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Note 1 - General Information
Reach Subsea
ASA
Group offers subsea services as a
subcontractor and/or directly to end clients
, based out of our
head office in Haugesund. Reach Subsea ASA\u2019s shares are listed on Oslo Stock Exchange (Oslo B\u00f8rs) under the ticker REACH. Reach Subsea ASA is the parent company in the Group and is
domiciled in
Norway
, with office address
M\u00f8llervegen 6, 5525
Haugesund
. The Group has a Branch in Trinidad & Tobago. The
company\u2019s consolidated financial statements for the 20234 financial year covers Reach Subsea ASA and its subsidiaries Reach Subsea AS, Connect Offshore AS, Reach Remote AS, Reach Subsea Shipping AS, Reach International AS, Reach Subsea Inc, Reach Subsea Sweden AB, Reach Subsea UK Ltd, Reach Subsea Pte Ltd, Reach Subsea Ltd, Reach Subsea Pty Ltd, Guardian Geomatics Pte Ltd and Reach Subsea Brasil Ltda.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-252": { "value": "Reach Subsea ASA Group offers subsea services as a subcontractor and/or directly to end clients", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-254": { "value": "Reach Subsea ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-253": { "value": "Reach Subsea ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-255": { "value": "Reach Subsea", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-256": { "value": " ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-259": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-258": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-257": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-260": { "value": "M\u00f8llervegen 6, 5525 Haugesund", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-261": { "value": "
Note 2 - Summary of significant accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
The consolidated financial statements are prepared under the assumption of going concern and on a historical cost basis, with some exceptions as detailed under accounting policies set out below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.
New & amended standards adopted by the Group Certain new standards, amendments to standards, and annual improvements to standards and interpretations are effective for annual periods beginning after January 1, 2024 and have been applied in preparing these consolidated financial statements. These applications did not materially impact the Group\u2019s consolidated financial statements. New standards & interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
Basis of consolidation
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized in profit or loss or other comprehensive income respectively. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency. Joint arrangements Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method.
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
Foreign currency translation
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Leases Accounting as lessee At inception of a contract, the Company assesses wheth- er a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identi- fied asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also cap- italized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are clas- sified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using
a straight-line basis over the term of the contract
.
Cash flow statement The cash flow statement is prepared according to the indirect method.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
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Basis of preparation
The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
The consolidated financial statements are prepared under the assumption of going concern and on a historical cost basis, with some exceptions as detailed under accounting policies set out below. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.
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The consolidated financial statements of Reach Subsea ASA have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, and in accordance with the additional requirements following the Norwegian Accounting Act.
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New & amended standards adopted by the Group Certain new standards, amendments to standards, and annual improvements to standards and interpretations are effective for annual periods beginning after January 1, 2024 and have been applied in preparing these consolidated financial statements. These applications did not materially impact the Group\u2019s consolidated financial statements. New standards & interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
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New & amended standards adopted by the Group Certain new standards, amendments to standards, and annual improvements to standards and interpretations are effective for annual periods beginning after January 1, 2024 and have been applied in preparing these consolidated financial statements. These applications did not materially impact the Group\u2019s consolidated financial statements. New standards & interpretations not yet adopted Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and have not been early adopted by the group. These standards, amendments or interpretations are not expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions.
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Basis of consolidation
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20 and 50 % of the voting rights. Investments in associates are accounted for using the equity method of accounting and are initially recognized at cost. The Group\u2019s share of its associates\u2019 income or other comprehensive income is recognized in profit or loss or other comprehensive income respectively. The cumulative post- acquisition movements are adjusted against the carrying amount of the investment. When the group\u2019s share of losses in an associate equal or exceeds its interest in the associate, including any other unsecured receivables, the group does not recognize further losses, unless it has incurred obligations on behalf of the associate. In the statement of financial position associates are presented as non-current assets. Unrealised gains on transactions between the group and its associates are eliminated to the extent of the group\u2019s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. When accounting policies of associates are different from those of the group, the figures are amended to ensure consistency. Joint arrangements Under IFRS 11 investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor. Reach Subsea ASA has assessed the nature of its joint arrangements and determined them to be joint ventures. Joint ventures are accounted for using the equity method.
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Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Company Business office Voting rights and ownership Reach Subsea AS Haugesund 100 % Connect Offshore AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Remote AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Subsea Shipping AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Subsea International AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Subsea UK Ltd (100% owned by Reach Subsea International AS) Scotland, UK 100 % Reach Subsea Pte. Ltd (100% owned by Reach Subsea International AS) Singapore 100 % Reach Subsea Ltd (100% owned by Reach Subsea International AS) Limassol, Cyprus 100 % Reach Subsea Inc (100% owned by Reach Subsea International AS) Delaware, USA 100 % Reach Subsea Sweden AB (100% owned by Reach Subsea International AS) Gothenburg, Sweden 100 % Reach Subsea Pty Ltd (100% owned by Reach Subsea International AS) Perth, Australia 100 % Guardian Geomatics Pte Ltd (100% owned by Reach Subsea Pty Ltd) Perth, Australia 100 % Reach Subsea Brasil Ltda. (100% owned by Reach Subsea International AS) Rio de Janeiro, Brasil 100 % Note 12 - Shares in Subsidiaries
Investment in associated companies comprises shares in the entities Eidesvik Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9% ownership in Eidesvik Reach AS, and a 40% ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100% of the shares in Guardian Geomatics in November 2023. Refer to note 27 for further information. The investments are accounted for using the equity method: Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2024 2023 Opening balance carrying amount of investments in associates 113 452 - Acquisition cost shares acquired, Eidesvik Reach AS - 95 632 Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited - 1 129 Translation differences Guardian Geomatics Arabia Limited 19 (23) Share of net result in investment, Eidesvik Reach AS 13 750 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - - Total carrying amount of investments in associates at balance date 127 221 113 452 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2024 2023 Revenues 134 578 100 583 Operating result 81 082 41 782 Pre-tax profit 27 680 33 778 Liquidity 14 080 29 827 Net working capital 13 487 14 571 Equity 252 697 225 142 Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with head office in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea AS until April 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000 2024 2023 Share of net result in investment, Eidesvik Reach AS 13 750 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - - Net result from investments in associates 13 750 16 714 Significant associates Note 26 - Investment in associated companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-321": { "value": "
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
Company Business office Voting rights and ownership Reach Subsea AS Haugesund 100 % Connect Offshore AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Remote AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Subsea Shipping AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Subsea International AS (100% owned by Reach Subsea AS) Haugesund 100 % Reach Subsea UK Ltd (100% owned by Reach Subsea International AS) Scotland, UK 100 % Reach Subsea Pte. Ltd (100% owned by Reach Subsea International AS) Singapore 100 % Reach Subsea Ltd (100% owned by Reach Subsea International AS) Limassol, Cyprus 100 % Reach Subsea Inc (100% owned by Reach Subsea International AS) Delaware, USA 100 % Reach Subsea Sweden AB (100% owned by Reach Subsea International AS) Gothenburg, Sweden 100 % Reach Subsea Pty Ltd (100% owned by Reach Subsea International AS) Perth, Australia 100 % Guardian Geomatics Pte Ltd (100% owned by Reach Subsea Pty Ltd) Perth, Australia 100 % Reach Subsea Brasil Ltda. (100% owned by Reach Subsea International AS) Rio de Janeiro, Brasil 100 % Note 12 - Shares in Subsidiaries
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-266": { "value": "
Subsidiaries The consolidated financial statements incorporate the financial statements of Reach Subsea ASA, and entities controlled by Reach Subsea ASA. Control is achieved where Reach Subsea ASA is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. The Group uses the acquisition method of accounting to account for business combinations. Companies that are acquired during the year are consolidated from the date control was obtained. Inter-company transactions, balances, and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-309": { "value": "
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
(NOK 1000) 2024 2023 Oil & Gas vs Renewables/other Revenue Oil & Gas 1 774 661 1 332 996 Renewable / other 942 363 633 588 Total 2 717 024 1 966 584 Operating expense Oil & Gas (1 537 511) (1 127 977) Renewable / other (816 434) (536 140) Total (2 353 945) (1 664 117) Operating result Oil & Gas 237 150 205 019 Renewable / other 125 929 97 448 Total 363 079 302 467 Data vs Solutions Revenue Data 1 022 239 406 336 Solutions 1 694 785 1 560 248 Total 2 717 024 1 966 584 Operating expense Data (885 636) (343 840) Solutions (1 468 309) (1 320 277) Total (2 353 946) (1 664 118) Operating result Data 136 603 62 496 Solutions 226 476 239 971 Total 363 079 302 467 Note 5 - Segment information
Gain from sale of assets in \"Other income\" is not related to a segment and therefore excluded from the tables above. Refer to note 14 for further information. All assets and liabilities are used jointly in all segments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-267": { "value": "
Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the steering committee that makes strategic decisions. The group has two segments. Oil & Gas and Renewable/Other, and Data and Solutions. Revenues are categorized as either Data or Solutions based on the nature of the service delivered to a client. Data represents delivery of various types of maps, models and/or reports collected through subsea survey and/ or inspection projects. Solutions represents delivery of a specific client solution such as repair, modification, installation or removal of subsea equipment and infrastructure.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-295": { "value": "
Foreign currency translation
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2024 Increase 5 % (948 187) Decrease 5 % 948 187 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 Inc/dec EUR Effect on profit before tax 2024 Increase 5 % (3 606 594) Decrease 5 % 3 606 594 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) Inc/dec GBP Effect on profit before tax 2024 Increase 5 % 4 907 349 Decrease 5 % (4 907 349) 2023 Increase 5 % 2 089 556 Decrease 5 % (2 089 556)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-268": { "value": "
Foreign currency translation
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statement of comprehensive income within financial income and financial costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-269": { "value": "
Functional currency and presentation currency The Group presents its financial statements in NOK. All Norwegian companies have NOK as functional currency. Reach Subsea AS\u2019 branch in Trinidad, Reach Subsea Inc and Guardian Geomatics Pte Ltd have USD as functional currency, Reach Subsea UK Ltd has GBP as functional currency, Reach Subsea Sweden AB has SEK as functional currency, Reach Subsea PTE Ltd has SGD as functional currency, Reach Subsea Ltd has EUR as functional currency, Reach Subsea Ply Ltd has AUD as functional currency and Reach Subsea Brasil Ltda has BRL as functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-270": { "value": "
Property, plant and equipment Property, plant, and other equipment are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes costs related to the purchase of the item. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the consolidated statement of comprehensive income during the financial period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-325": { "value": "
Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also cap- italized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are clas- sified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2024 Opening net book amount 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Disposals - - - - Adjustment of commitment - - - - - - Other reclassification (52 909) 690 43 334 8 885 - (0) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Impairment - - - - - - Closing net book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 At 31. December 2024 Cost 1.1.24 266 658 186 981 125 134 155 858 1 607 273 2 341 904 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Other reclassification (52 909) 690 43 334 8 885 - (0) Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (115 848) (115 848) Cost 31.12.24 369 475 207 694
21
1 436
240 701 2 322 198 3 351 503
Note 14 - Property, plant & equipment& equipment
Assets under construction can be divided into the following categories: Reach Remote 338 127 Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 36 098 Net book value 31.12.24 369 475 Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31. December 2024 Accumulated depreciation 1.1.24 - (142 735) (108 816) (33 130) (444 043) (728 725) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 115 848 115 848 Accumulated depreciation 31.12.24 - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Accumulated impairment 1.1.24 - - - - - Accumulated impairment 31.12.24 - - - - - - Book value 369 475 49 796 96 974 151 828 1 269 638 1 937 710 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1-6 years Depreciation method linear linear linear linear Reclassifications is explained by assets under construction being capitalized during the year. See note 24 for further information for Right of use asset, Vessels and other equipments, and note 22 for Right of use asset ROV, leased from financial institutions.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2023 Opening net book amount 150 499 28 530 7 945 48 535 90 258 325 768 Additions 144 400 28 460 11 250 63 266 1 656 194 1 903 570 Additions from business combination (note 27) 36 857 517 37 374 Disposals - - (1 541) (1 541) Adjustment of commitment - - - - (2 094) (2 094) Other reclassification (28 241) - (968) (29 209) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Impairment - - - - - - Closing net book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 At 31. December 2023 Cost 1.1.23 150 499 158 521 113 884 78 947 385 800 887 651 Additions 144 400 28 460 11 250 100 123 1 654 617 1 938 850 Other reclassification (28 241) - - (968) - (29 209) Disposals at cost - - - (22 244) - (22 244) Adjustment fully depreciated items - - - - (433 144) (433 144) Cost 31.12.23 266 658 186 981 125 134 155 858 1 607 273 2 341 904
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31. December 2023 Accumulated depreciation 1.1.23 - (130 027) (105 939) (30 412) (295 542) (561 920) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Depreciation disposed assets - - - 20 703 20 703 Adjustment fully depreciated items - - - - 433 144 433 144 Accumulated depreciation 31.12.23 - (142 735) (108 816) (33 130) (444 043) (728 725) Accumulated impairment 1.1.23 - - - - - - Accumulated impairment 31.12.23 - - - - - - Book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Depreciation plan/useful life 3-8 years 3-8 years 3 years 1-3 years Depreciation method linear linear linear linear During 2023 the group sold various assets resulting in a gain of approximately 29.8 million. The gain is presented as other income in the financial statement for 2023. Reclassifications in 2023 is explained by reclassification of the prepayments related to the acquisition of Viking Reach (former Edda Sun) of NOK 29.2 million made in 2022. The prepayment was used to partly fund the investment in the associated company Eidesvik Reach AS in 2023, and is classified as \"Investment in associated companies\" in the balance sheet as of December 31 2023. Refer to note 27 for equipment acquired in the Guardian Geomatics transaction in 2023. Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information.
Note 15 - Intangible assets - continued
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to the 2023 annual report for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2024 the group has net book values for R&D totalling NOK 1.9 million. Hours spent have been capitalized for personnel as well as other external consultants related to the development of equipment and software. Impairment Goodwill is assessed for impairment at the corporate level combined for all CGUs, and is based on a comparison between fair value and book value of equity (fair value less cost of disposal) . The fair value is calculated using the share price as of the balance sheet date. As of year end 2024, the fair
value exceeds the book value of equity, and no impairment is thus recognised
.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2024 1 163 222 805 931 386 036 Additions 830 772 - 830 772 Adjusted commitment (197) (206) - Depreciation (724 159) - - Interests - - 112 798 Re-classed from short to long term - (184 539) 184 539 Currency adjustments - - 59 957 Payments - - (783 016) Ending balance 31.12.2024 1 269 637 621 185 791 086 Note 24 - Leases (Group as a lessee) Long and short term leases (committed lease term 12 months or less) of vessels and ROV's are capitalized as right- of use assets and depreciated under IFRS 16. The impact is that all cost in relation to leases of vessels/ROV's are presented as depreciation and interest expenses. No other short term leases, except for vessels and ROV's, are capitalized as right- of use assets and depreciated. As of December 31 2024, Right of use assets in the balance sheet consist of contractual commitments for vessels and offices. Short term leases with no contractual commitment (pay as you go contracts), are not capitalized. At inception of a contract the lease liability and the corresponding Right-of-use assets is measured at the present value of the estimated lease payments. Short term hired in vessels and ROV's are treated as short term leases under IFRS 16 and are also recognized as depreciations. The calculated lease liability is calculated with a discount rate of 7.5 %. For leases towards credit institutions please see note 22. The following tables are related to leases, except for leases towards credit institutions.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2023 90 258 4 310 98 660 Additions 1 656 186 - 1 656 186 Additions from business combination (note 27) 517 545 Adjusted commitment (2 094) (2 094) - Depreciation (581 645) - - Interests - - 74 892 Re-classed from short to long term - 803 715 (803 715) Currency adjustments - - (12 685) Payments - - (627 846) Ending balance 31.12.2023 1 163 222 805 931 386 036 Lease liabilities Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Lease liabilities 2024 2023 Amounts due for settlement within 12 months 791 086 386 036 Amounts due for settlement after 12 months (present value) 621 185 805 931 Total 1 412 271 1 191 967 Maturity analysis Not later than 1 year 791 086 386 036 Later than 1 year and not later than 5 years 621 185 788 312 Later than 5 years - 17 619 Total instalments 1 412 271 1 191 967 Future finance charges 130 156 167 196 Total instalments and finance charges 1 542 427 1 359 163 Currency overview Lease liabilities in NOK 599 403 672 377 Lease liabilities in USD 635 114 518 518 Lease liabilities in EUR 136 061 - Lease liabilities in GBP 5 952 662 Lease liabilities in SGD - 18 Lease liabilities in AUD 35 963 408 Total 1 412 271 1 191 967
Reconciliation of depreciation 2024 2023 Depreciations of long term right- of use assets 625 764 429 015 Depreciations of short term right- of use assets (Pay as you go contracts) 98 396 152 630 Depreciations of other assets (Note 14 and 15) 81 984 41 360 Total depreciations 806 143 623 005 Other Information related to leases: For information related to leases to credit institutions, see note 22. For information related to cost of short term leases (except for Vessels and ROV's), see note 7. For information related to right-of-use assets, see note 14.
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Upon acquisition, property, plant and equipment are decomposed for depreciation purposes if this is material for the determination of the depreciation expense. The components are depreciated on a straight-line basis over expected useful life to estimated residual value at the end of their useful life.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also cap- italized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are clas- sified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
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Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-323": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
A sensitivity analysis have been made stand alone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect:
Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % - 20 % - 30 % 10 981
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2024. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
Impairment Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2024 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2024 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in estimated future revenue will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. See note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in revenue for all ROV CGU's will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Sensitivity on total fixed assets: Note 14 - Property, plant & equipment - continued Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % - 30 % 13 657
Note 15 - Intangible assets Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2024 Opening net book amount 2 144 28 625 109 590 140 359 Additions - - - - Addition from business combination (note 27) - - - - Depreciation (227) (5 333) - (5 561) Disposals/adjustments - - - - Closing net book value 1 917 23 292 109 590 134 798 At 31 December 2024 Cost 1.1.24 2 372 32 000 109 590 143 962 Additions - - - - Addition from business combination (note 27) - - - - Disposals/adjustments - - - - Cost 31.12.24 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to the 2023 annual report for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2024 the group has net book values for R&D totalling NOK 1.9 million. Hours spent have been capitalized for personnel as well as other external consultants related to the development of equipment and software. Impairment Goodwill is assessed for impairment at the corporate level combined for all CGUs, and is based on a comparison between fair value and book value of equity (fair value less cost of disposal) . The fair value is calculated using the share price as of the balance sheet date. As of year end 2024, the fair
value exceeds the book value of equity, and no impairment is thus recognised
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-272": { "value": "
Impairment of non-financial assets General At each reporting date the Group assesses whether there is an indication that an asset may be impaired. If any such indication exists, or where annual testing for impairment is required, the Group makes an estimate of the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s fair value less costs to sell or value in use. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If, in a subsequent period, the amount of the impairment loss decreases, and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed.
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Customer contracts Customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn11": { "value": "
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
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Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
Note 15 - Intangible assets Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2024 Opening net book amount 2 144 28 625 109 590 140 359 Additions - - - - Addition from business combination (note 27) - - - - Depreciation (227) (5 333) - (5 561) Disposals/adjustments - - - - Closing net book value 1 917 23 292 109 590 134 798 At 31 December 2024 Cost 1.1.24 2 372 32 000 109 590 143 962 Additions - - - - Addition from business combination (note 27) - - - - Disposals/adjustments - - - - Cost 31.12.24 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to the 2023 annual report for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2024 the group has net book values for R&D totalling NOK 1.9 million. Hours spent have been capitalized for personnel as well as other external consultants related to the development of equipment and software. Impairment Goodwill is assessed for impairment at the corporate level combined for all CGUs, and is based on a comparison between fair value and book value of equity (fair value less cost of disposal) . The fair value is calculated using the share price as of the balance sheet date. As of year end 2024, the fair
value exceeds the book value of equity, and no impairment is thus recognised
.
2024 The group has not made any transactions related to business combinations in 2024. In 2023 the group acquired Guardian Geomatics and a preliminary purchase price allocation was made at the time of the acquisition. No changes have been made on the preliminary purchase price allocation in 2024, and the allocation is considered final. 2023 Acquisition of Guardian Geomatics In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"\"Guardian Geomatics\"\". The agreement was finalized 15.11.2023 with the effect that the balance sheet for Guardian Geomatics was consolidated into our Group accounts as per November 15 2023. The transaction was closed November 2023. A preliminary purchase price allocation (PPA) was performed and all identified assets and liabilities was measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price was NOK 116.3 million. Adjusted for interim period adjustments and working capital, the total consideration is estimated to NOK 119.4 million. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquisition have been estimated as follows: 1. The agreement with the sellers included a bad leaver clause for certain key personnel within Guardian Geomatics. The clause is related to the consideration shares and is treated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35% (5 years). 2. The cash payment of AUD 5.8 million was due on November 15 2024 and were discounted with an interest rate of 7.5 %. 3. The consideration shares were valued at NOK 5.02 per share in the transaction, while the market price per share at closing was NOK 4.42. Adjustments on the purchase price (NOK 1000) Agreed purchase price before adjustments 119 430 1) Agreed bad leaver clause (IFRS 2 treatment) (24 440) 2) Discounted cash consideration due in November 2024 (2 900) 3) Valuation consideration shares at closing date, 15.11.2023 (9 560) Adjusted total consideration 82 530 Note 27 - Business combinations
Purchase price allocation (NOK 1000) Investment in associated companies 1 129 Property, plant and equipment 2 857 Fair value adjustments property, plant and equipment 34 000 Right of use assets 517 Trade receivables 17 853 Fair value adjustments customer relationships 22 000 Other receivables 11 901 Cash and cash equivalents 27 652 Total assets 117 909 Deferred tax 14 000 Interest-bearing debt to credit institutions 219 Interest-bearing debt, leases 545 Tax payable 4 944 Trade payables 19 500 Other current liabilities 19 038 Total liabilities 58 246 Total identifiable net assets at fair value 59 664 Total consideration 82 530 Goodwill 22 866 Summary A goodwill of 22.9 million were recognized as a result of the transaction. The goodwill primarily arises from market access and sales opportunities/cross-selling. Acquired receivables The fair value of the acquired trade receivables equals the book value of receivables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 28.8 million and net profit of NOK 3.5 million to the group for the period from 15 November to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been NOK 2,115 million (increase NOK 119 million) and NOK 227 million (increase NOK 2 million) respectively. Note that this pro forma profit include NOK 16.1 million of share based payment expense for a full year. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 costs related to IFRS 2, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2023, together with the consequential tax effects. No changes have been made on the preliminary purchase price allocation in 2024, and the allocation is considered final.
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Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-345": { "value": "
Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
2024 The group has not made any transactions related to business combinations in 2024. In 2023 the group acquired Guardian Geomatics and a preliminary purchase price allocation was made at the time of the acquisition. No changes have been made on the preliminary purchase price allocation in 2024, and the allocation is considered final. 2023 Acquisition of Guardian Geomatics In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"\"Guardian Geomatics\"\". The agreement was finalized 15.11.2023 with the effect that the balance sheet for Guardian Geomatics was consolidated into our Group accounts as per November 15 2023. The transaction was closed November 2023. A preliminary purchase price allocation (PPA) was performed and all identified assets and liabilities was measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price was NOK 116.3 million. Adjusted for interim period adjustments and working capital, the total consideration is estimated to NOK 119.4 million. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquisition have been estimated as follows: 1. The agreement with the sellers included a bad leaver clause for certain key personnel within Guardian Geomatics. The clause is related to the consideration shares and is treated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35% (5 years). 2. The cash payment of AUD 5.8 million was due on November 15 2024 and were discounted with an interest rate of 7.5 %. 3. The consideration shares were valued at NOK 5.02 per share in the transaction, while the market price per share at closing was NOK 4.42. Adjustments on the purchase price (NOK 1000) Agreed purchase price before adjustments 119 430 1) Agreed bad leaver clause (IFRS 2 treatment) (24 440) 2) Discounted cash consideration due in November 2024 (2 900) 3) Valuation consideration shares at closing date, 15.11.2023 (9 560) Adjusted total consideration 82 530 Note 27 - Business combinations
Purchase price allocation (NOK 1000) Investment in associated companies 1 129 Property, plant and equipment 2 857 Fair value adjustments property, plant and equipment 34 000 Right of use assets 517 Trade receivables 17 853 Fair value adjustments customer relationships 22 000 Other receivables 11 901 Cash and cash equivalents 27 652 Total assets 117 909 Deferred tax 14 000 Interest-bearing debt to credit institutions 219 Interest-bearing debt, leases 545 Tax payable 4 944 Trade payables 19 500 Other current liabilities 19 038 Total liabilities 58 246 Total identifiable net assets at fair value 59 664 Total consideration 82 530 Goodwill 22 866 Summary A goodwill of 22.9 million were recognized as a result of the transaction. The goodwill primarily arises from market access and sales opportunities/cross-selling. Acquired receivables The fair value of the acquired trade receivables equals the book value of receivables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 28.8 million and net profit of NOK 3.5 million to the group for the period from 15 November to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been NOK 2,115 million (increase NOK 119 million) and NOK 227 million (increase NOK 2 million) respectively. Note that this pro forma profit include NOK 16.1 million of share based payment expense for a full year. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 costs related to IFRS 2, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2023, together with the consequential tax effects. No changes have been made on the preliminary purchase price allocation in 2024, and the allocation is considered final.
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Goodwill Goodwill is measured as described in \u2018Business combinations\u2019 in the section below. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised, but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn12": { "value": "
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-274": { "value": "
Onerous contracts Provisions for onerous contracts are recognized when the Group has a contract under which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received from the contract.
Provisions, contingent liabilities and contingent assets Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that an economic settlement will take place in consequence of this obligation, and a reliable estimate can be made of the amount. Provisions are based on best estimate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-304": { "value": "
Leases Accounting as lessee At inception of a contract, the Company assesses wheth- er a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identi- fied asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also cap- italized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are clas- sified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
(NOK 1000) 2024 2023 Notes Rental cost 25 178 16 346 23 Consultant cost 25 584 31 583 Operating equipment and maintenance 96 486 58 940 Administration costs 144 643 81 689 Other operating costs, in total 291 890 188 558
Note 7 - Other Operating Costs Specified
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2024 Opening net book amount 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Disposals - - - - Adjustment of commitment - - - - - - Other reclassification (52 909) 690 43 334 8 885 - (0) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Impairment - - - - - - Closing net book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 At 31. December 2024 Cost 1.1.24 266 658 186 981 125 134 155 858 1 607 273 2 341 904 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Other reclassification (52 909) 690 43 334 8 885 - (0) Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (115 848) (115 848) Cost 31.12.24 369 475 207 694
21
Note 14 - Property, plant & equipment& equipment
Assets under construction can be divided into the following categories: Reach Remote 338 127 Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 36 098 Net book value 31.12.24 369 475 Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31. December 2024 Accumulated depreciation 1.1.24 - (142 735) (108 816) (33 130) (444 043) (728 725) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 115 848 115 848 Accumulated depreciation 31.12.24 - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Accumulated impairment 1.1.24 - - - - - Accumulated impairment 31.12.24 - - - - - - Book value 369 475 49 796 96 974 151 828 1 269 638 1 937 710 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1-6 years Depreciation method linear linear linear linear Reclassifications is explained by assets under construction being capitalized during the year. See note 24 for further information for Right of use asset, Vessels and other equipments, and note 22 for Right of use asset ROV, leased from financial institutions.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2023 Opening net book amount 150 499 28 530 7 945 48 535 90 258 325 768 Additions 144 400 28 460 11 250 63 266 1 656 194 1 903 570 Additions from business combination (note 27) 36 857 517 37 374 Disposals - - (1 541) (1 541) Adjustment of commitment - - - - (2 094) (2 094) Other reclassification (28 241) - (968) (29 209) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Impairment - - - - - - Closing net book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 At 31. December 2023 Cost 1.1.23 150 499 158 521 113 884 78 947 385 800 887 651 Additions 144 400 28 460 11 250 100 123 1 654 617 1 938 850 Other reclassification (28 241) - - (968) - (29 209) Disposals at cost - - - (22 244) - (22 244) Adjustment fully depreciated items - - - - (433 144) (433 144) Cost 31.12.23 266 658 186 981 125 134 155 858 1 607 273 2 341 904
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31. December 2023 Accumulated depreciation 1.1.23 - (130 027) (105 939) (30 412) (295 542) (561 920) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Depreciation disposed assets - - - 20 703 20 703 Adjustment fully depreciated items - - - - 433 144 433 144 Accumulated depreciation 31.12.23 - (142 735) (108 816) (33 130) (444 043) (728 725) Accumulated impairment 1.1.23 - - - - - - Accumulated impairment 31.12.23 - - - - - - Book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Depreciation plan/useful life 3-8 years 3-8 years 3 years 1-3 years Depreciation method linear linear linear linear During 2023 the group sold various assets resulting in a gain of approximately 29.8 million. The gain is presented as other income in the financial statement for 2023. Reclassifications in 2023 is explained by reclassification of the prepayments related to the acquisition of Viking Reach (former Edda Sun) of NOK 29.2 million made in 2022. The prepayment was used to partly fund the investment in the associated company Eidesvik Reach AS in 2023, and is classified as \"Investment in associated companies\" in the balance sheet as of December 31 2023. Refer to note 27 for equipment acquired in the Guardian Geomatics transaction in 2023. Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information.
Impairment Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2024 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2024 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in estimated future revenue will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. See note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in revenue for all ROV CGU's will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Sensitivity on total fixed assets: Note 14 - Property, plant & equipment - continued Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % - 30 % 13 657
(NOK 1000) 2024 2023 Non current Bank borrowings 67 538 24 623 Lease liabilities to credit institutions (IFRS 16) 54 055 32 795 Other lease liabilities ( IFRS 16) 621 185 805 931 Total 742 780 863 350 Current Bank borrowings 14 156 5 817 Lease liabilities to credit institutions (IFRS 16) 8 840 4 358 Other lease liabilities ( IFRS 16) 791 086 386 036 Total 814 082 396 211 Total borrowings 1 556 861 1 259 561 Note 22 - Borrowings
(NOK 1000) 2024 2023 Gross lease liabilities - minimum lease payments No later than 1 year 8 840 4 358 Later than 1 year and no later than 5 years 54 055 32 795 Later than 5 years - - Total instalments on lease liabilities 62 895 37 153 Future finance charges on finance lease liabilities 15 331 10 751 Total instalments and finance charges on lease liabilities 78 226 47 904 Refer to note 14 Property, plant and equipment for secured assets. For other lease liabilities under IFRS 16 see note 24.
Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
Short term leases Costs relating to operational leases recognized in the income statement for 2024 is NOK 7.2 million, whereof NOK 1.1 million in real estate rental. The real estate rental is short term with 3 months termination notice.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2024 1 163 222 805 931 386 036 Additions 830 772 - 830 772 Adjusted commitment (197) (206) - Depreciation (724 159) - - Interests - - 112 798 Re-classed from short to long term - (184 539) 184 539 Currency adjustments - - 59 957 Payments - - (783 016) Ending balance 31.12.2024 1 269 637 621 185 791 086 Note 24 - Leases (Group as a lessee) Long and short term leases (committed lease term 12 months or less) of vessels and ROV's are capitalized as right- of use assets and depreciated under IFRS 16. The impact is that all cost in relation to leases of vessels/ROV's are presented as depreciation and interest expenses. No other short term leases, except for vessels and ROV's, are capitalized as right- of use assets and depreciated. As of December 31 2024, Right of use assets in the balance sheet consist of contractual commitments for vessels and offices. Short term leases with no contractual commitment (pay as you go contracts), are not capitalized. At inception of a contract the lease liability and the corresponding Right-of-use assets is measured at the present value of the estimated lease payments. Short term hired in vessels and ROV's are treated as short term leases under IFRS 16 and are also recognized as depreciations. The calculated lease liability is calculated with a discount rate of 7.5 %. For leases towards credit institutions please see note 22. The following tables are related to leases, except for leases towards credit institutions.
Movement schedule for right of use assets and lease liabilities (NOK 1000) Right of use asset Interest-bearing debt, non-current Interest-bearing debt, current Opening balance 01.01.2023 90 258 4 310 98 660 Additions 1 656 186 - 1 656 186 Additions from business combination (note 27) 517 545 Adjusted commitment (2 094) (2 094) - Depreciation (581 645) - - Interests - - 74 892 Re-classed from short to long term - 803 715 (803 715) Currency adjustments - - (12 685) Payments - - (627 846) Ending balance 31.12.2023 1 163 222 805 931 386 036 Lease liabilities Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default. Lease liabilities 2024 2023 Amounts due for settlement within 12 months 791 086 386 036 Amounts due for settlement after 12 months (present value) 621 185 805 931 Total 1 412 271 1 191 967 Maturity analysis Not later than 1 year 791 086 386 036 Later than 1 year and not later than 5 years 621 185 788 312 Later than 5 years - 17 619 Total instalments 1 412 271 1 191 967 Future finance charges 130 156 167 196 Total instalments and finance charges 1 542 427 1 359 163 Currency overview Lease liabilities in NOK 599 403 672 377 Lease liabilities in USD 635 114 518 518 Lease liabilities in EUR 136 061 - Lease liabilities in GBP 5 952 662 Lease liabilities in SGD - 18 Lease liabilities in AUD 35 963 408 Total 1 412 271 1 191 967
Reconciliation of depreciation 2024 2023 Depreciations of long term right- of use assets 625 764 429 015 Depreciations of short term right- of use assets (Pay as you go contracts) 98 396 152 630 Depreciations of other assets (Note 14 and 15) 81 984 41 360 Total depreciations 806 143 623 005 Other Information related to leases: For information related to leases to credit institutions, see note 22. For information related to cost of short term leases (except for Vessels and ROV's), see note 7. For information related to right-of-use assets, see note 14.
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Leases Accounting as lessee At inception of a contract, the Company assesses wheth- er a contract is, or contains, a lease based on whether the contract includes the right to control the use of an identi- fied asset for a period in exchange for consideration.
Short term leases (lease term 12 month or less) and assets that are leased for more than 12 months, but where the lease terms do not contain any commitments (\"pay-as-you-go\"), are also cap- italized as right-of-use assets and depreciated. The impact is that all costs in relation to leases of vessels and ROVs are clas- sified as depreciation and interest expense. Vessels and ROVs with a \"pay-as-you-go\" lease structure are treated as short term leases, where the lease expenses are classified as depreciation, and where the lease is capitalized at the balance sheet date only to the extent a commitment is incurred at the reporting date.
The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The lease liability is initially measured at the present value of lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying value to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever: \u2022 The lease term has changed. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred. They are subsequently measured at cost less accumulated depreciation and impairment losses.
The right of use assets is depreciated over the shorter period of lease term and useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The Group applies IAS 36 to determine whether a right of use asset is impaired, and accounts for any identified impairment loss as described in the \u201cImpairment of non-financial asset\u201d section.
Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
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Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
2024 The group has not made any transactions related to business combinations in 2024. In 2023 the group acquired Guardian Geomatics and a preliminary purchase price allocation was made at the time of the acquisition. No changes have been made on the preliminary purchase price allocation in 2024, and the allocation is considered final. 2023 Acquisition of Guardian Geomatics In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"\"Guardian Geomatics\"\". The agreement was finalized 15.11.2023 with the effect that the balance sheet for Guardian Geomatics was consolidated into our Group accounts as per November 15 2023. The transaction was closed November 2023. A preliminary purchase price allocation (PPA) was performed and all identified assets and liabilities was measured at their acquisition date fair values in accordance with the requirements of IFRS 3. The agreed purchase price was NOK 116.3 million. Adjusted for interim period adjustments and working capital, the total consideration is estimated to NOK 119.4 million. The PPA presented below is based on the PPA on the acquisition date. No updates to the initial PPA have been made. The fair values of the identifiable assets and liabilities in the transaction as at the date of the acquisition have been estimated as follows: 1. The agreement with the sellers included a bad leaver clause for certain key personnel within Guardian Geomatics. The clause is related to the consideration shares and is treated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35% (5 years). 2. The cash payment of AUD 5.8 million was due on November 15 2024 and were discounted with an interest rate of 7.5 %. 3. The consideration shares were valued at NOK 5.02 per share in the transaction, while the market price per share at closing was NOK 4.42. Adjustments on the purchase price (NOK 1000) Agreed purchase price before adjustments 119 430 1) Agreed bad leaver clause (IFRS 2 treatment) (24 440) 2) Discounted cash consideration due in November 2024 (2 900) 3) Valuation consideration shares at closing date, 15.11.2023 (9 560) Adjusted total consideration 82 530 Note 27 - Business combinations
Purchase price allocation (NOK 1000) Investment in associated companies 1 129 Property, plant and equipment 2 857 Fair value adjustments property, plant and equipment 34 000 Right of use assets 517 Trade receivables 17 853 Fair value adjustments customer relationships 22 000 Other receivables 11 901 Cash and cash equivalents 27 652 Total assets 117 909 Deferred tax 14 000 Interest-bearing debt to credit institutions 219 Interest-bearing debt, leases 545 Tax payable 4 944 Trade payables 19 500 Other current liabilities 19 038 Total liabilities 58 246 Total identifiable net assets at fair value 59 664 Total consideration 82 530 Goodwill 22 866 Summary A goodwill of 22.9 million were recognized as a result of the transaction. The goodwill primarily arises from market access and sales opportunities/cross-selling. Acquired receivables The fair value of the acquired trade receivables equals the book value of receivables in the acquired company. Revenue and profit contribution The acquired business contributed with revenues of NOK 28.8 million and net profit of NOK 3.5 million to the group for the period from 15 November to 31 December 2023. If the acquisition had occurred on 1 January 2023, consolidated pro-forma revenue and profit for the year ended 31 December 2023 would have been NOK 2,115 million (increase NOK 119 million) and NOK 227 million (increase NOK 2 million) respectively. Note that this pro forma profit include NOK 16.1 million of share based payment expense for a full year. These amounts have been calculated using the subsidiary\u2019s results and adjusting them for: \u2022 differences in the accounting policies between the group and the subsidiary, and \u2022 costs related to IFRS 2, and \u2022 the additional depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had applied from 1 January 2023, together with the consequential tax effects. No changes have been made on the preliminary purchase price allocation in 2024, and the allocation is considered final.
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Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred. \u2022 Liabilities incurred to the former owners of the acquired business. \u2022 Equity interests issued by the group. \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 Fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the: \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognised in profit or loss. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in profit or loss.
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
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Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-277": { "value": "
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-278": { "value": "
Bunkers Bunkers comprise fuel and lube oil inventory and are valued at the lower of cost and net realisable value. Fuel and lube are expensed to the consolidated statement of comprehensive income based on FIFO principle (First in, first out) as they are consumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-337": { "value": "
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
3.1.1 Market Risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to NOK, USD, GBP, and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long-term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2024 Increase 5 % (948 187) Decrease 5 % 948 187 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 Inc/dec EUR Effect on profit before tax 2024 Increase 5 % (3 606 594) Decrease 5 % 3 606 594 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) Inc/dec GBP Effect on profit before tax 2024 Increase 5 % 4 907 349 Decrease 5 % (4 907 349) 2023 Increase 5 % 2 089 556 Decrease 5 % (2 089 556)
3.1.1 Market Risk - continued Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for vessels, ROVs and other offshore equipments are sensitive to changes in the offshore energy industry, for example, oil price developments, fluctuation in production levels, exploration results, and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by focusing on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength, and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluates the need for hedging activities, and considers commodity prices in our tender process.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk toward single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
3.1.3 Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and the financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group has an overdraft facility, securing access to NOK 30 million in excess funds with yearly renewal. Extensions will be considered based on liquidity position and needs at the expiry date. As the Group\u2019s business is capital-intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement and bank overdraft agreement include terms, conditions, and covenants. The Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
3.1.4 Cash Flow and Fair Value Interest Rate Risk The Group\u2019s interest rate risk arises from bank deposits held at floating rates, and the possible impact on the financial statement is estimated to be immaterial.
(NOK 1000) 2024 2023 Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Less: provision for impairment of trade receivables - - Current portion trade receivables 651 079 314 166 Prepayments 23 564 15 370 Other receivable 41 621 26 535 Current portion other receivables 65 184 41 904 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Total trade receivables 651 079 314 166 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of receivables in 2023. In 2024 there has been no losses, but there are made provisions for impairment of receivables for 4,2 MNOK. Trade receivables - Counterparty without external credit rating 2024 2023 Group 1 53 696 11 073 Group 2 354 760 138 136 Group 3 8 553 - Total trade receivables 417 009 149 209 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 13 190 45 043 EUR 24 506 18 331 USD 355 851 62 679 GBP 23 462 22 490 AUD - 666 Sum 417 009 149 209 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2024 417 009 268 685 82 748 19 487 37 389 8 700 2023 149 209 83 559 32 855 23 061 9 733 - The main portion of overdue receivables has been paid after balance sheet date.
2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilities Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilities, in total 2 068 839 - - 2 068 839 Note 21 - Classification of financial assets and liabilities
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilities Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilities, in total 1 671 531 - - 1 671 531 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 11 410 11 586 43 010 78 584 144 590 Interest-bearing debt, leases 379 287 411 799 527 772 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 11 410 11 586 16 967
4
0 422
67 594 Interest-bearing debt, leases 379 287 411 799 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878
21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 The tables below provides an analysis of the maturity of financial liabilities.
2024 2023
Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 191 967 67 594 102 970 28 018 Repayment incl interest (783 016) (9 729) (627 846) (23 300) Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 219 Proceeds from bank loan 55 000 27 500 Non-cash changes: - - Reclassified costs related to financing of Reach Remote (2 877) Additions of fixed assets financed through leasing from credit institutions 38 034 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 545 Addition IFRS 16 lease liability throughout the year 830 772 31 725 1 656 186 - Adjustment IFRS 16 lease liability (403) - (2 094) - Currency adjustment 59 957 - (12 685) - Accrued interest 112 994 - 74 892 - Closing balance 1 412 271 144 589 1 191 967 67 594 Distribution non-current and current debt 2024 2023 Non-current interest-bearing debt to credit institutions 121 593 57 418 Non-current interest- bearing debt, leases 621 185 805 931 Current interest-bearing debt to credit institutions 22 996 10 176 Current interest-bearing debt, leases 791 086 386 036 Closing balance 1 556 861 1 259 561
(NOK 1000) 2024 2023 Non current Bank borrowings 67 538 24 623 Lease liabilities to credit institutions (IFRS 16) 54 055 32 795 Other lease liabilities ( IFRS 16) 621 185 805 931 Total 742 780 863 350 Current Bank borrowings 14 156 5 817 Lease liabilities to credit institutions (IFRS 16) 8 840 4 358 Other lease liabilities ( IFRS 16) 791 086 386 036 Total 814 082 396 211 Total borrowings 1 556 861 1 259 561 Note 22 - Borrowings
Bank borrowings mature in the range of 2024-2033 and bear average coupons of 8.5 % annually.
The bank borrowings are subject to industry relevant covenants. Due to changes in equity and the financing of ongoing capex-projects the existing covenants were updated in 2023. The financial covenants are as follows: \u2022 Minimum liquidity: Cash and cash equivalents, including any undrawn and available part of the overdraft facility with SR-Bank, shall at all times to be minimum NOK 40 million. \u2022 Debt service Coverage Ratio: The ratio of last 12 months\u2019 (LTM) EBITDA to the next 12 months\u2019 total estimated interest and instalments on Interest Bearing Debt (excl IFRS16 instalments/ incl. lease liabilities to credit institutions) shall at all times be minimum 2.00. \u2022 Booked Equity shall be minimum NOK 500 million and Booked Equity Ratio shall be minimum 25 %. As of 31 December 2024 the liquidity position (ex. overdraft facility) is 278,0 million, the Debt service Coverage Ratio is 5.7, and Booked equity NOK 1 092 million/34 %. All financial covenants are well within the thresholds mentioned above. Please note that some of the financial covenants in the groups debt facilities exclude the effects from IFRS 16, and therefore can not be directly derived from the groups financial statements.
Total borrowings to bank and financial institutions includes secured liabilities (bank and collateralised borrowings) of NOK 81.7 million (2023: NOK 30.4 million). Bank borrowings are secured by equipment and receivables of the group.
Carrying amount Fair value (NOK 1000) 2024 2023 2024 2023 Bank borrowings 81 695 30 440 81 695 30 440 Lease liabilities to credit institutions (IFRS 16) 62 895 37 153 62 895 37 153 Other lease liabilities ( IFRS 16) 1 412 271 1 191 967 1 412 271 1 191 967 Total 1 556 861 1 259 560 1 556 861 1 259 560
(NOK 1000) 2024 2023 Gross lease liabilities - minimum lease payments No later than 1 year 8 840 4 358 Later than 1 year and no later than 5 years 54 055 32 795 Later than 5 years - - Total instalments on lease liabilities 62 895 37 153 Future finance charges on finance lease liabilities 15 331 10 751 Total instalments and finance charges on lease liabilities 78 226 47 904 Refer to note 14 Property, plant and equipment for secured assets. For other lease liabilities under IFRS 16 see note 24.
Note 22 - Borrowings - continued
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate of 8.5 % and are within level 3 of the fair value hierarchy. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
The carrying amounts and fair value of the interest-bearing debts are as follows:
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Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-279": { "value": "
Financial assets The classification of financial assets under IFRS 9 is generally based on the business model in which a financial instrument is managed and its contractual cash flow characteristics. Classification of financial assets is determined at initial recognition and is not reclassified subsequently unless the Group changes its business model for managing financial assets. The Groups financial assets are measured at amortized cost.
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-280": { "value": "
Derecognition Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership.
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Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk toward single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
(NOK 1000) 2024 2023 Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Less: provision for impairment of trade receivables - - Current portion trade receivables 651 079 314 166 Prepayments 23 564 15 370 Other receivable 41 621 26 535 Current portion other receivables 65 184 41 904 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Total trade receivables 651 079 314 166 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of receivables in 2023. In 2024 there has been no losses, but there are made provisions for impairment of receivables for 4,2 MNOK. Trade receivables - Counterparty without external credit rating 2024 2023 Group 1 53 696 11 073 Group 2 354 760 138 136 Group 3 8 553 - Total trade receivables 417 009 149 209 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 13 190 45 043 EUR 24 506 18 331 USD 355 851 62 679 GBP 23 462 22 490 AUD - 666 Sum 417 009 149 209 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2024 417 009 268 685 82 748 19 487 37 389 8 700 2023 149 209 83 559 32 855 23 061 9 733 - The main portion of overdue receivables has been paid after balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-328": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
(NOK 1000) 2024 2023 Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Less: provision for impairment of trade receivables - - Current portion trade receivables 651 079 314 166 Prepayments 23 564 15 370 Other receivable 41 621 26 535 Current portion other receivables 65 184 41 904 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Total trade receivables 651 079 314 166 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of receivables in 2023. In 2024 there has been no losses, but there are made provisions for impairment of receivables for 4,2 MNOK. Trade receivables - Counterparty without external credit rating 2024 2023 Group 1 53 696 11 073 Group 2 354 760 138 136 Group 3 8 553 - Total trade receivables 417 009 149 209 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 13 190 45 043 EUR 24 506 18 331 USD 355 851 62 679 GBP 23 462 22 490 AUD - 666 Sum 417 009 149 209 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2024 417 009 268 685 82 748 19 487 37 389 8 700 2023 149 209 83 559 32 855 23 061 9 733 - The main portion of overdue receivables has been paid after balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-281": { "value": "
Impairment The Group assesses at the end of each reporting period the expected credit losses for a financial asset or a group of financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-329": { "value": "
Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
(NOK 1000) 2024 2023 Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Less: provision for impairment of trade receivables - - Current portion trade receivables 651 079 314 166 Prepayments 23 564 15 370 Other receivable 41 621 26 535 Current portion other receivables 65 184 41 904 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Total trade receivables 651 079 314 166 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of receivables in 2023. In 2024 there has been no losses, but there are made provisions for impairment of receivables for 4,2 MNOK. Trade receivables - Counterparty without external credit rating 2024 2023 Group 1 53 696 11 073 Group 2 354 760 138 136 Group 3 8 553 - Total trade receivables 417 009 149 209 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 13 190 45 043 EUR 24 506 18 331 USD 355 851 62 679 GBP 23 462 22 490 AUD - 666 Sum 417 009 149 209 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2024 417 009 268 685 82 748 19 487 37 389 8 700 2023 149 209 83 559 32 855 23 061 9 733 - The main portion of overdue receivables has been paid after balance sheet date.
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Trade receivables Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less provision for impairment.
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Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-283": { "value": "
Government grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the group will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the consolidated statement of comprehensive over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to property, plant and equipment are included in noncurrent liabilities as deferred government grants and are credited to the consolidated statement of comprehensive income on a straight- line basis over the expected lives of the related assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-330": { "value": "
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
Rating on banks for cash credit rating 2024 2023 AA+ 18 16 A+ 37 129 14 030 A- 240 876 422 365 BBB- 1 12 Total cash and cash equivalents 278 022 436 423
2024 2023 Cash and cash equivalents in NOK 116 024 99 698 Cash and cash equivalents in USD 112 000 210 112 Cash and cash equivalents in EUR 21 889 74 977 Cash and cash equivalents in GBP 17 723 42 358 Cash and cash equivalents in AUD 9 559 7 652 Cash and cash equivalents in SGD 827 1 624 Cash and cash equivalents in SEK - 1 Cash and cash equivalents, in total 278 022 436 423 The company also has restricted cash related to withheld tax of NOK 13.9 million in 2024 (2023: NOK 14.6 million). The Group has a bank overdraft agreement. As at 31.12.24 the Group had NOK 30 million in unused drawing rights. Note 17 - Cash and cash equivalents
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-284": { "value": "
Cash and cash equivalents Cash equivalents are ordinary bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn44": { "value": "
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Reach Subsea\u2019s share capital amounts to NOK 282,670,609 divided into 282,670,609 shares, each with a nominal value of NOK 1. During 2024 the company has had the following changes in share capital: Note 18 - Share capital and information about shareholders The 20 largest shareholders as of 31/12-2024 Number of shares Ownership in per cent 1. WILHELMSEN NEW ENERGY AS 52 136 636 18.4 % 2. NORTH INDUSTRIES 1 AS 50 832 449 18.0 % 3. SURVEY HOLDING AS 29 116 897 10.3 % 4. Citibank, N.A. 11 602 262 4.1 % 5. J.P. Morgan SE 8 111 614 2.9 % 6. HOLME HOLDING AS 6 044 500 2.1 % 7. JT INVEST AS 5 889 539 2.1 % 8. NORMAND DRIFT AS 5 000 000 1.8 % 9. Pershing LLC 3 940 843 1.4 % 10. LION INVEST AS 3 769 928 1.3 % 11. FJORD & ATOLL SOSYFR AS 3 654 482 1.3 % 12. RARA AS 3 654 482 1.3 % 13. Sbakkejord AS 3 654 482 1.3 % 14. CACEIS Bank 3 650 000 1.3 % 15. ALTEA AS 2 973 658 1.1 % 16. Danske Invest Norge Vekst 2 538 712 0.9 % 17. STAVA INVEST AS 2 193 426 0.8 % 18. BARRUS CAPITAL AS 2 110 090 0.7 % 19. RMS INVEST AS 2 000 000 0.7 % 20. JAKOB HATTELAND HOLDING AS 2 000 000 0.7 % Sum 20 largest 204 874 000 72.5 % The rest of shareholders 77 796 609 27.5 % Total number of shares 282 670 609 100.0 % Date Description Number of shares Nominal value Share capital 01/01/2024 Opening balance share capital 271 769 245 1,00 271 769 245 04/12/2024 Wilhelmsen New Energy exersise of warrants 9 886 364 1,00 281 655 609 10/12/2024 Employee share option program exercise 1 015 000 1,00 282 670 609 On 17 February 2022, Wilhelmsen New Energy AS, a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, agreed to subscribe for, and be allocated, 46,126,567 new shares in Reach Subsea ASA at a subscription price of NOK 3.25 per share. The agreement also included the issuance of warrants, whereby Wilhelmsen New Energy AS received the right to subscribe for and be allocated an additional 44,766,864 new shares in Reach Subsea ASA at a subscription price of NOK 4.00 per share. In the event of any distribution to the company's shareholders by way of dividend payment, share capital reduction or share premium fund reduction, the subscription price is adjusted correspondingly. The effect of such adjustments is that the number of warrants is adjusted so that the aggregate number of warrants gives a total consideration as close as possible to the total consideration for which the investor could acquire shares pursuant to the warrants prior to the relevant adjustment. The warrants have a duration of three years and can be exercised at any time. The private placement and the issuance of the warrants was approved on an extraordinary general meeting in Reach Subsea ASA, held on 15 March 2022. On 4 December 2024 Wilhelmsen New Energy AS exercised 9,886,364 out of its total warrants of 54,593,737. As of 31 December 2024 Wilhelmsen New Energy AS have a combined holding of shares and warrants of 96,844,009.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-332": { "value": "
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
Reach Subsea\u2019s share capital amounts to NOK 282,670,609 divided into 282,670,609 shares, each with a nominal value of NOK 1. During 2024 the company has had the following changes in share capital: Note 18 - Share capital and information about shareholders The 20 largest shareholders as of 31/12-2024 Number of shares Ownership in per cent 1. WILHELMSEN NEW ENERGY AS 52 136 636 18.4 % 2. NORTH INDUSTRIES 1 AS 50 832 449 18.0 % 3. SURVEY HOLDING AS 29 116 897 10.3 % 4. Citibank, N.A. 11 602 262 4.1 % 5. J.P. Morgan SE 8 111 614 2.9 % 6. HOLME HOLDING AS 6 044 500 2.1 % 7. JT INVEST AS 5 889 539 2.1 % 8. NORMAND DRIFT AS 5 000 000 1.8 % 9. Pershing LLC 3 940 843 1.4 % 10. LION INVEST AS 3 769 928 1.3 % 11. FJORD & ATOLL SOSYFR AS 3 654 482 1.3 % 12. RARA AS 3 654 482 1.3 % 13. Sbakkejord AS 3 654 482 1.3 % 14. CACEIS Bank 3 650 000 1.3 % 15. ALTEA AS 2 973 658 1.1 % 16. Danske Invest Norge Vekst 2 538 712 0.9 % 17. STAVA INVEST AS 2 193 426 0.8 % 18. BARRUS CAPITAL AS 2 110 090 0.7 % 19. RMS INVEST AS 2 000 000 0.7 % 20. JAKOB HATTELAND HOLDING AS 2 000 000 0.7 % Sum 20 largest 204 874 000 72.5 % The rest of shareholders 77 796 609 27.5 % Total number of shares 282 670 609 100.0 % Date Description Number of shares Nominal value Share capital 01/01/2024 Opening balance share capital 271 769 245 1,00 271 769 245 04/12/2024 Wilhelmsen New Energy exersise of warrants 9 886 364 1,00 281 655 609 10/12/2024 Employee share option program exercise 1 015 000 1,00 282 670 609 On 17 February 2022, Wilhelmsen New Energy AS, a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, agreed to subscribe for, and be allocated, 46,126,567 new shares in Reach Subsea ASA at a subscription price of NOK 3.25 per share. The agreement also included the issuance of warrants, whereby Wilhelmsen New Energy AS received the right to subscribe for and be allocated an additional 44,766,864 new shares in Reach Subsea ASA at a subscription price of NOK 4.00 per share. In the event of any distribution to the company's shareholders by way of dividend payment, share capital reduction or share premium fund reduction, the subscription price is adjusted correspondingly. The effect of such adjustments is that the number of warrants is adjusted so that the aggregate number of warrants gives a total consideration as close as possible to the total consideration for which the investor could acquire shares pursuant to the warrants prior to the relevant adjustment. The warrants have a duration of three years and can be exercised at any time. The private placement and the issuance of the warrants was approved on an extraordinary general meeting in Reach Subsea ASA, held on 15 March 2022. On 4 December 2024 Wilhelmsen New Energy AS exercised 9,886,364 out of its total warrants of 54,593,737. As of 31 December 2024 Wilhelmsen New Energy AS have a combined holding of shares and warrants of 96,844,009.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-285": { "value": "
Share capital Ordinary shares are classified as equity. Incremental cost directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn23": { "value": "
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-286": { "value": "
Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-320": { "value": "
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
(NOK 1000) 2024 2023 Taxes Taxes payable 70 061 42 261 Changes in deferred taxes (45 487) 21 482 Taxes in total 24 575 63 743 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (19 083) (3 135) Financial leases 30 648 17 415 Fixed-price contracts - - Inventories (934) (934) Accruals (35 117) (18 376) Right-of-use assets (142 657) (29 172) Intangible assets 58 642 74 775 Tax loss carried forward Norway - 0 Tax loss carried forward outside of Norway (67 650) (64 338) Temporary differences, in total (176 151) (23 765) Deferred tax assets (34 920) (799) Not recognized deferred tax assets - (11 366) Deferred tax (assets) in balance sheet (34 920) 10 567 Note 10 - Taxes
Reconciliation from nominal to actual tax rate 31.12.2024 31.12.2023 Profit & loss before taxes 230 009 289 534 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 50 602 63 698 Actual tax cost 24 575 63 743 Deviation (26 027) 46 Tax effects of: Permanent differences 14 716 104 Effect of tax rates outside Norway different from 22% (55) (270) Changes in deferred tax assets, not recognized - 120 Changes in deferred tax assets, previously not recognized 11 366 Explanation 26 027 (46) Effective tax rate 11 % 22 % Payable taxes in the balance sheet Payable taxes in the tax charge (63 750) (37 138) Advances paid on tax charge 11 407 1 056 Tax payable previous years (620) - Tax payable from business combinations (note 27) - (4 944) Payable taxes in the balance sheet (52 963) (41 026) All companies are subject to ordinary taxation, except Reach Subsea Shipping AS which is taxed in the tonnage tax regime.
In November 2023 Reach Subsea acquired Guardian Geomatics. The transaction was completed in November 2023. Deferred tax assets incorporated at closing was NOK 0 million while deferred tax related to excess values was estimated to NOK 14.0 million. Net deferred tax related to the acquisition was NOK 14.0 million and was recognized in the balance sheet as per end December 2023. Refer to note 27 for further details. Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-287": { "value": "
Taxes The tax expense in the period comprises current tax and changes in deferred taxes. Tax expense is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items that are recognized in other comprehensive income, or directly in equity. In such cases the relating tax expense is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company and its subsidiaries operate and generate taxable income.
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-318": { "value": "
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
(NOK 1000) 2024 2023 Taxes Taxes payable 70 061 42 261 Changes in deferred taxes (45 487) 21 482 Taxes in total 24 575 63 743 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (19 083) (3 135) Financial leases 30 648 17 415 Fixed-price contracts - - Inventories (934) (934) Accruals (35 117) (18 376) Right-of-use assets (142 657) (29 172) Intangible assets 58 642 74 775 Tax loss carried forward Norway - 0 Tax loss carried forward outside of Norway (67 650) (64 338) Temporary differences, in total (176 151) (23 765) Deferred tax assets (34 920) (799) Not recognized deferred tax assets - (11 366) Deferred tax (assets) in balance sheet (34 920) 10 567 Note 10 - Taxes
Reconciliation from nominal to actual tax rate 31.12.2024 31.12.2023 Profit & loss before taxes 230 009 289 534 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 50 602 63 698 Actual tax cost 24 575 63 743 Deviation (26 027) 46 Tax effects of: Permanent differences 14 716 104 Effect of tax rates outside Norway different from 22% (55) (270) Changes in deferred tax assets, not recognized - 120 Changes in deferred tax assets, previously not recognized 11 366 Explanation 26 027 (46) Effective tax rate 11 % 22 % Payable taxes in the balance sheet Payable taxes in the tax charge (63 750) (37 138) Advances paid on tax charge 11 407 1 056 Tax payable previous years (620) - Tax payable from business combinations (note 27) - (4 944) Payable taxes in the balance sheet (52 963) (41 026) All companies are subject to ordinary taxation, except Reach Subsea Shipping AS which is taxed in the tonnage tax regime.
In November 2023 Reach Subsea acquired Guardian Geomatics. The transaction was completed in November 2023. Deferred tax assets incorporated at closing was NOK 0 million while deferred tax related to excess values was estimated to NOK 14.0 million. Net deferred tax related to the acquisition was NOK 14.0 million and was recognized in the balance sheet as per end December 2023. Refer to note 27 for further details. Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-288": { "value": "
Deferred income tax is recognized, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn28": { "value": "
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-339": { "value": "
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
(NOK 1000) 2024 2023 Non current Bank borrowings 67 538 24 623 Lease liabilities to credit institutions (IFRS 16) 54 055 32 795 Other lease liabilities ( IFRS 16) 621 185 805 931 Total 742 780 863 350 Current Bank borrowings 14 156 5 817 Lease liabilities to credit institutions (IFRS 16) 8 840 4 358 Other lease liabilities ( IFRS 16) 791 086 386 036 Total 814 082 396 211 Total borrowings 1 556 861 1 259 561 Note 22 - Borrowings
Bank borrowings mature in the range of 2024-2033 and bear average coupons of 8.5 % annually.
The bank borrowings are subject to industry relevant covenants. Due to changes in equity and the financing of ongoing capex-projects the existing covenants were updated in 2023. The financial covenants are as follows: \u2022 Minimum liquidity: Cash and cash equivalents, including any undrawn and available part of the overdraft facility with SR-Bank, shall at all times to be minimum NOK 40 million. \u2022 Debt service Coverage Ratio: The ratio of last 12 months\u2019 (LTM) EBITDA to the next 12 months\u2019 total estimated interest and instalments on Interest Bearing Debt (excl IFRS16 instalments/ incl. lease liabilities to credit institutions) shall at all times be minimum 2.00. \u2022 Booked Equity shall be minimum NOK 500 million and Booked Equity Ratio shall be minimum 25 %. As of 31 December 2024 the liquidity position (ex. overdraft facility) is 278,0 million, the Debt service Coverage Ratio is 5.7, and Booked equity NOK 1 092 million/34 %. All financial covenants are well within the thresholds mentioned above. Please note that some of the financial covenants in the groups debt facilities exclude the effects from IFRS 16, and therefore can not be directly derived from the groups financial statements.
Total borrowings to bank and financial institutions includes secured liabilities (bank and collateralised borrowings) of NOK 81.7 million (2023: NOK 30.4 million). Bank borrowings are secured by equipment and receivables of the group.
Carrying amount Fair value (NOK 1000) 2024 2023 2024 2023 Bank borrowings 81 695 30 440 81 695 30 440 Lease liabilities to credit institutions (IFRS 16) 62 895 37 153 62 895 37 153 Other lease liabilities ( IFRS 16) 1 412 271 1 191 967 1 412 271 1 191 967 Total 1 556 861 1 259 560 1 556 861 1 259 560
(NOK 1000) 2024 2023 Gross lease liabilities - minimum lease payments No later than 1 year 8 840 4 358 Later than 1 year and no later than 5 years 54 055 32 795 Later than 5 years - - Total instalments on lease liabilities 62 895 37 153 Future finance charges on finance lease liabilities 15 331 10 751 Total instalments and finance charges on lease liabilities 78 226 47 904 Refer to note 14 Property, plant and equipment for secured assets. For other lease liabilities under IFRS 16 see note 24.
Note 22 - Borrowings - continued
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate of 8.5 % and are within level 3 of the fair value hierarchy. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
Lease liabilities to credit institutions Lease liabilities are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
The carrying amounts and fair value of the interest-bearing debts are as follows:
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-289": { "value": "
Borrowings Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of comprehensive income over the period of the borrowings using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-333": { "value": "
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
Note 19 - Share based payments Stock option program 1 In 2021 the Board of directors of Reach Subsea ASA approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme was finalised with a signed agreement between the company and Management and certain key employees 15.12.2021. Management and certain key employees of the Reach Subsea-group was granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price. The strike price was set equal to the volume weighted average share price of the Company\u00b4s stock traded on the Oslo Stock Exchange 10 days prior to the finalization of the option scheme. The options have been vested with 1/3 each year, over a period of three years until 31.12.2024. The options were non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan constitued a maximum of 3.000.000 options equivalent to a similar number of Reach Subsea ASA shares. The fair value at grant date was determined using a Black Scholes Model. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 3.0 Share price at grant date: NOK 3.0 Expected volatility: 56.14 % Risk free interest rate: 1.092 % Term of options: 3 years As of 31 December 2024 the stock option program is expired. During the 2024 the company has recognised NOK 1.3 million in cost related to the options (including social security tax). Stock option program 2 In 2024 the Board of Directors of Reach Subsea ASA decided to establish a long-term incentive program for senior executives and key personnel in accordance with the Group's Remuneration Guidelines. The incentive program encompasses up to 15,000,000 new share options. Under the incentive program, participants will receive share options, which, if certain predefined performance criteria are met within a performance period, can be exercised by paying the predefined strike price. The strike price is set as the nominal value, NOK 1.00. One share option gives a contingent entitlement to one share after paying the strike price. Participants in the incentive program can elect to have up to 50% of their options settled in cash to finance any potential tax expenses. 50% of the options issued will vest after 3 years given a share price above NOK 9.00. 50% of the options issued will vest after 5 years given a share price above NOK 12.00. The share price hurdles of NOK 9.00 and NOK 12.00 are subject to adjustments for dividends paid during the vesting period. The options have an exercise period of 6 months after vesting date. Agreed performance period started 15 April 2024. The fair value at grant date was determined using the Monte Carlo valuation method. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 1.0 Share price at grant date: NOK 5.96 Expected volatility: 40.14 % Risk free interest rate: 3.172 % Total grant date value: NOK 55 million As of 31 December 2024 the stock option program is active. During 2024 the company has recognised NOK 7.1 million in cost related to the options (including social security tax). During 2024 the company has had two active stock option progammes. Stock option program 1 expired in December 2024, see below for further details. Stock option program 2 was established in 2024 and is active as of 31 December 2024, see below for further information.
(NOK 1000) 2024 2023 Stock option program 1 686 880 Stock option program 2 5 822 - Bad leaver clause Guardian Geomatics 14 616 2 018 Total 21 124 2 897 2024 2023 Average exercise price per share option Number of options Average exercise price per share option Number of options At 1 January 2.64 975 000 2.82 2 000 000 Granted share option program 1 2.64 150 000 - - Granted share option program 2 1.00 12 840 000 - - Forfeited - - Exercised* 2.28 1 125 000 2.64 850 000 Expired - - - 175 000 At 31 December 1.00 12 840 000 2.64 975 000 *The initial exercise price of 3.0 were adjusted for dividends paid in 2022, 2023 and 2024, making the actual exercise price 2.64 in 2023 and 2.28 in 2024. Participants in the incentive program may elect to have up to 50% of their options settled in cash to finance any potential tax expenses. Out of the exercised 1,125,000 options in 2024, 1,015,000 was setled in shares, while the remaining 110,000 options was settled in cash. The group has recognised NOK 8.4 million (including social security tax) in cost related to the options in 2024 (2023: NOK 1.1 million). Other share based payments In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"Guardian Geomatics\". The agreement with the sellers included a bad leaver clause for certain key personell within Guardian Geomatics. The clause was related to the consideration shares and is threated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35% (5 years). Refer to note 27 for further information regarding the transaction. The group has recognised NOK 14.6 million in cost related to the bad leaver clause in 2024 (2023: NOK 2 million). Summary of IFRS 2 share-based payments and effect on equity Movements in the number of share options and their related weighted average exercise prices were as follows: Note 19 - Share based payments
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-290": { "value": "
Share-based payments The group has an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the group. The fair value of the employee services received in exchange for the grant of the options is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted: \u2022 including any market performance conditions (for example, an entity\u2019s share price); \u2022 excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and remaining an employee of the entity over a specified time period); and \u2022 including the impact of any non-vesting conditions (for example, the requirement for employees to save). Non-market performance and service conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the group revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions. It recognizes the impact of the revision to original estimates, if any, in the consolidated statement of comprehensive income, with a corresponding adjustment to equity. When the options are exercised, the company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. The grant by the company of options over its equity instruments to the employees of subsidiary undertakings in the group is treated as a capital contribution. The fair value of employee services received, measured by reference to the grant date fair value, is recognized over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity in the parent entity accounts. The social security contributions payable in connection with the grant of the share options is considered an integral part of the grant itself, and the charge will be treated as a cash-settled transaction.
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Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using
a straight-line basis over the term of the contract
Assets and liabilities related to contracts with customers
The Group do not have any contract asset or liabilities per 31.12.202
Note 25 - Contract with customers Revenue by country (NOK 100) 2024 2023 Norway 841 035 412 117 UK 607 487 225 181 US 497 248 33 636 Australia 150 576 29 002 Brazil 147 748 244 141 SaudiArabia 108 240 56 Germany 106 546 27 744 Netherlands 87 213 309 070 France 66 460 127 595 Italy 52 763 - Malaysia 16 971 - Sweden 13 948 3 446 Taiwan(ProvinceofChina) 10 594 - Denmark 9 119 1 001 Bangladesh 951 - IvoryCoast 90 440 748 Greece 34 5 342 Singapore - 53 890 Egypt - 31 483 Finland - 22 030 TrinidadogTobago - 95 Malta - 7 Total 2 717 024 1 966 584 2024 2023 Contract with customers: Oil & Gas Renewable/ other Total Oil & Gas Renewable/ other Total Revenue from contracts with customers 1 774 661 942 363 2 717 024 1 248 277 633 588 1 881 865 Revenue from other contracts - - - 84 719 - 84 719 Segment revenue 1 774 661 942 363 2 717 024 1 332 996 633 588 1 966 584 Timing of revenue recognition At a point in time - - - - - - Over time 1 774 661 942 363 2 717 024 1 332 996 633 588 1 966 584 Sum 1 774 661 942 363 2 717 024 1 332 996 633 588 1 966 584 The Groups revenue comprises of revenue recognized from contract with customers for the provision of subsea services. Reach Subsea has assessed its contracts with customers and concluded that these fall under the definition of customer contracts in IFRS 15.
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Recognition of revenue General Revenue from sale of services is recognized in accordance with IFRS 15. Revenues are shown net of value added tax and discounts. Sales of services The Group revenue comprises revenue recognized from contracts with customers for the provision of subsea services. Although scope of work varies from project to project, there are similarities in all projects, such as mobilisation and demobilisation of vessel, vessel hire, ROV crewing etc. These elements are highly related and comprise an integrated service negotiated with the customer. As such, all elements within a contract is normally considered to be one single performance obligation. Reach Subsea reviews all customer contracts to assess if there are elements that may indicate several performance obligations within one contract. Such elements may be use of several vessel spreads or project phases requiring separate mobilisation of vessels. For sales of services under fixed rate contracts, revenue is recognized in the accounting period in which the services are rendered, by reference to stage of completion of the specific transaction and assessed on the basis of the actual service provided as a proportion of the total services to be provided. For other services, revenue is recognized based on the agreed rate as the services are rendered. The transaction price for day- rate contracts is determined by the expected value approach being the number of scheduled days multiplied with dayrate. Where the contracts include multiple performance obligations, the transaction price is allocated to each performance obligation based on the stand-alone selling prices. For contracts with pricing elements that need to be estimated, revenue is recognised at best estimate only when it is highly probable that its inclusion will not result in a significant revenue reversal in the future when the uncertainty has been subsequently resolved. Revenue is recognized as control is passed, either over time or at a point in time. Control of an asset is defined as the ability to direct the use of and obtain substantially all of the remaining benefits from the asset. This includes the ability to prevent others from directing the use of and obtaining the benefits from the asset. The benefits related to the asset are the potential cash flows that may be obtained directly or indirectly. Reach Subsea has concluded that customers receive benefits from the subsea services as they are performed, and therefore recognize revenue over the time the subsea service is provided. Incremental costs of obtaining a contract is recognized as an asset if we expect to recover these costs. However, incremental costs are limited to the costs that would not have incurred if the contract had not been successfully obtained. Revenue from leases Revenue from time-charter leases is recognized using
a straight-line basis over the term of the contract
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Cash flow statement The cash flow statement is prepared according to the indirect method.
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Cash flow statement The cash flow statement is prepared according to the indirect method.
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Note 3 \u2013 Financial Risk Management 3.1 Financial Risk Factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk, and price risk), credit risk, and liquidity risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group\u2019s financial performance. Risk management for the Group is carried out by Management. Management identifies, evaluates, and hedges financial risks in close cooperation with the operating units within the Group. The Board approves the principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments, and investment of excess liquidity.
3.1.1 Market Risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to NOK, USD, GBP, and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long-term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2024 Increase 5 % (948 187) Decrease 5 % 948 187 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 Inc/dec EUR Effect on profit before tax 2024 Increase 5 % (3 606 594) Decrease 5 % 3 606 594 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) Inc/dec GBP Effect on profit before tax 2024 Increase 5 % 4 907 349 Decrease 5 % (4 907 349) 2023 Increase 5 % 2 089 556 Decrease 5 % (2 089 556)
3.1.1 Market Risk - continued Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for vessels, ROVs and other offshore equipments are sensitive to changes in the offshore energy industry, for example, oil price developments, fluctuation in production levels, exploration results, and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by focusing on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength, and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluates the need for hedging activities, and considers commodity prices in our tender process.
3.1.2 Credit Risk Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, as well as credit exposures to customers. The Group has no significant concentration of credit risk toward single financial institutions and has policies that limit the amount of credit exposure to any single financial institution. Credit exposures to customers arise when entering medium- or short-term contracts and are managed by performing a financial risk evaluation in the tendering process. The level of financial risk analysis performed in each case depends on the nature of the contract (including volume). Where the financial risk is substantial, bank guarantees are requested.
3.1.3 Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and the financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group has an overdraft facility, securing access to NOK 30 million in excess funds with yearly renewal. Extensions will be considered based on liquidity position and needs at the expiry date. As the Group\u2019s business is capital-intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement and bank overdraft agreement include terms, conditions, and covenants. The Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
3.1.4 Cash Flow and Fair Value Interest Rate Risk The Group\u2019s interest rate risk arises from bank deposits held at floating rates, and the possible impact on the financial statement is estimated to be immaterial.
3.1.5 Capital Management The Group\u2019s objectives when managing capital are to \u2022 Safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 Maintain an optimal capital structure to reduce the cost of capital. The Group has defined KPI levels for equity, liquidity, and earnings. The KPIs are consistent with loan covenants and are being reported on a monthly basis as well as in budgets/ forecasts. The development of the KPIs is being monitored closely. Breach of covenants requests a waiver from the bank (measured quarterly) to avoid a formal breach of the loan agreement. If a breach of one or more KPIs is discovered in the forecast, the Board will consider taking actions such as provisioning capital from existing and/or new owners. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
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3.1.1 Market Risk Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to NOK, USD, GBP, and EUR. Foreign exchange risk arises from future commercial transactions and recognized assets or liabilities. Potential currency fluctuations are considered during the tendering phase. Long-term contracts in a foreign currency will be considered hedged to be consistent with the currency of costs. Foreign exchange risk arises when future commercial transactions or recognized assets or liabilities are denominated in a currency that is not an entity\u2019s functional currency. The Group aims at achieving a natural hedge between cash inflows and cash outflows and manages remaining foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, by forward contracts and similar instruments as appropriate. The Group\u2019s risk management policy is to continuously review its exposure against foreign exchange risk and consider the need for hedging activities on transactions in each major currency.
The following table demonstrates the sensitivity to a reasonably possible change in USD, GBP, and EUR, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities. Inc/dec USD Effect on profit before tax 2024 Increase 5 % (948 187) Decrease 5 % 948 187 2023 Increase 5 % (17 971 438) Decrease 5 % 17 971 438 Inc/dec EUR Effect on profit before tax 2024 Increase 5 % (3 606 594) Decrease 5 % 3 606 594 2023 Increase 5 % 4 260 713 Decrease 5 % (4 260 713) Inc/dec GBP Effect on profit before tax 2024 Increase 5 % 4 907 349 Decrease 5 % (4 907 349) 2023 Increase 5 % 2 089 556 Decrease 5 % (2 089 556)
3.1.1 Market Risk - continued Price risk The Group is exposed to commodity price risk at two main levels: \u2022 The demand for vessels, ROVs and other offshore equipments are sensitive to changes in the offshore energy industry, for example, oil price developments, fluctuation in production levels, exploration results, and general activity levels. Market fluctuations may affect asset utilization and earnings. \u2022 The cost of construction of future units is sensitive to changes in market prices of the input factors. The risks are managed by focusing on targeting moderate risk contracts, signing contracts with suppliers with the necessary financial strength, and using our expertise to complete projects in accordance with agreements. The Group also monitors commodity prices, evaluates the need for hedging activities, and considers commodity prices in our tender process.
3.1.4 Cash Flow and Fair Value Interest Rate Risk The Group\u2019s interest rate risk arises from bank deposits held at floating rates, and the possible impact on the financial statement is estimated to be immaterial.
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3.1.3 Liquidity Risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities, and the ability to close out market positions. The Group aims to maintain flexibility in its liquidity by keeping committed credit lines available. The need for working capital is continuously being considered based on payment terms and the financial status of clients and the Group\u2019s firm expenses (including loan instalments and interest). Refer to note 21 for maturity analyses. The Group has an overdraft facility, securing access to NOK 30 million in excess funds with yearly renewal. Extensions will be considered based on liquidity position and needs at the expiry date. As the Group\u2019s business is capital-intensive, the Group may need to raise additional funds in the future to execute the Group\u2019s strategies. The Group\u2019s loan agreement and bank overdraft agreement include terms, conditions, and covenants. The Group monitors its future liquidity positions on an ongoing basis, with monthly reports on cash flow forecasts and covenants.
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3.1.5 Capital Management The Group\u2019s objectives when managing capital are to \u2022 Safeguard their ability to continue as a going concern so that they can continue to provide returns for shareholders and benefits for other stakeholders, and \u2022 Maintain an optimal capital structure to reduce the cost of capital. The Group has defined KPI levels for equity, liquidity, and earnings. The KPIs are consistent with loan covenants and are being reported on a monthly basis as well as in budgets/ forecasts. The development of the KPIs is being monitored closely. Breach of covenants requests a waiver from the bank (measured quarterly) to avoid a formal breach of the loan agreement. If a breach of one or more KPIs is discovered in the forecast, the Board will consider taking actions such as provisioning capital from existing and/or new owners. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
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Note 4 \u2013 Accounting Estimates and Judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances .
4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
A sensitivity analysis have been made stand alone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect:
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significant costs increased. The company maintain insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers. A more detailed disclosure of the company's climate-related risks can also be found in the company's sustainability report, Chapter ESRS E1 Climate Change, page 61.
Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % - 20 % - 30 % 10 981
Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low-carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil&Gas segment in the long-term is uncertain due to the global clean energy transition. The groups assessment is that risk of reduced demand for services within Oil&Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2024-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil&Gas are as follows:
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2024. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 177 466 23 715 20 % 354 932 47 430 30 % 532 398 71 145
Impairment Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2024 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2024 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in estimated future revenue will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. See note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in revenue for all ROV CGU's will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Sensitivity on total fixed assets: Note 14 - Property, plant & equipment - continued Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % - 30 % 13 657
Note 19 - Share based payments Stock option program 1 In 2021 the Board of directors of Reach Subsea ASA approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme was finalised with a signed agreement between the company and Management and certain key employees 15.12.2021. Management and certain key employees of the Reach Subsea-group was granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price. The strike price was set equal to the volume weighted average share price of the Company\u00b4s stock traded on the Oslo Stock Exchange 10 days prior to the finalization of the option scheme. The options have been vested with 1/3 each year, over a period of three years until 31.12.2024. The options were non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan constitued a maximum of 3.000.000 options equivalent to a similar number of Reach Subsea ASA shares. The fair value at grant date was determined using a Black Scholes Model. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 3.0 Share price at grant date: NOK 3.0 Expected volatility: 56.14 % Risk free interest rate: 1.092 % Term of options: 3 years As of 31 December 2024 the stock option program is expired. During the 2024 the company has recognised NOK 1.3 million in cost related to the options (including social security tax). Stock option program 2 In 2024 the Board of Directors of Reach Subsea ASA decided to establish a long-term incentive program for senior executives and key personnel in accordance with the Group's Remuneration Guidelines. The incentive program encompasses up to 15,000,000 new share options. Under the incentive program, participants will receive share options, which, if certain predefined performance criteria are met within a performance period, can be exercised by paying the predefined strike price. The strike price is set as the nominal value, NOK 1.00. One share option gives a contingent entitlement to one share after paying the strike price. Participants in the incentive program can elect to have up to 50% of their options settled in cash to finance any potential tax expenses. 50% of the options issued will vest after 3 years given a share price above NOK 9.00. 50% of the options issued will vest after 5 years given a share price above NOK 12.00. The share price hurdles of NOK 9.00 and NOK 12.00 are subject to adjustments for dividends paid during the vesting period. The options have an exercise period of 6 months after vesting date. Agreed performance period started 15 April 2024. The fair value at grant date was determined using the Monte Carlo valuation method. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 1.0 Share price at grant date: NOK 5.96 Expected volatility: 40.14 % Risk free interest rate: 3.172 % Total grant date value: NOK 55 million As of 31 December 2024 the stock option program is active. During 2024 the company has recognised NOK 7.1 million in cost related to the options (including social security tax). During 2024 the company has had two active stock option progammes. Stock option program 1 expired in December 2024, see below for further details. Stock option program 2 was established in 2024 and is active as of 31 December 2024, see below for further information.
(NOK 1000) 2024 2023 Stock option program 1 686 880 Stock option program 2 5 822 - Bad leaver clause Guardian Geomatics 14 616 2 018 Total 21 124 2 897 2024 2023 Average exercise price per share option Number of options Average exercise price per share option Number of options At 1 January 2.64 975 000 2.82 2 000 000 Granted share option program 1 2.64 150 000 - - Granted share option program 2 1.00 12 840 000 - - Forfeited - - Exercised* 2.28 1 125 000 2.64 850 000 Expired - - - 175 000 At 31 December 1.00 12 840 000 2.64 975 000 *The initial exercise price of 3.0 were adjusted for dividends paid in 2022, 2023 and 2024, making the actual exercise price 2.64 in 2023 and 2.28 in 2024. Participants in the incentive program may elect to have up to 50% of their options settled in cash to finance any potential tax expenses. Out of the exercised 1,125,000 options in 2024, 1,015,000 was setled in shares, while the remaining 110,000 options was settled in cash. The group has recognised NOK 8.4 million (including social security tax) in cost related to the options in 2024 (2023: NOK 1.1 million). Other share based payments In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"Guardian Geomatics\". The agreement with the sellers included a bad leaver clause for certain key personell within Guardian Geomatics. The clause was related to the consideration shares and is threated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35% (5 years). Refer to note 27 for further information regarding the transaction. The group has recognised NOK 14.6 million in cost related to the bad leaver clause in 2024 (2023: NOK 2 million). Summary of IFRS 2 share-based payments and effect on equity Movements in the number of share options and their related weighted average exercise prices were as follows: Note 19 - Share based payments
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Note 4 \u2013 Accounting Estimates and Judgments Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are assumed to be reasonable under current circumstances .
4.1 Critical Accounting Estimates and Assumptions The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.
Impairment of property, plant and equipment A review for indicators of impairment is performed at each reporting date. If there are indicators of impairment, a review for impairment is carried out by management. To determine an assets recoverable amount a value-in-use method is used, where management uses judgement in estimating future asset utilisation, cash flow and discount rate. To assess impairment of property, plant and equipment, management also use judgement to group assets at the lowest levels for which there are separately identifiable cash flows (Cash Generating Units, \u201cCGU\u2019s\u201d). Management has determined that each ROV and associated ROV equipment is considered as separate GCU\u2019s. For right-of-use assets under IFRS 16, each vessel is considered as a separate CGU.
Assessment of leases under IFRS 16 The application of IFRS 16 requires significant judgements and certain key estimations. Critical judgements required in application of IFRS 16 may include, among others, the following: \u2022 Identifying whether a contract includes a lease \u2022 Determination of whether variable payments are in substance fixed \u2022 Determining whether there are multiple leases in an arrangement
Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above.
Income taxes Judgment is required in determining the provision for income taxes, and the recognition of deferred tax assets. During the ordinary course of business, transactions and calculations occur for which the ultimate tax effect is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The accounting for deferred income tax asset relies upon management\u2019s judgment of the Group\u2019s ability to generate future positive taxable income in each respective jurisdiction.
Business combinations The acquisitions require the use of substantial judgement when assessing the fair value of net identifiable assets and liabilities in a business combination. Allocation of excess value relating to any business combinations is, amongst other, based on expected cash flows and results for certain items of the acquired assets. Refer to note 27 for further information.
A sensitivity analysis have been made stand alone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect:
Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet.
Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significant costs increased. The company maintain insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers. A more detailed disclosure of the company's climate-related risks can also be found in the company's sustainability report, Chapter ESRS E1 Climate Change, page 61.
Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % - 20 % - 30 % 10 981
Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low-carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil&Gas segment in the long-term is uncertain due to the global clean energy transition. The groups assessment is that risk of reduced demand for services within Oil&Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2024-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil&Gas are as follows:
Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2024. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low.
Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 177 466 23 715 20 % 354 932 47 430 30 % 532 398 71 145
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Key sources of estimation uncertainty in the application of IFRS 16 may include, among others, the following: \u2022 Estimation of lease term \u2022 Estimation of lease payments when the contract includes options to extent the lease period \u2022 Determination of the appropriate rate to discount the lease payments \u2022 Assessment of whether a right of use asset is impaired Management uses judgement in evaluating each contract. At each balance sheet date management also assess if there are any impairment indicators for the right-of- use assets. For impairment see section above. A sensitivity analysis have been made stand alone for the assets and that there is no alternative use for the assets if there was a decrease in the demand. The possible impact on impairment charges as a result of a decrease in demand for our services within Oil&Gas would have this impairment-effect: Financing and capital Reach Subseas future development and investments depend on multiple sources, including operational cash flow, capital, and borrowings. Increased concern over climate change could lead to increased cost of capital. To mitigate such risk, the group works closely with financial institutions and investors and continuously evaluates its investment strategy to optimize a strong balance sheet. Risks related to the physical impacts of climate change Reach Subsea is exposed to changing weather conditions caused by climate change as a result of its operation activities offshore. Impact of severe climate change could cause damage to assets, disrupt operational activities and result in significant costs increased. The company maintain insurance to protect its physical assets and also manage the risk of lost revenue due to weather conditions through its contracts with customers. A more detailed disclosure of the company's climate-related risks can also be found in the company's sustainability report, Chapter ESRS E1 Climate Change, page 61. Decline in demand for services related to Oil & Gas Impairment charge (NOK 1000) 10 % - 20 % - 30 % 10 981 Note 13 - Climate Risk Climate-related risks to Reach Subsea include market effects from changing demand for oil and gas (implying lower demand for our services in this segment), evolving laws and regulations, stricter climate policies, disruptive technology, as well as physical effects of climate change and reputational effects. Reach Subsea assesses climate transition risks into two major categories: (1) risks related to the transition to a low-carbon economy and (2) risks related to the physical impacts of climate change. Risks related to the transition to a low-carbon economy Demand Demand for our services within the Oil&Gas segment in the long-term is uncertain due to the global clean energy transition. The groups assessment is that risk of reduced demand for services within Oil&Gas is partly mitigated by correspondingly increased demand for our services within the renewable segment. The groups primary revenue stream is owning, leasing and operating vessels and ROVs. Based on the 2024-levels of revenue and distribution between different segments, the estimated effect of decrease in demand for services within Oil&Gas are as follows: Impairment/stranded assets Reduced demand for services within the Oil&Gas segment in the long term could prompt the groups assets (both own assets and the Right-of-use assets) to become stranded. An assessment has been made as to whether the Group has assets that are exposed to significant environmental risk or climate risk (\u2018stranded assets\u2019). The Group has not identified any stranded assets at 31 December 2024. The company\u2019s assets are depreciated over a lifetime of maximum 8 years, and the groups assessment is that the risk of assets being stranded or subject to material impairments within its initial lifetime due to climate risk is low. Decline in demand for services related to Oil & Gas Decrease in total revenue (NOK 1000) Decrease in operating result (NOK 1000) 10 % 177 466 23 715 20 % 354 932 47 430 30 % 532 398 71 145 ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-302": { "value": "
(NOK 1000) 2024 2023 Project cost 249 983 142 400 Fuel 110 568 75 885 Victualling 53 677 48 642 Rental offshore equipment 152 416 102 277 Hire offshore personnel 173 117 133 389 Other procurements 16 839 1 167 Procurement expenses, in total 756 600 503 760
(NOK 1000) 2024 2023 Notes Rental cost 25 178 16 346 23 Consultant cost 25 584 31 583 Operating equipment and maintenance 96 486 58 940 Administration costs 144 643 81 689 Other operating costs, in total 291 890 188 558
Note 6 - Procurement Expenses Specified
Note 7 - Other Operating Costs Specified
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(NOK 1000) 2024 2023 Project cost 249 983 142 400 Fuel 110 568 75 885 Victualling 53 677 48 642 Rental offshore equipment 152 416 102 277 Hire offshore personnel 173 117 133 389 Other procurements 16 839 1 167 Procurement expenses, in total 756 600 503 760
Note 6 - Procurement Expenses Specified
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(NOK 1000) 2024 2023 Notes Rental cost 25 178 16 346 23 Consultant cost 25 584 31 583 Operating equipment and maintenance 96 486 58 940 Administration costs 144 643 81 689 Other operating costs, in total 291 890 188 558
Note 7 - Other Operating Costs Specified
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(NOK 1000) 2024 2023 Notes Rental cost 25 178 16 346 23 Consultant cost 25 584 31 583 Operating equipment and maintenance 96 486 58 940 Administration costs 144 643 81 689 Other operating costs, in total 291 890 188 558
Note 7 - Other Operating Costs Specified
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(NOK 1000) 2024 2023 Notes Rental cost 25 178 16 346 23 Consultant cost 25 584 31 583 Operating equipment and maintenance 96 486 58 940 Administration costs 144 643 81 689 Other operating costs, in total 291 890 188 558
Note 7 - Other Operating Costs Specified
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(NOK 1000) 2024 2023 Notes Rental cost 25 178 16 346 23 Consultant cost 25 584 31 583 Operating equipment and maintenance 96 486 58 940 Administration costs 144 643 81 689 Other operating costs, in total 291 890 188 558
Note 7 - Other Operating Costs Specified
Compensation to CEO, CFO, CCO, CTO and COO (NOK 1000) Salary Pension costs Other comp. Share options vested during the year Remaining Share options to be vested/ 2024 Jostein Alendal, Managing Director CEO 2 385 105 703 150 1 800 Birgitte W. Johansen, CFO 2 385 116 703 150 1 800 B\u00e5rd Thuen H\u00f8gheim, CCO 2 407 98 737 150 1 800 Audun Brandtz\u00e6g, CTO 2 478 103 703 150 1 800 Inge Grutle, COO 2 385 99 818 150 1 800 Total 12 039 521 3 663 750 9 000 2023 Jostein Alendal, Managing Director CEO 2 189 99 809 150 150 Birgitte W. Johansen, CFO 2 177 109 842 150 150 B\u00e5rd Thuen H\u00f8gheim, CCO 2 366 93 809 150 150 Audun Brandtz\u00e6g, CTO 2 028 89 579 - - Inge Grutle, COO 2 177 93 809 150 150 Total 10 937 483 3 849 600 600 Audun Brandtz\u00e6g started in his position 1 February 2023. Other comp consists of bonuses, reported gains on exercised options, and other benefits. Refer to note 19 for further information regarding share based payments. Managing director has no agreement regarding early retirement. Managing director will receive NOK 2.5 million in payment if employment is terminated. CFO has no agreement regarding early retirement and no agreement on payment in case of termination of employment. Wages and social costs (NOK 1000) 2024 2023 Salaries and wages including holiday allowance 426 126 308 639 Social security tax 56 721 43 412 Pensions 18 533 13 160 Other benefits 19 629 11 292 Option cost 22 114 2 897 Salaries transferred to CAPEX-projects (43 811) (30 607) Wages and social costs, in total 499 313 348 794 Number of man-years 395 333 The company has a defined contribution plan that complies with the requirements of the Mandatory Occupational Pension Act. Total cost during the year is as specified above. For further information related to share based compensation, see note 19 . Compensation and benefits to Management
Guidelines for remuneration The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 28 May 2025. In addition to detailed information on paid and pending remuneration to directors for the 2024 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
Note 8 - Personnel Expense
The Boards Remuneration (NOK 1000) Position 2024 2023 Rachid Bendriss Chairperson of the Board 489 503 Anders Onarheim Board member 244 255 Martha K. Bakkevig Board member 319 255 Arvid St\u00e5le Pettersen Board member 289 255 Espen Gjerde Board member 244 255 Kristine Skeie Board member 297 306 Ingunn \u00d8. Iveland Board member 371 332
Auditors Remuneration (NOK 1000) 2024 2023 Auditing 2 383 1 716 Attestation services 80 229 Tax advice* 676 2 016 Other assistance* 544 1 724 Total 3 683 5 685 All amounts are exclusive of value added tax. * Included in tax advice and other assistance are services from Advokatfirmaet PricewaterhouseCoopers AS with the amount of NOK 0.57 million (2023: NOK 0.95 million).
2024 Numbers of shares 31.12.2024 Ownership 31.12.2024 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.0 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 889 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.5 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 605 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 449 050 0.2 % AUDUN BRANDTZ\u00c6G Management 350 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Board Member 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 388 432 22.1 %
2023
Numbers of shares 31.12.2023 Ownership 31.12.2023 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.7 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 739 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 209 179 0.4 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 1 000 000 0.4 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 780 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 505 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 299 050 0.1 % AUDUN BRANDTZ\u00c6G Management 200 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 61 735 932 22.7 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
Note 19 - Share based payments Stock option program 1 In 2021 the Board of directors of Reach Subsea ASA approved a stock option scheme to further align the interests of the participating employees in Reach Subsea with those of the shareholders. The stock option scheme was finalised with a signed agreement between the company and Management and certain key employees 15.12.2021. Management and certain key employees of the Reach Subsea-group was granted the right to acquire up to a certain maximum number of shares in the Company at a fixed strike price. The strike price was set equal to the volume weighted average share price of the Company\u00b4s stock traded on the Oslo Stock Exchange 10 days prior to the finalization of the option scheme. The options have been vested with 1/3 each year, over a period of three years until 31.12.2024. The options were non-tradable and conditional upon the participant being employed by the Reach Subsea-group at the vesting date. The stock option plan constitued a maximum of 3.000.000 options equivalent to a similar number of Reach Subsea ASA shares. The fair value at grant date was determined using a Black Scholes Model. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 3.0 Share price at grant date: NOK 3.0 Expected volatility: 56.14 % Risk free interest rate: 1.092 % Term of options: 3 years As of 31 December 2024 the stock option program is expired. During the 2024 the company has recognised NOK 1.3 million in cost related to the options (including social security tax). Stock option program 2 In 2024 the Board of Directors of Reach Subsea ASA decided to establish a long-term incentive program for senior executives and key personnel in accordance with the Group's Remuneration Guidelines. The incentive program encompasses up to 15,000,000 new share options. Under the incentive program, participants will receive share options, which, if certain predefined performance criteria are met within a performance period, can be exercised by paying the predefined strike price. The strike price is set as the nominal value, NOK 1.00. One share option gives a contingent entitlement to one share after paying the strike price. Participants in the incentive program can elect to have up to 50% of their options settled in cash to finance any potential tax expenses. 50% of the options issued will vest after 3 years given a share price above NOK 9.00. 50% of the options issued will vest after 5 years given a share price above NOK 12.00. The share price hurdles of NOK 9.00 and NOK 12.00 are subject to adjustments for dividends paid during the vesting period. The options have an exercise period of 6 months after vesting date. Agreed performance period started 15 April 2024. The fair value at grant date was determined using the Monte Carlo valuation method. The most significant inputs and assumptions in determining fair value at grant date was: Exercise price: NOK 1.0 Share price at grant date: NOK 5.96 Expected volatility: 40.14 % Risk free interest rate: 3.172 % Total grant date value: NOK 55 million As of 31 December 2024 the stock option program is active. During 2024 the company has recognised NOK 7.1 million in cost related to the options (including social security tax). During 2024 the company has had two active stock option progammes. Stock option program 1 expired in December 2024, see below for further details. Stock option program 2 was established in 2024 and is active as of 31 December 2024, see below for further information.
(NOK 1000) 2024 2023 Stock option program 1 686 880 Stock option program 2 5 822 - Bad leaver clause Guardian Geomatics 14 616 2 018 Total 21 124 2 897 2024 2023 Average exercise price per share option Number of options Average exercise price per share option Number of options At 1 January 2.64 975 000 2.82 2 000 000 Granted share option program 1 2.64 150 000 - - Granted share option program 2 1.00 12 840 000 - - Forfeited - - Exercised* 2.28 1 125 000 2.64 850 000 Expired - - - 175 000 At 31 December 1.00 12 840 000 2.64 975 000 *The initial exercise price of 3.0 were adjusted for dividends paid in 2022, 2023 and 2024, making the actual exercise price 2.64 in 2023 and 2.28 in 2024. Participants in the incentive program may elect to have up to 50% of their options settled in cash to finance any potential tax expenses. Out of the exercised 1,125,000 options in 2024, 1,015,000 was setled in shares, while the remaining 110,000 options was settled in cash. The group has recognised NOK 8.4 million (including social security tax) in cost related to the options in 2024 (2023: NOK 1.1 million). Other share based payments In November 2023 Reach Subsea acquired Guardian Geomatics Ply Ltd including its subsidiary Guardian Geomatics Pte Ltd, \"Guardian Geomatics\". The agreement with the sellers included a bad leaver clause for certain key personell within Guardian Geomatics. The clause was related to the consideration shares and is threated as share-based payments according to IFRS 2. The adjustment was based on 8.5 million shares at share price on closing, NOK 4.42, and with a discount on lockup period of 35% (5 years). Refer to note 27 for further information regarding the transaction. The group has recognised NOK 14.6 million in cost related to the bad leaver clause in 2024 (2023: NOK 2 million). Summary of IFRS 2 share-based payments and effect on equity Movements in the number of share options and their related weighted average exercise prices were as follows: Note 19 - Share based payments
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(NOK 1000) 2024 2023 Oil & Gas vs Renewables/other Revenue Oil & Gas 1 774 661 1 332 996 Renewable / other 942 363 633 588 Total 2 717 024 1 966 584 Operating expense Oil & Gas (1 537 511) (1 127 977) Renewable / other (816 434) (536 140) Total (2 353 945) (1 664 117) Operating result Oil & Gas 237 150 205 019 Renewable / other 125 929 97 448 Total 363 079 302 467 Data vs Solutions Revenue Data 1 022 239 406 336 Solutions 1 694 785 1 560 248 Total 2 717 024 1 966 584 Operating expense Data (885 636) (343 840) Solutions (1 468 309) (1 320 277) Total (2 353 946) (1 664 118) Operating result Data 136 603 62 496 Solutions 226 476 239 971 Total 363 079 302 467 Note 5 - Segment information
Gain from sale of assets in \"Other income\" is not related to a segment and therefore excluded from the tables above. Refer to note 14 for further information. All assets and liabilities are used jointly in all segments.
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Guidelines for remuneration The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 28 May 2025. In addition to detailed information on paid and pending remuneration to directors for the 2024 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
The Boards Remuneration (NOK 1000) Position 2024 2023 Rachid Bendriss Chairperson of the Board 489 503 Anders Onarheim Board member 244 255 Martha K. Bakkevig Board member 319 255 Arvid St\u00e5le Pettersen Board member 289 255 Espen Gjerde Board member 244 255 Kristine Skeie Board member 297 306 Ingunn \u00d8. Iveland Board member 371 332
2024 Numbers of shares 31.12.2024 Ownership 31.12.2024 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.0 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 889 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.5 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 605 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 449 050 0.2 % AUDUN BRANDTZ\u00c6G Management 350 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Board Member 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 388 432 22.1 %
2023
Numbers of shares 31.12.2023 Ownership 31.12.2023 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.7 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 739 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 209 179 0.4 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 1 000 000 0.4 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 780 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 505 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 299 050 0.1 % AUDUN BRANDTZ\u00c6G Management 200 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 61 735 932 22.7 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
Short term leases Costs relating to operational leases recognized in the income statement for 2024 is NOK 7.2 million, whereof NOK 1.1 million in real estate rental. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity The Reach Remote project is expected to amount to approximately NOK 449 million. As of December 31 2024 the company has capitalized NOK 333 million as Asset under construction. In addition, the company has financed two eROVs through leasing. As of December 31 the ROVs are under construction, and costs not recognised related to the ROVs amounts to NOK 65 million. The ROVs will be recognised in the balance sheet at commencement date. Besides the Reach Remote project, Reach has taken multiple steps to secure vessel capacity at competitive terms during 2024. The additions to Right of use assets and liabilities in 2024 include the vessels Olympic Taurus, Northern Maria, Offshore Surveyor and Havila Subsea (extension). Investments associated with these vessels and other capex projects is expected to amount to approximately NOK 224.4 million, and encompass equipment, upgrades and mobilization activities for vessels. As of December 31 2024 remaining investments related to these investments is estimated
to NOK 78 million.
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Guidelines for remuneration The company's guideline for management compensation and benefits is to offer competitive conditions to secure continuity in the management group. Reach Subsea shall offer benefits as for comparable Norwegian companies. In accordance with Section 6-16 b. (2) of the Norwegian Public Limited Liability Companies Act and the Norwegian regulations on guidelines and report on remuneration for executives, the Group will publish a separate report on remuneration to executives for presentation at the Annual General Meeting on 28 May 2025. In addition to detailed information on paid and pending remuneration to directors for the 2024 accounting year, the report on remuneration for directors will contain an overview of performance targets that form the basis for variable remuneration. Shareholdings and allocated shares will also be included.
The Boards Remuneration (NOK 1000) Position 2024 2023 Rachid Bendriss Chairperson of the Board 489 503 Anders Onarheim Board member 244 255 Martha K. Bakkevig Board member 319 255 Arvid St\u00e5le Pettersen Board member 289 255 Espen Gjerde Board member 244 255 Kristine Skeie Board member 297 306 Ingunn \u00d8. Iveland Board member 371 332
2024 Numbers of shares 31.12.2024 Ownership 31.12.2024 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.0 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 889 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 284 179 0.5 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 900 000 0.3 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 907 500 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 605 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 449 050 0.2 % AUDUN BRANDTZ\u00c6G Management 350 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Board Member 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 62 388 432 22.1 %
2023
Numbers of shares 31.12.2023 Ownership 31.12.2023 NORTH ENERGY ASA Partly owned by Rachid Bendriss (COB) and Anders Onarheim (Board member) 50 832 449 18.7 % JT INVEST AS Partly owned by Jostein Alendal (CEO) 5 739 539 2.1 % INVICTA INVEST AS Partly owned by Inge Grutle (management) 1 209 179 0.4 % AB INVESTMENT AS Owned by Anders Onarheim (Board member) 1 000 000 0.4 % KOLD INVEST AS Owned by Martha Kold Bakkevig (Board member) 949 534 0.3 % B\u00c5RD THUEN H\u00d8GHEIM Management 780 000 0.3 % VEST-NORSK HANDELSKOMPANI AS Owned by Kristine Skeie (Board member) 505 588 0.2 % BIRGITTE WENDELBO JOHANSEN Management 299 050 0.1 % AUDUN BRANDTZ\u00c6G Management 200 000 0.1 % JOSTEIN ALENDAL CEO 150 000 0.1 % I \u00d8VERENG AS Owned by Ingunn \u00d8vereng Iveland (Board member) 30 588 0.0 % INGUNN \u00d8VERENG IVELAND Board Member 30 000 0.0 % INGE GRUTLE Management 10 000 0.0 % KRISTINE SKEIE Board Member 5 0.0 % Total 61 735 932 22.7 % Shares owned by members of the Board and by the management at year-end, including shares owned by immediate family members and/or controlled companies are as follows:
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Auditors Remuneration (NOK 1000) 2024 2023 Auditing 2 383 1 716 Attestation services 80 229 Tax advice* 676 2 016 Other assistance* 544 1 724 Total 3 683 5 685 All amounts are exclusive of value added tax. * Included in tax advice and other assistance are services from Advokatfirmaet PricewaterhouseCoopers AS with the amount of NOK 0.57 million (2023: NOK 0.95 million).
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(
NOK 1000)
2024 2023 Interest income on short term bank deposits 7 556 4 991 Total interest income 7 556 4 991 Interest expense on bank borrowings (7 208) (2 617) IFRS 16 interest expense (112 798) (74 892) Other interest expense (2 173) (373) Total interest expense (122 180) (77 881) Net foreign exchange expense/income 26 531 1 819 Currency adjustment related to IFRS 16 (59 888) 12 685 Other finance costs 482 (580) Total other financial items (32 875) 13 925 Finance items - net (147 498) (58 965)
Note 9 - Finance income and Expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-315": { "value": "
(
NOK 1000)
2024 2023 Interest income on short term bank deposits 7 556 4 991 Total interest income 7 556 4 991 Interest expense on bank borrowings (7 208) (2 617) IFRS 16 interest expense (112 798) (74 892) Other interest expense (2 173) (373) Total interest expense (122 180) (77 881) Net foreign exchange expense/income 26 531 1 819 Currency adjustment related to IFRS 16 (59 888) 12 685 Other finance costs 482 (580) Total other financial items (32 875) 13 925 Finance items - net (147 498) (58 965)
Note 9 - Finance income and Expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn36": { "value": "
(
NOK 1000)
2024 2023 Interest income on short term bank deposits 7 556 4 991 Total interest income 7 556 4 991 Interest expense on bank borrowings (7 208) (2 617) IFRS 16 interest expense (112 798) (74 892) Other interest expense (2 173) (373) Total interest expense (122 180) (77 881) Net foreign exchange expense/income 26 531 1 819 Currency adjustment related to IFRS 16 (59 888) 12 685 Other finance costs 482 (580) Total other financial items (32 875) 13 925 Finance items - net (147 498) (58 965)
Note 9 - Finance income and Expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-314": { "value": "
(
NOK 1000)
2024 2023 Interest income on short term bank deposits 7 556 4 991 Total interest income 7 556 4 991 Interest expense on bank borrowings (7 208) (2 617) IFRS 16 interest expense (112 798) (74 892) Other interest expense (2 173) (373) Total interest expense (122 180) (77 881) Net foreign exchange expense/income 26 531 1 819 Currency adjustment related to IFRS 16 (59 888) 12 685 Other finance costs 482 (580) Total other financial items (32 875) 13 925 Finance items - net (147 498) (58 965)
Note 9 - Finance income and Expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-316": { "value": "
(
NOK 1000)
2024 2023 Interest income on short term bank deposits 7 556 4 991 Total interest income 7 556 4 991 Interest expense on bank borrowings (7 208) (2 617) IFRS 16 interest expense (112 798) (74 892) Other interest expense (2 173) (373) Total interest expense (122 180) (77 881) Net foreign exchange expense/income 26 531 1 819 Currency adjustment related to IFRS 16 (59 888) 12 685 Other finance costs 482 (580) Total other financial items (32 875) 13 925 Finance items - net (147 498) (58 965)
Note 9 - Finance income and Expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-317": { "value": "
NOK 1000)
2024 2023 Interest income on short term bank deposits 7 556 4 991 Total interest income 7 556 4 991 Interest expense on bank borrowings (7 208) (2 617) IFRS 16 interest expense (112 798) (74 892) Other interest expense (2 173) (373) Total interest expense (122 180) (77 881) Net foreign exchange expense/income 26 531 1 819 Currency adjustment related to IFRS 16 (59 888) 12 685 Other finance costs 482 (580) Total other financial items (32 875) 13 925 Finance items - net (147 498) (58 965)
Note 9 - Finance income and Expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-319": { "value": "
(NOK 1000) 2024 2023 Taxes Taxes payable 70 061 42 261 Changes in deferred taxes (45 487) 21 482 Taxes in total 24 575 63 743 Deferred taxes/ (Deferred tax assets) - Temporary differences Other fixed assets (19 083) (3 135) Financial leases 30 648 17 415 Fixed-price contracts - - Inventories (934) (934) Accruals (35 117) (18 376) Right-of-use assets (142 657) (29 172) Intangible assets 58 642 74 775 Tax loss carried forward Norway - 0 Tax loss carried forward outside of Norway (67 650) (64 338) Temporary differences, in total (176 151) (23 765) Deferred tax assets (34 920) (799) Not recognized deferred tax assets - (11 366) Deferred tax (assets) in balance sheet (34 920) 10 567 Note 10 - Taxes
Reconciliation from nominal to actual tax rate 31.12.2024 31.12.2023 Profit & loss before taxes 230 009 289 534 Nominal tax rate 22 % 22 % Anticipated income tax due to nominal tax rate 50 602 63 698 Actual tax cost 24 575 63 743 Deviation (26 027) 46 Tax effects of: Permanent differences 14 716 104 Effect of tax rates outside Norway different from 22% (55) (270) Changes in deferred tax assets, not recognized - 120 Changes in deferred tax assets, previously not recognized 11 366 Explanation 26 027 (46) Effective tax rate 11 % 22 % Payable taxes in the balance sheet Payable taxes in the tax charge (63 750) (37 138) Advances paid on tax charge 11 407 1 056 Tax payable previous years (620) - Tax payable from business combinations (note 27) - (4 944) Payable taxes in the balance sheet (52 963) (41 026) All companies are subject to ordinary taxation, except Reach Subsea Shipping AS which is taxed in the tonnage tax regime.
In November 2023 Reach Subsea acquired Guardian Geomatics. The transaction was completed in November 2023. Deferred tax assets incorporated at closing was NOK 0 million while deferred tax related to excess values was estimated to NOK 14.0 million. Net deferred tax related to the acquisition was NOK 14.0 million and was recognized in the balance sheet as per end December 2023. Refer to note 27 for further details. Deferred tax assets are recognized in the balance sheet based on expected utilization of tax losses carried forward and temporary differences. The carrying amount of deferred income tax assets are reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized. Unrecognised deferred income tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.
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(NOK 1000) 2024 2023 Profit (loss) per share is calculated on the consolidated profit (loss) divided by the average number of shares outstanding. Profit (loss) - attributable to the owners 205 434 225 791 Basic profit (loss) per share 0.78 0.89 Diluted profit (loss) per share 0.68 0.88 Average numbers of shares 264 415 130 252 610 567 Average diluted number of shares for EPS 301 390 931 256 131 566 Number of shares 1/1 271 769 245 225 725 928 Number of shares 31/12 282 670 609 271 769 245 Note 11 - Earnings per share
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Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2024 Opening net book amount 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Disposals - - - - Adjustment of commitment - - - - - - Other reclassification (52 909) 690 43 334 8 885 - (0) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Impairment - - - - - - Closing net book value 369 475 49 796 96 974 151 828 1 269 637 1 937 710 At 31. December 2024 Cost 1.1.24 266 658 186 981 125 134 155 858 1 607 273 2 341 904 Additions 155 726 20 023 42 967 75 958 830 772 1 125 447 Other reclassification (52 909) 690 43 334 8 885 - (0) Disposals at cost - - - - - - Adjustment fully depreciated items - - - - (115 848) (115 848) Cost 31.12.24 369 475 207 694
21
1 436
240 701 2 322 198 3 351 503
Note 14 - Property, plant & equipment& equipment
Assets under construction can be divided into the following categories: Reach Remote 338 127 Tax deduction scheme Reach Remote-project (SkatteFUNN) (4 750) Minor capex-projects and mobilizations 36 098 Net book value 31.12.24 369 475 Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31. December 2024 Accumulated depreciation 1.1.24 - (142 735) (108 816) (33 130) (444 043) (728 725) Depreciation - (15 035) (5 646) (55 742) (724 159) (800 582) Depreciation disposed assets - - - - - Adjustment fully depreciated items - - - - 115 848 115 848 Accumulated depreciation 31.12.24 - (157 770) (114 462) (88 872) (1 052 355) (1 413 459) Accumulated impairment 1.1.24 - - - - - Accumulated impairment 31.12.24 - - - - - - Book value 369 475 49 796 96 974 151 828 1 269 638 1 937 710 Depreciation plan/useful life 3 - 8 years 3 - 8 years 3 years 1-6 years Depreciation method linear linear linear linear Reclassifications is explained by assets under construction being capitalized during the year. See note 24 for further information for Right of use asset, Vessels and other equipments, and note 22 for Right of use asset ROV, leased from financial institutions.
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment Right of use asset ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total Year ended 31 December 2023 Opening net book amount 150 499 28 530 7 945 48 535 90 258 325 768 Additions 144 400 28 460 11 250 63 266 1 656 194 1 903 570 Additions from business combination (note 27) 36 857 517 37 374 Disposals - - (1 541) (1 541) Adjustment of commitment - - - - (2 094) (2 094) Other reclassification (28 241) - (968) (29 209) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Impairment - - - - - - Closing net book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 At 31. December 2023 Cost 1.1.23 150 499 158 521 113 884 78 947 385 800 887 651 Additions 144 400 28 460 11 250 100 123 1 654 617 1 938 850 Other reclassification (28 241) - - (968) - (29 209) Disposals at cost - - - (22 244) - (22 244) Adjustment fully depreciated items - - - - (433 144) (433 144) Cost 31.12.23 266 658 186 981 125 134 155 858 1 607 273 2 341 904
Asset category Assets under construction Property, plant and equipment Property, plant and equipment Property, plant and equipment Right-of-use assets Assets under construction (NOK1000) Assets under construction ROV and ROV equipment ROV, leased from financial institutions Equipment and office machinery Right of use asset Vessels and other equipment* Total At 31. December 2023 Accumulated depreciation 1.1.23 - (130 027) (105 939) (30 412) (295 542) (561 920) Depreciation - (12 709) (2 877) (23 421) (581 645) (620 652) Depreciation disposed assets - - - 20 703 20 703 Adjustment fully depreciated items - - - - 433 144 433 144 Accumulated depreciation 31.12.23 - (142 735) (108 816) (33 130) (444 043) (728 725) Accumulated impairment 1.1.23 - - - - - - Accumulated impairment 31.12.23 - - - - - - Book value 266 658 44 233 16 319 122 727 1 163 222 1 613 159 Depreciation plan/useful life 3-8 years 3-8 years 3 years 1-3 years Depreciation method linear linear linear linear During 2023 the group sold various assets resulting in a gain of approximately 29.8 million. The gain is presented as other income in the financial statement for 2023. Reclassifications in 2023 is explained by reclassification of the prepayments related to the acquisition of Viking Reach (former Edda Sun) of NOK 29.2 million made in 2022. The prepayment was used to partly fund the investment in the associated company Eidesvik Reach AS in 2023, and is classified as \"Investment in associated companies\" in the balance sheet as of December 31 2023. Refer to note 27 for equipment acquired in the Guardian Geomatics transaction in 2023. Bank borrowings are secured on fixed assets. Refer to note 22 Borrowings for further information.
Impairment Summary Impairment testing has been performed in accordance with IAS 36. The impairment testing for 2024 did not result in any impairment. Discount rate The discount rate is based on the Weighted Cost of Capital (WACC) pre tax for the Group. The discount rate is 11.0 %. Revenue assumptions The revenue assumption in the cash flow forecast is based on a combination of utilisation for assets and selling price. Utilisation is based on firm contractual days on a short to medium term and estimated future selling on a medium to longer term. Forecasted utilisation on a longer term is based on historical data, as well as managements expectations of market development. Forecasted selling rates are based on historical data. No inflation adjustments have been made to revenue assumptions. Future change in how the world will react in light of the goals set in the Paris-agreement could, depending on the characteristics of the change, have a negative effect on the demand for the company\u2019s services. Right-of use-assets - vessels: The right-of-use assets at 31 December 2024 represents the remaining committed vessel days on charter agreements with vessel owners. The impairment testing demonstrated that the recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to estimated utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in estimated future revenue will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. See note 24 for further information on Right-of-use assets. ROV and ROV equipment: Impairment testing has been performed on each ROVs CGU, i.e. both owned and leased ROVs. Other assets, such as activated mobilisation costs and other ROV equipment is not included in the impairment test as these assets do not have impairment indicators. The recoverable amount is based on estimated future cash flows, which is based on estimated selling price, budgeted maintenance cost and utilisation. The impairment testing demonstrated that the assets recoverable amount is larger than book value, and as such no impairment charge is required. The recoverable amount is sensitive to utilisation and selling rate assumptions. Sensitivity analysis show that a 20% drop in revenue for all ROV CGU's will not result in any impairment charge. An increase in WACC of 2 percentage points will not result in any additional impairment due to the short remaining lifetime of the assets. Sensitivity on total fixed assets: Note 14 - Property, plant & equipment - continued Drop in estimated revenue Impairment charge on fixed assets (NOK 1000) 10 % - 20 % - 30 % 13 657
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-326": { "value": "
Note 15 - Intangible assets Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total Year ended 31. December 2024 Opening net book amount 2 144 28 625 109 590 140 359 Additions - - - - Addition from business combination (note 27) - - - - Depreciation (227) (5 333) - (5 561) Disposals/adjustments - - - - Closing net book value 1 917 23 292 109 590 134 798 At 31 December 2024 Cost 1.1.24 2 372 32 000 109 590 143 962 Additions - - - - Addition from business combination (note 27) - - - - Disposals/adjustments - - - - Cost 31.12.24 2 372 32 000 109 590 143 962
Asset category Intangible assets Intangible assets Goodwill Assets description (NOK1000) Research & development Customer relationship Goodwill Total At 31. December 2024 Accumulated depreciation 1.1.24 (228) (3 375) - (3 603) Depreciation (227) (5 333) - (5 561) Accumulated depreciation 31.12.24 (455) (8 708) - (9 164) Accumulated impairment 1.1.24 - - - - Impairment - - - - Accumulated impairment 31.12.24 - - - - Book value 1 917 23 292 109 590 134 798 Depreciation plan/useful life 3 - 5 years 6 years Indefinite Depreciation method linear linear Customer relationships and goodwill is related to the acquisition of iSurvey Group in March 2022 and Guardian Geomatics in November 2023. Refer to the 2023 annual report for further information. Research and development are related to development of software/equipment related to the company\u2019s ASUMO project. As of 31 December 2024 the group has net book values for R&D totalling NOK 1.9 million. Hours spent have been capitalized for personnel as well as other external consultants related to the development of equipment and software. Impairment Goodwill is assessed for impairment at the corporate level combined for all CGUs, and is based on a comparison between fair value and book value of equity (fair value less cost of disposal) . The fair value is calculated using the share price as of the balance sheet date. As of year end 2024, the fair
value exceeds the book value of equity, and no impairment is thus recognised
.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn42": { "value": "
(NOK 1000) 2024 2023 Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Less: provision for impairment of trade receivables - - Current portion trade receivables 651 079 314 166 Prepayments 23 564 15 370 Other receivable 41 621 26 535 Current portion other receivables 65 184 41 904 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Total trade receivables 651 079 314 166 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of receivables in 2023. In 2024 there has been no losses, but there are made provisions for impairment of receivables for 4,2 MNOK. Trade receivables - Counterparty without external credit rating 2024 2023 Group 1 53 696 11 073 Group 2 354 760 138 136 Group 3 8 553 - Total trade receivables 417 009 149 209 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 13 190 45 043 EUR 24 506 18 331 USD 355 851 62 679 GBP 23 462 22 490 AUD - 666 Sum 417 009 149 209 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2024 417 009 268 685 82 748 19 487 37 389 8 700 2023 149 209 83 559 32 855 23 061 9 733 - The main portion of overdue receivables has been paid after balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-327": { "value": "
(NOK 1000) 2024 2023 Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Less: provision for impairment of trade receivables - - Current portion trade receivables 651 079 314 166 Prepayments 23 564 15 370 Other receivable 41 621 26 535 Current portion other receivables 65 184 41 904 Non-current positions - - The fair values of trade receivables are as follows: Invoiced receivables 417 009 149 209 Revenue recognised, not billed 234 070 164 958 Total trade receivables 651 079 314 166 Transactions with subsidiaries have been eliminated in the Group's financial statements and do not represent related party transactions. Changes in allocation for losses of account receivables There has been no losses or provisions for impairment of receivables in 2023. In 2024 there has been no losses, but there are made provisions for impairment of receivables for 4,2 MNOK. Trade receivables - Counterparty without external credit rating 2024 2023 Group 1 53 696 11 073 Group 2 354 760 138 136 Group 3 8 553 - Total trade receivables 417 009 149 209 Group 1 - New customers (less than 6 months customer relationship) Group 2 - Existing customers (more than 6 months customer relationship) with no defaults in the past Group 3 - Existing customers (more than 6 months customer relationship) with some defaults in the past The carrying amounts of the group\u2019s trade receivables are denominated in the following currencies: NOK 13 190 45 043 EUR 24 506 18 331 USD 355 851 62 679 GBP 23 462 22 490 AUD - 666 Sum 417 009 149 209 Note 16 - Trade receivables and other current receivables As of 31.12., the Group had the following trade receivables which was due, but not been paid: Total Not due <30 d 30-90 d 91-360 d >361 d 2024 417 009 268 685 82 748 19 487 37 389 8 700 2023 149 209 83 559 32 855 23 061 9 733 - The main portion of overdue receivables has been paid after balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-331": { "value": "
2024 2023 Cash and cash equivalents in NOK 116 024 99 698 Cash and cash equivalents in USD 112 000 210 112 Cash and cash equivalents in EUR 21 889 74 977 Cash and cash equivalents in GBP 17 723 42 358 Cash and cash equivalents in AUD 9 559 7 652 Cash and cash equivalents in SGD 827 1 624 Cash and cash equivalents in SEK - 1 Cash and cash equivalents, in total 278 022 436 423 The company also has restricted cash related to withheld tax of NOK 13.9 million in 2024 (2023: NOK 14.6 million). The Group has a bank overdraft agreement. As at 31.12.24 the Group had NOK 30 million in unused drawing rights. Note 17 - Cash and cash equivalents
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn45": { "value": "
(NOK 1000) 2024 2023 Accruals 202 141 141 175 Accrued salaries and benefits 46 538 50 549 Witholding taxes 633 631 Other taxes payable 6 144 5 227 Accrued interests 5 15 Other 13 498 8 601 Other current liabilities, in total 268 957 206 197 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end.
Note 20 - Other current liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-334": { "value": "
(NOK 1000) 2024 2023 Accruals 202 141 141 175 Accrued salaries and benefits 46 538 50 549 Witholding taxes 633 631 Other taxes payable 6 144 5 227 Accrued interests 5 15 Other 13 498 8 601 Other current liabilities, in total 268 957 206 197 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end.
Note 20 - Other current liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-335": { "value": "
(NOK 1000) 2024 2023 Accruals 202 141 141 175 Accrued salaries and benefits 46 538 50 549 Witholding taxes 633 631 Other taxes payable 6 144 5 227 Accrued interests 5 15 Other 13 498 8 601 Other current liabilities, in total 268 957 206 197 Other consists mainly of incurred operational expenses and periodic maintenance not yet invoiced at year end.
Note 20 - Other current liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "mtpnn46": { "value": "
2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilities Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilities, in total 2 068 839 - - 2 068 839 Note 21 - Classification of financial assets and liabilities
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilities Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilities, in total 1 671 531 - - 1 671 531 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 11 410 11 586 43 010 78 584 144 590 Interest-bearing debt, leases 379 287 411 799 527 772 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 11 410 11 586 16 967
4
0 422
67 594 Interest-bearing debt, leases 379 287 411 799 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878
21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 The tables below provides an analysis of the maturity of financial liabilities.
Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 191 967 67 594 102 970 28 018 Repayment incl interest (783 016) (9 729) (627 846) (23 300) Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 219 Proceeds from bank loan 55 000 27 500 Non-cash changes: - - Reclassified costs related to financing of Reach Remote (2 877) Additions of fixed assets financed through leasing from credit institutions 38 034 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 545 Addition IFRS 16 lease liability throughout the year 830 772 31 725 1 656 186 - Adjustment IFRS 16 lease liability (403) - (2 094) - Currency adjustment 59 957 - (12 685) - Accrued interest 112 994 - 74 892 - Closing balance 1 412 271 144 589 1 191 967 67 594 Distribution non-current and current debt 2024 2023 Non-current interest-bearing debt to credit institutions 121 593 57 418 Non-current interest- bearing debt, leases 621 185 805 931 Current interest-bearing debt to credit institutions 22 996 10 176 Current interest-bearing debt, leases 791 086 386 036 Closing balance 1 556 861 1 259 561
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-336": { "value": "
2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilities Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilities, in total 2 068 839 - - 2 068 839 Note 21 - Classification of financial assets and liabilities
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilities Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilities, in total 1 671 531 - - 1 671 531 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 11 410 11 586 43 010 78 584 144 590 Interest-bearing debt, leases 379 287 411 799 527 772 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 11 410 11 586 16 967
4
0 422
67 594 Interest-bearing debt, leases 379 287 411 799 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878
21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 The tables below provides an analysis of the maturity of financial liabilities.
Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 191 967 67 594 102 970 28 018 Repayment incl interest (783 016) (9 729) (627 846) (23 300) Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 219 Proceeds from bank loan 55 000 27 500 Non-cash changes: - - Reclassified costs related to financing of Reach Remote (2 877) Additions of fixed assets financed through leasing from credit institutions 38 034 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 545 Addition IFRS 16 lease liability throughout the year 830 772 31 725 1 656 186 - Adjustment IFRS 16 lease liability (403) - (2 094) - Currency adjustment 59 957 - (12 685) - Accrued interest 112 994 - 74 892 - Closing balance 1 412 271 144 589 1 191 967 67 594 Distribution non-current and current debt 2024 2023 Non-current interest-bearing debt to credit institutions 121 593 57 418 Non-current interest- bearing debt, leases 621 185 805 931 Current interest-bearing debt to credit institutions 22 996 10 176 Current interest-bearing debt, leases 791 086 386 036 Closing balance 1 556 861 1 259 561
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-338": { "value": "
2024 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 651 079 - - 651 079 Other receivables 41 620 - - 41 620 Cash and cash equivalents 278 022 - - 278 022 Assets, in total 970 721 - - 970 721 Financial liabilities Borrowings (long & short term interest bearing debt) 1 556 861 - - 1 556 861 Trade payables 243 021 - - 243 021 Other current liabilities 268 957 - - 268 957 Liabilities, in total 2 068 839 - - 2 068 839 Note 21 - Classification of financial assets and liabilities
2023 (NOK1000) Financial instruments measured at amortised cost Financial instruments at fair value through profit or loss Financial instruments measured at fair value through other comprehensive income Fair value Financial assets Trade receivables 314 166 - - 314 166 Other receivables 26 534 - - 26 534 Cash and cash equivalents 436 423 - - 436 423 Assets, in total 777 124 - - 777 124 Financial liabilities Borrowings (long & short term interest bearing debt) 1 259 561 - - 1 259 561 Trade payables 205 773 - - 205 773 Other current liabilities 206 197 - - 206 197 Liabilities, in total 1 671 531 - - 1 671 531 The following of the Group\u2019s financial instruments are measured at amortised cost: cash and cash equivalents, trade receivables, other current receivables, trade payables, other current liabilities and all interest bearing debt. The carrying amount of cash and cash equivalents is approximately similar to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables, trade payables and other receivables/liabilities is approximately equal to fair value since they are entered into at standard terms and conditions. The fair value of the interest-bearing debt is the disclosed face value of the loans.
Financial liabilities 2024 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 243 021 - - - 243 021 Other current liabilities 268 957 - - - 268 957 Interest-bearing debt to credit institutions 11 410 11 586 43 010 78 584 144 590 Interest-bearing debt, leases 379 287 411 799 527 772 93 413 1 412 271 Interest on interest-bearing debt to credit institutions 5 186 5 010 18 167 15 152 43 516 Interest on interest-bearing debt, leases 47 719 33 535 43 901 5 001 130 156 Financial liabilities, in total 938 268 454 727 642 960 206 556 2 242 511 Financial liabilities 2023 Remaining contractual maturities 0-180 days 180 d-1 year 1-3 years > 3 years Total Trade payables 205 773 - - - 205 773 Other current liabilities 206 197 - - - 206 197 Interest-bearing debt to credit institutions 11 410 11 586 16 967
4
0 422
67 594 Interest-bearing debt, leases 379 287 411 799 719 649 86 299 1 191 967 Interest on interest-bearing debt to credit institutions 2 848 2 640 8 261 7 878
21 627 Interest on interest-bearing debt, leases 42 338 35 005 85 211 4 642 167 196 Financial liabilities, in total 642 899 248 127 830 088 139 241 1 860 353 The tables below provides an analysis of the maturity of financial liabilities.
2024 2023
Changes in interest-bearing debt: Interest bearing debt, leases Interest bearing debt to credit institutions Interest bearing debt, leases Interest bearing debt to credit institutions Opening balance 1 191 967 67 594 102 970 28 018 Repayment incl interest (783 016) (9 729) (627 846) (23 300) Interest-bearing debt from acquisition of Guardian Geomatics (note 27) 219 Proceeds from bank loan 55 000 27 500 Non-cash changes: - - Reclassified costs related to financing of Reach Remote (2 877) Additions of fixed assets financed through leasing from credit institutions 38 034 Interest-bearing debt from acquisition of Guardian Geomatics (note 27) - 545 Addition IFRS 16 lease liability throughout the year 830 772 31 725 1 656 186 - Adjustment IFRS 16 lease liability (403) - (2 094) - Currency adjustment 59 957 - (12 685) - Accrued interest 112 994 - 74 892 - Closing balance 1 412 271 144 589 1 191 967 67 594 Distribution non-current and current debt 2024 2023 Non-current interest-bearing debt to credit institutions 121 593 57 418 Non-current interest- bearing debt, leases 621 185 805 931 Current interest-bearing debt to credit institutions 22 996 10 176 Current interest-bearing debt, leases 791 086 386 036 Closing balance 1 556 861 1 259 561
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-340": { "value": "
Total borrowings to bank and financial institutions includes secured liabilities (bank and collateralised borrowings) of NOK 81.7 million (2023: NOK 30.4 million). Bank borrowings are secured by equipment and receivables of the group.
Carrying amount Fair value (NOK 1000) 2024 2023 2024 2023 Bank borrowings 81 695 30 440 81 695 30 440 Lease liabilities to credit institutions (IFRS 16) 62 895 37 153 62 895 37 153 Other lease liabilities ( IFRS 16) 1 412 271 1 191 967 1 412 271 1 191 967 Total 1 556 861 1 259 560 1 556 861 1 259 560
The fair value of Bank borrowings equals their carrying amount, as the impact of discounting is not significant. The fair values are based on cash flows discounted using a rate based on the borrowing rate of 8.5 % and are within level 3 of the fair value hierarchy. The carrying amounts of the group\u2019s borrowings are all denominated in Norwegian kroner.
The carrying amounts and fair value of the interest-bearing debts are as follows:
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Short term leases Costs relating to operational leases recognized in the income statement for 2024 is NOK 7.2 million, whereof NOK 1.1 million in real estate rental. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity The Reach Remote project is expected to amount to approximately NOK 449 million. As of December 31 2024 the company has capitalized NOK 333 million as Asset under construction. In addition, the company has financed two eROVs through leasing. As of December 31 the ROVs are under construction, and costs not recognised related to the ROVs amounts to NOK 65 million. The ROVs will be recognised in the balance sheet at commencement date. Besides the Reach Remote project, Reach has taken multiple steps to secure vessel capacity at competitive terms during 2024. The additions to Right of use assets and liabilities in 2024 include the vessels Olympic Taurus, Northern Maria, Offshore Surveyor and Havila Subsea (extension). Investments associated with these vessels and other capex projects is expected to amount to approximately NOK 224.4 million, and encompass equipment, upgrades and mobilization activities for vessels. As of December 31 2024 remaining investments related to these investments is estimated
to NOK 78 million.
Reach has secured
bank and lease financing of NOK 67 million to partly fund these investments. Reach Subsea also has increased its vessel capacity going forward by signing five-year charter contracts for two Agalas vessels. Agalas 1 is expected being delivered early 2026 and will increase interest-bearing debt with an estimated amount of NOK 414 million at commencement date. Agalas 2 is expected being delivered during 2027 and will increase interest-bearing debt with an estimated amount of NOK 427 million at commencement date. Please note that the figures are based on estimates and are subject to change. Refer to note 28 for further information regarding the agreement on the Agalas vessel being delivered in 2027.
Note 23 - Commitments
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Short term leases Costs relating to operational leases recognized in the income statement for 2024 is NOK 7.2 million, whereof NOK 1.1 million in real estate rental. The real estate rental is short term with 3 months termination notice.
CAPEX and vessel capacity The Reach Remote project is expected to amount to approximately NOK 449 million. As of December 31 2024 the company has capitalized NOK 333 million as Asset under construction. In addition, the company has financed two eROVs through leasing. As of December 31 the ROVs are under construction, and costs not recognised related to the ROVs amounts to NOK 65 million. The ROVs will be recognised in the balance sheet at commencement date. Besides the Reach Remote project, Reach has taken multiple steps to secure vessel capacity at competitive terms during 2024. The additions to Right of use assets and liabilities in 2024 include the vessels Olympic Taurus, Northern Maria, Offshore Surveyor and Havila Subsea (extension). Investments associated with these vessels and other capex projects is expected to amount to approximately NOK 224.4 million, and encompass equipment, upgrades and mobilization activities for vessels. As of December 31 2024 remaining investments related to these investments is estimated
to NOK 78 million.
Reach has secured
bank and lease financing of NOK 67 million to partly fund these investments. Reach Subsea also has increased its vessel capacity going forward by signing five-year charter contracts for two Agalas vessels. Agalas 1 is expected being delivered early 2026 and will increase interest-bearing debt with an estimated amount of NOK 414 million at commencement date. Agalas 2 is expected being delivered during 2027 and will increase interest-bearing debt with an estimated amount of NOK 427 million at commencement date. Please note that the figures are based on estimates and are subject to change. Refer to note 28 for further information regarding the agreement on the Agalas vessel being delivered in 2027.
Note 23 - Commitments
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Assets and liabilities related to contracts with customers
The Group do not have any contract asset or liabilities per 31.12.202
Note 25 - Contract with customers Revenue by country (NOK 100) 2024 2023 Norway 841 035 412 117 UK 607 487 225 181 US 497 248 33 636 Australia 150 576 29 002 Brazil 147 748 244 141 SaudiArabia 108 240 56 Germany 106 546 27 744 Netherlands 87 213 309 070 France 66 460 127 595 Italy 52 763 - Malaysia 16 971 - Sweden 13 948 3 446 Taiwan(ProvinceofChina) 10 594 - Denmark 9 119 1 001 Bangladesh 951 - IvoryCoast 90 440 748 Greece 34 5 342 Singapore - 53 890 Egypt - 31 483 Finland - 22 030 TrinidadogTobago - 95 Malta - 7 Total 2 717 024 1 966 584 2024 2023 Contract with customers: Oil & Gas Renewable/ other Total Oil & Gas Renewable/ other Total Revenue from contracts with customers 1 774 661 942 363 2 717 024 1 248 277 633 588 1 881 865 Revenue from other contracts - - - 84 719 - 84 719 Segment revenue 1 774 661 942 363 2 717 024 1 332 996 633 588 1 966 584 Timing of revenue recognition At a point in time - - - - - - Over time 1 774 661 942 363 2 717 024 1 332 996 633 588 1 966 584 Sum 1 774 661 942 363 2 717 024 1 332 996 633 588 1 966 584 The Groups revenue comprises of revenue recognized from contract with customers for the provision of subsea services. Reach Subsea has assessed its contracts with customers and concluded that these fall under the definition of customer contracts in IFRS 15.
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Investment in associated companies comprises shares in the entities Eidesvik Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9% ownership in Eidesvik Reach AS, and a 40% ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100% of the shares in Guardian Geomatics in November 2023. Refer to note 27 for further information. The investments are accounted for using the equity method: Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2024 2023 Opening balance carrying amount of investments in associates 113 452 - Acquisition cost shares acquired, Eidesvik Reach AS - 95 632 Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited - 1 129 Translation differences Guardian Geomatics Arabia Limited 19 (23) Share of net result in investment, Eidesvik Reach AS 13 750 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - - Total carrying amount of investments in associates at balance date 127 221 113 452 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2024 2023 Revenues 134 578 100 583 Operating result 81 082 41 782 Pre-tax profit 27 680 33 778 Liquidity 14 080 29 827 Net working capital 13 487 14 571 Equity 252 697 225 142 Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with head office in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea AS until April 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000 2024 2023 Share of net result in investment, Eidesvik Reach AS 13 750 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - - Net result from investments in associates 13 750 16 714 Significant associates Note 26 - Investment in associated companies
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Investment in associated companies comprises shares in the entities Eidesvik Reach AS and Guardian Geomatics Arabia Limited. Reach Subsea holds a 49.9% ownership in Eidesvik Reach AS, and a 40% ownership in Guardian Geomatics Arabia Limited. Eidesvik Reach AS owns and operates the vessel Viking Reach. Guardian Geomatics Arabia Limited is a Saudi Arabia registered company, and was acquired through the purchase of 100% of the shares in Guardian Geomatics in November 2023. Refer to note 27 for further information. The investments are accounted for using the equity method: Reconciliation and specification of carrying amount of investments in associates (NOK 1000) 2024 2023 Opening balance carrying amount of investments in associates 113 452 - Acquisition cost shares acquired, Eidesvik Reach AS - 95 632 Acquisition cost shares acquired through business combination (note 27), Guardian Geomatics Arabia Limited - 1 129 Translation differences Guardian Geomatics Arabia Limited 19 (23) Share of net result in investment, Eidesvik Reach AS 13 750 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - - Total carrying amount of investments in associates at balance date 127 221 113 452 Financial figures for the associated company Eidesvik Reach AS (unaudited) (NOK 1000) 2024 2023 Revenues 134 578 100 583 Operating result 81 082 41 782 Pre-tax profit 27 680 33 778 Liquidity 14 080 29 827 Net working capital 13 487 14 571 Equity 252 697 225 142 Eidesvik Reach AS is an associated company where Reach controls 49.9 % of the shares and voting rights. The associate is accounted for using the equity method. Eidesvik Reach AS owns and operates the vessel Viking Reach with head office in B\u00f8mlo, Norway. The vessel is on contract with Reach Subsea AS until April 2029. The group has not identified impairment indicators related to the investment in Eidesvik Reach AS. Specification of net result from investment in associates recognised in the income statement (NOK 1000 2024 2023 Share of net result in investment, Eidesvik Reach AS 13 750 16 714 Share of net result in investment, Guardian Geomatics Arabia Limited - - Net result from investments in associates 13 750 16 714 Significant associates Note 26 - Investment in associated companies
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New contracts During the first quarter of 2025 Reach has been awarded several contracts and call- offs under frame agreements, involving inspection, survey and construction support projects across Europe, the Americas and in Asia Pacific. Clients represent major operators and tier 1 contractors in both the oil & gas and renewable sectors.
Proposed dividends The Board proposed a dividend of NOK 0.42 per share, in accordance with the company's dividend policy, to be resolved on the AGM on 28 May 2025.
Strategic partnership On 20 February 2025 Reach Subsea, in partnership with Eidesvik Offshore and Agalas, signed a contract for a new, modern IMR/Survey vessel. The vessel will be jointly owned, with Reach Subsea holding a one-third stake and an entity owned by Eidesvik and Agalas, controlled by Eidesvik, holding the remaining two-thirds. The vessel is scheduled for delivery in spring 2027. Reach Subsea's equity investment is estimated to NOK 125 million, and is planned to be financed through existing cash reserves and operational cash flow. Additionally, Reach Subsea has signed a five-year charter for the vessel, with options for two one-year extensions, starting upon delivery. Eidesvik will manage the vessel. Exercise of outstanding warrants On 5 March 2025 Wilhelmsen New Energy AS exercised its remaining 44,707,373 warrants with a strike of NOK 3.28 per share in Reach Subsea ASA. The exercise of warrants will provide the company with approximately NOK 147 million in new equity to finance its growth initiatives, and increases Wilhelmsen\u2019s ownership to approximately 30% of the share capital and votes. Following the exercise, Wilhelmsen no longer holds any remaining warrants in the Company. Following the increase in capital, the companys share capital will be 327,377,982 divided into 327,377,982 shares.
*The proposed dividends for 2024 are based on total number of shares after the exercise of outstanding warrants i March 2025 (further described below). 2024 2023 Dividend per share (NOK) 0.42 0.36 Total number of shares 327 377 982 271 769 245 Dividends in total (NOK 1000) 137 499 97 837
Note 28 - Subsequent events
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Proposed dividends The Board proposed a dividend of NOK 0.42 per share, in accordance with the company's dividend policy, to be resolved on the AGM on 28 May 2025.
*The proposed dividends for 2024 are based on total number of shares after the exercise of outstanding warrants i March 2025 (further described below). 2024 2023 Dividend per share (NOK) 0.42 0.36 Total number of shares 327 377 982 271 769 245 Dividends in total (NOK 1000) 137 499 97 837
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-349": { "value": "0.42", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "reg-ix-350": { "value": "0.42", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXK7FS45", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } } } }