the employee's last drawn basic
salary per month, computed proportionately for 15 days' salary multiplied by the number of
years of service.
Defined contribution pension plan
All employees in Norway have a defined contribution pension plan since January 1, 2016.
The main benefit is a contribution of 7% of salary up to 7.1 basis points (G) and 18% of
salary between 7.1 and 12 basis points. In addition to this, the company offers a disability
pension of approximately 66% of salary including estimated social security based on 40
years of full employment. In 2024, the cost of the defined contribution pension was USD
378,618, and the plan had 581 members.
The Indian company has a defined contribution plan, specifically a provident fund.
Contributions are made to provident fund at the rate of 12% of basic salary. The
contributions are made to registered provident fund administered by the government. The
obligation of the Company is limited to the amount contributed. It has no further
contractual or any constructive obligation.
In Poland, each employee who retires is entitled to retirement and pension severance pay
from the employer. This is regulated by the Polish Labor Code.
Note 23: Long-term incentive plans
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
23.2 Long-term incentive plans
On April 28, 2021, Nordic Semiconductor ASA granted 452,353 Restricted Stock Units (RSUs)
and Performance shares to employees. A share price of NOK 182.2 was used as basis for
the calculation of RSUs and Performance Shares, which was the weighted average share
price the five trading days after the Annual General Meeting. The RSUs vest after two and
three years. The performance shares are issued conditional upon the achievement of a
certain set of objectives. The performance shares vest and will be delivered at par value
upon the completion of the performance period, which is three\u00a0years.
On April 28, 2022, Nordic Semiconductor ASA granted 486,677 RSUs and Performance
shares to employees. A share price of NOK 183.8 was used as basis for the calculation of
RSUs and Performance Shares, which was the weighted average share price the five
trading days after the Annual General Meeting. The RSUs vest after two and three years.
The performance shares are issued conditional upon the achievement of a certain set of
objectives. The performance shares vest and will be delivered at par value upon the
completion of the performance period, which is three\u00a0years.
On July 12, 2023, Nordic Semiconductor ASA granted 1,002,323 RSUs and Performance
shares to employees. A share price of NOK 112.7 was used as the basis for the calculation
of RSUs for employees, which was the weighted average share price over the five trading
days after the Annual General Meeting. The RSUs vest after two and three years. For the
EMT, the weighted average share price on July 11, 2023 of NOK 129.9 was used as the basis
for the calculation of RSUs and Performance shares. The performance shares are issued
conditional upon the achievement of a certain set of objectives. The performance shares
vest and will be delivered at par value upon the completion of the performance period,
which is three\u00a0years.
On March 20, 2024, Nordic Semiconductor granted 903,000 RSUs and Performance Shares
to employees. The grant was aimed at retaining and motivating employees following a
challenging year of cost optimization initiatives. The grant covered all employees, with the
exception of the executive management team. The RSUs vest in May 2025. The
performance shares are issued conditional upon the achievement of a certain set of
objectives. The performance shares vest and will be delivered at par value upon the
completion of the performance period, which is until May 2025.
With reference to the Annual general meeting held on April 24, 2024, Nordic
Semiconductor, on May 3, 2024, granted 946,922 RSUs and performance shares to
employees, including management. The shares vest over two and three years. The Annual
General Meeting of Nordic Semiconductor ASA approved the issue of RSUs and
Performance Shares of an aggregate nominal value of up to 1% of the company\u2019s
outstanding share capital.
A summary of RSUs transactions during 2024 and 2023 below:
2024
2023
Outstanding RSUs 1.1
1\u00a0404\u00a0565
1\u00a0002\u00a0504
Granted
1\u00a0355\u00a0419
958\u00a0462
Forfeited
462\u00a0508
146\u00a0600
Released
375\u00a0650
409\u00a0801
Outstanding RSUs 31.12
1\u00a0921\u00a0826
1\u00a0404\u00a0565
A summary of performance shares during 2024 and 2023 below:
2024
2023
Outstanding performance shares 1.1
77\u00a0357
109\u00a0632
Granted
516\u00a0983
43\u00a0861
Forfeited
69\u00a0431
21\u00a0929
Performance adjusted
-169\u00a0120
43\u00a0371
Released
\u2014
97\u00a0578
Outstanding performance shares 31.12
355\u00a0789
77\u00a0357
The fair value of the RSUs and performance shares are set on the grant date and
expensed over the vesting period. USD 11,661 thousand was expensed during 2024 and
USD 6,548 thousand in 2023. The strike price of the RSUs and PSUs are nil and the shares
are delivered free of payment.
The fair value per RSU and performance share without market condition granted in March
and May 2024 was NOK 83.28 and NOK 123, respectively. The fair value of the
performance shares with Relative Total Shareholder Return performance condition granted
in May 2024 was NOK 198.0039. The valuation is based on a Monte Carlo simulation
model with the following assumptions:
Share price on the grant date
The closing share price of the company and peer group companies (SOX Index) were NOK
123.00 and USD 4,605.36, respectively.
Risk-free interest rate
The risk-free interest rate is set equal to the relevant interest rate on government bonds on
the date of grant in 2024, i.e., 3.674 % in Norway.
Volatility
It is assumed that historic volatility is an indication of future volatility. The expected volatility
is therefore stipulated to be the same as the historic volatility, which equaled 57.37% on the
date of grant in 2024 for the Company and 33.95% for the SOX\u00a0Index.
Expected lifetime
Performance shares vest on the May 3, 2027. Performance end date is December 31, 2026,
so as of vesting date the quantity to vest is known.
Correlation coefficients
Correlation coefficient quantifies the degree to which the companies\u2019 share prices jointly
react to the news flow. The historic correlation coefficients has been calculated by using
daily share price logarithmic returns of peer group companies in local\u00a0currency.
Note 24: Current liabilities
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
23\u00a0918
12\u00a0201
Accounts payable
22\u00a0903
15\u00a0403
\u2014
\u2014
Accounts payable from subsidiaries
28\u00a0280
55\u00a0148
1\u00a0799
5\u00a0640
Taxes payable
\u2014
3\u00a0939
14\u00a0940
1\u00a0390
Employee benefit obligations
6\u00a0074
319
6\u00a0737
6\u00a0334
Social security tax and payroll tax
5\u00a0259
4\u00a0579
8\u00a0831
11\u00a0113
Holiday pay
4\u00a0845
6\u00a0405
22\u00a0363
30\u00a0010
Ship and debit
\u2014
\u2014
3\u00a0679
25\u00a0294
End-customer rebate
\u2014
\u2014
3\u00a0320
4\u00a0398
Restructuring costs
2\u00a0116
2\u00a0811
10\u00a0360
9\u00a0897
Current lease liabilities
5\u00a0865
5\u00a0963
627
741
Accrued interest bond
627
741
5\u00a0514
5\u00a0514
Accrued expenses
3\u00a0271
3\u00a0325
1\u00a0000
1\u00a0620
Other current liabilities
\u2014
147
103\u00a0087
114\u00a0151
Total current liabilities
79\u00a0240
98\u00a0778
Restructuring cost, including termination benefit cost
In October 2024, Nordic communicated a detailed restructuring plan, including downsizing
to secure long-term health of the company in a challenging economic environment. The
process was finalized in December 2024.
The provision for restructuring cost at the balance sheet date include incremental costs that
are directly associated with the restructuring, such as the cost of outplacement and
termination benefits.
The cost of outplacement is recognized as the best estimate of the expenditure required to
settle the present obligation at the balance sheet date. Nordic measure termination
benefits on initial recognition (at undiscounted amount), and measure and recognize
subsequent changes in accordance with the nature of the employee benefit.
The termination benefit is a result of employee's decision to accept an offer of benefits in
exchange for the termination of employment. The termination benefits includes a lump sum
payment, enhancement of post\u2011employment benefits (such as pensions and insurance
plans) and salary till end of the notice period.
The benefit is settled during the specified notice period (within 12 months after balance
sheet date).
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2024
2023
2024
2023
569\u00a0766
602\u00a0077
Total equity
515\u00a0052
554\u00a0883
806\u00a0706
862\u00a0245
Total assets
721\u00a0162
793\u00a0682
71%
70%
Equity share
71%
70%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
2\u00a0699
\u2014
Net investment in finance leases
2\u00a0699
\u2014
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
984
3\u00a0179
4\u00a0389
Other current receivables
103\u00a0281
113\u00a0795
194\u00a0701
192\u00a0225
Cash at bank
92\u00a0420
168\u00a0822
266\u00a0991
329\u00a0931
Total financial assets at amortized
cost
199\u00a0437
283\u00a0601
GROUP
PARENT
2024
2023
Fair value through profit or loss
2024
2023
93\u00a0213
98\u00a0731
Money market fund
93\u00a0213
98\u00a0731
93\u00a0213
98\u00a0731
Total financial assets at fair value
through profit or loss
93\u00a0213
98\u00a0731
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2024
2023
2024
2023
98\u00a0731
48\u00a0725
As at 1 January
98\u00a0731
48\u00a0725
\u2014
-44\u00a0205
Disposal of financial instruments
\u2014
-44\u00a0205
\u2014
93\u00a0064
Acquisition of financial instruments
\u2014
93\u00a0064
5\u00a0008
426
Changes in fair value
5\u00a0008
426
-10\u00a0526
721
Currency translation differences
-10\u00a0526
721
93\u00a0213
98\u00a0731
As at 31 December
93\u00a0213
98\u00a0731
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
87\u00a0336
97\u00a0491
Bond
87\u00a0336
97\u00a0491
23\u00a0918
12\u00a0201
Accounts payable
22\u00a0902
15\u00a0403
626
741
Current financial liabilities
626
741
66\u00a0383
79\u00a0345
Other current liabilities
48\u00a0414
68\u00a0153
45\u00a0752
47\u00a0864
Non-current lease liabilities
5\u00a0865
42\u00a0127
10\u00a0360
9\u00a0897
Current lease liabilities
38\u00a0957
5\u00a0963
234\u00a0375
247\u00a0539
Total financial liabilities at amortized cost
204\u00a0100
229\u00a0878
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in June 2026. As of December 31, 2024, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 172m, accounts receivable USD 66m, and operating
equipment USD 22m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 50.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 93m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See note 19 for information on cash and cash\u00a0equivalents.
Note 26: Financial risk management
All figures in USD 1 000.
The Group's Finance department is responsible for carrying out the policies and guidelines
for financial risk management approved by the Board.
The Group is mainly exposed to counterparty credit risk, liquidity risk, and market risk
(including interest rate risk and foreign currency risk).
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables and prepayments) and from
its financing activities, including foreign exchange transactions, cash and cash equivalents
with banks and other financial institutions and other financial\u00a0instruments.
The Group is exposed to credit risk related to a prepayment of USD 97.2m. There are no
indications that the wafer manufacturer will not be able to fulfil their part of the
agreement, and no expected credit loss is reflected in the financial statement.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2024
2023
Gross total
2024
2023
56\u00a0604
93\u00a0606
Not due
782
630
8\u00a0151
37\u00a0107
Past due 0-30 days
161
10
1\u00a0607
2\u00a0332
Past due 31-120 days
44
73
50
271
Over 120 days
50
271
66\u00a0412
133\u00a0316
Total
1\u00a0037
984
The Group makes an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically, there have not been any significant credit
losses. 85% of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at December 31, 2024 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
983
27\u00a0029
21\u00a0874
Other current receivables
123\u00a0914
128\u00a0785
287\u00a0914
290\u00a0957
Cash and cash equivalents
185\u00a0633
267\u00a0553
381\u00a0355
446\u00a0147
Total
310\u00a0583
397\u00a0321
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances. Investments can only be made in
securities that have been approved by the Board.
As of December 31, 2024, cash and cash equivalents amounted to USD 287.9m (USD
291.0m), see note 19 for details. The total balance includes money market fund at fair value
USD 93.2m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02024.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal
87\u00a0336
88\u00a0079
\u2014
88\u00a0079
\u2014
Bond - payment of interest*
626
24\u00a0327
6\u00a0572
17\u00a0755
\u2014
Accounts payable
23\u00a0918
23\u00a0918
23\u00a0918
\u2014
\u2014
Other current liabilities
68\u00a0182
68\u00a0182
67\u00a0182
1\u00a0000
\u2014
Lease liabilities**
56\u00a0112
71\u00a0323
10\u00a0394
30\u00a0782
30\u00a0147
Total
236\u00a0174
275\u00a0829
108\u00a0066
137\u00a0616
30\u00a0147
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal
87\u00a0336
88\u00a0079
\u2014
88\u00a0079
\u2014
Bond - payment of interest*
626
24\u00a0327
6\u00a0572
17\u00a0755
\u2014
Accounts payable
22\u00a0903
22\u00a0903
22\u00a0903
\u2014
\u2014
Accounts payable
subsidiaries
23\u00a0050
23\u00a0050
23\u00a0050
\u2014
\u2014
Other current liabilities
26\u00a0795
26\u00a0795
26\u00a0795
\u2014
\u2014
Lease liabilities**
44\u00a0822
58\u00a0999
5\u00a0774
23\u00a0077
30\u00a0147
Total
205\u00a0533
244\u00a0154
85\u00a0095
128\u00a0911
30\u00a0147
* The contractual cash flow is calculated using forward yield curve. Estimated interest payments are
based on the contractual cash flow of the bond on December 31, 2023.
** Lease liabilities are mainly office facility rent in Trondheim, lease ending December 31, 2033 and
December 31, 2037 and in Oslo, leasing ending December 31, 2032
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration of longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in June 2026, with option to extend. The security for the credit line is provided by inventory,
receivables, and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis shows the effects of changes in market interest rate on
borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2024 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows.
2024
2023
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-440
-492
-50 basis points
440
492
Foreign currency risk
The Group is subject to foreign currency risk, as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on Group balance
sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
'+/- 3 534
Issued bond and money market fund is nominated in NOK. The impact on profit and loss due to
changes in the NOK exchange rate on these financial instruments offset each other.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2024
2023
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
511\u00a0189
511\u00a0189
100.0%
542\u00a0830
542\u00a0830
100.0%
EUR
162
169
\u2014%
11
11
\u2014%
Other
549
57
\u2014%
282
28
\u2014%
Total
511\u00a0415
100.0%
542\u00a0869
100.0%
PARENT
2024
2023
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
477\u00a0374
477\u00a0374
100.0%
507\u00a0986
507\u00a0986
100.0%
EUR
162
169
\u2014%
11
11
\u2014%
Other
547
51
\u2014%
282
28
\u2014%
Total
477\u00a0595
100.0%
508\u00a0026
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2024
2023
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
66\u00a0250
20\u00a0606
133\u00a0313
8\u00a0009
EUR
156
1\u00a0523
\u2014
596
NOK
6
1\u00a0620
3
3\u00a0219
Other
\u2014
169
\u2014
377
Total
66\u00a0412
23\u00a0918
133\u00a0316
12\u00a0201
PARENT
2024
2023
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
981
20\u00a0606
981
11\u00a0900
EUR
156
590
\u2014
284
NOK
6
1\u00a0620
2
3\u00a0219
Other
\u2014
87
\u2014
\u2014
Total
1\u00a0037
22\u00a0903
983
15\u00a0403
Determination of fair value
As of December 31, 2024, the Group had no other financial assets or financial liabilities
than the bond where there is considered to be a difference between book value and fair
due to bond discounts/premiums. The bond is classified as Level 1 in the fair value
hierarchy, as it is a listed financial liability with observable prices.
Below is an overview of Nordic\u2019s financial instruments with difference between book
value and fair value:
GROUP
2024
2023
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
87\u00a0336
90\u00a0900
97\u00a0491
99\u00a0178
PARENT
2024
2023
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
87\u00a0336
90\u00a0900
97\u00a0491
99\u00a0178
Book value is a reasonable estimate of fair value in cases where these numbers
are\u00a0identical.
Note 27: Events after the balance sheet date
No events have occurred since December 31, 2024 with any significant effect that will
impact the evaluation of the submitted accounts.
Note 28: Related party transactions
Nordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo
Stock Exchange. The Group has no material transactions with related parties.
The ultimate parent company has transactions with its wholly-owned subsidiaries. See Note
18: Intercompany for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-214": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-215": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-216": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-217": { "value": "Otto Nielsens veg 12, 7052 Trondheim", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-218": { "value": "Otto Nielsens veg 12, 7052 Trondheim", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-219": { "value": "Nordic Semiconductor is a Norwegian fabless semiconductor company specializing in wireless communication technology that powers the Internet of Things (IoT). Nordic was established in 1983 and has more than 1300 employees across the globe. The Group\u2019s award-winning Bluetooth Low Energy solutions pioneered ultra-low power wireless, making it the global market leader. Nordic\u2019s technology range was later supplemented by ANT+, Thread and Zigbee. In 2018, Nordic launched its low power, compact LTE-M/NB-IoT cellular IoT solutions to extend the penetration of IoT. The Nordic portfolio was further complemented by Wi-Fi technology in 2021.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-220": { "value": "global", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-221": { "value": "
Nordic Semiconductor has only one reportable operating
segment, and this corresponds with the internal reporting
structure and management activities to monitor
profitability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-222": { "value": "
Note 2: Basis for preparation
2.1 Compliance with IFRS
The financial accounts for the Group have been prepared
in accordance with IFRS\u00ae Accounting Standards as
adopted by EU and Norwegian authorities, and are
effective as of December 31, 2024.
2.2 Accounting standards adopted in
2024
In 2024, there are few revisions by the International
Accounting Standards Board to the financial reporting
requirements in accounting policies:
Amendment to IAS 1 - Non current liabilities with
covenants, Amendment to IFRS 16 - Leases on sale and
leaseback and Amendment to IAS 7 and IFRS 7 - Supplier
Finance are revisions not applicable for the\u00a0Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-223": { "value": "
2.1 Compliance with IFRS
The financial accounts for the Group have been prepared
in accordance with IFRS\u00ae Accounting Standards as
adopted by EU and Norwegian authorities, and are
effective as of December 31, 2024.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-224": { "value": "
2.3 Basis for consolidation
The consolidated financial statements incorporate the
results, cash flows, and assets and liabilities of the parent
company Nordic Semiconductor ASA and its wholly owned
subsidiaries.
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company is exposed, or has rights, to variable
returns from its involvement with the investee and has the
ability to affect those returns through its power to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests. Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-225": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-226": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-227": { "value": "
A subsidiary is an entity that is controlled, either directly or
indirectly, by the parent company. Control exists when the
parent company is exposed, or has rights, to variable
returns from its involvement with the investee and has the
ability to affect those returns through its power to direct
the relevant activities of the investee. Generally, such
power exists where the parent company holds a majority
of the voting rights of an investee.
Subsidiaries are consolidated from the date control is
obtained until the date that control ceases. All subsidiaries
are wholly owned by the parent company and there are
no non-controlling interests. Intercompany transactions,
balances, and unrealized gains on transactions between
group companies are eliminated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-229": { "value": "
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-228": { "value": "
2.4 Foreign currency translation
Each entity within the Group has a functional currency,
which is normally the currency in which the entity primarily
generates and expends cash.
At entity level, a foreign currency is a currency other than
the entity\u2019s functional currency. Transactions in the profit
and loss statement denominated in foreign currencies are
recorded in the entity\u2019s functional currency at the
exchange rate prevailing at the date of the transaction.
Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate prevailing
at the balance sheet date. Currency translation differences
arising at entity level are recognized in profit or loss.
The consolidated financial statements are presented in US
dollars (USD), which is the functional currency of the
parent company. On consolidation, assets and liabilities of
foreign operations are translated into USD (the
presentation currency) according to the exchange rates
prevailing on the balance sheet date. Profit or loss items
are translated according to monthly average exchange
rates. Changes in net assets resulting from exchange rate
movements are recognized in other comprehensive income
and taken to the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-230": { "value": "
Note 3: Significant accounting judgments and critical
estimates
The preparation of financial statements requires that
management uses
\u25a0judgements, apart from those involving estimations, in
the process of applying accounting policies that have
the most significant effect on the amounts reported in
the financial statements and its disclosures, and
\u25a0estimates, including information about the key
assumptions concerning the future - and other key
sources of estimation uncertainty at the balance sheet
date - that have significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year.
The most important areas where judgements and
estimates have an impact are listed below. Detailed
information of these judgements and estimates are
disclosed in the relevant notes.
\u25a0Calculation of \"Ship and Debit\" rebate (see Note 5:
Revenues
\u25a0Net realizable value assessment used in testing for
impairment of inventories (see Note 6: Cost of
materials / inventory)
\u25a0Capitalization of development costs (see Note 12:
Goodwill and intangible assets)
Management bases its judgments and estimates on
historical experience and other factors, including
expectations on future events, deemed to be reasonable
and sensible given the specific circumstances. Estimates
are reassessed whether needed based on changes in the
underlying assumptions. Changes in accounting estimates
are recognized in the period in which such changes occur.
If such changes also apply to future periods, the effect is
distributed between current and future periods.
5.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgements and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
12.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-232": { "value": "
Note 5: Revenues
All figures in USD 1 000
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered consist
of consulting services. The Group and the customer do not
receive financing from the sales, therefore, there are no
significant financing components to be accounted for
separately from the revenue transaction. The normal credit
term is 30-90 days upon delivery. In other words, the
contract does not require the customer to pay in advance
or require the customer to pay a significant amount after
delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
5.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgements and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
5.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication. These
wireless components are split into the following end product areas: Consumer, Industrial,
Healthcare and Other. In 2024, wireless components accounted for 99.5% of sales versus
99.1% in 2023. In addition to standard components, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting Services.
Most of Nordic\u2019s Wi-Fi and PMIC customers are still in the development phase or in early
commercial phase. When Wi-Fi and PMIC revenue materialize, Nordic will report the
revenue in the relevant end product\u00a0areas.
GROUP
PARENT
2024
2023
Revenue
2024
2023
337\u00a0150
302\u00a0486
Consumer
314\u00a0854
283\u00a0076
93\u00a0535
117\u00a0203
Industrial
87\u00a0349
109\u00a0682
65\u00a0313
103\u00a0325
Healthcare
60\u00a0994
96\u00a0695
12\u00a0869
15\u00a0153
Other
12\u00a0018
14\u00a0181
508\u00a0868
538\u00a0168
Wireless components
475\u00a0215
503\u00a0634
2\u00a0547
4\u00a0701
ASIC components
2\u00a0379
4\u00a0399
\u2014
\u2014
Management fee
\u2014
-9
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
Revenue classified by customer location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2024
2023
2024
2023
35\u00a0438
59\u00a0933
Europe
33\u00a0094
56\u00a0086
84\u00a0717
120\u00a0571
Americas
79\u00a0114
112\u00a0833
391\u00a0260
362\u00a0365
Asia/Pacific
365\u00a0386
339\u00a0107
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
The Group sells its components to distributors, who then sell components onward to
electronics manufacturers that build end products and sell them to customers across the
world. Three distributors were above 10% of revenue in 2024, with 35%, 13% and 10% of
total revenue respectively, two located in Asia and the other in the Americas. In
comparison, two distributors were above 10% of revenue in 2023, with 37% and 18% of total
revenue respectively, one located in Asia and the other in the Americas.
Revenue from contracts with customers classified by timing of revenue recognition:
GROUP
PARENT
2024
2023
2024
2023
511\u00a0415
542\u00a0869
Goods transferred at a point in time
477\u00a0595
508\u00a0035
\u2014
\u2014
Services transferred over time
\u2014
-9
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
5.4 Contract balances
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
See note 25 for further details.
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Trade receivables
1\u00a0037
983
5.5 Refund liabilities
GROUP
PARENT
2024
2023
2024
2023
22\u00a0363
30\u00a0010
Refund liability \u2013 from ship & debit
\u2014
\u2014
3\u00a0679
25\u00a0294
Refund liability \u2013 from end-customer rebates
\u2014
\u2014
5.6 Performance obligations
A performance obligation refers to a commitment to deliver a distinct good or service to a
customer. The performance obligations for the sale of components are normally satisfied
upon the time of delivery. Payment is generally due 30 to 90 days within delivery. For
consulting services, the performance obligation is satisfied over time and the customer is
generally invoiced at month-end for the work performed.
The Group has decided to use the \"right-to-invoice\" practical expedient. This means that
the Group can sidestep the need to determine the transaction price and allocate it to
unsatisfied or partially unsatisfied performance obligations. All performance obligations are
expected to be fully satisfied and recognized as revenue within\u00a0one\u00a0year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-231": { "value": "
Note 5: Revenues
All figures in USD 1 000
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered consist
of consulting services. The Group and the customer do not
receive financing from the sales, therefore, there are no
significant financing components to be accounted for
separately from the revenue transaction. The normal credit
term is 30-90 days upon delivery. In other words, the
contract does not require the customer to pay in advance
or require the customer to pay a significant amount after
delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
5.2 Significant accounting judgments
and critical estimates
Nordic predominantly sells to electronic distributors under
a distribution agreement. The distributors will hold a given
level of Nordic's inventory that is subsequently shipped to
an end customer. Nordic uses a \u201csell in\u201d model in
connection with revenue recognition to distribution
customers. Under a \u201csell in\u201d model, management needs to
make judgements and estimate the amount that can affect
the reported amounts of revenues and expenses. The main
judgments are described\u00a0as\u00a0follows:
\u201cShip and debit\u201d
At the balance sheet date, the Group has to estimate ship
and debit on distributors' inventory levels using the
expected value method. The Group estimate the refund
based on an average of historical discount to each
distributor and the expected sales mix to end-customers.
The ship and debit is recognized as reduction in revenue
and increase in refund liability. See note 5.5.
5.3 Disaggregated revenue information
Revenue classified by end product applications:
The Group focuses on the sale of standard components for wireless communication. These
wireless components are split into the following end product areas: Consumer, Industrial,
Healthcare and Other. In 2024, wireless components accounted for 99.5% of sales versus
99.1% in 2023. In addition to standard components, the Group sells customer-specific ASIC
components (Application Specific Integrated Circuits) and related Consulting Services.
Most of Nordic\u2019s Wi-Fi and PMIC customers are still in the development phase or in early
commercial phase. When Wi-Fi and PMIC revenue materialize, Nordic will report the
revenue in the relevant end product\u00a0areas.
GROUP
PARENT
2024
2023
Revenue
2024
2023
337\u00a0150
302\u00a0486
Consumer
314\u00a0854
283\u00a0076
93\u00a0535
117\u00a0203
Industrial
87\u00a0349
109\u00a0682
65\u00a0313
103\u00a0325
Healthcare
60\u00a0994
96\u00a0695
12\u00a0869
15\u00a0153
Other
12\u00a0018
14\u00a0181
508\u00a0868
538\u00a0168
Wireless components
475\u00a0215
503\u00a0634
2\u00a0547
4\u00a0701
ASIC components
2\u00a0379
4\u00a0399
\u2014
\u2014
Management fee
\u2014
-9
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
Revenue classified by customer location:
The Group also classifies its revenues on a geographical basis according to its customers\u2019
location.
GROUP
PARENT
2024
2023
2024
2023
35\u00a0438
59\u00a0933
Europe
33\u00a0094
56\u00a0086
84\u00a0717
120\u00a0571
Americas
79\u00a0114
112\u00a0833
391\u00a0260
362\u00a0365
Asia/Pacific
365\u00a0386
339\u00a0107
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
The Group sells its components to distributors, who then sell components onward to
electronics manufacturers that build end products and sell them to customers across the
world. Three distributors were above 10% of revenue in 2024, with 35%, 13% and 10% of
total revenue respectively, two located in Asia and the other in the Americas. In
comparison, two distributors were above 10% of revenue in 2023, with 37% and 18% of total
revenue respectively, one located in Asia and the other in the Americas.
Revenue from contracts with customers classified by timing of revenue recognition:
GROUP
PARENT
2024
2023
2024
2023
511\u00a0415
542\u00a0869
Goods transferred at a point in time
477\u00a0595
508\u00a0035
\u2014
\u2014
Services transferred over time
\u2014
-9
511\u00a0415
542\u00a0869
Total revenue from contracts with customers
477\u00a0595
508\u00a0026
5.4 Contract balances
Trade receivables are non-interest bearing and are generally on terms of 30 to 90 days.
See note 25 for further details.
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Trade receivables
1\u00a0037
983
5.5 Refund liabilities
GROUP
PARENT
2024
2023
2024
2023
22\u00a0363
30\u00a0010
Refund liability \u2013 from ship & debit
\u2014
\u2014
3\u00a0679
25\u00a0294
Refund liability \u2013 from end-customer rebates
\u2014
\u2014
5.6 Performance obligations
A performance obligation refers to a commitment to deliver a distinct good or service to a
customer. The performance obligations for the sale of components are normally satisfied
upon the time of delivery. Payment is generally due 30 to 90 days within delivery. For
consulting services, the performance obligation is satisfied over time and the customer is
generally invoiced at month-end for the work performed.
The Group has decided to use the \"right-to-invoice\" practical expedient. This means that
the Group can sidestep the need to determine the transaction price and allocate it to
unsatisfied or partially unsatisfied performance obligations. All performance obligations are
expected to be fully satisfied and recognized as revenue within\u00a0one\u00a0year.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-234": { "value": "
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered consist
of consulting services. The Group and the customer do not
receive financing from the sales, therefore, there are no
significant financing components to be accounted for
separately from the revenue transaction. The normal credit
term is 30-90 days upon delivery. In other words, the
contract does not require the customer to pay in advance
or require the customer to pay a significant amount after
delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-233": { "value": "
5.1 Accounting policies
The Group is in the business of developing and selling
integrated circuits. Revenue from customers is mainly
generated from sale of products. Services delivered consist
of consulting services. The Group and the customer do not
receive financing from the sales, therefore, there are no
significant financing components to be accounted for
separately from the revenue transaction. The normal credit
term is 30-90 days upon delivery. In other words, the
contract does not require the customer to pay in advance
or require the customer to pay a significant amount after
delivery.
Sale of products
Sales of products are mostly made to distributors
(customers). Revenue from product sales is recognized
when control of the goods is transferred to the customer.
The time of delivery is considered to be when the goods
are transferred to the transport carrier. Upon delivery, the
Group has the right of payment for the asset, the customer
has legal title to the asset, physical possession has been
transferred to the customer, and the customer has full
ownership of the asset.
Revenue recognized on the sale of products is measured
at the fair value of the consideration received or
receivable, excluding sales taxes and after making
allowance for variable considerations such as ship and
debit, product returns and end-customer rebates.
The parent company sells a large share of its products to a
related party for resale to the end customers (the
distributors). The transaction price and terms between the
related parties are established on an arm's length basis,
ensuring that the pricing is consistent with what would be
expected in transactions with unrelated parties. In
accordance with IFRS 15, revenue is recognized when
control of the goods is ultimately transferred to the end
customers (the distributors), which occurs when the title to
the goods passes to them.
\"Ship and debit\"
The Group sells products to certain distributors on \u201cship
and debit\u201d terms. Ship and debit is an arrangement
between the Group and distributor where the distributor
may be entitled to a refund if the distributor sells the
products to end customer at lower prices than those
quoted on the distributor price list. The distributor claims
(debits) the Group for the price difference on sold products
on a monthly basis.
Stock rotation rights
Some distributors are entitled to limited rights of return,
referred to as stock rotation rights. The Group tracks the
distributor's inventory and can initiate a stock rotation
earlier if a certain product is selling better with
another\u00a0distributor.
Stock rotation provisions are made if necessary, based on
most likely amount method. The most likely amount is the
single most likely amount in a range of possible
consideration amounts. As the products have similar
margin, there are most likely no significant losses for the
Group when stock rotations are initiated. The Group does
not make provisions or adjustments to revenue for stock
rotation unless we expect the goods returned to
be\u00a0obsolete.
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
Assets and liabilities arising from rights of return
Right of return asset
The Group has no right to return inventories back
from\u00a0customers.
Refund liabilities
A refund liability is the obligation to refund some or all of
the consideration received (or receivable) from the
customer and is measured at the amount the Group
ultimately expects it will have to return to the customer.
The Group updates its estimates of refund liabilities (and
the corresponding change in the transaction price) at the
end of each reporting\u00a0period.
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities who do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
1\u00a0705\u00a0649
Book value
569\u00a0766
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
13.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
14.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment and machinery
The Group's office leases range between 1 to 13 years. Equipment and machinery leases
range between 1 to 5 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease has not
been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
Leasing activities
In 2024, the following legal entities renegotiated their obligations to existing
office\u00a0locations:
\u25a0In 2024, Nordic Semiconductor ASA exercised the option to transfer addition office
space in Trondheim, with a commencement date of October 1, 2024, November 1, 2024
and April 11, 2025. The office space is subleased from these dates on the same terms as
the head lease.
\u25a0Nordic Semiconductor India Private Limited signed an office rental agreement with a
commencement date of January 1, 2024.
\u25a0Nordic Semiconductor Hong Kong Limited signed an office rental agreement with a
commencement date of November 1, 2024
\u25a0Nordic Semiconductor Poland Sp. Z.o.o. exercised the option to extend the office lease
for another 2 years.
In 2024, the following legal entities signed office rental agreements for new locations:
\u25a0Nordic Semiconductor Finland Oy signed an office rental agreement with a
commencement date of March 1, 2024.
\u25a0Nordic Semiconductor Inc signed an office rental agreement with a expected
commencement date of March 25, 2025.
\u25a0Nordic Semiconductor (Philippines) Inc signed an office rental agreement with a
expected commencement date of January 7, 2025.\u00a0
Contractual cash flow of leases
Below is the expected contractual cash flow of leases not reflected in the measurement of
lease liabilities as of December 31, 2024 (commencement date after balance sheet date).
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
4\u00a0189
270
2\u00a0598
1\u00a0320
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
4\u00a0189
270
2\u00a0598
1\u00a0320
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
3\u00a0304
194
1\u00a0931
1\u00a0179
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
3\u00a0304
194
1\u00a0931
1\u00a0179
Minimum lease payments payable on leases are presented in note 26.
Below is the expected contractual cash flow of subleasing.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables*
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
Total
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables*
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
Total
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
*Lease payments receivables contractual cash flow is including lease payments from subleasing with
commencement date after balance sheet date.
Amounts recognized in the balance sheet:
Right-of-use assets
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in finance lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Impairment expenses
\u2014
\u2014
\u2014
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
GROUP
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
42\u00a0286
\u2014
42\u00a0286
Additions
28\u00a0826
\u2014
28\u00a0826
Adjustments
12\u00a0468
\u2014
12\u00a0468
Acquisition cost as of 31.12
83\u00a0580
\u2014
83\u00a0580
Accumulated depreciation
Opening balance
20\u00a0816
\u2014
20\u00a0816
Depreciation expenses
8\u00a0094
\u2014
8\u00a0094
Accumulated depreciation and impairment as of 31.12
28\u00a0910
\u2014
28\u00a0910
Net carrying value as of 31.12
54\u00a0670
\u2014
54\u00a0670
PARENT
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
25\u00a0662
\u2014
25\u00a0662
Additions
25\u00a0761
\u2014
25\u00a0761
Adjustments
11\u00a0827
\u2014
11\u00a0827
Acquisition cost as of 31.12
63\u00a0250
\u2014
63\u00a0250
Accumulated depreciation
Opening balance
13\u00a0586
\u2014
13\u00a0586
Depreciation expenses
4\u00a0138
\u2014
4\u00a0138
Accumulated depreciation and impairment as of 31.12
17\u00a0724
\u2014
17\u00a0724
Net carrying value as of 31.12
45\u00a0527
\u2014
45\u00a0527
Impairment
In 2024, Nordic Semiconductor Inc and Nordic Semiconductor UK Limited closed an office due to downsizing. The impairment loss of right-of-use assets is USD 1,3m.
Lease payment receivables:
Below is the carrying amount of lease payment receivables (from subleasing) and the
movements during the period.
GROUP
PARENT
\u2014
Lease payment receivables as of 1 January 2024
\u2014
-59
Lease payments
-59
2\u00a0825
Acquisitions and adjustments
2\u00a0825
\u2014
Disposals
\u2014
27
Interest
27
-94
Foreign exchange adjustments
-94
2\u00a0699
Lease payment receivables\u00a0 as of 31 December 2024
2\u00a0699
Lease liabilities
Below is the disclosure of financial position from lease liabilities.
GROUP
PARENT
2024
2023
Lease liabilities
2024
2023
10\u00a0360
9\u00a0897
Current
5\u00a0865
5\u00a0963
45\u00a0752
47\u00a0864
Non-Current
38\u00a0957
42\u00a0127
56\u00a0112
57\u00a0762
Total lease liabilities
44\u00a0822
48\u00a0090
Below is the carrying amount of lease liabilities and the movements during the period.
GROUP
PARENT
57\u00a0762
Net liabilities as of 1 January 2024
48\u00a0090
-10\u00a0878
Lease payments
-6\u00a0029
11\u00a0069
Acquisitions and adjustments
4\u00a0955
\u2014
Disposals
\u2014
3\u00a0556
Interest
2\u00a0958
-5\u00a0397
Foreign exchange adjustments
-5\u00a0152
56\u00a0112
Net liabilities as of 31 December 2024
44\u00a0821
Other items
Below is the disclosure of other items from operational leases and subleasing:
GROUP
PARENT
2024
2023
Other items from operational leases and
subleasing
2024
2023
59
\u2014
Income from subleasing right-of-use assets
59
\u2014
27
\u2014
Interest income from net investment in finance
leases
27
\u2014
86
\u2014
Total items from subleasing
86
\u2014
397
405
Expenses relating to short-term leases
75
138
932
735
Expenses relating to leases of low-value assets
269
293
3\u00a0555
1\u00a0597
Interest expense on lease liabilities
2\u00a0958
1\u00a0229
4\u00a0884
2\u00a0737
Total items from operational leases
3\u00a0302
1\u00a0660
12\u00a0148
9\u00a0567
The total cash outflow for leases
6\u00a0314
4\u00a0842
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
19.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-235": { "value": "
End-customer rebates
Some end customers have entered into agreements with
Nordic to receive a rebate based on their purchase
quantity and price from the distributor. The rebates are
recognized as reduction in revenue and increase in refund
liabilities before payout by the end\u00a0customer. See note 5.5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-237": { "value": "
Note 6: Cost of materials / inventory
All figures in USD 1 000
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
6.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
6.3 Cost of materials / inventory
GROUP
PARENT
2024
2023
2024
2023
266\u00a0413
316\u00a0788
Purchased materials
266\u00a0382
316\u00a0788
-8\u00a0817
-60\u00a0999
Changes in inventory
-8\u00a0817
-60\u00a0999
11\u00a0850
3\u00a0368
Write-down in inventory
11\u00a0850
3\u00a0368
269\u00a0446
259\u00a0157
Cost of materials
269\u00a0415
259\u00a0157
89\u00a0615
95\u00a0043
Raw materials
89\u00a0615
95\u00a0043
35\u00a0435
9\u00a0907
Work in Progress
35\u00a0435
9\u00a0907
46\u00a0857
58\u00a0139
Finished goods
46\u00a0857
58\u00a0139
171\u00a0907
163\u00a0090
Total inventory
171\u00a0907
163\u00a0090
As Nordic is a fabless manufacturer, all inventories, including raw materials and finished
goods, are located at sub-contractors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-236": { "value": "
Note 6: Cost of materials / inventory
All figures in USD 1 000
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
6.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
6.3 Cost of materials / inventory
GROUP
PARENT
2024
2023
2024
2023
266\u00a0413
316\u00a0788
Purchased materials
266\u00a0382
316\u00a0788
-8\u00a0817
-60\u00a0999
Changes in inventory
-8\u00a0817
-60\u00a0999
11\u00a0850
3\u00a0368
Write-down in inventory
11\u00a0850
3\u00a0368
269\u00a0446
259\u00a0157
Cost of materials
269\u00a0415
259\u00a0157
89\u00a0615
95\u00a0043
Raw materials
89\u00a0615
95\u00a0043
35\u00a0435
9\u00a0907
Work in Progress
35\u00a0435
9\u00a0907
46\u00a0857
58\u00a0139
Finished goods
46\u00a0857
58\u00a0139
171\u00a0907
163\u00a0090
Total inventory
171\u00a0907
163\u00a0090
As Nordic is a fabless manufacturer, all inventories, including raw materials and finished
goods, are located at sub-contractors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-238": { "value": "
6.1 Accounting policies
The Group applies standard cost method to measure cost of inventories. Standard cost
variance is the difference between standard cost and actual cost. This variance impacts the
cost of goods sold, and variance is monitored on a regular basis. Obsolete inventory is
written down completely.
Inventory is valued at the lower of cost, according to the FIFO principle, and net realizable
value after deduction for obsolescence. Net realizable value is estimated as the selling
price less cost of completion and the cost necessary to make the sale. Cost of inventories
includes purchase price of raw materials, costs directly related to the conversion of
materials into finished goods (sub-contracting, yield loss and production overhead), and
other costs incurred in bringing the inventories to their present location and condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-239": { "value": "
6.2 Significant accounting judgments and critical estimates
Nordic assesses net realizable value for each inventory category (raw materials, work in
progress and finished goods) separately as they have different useful life. Finished goods is
split into five main product categories with distinct technology: Proprietary and Bluetooth\u00ae
(Short-range wireless components), Cellular (Long-range wireless components), Wi-Fi, and
PMIC. Each of these five technologies are then divided into subcategories where the
different standardized chips with respective packaging are shared among a variety of
customers. On this category level, Nordic is applying the practical expedient in IAS 2.29,
stating that grouping of similar or related items with a similar purpose or end use can be
assessed together when assessing net realizable value. Nordic is basing the net realizable
value on orders from third parties, historical inventory turnover ratio, and other factors. This
calculation is based on the most updated facts at any given point in time but are prone to
variation under changing circumstances. One exception from regular calculation of net
realizable value is related to items that are made from older parts and cannot be easily
sold to other customers. These items are written off completely item by item if aging is
more than 2 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-240": { "value": "
Note 7: Payroll expenses
All figures in USD 1 000
GROUP
PARENT
2024
2023
Combined expenses for salary and other
compensation are distributed as follows:
2024
2023
137\u00a0679
126\u00a0961
Salary and vacation pay
55\u00a0930
53\u00a0728
20\u00a0737
18\u00a0845
Other compensation
16\u00a0366
12\u00a0937
14\u00a0429
14\u00a0759
Payroll tax
9\u00a0889
9\u00a0217
\u2014
-397
Tax grant
\u2014
-397
11\u00a0175
11\u00a0502
Defined contribution pension
4\u00a0541
4\u00a0639
-13\u00a0699
-18\u00a0680
Capitalized development expenses (hourly costs)
-13\u00a0699
-18\u00a0680
170\u00a0321
152\u00a0990
Total
73\u00a0026
61\u00a0443
1\u00a0405
1\u00a0481
Weighted average number of full time employees
579
620
GROUP
PARENT
2024
2023
Employees as of December 31, are distributed as
follows:
2024
2023
558
631
Norway
558
631
304
318
Finland
\u2014
\u2014
112
113
Poland
\u2014
\u2014
48
47
India
\u2014
\u2014
62
72
USA
\u2014
\u2014
58
55
Taiwan
\u2014
\u2014
49
77
UK
\u2014
\u2014
62
55
Philippines
1
1
34
45
Sweden
\u2014
\u2014
28
28
China
\u2014
\u2014
12
12
Hong Kong
1
1
4
3
South Korea
3
3
5
5
Germany
\u2014
\u2014
5
5
Japan
\u2014
\u2014
2
2
The Netherlands
2
2
3
16
Denmark
\u2014
\u2014
2
2
Australia
2
2
8
7
Singapore
\u2014
\u2014
1
Bulgaria
1
1\u00a0363
1\u00a0493
Total
574
640
Note 22: Pensions
Defined benefit plan
The total pension liability from defined benefit plans was USD 765,294 for the Group. This
amount consists of liabilities in Norway, the Philippines, Poland and India.
The Norwegian company in the Group is required to have mandatory employment pension
for employees in Norway, according to the Mandatory Employment Pension Act. The
defined benefit plan was closed for new members effective January 1, 2008, and from this
point a new defined contribution plan was established.
Nordic has had a pension plan for the Philippines office as of January 2014. The retirement
plan is unfunded and of the defined benefit type that provides a retirement benefit
calculated based on number of years of credited service. At the end of 2024, the pension
liability was USD\u00a0396,358.
In Finland, earnings-related pensions are financed with insurance contributions paid by
employers and employee. In Poland, the employers and employee contribute to a social
security plan including pensions and disability insurance. In addition, the company offers a
employee capital plan (PPK) financed jointly by the employee, the employer, and the
government.
In India, the company provides for gratuity, a defined benefit plan (the \u201cGratuity Plan\u201d)
covering eligible employees in accordance with the Payment of Gratuity Act, 1972. The
amount of gratuity payable on retirement/termination is the employee's last drawn basic
salary per month, computed proportionately for 15 days' salary multiplied by the number of
years of service.
Defined contribution pension plan
All employees in Norway have a defined contribution pension plan since January 1, 2016.
The main benefit is a contribution of 7% of salary up to 7.1 basis points (G) and 18% of
salary between 7.1 and 12 basis points. In addition to this, the company offers a disability
pension of approximately 66% of salary including estimated social security based on 40
years of full employment. In 2024, the cost of the defined contribution pension was USD
378,618, and the plan had 581 members.
The Indian company has a defined contribution plan, specifically a provident fund.
Contributions are made to provident fund at the rate of 12% of basic salary. The
contributions are made to registered provident fund administered by the government. The
obligation of the Company is limited to the amount contributed. It has no further
contractual or any constructive obligation.
In Poland, each employee who retires is entitled to retirement and pension severance pay
from the employer. This is regulated by the Polish Labor Code.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-241": { "value": "
Note 8: Executive compensation
All figures in USD 1 000
Note 8.1: Management remuneration
Pursuant to the changes in the Public Limited Liability Companies Act, i.e., the addition of a new section 6-16 (b), and associated new regulations, Nordic will publish a separate
management remuneration report for presentation at the Annual General Meeting on 29 April 2025, containing detailed information on remuneration to Executive Management Team
(EMT) for the reporting year 2024. The remuneration report includes detailed information on the EMT's remuneration complementing the numbers presented below. This includes an
overview of the operational, financial, environmental, social, and governance targets that form the basis for the short-term incentives.
EMT members\u2019 salaries and other benefits, including long term incentive plans are presented in the table below. Unless otherwise stated, Nordic did not have any loans to or guarantees
made on behalf of any EMT members in 2024 and 2023.
The remuneration paid or awarded to the CEO and other members of the EMT was aligned with Nordics\u2019s remuneration policy. The policy is available in its full at nordicsemi.com.
Total compensation* expensed during the year for the CEO and other executives:
2024
Salary
Bonus
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Vegard Wollan, CEO**
358
158
157
3
70
747
P\u00e5l Elstad, CFO/EVP Finance
246
78
109
3
43
479
Svein Egil Nielsen, CTO/EVP R&D and Strategy
618
\u2014
-204
1
33
448
Geir Langeland, EVP Sales & Marketing
262
93
121
4
42
521
Ole Fredrik Morken, EVP Supply Chain***
273
74
88
5
34
474
St\u00e5le Ytterdal, SVP IR & Strategic Sales
165
51
71
4
23
314
Kjetil Holstad, EVP Product Management
233
74
97
4
44
452
Katarina Finneng, EVP People & Communication
257
43
-73
2
33
263
Sonja Kusmin, SVP People & Culture
150
31
33
0
28
243
Linda Pettersson, SVP Legal & Compliance
50
\u2014
-20
0
4
35
Ola Bostr\u00f6m, SVP Quality & Sustainability
164
51
57
2
24
298
Joakim Ferm, SVP BU WI-FI
145
43
38
4
20
250
\u00d8yvind Str\u00f8m, EVP BU Short-Range
155
57
29
1
29
272
\u00d8yvind Birkenes, EVP BU Long-Range
163
59
29
4
30
284
Total
3\u00a0239
812
532
37
458
5\u00a0079
2023
Salary
Bonus
RSUs &
PSUs
Other Comp.
Pension
expenses
Total
Svenn-Tore Larsen, CEO**
1\u00a0707
\u2014
-66
1
73
1\u00a0716
P\u00e5l Elstad, CFO/EVP Finance
250
\u2014
104
3
39
397
Svein Egil Nielsen, CTO/EVP R&D and Strategy
283
\u2014
117
5
46
450
Geir Langeland, EVP Sales & Marketing
266
\u2014
128
4
42
440
Ole Fredrik Morken, EVP Supply Chain***
241
\u2014
79
3
27
351
St\u00e5le Ytterdal, SVP IR & Strategic Sales
168
\u2014
69
3
22
262
Kjetil Holstad, EVP Product Management
213
\u2014
79
4
26
322
Katarina Finneng, EVP People & Communication
209
\u2014
86
3
31
329
Linda Pettersson, SVP Legal & Compliance****
154
\u2014
16
1
20
192
Ola Bostr\u00f6m, SVP Quality & Sustainability****
165
\u2014
34
3
20
222
Total
3\u00a0656
\u2014
646
31
349
4\u00a0681
*Management compensation is paid in NOK, with one exception of EURO. Exchange rate for 2024: 10.74 and 2023: 10.56
**CEO, Svenn-Tore Larsen resigned after 2023, the salary cost also includes after pay. Upon resignation Svenn-Tore Larsen exited the here presented RSU/PSU agreements as part of the termination.
***Includes expat allowances
****Marianne Frydenlund and Ebbe R\u00f8mcke were no longer a part of the EMT by year end 2022. Linda Pettersson and Ola Bostr\u00f6m joined the EMT during 2022, in July and August respectively
The Group has granted EMT members the following RSUs and performance shares (PSUs):*
EMT member
2024
2023
Vegard Vollan, CEO
10 493 RSUs
10 493 PSUs
11 240 RSUs
11 240 PSUs
Svenn-Tore Larsen, CEO
\u2014
\u2014
9 184 RSUs
9 184 PSUs
P\u00e5l Elstad, CFO/EVP Finance
4 830 RSUs
4 830 PSUs
4 520 RSUs
4 520 PSUs
Katarina Finneng, EVP People & Communication
4 028 RSUs
4 028 PSUs
3 769 RSUs
3 769 PSUs
Svein Egil Nielsen, CTO/EVP R&D and Strategy
5 110 RSUs
5 110 PSUs
Geir Langeland, EVP Sales & Marketing
5 112 RSUs
5 112 PSUs
4 783 RSUs
4 783 PSUs
Ole Fredrik Morken, EVP Supply Chain**
4 629 RSUs
4 629 PSUs
3 439 RSUs
3 439 PSUs
St\u00e5le Ytterdal, SVP IR & Strategic Sales
3 158 RSUs
3 158 PSUs
2 955 RSUs
2 955 PSUs
Kjetil Holstad, EVP Product Management
4 629 RSUs
4 629 PSUs
4 332 RSUs
4 332 PSUs
Ola Bost\u00f8m, SCP Quality & Sustainability
3 148 RSUs
3 148 PSUs
2 946 RSUs
2 946 PSUs
Linda Petterson, SVP Legal
2 823 RSUs
2 823 PSUs
Joakim Ferm, SVP BU WI-FI
3 148 RSUs
3 148 PSUs
\u00d8yvind Str\u00f8m, EVP BU Short-Range
5 000 RSUs
5 000 PSUs
\u00d8yvind Birkenes, EVP BU Long-Range
5 000 RSUs
5 000 PSUs
Sonja Kusmin, SVP People & Culture
2 203 RSUs
1 000 PSUs
*Overview of outstanding RSU and PSU for the respective EMT members are presented in the remuneration report
During 2024 the executives exercised the following RSU and PSU:
Executives
Grant year
Number of
RSU
Exercised
Share price
at time of
release
in NOK
Cash
payout in
USD 1000
P\u00e5l Elstad, CFO/EVP Finance
2021 RSU
3\u00a0056
127.74
37
2021 PSU
\u2014
\u2014
Geir Langeland, EVP Sales & Marketing
2021 RSU
6\u00a0621
127.74
74
2021 PSU
\u2014
\u2014
Katarina Finneng, EVP People &
Communication
2021 RSU
2\u00a0524
127.74
30
2021 PSU
\u2014
\u2014
Ole Fredrik Morken, EVP Supply Chain**
2021 RSU
2\u00a0325
127.74
28
2021 PSU
\u2014
\u2014
Ola Bostr\u00f8m, SVP Quality & Sustainability
2021 RSU
2\u00a0381
127.74
29
2021 PSU
\u2014
\u2014
St\u00e5le Ytterdal, SVP IR & Strategic Sales
2021 RSU
2\u00a0066
127.74
25
2021 PSU
\u2014
\u2014
Kjetil Holstad, EVP Product Management
2021 RSU
2\u00a0156
127.74
26
2021 PSU
\u2014
\u2014
\u2014
*The RSU for management vest after three years for management two years for employees
**Purchased shares, no cash payout from the company
Note 8.2: Board remuneration
Total compensation expensed for Board Members*
2024
2023
Birger Steen, Chair
128
126
Inger Berg \u00d8rstavik, Board Member
62
57
Endre Holen, Board Member
\u2014
18
Snorre Kjesbu, Board member
62
38
Jan Magnus Frykhammar, Board Member
\u2014
41
\u00d8yvind Birkenes, Board Member
\u2014
12
Annastiina Hintsa, Board Member
61
56
Anita Huun, Board Member
62
60
Helmut Gassel, Board Member
49
0
Dieter May, Board Member
49
0
Jon Helge Nistad, Board Employee Representative (Board remuneration
only)
15
15
Morten Dammen, Board Employee Representative (Board remuneration
only)
15
15
Anja Dekens, Board Employee Representative (Board remuneration only)
15
15
Gro Fykse, Board Employee Representative (Board remuneration only)
0
15
Krishna Shingala, Board Employee Representative (Board remuneration
only)
5
0
Total
524
466
*Numbers noted in USD and converted from NOK using USD/NOK rate of 10.74. for 2024 and 10.56 for
2023
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-243": { "value": "
Note 9: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
30\u00a0284
31\u00a0374
Service and maintenance
26\u00a0132
29\u00a0094
18\u00a0031
22\u00a0360
Other consultancy fees
15\u00a0409
15\u00a0470
3\u00a0582
3\u00a0140
Office expenses
2\u00a0456
1\u00a0349
1\u00a0138
1\u00a0748
Office equipment
815
1\u00a0201
12\u00a0297
11\u00a0746
Material and components
11\u00a0790
8\u00a0747
\u2014
-70
Tax grant
\u2014
-70
-5\u00a0643
-3\u00a0293
Capitalized development expenses
-5\u00a0643
-3\u00a0293
3\u00a0115
2\u00a0712
Travel and meeting expenses
1\u00a0322
1\u00a0262
14\u00a0076
11\u00a0974
Other operating expenses
9\u00a0145
10\u00a0751
\u2014
\u2014
Other operating expenses intercompany
115\u00a0287
110\u00a0402
76\u00a0880
81\u00a0691
Total other operating expenses
176\u00a0714
174\u00a0914
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2024
2023
2024
2023
309
159
Audit services
216
119
95
\u2014
Other attestation Services/CSRD
95
\u2014
22
35
Tax advisory Services
5
26
26
36
Other Non Audit service
26
36
451
230
Total audit fee
341
181
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-242": { "value": "
Note 9: Other operating expenses
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
30\u00a0284
31\u00a0374
Service and maintenance
26\u00a0132
29\u00a0094
18\u00a0031
22\u00a0360
Other consultancy fees
15\u00a0409
15\u00a0470
3\u00a0582
3\u00a0140
Office expenses
2\u00a0456
1\u00a0349
1\u00a0138
1\u00a0748
Office equipment
815
1\u00a0201
12\u00a0297
11\u00a0746
Material and components
11\u00a0790
8\u00a0747
\u2014
-70
Tax grant
\u2014
-70
-5\u00a0643
-3\u00a0293
Capitalized development expenses
-5\u00a0643
-3\u00a0293
3\u00a0115
2\u00a0712
Travel and meeting expenses
1\u00a0322
1\u00a0262
14\u00a0076
11\u00a0974
Other operating expenses
9\u00a0145
10\u00a0751
\u2014
\u2014
Other operating expenses intercompany
115\u00a0287
110\u00a0402
76\u00a0880
81\u00a0691
Total other operating expenses
176\u00a0714
174\u00a0914
Auditor remuneration, excl. of VAT
Fees to the auditor are included in consultancy fees above.
GROUP
PARENT
2024
2023
2024
2023
309
159
Audit services
216
119
95
\u2014
Other attestation Services/CSRD
95
\u2014
22
35
Tax advisory Services
5
26
26
36
Other Non Audit service
26
36
451
230
Total audit fee
341
181
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
11\u00a0079
9\u00a0670
Interest income
11\u00a0150
9\u00a0313
40
\u2014
Interest income on lease receivables
40
\u2014
\u2014
\u2014
Dividend received from group companies
10\u00a0830
\u2014
58
57
Other financial income
58
48
11\u00a0177
9\u00a0726
Financial income
22\u00a0078
9\u00a0361
3\u00a0514
1\u00a0550
Interest expenses on lease liabilities
2\u00a0958
1\u00a0229
\u2014
\u2014
Interest expenses on intercompany loans
668
\u2014
7\u00a0239
756
Bond interest expense
7\u00a0239
756
1\u00a0366
1\u00a0384
Other financial expense
1\u00a0310
1\u00a0380
12\u00a0119
3\u00a0690
Financial expense
12\u00a0176
3\u00a0365
3\u00a0819
1\u00a0358
Foreign exchange gain(loss)
4\u00a0022
1\u00a0362
-260
\u2014
Share of gain (loss) from joint venture
-260
\u2014
2\u00a0617
7\u00a0394
Net financial
13\u00a0665
7\u00a0358
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-247": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
11\u00a0079
9\u00a0670
Interest income
11\u00a0150
9\u00a0313
40
\u2014
Interest income on lease receivables
40
\u2014
\u2014
\u2014
Dividend received from group companies
10\u00a0830
\u2014
58
57
Other financial income
58
48
11\u00a0177
9\u00a0726
Financial income
22\u00a0078
9\u00a0361
3\u00a0514
1\u00a0550
Interest expenses on lease liabilities
2\u00a0958
1\u00a0229
\u2014
\u2014
Interest expenses on intercompany loans
668
\u2014
7\u00a0239
756
Bond interest expense
7\u00a0239
756
1\u00a0366
1\u00a0384
Other financial expense
1\u00a0310
1\u00a0380
12\u00a0119
3\u00a0690
Financial expense
12\u00a0176
3\u00a0365
3\u00a0819
1\u00a0358
Foreign exchange gain(loss)
4\u00a0022
1\u00a0362
-260
\u2014
Share of gain (loss) from joint venture
-260
\u2014
2\u00a0617
7\u00a0394
Net financial
13\u00a0665
7\u00a0358
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-246": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
11\u00a0079
9\u00a0670
Interest income
11\u00a0150
9\u00a0313
40
\u2014
Interest income on lease receivables
40
\u2014
\u2014
\u2014
Dividend received from group companies
10\u00a0830
\u2014
58
57
Other financial income
58
48
11\u00a0177
9\u00a0726
Financial income
22\u00a0078
9\u00a0361
3\u00a0514
1\u00a0550
Interest expenses on lease liabilities
2\u00a0958
1\u00a0229
\u2014
\u2014
Interest expenses on intercompany loans
668
\u2014
7\u00a0239
756
Bond interest expense
7\u00a0239
756
1\u00a0366
1\u00a0384
Other financial expense
1\u00a0310
1\u00a0380
12\u00a0119
3\u00a0690
Financial expense
12\u00a0176
3\u00a0365
3\u00a0819
1\u00a0358
Foreign exchange gain(loss)
4\u00a0022
1\u00a0362
-260
\u2014
Share of gain (loss) from joint venture
-260
\u2014
2\u00a0617
7\u00a0394
Net financial
13\u00a0665
7\u00a0358
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-245": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
11\u00a0079
9\u00a0670
Interest income
11\u00a0150
9\u00a0313
40
\u2014
Interest income on lease receivables
40
\u2014
\u2014
\u2014
Dividend received from group companies
10\u00a0830
\u2014
58
57
Other financial income
58
48
11\u00a0177
9\u00a0726
Financial income
22\u00a0078
9\u00a0361
3\u00a0514
1\u00a0550
Interest expenses on lease liabilities
2\u00a0958
1\u00a0229
\u2014
\u2014
Interest expenses on intercompany loans
668
\u2014
7\u00a0239
756
Bond interest expense
7\u00a0239
756
1\u00a0366
1\u00a0384
Other financial expense
1\u00a0310
1\u00a0380
12\u00a0119
3\u00a0690
Financial expense
12\u00a0176
3\u00a0365
3\u00a0819
1\u00a0358
Foreign exchange gain(loss)
4\u00a0022
1\u00a0362
-260
\u2014
Share of gain (loss) from joint venture
-260
\u2014
2\u00a0617
7\u00a0394
Net financial
13\u00a0665
7\u00a0358
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-244": { "value": "
Note 10: Net financial items
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
11\u00a0079
9\u00a0670
Interest income
11\u00a0150
9\u00a0313
40
\u2014
Interest income on lease receivables
40
\u2014
\u2014
\u2014
Dividend received from group companies
10\u00a0830
\u2014
58
57
Other financial income
58
48
11\u00a0177
9\u00a0726
Financial income
22\u00a0078
9\u00a0361
3\u00a0514
1\u00a0550
Interest expenses on lease liabilities
2\u00a0958
1\u00a0229
\u2014
\u2014
Interest expenses on intercompany loans
668
\u2014
7\u00a0239
756
Bond interest expense
7\u00a0239
756
1\u00a0366
1\u00a0384
Other financial expense
1\u00a0310
1\u00a0380
12\u00a0119
3\u00a0690
Financial expense
12\u00a0176
3\u00a0365
3\u00a0819
1\u00a0358
Foreign exchange gain(loss)
4\u00a0022
1\u00a0362
-260
\u2014
Share of gain (loss) from joint venture
-260
\u2014
2\u00a0617
7\u00a0394
Net financial
13\u00a0665
7\u00a0358
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-249": { "value": "
Note 11: Tax
All figures in USD 1 000
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities who do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
11.2 Tax
GROUP
PARENT
2024
2023
Tax consists of
2024
2023
4\u00a0294
6\u00a0339
Current tax expense
251
3\u00a0366
-8\u00a0979
-1\u00a0892
Change in deferred tax
-8\u00a0358
-1\u00a0251
-4\u00a0685
4\u00a0447
Tax expense (income)
-8\u00a0107
2\u00a0115
GROUP
PARENT
2024
2023
Reconciliation of nominal and actual tax expense
2024
2023
-43\u00a0189
12\u00a0096
Profit before tax
-55\u00a0885
-13\u00a0841
-9\u00a0502
2\u00a0661
Computed tax at parent's nominal tax rate of 22%
-12\u00a0295
-3\u00a0045
-722
-702
Differences due to different tax rates
\u2014
\u2014
1\u00a0702
1\u00a0256
Non taxable income/non deductible expenses
-863
360
\u2014
\u2014
Credit for tax paid
\u2014
\u2014
-1\u00a0373
-2\u00a0646
Tax incentives
\u2014
\u2014
-170
-1\u00a0082
Adjustment previous years
291
-392
4\u00a0902
4\u00a0960
Currency translation differences
4\u00a0760
5\u00a0193
478
\u2014
Other items
\u2014
\u2014
-4\u00a0685
4\u00a0447
Total tax expense (income)
-8\u00a0107
2\u00a0116
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-248": { "value": "
Note 11: Tax
All figures in USD 1 000
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities who do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
11.2 Tax
GROUP
PARENT
2024
2023
Tax consists of
2024
2023
4\u00a0294
6\u00a0339
Current tax expense
251
3\u00a0366
-8\u00a0979
-1\u00a0892
Change in deferred tax
-8\u00a0358
-1\u00a0251
-4\u00a0685
4\u00a0447
Tax expense (income)
-8\u00a0107
2\u00a0115
GROUP
PARENT
2024
2023
Reconciliation of nominal and actual tax expense
2024
2023
-43\u00a0189
12\u00a0096
Profit before tax
-55\u00a0885
-13\u00a0841
-9\u00a0502
2\u00a0661
Computed tax at parent's nominal tax rate of 22%
-12\u00a0295
-3\u00a0045
-722
-702
Differences due to different tax rates
\u2014
\u2014
1\u00a0702
1\u00a0256
Non taxable income/non deductible expenses
-863
360
\u2014
\u2014
Credit for tax paid
\u2014
\u2014
-1\u00a0373
-2\u00a0646
Tax incentives
\u2014
\u2014
-170
-1\u00a0082
Adjustment previous years
291
-392
4\u00a0902
4\u00a0960
Currency translation differences
4\u00a0760
5\u00a0193
478
\u2014
Other items
\u2014
\u2014
-4\u00a0685
4\u00a0447
Total tax expense (income)
-8\u00a0107
2\u00a0116
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-250": { "value": "
11.1 Accounting policies
Income tax expenses consist of taxes due and changes to the net deferred tax assets or
liabilities.
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
The parent company pays its tax obligation in NOK and the fluctuations between the NOK
and the USD impact the financial items. The Group\u2019s legal entities who do not have their
tax base in USD are exposed to changes in the USD/tax base currency rates. Effects within
the current year are classified as tax\u00a0expense.
Grants received, including those for R&D, are often in the form of tax refunds and are
classified as operating grants. These operating grants are recognized in the financial
statements concurrently with the expenses they are intended to offset. Tax refunds are
typically accounted for as a reduction in payroll expenses, as detailed in Note 7.
However, in some jurisdictions, there are tax incentives that reduce taxable income or tax
rate. These are treated as income tax, and is recognized as a reduction in tax expense
rather than as government grants.
The accounting for such incentives is in accordance with the relevant tax laws and
accounting standards applicable in the respective country.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-251": { "value": "
Deferred tax assets are recognized to the extent that it is probable that the individual
company will have sufficient taxable income in later periods to utilize the tax assets.
Deferred income tax relating to items recognized in Other Comprehensive Income (OCI) or
directly in equity is recognized outside profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-252": { "value": "
GROUP
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2024
31.12.2023
2024
2023
2024
2023
Inventory
2\u00a0593
751
-2\u00a0063
-17
\u2014
\u2014
Fixed Assets
4\u00a0302
4\u00a0188
-616
-1\u00a0167
\u2014
\u2014
Right-of-use assets
-9\u00a0511
-10\u00a0394
214
8\u00a0031
\u2014
\u2014
Lease liabilities
9\u00a0965
10\u00a0606
-496
-8\u00a0071
\u2014
\u2014
Social security tax (RSUs)
176
130
-63
145
\u2014
\u2014
Pension obligation
127
89
-51
3
-29
-8
Financial instruments
\u2014
\u2014
\u2014
-57
\u2014
\u2014
Accruals
84
202
33
120
\u2014
\u2014
Deferred tax benefit - gross
7\u00a0746
5\u00a0890
-3\u00a0152
-1\u00a0985
-29
-8
Gain and loss account
-13
18
-4
5
\u2014
\u2014
Net other tax-obligations
\u2014
\u2014
\u2014
0
\u2014
\u2014
Financial instrument
5\u00a0364
0
-5\u00a0765
0
\u2014
\u2014
Deferred tax obligation - gross
5\u00a0351
18
-5\u00a0769
5
0
0
Currency effect of translation to USD
-58
98
Net deferred tax benefit (obligation)
13\u00a0097
5\u00a0872
Deferred tax expense (income)
-8\u00a0979
-1\u00a0892
-29
-8
The Group has not recognized a net deferred tax benefit of USD 3.213 related to the
subsidiary in Poland and USD 190 related to the subsidiary in India.
PARENT
Deferred taxes:
Balance sheet
Income
statement
Other. Comp.
income
31.12.2024
31.12.2023
2024
2023
2024
2023
Inventory
2\u00a0593
751
-2\u00a0064
-17
\u2014
\u2014
Fixed assets
3\u00a0453
3\u00a0774
-77
-1\u00a0026
\u2014
\u2014
Leasing
451
209
-283
-42
\u2014
\u2014
Social security tax (RSUs)
176
130
-64
145
\u2014
\u2014
Pension obligation
127
89
-51
3
-29
-8
Financial instrument
\u2014
\u2014
\u2014
-57
\u2014
\u2014
Accruals
30
13
-19
16
\u2014
\u2014
Deferred tax benefit - gross
6\u00a0830
4\u00a0967
-2\u00a0558
-978
-29
-8
Gain and loss account
-13
-18
-3
-5
\u2014
\u2014
Net other tax-obligations
\u2014
\u2014
30
-276
\u2014
\u2014
Financial instrument
5\u00a0364
\u2014
-5\u00a0765
\u2014
\u2014
\u2014
Deferred tax obligation - gross
5\u00a0351
-18
-5\u00a0738
-281
0
0
Currency effect of translation to USD
-62
8
Net deferred tax benefit (obligation)
12\u00a0181
4\u00a0948
Deferred tax expense (income)
-8\u00a0358
-1\u00a0251
-29
-8
GROUP
PARENT
2024
2023
Reconciliation of net deferred tax obligation
2024
2023
5\u00a0872
4\u00a0554
Opening balance as of 1.1
4\u00a0948
3\u00a0808
8\u00a0979
1\u00a0892
Tax expense recognized in the P&L
8\u00a0358
1\u00a0251
29
8
Tax expense recognized in OCI
29
8
-1\u00a0783
-582
Currency effect from translation to USD
-1\u00a0154
-119
13\u00a0097
5\u00a0872
Net deferred tax benefit (obligation) as of 31.12
12\u00a0181
4\u00a0948
GROUP
PARENT
2024
2023
Net deferred tax recognized in OCI as of 31.12
2024
2023
-29
-8
Net gain on actuarial gains and losses
-29
-8
-29
-8
Total tax expense (income) in OCI
-29
-8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-255": { "value": "
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
1\u00a0705\u00a0649
Book value
569\u00a0766
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
12.3 Goodwill and intangible assets
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated amortization
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization and impairment as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization and impairment as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0420
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0847
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0104
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Acquisition cost as of 31.12
40\u00a0217
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0010
38\u00a0938
249
56\u00a0196
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
Impairment of intangible assets
The asset group Software is impaired during the current reporting period, resulting in an impairment loss of USD 0.4m. There have been no indications of possible impairment related to
other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-254": { "value": "
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
1\u00a0705\u00a0649
Book value
569\u00a0766
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
12.3 Goodwill and intangible assets
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated amortization
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization and impairment as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization and impairment as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0420
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0847
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0104
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Acquisition cost as of 31.12
40\u00a0217
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0010
38\u00a0938
249
56\u00a0196
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
Impairment of intangible assets
The asset group Software is impaired during the current reporting period, resulting in an impairment loss of USD 0.4m. There have been no indications of possible impairment related to
other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-253": { "value": "
Note 12: Goodwill and intangible assets
All figures in USD 1 000
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
1\u00a0705\u00a0649
Book value
569\u00a0766
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.
12.2 Significant accounting judgments
and critical estimates
Capitalization of development costs
Determining whether development costs shall be
capitalized involves the use of judgement by management.
The company has to demonstrate all of the following:
\u25a0The product or the process is clearly defined and the
cost elements can be identified and measured\u00a0reliably;
\u25a0The technical feasibility is demonstrated;
\u25a0The product or the process will be sold or used in
the\u00a0business;
\u25a0The asset will generate future economic benefits;
\u25a0Sufficient technical, financial and other resources for
project completion are in place.
A key factor in management judgment is whether a
product design meets specific functional and economic
requirements. Factors to consider are development/
technical risk, existence of a market for the product, and its
market share. The Group evaluates these criteria in relation
to each specific project. Projects related to new product
developments are generally more difficult to substantiate
than projects in which the company has more experience.
Before mass production, the company does extensive
testing on the products to evaluate their quality and
functionality and sends prototype samples to customers.
The expected period of benefits is also dependent on the
future technological development in the market.
12.3 Goodwill and intangible assets
GROUP
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
44\u00a0731
78\u00a0988
10\u00a0891
134\u00a0611
Additions
2\u00a0257
19\u00a0343
\u2014
21\u00a0600
Currency translation differences
\u2014
\u2014
-11
-11
Acquisition cost as of 31.12
46\u00a0988
98\u00a0331
10\u00a0880
156\u00a0200
Accumulated amortization
Opening balance
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Amortization expenses
7\u00a0203
8\u00a0205
\u2014
15\u00a0408
Impairment expenses
431
\u2014
\u2014
431
Currency translation differences
-77
\u2014
\u2014
-77
Accumulated amortization and impairment as of 31.12
33\u00a0226
48\u00a0255
\u2014
81\u00a0482
Net carrying value as of 31.12
13\u00a0762
50\u00a0076
10\u00a0880
74\u00a0718
PARENT
2024
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
40\u00a0217
78\u00a0988
249
119\u00a0454
Additions
2\u00a0381
19\u00a0343
\u2014
21\u00a0723
Acquisition cost as of 31.12
42\u00a0599
98\u00a0331
249
141\u00a0177
Accumulated depreciation
Opening balance
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Amortization expenses
6\u00a0349
8\u00a0205
\u2014
14\u00a0554
Impairment expenses
431
\u2014
\u2014
431
Accumulated amortization and impairment as of 31.12
29\u00a0989
48\u00a0255
\u2014
78\u00a0244
Net carrying value as of 31.12
12\u00a0610
50\u00a0076
249
62\u00a0936
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Depreciation method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
GROUP
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
31\u00a0121
57\u00a0015
2\u00a0284
90\u00a0420
Additions
11\u00a0520
21\u00a0973
50
33\u00a0544
Acquisition cost as of 31.12
44\u00a0731
78\u00a0986
10\u00a0891
134\u00a0612
Accumulated depreciation
Opening balance
19\u00a0466
30\u00a0408
\u2014
49\u00a0874
Amortization expenses
6\u00a0202
9\u00a0644
\u2014
15\u00a0847
Accumulated amortization as of 31.12
25\u00a0668
40\u00a0051
\u2014
65\u00a0719
Net carrying value as of 31.12
19\u00a0063
38\u00a0938
10\u00a0891
68\u00a0892
PARENT
2023
Software and other
intangible assets
Capitalized development
expenses
Goodwill
Total
Acquisition cost
Opening balance
28\u00a0839
57\u00a0015
249
86\u00a0104
Additions
11\u00a0378
21\u00a0973
\u2014
33\u00a0351
Acquisition cost as of 31.12
40\u00a0217
78\u00a0988
249
119\u00a0454
Accumulated depreciation
Opening balance
18\u00a0114
30\u00a0408
\u2014
48\u00a0522
Amortization expenses
5\u00a0094
9\u00a0644
\u2014
14\u00a0738
Accumulated amortization as of 31.12
23\u00a0208
40\u00a0051
\u2014
63\u00a0259
Net carrying value as of 31.12
17\u00a0010
38\u00a0938
249
56\u00a0196
Estimated useful life
3 - 10 years
1 - 5 years
No depreciation
Amortization method
Straight-line
Straight-line
NA
GROUP
R&D expenses:
PARENT
91\u00a0689
Personnel expenses
34\u00a0641
45\u00a0476
Other operating expenses
36\u00a0386
137\u00a0165
Total cost recognized in income statement
71\u00a0027
159\u00a0138
Total cost for R&D (incl. capitalized development cost)
93\u00a0000
Impairment of intangible assets
The asset group Software is impaired during the current reporting period, resulting in an impairment loss of USD 0.4m. There have been no indications of possible impairment related to
other intangible assets.
Change in estimate with respect to useful life
The useful life of the intangible assets has been reviewed during the year. Management has evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-256": { "value": "
12.1 Accounting policies
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.
Nordic allocates and monitors Goodwill on an operating
segment level since the group comprises only one
operating segment. As a result, the assessment for
impairment of Goodwill is conducted for the group as a
whole. Nordic's approach involves evaluating fair value
rather than value in use. Upon examining the market value
of equity as of December 31 and comparing it to the book
value of equity, it becomes evident that Goodwill and net
operating-related assets could be sold for an amount
significantly higher than their book values.
Valuation
Value
Market value
1\u00a0705\u00a0649
Book value
569\u00a0766
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-257": { "value": "
Goodwill
Goodwill acquired in business combinations is carried at
cost as established at the acquisition date. Goodwill, an
asset with indefinite useful life, is not amortized and is
tested annually for impairment. Goodwill is allocated to
the cash generating unit.
A cash generating unit (CGU), is the smallest group of
assets that generates cash inflows largely independent of
the cash inflows from other assets or groups of assets.
Goodwill does not generate cash flows independently of
other assets and is, therefore, tested for impairment at the
level of the CGU or group of CGUs that are expected to
benefit from the synergies of the related business
combination.
Testing for impairment is done by comparing recoverable
amount and carrying amount of the same groups of cash-
generating units as to which goodwill is allocated. If the
carrying amount exceeds its recoverable amount, an
impairment loss is recorded. The impairment loss first
reduces goodwill and then allocated to other assets of the
CGU. Impairment of goodwill may not be reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-258": { "value": "
Intangible assets
Intangible assets, including capitalized development
expenses and other intangible assets, are measured
initially at cost. Subsequently, the intangible assets are
measured at cost less accumulated amortization. The
assets, with finite useful life, are amortized on a straight-
line basis over the asset's estimated useful lives. The
amortization period and the amortization method for
intangible assets are reviewed at least at the end of each
reporting period. Changes in the expected useful life or the
expected pattern of consumption of future economic
benefits embodied in the asset are considered to modify
the amortization period or method, as appropriate, and
are treated as changes in accounting\u00a0estimates.
The costs of an internally generated intangible asset is the
sum of expenditures (labor and materials) and incurred
from the time all requirements for capitalization are met
and until the time the asset is transferred to production
(TTP). Costs expensed in prior accounting periods will not
be capitalized. Research costs incurred after TTP is typically
related to maintenance of the asset. These costs are
recognized as an expense as the requirement to
demonstrate increased economic benefits are not met.
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-259": { "value": "
Amortization begins when the product is transferred from
development to production, and the amortization period is
over its estimated useful life, normally 1-5 years. Each
development project is reviewed annually to ensure that
the recognition criteria are still met. If the criteria are no
longer met, then the impairment loss is immediately
recorded in the income statement.
Other intangible assets comprise identifiable intangibles
acquired in business combination (IP, developed
technology), licenses and computer software. The assets
held by the Group have finite useful lives determined by
the expected usage of the asset by the entity. The assets
are amortized over its estimated useful life, normally 3-10
years. Other intangible assets with a finite useful life are
tested for impairment whenever there is an indication that
their carrying amounts may not be recoverable.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-260": { "value": "
GROUP
R&D expenses:
PARENT
107\u00a0661
Personnel expenses
45\u00a0641
39\u00a0722
Other operating expenses
33\u00a0075
147\u00a0384
Total cost recognized in income statement
78\u00a0715
166\u00a0727
Total cost for R&D (incl. capitalized development cost)
98\u00a0058
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-261": { "value": "
Note 13: Fixed assets
All figures in USD 1 000
13.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.
13.2 Fixed assets
GROUP
2024
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0581
Additions
2\u00a0003
3\u00a0209
199
\u2014
5\u00a0411
Disposals
-312
\u2014
-80
\u2014
-392
Acquisition cost as of 31.12
48\u00a0378
52\u00a0913
6\u00a0977
333
108\u00a0600
Opening balance
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0485
Depreciation expenses
7\u00a0409
5\u00a0911
1\u00a0062
\u2014
14\u00a0382
Disposals
-202
\u2014
-65
\u2014
-267
Currency translation differences
-1\u00a0217
-668
-69
\u2014
-1\u00a0954
Accumulated depreciation as of 31.12
39\u00a0426
42\u00a0636
4\u00a0584
\u2014
86\u00a0646
Net carrying value as of 31.12
8\u00a0952
10\u00a0278
2\u00a0393
333
21\u00a0955
PARENT
2024
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0168
Additions
1\u00a0832
3\u00a0929
86
\u2014
5\u00a0847
Disposals
\u2014
-487
-80
\u2014
-566
Acquisition cost as of 31.12
23\u00a0009
48\u00a0518
3\u00a0585
333
75\u00a0444
Opening balance
15\u00a0724
33\u00a0873
2\u00a0074
\u2014
51\u00a0671
Depreciation expenses
2\u00a0538
5\u00a0701
395
\u2014
8\u00a0635
Disposals
\u2014
-126
-65
\u2014
-190
Accumulated depreciation as of 31.12
18\u00a0262
39\u00a0448
2\u00a0405
\u2014
60\u00a0116
Net carrying value as of 31.12
4\u00a0746
9\u00a0070
1\u00a0180
333
15\u00a0329
GROUP
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
39\u00a0843
44\u00a0673
6\u00a0138
333
90\u00a0987
Additions
6\u00a0823
5\u00a0017
707
\u2014
12\u00a0546
Additions from business combinations
21
14
15
\u2014
51
Acquisition cost as of 31.12
46\u00a0687
49\u00a0703
6\u00a0858
333
103\u00a0580
Opening balance
24\u00a0845
26\u00a0138
2\u00a0448
\u2014
53\u00a0431
Depreciation expenses
8\u00a0110
11\u00a0097
1\u00a0187
\u2014
20\u00a0389
Currency translation differences
481
158
22
\u2014
661
Accumulated depreciation as of 31.12
33\u00a0436
37\u00a0393
3\u00a0656
\u2014
74\u00a0480
Net carrying value as of 31.12
13\u00a0251
12\u00a0309
3\u00a0202
333
29\u00a0095
PARENT
2023
Office and lab
equipment
Computer
equipment and
machinery
Fixture and fittings
Property
Total
Opening balance
18\u00a0262
40\u00a0555
2\u00a0977
333
62\u00a0126
Additions
2\u00a0915
4\u00a0538
861
\u2014
8\u00a0313
Disposals
\u2014
-12
-259
\u2014
-271
Acquisition cost as of 31.12
21\u00a0177
45\u00a0080
3\u00a0578
333
70\u00a0167
Opening balance
12\u00a0212
23\u00a0127
1\u00a0517
\u2014
36\u00a0856
Depreciation expenses
3\u00a0512
10\u00a0751
571
\u2014
14\u00a0835
Disposals
\u2014
-5
-14
\u2014
-19
Accumulated depreciation as of 31.12
15\u00a0724
33\u00a0873
2\u00a0074
0
51\u00a0672
Net carrying value as of 31.12
5\u00a0453
11\u00a0208
1\u00a0504
333
18\u00a0498
GROUP AND PARENT
Estimated useful life
3 - 5 years
3 - 5 years
5 years
Depreciation method
Straight-line
Straight-line
Straight-line
No depreciation
Total depreciation expenses consist of depreciation of fixed assets and depreciation of
intangible assets (Note 12: Goodwill and intangible assets).
Non-depreciable property assets:
The parent company has an apartment in Trondheim for use by employees in the Oslo
office while in Trondheim. The apartment is assessed at acquisition cost. The residual value
is expected to be at least equal to the carrying amount.
Scrapped capital assets
All capital assets that are ready to be scrapped have been fully depreciated and have no
residual book value.
Impairment
There have been no indications of possible impairment related to fixed assets during the
current reporting period.
Change in estimate with respect to useful life
The useful life of the fixed assets has been reviewed during the year. Management has
evaluated the current useful life estimates as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-262": { "value": "
13.1 Accounting policies
Property, plant, and equipment are measured at cost less accumulated depreciation and
impairment losses, if any. The assets are depreciated on a straight-line basis over their
estimated useful lives.
Expenditures classified as repair and maintenance costs are expensed when incurred.
Expenditures that increase the value of the fixed asset are capitalized and depreciated
over the remaining useful life of the fixed asset.
The assets\u2019 residual values and useful lives are reviewed annually.
At the end of each reporting period, the Group assesses whether there is any indication
that a fixed asset may be impaired. The recoverable amount of the fixed asset are
normally estimated on a stand-alone basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-263": { "value": "
Note 14: Leases
All figures in USD 1 000.
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
14.2 Leases
The Group is a lessee and has entered into agreements to lease office space, office
equipment and machinery
The Group's office leases range between 1 to 13 years. Equipment and machinery leases
range between 1 to 5 years.
There are no leases with variable lease payments, other than lease payments linked to a
consumer price index.
Extension and termination options are included in a number of property and equipment
leases across the Group. These are used to maximize operational flexibility in terms of
managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective
lessor. In calculating lease liability, the option to extend the lease term of the lease has not
been included. The Group could replace the lease assets without significant cost or
business disruption.
The Group also has certain leases with lease terms of 12 months or less and leases with
low value. The Group applies the \"short-term lease\" and \"lease of low-value assets\"
recognition exemptions for these leases.
Leasing activities
In 2024, the following legal entities renegotiated their obligations to existing
office\u00a0locations:
\u25a0In 2024, Nordic Semiconductor ASA exercised the option to transfer addition office
space in Trondheim, with a commencement date of October 1, 2024, November 1, 2024
and April 11, 2025. The office space is subleased from these dates on the same terms as
the head lease.
\u25a0Nordic Semiconductor India Private Limited signed an office rental agreement with a
commencement date of January 1, 2024.
\u25a0Nordic Semiconductor Hong Kong Limited signed an office rental agreement with a
commencement date of November 1, 2024
\u25a0Nordic Semiconductor Poland Sp. Z.o.o. exercised the option to extend the office lease
for another 2 years.
In 2024, the following legal entities signed office rental agreements for new locations:
\u25a0Nordic Semiconductor Finland Oy signed an office rental agreement with a
commencement date of March 1, 2024.
\u25a0Nordic Semiconductor Inc signed an office rental agreement with a expected
commencement date of March 25, 2025.
\u25a0Nordic Semiconductor (Philippines) Inc signed an office rental agreement with a
expected commencement date of January 7, 2025.\u00a0
Contractual cash flow of leases
Below is the expected contractual cash flow of leases not reflected in the measurement of
lease liabilities as of December 31, 2024 (commencement date after balance sheet date).
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
4\u00a0189
270
2\u00a0598
1\u00a0320
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
4\u00a0189
270
2\u00a0598
1\u00a0320
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Office space
\u2014
3\u00a0304
194
1\u00a0931
1\u00a0179
Office equipment
\u2014
\u2014
\u2014
\u2014
\u2014
Total
\u2014
3\u00a0304
194
1\u00a0931
1\u00a0179
Minimum lease payments payable on leases are presented in note 26.
Below is the expected contractual cash flow of subleasing.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables*
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
Total
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Lease payments
receivables*
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
Total
2\u00a0699
7\u00a0602
600
4\u00a0512
2\u00a0490
*Lease payments receivables contractual cash flow is including lease payments from subleasing with
commencement date after balance sheet date.
Amounts recognized in the balance sheet:
Right-of-use assets
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in finance lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Impairment expenses
\u2014
\u2014
\u2014
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
GROUP
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
42\u00a0286
\u2014
42\u00a0286
Additions
28\u00a0826
\u2014
28\u00a0826
Adjustments
12\u00a0468
\u2014
12\u00a0468
Acquisition cost as of 31.12
83\u00a0580
\u2014
83\u00a0580
Accumulated depreciation
Opening balance
20\u00a0816
\u2014
20\u00a0816
Depreciation expenses
8\u00a0094
\u2014
8\u00a0094
Accumulated depreciation and impairment as of 31.12
28\u00a0910
\u2014
28\u00a0910
Net carrying value as of 31.12
54\u00a0670
\u2014
54\u00a0670
PARENT
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
25\u00a0662
\u2014
25\u00a0662
Additions
25\u00a0761
\u2014
25\u00a0761
Adjustments
11\u00a0827
\u2014
11\u00a0827
Acquisition cost as of 31.12
63\u00a0250
\u2014
63\u00a0250
Accumulated depreciation
Opening balance
13\u00a0586
\u2014
13\u00a0586
Depreciation expenses
4\u00a0138
\u2014
4\u00a0138
Accumulated depreciation and impairment as of 31.12
17\u00a0724
\u2014
17\u00a0724
Net carrying value as of 31.12
45\u00a0527
\u2014
45\u00a0527
Impairment
In 2024, Nordic Semiconductor Inc and Nordic Semiconductor UK Limited closed an office due to downsizing. The impairment loss of right-of-use assets is USD 1,3m.
Lease payment receivables:
Below is the carrying amount of lease payment receivables (from subleasing) and the
movements during the period.
GROUP
PARENT
\u2014
Lease payment receivables as of 1 January 2024
\u2014
-59
Lease payments
-59
2\u00a0825
Acquisitions and adjustments
2\u00a0825
\u2014
Disposals
\u2014
27
Interest
27
-94
Foreign exchange adjustments
-94
2\u00a0699
Lease payment receivables\u00a0 as of 31 December 2024
2\u00a0699
Lease liabilities
Below is the disclosure of financial position from lease liabilities.
GROUP
PARENT
2024
2023
Lease liabilities
2024
2023
10\u00a0360
9\u00a0897
Current
5\u00a0865
5\u00a0963
45\u00a0752
47\u00a0864
Non-Current
38\u00a0957
42\u00a0127
56\u00a0112
57\u00a0762
Total lease liabilities
44\u00a0822
48\u00a0090
Below is the carrying amount of lease liabilities and the movements during the period.
GROUP
PARENT
57\u00a0762
Net liabilities as of 1 January 2024
48\u00a0090
-10\u00a0878
Lease payments
-6\u00a0029
11\u00a0069
Acquisitions and adjustments
4\u00a0955
\u2014
Disposals
\u2014
3\u00a0556
Interest
2\u00a0958
-5\u00a0397
Foreign exchange adjustments
-5\u00a0152
56\u00a0112
Net liabilities as of 31 December 2024
44\u00a0821
Other items
Below is the disclosure of other items from operational leases and subleasing:
GROUP
PARENT
2024
2023
Other items from operational leases and
subleasing
2024
2023
59
\u2014
Income from subleasing right-of-use assets
59
\u2014
27
\u2014
Interest income from net investment in finance
leases
27
\u2014
86
\u2014
Total items from subleasing
86
\u2014
397
405
Expenses relating to short-term leases
75
138
932
735
Expenses relating to leases of low-value assets
269
293
3\u00a0555
1\u00a0597
Interest expense on lease liabilities
2\u00a0958
1\u00a0229
4\u00a0884
2\u00a0737
Total items from operational leases
3\u00a0302
1\u00a0660
12\u00a0148
9\u00a0567
The total cash outflow for leases
6\u00a0314
4\u00a0842
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-264": { "value": "
14.1 Accounting policies
The Group applies a single recognition and measurement approach for all leases, except
for short-term leases and leases of low-value assets. The Group recognizes lease liabilities
to make lease payments and right-of-use (RoU) assets representing the right to use the
underlying\u00a0assets.
Right-of-use assets
The Group recognizes RoU assets at the commencement date of the lease (i.e., the date
the underlying asset is available for use). RoU assets are measured at cost, less any
accumulated depreciation and impairment losses. The cost of RoU assets includes the
amount of lease liabilities recognized, initial direct costs incurred, and lease payments
made at or before the commencement date, less any lease incentives received. RoU assets
are depreciated on a straight-line basis over the lease term.
At the end of each reporting period, the Group assesses whether there is any indication
that an RoU asset may be impaired.
Sub-leases
A sublease, where the Group is a lessor, could either be classified as an operational or
finance lease.
Finance lease is applicable for the Group because:
\u25a0The lease term of the sublease is for the major pat of the head lease, and
\u25a0Risk and reward for the subleased space have been transferred to the sub lessee over
the remaining time of the head lease.
The right-of-use asset of the head lease is derecognized equal to the present value of sub-
lease and the Group presents the net investment in the lease as an \"other long-term asset\".
The Group uses the discount rate used for the head lease to measure the net investment in
the sublease.
Lease liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at
the present value of lease payments to be made over the lease term. The lease payments
include fixed payments (including in substance fixed payments), less any lease incentives
receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
In calculating the present value of lease payments, the Group uses its incremental
borrowing rate (IBR) at the lease commencement date because the interest rate implicit in
the lease is not readily determinable. The Group estimates the IBR using observable inputs
(such as market interest rates) when available and is required to make certain entity
specific estimates (such as the subsidiary's stand-alone credit rating).
After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in the lease
term, a change in the lease payments (e.g., changes to future payments resulting from a
change in an index or rate used to determine such lease payments), or a change in the
assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e.,
those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and low-value assets. The low value election is
made on a lease-by-lease basis and refers to underlying assets with a value in order of
USD 5 000 or less. Lease payments on short-term leases and leases of low value assets are
recognized as expense on a straight- line basis over the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-265": { "value": "
Right-of-use assets
GROUP
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
83\u00a0580
\u2014
83\u00a0580
Additions
5\u00a0488
370
5\u00a0858
Adjustments
5\u00a0042
\u2014
5\u00a0042
Net investment in the lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
91\u00a0274
370
91\u00a0645
Accumulated depreciation
Opening balance
28\u00a0910
\u2014
28\u00a0910
Depreciation expenses
8\u00a0960
74
9\u00a0034
Impairment expenses
1\u00a0318
\u2014
1\u00a0318
Accumulated depreciation and impairment as of 31.12
39\u00a0187
74
39\u00a0261
Net carrying value as of 31.12
52\u00a0062
296
52\u00a0358
PARENT
2024
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
63\u00a0250
\u2014
63\u00a0250
Additions
36
370
407
Adjustments
4\u00a0538
\u2014
4\u00a0538
Net investment in finance lease
-2\u00a0835
\u2014
-2\u00a0835
Acquisition cost as of 31.12
64\u00a0989
370
65\u00a0360
Accumulated depreciation
Opening balance
17\u00a0724
\u2014
17\u00a0724
Depreciation expenses
4\u00a0274
74
4\u00a0348
Impairment expenses
\u2014
\u2014
\u2014
Accumulated depreciation and impairment as of 31.12
21\u00a0998
74
22\u00a0072
Net carrying value as of 31.12
42\u00a0991
296
43\u00a0288
GROUP
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
42\u00a0286
\u2014
42\u00a0286
Additions
28\u00a0826
\u2014
28\u00a0826
Adjustments
12\u00a0468
\u2014
12\u00a0468
Acquisition cost as of 31.12
83\u00a0580
\u2014
83\u00a0580
Accumulated depreciation
Opening balance
20\u00a0816
\u2014
20\u00a0816
Depreciation expenses
8\u00a0094
\u2014
8\u00a0094
Accumulated depreciation and impairment as of 31.12
28\u00a0910
\u2014
28\u00a0910
Net carrying value as of 31.12
54\u00a0670
\u2014
54\u00a0670
PARENT
2023
Office space
Office equipment and
machinery
Total
Acquisition cost
Opening balance
25\u00a0662
\u2014
25\u00a0662
Additions
25\u00a0761
\u2014
25\u00a0761
Adjustments
11\u00a0827
\u2014
11\u00a0827
Acquisition cost as of 31.12
63\u00a0250
\u2014
63\u00a0250
Accumulated depreciation
Opening balance
13\u00a0586
\u2014
13\u00a0586
Depreciation expenses
4\u00a0138
\u2014
4\u00a0138
Accumulated depreciation and impairment as of 31.12
17\u00a0724
\u2014
17\u00a0724
Net carrying value as of 31.12
45\u00a0527
\u2014
45\u00a0527
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-266": { "value": "
Note 15: Investments in subsidiaries and joint ventures
All figures in USD 1 000
Note 15.1: Subsidiaries
The following subsidiaries have been included in the financial statements.
Subsidiaries consolidated in
Established
Year
Location
Share
Ownership
Voting
Rights
Nordic Semiconductor Inc
2006
USA
100%
100%
Nordic Semiconductor Poland S.P z o.o
2013
Poland
100%
100%
Nordic Semiconductor Finland OY
2014
Finland
100%
100%
Nordic Semiconductor KK
2017
Japan
100%
100%
Nordic Semiconductor Germany GmbH
2018
Germany
100%
100%
Nordic Semiconductor Norway AS
2020
Norway
100%
100%
Nordic Semiconductor UK Limited
2020
UK
100%
100%
Nordic Semiconductor India Pvt. Ltd
2020
India
100%
100%
Nordic Semiconductor Sweden AB
2020
Sweden
100%
100%
Nordic Semiconductor Hong Kong Limited
2021
Hong Kong
100%
100%
Nordic Semiconductor (Shenzhen) Limited
2021
China
100%
100%
Nordic Semiconductor Singapore Pte Ltd
2022
Singapore
100%
100%
Nordic Semiconductor Denmark ApS
2022
Denmark
100%
100%
Nordic Semiconductor Philippines, Inc.
2022
Philippines
100%
100%
Subsidiaries as of 31 December 2024
Ownership
Share of
votes
Net profit
2024
Equity 31.
Dec 2024
Nordic Semiconductor Inc, USA
100%
100%
1\u00a0821
7\u00a0002
Nordic Semiconductor Poland S.P z o.o
100%
100%
2\u00a0196
10\u00a0358
Nordic Semiconductor Finland OY
100%
100%
4\u00a0548
15\u00a0212
Nordic Semiconductor KK
100%
100%
44
163
Nordic Semiconductor Germany GmbH
100%
100%
39
178
Nordic Semiconductor Norway AS
100%
100%
363
8\u00a0029
Nordic Semiconductor UK Limited
100%
100%
841
4\u00a0557
Nordic Semiconductor India Pvt. Ltd
100%
100%
651
2\u00a0546
Nordic Semiconductor Sweden AB
100%
100%
482
1\u00a0635
Nordic Semiconductor Hong Kong Limited
100%
100%
103
353
Nordic Semiconductor (Shenzhen) Limited
100%
100%
322
853
Nordic Semiconductor Singapore Pte Ltd
100%
100%
10\u00a0601
22\u00a0603
Nordic Semiconductor Denmark ApS
100%
100%
46
282
Nordic Semiconductor Philippines, Inc.
100%
100%
245
357
\u25a0All intellectual property (IP) is owned by Nordic Semiconductor ASA, which is the ultimate parent company of the Group. All intercompany transactions are conducted in accordance
with the Group's transfer pricing policy.
\u25a0Nordic Semiconductor Inc is a market development, product promotion, and support company, but since 2016 has run a small R&D department as well.
\u25a0Nordic Semiconductor Poland Sp. z.o.o. is an extension of the software development team in the parent company.
\u25a0Nordic Semiconductor Finland OY is a development company working mainly with long range technology. The R&D team in Finland works closely alongside the rest of the R&D teams
in the Group.
\u25a0Nordic Semiconductor KK is a market development, product promotion, and support company,
\u25a0Nordic Semiconductor Germany GmbH is a market development, product promotion, and support company,
\u25a0Nordic Semiconductor Norway AS is the parent company of Nordic Semiconductor UK Limited, Nordic Semiconductor India Pvt. Ltd, Nordic Semiconductor Sweden AB, Nordic
Semiconductor Hong Kong Limited and Nordic Semiconductor (Shenzhen) Limited.
\u25a0Nordic Semiconductor UK limited is a development company working with Wi-Fi and PMIC technology. The R&D team in the UK works closely alongside the rest of the R&D teams in
the Group.
\u25a0Nordic Semiconductor India Pvt. Ltd is a development company working with Wi-Fi technology. The R&D team in India works closely alongside the rest of the R&D teams in the Group.
\u25a0Nordic Semiconductor Sweden AB is a development company working mainly with Wi-Fi technology. The R&D team in Sweden works closely alongside the rest of the R&D teams in the
Group.
\u25a0Nordic Semiconductor Hong Kong Limited is a market development, product promotion, and support\u00a0company.
\u25a0Nordic Semiconductor (Shenzhen) Limited is a market development, product promotion, and support company.
\u25a0Nordic Semiconductor Singapore Pte Ltd is Nordic's regional head office in the APAC region, distributing the Group's products.
\u25a0Nordic Semiconductor Denmark ApS is a development company working with mainly short range technology.
\u25a0Nordic Semiconductor Philippines, Inc. is a development, supply chain and support company. The R&D team in the Philippines is working across all technologies, and works closely
alongside the rest of the R&D teams in the Group.
Note 15.2: Joint ventures
Nordic Semiconductor ASA has 20% ownership in Quintauris GmbH. The investment is accounted for in accordance with the equity method. The carrying value of joint ventures are USD
177m on December 31, 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-267": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-268": { "value": "
Note 16: Other long term receivables
All figures in USD 1 000
In 2023, Nordic Semiconductor ASA entered a capacity reservation agreement with a wafer
manufacturer. The company is committed to purchasing wafers according to a purchase
reservation plan for the period from Q4 2023 to Q4 2031.
Nordic has paid USD 100m to secure the quarterly reservation. The prepayment is settled
against committed wafer orders every quarter.
The balance of the prepayment as of December 31, 2024 is USD 97.2m, where USD 88.4m
is classified as Other long term assets and USD 8.8m is classified as Other current
receivables.\u00a0
See note 17.1 for information about the impairment assessment.
Note 17: Accounts receivable
All figures in USD 1 000
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
17.2 Accounts receivable
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Gross receivables
1\u00a0037
983
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
66\u00a0412
133\u00a0316
Accounts receivable, net
1\u00a0037
983
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-269": { "value": "
Note 17: Accounts receivable
All figures in USD 1 000
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
17.2 Accounts receivable
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Gross receivables
1\u00a0037
983
\u2014
\u2014
Provision for doubtful accounts
\u2014
\u2014
66\u00a0412
133\u00a0316
Accounts receivable, net
1\u00a0037
983
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-271": { "value": "
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-270": { "value": "
17.1 Accounting policies
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-272": { "value": "
Impairment of financial assets
For accounts receivables, the Group applies a simplified approach in calculating expected
credit losses (ECLs). The Group does not track changes in credit risk, but instead recognizes
a loss allowance based on lifetime ECLs at each reporting date.
See note 26 for further information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-274": { "value": "
Note 19: Cash and cash equivalents
All figures in USD 1 000
19.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
19.2 Cash and cash equivalents
GROUP
PARENT
2024
2023
Cash and cash equivalents as of the balance
sheet date were as follows:
2024
2023
192\u00a0445
189\u00a0853
Cash at bank
90\u00a0164
166\u00a0449
2\u00a0256
2\u00a0372
Restricted cash (withholding tax account)
2\u00a0256
2\u00a0372
93\u00a0213
98\u00a0731
Money market funds
93\u00a0213
98\u00a0731
287\u00a0914
290\u00a0957
Cash and cash equivalents in statement of
financial position
185\u00a0633
267\u00a0553
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Money market fund invests in short-term securities in Norwegian fixed-income market.
The instruments are issued or guaranteed by the state, municipalities, county
authorities, industrial companies, and financial institutions. The fund may, for extended
periods, allocate all its investments within just one or a few of these segments.\u25a0
Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based on daily bank deposit rates.
For information on credit and liquidity risk, see Note 26: Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-273": { "value": "
Note 19: Cash and cash equivalents
All figures in USD 1 000
19.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.
19.2 Cash and cash equivalents
GROUP
PARENT
2024
2023
Cash and cash equivalents as of the balance
sheet date were as follows:
2024
2023
192\u00a0445
189\u00a0853
Cash at bank
90\u00a0164
166\u00a0449
2\u00a0256
2\u00a0372
Restricted cash (withholding tax account)
2\u00a0256
2\u00a0372
93\u00a0213
98\u00a0731
Money market funds
93\u00a0213
98\u00a0731
287\u00a0914
290\u00a0957
Cash and cash equivalents in statement of
financial position
185\u00a0633
267\u00a0553
\u25a0Cash at banks earns interest at floating rates based on daily bank deposit rates.
\u25a0Money market fund invests in short-term securities in Norwegian fixed-income market.
The instruments are issued or guaranteed by the state, municipalities, county
authorities, industrial companies, and financial institutions. The fund may, for extended
periods, allocate all its investments within just one or a few of these segments.\u25a0
Nordic Semiconductor ASA presents total bank deposits in the international cash pool,
while Nordic Semiconductor OY presents its share of the international cash pool as a
receivable from the company. Nordic Semiconductor ASA and Nordic Semiconductor
OY participate in the cash pool, which is operated by Danske Bank.
\u25a0Restricted deposits are held by Nordic Semiconductor ASA. They are subject to
regulatory restrictions and are therefore not available for general use by the entities
within the Group.
\u25a0Interest on bank deposits is set to floating rates based on daily bank deposit rates.
For information on credit and liquidity risk, see Note 26: Financial risk management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-275": { "value": "
19.1 Accounting policies
Cash and cash equivalents include cash at bank and money market fund. Money market
funds are defined as cash equivalents because they are highly liquid and not subject to
material fluctuations in value. The purpose of cash and cash equivalents is to meet short-
term commitments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-276": { "value": "
Note 20: Share capital and shareholder information
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
20.2 Share capital and shareholder information
Share capital
The share capital in Nordic Semiconductor ASA as of December 31, 2024 consists of one share class with a total of 192,781,600 shares with a par value of NOK 0.01, with a total share
capital of NOK 1,927,816. Each share grants the same rights in the company, and in the event of any increase in capital, existing shareholders have preemptive rights for any new shares.
During the year, the following changes have been made in the number of shares, share capital, and share\u00a0premium.
GROUP
Number of shares
Share capital
(USD 1000)
Treasury shares
(USD 1000)
Share premium
(USD 1000)
2024
2023
2024
2023
2024
2023
2024
2023
Holdings as of 1.1
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-2
235\u00a0448
235\u00a0448
Change during the year
\u2014
\u2014
\u2014
\u2014
0
1
\u2014
\u2014
Holdings as of 31.12
192\u00a0781\u00a0600
192\u00a0781\u00a0600
317
317
-1
-1
235\u00a0448
235\u00a0448
Dividend
No dividend was paid during 2024.
Treasury shares
The company owned 518,692 treasury shares on December 31, 2024. On January 1, 2024, the company owned 382,102 treasury shares. Based on a resolution of the annual general meeting
of April 24, 2024, the Board has authority to purchase the company\u2019s own shares with a limit of a par value of NOK 192,000 through one or more transactions. This authority is limited to
9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the par value and not higher than NOK 350. This authority
applies until the company\u2019s annual general meeting in 2025, and by June 30, 2025 at the latest. On February 4, 2025, the board authorized the Company to commence a share repurchase
program based on the aforementioned resolution of the annual general meeting. The purpose of the program is to have available shares to settle the company's obligations under the
Employee long-term equity linked incentive programs and to cover the outstanding considerations for the acquisition of Mobile Semiconductor.
Long-term incentive plan
With reference to the board meeting on March 19, 2024, the Group approved a combination of Restricted Stock Units (RSUs) and Performance Shares (PSUs) for all employees, with the
exception of the Executive Management team. Additionally, on April 24, 2024, the Annual General Meeting of Nordic Semiconductor ASA approved the grant of Restricted Stock Units
(RSUs) in accordance with the 2024 Employee Long-Term Incentive Plan. See note 23 for further\u00a0information.
Shareholder overview
The largest shareholders in Nordic Semiconductor ASA were as follows as of December 31, 2024, based on data provided by an investor relations advisory service provider*, and is
obtained through an analysis of beneficial ownership and fund manager information provided in replies to disclosure of ownership notices issued to all custodians on the Nordic VPS share
register.
Shareholder
Shares
Percentage
Folketrygdfondet
23\u00a0716\u00a0239
12.3%
DNB Asset Management AS
21\u00a0722\u00a0619
11.3%
Accelerator Limited
17\u00a0472\u00a0950
9.1%
The Vanguard Group, Inc.
7\u00a0244\u00a0165
3.8%
BlackRock Fund Advisors
5\u00a0719\u00a0504
3.0%
KLP Kapitalforvaltning AS
5\u00a0214\u00a0809
2.7%
Eika Kapitalforvaltning AS
4\u00a0481\u00a0082
2.3%
Danske Bank Investment Management
4\u00a0108\u00a0926
2.1%
Handelsbanken Fonder AB
3\u00a0546\u00a0461
1.8%
The Hongkong & Shanghai Banking Corp . Ltd
3\u00a0415\u00a0437
1.8%
Storebrand Asset Management AS
3\u00a0224\u00a0060
1.7%
Skandia Fonder AB
3\u00a0217\u00a0099
1.7%
Robeco Institutional Asset Management B.V.
2\u00a0829\u00a0065
1.5%
Alfred Berg Kapitalforvaltning AS
2\u00a0590\u00a0962
1.3%
E. \u00d6hman J :or Fonder AB
2\u00a0496\u00a0899
1.3%
Bluepearl Map I LP
2\u00a0402\u00a0622
1.2%
Svenn Tore Larsen
1\u00a0947\u00a0142
1.0%
Odin Forvaltning AS
1\u00a0924\u00a0548
1.0%
TTC Invest AS
1\u00a0772\u00a0000
0.9%
Merrill Lynch International
1\u00a0757\u00a0869
0.9%
Total for the 20 largest shareholders
120\u00a0804\u00a0458
62.7%
Other shareholders
71\u00a0977\u00a0142
37.3%
Total shares outstanding
192\u00a0781\u00a0600
100.0%
*Every reasonable effort has been made to verify the data, however neither Nordic nor the investor relations advisory service provider can guarantee the accuracy of the analysis.
Shares held by the Board of Directors and Executive Management were as follows as of December 31, 2024:
Board of Directors
Shares
Executive Management
Shares
Birger Steen
270\u00a0907
Vegard Wollan
131\u00a0000
Anita Huun
14\u00a0683
Geir Langeland
222\u00a0722
Inger Berg \u00d8rstavik
7\u00a0283
Ole Fredrik Morken
206\u00a0507
Annastiina Hintsa
5\u00a0683
St\u00e5le Ytterdal
142\u00a0665
Snorre Kjesbu
7\u00a0425
Ola Bostr\u00f8m
5\u00a0927
Jon Helge Nistad
958
P\u00e5l Elstad
50\u00a0945
Anja Dekens
570
\u00d8yvind Birkenes
9\u00a0540
Morten Dammen
2\u00a0507
Kjetil Holstad
17\u00a0479
Dieter May
6\u00a0264
Joakim Ferm
1\u00a0801
Helmut Gassel
764
Sonja Kusmin
600
Monika Lie Larsen
1\u00a0051
\u00d8yvind Str\u00f8m
6\u00a0000
Total
318\u00a0095
Total
795\u00a0186
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-277": { "value": "
20.1 Accounting policies
When treasury shares are purchased, the purchase price, including directly attributable costs, are recognized as changes in equity. Treasury shares are presented as a reduction of equity.
Gains or losses on transactions in treasury shares are not recognized in the income\u00a0statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-278": { "value": "
Dividend
No dividend was paid during 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-279": { "value": "
Treasury shares
The company owned 518,692 treasury shares on December 31, 2024. On January 1, 2024, the company owned 382,102 treasury shares. Based on a resolution of the annual general meeting
of April 24, 2024, the Board has authority to purchase the company\u2019s own shares with a limit of a par value of NOK 192,000 through one or more transactions. This authority is limited to
9.96% of the company\u2019s share capital, and the price per share that the company may pay for shares shall not be lower than the par value and not higher than NOK 350. This authority
applies until the company\u2019s annual general meeting in 2025, and by June 30, 2025 at the latest. On February 4, 2025, the board authorized the Company to commence a share repurchase
program based on the aforementioned resolution of the annual general meeting. The purpose of the program is to have available shares to settle the company's obligations under the
Employee long-term equity linked incentive programs and to cover the outstanding considerations for the acquisition of Mobile Semiconductor.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-280": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-281": { "value": "
Note 21: Shares outstanding
Basis for calculation of basic earnings per share
2024
2023
Earnings for the year (USD \u2018000)
-38\u00a0504
7\u00a0650
Weighted average number of outstanding shares (\u2018000)
192\u00a0196
192\u00a0085
Earnings per share (USD)
-0.20
0.04
Basis for calculation of fully diluted earnings per share
Earnings for the year (USD \u2018000)
-38\u00a0504
7\u00a0650
Weighted average number of outstanding shares (\u2018000)
194\u00a0717
193\u00a0350
Earnings per share (USD)
-0.20
0.04
The number of shares was as follows:
Date
Shares issued
Shares outstanding
01.01.2024
Opening balance
192\u00a0781\u00a0600
192\u00a0399\u00a0498
31.12.2024
Closing balance
192\u00a0781\u00a0600
192\u00a0262\u00a0908
Restricted Stock Units (RSUs) and Performance Shares (PSUs) granted to employees are
considered to be potential ordinary shares. They have been included in the determination
of diluted earnings per share. RSUs and PSUs have not been included in the determination
of basic earnings per share. Details relating to share based compensation are set out in
note 23.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-282": { "value": "
Note 23: Long-term incentive plans
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
23.2 Long-term incentive plans
On April 28, 2021, Nordic Semiconductor ASA granted 452,353 Restricted Stock Units (RSUs)
and Performance shares to employees. A share price of NOK 182.2 was used as basis for
the calculation of RSUs and Performance Shares, which was the weighted average share
price the five trading days after the Annual General Meeting. The RSUs vest after two and
three years. The performance shares are issued conditional upon the achievement of a
certain set of objectives. The performance shares vest and will be delivered at par value
upon the completion of the performance period, which is three\u00a0years.
On April 28, 2022, Nordic Semiconductor ASA granted 486,677 RSUs and Performance
shares to employees. A share price of NOK 183.8 was used as basis for the calculation of
RSUs and Performance Shares, which was the weighted average share price the five
trading days after the Annual General Meeting. The RSUs vest after two and three years.
The performance shares are issued conditional upon the achievement of a certain set of
objectives. The performance shares vest and will be delivered at par value upon the
completion of the performance period, which is three\u00a0years.
On July 12, 2023, Nordic Semiconductor ASA granted 1,002,323 RSUs and Performance
shares to employees. A share price of NOK 112.7 was used as the basis for the calculation
of RSUs for employees, which was the weighted average share price over the five trading
days after the Annual General Meeting. The RSUs vest after two and three years. For the
EMT, the weighted average share price on July 11, 2023 of NOK 129.9 was used as the basis
for the calculation of RSUs and Performance shares. The performance shares are issued
conditional upon the achievement of a certain set of objectives. The performance shares
vest and will be delivered at par value upon the completion of the performance period,
which is three\u00a0years.
On March 20, 2024, Nordic Semiconductor granted 903,000 RSUs and Performance Shares
to employees. The grant was aimed at retaining and motivating employees following a
challenging year of cost optimization initiatives. The grant covered all employees, with the
exception of the executive management team. The RSUs vest in May 2025. The
performance shares are issued conditional upon the achievement of a certain set of
objectives. The performance shares vest and will be delivered at par value upon the
completion of the performance period, which is until May 2025.
With reference to the Annual general meeting held on April 24, 2024, Nordic
Semiconductor, on May 3, 2024, granted 946,922 RSUs and performance shares to
employees, including management. The shares vest over two and three years. The Annual
General Meeting of Nordic Semiconductor ASA approved the issue of RSUs and
Performance Shares of an aggregate nominal value of up to 1% of the company\u2019s
outstanding share capital.
A summary of RSUs transactions during 2024 and 2023 below:
2024
2023
Outstanding RSUs 1.1
1\u00a0404\u00a0565
1\u00a0002\u00a0504
Granted
1\u00a0355\u00a0419
958\u00a0462
Forfeited
462\u00a0508
146\u00a0600
Released
375\u00a0650
409\u00a0801
Outstanding RSUs 31.12
1\u00a0921\u00a0826
1\u00a0404\u00a0565
A summary of performance shares during 2024 and 2023 below:
2024
2023
Outstanding performance shares 1.1
77\u00a0357
109\u00a0632
Granted
516\u00a0983
43\u00a0861
Forfeited
69\u00a0431
21\u00a0929
Performance adjusted
-169\u00a0120
43\u00a0371
Released
\u2014
97\u00a0578
Outstanding performance shares 31.12
355\u00a0789
77\u00a0357
The fair value of the RSUs and performance shares are set on the grant date and
expensed over the vesting period. USD 11,661 thousand was expensed during 2024 and
USD 6,548 thousand in 2023. The strike price of the RSUs and PSUs are nil and the shares
are delivered free of payment.
The fair value per RSU and performance share without market condition granted in March
and May 2024 was NOK 83.28 and NOK 123, respectively. The fair value of the
performance shares with Relative Total Shareholder Return performance condition granted
in May 2024 was NOK 198.0039. The valuation is based on a Monte Carlo simulation
model with the following assumptions:
Share price on the grant date
The closing share price of the company and peer group companies (SOX Index) were NOK
123.00 and USD 4,605.36, respectively.
Risk-free interest rate
The risk-free interest rate is set equal to the relevant interest rate on government bonds on
the date of grant in 2024, i.e., 3.674 % in Norway.
Volatility
It is assumed that historic volatility is an indication of future volatility. The expected volatility
is therefore stipulated to be the same as the historic volatility, which equaled 57.37% on the
date of grant in 2024 for the Company and 33.95% for the SOX\u00a0Index.
Expected lifetime
Performance shares vest on the May 3, 2027. Performance end date is December 31, 2026,
so as of vesting date the quantity to vest is known.
Correlation coefficients
Correlation coefficient quantifies the degree to which the companies\u2019 share prices jointly
react to the news flow. The historic correlation coefficients has been calculated by using
daily share price logarithmic returns of peer group companies in local\u00a0currency.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-284": { "value": "
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-283": { "value": "
23.1 Accounting policies
Share based compensation
The Group grants restricted stock units and other awards over its ordinary shares to all
employees. The cost of equity-settled transactions is determined by the fair value at the
date when the grant is made using an appropriate valuation model, further details of
which are given in note 23.2.
That cost is recognized in employee benefits expense, together with a corresponding
increase in equity (other paid in capital), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting period).
Social security tax is accrued over the vesting period based on the actual value of the stock
unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-285": { "value": "
Note 24: Current liabilities
All figures in USD 1 000
GROUP
PARENT
2024
2023
2024
2023
23\u00a0918
12\u00a0201
Accounts payable
22\u00a0903
15\u00a0403
\u2014
\u2014
Accounts payable from subsidiaries
28\u00a0280
55\u00a0148
1\u00a0799
5\u00a0640
Taxes payable
\u2014
3\u00a0939
14\u00a0940
1\u00a0390
Employee benefit obligations
6\u00a0074
319
6\u00a0737
6\u00a0334
Social security tax and payroll tax
5\u00a0259
4\u00a0579
8\u00a0831
11\u00a0113
Holiday pay
4\u00a0845
6\u00a0405
22\u00a0363
30\u00a0010
Ship and debit
\u2014
\u2014
3\u00a0679
25\u00a0294
End-customer rebate
\u2014
\u2014
3\u00a0320
4\u00a0398
Restructuring costs
2\u00a0116
2\u00a0811
10\u00a0360
9\u00a0897
Current lease liabilities
5\u00a0865
5\u00a0963
627
741
Accrued interest bond
627
741
5\u00a0514
5\u00a0514
Accrued expenses
3\u00a0271
3\u00a0325
1\u00a0000
1\u00a0620
Other current liabilities
\u2014
147
103\u00a0087
114\u00a0151
Total current liabilities
79\u00a0240
98\u00a0778
Restructuring cost, including termination benefit cost
In October 2024, Nordic communicated a detailed restructuring plan, including downsizing
to secure long-term health of the company in a challenging economic environment. The
process was finalized in December 2024.
The provision for restructuring cost at the balance sheet date include incremental costs that
are directly associated with the restructuring, such as the cost of outplacement and
termination benefits.
The cost of outplacement is recognized as the best estimate of the expenditure required to
settle the present obligation at the balance sheet date. Nordic measure termination
benefits on initial recognition (at undiscounted amount), and measure and recognize
subsequent changes in accordance with the nature of the employee benefit.
The termination benefit is a result of employee's decision to accept an offer of benefits in
exchange for the termination of employment. The termination benefits includes a lump sum
payment, enhancement of post\u2011employment benefits (such as pensions and insurance
plans) and salary till end of the notice period.
The benefit is settled during the specified notice period (within 12 months after balance
sheet date).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "value": "
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2024
2023
2024
2023
569\u00a0766
602\u00a0077
Total equity
515\u00a0052
554\u00a0883
806\u00a0706
862\u00a0245
Total assets
721\u00a0162
793\u00a0682
71%
70%
Equity share
71%
70%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
2\u00a0699
\u2014
Net investment in finance leases
2\u00a0699
\u2014
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
984
3\u00a0179
4\u00a0389
Other current receivables
103\u00a0281
113\u00a0795
194\u00a0701
192\u00a0225
Cash at bank
92\u00a0420
168\u00a0822
266\u00a0991
329\u00a0931
Total financial assets at amortized
cost
199\u00a0437
283\u00a0601
GROUP
PARENT
2024
2023
Fair value through profit or loss
2024
2023
93\u00a0213
98\u00a0731
Money market fund
93\u00a0213
98\u00a0731
93\u00a0213
98\u00a0731
Total financial assets at fair value
through profit or loss
93\u00a0213
98\u00a0731
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2024
2023
2024
2023
98\u00a0731
48\u00a0725
As at 1 January
98\u00a0731
48\u00a0725
\u2014
-44\u00a0205
Disposal of financial instruments
\u2014
-44\u00a0205
\u2014
93\u00a0064
Acquisition of financial instruments
\u2014
93\u00a0064
5\u00a0008
426
Changes in fair value
5\u00a0008
426
-10\u00a0526
721
Currency translation differences
-10\u00a0526
721
93\u00a0213
98\u00a0731
As at 31 December
93\u00a0213
98\u00a0731
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
87\u00a0336
97\u00a0491
Bond
87\u00a0336
97\u00a0491
23\u00a0918
12\u00a0201
Accounts payable
22\u00a0902
15\u00a0403
626
741
Current financial liabilities
626
741
66\u00a0383
79\u00a0345
Other current liabilities
48\u00a0414
68\u00a0153
45\u00a0752
47\u00a0864
Non-current lease liabilities
5\u00a0865
42\u00a0127
10\u00a0360
9\u00a0897
Current lease liabilities
38\u00a0957
5\u00a0963
234\u00a0375
247\u00a0539
Total financial liabilities at amortized cost
204\u00a0100
229\u00a0878
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in June 2026. As of December 31, 2024, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 172m, accounts receivable USD 66m, and operating
equipment USD 22m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 50.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 93m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See note 19 for information on cash and cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-287": { "value": "
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2024
2023
2024
2023
569\u00a0766
602\u00a0077
Total equity
515\u00a0052
554\u00a0883
806\u00a0706
862\u00a0245
Total assets
721\u00a0162
793\u00a0682
71%
70%
Equity share
71%
70%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
2\u00a0699
\u2014
Net investment in finance leases
2\u00a0699
\u2014
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
984
3\u00a0179
4\u00a0389
Other current receivables
103\u00a0281
113\u00a0795
194\u00a0701
192\u00a0225
Cash at bank
92\u00a0420
168\u00a0822
266\u00a0991
329\u00a0931
Total financial assets at amortized
cost
199\u00a0437
283\u00a0601
GROUP
PARENT
2024
2023
Fair value through profit or loss
2024
2023
93\u00a0213
98\u00a0731
Money market fund
93\u00a0213
98\u00a0731
93\u00a0213
98\u00a0731
Total financial assets at fair value
through profit or loss
93\u00a0213
98\u00a0731
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2024
2023
2024
2023
98\u00a0731
48\u00a0725
As at 1 January
98\u00a0731
48\u00a0725
\u2014
-44\u00a0205
Disposal of financial instruments
\u2014
-44\u00a0205
\u2014
93\u00a0064
Acquisition of financial instruments
\u2014
93\u00a0064
5\u00a0008
426
Changes in fair value
5\u00a0008
426
-10\u00a0526
721
Currency translation differences
-10\u00a0526
721
93\u00a0213
98\u00a0731
As at 31 December
93\u00a0213
98\u00a0731
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
87\u00a0336
97\u00a0491
Bond
87\u00a0336
97\u00a0491
23\u00a0918
12\u00a0201
Accounts payable
22\u00a0902
15\u00a0403
626
741
Current financial liabilities
626
741
66\u00a0383
79\u00a0345
Other current liabilities
48\u00a0414
68\u00a0153
45\u00a0752
47\u00a0864
Non-current lease liabilities
5\u00a0865
42\u00a0127
10\u00a0360
9\u00a0897
Current lease liabilities
38\u00a0957
5\u00a0963
234\u00a0375
247\u00a0539
Total financial liabilities at amortized cost
204\u00a0100
229\u00a0878
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in June 2026. As of December 31, 2024, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 172m, accounts receivable USD 66m, and operating
equipment USD 22m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 50.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 93m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See note 19 for information on cash and cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-286": { "value": "
Note 25: Financial instruments
All figures in USD 1 000.
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
25.2 Financial instruments
Capital structure
Nordic's strategy relating to its capital structure is to maintain sufficient cash and cash
equivalents to meet the Group\u2019s requirements for ongoing operations and for new
investments. Management believes that it is especially important to retain a strong credit
rating and significant liquidity as the Group competes in a global market against larger
companies.
Nordic manages its capital structure and makes revisions in light of changes in the overall
economy and its operating assumptions. In order to maintain or amend the capital
structure, Nordic may purchase its own shares on the market, pay dividends to
shareholders, pay back capital to shareholders or issue new shares.
Nordic aims for an equity ratio above 50% at all times, measured as total equity divided by
total assets.
GROUP
PARENT
2024
2023
2024
2023
569\u00a0766
602\u00a0077
Total equity
515\u00a0052
554\u00a0883
806\u00a0706
862\u00a0245
Total assets
721\u00a0162
793\u00a0682
71%
70%
Equity share
71%
70%
Financial assets
The Group holds the following financial assets at amortized cost.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
2\u00a0699
\u2014
Net investment in finance leases
2\u00a0699
\u2014
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
984
3\u00a0179
4\u00a0389
Other current receivables
103\u00a0281
113\u00a0795
194\u00a0701
192\u00a0225
Cash at bank
92\u00a0420
168\u00a0822
266\u00a0991
329\u00a0931
Total financial assets at amortized
cost
199\u00a0437
283\u00a0601
GROUP
PARENT
2024
2023
Fair value through profit or loss
2024
2023
93\u00a0213
98\u00a0731
Money market fund
93\u00a0213
98\u00a0731
93\u00a0213
98\u00a0731
Total financial assets at fair value
through profit or loss
93\u00a0213
98\u00a0731
Changes in financial assets at fair value through profit or loss.
GROUP
PARENT
2024
2023
2024
2023
98\u00a0731
48\u00a0725
As at 1 January
98\u00a0731
48\u00a0725
\u2014
-44\u00a0205
Disposal of financial instruments
\u2014
-44\u00a0205
\u2014
93\u00a0064
Acquisition of financial instruments
\u2014
93\u00a0064
5\u00a0008
426
Changes in fair value
5\u00a0008
426
-10\u00a0526
721
Currency translation differences
-10\u00a0526
721
93\u00a0213
98\u00a0731
As at 31 December
93\u00a0213
98\u00a0731
Financial liabilities
The Group holds the following financial liabilities.
GROUP
PARENT
2024
2023
Amortized cost
2024
2023
87\u00a0336
97\u00a0491
Bond
87\u00a0336
97\u00a0491
23\u00a0918
12\u00a0201
Accounts payable
22\u00a0902
15\u00a0403
626
741
Current financial liabilities
626
741
66\u00a0383
79\u00a0345
Other current liabilities
48\u00a0414
68\u00a0153
45\u00a0752
47\u00a0864
Non-current lease liabilities
5\u00a0865
42\u00a0127
10\u00a0360
9\u00a0897
Current lease liabilities
38\u00a0957
5\u00a0963
234\u00a0375
247\u00a0539
Total financial liabilities at amortized cost
204\u00a0100
229\u00a0878
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in June 2026. As of December 31, 2024, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 172m, accounts receivable USD 66m, and operating
equipment USD 22m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 50.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 93m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See note 19 for information on cash and cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "value": "
25.1 Accounting policies
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "value": "
All financial assets and liabilities are classified at amortized cost, except money market
fund at fair value through profit or loss.
Financial assets are initially measured at fair value plus or minus transaction costs that are
directly attributable to the acquisition of the asset. Financial assets classified at amortized
cost is subsequently measured using the effective interest rate (EIR) method and are subject
to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "value": "
Financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings and accounts payables, net of directly attributable transaction costs. After
initial recognition, borrowings are subsequently measured at amortized cost using the EIR
method. Gains and losses are recognized in profit or loss when the liabilities are
derecognized as well as through the EIR amortization process
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "value": "
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in June 2026. As of December 31, 2024, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 172m, accounts receivable USD 66m, and operating
equipment USD 22m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 50.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "value": "
Interest-bearing loans and borrowings:
The Group has long-term revolving credit facility (RCF), which enable it to borrow up to
USD 200m at any time with an interest rate equal to SOFR + margin. The line of credit
expires in June 2026. As of December 31, 2024, Nordic has not drawn on any of the credit
lines. The security is provided by inventory, receivables, and operating equipment with book
values as follows: inventories USD 172m, accounts receivable USD 66m, and operating
equipment USD 22m.
The following financial covenants are included for the revolving credit facilities:
\u25a0Equity ratio shall not be lower than 40 %.
In Q4 2023, the Parent issued a 5-year senior unsecured bond issue with initial issue
amount of NOK 1,000m (ISIN: NO0013072462). The interest rate is 3 months Nibor + 3 %
with quarterly interest payments. In the event that Nordic loses its Investment Grade Rating,
the margin will rise by one percent and the Group will need to maintain an equity ratio of
40% until the Group regains the Investment Grade Rating.
The remainder of the Group\u2019s financing is made through short-term, non-interest bearing
debt. This financing typically consists of debt to suppliers, the public sector, employees and
others. Nordic has entered into a Tenancy Guarantee with Danske Bank as unconditional
guarantor for NOK 50.1m for the offices in Trondheim and SEK 0.4m for the office in
Stockholm. The first warranty is given to secure payments of up to 24 months of rent for
the office in Trondheim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "value": "
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 93m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See note 19 for information on cash and cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "value": "
Fair value measurement
The financial instruments that are carried at fair value are revalued on a recurring basis.
The financial instruments are not designated at fair value through profit or loss on initial
recognition.
The Group holds an investment into a market money fund at fair value of USD 93m, using
the following method and assumptions:
\u25a0Money market fund is classified as cash equivalent due to its high liquidity and
insignificant risk of change in value. The cash equivalents is available to meet short-
term commitments. The asset is measured at quoted market price in an active market
at the balance sheet date. See note 19 for information on cash and cash\u00a0equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "value": "
Note 26: Financial risk management
All figures in USD 1 000.
The Group's Finance department is responsible for carrying out the policies and guidelines
for financial risk management approved by the Board.
The Group is mainly exposed to counterparty credit risk, liquidity risk, and market risk
(including interest rate risk and foreign currency risk).
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables and prepayments) and from
its financing activities, including foreign exchange transactions, cash and cash equivalents
with banks and other financial institutions and other financial\u00a0instruments.
The Group is exposed to credit risk related to a prepayment of USD 97.2m. There are no
indications that the wafer manufacturer will not be able to fulfil their part of the
agreement, and no expected credit loss is reflected in the financial statement.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2024
2023
Gross total
2024
2023
56\u00a0604
93\u00a0606
Not due
782
630
8\u00a0151
37\u00a0107
Past due 0-30 days
161
10
1\u00a0607
2\u00a0332
Past due 31-120 days
44
73
50
271
Over 120 days
50
271
66\u00a0412
133\u00a0316
Total
1\u00a0037
984
The Group makes an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically, there have not been any significant credit
losses. 85% of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at December 31, 2024 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
983
27\u00a0029
21\u00a0874
Other current receivables
123\u00a0914
128\u00a0785
287\u00a0914
290\u00a0957
Cash and cash equivalents
185\u00a0633
267\u00a0553
381\u00a0355
446\u00a0147
Total
310\u00a0583
397\u00a0321
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances. Investments can only be made in
securities that have been approved by the Board.
As of December 31, 2024, cash and cash equivalents amounted to USD 287.9m (USD
291.0m), see note 19 for details. The total balance includes money market fund at fair value
USD 93.2m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02024.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal
87\u00a0336
88\u00a0079
\u2014
88\u00a0079
\u2014
Bond - payment of interest*
626
24\u00a0327
6\u00a0572
17\u00a0755
\u2014
Accounts payable
23\u00a0918
23\u00a0918
23\u00a0918
\u2014
\u2014
Other current liabilities
68\u00a0182
68\u00a0182
67\u00a0182
1\u00a0000
\u2014
Lease liabilities**
56\u00a0112
71\u00a0323
10\u00a0394
30\u00a0782
30\u00a0147
Total
236\u00a0174
275\u00a0829
108\u00a0066
137\u00a0616
30\u00a0147
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal
87\u00a0336
88\u00a0079
\u2014
88\u00a0079
\u2014
Bond - payment of interest*
626
24\u00a0327
6\u00a0572
17\u00a0755
\u2014
Accounts payable
22\u00a0903
22\u00a0903
22\u00a0903
\u2014
\u2014
Accounts payable
subsidiaries
23\u00a0050
23\u00a0050
23\u00a0050
\u2014
\u2014
Other current liabilities
26\u00a0795
26\u00a0795
26\u00a0795
\u2014
\u2014
Lease liabilities**
44\u00a0822
58\u00a0999
5\u00a0774
23\u00a0077
30\u00a0147
Total
205\u00a0533
244\u00a0154
85\u00a0095
128\u00a0911
30\u00a0147
* The contractual cash flow is calculated using forward yield curve. Estimated interest payments are
based on the contractual cash flow of the bond on December 31, 2023.
** Lease liabilities are mainly office facility rent in Trondheim, lease ending December 31, 2033 and
December 31, 2037 and in Oslo, leasing ending December 31, 2032
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration of longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in June 2026, with option to extend. The security for the credit line is provided by inventory,
receivables, and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis shows the effects of changes in market interest rate on
borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2024 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows.
2024
2023
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-440
-492
-50 basis points
440
492
Foreign currency risk
The Group is subject to foreign currency risk, as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on Group balance
sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
'+/- 3 534
Issued bond and money market fund is nominated in NOK. The impact on profit and loss due to
changes in the NOK exchange rate on these financial instruments offset each other.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2024
2023
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
511\u00a0189
511\u00a0189
100.0%
542\u00a0830
542\u00a0830
100.0%
EUR
162
169
\u2014%
11
11
\u2014%
Other
549
57
\u2014%
282
28
\u2014%
Total
511\u00a0415
100.0%
542\u00a0869
100.0%
PARENT
2024
2023
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
477\u00a0374
477\u00a0374
100.0%
507\u00a0986
507\u00a0986
100.0%
EUR
162
169
\u2014%
11
11
\u2014%
Other
547
51
\u2014%
282
28
\u2014%
Total
477\u00a0595
100.0%
508\u00a0026
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2024
2023
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
66\u00a0250
20\u00a0606
133\u00a0313
8\u00a0009
EUR
156
1\u00a0523
\u2014
596
NOK
6
1\u00a0620
3
3\u00a0219
Other
\u2014
169
\u2014
377
Total
66\u00a0412
23\u00a0918
133\u00a0316
12\u00a0201
PARENT
2024
2023
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
981
20\u00a0606
981
11\u00a0900
EUR
156
590
\u2014
284
NOK
6
1\u00a0620
2
3\u00a0219
Other
\u2014
87
\u2014
\u2014
Total
1\u00a0037
22\u00a0903
983
15\u00a0403
Determination of fair value
As of December 31, 2024, the Group had no other financial assets or financial liabilities
than the bond where there is considered to be a difference between book value and fair
due to bond discounts/premiums. The bond is classified as Level 1 in the fair value
hierarchy, as it is a listed financial liability with observable prices.
Below is an overview of Nordic\u2019s financial instruments with difference between book
value and fair value:
GROUP
2024
2023
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
87\u00a0336
90\u00a0900
97\u00a0491
99\u00a0178
PARENT
2024
2023
Book value
Fair market
value
Book value
Fair market
value
Financial liabilities
Bond
87\u00a0336
90\u00a0900
97\u00a0491
99\u00a0178
Book value is a reasonable estimate of fair value in cases where these numbers
are\u00a0identical.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "value": "
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading to a financial loss. The Group is exposed to credit
risk from its operating activities (primarily accounts receivables and prepayments) and from
its financing activities, including foreign exchange transactions, cash and cash equivalents
with banks and other financial institutions and other financial\u00a0instruments.
The Group is exposed to credit risk related to a prepayment of USD 97.2m. There are no
indications that the wafer manufacturer will not be able to fulfil their part of the
agreement, and no expected credit loss is reflected in the financial statement.
The Group\u2019s sale of components takes place through its distribution partners within defined
geographic regions, where Asia is the dominant region. The Group depends on a relatively
small number of customers. Customer credit risk is managed by each region subject to the
Group\u2019s established policy, procedures and control relating to customer credit risk
management. Credit quality of a customer is assessed based on an extensive credit
evaluation and individual credit limits are defined in accordance with this assessment.
Outstanding accounts receivables are regularly monitored and assurance from distributors
that end customer sales is secured through letter of credits\u00a0is\u00a0obtained.
Age distribution of customer receivables was:
GROUP
PARENT
2024
2023
Gross total
2024
2023
56\u00a0604
93\u00a0606
Not due
782
630
8\u00a0151
37\u00a0107
Past due 0-30 days
161
10
1\u00a0607
2\u00a0332
Past due 31-120 days
44
73
50
271
Over 120 days
50
271
66\u00a0412
133\u00a0316
Total
1\u00a0037
984
The Group makes an allowance for expected credit losses on customer receivables based
on internal, historical credit loss data and past due receivables, adjusted for forward-
looking factors specific to the debtors and the economic\u00a0environment.
The Group has a limited number of customers, regular contact and long-term relationships
with most of its customer base. Some of the customers are dependent on Nordic
Semiconductor to stay in business. Historically, there have not been any significant credit
losses. 85% of trade receivables were within terms at the balance sheet date. On that
basis, expected credit loss for trade receivables are limited and allowances for doubtful
accounts at December 31, 2024 was 0m.
The maximum exposure to credit risk on the balance sheet date was:
GROUP
PARENT
2024
2023
2024
2023
66\u00a0412
133\u00a0316
Accounts receivable
1\u00a0037
983
27\u00a0029
21\u00a0874
Other current receivables
123\u00a0914
128\u00a0785
287\u00a0914
290\u00a0957
Cash and cash equivalents
185\u00a0633
267\u00a0553
381\u00a0355
446\u00a0147
Total
310\u00a0583
397\u00a0321
The credit risk in table above is diversified over a range of distributors, vendors, and\u00a0banks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting financial
obligations when due and to close out market positions.
Overall, cash flows are being monitored at both Group and entity level. The Group seeks
to minimize risk when investing its cash balances. Investments can only be made in
securities that have been approved by the Board.
As of December 31, 2024, cash and cash equivalents amounted to USD 287.9m (USD
291.0m), see note 19 for details. The total balance includes money market fund at fair value
USD 93.2m.
The Group has no externally imposed capital requirements or agreements, and has no
contracts or legal requirements which are not being upheld. The Group has the following
due dates with regard to contracts for financial liabilities as of December 31,\u00a02024.
GROUP
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal
87\u00a0336
88\u00a0079
\u2014
88\u00a0079
\u2014
Bond - payment of interest*
626
24\u00a0327
6\u00a0572
17\u00a0755
\u2014
Accounts payable
23\u00a0918
23\u00a0918
23\u00a0918
\u2014
\u2014
Other current liabilities
68\u00a0182
68\u00a0182
67\u00a0182
1\u00a0000
\u2014
Lease liabilities**
56\u00a0112
71\u00a0323
10\u00a0394
30\u00a0782
30\u00a0147
Total
236\u00a0174
275\u00a0829
108\u00a0066
137\u00a0616
30\u00a0147
PARENT
Carrying
amount
Contractual
cash flow
Less than
one year
One to five
years
More than
five years
Bond - payment of
principal
87\u00a0336
88\u00a0079
\u2014
88\u00a0079
\u2014
Bond - payment of interest*
626
24\u00a0327
6\u00a0572
17\u00a0755
\u2014
Accounts payable
22\u00a0903
22\u00a0903
22\u00a0903
\u2014
\u2014
Accounts payable
subsidiaries
23\u00a0050
23\u00a0050
23\u00a0050
\u2014
\u2014
Other current liabilities
26\u00a0795
26\u00a0795
26\u00a0795
\u2014
\u2014
Lease liabilities**
44\u00a0822
58\u00a0999
5\u00a0774
23\u00a0077
30\u00a0147
Total
205\u00a0533
244\u00a0154
85\u00a0095
128\u00a0911
30\u00a0147
* The contractual cash flow is calculated using forward yield curve. Estimated interest payments are
based on the contractual cash flow of the bond on December 31, 2023.
** Lease liabilities are mainly office facility rent in Trondheim, lease ending December 31, 2033 and
December 31, 2037 and in Oslo, leasing ending December 31, 2032
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "value": "
Interest rate risk
The Group\u2019s liquidity requirements and risk assessment determine its investment strategy
and interest rate exposure.
The Group\u2019s policy is to maintain a short-term investment horizon for its surplus cash. The
investment portfolio should not have an average duration of longer than six (6)\u00a0months.
The Group has a sustainability linked revolving credit facility, which enables it to borrow up
to USD 200 million with an interest rate equal to SOFR + margin. The line of credit expires
in June 2026, with option to extend. The security for the credit line is provided by inventory,
receivables, and operating equipment.
The Group has issued a 5-year senior unsecured bond with initial issue amount of NOK
1,000m. The interest rate is 3 months Nibor + 3 %.
Interest rate sensitivity analysis
The interest rate sensitivity analysis shows the effects of changes in market interest rate on
borrowing interest costs. The analysis is based on the following assumptions:
\u25a0Revolving credit facility - The profit before tax is not impacted by changes in market
interest rate as the credit facility as of December 31, 2024 is not utilized.
\u25a0Bond - The profit before tax is impacted by changes in market interest rate. The table
below demonstrates the sensitivity to a possible change in interest rates. With all other
variables held constant, the Group\u2019s profit before tax is affected through the impact on
floating rate borrowings, as follows.
2024
2023
Interest rate (3 months NIBOR)
Effect on profit before tax
Effect on profit before tax
+50 basis points
-440
-492
-50 basis points
440
492
Foreign currency risk
The Group is subject to foreign currency risk, as it operates internationally with
development and commercial activities.
Foreign exchange risk arises from future commercial transactions and recognized assets
and liabilities denominated in a currency that is not the functional currency of the relevant
group entity.
The primary functional currency for the Group is USD. The vast majority of the Group's
revenues and cost of goods sold are denominated in USD. However, approximately 40% of
the Group\u2019s operating expenses (excluding depreciation and amortization) are
denominated in NOK and 20% are denominated in EUR. The Group does not use hedging
instruments to minimize its exposure to foreign currency risk from operating activities
affecting profit and loss.
Below is a sensitivity analysis of changes in the NOK exchange rate on Group balance
sheet items, and their impact on profit and loss:
Profit before tax
NOK exchange rate +/- 10%
'+/- 3 534
Issued bond and money market fund is nominated in NOK. The impact on profit and loss due to
changes in the NOK exchange rate on these financial instruments offset each other.
The tables below show the exposure in sales to foreign currency risk in the most significant currencies:
GROUP
2024
2023
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
511\u00a0189
511\u00a0189
100.0%
542\u00a0830
542\u00a0830
100.0%
EUR
162
169
\u2014%
11
11
\u2014%
Other
549
57
\u2014%
282
28
\u2014%
Total
511\u00a0415
100.0%
542\u00a0869
100.0%
PARENT
2024
2023
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
Local currency
(1,000)
USD
(1,000)
Share of total revenue in %
USD
477\u00a0374
477\u00a0374
100.0%
507\u00a0986
507\u00a0986
100.0%
EUR
162
169
\u2014%
11
11
\u2014%
Other
547
51
\u2014%
282
28
\u2014%
Total
477\u00a0595
100.0%
508\u00a0026
100.0%
The tables below show the exposure at the end of reporting period in the most
significant\u00a0currencies:
All amounts stated in USD 1000.
GROUP
2024
2023
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
66\u00a0250
20\u00a0606
133\u00a0313
8\u00a0009
EUR
156
1\u00a0523
\u2014
596
NOK
6
1\u00a0620
3
3\u00a0219
Other
\u2014
169
\u2014
377
Total
66\u00a0412
23\u00a0918
133\u00a0316
12\u00a0201
PARENT
2024
2023
Accounts
receivable
Accounts
payables
Accounts
receivable
Accounts
payables
USD
981
20\u00a0606
981
11\u00a0900
EUR
156
590
\u2014
284
NOK
6
1\u00a0620
2
3\u00a0219
Other
\u2014
87
\u2014
\u2014
Total
1\u00a0037
22\u00a0903
983
15\u00a0403
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "value": "
Note 27: Events after the balance sheet date
No events have occurred since December 31, 2024 with any significant effect that will
impact the evaluation of the submitted accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "
Note 28: Related party transactions
Nordic Semiconductor ASA, the ultimate parent company of the Group, is listed on Oslo
Stock Exchange. The Group has no material transactions with related parties.
The ultimate parent company has transactions with its wholly-owned subsidiaries. See Note
18: Intercompany for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "Nordic Semiconductor ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXJGFK95", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }