2024
Annual
Report
Directors’ Statements | |
E5 Resource Use and Circular Economy | |
S1 Own Workforce | |
S2 Workers in the Value Chain | |
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Letter from the CEO | |
Resilient profitability despite market challenges | |
2024 was a year of resilience and strategic adaptation for AutoStore. Despite global economic uncertainty and a contracting warehouse automation market, we strengthened our position, increased market share, and delivered industry-leading profitability – reinforcing the strength of our business model. Through our unwavering commitment to innovation, customer success, and operational excellence, we are well-positioned to reaccelerate growth. | |
The market has been challenging, and while we've gained share, growth isn't where we want it. Nevertheless, with strong secular drivers, we remain confident in the market’s return – and our ability to seize the opportunity. | |
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In an industry driven by customization, we’ve stood by standardization – proving that reducing complexity enhances scalability, flexibility, and financial strength for our entire ecosystem. | |
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Partner |
– AutoStore Arena events in Europe and Asia- Pacific bringing together customers, distribution partners, and internal experts |
– First event for customers and distribution partners at our new North American headquarters in Salem, NH |
– 160+ trade shows exhibited by our distribution partners |
Customer |
– Systems sold in four new countries: El Salvador, Puerto Rico, Paraguay, and the Philippines |
– ~40% of sales came from existing customers, including Satair, an airbus services company using our solution for spare parts storage, industrial giant Caterpillar, and 3PL provider DB Schenker |
– ~60% of sales came from new customers, including German retailers Thalia and Fressnapf, as well as Toyota, using our solution for spare parts storage |
Product |
– Expanded 18-level Grid: increasing Grid height by two levels, increasing storage density by up to 12.5% |
– Multi-temperature solution: allows multiple temperature zones within a single AutoStore cube |
– Motorized service vehicle: a safety tool that allows for easy maneuvering on top of the Grid for routine maintenance tasks |
– Cube control software enhancements: allows for proactively addressing issues during breaks or off-hours, turning unplanned stops into planned interventions |
People |
– Strengthened innovation and growth capabilities by appointing Parth Joshi as new Chief Product Officer and Carlos Fernandez as Chief Solutions Officer in Q2 |
– Appointed Keith White as new Chief Commercial Officer in Q3 |
Operations |
– Second production facility in Thailand fully operational in Q2, further underpinning supply chain resilience and growth capacity |
– ~2,000 Robots produced in Thailand facility since production start |
– Lead times reduced from 20 to 15 weeks |
Investors |
– Hosted our second Capital Markets Day at our customer and distribution partner THG’s high- throughput site in Q3 |
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Purpose |
Moving things forward |
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Identity |
Culture is a key success factor |
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Our Technology |
Software powered technology |
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End markets | No. of systems1 | 2024 share of revenues | Selected blue chip customers | ||||
 | Apparel & sports accessories | ~250 | 20% | PUMA, Decathlon, XXL, Lids, Boozt, CFG, Crocs, Bike24 | |||
 | Industrials2 | ~520 | 22% | FANUC Pertronics, ABB, Siemens, Bosch, 3M, John Deere, Cat, American Airlines | |||
 | 3PL | ~195 | 14% | UPS, DB Schenker, DHL, Swiss Post, Kuehne+Nagel, CJ Logistics, GEODIS | |||
 | Other retail3 | ~160 | 12% | Kid, RoyalDesign, Kitchentime, Chewy, Jollyroom, Gymgrossisten | |||
 | Grocery and food | ~140 | 7% | SSG , HEB, H Mart, Weiling, Peapod, ASDA, Weee!, Weiling | |||
 | Automotive | ~135 | 9% | Federal Mogul Motorparts, Continental, GS Bildeler, AGCO, Bertel O Steen | |||
 | Healthcare | ~150 | 8% | Medline, Johnson & Johnson, Pfizer, CVS Pharmacy, Osaki, Apotea, Cardinal Health | |||
 | Luxury & personal care | ~40 | 4% | Gucci, Longines, Eton, Manor, Shiseido | |||
 | Consumer electronics | ~60 | 4% | Best Buy, Dustin, Komplett.no, Olympus, Power | |||
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Distribution partners |
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Business development managers |
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Global |
– Swisslog |
– Dematic |
– Element Logic |
– Bastian Solutions |
– Fortna |
– SoftBank Robotics |
– Kardex |
– THG Ingenuity |
Europe, the Middle East and Africa |
– Hörmann Intralogistics |
– AM Logistics Solutions |
– Reesink Logistic Solutions |
– Lalesse Logistic Solution |
– Fives Group |
– Smartlog |
– StrongPoint |
– Adameo |
Asia Pacific |
– LG CNS |
– Okamura |
– Asetec |
– Samsung SDS |
– Hyundai Glovis |
– Toyo Kanetsu Co., Ltd. (TKSL) |
North America |
– KPI Solutions |
Certified sales representatives |
3,000 |
In-house partner sales managers |
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Global account managers |
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Reaffirmed priorities |
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Key objectives |
In 2024, AutoStore outlined three key objectives to work towards 2027. These objectives will guide the company's daily priorities. |
Objective 1 | Objective 2 | Objective 3 | ||||||||
Protect AutoStore’s strong position within the low- and medium-throughput segment. | Expand AutoStore’s light AS/RS leadership position into high- throughput. | Expand product portfolio beyond the cube. | ||||||||
The low- and medium-throughput segment has historically been the “bread-and-butter” of AutoStore's success. As this segment constitutes nearly 60% of the annual market in 2024, it is crucial for AutoStore to continue to serve it effectively. | There is a significant untapped potential in the high-throughput segment, accounting for ~40% of the total annual market in 2024. AutoStore’s capabilities to serve this segment have improved significantly over the past five years. | While the strategy and prioritization of relevant products is still in progress, AutoStore is taking an actively opportunistic approach to relevant opportunities in this space. |
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Share capital | |
34.3 | |
USD million |
Number of shares | |
3,428,540,429 |
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Financial results |
USD million | 2024 | 2023 | |
Revenue and other operating income | 601.4 | 645.7 | |
Cost of materials | -161.6 | -207.6 | |
Employee benefit expenses | -81.8 | -79.1 | |
Other operating expenses | -71.5 | -310.4 | |
EBITDA¹ | 286.4 | 48.5 | |
Adjusted EBITDA¹ | 282.8 | 308.5 | |
Depreciation | -15.8 | -10.6 | |
Amortization of intangible assets | -47.0 | -51.5 | |
Impairment | -1.1 | - | |
EBIT¹ | 222.5 | -13.6 | |
Adjusted EBIT¹ | 249.8 | 286.5 | |
Finance income | 11.2 | 8.4 | |
Finance expense | -49.2 | -43.1 | |
Foreign exchange gains/(losses) | -8.4 | 2.0 | |
Profit/loss before tax | 176.1 | -46.3 | |
Income tax expense/benefit | -39.5 | 13.7 | |
Profit/loss for the period | 136.6 | -32.6 |
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USD million | 2024 | 2023 | |
Cash flow from operating activities | 143.4 | 152.5 | |
Cash flow from investing activities | -46.7 | -43.2 | |
Cash flow from financing activities | -44.2 | -36.8 | |
Net change in cash and cash equivalents | 52.5 | 72.5 | |
Cash and cash equivalents, beginning of period | 253.3 | 174.8 | |
Effect of change in exchange rate | -9.7 | 6.0 | |
Cash and cash equivalents, end of period | 296.1 | 253.3 |
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USD million | 2024 | 2023 | |
Goodwill | 953.0 | 1,061.9 | |
Intangible assets | 436.5 | 492.0 | |
Other | 101.8 | 88.7 | |
Total non-current assets | 1,491.4 | 1,642.5 | |
Total current assets | 534.6 | 489.3 | |
Total assets | 2,026.0 | 2,131.8 | |
Total equity | 1,284.0 | 1,274.9 | |
Non-current interest-bearing liabilities | 418.4 | 432.8 | |
Other non-current liabilities | 130.9 | 204.3 | |
Current liabilities | 192.8 | 219.7 | |
Total liabilities | 742.0 | 856.8 | |
Total equity and liabilities | 2,026.0 | 2,131.8 |
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Operational Highlights |
People and Organization |
Research and Development |
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Sustainability |
Corporate Governance Statement |
The AutoStore Share |
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Dividend Policy |
Risk Management |
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Outlook |
Going Concern |
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Corporate Social Responsibility |
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General Basis for Preparation |
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Governance |
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Supervisory, management, and administrative bodies |
Board of Directors |
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Jim C. Carlisle Co-chair Director of AutoStore since: 2021 Nationality: U.S. | Hege Skryseth Board member Director of AutoStore since: 2021 Nationality: Norwegian Independent | Sumer Juneja Board member Director of AutoStore since: 2023 Nationality: U.S. | ||||||||
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Vikas J. Parekh Co-chair Director of AutoStore since: 2023 Nationality: U.S. | Kjersti Wiklund Board member Director of AutoStore since: 2023 Nationality: Norwegian Independent | Viveka Ekberg Board member Director of AutoStore since: 2021 Nationality: Swedish Independent | ||||||||
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Andreas Hansson Board member Director of AutoStore since: 2021 Nationality: Swedish, British | Michael K. Kaczmarek Board member Director of AutoStore since: 2021 Nationality: U.S. |
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Supervisory, management, and administrative bodies |
Audit Committee |
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Supervisory, management, and administrative bodies |
Executive management |
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Mats Hovland Vikse Chief Executive Officer Role since: January 2023 Nationality: Norwegian | Jenny Sveen Hovda General Counsel Role since: February 2022 Nationality: Norwegian | Parth Joshi Chief Product Officer Role since: June 2024 Nationality: U.S. | ||||||||
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Paul Harrison Chief Financial Officer Role since: October 2023 Nationality: British | Carlos Fernandez Chief Solutions Officer Role since: June 2024 Nationality: Spanish | Keith White Chief Revenue Officer Role since: November 2024 Nationality: U.S. | ||||||||
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Israel Losada Salvador Chief Operating Officer Role since: June 2022 Nationality: Spanish and Norwegian | Anette Matre Chief People Officer Role since: July 2021 Nationality: Norwegian | Bendik Førre Chief Strategy Officer Role since: February 2023 Nationality: Norwegian |
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Risk management and internal control |
Risk management |
1 | Identification This step aims to recognize and describe risks that could either support or hinder AutoStore in achieving our objectives. This involves analyzing tangible and intangible risk sources, potential causes and events, threats, opportunities, vulnerabilities, capabilities, contextual changes, emerging indicators, asset value, consequences, information reliability, time factors, and biases or assumptions. |
2 | Analysis The objective is to understand the nature and characteristics of risks, including their level. It involves evaluating uncertainties, consequences, likelihood, and scenarios, together with factors like complexity, connectivity, time sensitivity, and the effectiveness of existing controls. |
3 | Evaluation The objective is to provide a basis for decisions by using the results of the risk analysis and risk criteria to determine the need for additional actions. This may result in deciding to take no further action, consider risk treatment options, conduct further analysis, or maintain existing controls. Decisions should take account of the wider context and the actual and perceived consequences to external and internal stakeholders. |
4 | Risk treatment The objective is to ensure risks are addressed and treated in line with acceptable criteria, balancing objectives against the costs, effort, or disadvantages of implementation. Risk treatment is an iterative process involving selecting and implementing treatment options, assessing effectiveness, determining risk acceptability, and, if necessary, taking further action, with each treated risk assigned to a responsible risk- owner for follow-up. |
5 | Monitoring and review The objective is to communicate risk management activities across the organization, support decision- making, and facilitate stakeholder engagement. Significant risks and those requiring treatment must be documented in AutoStore's risk register, with the status of treatment actions monitored and managed by the relevant line organizations. |
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Risk management and internal control |
Internal control |
Governance structure and frameworks | The process involved assigning clear roles and responsibilities across supervisory bodies, the executive management team, and administrative teams, ensuring board oversight, executive leadership, and sufficient internal competence and resources in the management, oversight, and development internally in AutoStore. These structural changes were enacted through policy and instruction updates and approvals in 2024. |
Risk assessment | Although the process began in 2023, AutoStore reassessed its material impacts, risks, and opportunities in 2024. This year's process included additional stakeholder perspectives and internal assessments, with anticipated new and enhanced features in the coming years as we continue to advance in this area. |
Reporting and data collection and management | To strengthen internal controls over sustainability reporting, we initially focused on understanding roles and responsibilities within our activities and developing more formalized processes for collecting key data points across relevant teams in the group. This included conducting workshops and assessments with reporting teams to ensure that the formalization, design, and implementation of these data gathering activities aligned well with each group’s responsibilities. Our focus this first year of reporting has been on identifying the most reliable and consistent data sources and methodologies. In 2024, AutoStore also introduced a new reporting system that manages data collection and supports relevant internal control functions for ESG reporting. We will continue developing and refining these processes and controls in 2025, with a focus on enhancing both quality and efficiency. |
Assurance | The Sustainability Statements for 2024 have undergone external assurance by our auditor. |
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Risk management and internal control |
Policies |
Codes and policies | Responsible party | Revision | Scope and value chain position | Material topics | Pages | ||||||||||
CEO | Annual | AutoStore group – cross value chain | All material topics covered in these statements | ||||||||||||
CPO | Annual | AutoStore group – cross value chain | Own Workforce | ||||||||||||
CPO | Annual | AutoStore group – cross value chain | Climate Change Resource Use and Circular Economy | ||||||||||||
CPO | Annual | AutoStore group – cross value chain | Own Workforce Workers in the Value Chain | ||||||||||||
CPO | Annual | AutoStore group – cross value chain | Business Conduct Own Workforce Workers in the Value Chain | ||||||||||||
CPO | Annual | AutoStore group – cross value chain | Business Conduct Own Workforce Workers in the Value Chain | ||||||||||||
COO | Annual | Suppliers | Climate Change Resource Use and Circular Economy Workers in the Value Chain Business Conduct | ||||||||||||
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Strategy |
AutoStore’s sustainability strategy |
To accelerate the transition to space- and energy-efficient warehouse solutions that are preferred by warehouse workers. |
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Double Materiality Assessment |
Impact materiality | ||
AutoStore’s impact on people and/or the environment, | ||
and/or | ||
Financial materiality | ||
ESG related matters that trigger effects on AutoStore’s cash flows, development, performance, position, cost of capital, or access to finance. |
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Our approach |
Double materiality assessment section | |||
This section on double materiality assessment outlines our methodology, approach, and process, incorporating key inputs such as stakeholder dialogue and value chain definition. These inputs are essential to the assessment. Finally, the section presents the identified impacts, risks, and opportunities. | |||
Process steps 2024 | |||
1 | Review and assessment of the double materiality process from 2023 | ||
2 | Evaluation of our business model and strategy | ||
3 | Evaluation of our stakeholders and definition of value chain and its scope | ||
4 | Identification of impacts, risks, and opportunities within topical expert groups | ||
5 | Assessment of impacts and financial risks and opportunities based on defined criteria | ||
6 | Prioritization of potential material ESG related topics, alongside reassessment and validation with relevant stakeholders and consolidation of impacts, risks, and opportunities | ||
7 | Final consolidated material impacts, risks, and opportunities | ||
8 | Approval of impacts, risks, and opportunities in the Audit Committee | ||
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Stakeholder dialogue |
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Employees | Partners and customers | Suppliers | Investors / shareholders | Governments and civil society | Special interest groups | ||||||||||||||||||
Stakeholder group | AutoStore’s employees are primary stakeholders who both directly affect and are directly affected by AutoStore’s internal policies and activities. | AutoStore’s customers directly affect the company economically, and customer expectations guide AutoStore’s sustainability priorities. | Suppliers are affected by AutoStore directly in financial terms, and indirectly by the company’s focus on responsible business practices and resulting expectations on suppliers. | AutoStore’s investors are primary stakeholders and directly affect the company’s priorities and strategic direction. | Governments and regulatory authorities have a direct and indirect impact on AutoStore and its operating conditions. Local communities are indirectly affected by the company’s activities through job creation, tax payments, and environmental impact. | Initiatives and special interest groups have a direct and indirect impact on AutoStore and its operating conditions through their expectations and requirements. | |||||||||||||||||
Arena | – Regular all-employee meetings – Annual performance review – Internal channels, including intranet – Training and coaching – Email – Working environment committee meetings – Employee surveys – Huddles | – Newsletters – Training – Website – Quarterly business reviews – Conferences | – Regular direct dialogue – Supply chain management through supplier evaluation forms and annual audits of critical suppliers – Email | – Reporting – Board meetings – Direct communication – Investor updates and quarterly reports – Investor presentations – Stock exchange / press releases – Roadshows | – Written and direct communication – Email | – Answering surveys and interviews focusing on sustainability – Website update, review of internal guidelines – Various projects participation | |||||||||||||||||
Theme | – Comply with laws and regulations in terms of ethical business double materiality operations, human rights, and anti- corruption – Diversity, equity, and inclusion – Workplace safety, health, and well-being, including mental health – Development and career opportunities – Involvement of employees in climate and sustainability strategy process – Risk assessments related to climate change, operational, and reputational risks | – Climate – Greenhouse gas emissions – Energy use – Market conditions – Employee well-being and safety | – Future business needs and deliveries – Responsible and ethical business conduct and practice – Human rights | – Financial results – Innovation – Annual report and governing documents relating to sustainability information | – Regulatory framework – Focus on financial support from government for Norwegian export companies and capital-demanding start- ups. Need for education and high-competence workforce in Norway – Products and value in society | – Employer branding – Responsible business, openness, trust, selected sustainability issues, UN SDGs | |||||||||||||||||
How we responded | – Double materiality assessment – DEI strategy process – Sustainability strategy process – Unconscious bias training – Inclusive recruitment training – “Make diversity your competitive edge” diversity training – Walking on Earth (employee well-being program) | – Double materiality assessment – Climate accounting with focus on scope 3 – Signed Code of Conduct – Sustainability strategy process | – Double materiality assessment – Issued Supply Chain Business Ethics Code to be signed by suppliers – Project group on the Norwegian Transparency Act – Sustainability strategy process | – Double materiality assessment – ESG reporting in line with CSRD – Sustainability strategy process | – Double materiality assessment – Sustainability strategy process | – Implementing UN Global Compact principles – Implemented the Guide Against Greenwashing | |||||||||||||||||
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Conclusion on Double Materiality Assessment |
ESRS E2 Pollution |
Our GHG emissions reporting indicates that pollution from our operations and value chain is not material. However, we acknowledge pollution associated with transportation and the production of aluminum and plastics within our value chain. While this pollution is not significant compared to the GHG emissions from these processes, it is directly linked to ESRS E1, which we deem material and subsequently report on in these statements. |
ESRS E3 Water and marine resources |
While water usage could become material in relation to the cooling of data servers, this direct impact is deemed minimal as we rent nearly all servers. We furthermore acknowledge water use in the production of aluminum and plastic. Our largest aluminum supplier has confirmed that most of the water used is returned with minimal change in quality, indicating limited water impact. However, we lack sufficient information about water use in plastic production to assess its materiality confidently. We plan to reassess this topic as supplier reporting obligations evolve and provide more transparency. |
ESRS E4 Biodiversity and ecosystems |
We believe this topic may be material considering the inherent space efficiency of the AutoStore system, which has the potential to reduce brownfield expansions and positively impact biodiversity and ecosystems. Despite this potential, we currently lack robust data on the system's actual preventive effect on brownfield expansions. As a result, while the topic is currently considered non-material due to stakeholder feedback and data limitations, it will remain under review. |
ESRS S3 Affected communities |
AutoStore operates two production facilities, located in industrialized areas in Poland and Thailand, which do not impact local communities materially. In our value chain, the production and transportation of aluminum and plastic components –the material portions – are also not considered to have material impacts on affected communities. |
Through due diligence relevant to affected communities, AutoStore acknowledges the inherent risks associated with the more distant segments of our upstream value chain, such as components for our Robots. AutoStore has not identified any direct connections to negative impacts or risks resulting from our own operations or those of our business partners. Consequently, this topic remains classified as non- material. |
ESRS S4 Consumers and end-users |
End users of the AutoStore system are warehouse workers who interact with the AutoStore system, and we acknowledge its potential positive impact on our end users through ergonomically designed workstations and work environment. While the topic is not currently deemed material, its relevance to warehouse workers and recognition by some stakeholders warrant continued monitoring. |
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Negative impact |
Climate change mitigation | ||||
Negative impact | Actual | Cross value chain | GHG emissions in our supply chain Primary drivers are virgin aluminum and plastic, as well as emissions related to the transportation of material and goods | |
Risk | Potential | Own operations | Stakeholder expectations – Transitional risk Risk of not responding properly to heightened stakeholder expectations of committing to a decarbonization plan | |
Risk | Potential | Cross value chain | GHG pricing mechanisms – Transitional risk Risk of higher prices for emission-intensive products due to GHG pricing mechanisms | |
Energy | ||||
Negative impact | Actual | Cross value chain | Unfavorable energy mix of renewable energy | |
Positive impact | Actual | Downstream | The AutoStore system may offer reduced energy use and emissions | |
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Resource inflows, including resource use | ||||
Negative impact | Actual | Upstream, downstream | Use of non-recycled materials in the AutoStore system, including virgin aluminum and plastic | |
Risk | Potential | Upstream | Dependencies on suppliers Risk of future supply of virgin plastic | |
Resource outflows related to products and services | ||||
Negative impact | Actual | Downstream | End-of-life processes No formal process for recycling parts in the modules in the AutoStore system | |
Positive impact | Actual | Downstream | Lifetime of the AutoStore system Long lifetime reduces resource use and limits downtime | |
Opportunity | Potential | Downstream | Use of recycled materials in the AutoStore system | |
Waste | ||||
Negative impact | Actual | Cross value chain | Contributing to waste of wood and plastic Used in the packaging in delivering the AutoStore system | |
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Working conditions | ||||
Negative impact | Actual | Own operations | Working time Pressure on certain employees to deliver within short time horizon and/or work outside regular hours | |
Positive impact | Actual | Own operations | Commitment to healthy work-life balance By promoting a flexible workplace, secure employment, and employee well-being | |
Negative impact | Potential | Own operations | Work-related incidents An incident on our workplace will always be important to us and seen as a potential negative impact | |
Risk | Potential | Own operations | Risk of geopolitical conflicts affecting our employees May pose a risk to employees living or traveling to unsafe areas | |
Equal treatment and opportunities for all | ||||
Positive impact | Actual | Own operations | Committed DEI strategy with concrete initiatives | |
Positive impact | Actual | Own operations | Employee development and career progression Prioritization of training and development program offerings | |
Negative impact | Actual | Own operations | Partly failing to successfully employ and include persons with disabilities | |
Negative impact | Actual | Own operations | Accessibility and availability of information on employees’ rights | |
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Working conditions | ||||
Negative impact | Actual | Upstream, downstream | Pressure to deliver within short deadlines or at a low cost Most pertinent to suppliers and transporters in Asia | |
Risk | Potential | Upstream, downstream | Violations of human rights and decent working conditions Risk related to a global value chain with limited transparency | |
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Corporate culture | ||||
Positive impact | Actual | Own operations | Healthy corporate culture Driven by our three values: Lean, transparent, and bold | |
Risk | Potential | Own operations | A sales-driven culture may lead to bias of inappropriate behavior | |
Corruption and bribery | ||||
Risk | Potential | Cross value chain | Corrupt activities in the value chain can lead to fines or penalties | |
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Core elements of due diligence | Pages | ||
a) Embedding due diligence in governance, strategy, and business model | |||
b) Engaging with affected stakeholders in all key steps of the due diligence | |||
c) Identifying and assessing adverse impacts | |||
d) Taking actions to address those adverse impacts | |||
e) Tracking the effectiveness of those efforts, and communicating | AutoStore has not yet formalized a process for tracking the effectiveness of policies and actions in relation to the material sustainability-related impacts, risks, and opportunities |
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Index of Material Disclosures |
ESRS | Disclosure requirement | Description | Pages | ||||||||
ESRS 2 | BP-1 | General basis for preparation of sustainability statement | |||||||||
BP-2 | Disclosures in relation to specific circumstances | ||||||||||
GOV-1 | The role of the administrative, management, and supervisory bodies | ||||||||||
GOV-2 | Information provided to and sustainability matters addressed by the undertaking's administrative, management, and supervisory bodies | ||||||||||
GOV-3 | Integration of sustainability-related performance in incentive schemes | ||||||||||
GOV-4 | Statement on due diligence | ||||||||||
GOV-5 | Risk management and internal controls over sustainability reporting | ||||||||||
SBM-1 | Strategy, business model, and value chain | ||||||||||
SBM-2 | Interests and view of stakeholders | ||||||||||
SBM-3 | Material impacts, risks, and opportunities and their interaction with strategy and business model | ||||||||||
IRO-1 | Description of the process to identify and assess material impacts, risks, and opportunities | ||||||||||
IRO-2 | Disclosure requirements in ESRS covered by the undertaking's sustainability statements | ||||||||||
ESRS E1 | E1-1 | Transition plan climate change mitigation | |||||||||
E1-2 | Policies related to climate change mitigation and adaptation | ||||||||||
E-3 | Actions and resources in relation to climate change policies | ||||||||||
E-4 | Targets related to climate change mitigation and adaptation | ||||||||||
E-5 | Energy consumption | ||||||||||
E-6 | Gross scopes 1, 2, 3 and total GHG emissions | ||||||||||
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ESRS | Disclosure requirement | Description | Pages | ||||||||
ESRS E5 | E5-1 | Policies related to resource use and circular economy | |||||||||
E5-2 | Actions and resources related to resource use and circular economy | ||||||||||
E5-3 | Targets related to resource use and circular economy | ||||||||||
E5-4 | Resource inflows | ||||||||||
E5-5 | Resource outflows | ||||||||||
E5-6 | Anticipated financial effects from material resource use and circular economy-related risks and opportunities | ||||||||||
ESRS S1 | S1-1 | Policies related to own workforce | |||||||||
S1-2 | Process for engaging with own workforce and workers’ representatives about impacts | ||||||||||
S1-3 | Process to remediate negative impacts and channels for own workforce to raise concerns | ||||||||||
S1-4 | Taking action on material impacts on own workforce and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions | 112 and following pages | |||||||||
S1-5 | Targets related to managing material negative impacts, advancing positive impacts and managing material risks and opportunities | ||||||||||
S1-6 | Characteristics of the undertaking's employees | ||||||||||
S1-7 | Characteristics of non-employees in the undertaking's own workforce | ||||||||||
S1-9 | Diversity metrics | ||||||||||
S1-13 | Training and skills | ||||||||||
S1-14 | Health and safety | ||||||||||
S1-15 | Work-life balance | ||||||||||
S1-16 | Remuneration metrics (pay gap and total remuneration) | ||||||||||
S1-17 | Incidents, complaints, and severe human rights impacts | ||||||||||
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ESRS | Disclosure requirement | Description | Pages | ||||||||
ESRS S2 | S2-2 | Policies related to value chain workers | |||||||||
S2-2 | Processes for engaging with value chain workers about impacts | ||||||||||
S2-3 | Processes to remediate negative impacts and channels for value chain workers to raise concerns | ||||||||||
S2-4 | Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions | 140 and following pages | |||||||||
S2-5 | Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities | ||||||||||
ESRS G1 | G1-1 | Corporate culture and business conduct policies | |||||||||
G1-3 | Prevention and detection of corruption and bribery | ||||||||||
G1-4 | Incidents of corruption or bribery | ||||||||||
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Introduction |
AutoStore is committed to ensuring that our strategy and business model align with the transition to a more sustainable economy. We support our community of stakeholders on their sustainability journey, aiming to be a key enabler in helping end users of the AutoStore system achieve their sustainability goals, while still maintaining full focus on quality, delivery, and cost. This is embedded in one of our values – lean. | |||
Key policies in this chapter | Code of Conduct Climate and Environmental Policy | ||
Responsibility | managed | ||
Availability | |||
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Climate Change Mitigation |
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Climate change |
Climate change mitigation |
GHG emissions in our supply chain – mainly virgin aluminum and plastic | |
Negative impact | |
Value chain | Cross value chain | |
Impact | Overall environmental impact | |
Connection to strategy and business model | Virgin aluminum and plastic are material key resource inflows to the AutoStore system | |
Time horizon | Current impact can potentially be reduced in the medium- to long-term horizon | |
We have identified an actual negative climate related impact of GHG emissions within our supply chain, primarily driven by the procurement of the following: | ||
– Virgin aluminum used for our Grids – Virgin plastic used for our Bins | ||
For an overview of the AutoStore system, including our Grids and Bins, reference is made to our value the AutoStore system. | ||
The majority of AutoStore’s GHG footprint derives from scope 3 upstream emissions, primarily by the production and procurement of virgin aluminum and plastic. | ||
Additionally, AutoStore recognizes its GHG emissions by the transportation of material and goods inflows and outflows, mainly by cars, ships, and planes. |
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Climate Related Risks |
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Chronic | ||||||||||||||||
Temperature-related | Changing temperature | Heat stress | Temperature variability | Permafrost thawing | ||||||||||||
Wind-related | Changing wind patterns | |||||||||||||||
Water-related | Precipitation variability | Ocean acidification | Saline intrusion | Sea level rise | Water stress | |||||||||||
Solid mass-related | Coastal erosion | Soil degradation | Soil erosion | Solifluction | ||||||||||||
Acute | ||||||||||||||||
Temperature-related | Heat wave | Cold wave/frost | Wildfire | |||||||||||||
Wind-related | Cyclones, hurricanes | Storms | Tornado | |||||||||||||
Water-related | Drought | Heavy precipitation | Flood | Glacial lake outburst | ||||||||||||
Solid mass-related | Avalanche | Landslide | Subsidence | |||||||||||||
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Climate change |
Climate change mitigation |
Risk of not responding properly to heightened stakeholder expectations of committing to a decarbonization plan in the medium-term future | |
Risk | |
Value chain | Own operations | |
Connection to strategy and business model | Ensure compliance with upcoming regulations while meeting customer and stakeholder expectations – both essential to AutoStore | |
Time horizon | This risk is expected to have a low short-term financial impact, but has the potential to be higher in the medium- to long-term horizon | |
We recognize the rapidly evolving customer and regulatory environment drivers for decarbonization and climate targets, and that there is a potential risk of not committing fully to environmental responsibility or of showing insufficient progress in this area. The majority of our larger customers have defined climate targets of their own, hence many of our customers have clear requirements for decarbonization and changes in material use. This is deemed to be a climate related transitional risk. |
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Climate change |
Climate change mitigation |
Risk of higher prices for emission- intensive products due to GHG pricing mechanisms | |
Risk | |
Value chain | Potentially cross value chain | |
Connection to strategy and business model | AutoStore’s standardized business model is underpinned by efficient operations and value chain-set up | |
Time horizon | This risk is expected to have a low short-term financial impact, but has the potential to be higher in the medium- to long-term horizon | |
With the implementation of GHG pricing mechanisms in the EU, including carbon taxes and regulatory compliance costs, we acknowledge the introduction of the potential risk of higher costs for emission-intensive products like aluminum. For AutoStore, this may potentially lead to increased costs and overall impact our supply chain operational efficiency. This is deemed to be a climate related transition risk. | ||
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Climate change |
Energy |
Unfavorable energy mix of renewable energy | |
Negative impact | |
Value chain | Cross value chain | |
Impact | Overall environmental impact | |
Connection to strategy and business model | The principal factors contributing to this negative impact is related to internal transportation and energy use in AutoStore facilities | |
Time horizon | Current impact can potentially be reduced in the medium- to long-term horizon | |
Some AutoStore facilities have an energy mix consisting of low levels of renewable energy. Certain facilities rely on energy sources from stationary combustion. The overall energy mix consists of higher levels of renewable energy, but still at sub- optimal levels. We identify this as an actual negative impact. | ||
Although several facilities are located in geographical areas with a high degree of renewable energy mix, AutoStore does not currently have Guarantees of Origin (GoO) from renewable sources or Renewable Energy Certificates (RECs). AutoStore will further assess the viability of such initiatives for the company going forward. This is detailed in |
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Climate change |
Energy |
The AutoStore system may offer reduced energy use and emissions | |
Positive impact | |
Value chain | Downstream | |
Impact | May reduce emissions from energy use in end user warehouse | |
Connection to strategy and business model | AutoStore is continuously seeking to enhance the benefits and advantages with the AutoStore system for end users | |
Time horizon | Current impact with potential to become more significant following increased data coverage of the extent of the impact | |
One of the main areas where AutoStore can make a positive climate related contribution and impact is related to the inherent space and energy efficiency of the system compared to traditional warehouse solutions. AutoStore’s Robots are designed for minimal energy use compared to the energy required by traditional warehouse solutions. These Robots regenerate energy when braking, further enhancing efficiency. AutoStore’s high-density system enables businesses to store more inventory in a smaller space, reducing the need for additional warehouse facilities. By minimizing space requirements, companies can reduce land use, as well as energy consumption related to heating, cooling, and lighting. Faster, automated fulfillment can also reduce the need for traditional equipment such as forklifts. This impact could prove more significant if the current equipment is reliant on fossil fuels. |
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Metrics |
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Energy consumption from non-renewable sources | |||
Unit | 2024 | ||
Fuel consumption from coal and coal products | MWh | - | |
Fuel consumption from crude oil and petroleum products | MWh | 262.1 | |
Fuel consumption from natural gas | MWh | 1.4 | |
Fuel consumption from other fossil sources | MWh | - | |
Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources | MWh | 7,753.1 | |
Total fossil energy consumption | MWh | 8,016.6 | |
Share of fossil sources in total energy consumption | % | 83.5% | |
Consumption from nuclear sources | MWh | 492.7 | |
Share of consumption from nuclear sources in total energy consumption | % | 5.1% | |
Fuel consumption for renewable sources, including biomass1 | MWh | 11.6 | |
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources | MWh | 1,084.1 | |
Consumption of self-generated non-fuel renewable energy | MWh | - | |
Total renewable energy consumption | MWh | 1,095.7 | |
Share of renewable sources in total energy consumption | % | 11.4% | |
Total energy consumption | MWh | 9,605.0 |
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GHG emissions | |||
Unit | 2024 | ||
Scope 1 | |||
Gross scope 1 GHG emissions | tCO2eq | 60.9 | |
Percentage of scope 1 GHG emissions from regulated emission trading schemes | % | - | |
Scope 2 | |||
Gross location-based scope 2 GHG emissions | tCO2eq | 2,739.1 | |
Gross market-based scope 2 GHG emissions | tCO2eq | 4,848.0 | |
Scope 3 – significant emissions | |||
Total gross indirect (scope 3) GHG emissions | tCO2eq | 317,240.2 | |
1 Purchased goods and services | 285,679.6 | ||
2 Capital goods | 159.9 | ||
3 Fuel and energy-related activities (not included in scope 1 or scope 2) | 696.0 | ||
4 Upstream transportation and distribution | 14,542.4 | ||
5 Waste generated in operations | 29.6 | ||
6 Business traveling | 3,622.7 | ||
7 Employee commuting | 528.3 | ||
8 Upstream leased assets | - | ||
9 Downstream transportation | - | ||
10 Processing of sold products | 12.9 | ||
11 Use of sold products | 10,877.0 | ||
12 End-of-life treatment of sold products | 271.0 | ||
13 Downstream leased asset | 8.8 | ||
14 Franchises | - | ||
15 Investments | - | ||
Total GHG emissions – location-based | tCO2eq | 320,040.2 | |
Total GHG emissions – market-based | tCO2eq | 322,149.1 |
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GHG intensity | |||
Unit | 2024 | ||
Net revenue used to calculate GHG intensity | USD million | 601.4 | |
GHG emissions intensity (location-based) | tCO2eq/’000 USD | 0.53 | |
GHG emissions intensity (market-based) | tCO2eq/’000 USD | 0.54 |
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Introduction |
AutoStore recognizes that circularity and sustainable resource use is important in the transition to a greener and more sustainable future. Making lean and efficient products is embedded in the AutoStore DNA. | |||
Key policies in this chapter | Code of Conduct Climate and Environmental Policy | ||
Responsibility | managed | ||
Availability | |||
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Grids – ‘The structure’ |
Description The Grid is the aluminum framework that holds the columns of vertically stacked Bins in place while also being the railways for Robots. |
Materials The Grids are primarily constructed of virgin aluminum. |
Durability The durability of the Grids are related to the long lifetime of the aluminum when used according to guidelines. Most of the Grids ever delivered by AutoStore are still in use, and the aluminum is infinitely recyclable. |
Bins – ‘The container’ |
Description Like blocks, Bins are stacked next to and on top of each other within the Grid. These durable containers hold the inventory in the AutoStore system. |
Materials AutoStore provides three different Bin types made of virgin plastic (HDPE, PP-C, or anti-static PP-ESD), all well-suited for recycling at the end of their lifetime. |
Durability Strong construction and gentle Robot handling secures the long lifetime of the Bins. The first AutoStore system was installed in 2005 and virtually all AutoStore Bins are still in use in AutoStore systems worldwide. The lifetime of the Bins is estimated to be approximately 10-20 years. Durability is dependent on factors such as workload, inventory weight, and involvement of third-party transport and handling equipment. |
Robots – ‘The worker’ |
Description Robots ride on rails along the top of the Grid, retrieving and delivering Bins to workstations. Materials The cover material of the Robots are made up of aluminum, with the Robots consisting of several separate components. The components linked to material impacts include, but are not limited to PCBA (printed circuit board assembly) and batteries. The batteries in the R5 Robot are chargeable and uses two 12V/105Ah AGM batteries (lead acid - Absorbed Glass Mat) as a standard. The estimated lifetime design and expectancy of the batteries for each R5 Robot is subject to systems’ running time: |
– Systems running 8 hours a day, 5 days a week – 8 years |
– Systems running 16 hours a day, 5 days a week – 4 years |
– Systems running 16 hours a day, 5 days a week – 4 years |
Durability The lifetime design and expectancy of the Robot engines are dependent on weight, driving frequency, operational hours, and other factors. The AutoStore modules have an estimated durability of at least 10 years. The belts and batteries in the Robots are the components that are most susceptible to wear and tear. Repairs and spare parts are readily available for the end user. |
Recyclability Enhancing the recyclability of the materials used in the Robots and obtaining more comprehensive and accurate data regarding this information will be a priority for AutoStore in its ongoing commitment to circularity. |
Ports – ‘The workstation’ |
Description Ports are workstations where operators pick up or fill in products, tag, pack, and send products out. They are designed to keep the orders rolling without reducing efficiency. The main consideration of our Ports is employee safety, comfort, and productivity. Each workstation is designed at an optimal height and includes multiple safety features to prevent injury. |
Materials There are 6-8 different product lines of Ports in the AutoStore system. The furniture material in the Ports are primarily comprised of aluminum and composite material. The main components for the Ports also include belts, motors, wheels, weights, weight switch, and optical sensor boards. |
Durability The AutoStore modules have an estimated durability of at least 10 years. |
Recyclability: The aluminum used in the product is infinitely recyclable. |
Controller – ‘The brain’ |
Description The Controller is the command center and uses the Router software platform to manage both Bin traffic and the AutoStore database. The Controller will also run diagnostic troubleshooting when Robot errors occur using XHandler, greatly increasing the system's uptime. |
Materials A fully assembled AutoStore Controller consists of a 19ʺ steel mini-rack with the following components: fans for cooling, industrial computer (AutoStore Controller computer), network switch, ASIO (AutoStore Input/Output), and UPS. |
Durability The AutoStore modules have an estimated durability of at least 10 years. |
Recyclability The aluminum used in the product is infinitely recyclable. |
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Resource use and circular economy |
Resource inflows |
Use of non-recycled materials | |
Negative impact | |
Value chain | Upstream, downstream | |
Impact | Overall environmental impact | |
Connection to strategy and business model | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity to staying at the forefront of sustainable automation solutions | |
Time horizon | Current impact with a medium- to long-term horizon subject to advances in own operations | |
AutoStore’s material resource inflows include raw materials stemming from virgin aluminum for most of our Grids and virgin plastic for our Bins. Material inflows for our Robots include PCBA boards and batteries. This material inflow relates to our upstream value chain. Furthermore, wood and non- recycled plastic used in the packaging of materials and modules in the AutoStore system is also considered material resource inflows. This relates to both our upstream and downstream value chain. |
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Resource use and circular economy |
Resource inflows |
Dependencies on suppliers | |
Risk | |
Value chain | Upstream | |
Connection to strategy and business model | Financial risk related to loss of opportunities due to not meeting stakeholder expectations, or through exposure to legal restrictions limiting access to suppliers due to circularity concerns | |
Time horizon | Current risk with a medium- to long- term horizon subject to advances in own operations | |
AutoStore recognizes a potential risk related to exposure to changes in stakeholders expectations. | ||
Evolving environmental regulations and shifts in demand for products with virgin plastic may lead to changes in costs and gross margins, resulting in the need for alternate sourcing of materials, potentially affecting the supply chain's operational efficiency. |
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Material resource inflows | Description | Unit | 2024 | |
Virgin aluminum | Used in the production of Grids | tonnes | 10,665.1 | |
Virgin plastics | Used in the manufacture of Bins | tonnes | 41,633.4 | |
PCBA boards | Used in Robots assembly | tonnes | 25.0 | |
Batteries | Used in Robots assembly | tonnes | 1,024.3 | |
Virgin plastic | Used in the assembly and packaging of products | tonnes | 1,344.0 | |
Wood | Used in packaging of products | tonnes | 1,937.7 | |
Total weight of material resource inflows | tonnes | 56,629.6 | ||
Other materials | tonnes | 4,432.8 | ||
Overall total weight | tonnes | 61,062.3 | ||
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Resource use and circular economy |
Resource outflows |
End-of-life processes | |
Negative impact | |
Value chain | Downstream | |
Impact | Overall environmental impact | |
Connection to strategy and business model | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity to staying at the forefront of sustainable automation solutions | |
Time horizon | Current impact with a medium- to long-term horizon subject to advances in own operations | |
AutoStore has not yet established formal procedures and processes for the end-of-life recycling of the materials used in the system's modules. While the modules in the AutoStore system have a long lifetime, which limits the cycle of needed recycling, facilitating formal recycling procedures presents a clear opportunity for improvement for AutoStore. |
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Resource use and circular economy |
Resource outflows |
Lifetime of the AutoStore system | |
Positive impact | |
Value chain | Downstream | |
Impact | Overall environmental impact | |
Connection to strategy and business model | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity to staying at the forefront of sustainable automation solutions | |
Time horizon | We are committed to maintaining the presented current actions and initiatives in the future | |
Based on materiality and volume used, both the aluminum (Grids) and the plastic (Bins) have a long lifetime, which reduces resource use and limits downtime. Most of the sold Grids and Bins are still in use in AutoStore systems worldwide and the aluminum used in the Grids is infinitely recyclable. This longevity aligns with AutoStore’s aim of limiting waste and promoting resource efficiency. |
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Resource use and circular economy |
Resource outflows |
Use of recycled materials in the AutoStore system | |
Opportunity | |
Value chain | Downstream | |
Connection to strategy and business model | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity in order to stay at the forefront of sustainable automation solutions | |
Time horizon | The magnitude of financial effect is subject to evolving requirements and expectations in end market segments | |
AutoStore recognizes that offering Grids and Bins made with green aluminum and recycled plastic could contribute to meeting stakeholder expectations, as well as retaining and/or attracting sustainability-oriented customers, end users, and investors. AutoStore is currently not using green aluminum and recycled plastic in our production process, but are exploring suitable options for further assessment. This does, however, need to be in line with the quality AutoStore expects for its systems. |
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Resource use and circular economy |
Waste |
Contributing to waste of wood and plastics | |
Negative impact | |
Value chain | Cross value chain | |
Impact | Overall environmental impact | |
Connection to strategy and business model | Aligned with our business model and strategy to remain innovative and competitive, AutoStore recognizes the growing emphasis on circularity to staying at the forefront of sustainable automation solutions | |
Time horizon | Current impact with a medium- to long-term horizon subject to advances in own operations | |
We recognize an actual negative impact with our solutions currently being delivered in wood and non- recycled plastic. AutoStore also contributes to wood waste in other parts of its supply chain, such as its office facilities. More information about AutoStore’s waste measures can be found in the following pages. |
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Waste generated | ||||
kg | Non- hazardous | Hazardous | Total | |
a. Preparation for reuse | - | - | - | |
b. Recycling | 269,613.9 | - | 269,613.9 | |
c. Other recovery operations | 45,315.7 | 865.0 | 46,180.7 | |
A. Total diverted from disposal (a. + b. + c.) | 314,929.6 | 865.0 | 315,794.6 | |
d. Incineration | 10,423.7 | 20.0 | 10,443.7 | |
e. Landfill | 16,809.8 | - | 16,809.8 | |
f. Other disposal operations | - | - | - | |
B. Total directed to disposal (d. + e. + f.) | 27,233.5 | 20.0 | 27,253.5 | |
Total waste (A. + B.) | 342,163.1 | 885.0 | 343,048.1 | |
Non-recycled waste (d) | 72,549.2 | 885.0 | 73,434.2 | |
Non-recycled waste % (d) | 21.2% | 100.0% | 21.4% | |
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Proportion of turnover/total turnover | ||||
% | Taxonomy-aligned per objective | Taxonomy-eligible per objective | ||
CCM | - | - | ||
CCA | - | - | ||
WTR | - | - | ||
CE | - | 71.0% | ||
PPC | - | - | ||
BIO | - | - | ||
Proportion of CAPEX/total CAPEX | ||||
% | Taxonomy-aligned per objective | Taxonomy-eligible per objective | ||
CCM | - | 20.8% | ||
CCA | - | 20.8% | ||
WTR | - | - | ||
CE | - | 54.0% | ||
PPC | - | - | ||
BIO | - | - | ||
Proportion of OPEX/total OPEX | ||||
% | Taxonomy-aligned per objective | Taxonomy-eligible per objective | ||
CCM | - | - | ||
CCA | - | - | ||
WTR | - | - | ||
CE | - | 44.7% | ||
PPC | - | - | ||
BIO | - | - | ||
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Taxonomy sector | Code | Taxonomy activity | Relevance to AutoStore | ||||||
Construction and real estate activities | CCM 7.4 CCA 7.4 | Installation, maintenance, and repair of charging stations for electric vehicles in buildings | AutoStore has initiated the installation of electric vehicle chargers in its office buildings to facilitate use of electric vehicles for employees and visitors. | ||||||
Construction and real estate activities | CCM 7.7 | Acquisition and ownership of buildings | AutoStore leases several properties to support operational needs, including office spaces and production sites essential for its business activities. | ||||||
Transport | CCM 6.5 CCA 6.5 | Transport by motorbikes, passenger cars, and light commercial vehicles | The transportation of AutoStore’s products to end users is handled by third- party logistics providers, while the company manages its own transportation for employee commutes and internal logistics. This includes the use of both leased and owned company vehicles for transporting staff, materials, and other business-related items. | ||||||
Manufacturing | CE 1.2 | Manufacture of electrical and electronic equipment | AutoStore designs, manufactures, and assembles modules in the AutoStore system. This includes a range of essential electronic equipment, such as Robots, Ports, and Controller units, all of which are critical to ensuring the efficient operation of its automation systems. | ||||||
Information and communication | CE 4.1 | Provision of IT/OT data- driven solutions | AutoStore develops and delivers software designed to optimize warehouse operations. Utilizing sophisticated data algorithms, the software continuously calculates and adjusts the most efficient paths for its Robots. | ||||||
Services | CE 5.2 | Sale of spare parts | AutoStore supplies spare parts, ensuring the continued functionality and longevity of the systems provided. | ||||||
Services | CE 5.5 | Product-as-a-service and other circular use- and result-oriented service models | AutoStore’s automated fulfillment technology offers the option to lease the system through a pay-per-pick model. The pay-per-pick model involves an upfront payment for the warehouse Grid infrastructure, along with a recurring subscription fee for Robots, Ports, and software, based on order volume. Pio, a subsidiary of AutoStore, provides a streamlined warehouse automation solution for smaller operations through a leasing model. |
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Nuclear energy related activities | |||
1 | The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle. | No | |
2 | The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies. | No | |
3 | The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades. | No | |
Fossil gas related activities | |||
4 | The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels. | No | |
5 | The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels. | No | |
6 | The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels. | No | |
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Turnover | 2024 | Substantial contribution criteria | DNSH criteria | ||||||||||||||||||||
Economic activities | Codes | Turnover | Proportion of turnover, 2024 | Climate mitigation | Climate adaptation | Water | Circular economy | Pollution prevention | Biodiversity | Climate mitigation | Climate adaptation | Water | Circular economy | Pollution prevention | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A.1) or eligible (A.2) turnover, 2023 | Category enabling activity | Category transitional activity | ||||
USD | % | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N | Y;N | Y;N | Y;N | Y;N | Y;N | Y;N | % | E | T | ||||||
A. Taxonomy-eligible activities | |||||||||||||||||||||||
A.1 Environmentally sustainable activities (Taxonomy-aligned) | |||||||||||||||||||||||
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCA 7.4/ CCM 7.4 | - | - | Y | Y | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | - | E | |||||
Turnover of environmentally sustainable activities (Taxonomy-aligned) (A.1) | - | - | - | - | - | - | - | - | Y | Y | Y | Y | Y | Y | Y | - | |||||||
Of which enabling | - | - | - | - | - | - | - | - | Y | Y | Y | Y | Y | Y | Y | - | E | ||||||
Of which transitional | - | - | - | - | T | ||||||||||||||||||
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||||||||||||
EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | ||||||||||||||||||
Acquisition and ownership of buildings | CCA 7.7/ CCM 7.7 | - | - | EL | EL | N/EL | N/EL | N/EL | N/EL | - | |||||||||||||
Manufacture of electrical and electronic equipment | CE 1.2 | 363.9 | 60.5% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Product-as-a-service and other circular use- and result-oriented service models | CE 5.5 | 6.3 | 1.1% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Provision of IT/OT data-driven solutions | CE 4.1 | 25.2 | 4.2% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Sale of spare parts | CE 5.2 | 31.4 | 5.2% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Transport by motorbikes, passenger cars and light commercial vehicles | CCA 6.5/ CCM 6.5 | - | - | EL | EL | N/EL | N/EL | N/EL | N/EL | ||||||||||||||
Turnover of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 426.9 | 71.0% | - | - | - | 71.0% | - | - | - | ||||||||||||||
A. Turnover of Taxonomy eligible activities (A.1 + A.2) | 426.9 | 71.0% | - | - | - | 71.0% | - | - | - | ||||||||||||||
B. Taxonomy-non-eligible activities | |||||||||||||||||||||||
Turnover of Taxonomy-non-eligible activities (B) | 174.5 | 29.0% | |||||||||||||||||||||
Total (A + B) | 601.4 | 100.0% | |||||||||||||||||||||
Y | Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective. |
N | No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective. |
N/EL | Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective. |
EL | Eligible, Taxonomy-non-eligible activity for the relevant environmental objective. |
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2024 | Substantial contribution criteria | DNSH criteria | |||||||||||||||||||||
Economic activities | Codes | CAPEX | Proportion of CAPEX, 2024 | Climate mitigation | Climate adaptation | Water | Circular economy | Pollution prevention | Biodiversity | Climate mitigation | Climate adaptation | Water | Circular economy | Pollution prevention | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A.1) or eligible (A.2) CAPEX, 2023 | Category enabling activity | Category transitional activity | ||||
USD | % | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N | Y;N | Y;N | Y;N | Y;N | Y;N | Y;N | % | E | T | ||||||
A. Taxonomy-eligible activities | |||||||||||||||||||||||
A.1 Environmentally sustainable activities (Taxonomy-aligned) | |||||||||||||||||||||||
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCA 7.4/ CCM 7.4 | - | - | Y | Y | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | - | E | |||||
CAPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1) | - | - | - | - | - | - | - | - | Y | Y | Y | Y | Y | Y | Y | - | |||||||
Of which enabling | - | - | - | - | - | - | - | - | Y | Y | Y | Y | Y | Y | Y | - | E | ||||||
Of which transitional | - | - | - | - | T | ||||||||||||||||||
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||||||||||||
EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | ||||||||||||||||||
Acquisition and ownership of buildings | CCA 7.7/ CCM 7.7 | 15.1 | 20.7% | EL | EL | N/EL | N/EL | N/EL | N/EL | - | |||||||||||||
Manufacture of electrical and electronic equipment | CE 1.2 | 20.8 | 28.5% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Product-as-a-service and other circular use- and result-oriented service models | CE 5.5 | 3.7 | 5.1% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Provision of IT/OT data-driven solutions | CE 4.1 | 14.9 | 20.4% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Sale of spare parts | CE 5.2 | - | - | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Transport by motorbikes, passenger cars and light commercial vehicles | CCA 6.5/ CCM 6.5 | 0.1 | 0.1% | EL | EL | N/EL | N/EL | N/EL | N/EL | - | |||||||||||||
CAPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 54.5 | 74.8% | 20.8% | 20.8% | - | 54.0% | - | - | - | ||||||||||||||
A. CAPEX of Taxonomy eligible activities (A.1 + A.2) | 54.5 | 74.8% | 20.8% | 20.8% | - | 54.0% | - | - | - | ||||||||||||||
B. Taxonomy-non-eligible activities | |||||||||||||||||||||||
CAPEX of Taxonomy-non-eligible activities (B) | 18.4 | 25.2% | |||||||||||||||||||||
Total (A + B) | 72.9 | 100.0% | |||||||||||||||||||||
Y | Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective. |
N | No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective. |
N/EL | Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective. |
EL | Eligible, Taxonomy-non-eligible activity for the relevant environmental objective. |
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2024 | Substantial contribution criteria | DNSH criteria | |||||||||||||||||||||
Economic activities | Codes | OPEX | Proportion of OPEX, 2024 | Climate mitigation | Climate adaptation | Water | Circular economy | Pollution prevention | Biodiversity | Climate mitigation | Climate adaptation | Water | Circular economy | Pollution prevention | Biodiversity | Minimum safeguards | Proportion of Taxonomy aligned (A.1) or eligible (A.2) OPEX, 2023 | Category enabling activity | Category transitional activity | ||||
USD | % | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N;N/EL | Y;N | Y;N | Y;N | Y;N | Y;N | Y;N | Y;N | % | E | T | ||||||
A. Taxonomy-eligible activities | |||||||||||||||||||||||
A.1 Environmentally sustainable activities (Taxonomy-aligned) | |||||||||||||||||||||||
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings) | CCA 7.4/ CCM 7.4 | - | - | Y | Y | N/EL | N/EL | N/EL | N/EL | Y | Y | Y | Y | Y | Y | Y | - | E | |||||
OPEX of environmentally sustainable activities (Taxonomy-aligned) (A.1) | - | - | - | - | - | - | - | - | Y | Y | Y | Y | Y | Y | Y | - | |||||||
Of which enabling | - | - | - | - | - | - | - | - | Y | Y | Y | Y | Y | Y | Y | - | E | ||||||
Of which transitional | - | - | - | - | T | ||||||||||||||||||
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) | |||||||||||||||||||||||
EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | EL;N/EL | ||||||||||||||||||
Acquisition and ownership of buildings | CCA 7.7/ CCM 7.7 | - | - | EL | EL | N/EL | N/EL | N/EL | N/EL | - | |||||||||||||
Manufacture of electrical and electronic equipment | CE 1.2 | 0.9 | 29.4% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Product-as-a-service and other circular use- and result-oriented service models | CE 5.5 | 0.2 | 5.9% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Provision of IT/OT data-driven solutions | CE 4.1 | 0.3 | 9.4% | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Sale of spare parts | CE 5.2 | - | - | N/EL | N/EL | N/EL | EL | N/EL | N/EL | - | |||||||||||||
Transport by motorbikes, passenger cars and light commercial vehicles | CCA 6.5/ CCM 6.5 | - | - | EL | EL | N/EL | N/EL | N/EL | N/EL | - | |||||||||||||
OPEX of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2) | 1.4 | 44.7% | - | - | - | 44.7% | - | - | - | ||||||||||||||
A. OPEX of Taxonomy eligible activities (A.1 + A.2) | 1.4 | 44.7% | - | - | - | 44.7% | - | - | - | ||||||||||||||
B. Taxonomy-non-eligible activities | |||||||||||||||||||||||
OPEX of Taxonomy-non-eligible activities (B) | 1.8 | 55.3% | |||||||||||||||||||||
Total (A + B) | 3.2 | 100.0% | |||||||||||||||||||||
Y | Yes, Taxonomy-eligible and Taxonomy-aligned activity with the relevant environmental objective. |
N | No, Taxonomy-eligible but not Taxonomy-aligned activity with the relevant environmental objective. |
N/EL | Not eligible, Taxonomy-non-eligible activity for the relevant environmental objective. |
EL | Eligible, Taxonomy-non-eligible activity for the relevant environmental objective. |
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Introduction |
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AutoStore may seem to be all about Robots, but our people and everyone involved in our value chain drive AutoStore’s development and growth. We are building an AutoStore community where we innovate to make life easier for our customers, distribution partners, and everyone who needs to store and move things. We do this by constantly moving forward, always caring, staying reliable, and acting as one. | |||
Key policies in this chapter | Code of Conduct Human Rights Policy Human Resources Policy | ||
Responsibility | managed | ||
Availability | |||
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Human and Labor Rights |
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Working conditions |
Working time |
Pressure on certain employees to deliver within short time horizon and/ or work outside regular hours | |
Negative impact | |
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Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our workforce plays a crucial role in driving innovation and fostering growth. Impact results from a high-speed working environment and is caused by our own business model and strategy | |
Time horizon | Current impact is expected to be reduced in the medium-term horizon resulting from actions and initiatives taken in 2024. However, we recognize that this negative impact may take time to fully mitigate |
We recognize a challenge and an actual negative impact arising from the pressure on certain employees to meet tight deadlines or work outside regular hours. This situation can contribute to stressed workers, decreased engagement, compromised work quality, and potentially higher turnover rates. As a global organization headquartered in Norway, the international nature of the company adds further complexity, with employees across different time zones sometimes feeling compelled to work outside regular hours to align with headquarters. We consider the negative impact to be isolated and incidental, rather than widespread or systematic. |
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Working conditions |
Work-life balance |
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Commitment to healthy work-life balance | |
Positive impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our workforce plays a crucial role in driving innovation and fostering growth. Commitment to our own workforce is founded in our values | |
Time horizon | We are committed to maintaining the presented current actions and initiatives in the future | |
Employees are the backbone of AutoStore, and their satisfaction and engagement play a vital role in the success of our business. Engaging with our own workforce and workers’ representatives is therefore high on the agenda. We want ‘AutoStorians’ to feel seen, valued, and appreciated, and have several actions in place to enhance work-life balance. These initiatives are seen as an actual positive impact for our own workforce. This includes all our employees, regardless of contract type. |
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Working conditions |
Health and safety |
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Work-related incidents | |
Negative impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our operational workforce plays a crucial role in delivering quality in a timely manner. Potential impact may result from our high-speed working environment and can be caused by our own business model and strategy | |
Time horizon | Current potential risk with long-term time horizon following our nature of business and the nature of impact | |
Work-related injuries to date have been few and non-serious. However, we acknowledge that the consequences of serious injuries could be severe. As we expand our operations with new production facilities, it is essential for AutoStore to remain diligent in implementing health and safety practices to uphold a good record. An incident in our workplace will always be important to us and the matter is consequently seen as a potential negative impact. We deem the negative impact as neither widespread or systematic, but to be subject to potential individual incidents in nature. |
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Working conditions |
Crisis management |
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Risk of geopolitical conflicts affecting our employees | |
Risk | |
Value chain | Own operations | |
Connection to strategy and business model | Aligned with our business model and strategy, the global operations of the group can require international travel for employees. Potential risk relates to travel in unsafe areas and can be caused by our own business model and strategy | |
Time horizon | Current potential risk with indefinite time horizon following the nature of risk | |
Geopolitical conflicts are seen to heighten the risk for AutoStore's employees, particularly those potentially traveling to unsafe areas, increasing threats like physical harm and theft. This potential risk is mainly linked to service to be provided by AutoStore employees in high-risk countries at the end user’s AutoStore system site. |
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Equal treatment and opportunities for all |
Gender equality and equal work for equal pay |
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Committed DEI strategy with concrete initiatives | |
Positive impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our workforce plays a crucial role in driving innovation and fostering growth. Commitment to our own workforce is founded in our values | |
Time horizon | We are committed to maintaining the presented current actions and initiatives in the future | |
To enable a results-oriented and high-performing team filled with top talent we need to create a safe and inclusive space where people come as they are and bring all their ideas. Together we will create value through innovation and collaboration. Our DEI (diversity, equity, and inclusion) focus aims to attract and retain talent, drive innovation, and boost business performance. This focus resulted in a new DEI strategy in AutoStore in 2024. We believe that commitment to DEI creates a safe speak-up culture, where employees feel comfortable sharing ideas or thoughts, without fear of judgment or reprisal. This includes all our employees, regardless of contract type. |
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Equal treatment and opportunities for all |
Training and skills development |
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Employee development and career progression | |
Positive impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our workforce plays a crucial role in driving innovation and fostering growth. Commitment to our own workforce is founded in our values | |
Time horizon | We are committed to maintaining the presented current actions and initiatives in the future | |
AutoStore’s employees’ education, expertise, and skills are coupled with development and training – and the ability to collaborate and contribute to organizational goals shall be balanced by bold initiatives and humility. We believe transparent performance metrics enable our employees to drive their success. Being driven by lean processes, we have standardized our approach to evaluating employees, aligning assessments by managers and the company. These initiatives are seen as not only empowering employees to enhance their skills but also foster career growth within the organization. By prioritizing continuous learning and development, AutoStore is creating a supportive environment where employees can thrive and advance, aligning individual growth with the company’s strategic goals. This commitment reinforces a culture of growth and innovation, with the aim of contributing to employee satisfaction and retention. This includes all our employees, regardless of contract type. |
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Equal treatment and opportunities for all |
Employment and inclusion of people with disabilities |
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Partly failing to successfully employ and include persons with disabilities | |
Negative impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our workforce plays a crucial role in driving innovation and fostering growth. Impact results from our high- speed working environment and is caused by our own business model and strategy | |
Time horizon | Short-term perspective due to actions and initiatives set forth | |
We have identified an actual negative impact on partly failing to successfully employ and include persons with disabilities because, in some locations, we have not been able to offer all employees physically accessible locations. Furthermore, we acknowledge that we have not yet offered subtitled all-employee meetings where relevant information to our employees are shared. These shortcomings can lead to misunderstandings and cause employees with disabilities to feel undervalued and excluded. We recognize that this may prevent AutoStore from reaping the benefits of enhanced diversity, improved company culture, and access to a broader talent pool. Furthermore, we identify that the lack of inclusion and support can ultimately result in lower employee morale and hinder the overall effectiveness and cohesiveness of the team. We consider the negative impact to be isolated and incidental, rather than widespread or systematic. |
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Equal treatment and opportunities for all |
Other |
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Accessibility and availability of information on employee’s rights | |
Negative impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | Aligned with our business model and strategy, our workforce plays a crucial role in driving innovation and fostering growth. Impact results from our high- speed working environment and is caused by our own business model and strategy | |
Time horizon | Medium-term perspective | |
We acknowledge an actual negative impact stemming from limited access to clear information on employee rights, especially in newly established offices and locations. This lack of clarity can lead employees to mishandle certain situations, creating room for misunderstandings, grievances, and potential conflicts between employees and management. | ||
Such issues may lead to undermining trust in the company’s policies and practices, potentially impacting workplace morale and cohesion. | ||
We consider the negative impact to be isolated and incidental, rather than widespread or systematic. |
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Engaging with Own Workforce |
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86% | aggregated participation rate throughout 2024 |
95% | of the people reported they can count on their coworkers to help when needed (scoring their peers 7 or higher) |
92% | of the people reported they get the support they need to complete their work from their manager (scoring their managers 7 or higher) |
92% | of the people reported that people of all backgrounds are accepted for who they are (scoring 7 or higher) |
1 True benchmark = Benchmark takes the average engagement score as a starting point and adjust it based on the difference between AutoStore’s employee demographics to those of the benchmark. 2 Scale. Workday Peakon uses the scale from 1 to 10, where 10 is top score. | |
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Our employees | ||
AutoStore’s permanent workforce grew by 8.2% in 2024. The following tables details the characteristics of employees at AutoStore. During 2024, 75 people left AutoStore. This represented a 8.2% turnover rate. | ||
AutoStore’s employees (headcount) by gender | ||
Gender | Number of employees | |
Female | 377 | |
Male | 690 | |
Other | 2 | |
Not reported | 13 | |
Total employees | 1,082 | |
AutoStore’s employees (headcount) by region | ||
Country | Number of employees | |
Norway | 384 | |
Poland | 377 | |
Thailand | 58 | |
U.S. | 128 | |
Other | 135 | |
Total employees | 1,082 |
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Non-employees | ||||||
AutoStore has a total of 10 non-guaranteed hours employees, meaning they are part- time employees, such as on-call substitutes or students. | ||||||
AutoStore’s employees (headcount) by contract type broken down by gender | ||||||
Female | Male | Other | Not reported | Total | ||
Number of employees | 377 | 690 | 2 | 13 | 1,082 | |
Number of permanent employees | 277 | 630 | 2 | 8 | 917 | |
Number of temporary employees | 96 | 54 | - | 5 | 155 | |
Number of non- guaranteed hours employees | 4 | 6 | - | - | 10 | |
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Diversity | |||
The table shows the gender distribution in numbers and percentages at the top management level in AutoStore. The top management level is defined as positions two levels beneath the administrative and supervisory body, hereunder the executive management team (EMT) and employees reporting directly to members of the EMT. | |||
Gender distribution of AutoStore’s top management | |||
Top management level | Headcount in number | Headcount in % | |
Female | 14 | 34.1% | |
Male | 27 | 65.9% | |
Other | 0 | - | |
Total | 41 | 100% | |
Age group distribution is detailed in the following table, including all employees as disclosed in previous tables. | |||
Age distribution of AutoStore’s employees | |||
Employee age groups | Headcount in number | Headcount in % | |
<30 | 189 | 17.5% | |
30-50 | 770 | 71.2% | |
>50 | 123 | 11.4% | |
Total | 1,082 | 100% | |
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Training and skills | |||
Gender distribution of employee participation in performance and career development review | |||
Gender | Participation in % | Average number of training hours per employee | |
Female | 32.9% | 8.8 | |
Male | 47.3% | 6.0 | |
Other | 0.2% | 2.8 | |
Not reported | 1.7% | 9.2 | |
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Health and safety | |||
Long-term proactive work has clear benefits, and AutoStore is seeing a decline in lost- time injuries. A systematic approach to hazard identification, risk assessments, and working guidelines is making our workplace safer each year. This work will continue to reach the target of zero lost-time injuries for personnel. Poland’s production facility records the highest number of incidents due to physical work demands. Continuous efforts to improve and educate employees are yielding positive results. | |||
100% of our employees is covered by the AutoStore’s health and safety management system. | |||
Work-related fatalities and injuries | |||
Employees | Non-employees | ||
Nr. of fatalities as result of work-related injuries and work-related ill health1 | - | - | |
Nr. of recordable work-related accidents | 9.0 | 1.0 | |
Rate of recordable work-related accidents2 | 7.9 | 0.9 | |
Nr. of cases of recordable work-related ill health3 | - | - | |
Nr. of days lost to work-related injuries and fatalities from work-related accidents, work-related ill health and fatalities from ill health1 | 14.0 | - | |
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Work-life balance | ||
In AutoStore, all employees are entitled to take family-related leave as of December 31, 2024. The table below provides an overview of family-related leave taken throughout the year. | ||
Family-related leave | ||
Gender | % | |
Female | 10.5% | |
Male | 5.7% | |
Other | - | |
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Remuneration | ||
The table below indicates salary distribution within AutoStore compared to gender and career levels. The gender pay gap is defined as the average pay levels between female and male employees, expressed as percentage of the average pay level of male employees. The annual total remuneration ratio is defined as the highest paid individual to the median annual total remuneration of all employees (excluding the highest paid individual). AutoStore’s salary distribution numbers are extracted from our human capital management (HCM) system, Workday, and followed by review to ensure data quality in terms of type of role, location, and seniority. | ||
Pay gap on gender | ||
Category | Total | |
The gender pay gap | 96.7% | |
The annual total remuneration ratio | 4.2 | |
Our Human Resources Policy covers details that all employees in AutoStore shall be paid an adequate wage compared to applicable benchmarks. The salary of employees shall always be at least in line with minimum wage or industry standard. Deductions from wages as a disciplinary measure shall not be permitted. | ||
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Social protection |
All AutoStore employees are covered by social protection, through public programs or through benefits offered based on their location and applicable local regulations, against loss of income due to life events, including sickness, employment injury and acquired disability, parental leave, and retirement. |
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Incidents, complaints, and severe human rights impacts |
In 2024, the whistleblowing team received four anonymous reports via SafeCall, covering general safety, unfair treatment, integrity, and policy. For more information on the |
All four reports were promptly investigated in line with our Whistleblowing and Investigation Policy and are considered closed by AutoStore. |
No severe human rights incidents connected to AutoStore’s workforce were reported in 2024. Consequently, no fines, penalties, or compensation for damages were paid. |
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Introduction |
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A resilient and sustainable supply chain is crucial for AutoStore’s operations and performance in meeting the company’s growth ambitions. AutoStore strives to maintain close dialogue and collaboration with its suppliers and distribution partners to encourage adherence to ethical, environmental, and social standards. As far as possible, AutoStore seeks to cooperate with suppliers with relevant ISO certifications. | |||
Key policies in this chapter | Code of Conduct Human Rights Policy Supply Chain Business Ethics Code | ||
Responsibility | managed | ||
Availability | |||
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Human and labor rights |
Working conditions |
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Pressure to deliver within short deadlines or at a low cost | |
Negative impact | |
Value chain | Upstream and downstream | |
Impact | Value chain workers, especially suppliers and transporters | |
Connection to strategy and business model | AutoStore’s operations and business model relies on goods and services from transporters and suppliers. Short deadlines or comprehensive orders may lead to adverse impacts on working conditions | |
Time horizon | Current impact with long-term horizon following the nature of risk | |
We recognize that suppliers and transporters, particularly those in Asia, may face pressure to meet tight deadlines, which can negatively impact working conditions and workers’ rights. This pressure may result in heightened stress, safety risks, reduced service quality, and strained business relationships. |
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Human and labor rights |
Working conditions |
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Violations of human rights and decent working conditions | |
Risk | |
Value chain | Upstream and downstream | |
Connection to strategy and business model | AutoStore is dependent on its current supply chain in delivering the AutoStore system. As part of a global value chain, AutoStore faces risks due to limited transparency, particularly in the upstream part of the value chain. This potential risk may directly impact AutoStore’s operations, reputation, and performance | |
Time horizon | Current risk with long-term horizon following the nature of risk | |
Transportation is deemed as a high-risk industry with significant risk of breaching decent working conditions and labor standards with regards to wage and contracts. Furthermore, hardware suppliers are key suppliers to AutoStore’s operations. We recognize a potential risk of negative impact on fundamental human rights and decent working conditions for workers and local communities in our value chain. This indirect risk is most prevalent in the part of our upstream supply chain where raw materials, such as metal, plastic, and electrical components are extracted and processed. These activities typically take place outside Europe in high- risk countries. | ||
We have zero tolerance for any form of human rights violations, including forced labor and child labor. The potential occurrence of such violations within the value chain poses a significant risk for the company. |
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Remediation and Channels to Raise Concerns |
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Metrics |
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AutoStore seeks to comply with applicable laws and regulations in all countries we operate in, to promote and respect human rights, and to act in a socially and economically responsible manner. In 2024, AutoStore continued to adhere to the UN Global Compact’s 10 Principles for Responsible Business. AutoStore registered no material incidents of non-compliance with laws and regulations in the current year. | |||
Key policies in this chapter | Code of Conduct Whistleblowing and Investigation Policy Anti-Corruption Policy | ||
Responsibility | managed | ||
Availability | |||
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Business Conduct and Corporate Culture |
1 | Move forward |
We encourage our employees to stay curious, ask questions, and actively contribute to the growth and development of AutoStore by taking initiative and participating in our journey. |
2 | Always care |
We encourage our employees to prioritize both their own well-being and the well-being of those around them while also caring about their tasks and deliverables. |
3 | Stay reliable |
"Say what you mean and do what you say." We strive for our employees to embody trustworthiness, integrity, and reliability in all they do. |
4 | Act as one |
We succeed as one unified team, working together toward shared goals. We encourage fostering collaboration, assuming good intentions, and prioritizing "we" over "me." |
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Business conduct |
Corporate culture |
Healthy corporate culture | |
Positive impact | |
Value chain | Own operations | |
Impact | AutoStore employees | |
Connection to strategy and business model | By embedding our values into our everyday operations, we aim at fostering a culture where employees feel aligned with strategic goals and are empowered to contribute meaningfully and with ethical business conduct | |
Time horizon | We are dedicated to sustaining the current actions and initiatives into the future and will continually strive to foster a healthy corporate culture underpinned by ethical business conduct, which is fundamental to our long-term success and integrity | |
AutoStore promotes ethical business practices and leadership. This is founded in our Code of Conduct. We encourage open and transparent communication, aiming at preventing unethical behavior and safeguarding the company and all of our stakeholders. Our corporate culture encourages integrity, respect, and accountability, and impacts how we treat colleagues, distribution partners, customers, and other stakeholders. We believe that this culture drives consistent, principled behavior across all levels of the organization, promoting trust and long-term success while enhancing AutoStore’s reputation. Furthermore, our corporate culture is expected to enhance employee well-being, motivation, and retention by fostering an inclusive, supportive workplace that values diversity, equity, |
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Corporate culture |
A sales-driven culture may lead to bias of inappropriate behavior | |
Risk | |
Value chain | Own operations | |
Connection to strategy and business model | Aligned with our business model and strategy, our sales workforce plays an important role in driving growth. Potential risk may result from our high-speed working environment and can be caused by our own business model and strategy | |
Time horizon | Current potential risk with long-term perspective following the nature of risk | |
We have identified a potential risk linked to AutoStore’s sales-driven culture, which may lead to breach of our expected ethical standards and values. A sales-driven culture is recognized to include a potential risk to the company by placing excessive emphasis on eg. revenue generation, sometimes at the expense of ethical values. In such environments, we identify that employees may feel pressured to prioritize short-term sales targets over long-term sustainability, transparency, and integrity. This pressure can lead to unethical practices, such as misleading customers, bending compliance rules, or disregarding company policies to close deals. Over time, this behavior may result in reputational damage, legal violations, and a loss of trust among stakeholders, undermining AutoStore’s governance standards and social responsibility commitments. | ||
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Business conduct |
Corruption and bribery |
Corrupt activities in the value chain can lead to fines or penalties | |
Risk | |
Value chain | Cross value chain | |
Connection to strategy and business model | AutoStore's zero tolerance to corruption and bribery is integral to our business model and strategy, as it establishes our expectation and commitment to ethical operations, building trust with stakeholders and supporting sustainable, long-term growth in a competitive global market | |
Time horizon | Current potential risk with long-term perspective following the nature of risk | |
AutoStore is part of a global value chain, with operations in several countries across continents. The company recognizes its exposure to potential risks relating to corrupt activities and that failure to prevent corruption can have legal and regulatory consequences, such as fines or sanctions, and severely damage AutoStore’s reputation and trust among our stakeholders. This potential risk spans our entire value chain. Potential corrupt activities in the value chain may pose financial risks for AutoStore, such as the loss of business opportunities and revenue or negative impacts on the share value. |
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158 |
Contents |
Metrics |
159 |
Contents |
160 |
Contents |
Disclosure requirement | Comment | Pages | |
GOV-3 | Integration of sustainability-related performance in incentive schemes | AutoStore has not integrated sustainability-related performance in incentive schemes | |
E1-1 | Transition plan for climate change mitigation | AutoStore has not yet developed a transition plan for climate change mitigation | |
SBM-3 | Material impacts, risks and opportunities, and their interaction with strategy and business model | ||
IRO-1 | Description of the processes to identify and assess material climate related impacts, risks and opportunities | ||
E1-2 | Policies related to climate change mitigation and adaptation | ||
E1-3 | Actions and resources in relation to climate change policies | Not applicable | n.a. |
E1-4 | Targets related to climate change mitigation and adaptation | AutoStore has not yet developed target related to climate change mitigation and adaptation | |
E1-6 | Gross scopes 1, 2, 3 and total GHG emissions | ||
E1-7 | GHG removals and GHG mitigation projects financed through carbon credits | AutoStore does not currently finance any GHG mitigation projects through the use of carbon credits | n.a. |
E1-8 | Internal carbon pricing | No carbon credits were purchased in 2024. AutoStore currently has no plans to initiate GHG removals or storage projects | n.a. |
E1-9 | Anticipated financial effects from material physical and transitional risks and potential climate related opportunities | AutoStore has no plans to introduce internal carbon pricing in the medium-term future | n.a. |
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Contents |
Oslo, April 23, 2025 | ||||
The Board of Directors of AutoStore Holdings Ltd. | ||||
Jim C. Carlisle Co-chair | Vikas J. Parekh Co-chair | Andreas Hansson Board member | ||
Hege Skryseth Board member | Kjersti Wiklund Board member | Michael K. Kaczmarek Board member | ||
Sumer Juneja Board member | Viveka Ekberg Board member | Mats Hovland Vikse Chief Executive Officer | ||
162 |
Contents |
163 |
Contents |
Corporate Governance Statement |
164 |
Contents |
General Meeting of shareholders | Members and attendance | References | ||
The General Meeting is the company’s highest authority. | The Annual General Meeting was held on May 21, 2024. A total of 2,911,440,391 shares, representing 84.9% of the share capital and the votes, were represented at the meeting. | Minutes of General Meetings | ||
The Nomination Committee | ||||
The Nomination Committee is composed of two to three members, appointed by the shareholders for a two-year term at an Annual General Meeting unless otherwise resolved by the General Meeting. The Nomination Committee nominates candidates for election to the Board of Directors and members of the Nomination Committee, and submits remuneration proposals relating to members of the Board of Directors and the Nomination Committee. | One meeting with a 100% attendance rate. | Bylaw no. 125 can be found here. | ||
The Board of Directors | ||||
The Board of Directors currently has eight members. Under jurisdiction of Bermuda, the Board of Directors is responsible for overall governance of the company, ensuring that appropriate management and control systems are in place, and supervising day-to-day management by the CEO. | Four meetings with a 94% attendance rate for the following members: – Jim C. Carlisle (co-chair) – 4/4 – Vikas J. Parekh (co-chair) – 3/4 – Andreas Hansson – 4/4 – Hege Skryseth – 3/4 – Kjersti Wiklund – 4/4 – Michael K. Kaczmarek – 4/4 – Sumer Juneja – 4/4 – Viveka Ekberg – 4/4 – Edzard Overbeek – 1/1 (stepped down from the Board in April 2024) | |||
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The Audit Committee | Members and attendance | References | ||
The Audit Committee may have up to four members elected by and among the members of the Board of Directors. The Audit Committee assists the Board in exercising its oversight responsibility with respect to the integrity of the company’s financial and sustainability statements, financial and sustainability reporting processes and risk management, internal controls, and compliance systems. The Committee also oversees the independence of the external auditor. | Five meetings with a 87% attendance rate for the following members: – Viveka Ekberg (chair) – 5/5 – Andreas Hansson – 4/5 – Michael K. Kaczmarek – 4/5 | |||
The Remuneration Committee | ||||
The Remuneration Committee may have up to four members elected by and among the members of the Board of Directors. The Remuneration Committee is a preparatory and advisory body in relation to the company’s strategy for the remuneration and performance evaluation of the executive management. It also monitors the organization’s needs in terms of required workforce capabilities and expertise. | One meeting with a 100% attendance rate for the following members: – Jim C. Carlisle (chair) – 1/1 – Andreas Hansson – 1/1 – Michael K. Kaczmarek– 1/1 – Kjersti Wiklund – 0/1 (joined the Committee in 2024) |
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01 | Implementing and reporting on corporate governance |
02 | Business |
03 | Equity and dividends |
167 |
Contents |
04 | Equal treatment of shareholders and transactions with close associates |
05 | Shares and negotiability |
06 | General meetings |
168 |
Contents |
07 | Nomination Committee |
169 |
Contents |
08 | Board of Directors: Composition and independence |
09 | The work of the Board of Directors |
170 |
Contents |
10 | Risk management and internal controls |
171 |
Contents |
11 | Remuneration of Board of Directors |
172 |
Contents |
12 | Remuneration of executive personnel |
13 | Information and communication |
14 | Takeovers |
173 |
Contents |
15 | Auditor |
174 |
Contents |
175 |
Contents |
Consolidated Statement of Comprehensive Income | |
For the periods ended December 31 | |
USD million | Notes | 2024 | 2023 | |
Revenue and other operating income | ||||
Total revenue and operating income | ||||
Cost of materials | - | - | ||
Employee benefit expenses | - | - | ||
Other operating expenses | - | - | ||
Depreciation | - | - | ||
Amortization of intangible assets | - | - | ||
Impairment | - | |||
Operating profit/loss | - | |||
Finance income | ||||
Finance expense | - | - | ||
Foreign exchange gains/(losses) | - | |||
Profit/loss before tax | - | |||
Income tax expense/(benefit) | - | |||
Profit/loss for the year | - | |||
Profit/loss attributable to: | ||||
Equity holders of the parent | - | |||
Earnings per share | ||||
Basic earnings per share (USD) | - | |||
Diluted earnings per share (USD) | - |
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Consolidated Statement of Comprehensive Income | |
For the periods ended December 31 | |
USD million | Notes | 2024 | 2023 | |
Other comprehensive income/loss | ||||
Items that subsequently will not be reclassified to profit or loss: | ||||
Exchange differences on translation of parent company | - | - | ||
Items that subsequently may be reclassified to profit or loss: | ||||
Exchange differences on translation of foreign operations | - | - | ||
Other comprehensive income/loss for the period | - | - | ||
Total comprehensive income/loss for the period | - | |||
Total comprehensive income/loss attributable to: | ||||
Equity holders of the parent | - |
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Consolidated Statement of Financial Position | |
For the periods ended December 31 | |
USD million | Notes | 31.12.2024 | 31.12.2023 | |
Non-current assets | ||||
Property, plant and equipment | ||||
Right-of-use assets | ||||
Goodwill | ||||
Intangible assets | ||||
Deferred tax assets | ||||
Other non-current assets | ||||
Total non-current assets | ||||
Current assets | ||||
Inventories | ||||
Trade receivables | ||||
Other receivables | ||||
Cash and cash equivalents | ||||
Total current assets | ||||
TOTAL ASSETS | ||||
Equity | ||||
Share capital | ||||
Share premium | ||||
Treasury shares | - | - | ||
Other equity | ||||
Total equity |
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Consolidated Statement of Financial Position | |
For the periods ended December 31 | |
USD million | Notes | 31.12.2024 | 31.12.2023 | |
Non-current liabilities | ||||
Non-current interest-bearing liabilities | ||||
Other non-current liabilities | ||||
Non-current lease liabilities | ||||
Deferred tax liabilities | ||||
Non-current provisions | ||||
Total non-current liabilities | ||||
Current liabilities | ||||
Trade and other payables | ||||
Other current liabilities | ||||
Current lease liabilities | ||||
Income tax payable | ||||
Current provisions | ||||
Total current liabilities | ||||
Total liabilities | ||||
TOTAL EQUITY AND LIABILITIES |
Oslo, April 23, 2025 | ||||||
The Board of Directors of AutoStore Holdings Ltd. | ||||||
Jim C. Carlisle Co-chair | Vikas J. Parekh Co-chair | Andreas Hansson Board member | Hege Skryseth Board member | |||
Kjersti Wiklund Board member | Michael K. Kaczmarek Board member | Sumer Juneja Board member | Viveka Ekberg Board member | |||
Mats Hovland Vikse Chief Executive Officer | ||||||
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Consolidated Statement of Cash Flows | |
For the periods ended December 31 | |
USD million | Notes | 2024 | 2023 | |
Cash flow from operating activities | ||||
Profit/loss before tax | - | |||
Adjustment to reconcile profit/loss before tax to net cash flow | ||||
Depreciation, amortization and impairment | ||||
Share-based payment expense | ||||
Finance income | - | - | ||
Finance expense | 4.5 | |||
Foreign exchange gains/(losses) | - | |||
Working capital adjustments | ||||
Change in inventories | - | |||
Change in trade and other receivables | - | - | ||
Change in trade and other payables | - | |||
Changes in provisions and other financial liabilities | - | |||
Other items | ||||
Tax paid | - | |||
Net cash flow from operating activities | ||||
Cash flow from investing activities | ||||
Purchase of property, plant and equipment | - | - | ||
Purchase of intangible assets | - | - | ||
Development expenditures | - | - | ||
Interest received | ||||
Net cash flow from investing activities | - | - |
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Contents |
Consolidated Statement of Cash Flows | |
For the periods ended December 31 | |
USD million | Notes | 2024 | 2023 | |
Cash flow from financing activities | ||||
Proceeds from sale of treasury shares | ||||
Payments of principal for the lease liability | - | - | ||
Payments of interest for the lease liability | - | - | ||
Interest paid to financial institutions | - | - | ||
Net cash flow from financing activities | - | - | ||
Net change in cash and cash equivalents | ||||
Effect in change of exchange rate | - | |||
Cash and cash equivalents, beginning of the year | ||||
Cash and cash equivalents, end of the year |
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Contents |
Consolidated Statement of Changes in Equity | |
For the periods ended December 31 | |
Other equity | |||||||||
USD million | Notes | Share capital | Share premium | Treasury shares | Other capital reserves | Cumulative translation differences | Retained earnings | Total equity | |
Balance at January 1, 2024 | - | - | |||||||
Profit/loss for the period | |||||||||
Other comprehensive profit/loss for the period | - | - | |||||||
Total comprehensive profit/loss for the period | - | ||||||||
Share-based payments | |||||||||
Purchase/sale of treasury shares | |||||||||
Balance at December 31, 2024 | - | - | |||||||
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Contents |
Consolidated Statement of Changes in Equity | |
For the periods ended December 31 | |
1 | The difference between the USD 1.5 million of equity-settled share-based payment expense disclosed in note 7.4 and the USD 2.4 million presented in the statement of equity relates to USD 0.9 million of employee bonus shares for 2022. The bonus shares for 2022 were recognized as a liability as of December 31, 2022, however, reclassified to equity in 2023, as they were subject to equity settlement during 2023. |
Other equity | |||||||||
USD million | Notes | Share capital | Share premium | Treasury shares | Other capital reserves | Cumulative translation differences | Retained earnings | Total equity | |
Balance at January 1, 2023 | - | - | |||||||
Profit/loss for the period | - | - | |||||||
Other comprehensive profit/loss for the period | - | - | |||||||
Total comprehensive profit/loss for the period | - | - | - | ||||||
Share-based payments1 | |||||||||
Purchase/sale of treasury shares | |||||||||
Balance at December 31, 2023 | - | - | |||||||
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184 |
Contents |
Background |
185 |
Contents |
1.1 | |
Corporate Information | |
186 |
Contents |
1.2 | |
Basis of Preparation | |
187 |
Contents |
1.2 | |
Basis of Preparation | |
188 |
Contents |
1.3 | |
New and Amended Standards and Interpretations | |
189 |
Contents |
1.4 | |
Significant Judgments, Estimates and Assumptions | |
190 |
Contents |
2 | Operating Performance |
191 |
Contents |
2.1 | |
Revenue from Contracts with Customers | |
192 |
Contents |
2.1 | |
Revenue from Contracts with Customers | |
193 |
Contents |
2.1 | |
Revenue from Contracts with Customers | |
USD million | 2024 | 2023 | |
Major products and services | |||
AutoStore system | 601.8 | 644.8 | |
Rendering of services | 0.5 | 1.7 | |
Total revenue¹ | 602.3 | 646.5 | |
Geographic information | |||
Norway | 12.9 | 13.9 | |
Germany | 134.5 | 100.0 | |
Europe, excl. Norway and Germany | 232.6 | 279.1 | |
U.S. | 131.2 | 186.7 | |
Asia | 37.3 | 33.8 | |
Other | 53.8 | 32.9 | |
Total revenue¹ | 602.3 | 646.5 | |
Timing of revenue recognition | |||
Goods transferred at a point in time | 576.9 | 630.2 | |
Goods and sevices transferred over time | 25.3 | 16.3 | |
Total revenue¹ | 602.3 | 646.5 | |
Other operating income | -0.9 | -0.8 | |
Total revenue and other operating income | 601.4 | 645.7 | |
1 Excluding other operating income. |
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Contents |
2.2 | |
Segment Information | |
USD million | 2024 | 2023 | |
Revenue and other operating income | 601.4 | 645.7 | |
Cost of materials | -161.6 | -207.6 | |
Gross profit | 439.8 | 438.1 | |
Employee benefit expenses | -81.8 | -79.1 | |
Other operating expenses | -71.5 | -310.4 | |
EBITDA | 286.4 | 48.5 |
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Contents |
2.2 | |
Segment Information | |
USD million | 2024 | 2023 | |
Profit/loss for the period | 136.6 | -32.6 | |
Income tax expense | 39.5 | -13.7 | |
Finance income | -11.2 | -8.4 | |
Finance expense | 49.2 | 43.1 | |
Foreign exchange gains/(losses) | 8.4 | -2.0 | |
Depreciation | 15.8 | 10.6 | |
Amortization | 47.0 | 51.5 | |
Impairment | 1.1 | - | |
EBITDA | 286.4 | 48.5 |
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Contents |
2.2 | |
Segment Information | |
USD million | 31.12.2024 | 31.12.2023 | |
Balance sheet items | |||
Assets | 2,026.0 | 2,131.8 | |
Liabilities | 742.0 | 856.8 | |
Equity | 1,284.0 | 1,274.9 | |
Non-current operating assets | |||
Located in Norway | 1,390.9 | 1,581.1 | |
Located in foreign countries | 93.0 | 53.8 | |
Total non-current operating assets | 1,483.9 | 1,634.9 |
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2.3 | |
Inventories | |
USD million | 31.12.2024 | 31.12.2023 | |
Raw materials | 42.4 | 55.8 | |
Work in progress | 0.1 | 0.2 | |
Finished goods | 44.8 | 26.8 | |
Total inventories (gross) | 87.3 | 82.9 | |
Provision for obsolete inventories | - | - | |
Total inventories at the lower of cost and net realizable value | 87.3 | 82.9 |
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Contents |
2.4 | |
Employee Benefit Expenses | |
USD million | 2024 | 2023 | |
Salaries | 51.9 | 48.3 | |
Social security costs | 7.7 | 17.6 | |
Pension costs | 4.5 | 3.5 | |
Other employee expenses | 17.7 | 9.7 | |
Total employee benefit expenses | 81.8 | 79.1 | |
Average number of full-time employees (FTEs) | 1,025 | 1,000 |
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Contents |
2.4 | |
Employee Benefit Expenses |
USD million | 2024 | 2023 | |
Salaries | 3.4 | 2.5 | |
Pension costs | 0.2 | 0.1 | |
Other employee expenses | 1.1 | 0.5 | |
Total remuneration to executive management | 4.7 | 3.1 | |
Fee to Board of Directors | 0.2 | 0.1 | |
Total remuneration | 5.0 | 3.2 |
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Contents |
2.5 | |
Other Operating Expenses | |
USD million | 2024 | 2023 | |
Meetings, travel and representation expenses | 10.9 | 8.7 | |
Lease expenses | 6.6 | 4.2 | |
Business services expenses | 6.7 | 6.5 | |
IT costs | 14.7 | 10.5 | |
Marketing and distribution expenses | 12.4 | 11.4 | |
Consulting expenses | 15.3 | 23.7 | |
Other operating expenses | 4.9 | 6.3 | |
Ocado settlement expense | - | 239.0 | |
Total other operating expenses | 71.5 | 310.4 |
USD million | 2024 | 2023 | |
Audit fee | 2.7 | 2.0 | |
Attestation of sustainability reporting | 0.1 | - | |
Tax advisory services | - | - | |
Other advisory services | - | 0.1 | |
Total auditor fees (excl. VAT) | 2.8 | 2.1 |
201 |
Contents |
2.6 | |
Trade and Other Receivables | |
202 |
Contents |
2.6 | |
Trade and Other Receivables | |
USD million | 31.12.2024 | 31.12.2023 | |
Trade receivables from customers at nominal value | 135.7 | 110.7 | |
Allowance for expected credit losses | - | - | |
Total trade receivables | 135.7 | 110.7 | |
Prepaid rent and other expenses | 2.1 | 1.0 | |
VAT receivable | 4.3 | 9.0 | |
Tax reimbursement | - | 19.7 | |
Other | 9.2 | 12.7 | |
Total other receivables | 15.6 | 42.4 |
USD million | Past due but not impaired | |||||
Aging analysis of trade receivables | Not due | < 30 days | 31-60 days | > 60 days | Total | |
Trade receivables at January 1, 2023 | 81.9 | 6.1 | 0.9 | 1.0 | 90.0 | |
Trade receivables at December 31, 2023 | 93.7 | 11.8 | 3.9 | 1.4 | 110.7 | |
Trade receivables at December 31, 2024 | 118.6 | 13.0 | 2.5 | 1.6 | 135.7 | |
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2.7 | |
Trade and Other Payables | |
USD million | 31.12.2024 | 31.12.2023 | |
Trade payables | 41.2 | 43.8 | |
VAT payables | 2.8 | - | |
Withholding payroll taxes and social security | 3.9 | 2.7 | |
Other payables | 0.8 | - | |
Total trade and other payables | 48.7 | 46.5 | |
204 |
Contents |
Asset Base |
205 |
Contents |
3.1 | |
Property, Plant, and Equipment | |
USD million | Fixtures and fittings | Vehicles | Office machinery and equipment | Total | |
Cost at January 1, 2023 | 14.8 | 0.4 | 9.2 | 24.3 | |
Additions | 7.6 | - | 9.2 | 16.8 | |
Disposals | -0.1 | - | - | -0.1 | |
Currency translation effects | 0.2 | 0.1 | 0.2 | 0.5 | |
Cost at December 31, 2023 | 22.5 | 0.5 | 18.6 | 41.5 | |
Additions | 6.1 | - | 9.4 | 15.6 | |
Disposals | - | - | - | - | |
Currency translation effects | -0.6 | - | -1.3 | -1.9 | |
Cost at December 31, 2024 | 28.0 | 0.5 | 26.7 | 55.2 |
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Contents |
3.1 | |
Property, Plant, and Equipment | |
USD million | Fixtures and fittings | Vehicles | Office machinery and equipment | Total | |
Accumulated depreciation at January 1, 2023 | 4.4 | 0.2 | 2.5 | 7.1 | |
Depreciation for the year | 2.9 | 0.1 | 1.2 | 4.1 | |
Disposals | -0.1 | - | - | -0.1 | |
Currency translation effects | 0.1 | - | 0.1 | 0.2 | |
Accumulated depreciation at December 31, 2023 | 7.3 | 0.3 | 3.8 | 11.3 | |
Depreciation for the year | 2.5 | 0.1 | 4.4 | 7.0 | |
Disposals | - | - | - | - | |
Currency translation effects | 0.1 | - | 0.1 | 0.2 | |
Accumulated depreciation at December 31, 2024 | 9.9 | 0.4 | 8.3 | 18.5 | |
Carrying amount at January 1, 2023 | 10.4 | 0.2 | 6.7 | 17.3 | |
Carrying amount at December 31, 2023 | 15.2 | 0.2 | 14.8 | 30.2 | |
Carrying amount at December 31, 2024 | 18.1 | 0.1 | 18.4 | 36.8 | |
Economic life (years) | 3-7 | 5 | 3-7 | ||
Depreciation plan | Straight-line method | ||||
Method of measurement | Cost-model | ||||
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Contents |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities | |
208 |
Contents |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities | |
USD million | Vehicles | Office buildings and production facilities | Total | |
Carrying amount of right-of-use assets at January 1, 2023 | 0.3 | 31.0 | 31.3 | |
Addition of right-of-use assets | 0.2 | 23.0 | 23.2 | |
Depreciation of right-of-use assets | -0.1 | -6.1 | -6.3 | |
Currency translation effect | -0.1 | 2.6 | 2.6 | |
Carrying amount of right-of-use assets at December 31, 2023 | 0.3 | 50.6 | 50.8 | |
Addition of right-of-use assets | 0.3 | 15.1 | 15.4 | |
Depreciation of right-of-use assets | -0.2 | -8.6 | -8.8 | |
Currency translation effect | - | 0.1 | 0.1 | |
Carrying amount of right-of-use assets at December 31, 2024 | 0.4 | 57.2 | 57.5 | |
Lease term or remaining useful life | 2-3 years | 2-14 years | ||
Depreciation method | Straight-line method | |||
209 |
Contents |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities |
USD million | 2024 | 2023 | |
Expenses in the period related to practical expedients and variable payments | |||
Short-term lease expenses | 1.4 | 3.5 | |
Low-value assets lease expenses | 1.1 | 0.7 | |
Variable lease expenses in the period (not included in the lease liabilities) | - | - | |
Total lease expenses in the period | 2.5 | 4.2 |
USD million | 31.12.2024 | 31.12.2023 | |
Total lease liabilities | 63.0 | 57.8 | |
Current lease liabilities in the statement of financial position | 11.7 | 10.0 | |
Non-current lease liabilities in the statement of financial position | 51.3 | 47.8 |
210 |
Contents |
3.2 | |
Right-of-Use Assets and Related Lease Liabilities | |
211 |
Contents |
3.3 | |
Goodwill | |
USD million | Goodwill | |
Cost at January 1, 2023 | 1,096.4 | |
Additions through acquisition | - | |
Currency translation effects | -34.5 | |
Cost at December 31, 2023 | 1,061.9 | |
Additions through acquisition | - | |
Currency translation effects | -108.8 | |
Cost at December 31, 2024 | 953.0 | |
Carrying amount at January 1, 2023 | 1,096.4 | |
Carrying amount at December 31, 2023 | 1,061.9 | |
Carrying amount at December 31, 2024 | 953.0 |
212 |
Contents |
3.4 | |
Other Intangible Assets | |
213 |
Contents |
3.4 | |
Other Intangible Assets | |
214 |
Contents |
3.4 | |
Other Intangible Assets | |
USD million | Trademarks | Software and technology | Patent rights | Customer relationships | Internal development | Total | |
Cost at January 1, 2023 | 6.0 | 456.7 | 93.7 | 117.0 | 23.5 | 697.0 | |
Additions | - | - | 6.7 | - | 29.5 | 36.2 | |
Reclassification | - | 7.5 | - | - | -7.5 | - | |
Currency translation effects | - | -14.2 | -1.9 | -1.6 | 0.3 | -17.4 | |
Cost at December 31, 2023 | 6.0 | 450.0 | 98.5 | 115.4 | 45.8 | 715.8 | |
Additions | - | - | 11.2 | - | 30.8 | 42.0 | |
Reclassification | - | 42.9 | - | - | -42.9 | - | |
Currency translation effects | -0.8 | -35.6 | -8.0 | -0.8 | -4.2 | -49.4 | |
Cost at December 31, 2024 | 5.2 | 457.2 | 101.7 | 114.6 | 29.6 | 708.4 | |
Accumulated amortization at January 1, 2023 | - | 71.9 | 18.3 | 82.1 | - | 172.3 | |
Amortization for the year | - | 24.9 | 5.9 | 20.6 | - | 51.5 | |
Currency translation effects | - | - | - | - | - | - | |
Accumulated amortization at December 31, 2023 | - | 96.8 | 24.2 | 102.7 | - | 223.8 | |
Amortization for the year | - | 29.5 | 5.6 | 11.9 | - | 47.0 | |
Impairment for the period | - | - | - | - | 1.1 | 1.1 | |
Currency translation effects | - | - | - | - | - | - | |
Accumulated amortization at December 31, 2024 | - | 126.3 | 29.8 | 114.6 | 1.1 | 271.9 | |
Carrying amount at December 31, 2023 | 6.0 | 353.0 | 74.3 | 12.7 | 45.8 | 492.0 | |
Carrying amount at December 31, 2024 | 5.2 | 330.8 | 72.0 | - | 28.5 | 436.5 | |
Economic life (years) | Indefinite | 5-25 | 13-18 | 5 | n.a. | ||
Amortization plan | n.a. | Straight-line method | n.a. | ||||
Method of measurement | Cost-model | ||||||
215 |
Contents |
3.5 | |
Impairment Considerations | |
216 |
Contents |
3.5 | |
Impairment Considerations | |
USD million | 2024 | 2023 | |
AutoStore system - CGU | |||
Goodwill | 953.0 | 1,061.9 | |
Trademarks | 5.2 | 6.0 | |
Internal development projects in progress | 28.5 | 45.8 | |
Total carrying amount | 986.8 | 1,113.7 |
217 |
Contents |
3.5 | |
Impairment Considerations | |
218 |
Contents |
Financial Instruments, Risk, and Equity |
219 |
Contents |
4.1 | |
Overview of Financial Instruments | |
220 |
Contents |
4.1 | |
Overview of Financial Instruments | |
USD million | Notes | 31.12.2024 | 31.12.2023 | |
Financial liabilities at amortized cost | ||||
Non-current interest-bearing liabilities | 418.4 | 432.8 | ||
Current interest-bearing liabilities | 1.2 | 1.2 | ||
Other non-current liabilities | - | 57.0 | ||
Other current liabilities | 61.5 | 120.8 | ||
Trade payables | 41.2 | 43.8 | ||
Non-current lease liabilities | 51.3 | 47.8 | ||
Current lease liabilities | 11.7 | 10.0 | ||
Total financial liabilities | 585.3 | 713.4 |
221 |
Contents |
4.2 | |
Interest-bearing Liabilities | |
USD million | Maturity | Interest rate | 31.12.2024 | 31.12.2023 | |
Senior Facilities: Facility B (EUR) | 30.07.26 | EURIBOR+2.50% | 253.4 | 269.6 | |
Senior Facilities: Facility B (USD) | 30.07.26 | SOFR+3.25% | 167.0 | 167.0 | |
Capitalized fees - Facility B | -2.0 | -3.7 | |||
Total non-current interest-bearing loans and borrowings | 418.4 | 432.8 |
222 |
Contents |
4.2 | |
Interest-bearing Liabilities | |
USD million | 31.12.2024 | 31.12.2023 | |
Liability related to the settlement of the Ocado Group litigation | |||
Non-current | - | 57.0 | |
Current | 61.5 | 120.8 | |
Total | 61.5 | 177.8 |
USD million | 01.01.2024 - 31.12.2024 | 01.01.2023- 31.12.2023 | |
Analysis of cash flow from settlement with Ocado Group | |||
Settlement liability | - | 239.0 | |
Change in estimate due to reclassification | - | -7.9 | |
Payment to Ocado Group in the period | -127.8 | -62.2 | |
Finance expense (discounting effect) | 11.4 | 9.0 | |
Effect on cash flow from operating activities | -116.3 | 177.8 |
223 |
Contents |
4.2 | |
Interest-bearing Liabilities | |
USD million | 31.12.2024 | 31.12.2023 | |
Secured balance sheet liabilities | |||
Non-current interest-bearing liabilities (Facility B) | 418.4 | 432.8 | |
Balance sheet value of assets pledged as security for secured liabilities | |||
Property, plant and equipment | 36.8 | 30.2 | |
Right-of-use assets | 57.5 | 50.8 | |
Intangible assets | 436.5 | 492.0 | |
Other non-current assets | 5.6 | 1.9 | |
Inventories | 87.3 | 82.9 | |
Trade receivables | 135.7 | 110.7 | |
Other receivables | 15.6 | 42.2 | |
Cash and cash equivalents | 264.7 | 205.5 | |
Total assets pledged as security for interest-bearing liabilities (Facility B) | 1,039.8 | 1,016.2 | |
224 |
Contents |
4.2 | |
Interest-bearing Liabilities | |
225 |
Contents |
4.3 | |
Aging of Financial Liabilities | |
USD million | Notes | Less than 6 months | 6 to 12 months | 1 to 3 years | Over 3 years | Total | |
Lease liabilities | 6.6 | 6.6 | 24.6 | 33.0 | 70.8 | ||
Non-current interest-bearing liabilities (Facility B)¹ | 14.0 | 14.0 | 436.8 | - | 464.8 | ||
Liability related to the settlement of the Ocado litigation | 61.5 | - | - | - | 61.5 | ||
Current interest-bearing liabilities (Facility B)2 | 1.2 | - | - | - | 1.2 | ||
Trade payables | 41.2 | - | - | - | 41.2 | ||
Total at December 31, 2024 | 124.6 | 20.6 | 461.4 | 33.0 | 639.6 | ||
Lease liabilities | 6.0 | 6.0 | 23.1 | 30.5 | 65.7 | ||
Non-current interest-bearing liabilities (Facility B)¹ | 15.9 | 15.9 | 484.3 | - | 516.1 | ||
Liability related to the settlement of the Ocado litigation | 63.5 | 63.5 | 63.5 | - | 190.6 | ||
Current interest-bearing liabilities (Facility B)² | 1.2 | - | - | - | 1.2 | ||
Trade payables | 43.8 | - | - | - | 43.8 | ||
Total at December 31, 2023 | 130.5 | 85.5 | 571.0 | 30.5 | 817.5 | ||
1 Cash flows disclosed for non-current interest-bearing liabilities (Facility B) include estimated interest payments based on current level of interest. | |||||||
2 Current interest-bearing liabilities (Facility B) is presented under the line item “Other current liabilities” in the financial position. | |||||||
226 |
Contents |
4.3 | |
Aging of Financial Liabilities | |
Non-cash changes | ||||||||||
USD million | Notes | 01.01.2024 | Cash flow effect | Foreign exchange movement | New leases recognized | Other changes | 31.12.2024 | |||
Lease liabilities | 57.8 | -12.0 | -2.5 | 16.0 | 3.8 | 63.0 | ||||
Non-current interest-bearing liabilities (Facility B) | 432.8 | -32.2 | 17.8 | - | - | 418.4 | ||||
Current interest-bearing liabilities (Facility B) | 1.2 | -1.2 | - | - | 1.2 | 1.2 | ||||
Total liabilities from financing | 491.9 | -45.4 | 15.3 | 16.0 | 5.0 | 482.6 | ||||
227 |
Contents |
4.3 | |
Aging of Financial Liabilities | |
Non-cash changes | ||||||||||
USD million | Notes | 01.01.2023 | Cash flow effect | Foreign exchange movement | New leases recognized | Other changes | 31.12.2023 | |||
Lease liabilities | 35.7 | -7.5 | 3.0 | 23.8 | 2.8 | 57.8 | ||||
Non-current interest-bearing liabilities (Facility B) | 421.8 | -31.0 | 9.4 | - | 32.7 | 432.8 | ||||
Current interest-bearing liabilities (Facility B) | 1.0 | -1.0 | - | - | 1.2 | 1.2 | ||||
Total liabilities from financing | 458.5 | -39.6 | 12.4 | 23.8 | 36.7 | 491.9 | ||||
228 |
Contents |
4.4 | |
Cash and Cash Equivalents | |
USD million | 31.12.2024 | 31.12.2023 | |
Bank deposits, unrestricted | 292.6 | 243.3 | |
Bank deposits, restricted | 3.4 | 9.9 | |
Total cash and cash equivalents | 296.1 | 253.3 |
229 |
Contents |
4.5 | |
Finance Income and Finance Costs | |
USD million | Notes | 2024 | 2023 | ||
Finance income | |||||
Net foreign exchange gain | - | 2.0 | |||
Interest income | Financial assets | 11.0 | 8.4 | ||
Other financial income | 0.2 | - | |||
Total finance income | 11.2 | 10.4 | |||
Finance expense | |||||
Net foreign exchange loss | 8.4 | - | |||
Interest expenses | Interest-bearing liabilities | 32.2 | 31.0 | ||
Amortization of transaction cost | Interest-bearing liabilities | 2.0 | 1.7 | ||
Interest on lease liability | Lease liabilities | 3.8 | 2.8 | ||
Other financial expenses | Interest-bearing liabilities | 11.1 | 7.5 | ||
Total finance expense | 57.6 | 43.1 |
230 |
Contents |
4.6 | |
Fair Value Measurement | |
231 |
Contents |
4.6 | |
Fair Value Measurement | |
USD million | Notes | Date | Carrying amount | Fair value | Level 1 | Level 2 | Level 3 | |
Liabilities disclosed at fair value | ||||||||
Interest-bearing liabilities | December 31, 2023 | 434.1 | 434.1 | X | ||||
Interest-bearing liabilities | December 31, 2024 | 419.6 | 419.6 | X | ||||
Liability related to the settlement of the Ocado Group litigation | December 31, 2023 | 177.8 | 177.8 | X | ||||
Liability related to the settlement of the Ocado Group litigation | December 31, 2024 | 61.5 | 61.5 | X |
232 |
Contents |
4.7 | |
Financial Risk | |
USD million | Increase/decrease in basis points¹ | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects)² | |
December 31, 2024 | +/-100 | 4.8 | - | |
December 31, 2023 | +/-100 | 6.1 | - | |
1 100 bps was selected by forecasting the future interest rate change. | ||||
2 The group has no financial instruments through OCI and hence the effects on equity are zero. | ||||
233 |
Contents |
4.7 | |
Financial Risk | |
234 |
Contents |
4.7 | |
Financial Risk | |
USD million | Date | Change in FX rate | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects) ¹ | |
Increase/decrease in NOK/USD | December 31, 2024 | +/- 10% | 16.7 | - | |
Increase/decrease in NOK/EUR | December 31, 2024 | +/- 10% | 25.3 | - | |
Increase/decrease in NOK/GBP | December 31, 2024 | +/- 10% | 6.1 | - | |
USD million | Date | Change in FX rate | Increase/decrease in profit before tax | Increase/decrease in equity (OCI effects) ¹ | |
Increase/decrease in NOK/USD | December 31, 2023 | +/- 10% | 16.7 | - | |
Increase/decrease in NOK/EUR | December 31, 2023 | +/- 10% | 27.0 | - | |
Increase/decrease in NOK/GBP | December 31, 2023 | +/- 10% | 17.8 | - | |
1 The group has no financial instruments through OCI and hence the effects on equity are zero. | |||||
235 |
Contents |
4.7 | |
Financial Risk | |
236 |
Contents |
4.8 | |
Equity and Shareholders | |
Share capital in AutoStore Holdings Ltd. | Number of shares issued and fully paid | Par value per share (USD) | Financial position (USD) | |
January 1, 2023 | 3,428,540,429 | 0.01 | 34.29 | |
December 31, 2023 | 3,428,540,429 | 0.01 | 34.29 | |
December 31, 2024 | 3,428,540,429 | 0.01 | 34.29 |
237 |
Contents |
4.8 | |
Equity and Shareholders | |
Shareholders of the group (AutoStore Holdings Ltd.) | Country | Account type | Total shares | Ownership | Voting rights | ||
The Bank of New York Mellon | U.S. | Nominee | 1,358,881,711 | 39.6% | 39.6% | ||
Citibank, N.A. | Ireland | Nominee | 956,270,232 | 27.9% | 27.9% | ||
Alecta Tjanstepension Omsesidigt | Luxembourg | Ordinary | 103,556,470 | 3.0% | 3.0% | ||
The Bank of New York Mellon | U.S. | Nominee | 85,404,717 | 2.5% | 2.5% | ||
AutoStore Holdings Ltd. | Norway | Ordinary | 68,907,404 | 2.0% | 2.0% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 65,948,380 | 1.9% | 1.9% | ||
Folketrygdefondet | Norway | Ordinary | 49,262,367 | 1.4% | 1.4% | ||
Sumitomo Mitsui Trust Bank (U.S.A) | U.S. | Nominee | 47,591,047 | 1.4% | 1.4% | ||
Verdipapirfond Odin Norge | Norway | Ordinary | 45,692,608 | 1.3% | 1.3% | ||
The Northern Trust Comp | UK | Nominee | 35,000,134 | 1.0% | 1.0% | ||
CACEIS Bank | Ireland | Nominee | 24,521,167 | 0.7% | 0.7% | ||
JPMorgan Chase Bank, N.A., London | UK | Nominee | 23,967,179 | 0.7% | 0.7% | ||
Lyngneset Invest AS | Norway | Ordinary | 23,183,898 | 0.7% | 0.7% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 22,788,931 | 0.7% | 0.7% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 17,253,896 | 0.5% | 0.5% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 17,097,552 | 0.5% | 0.5% | ||
Skandinaviska Enskilda Banken AB | Sweden | Nominee | 14,696,313 | 0.4% | 0.4% | ||
Brown Brothers Harriman (Lux.) SCA | Luxembourg | Nominee | 14,243,249 | 0.4% | 0.4% | ||
The Northern Trust Comp | UK | Nominee | 14,200,309 | 0.4% | 0.4% | ||
State Street Bank and Trust Comp | U.S. | Nominee | 12,980,114 | 0.4% | 0.4% | ||
Other shareholders | 427,092,751 | 12.5% | 12.5% | ||||
At December 31, 2024 | 3,428,540,429 | 100.0% | 100.0% | ||||
The shareholder information disclosed is from the Euronext VPS share register. | |||||||
238 |
Contents |
4.8 | |
Equity and Shareholders | |
Share price information | 31.12.2024 | |
Share price (NOK) | 11.11 | |
Number of shares | 3,428,540,429 | |
Market capitalization (NOK) | 38,091,084,166 | |
USD/NOK exchange rate | 11.35 | |
Market capitalization (USD) | 3,356,042,658 |
239 |
Contents |
240 |
Contents |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Income tax expense | |||
Current income tax expense in respect of current year | 51.5 | -7.2 | |
Prior period adjustments | - | 2.5 | |
Current income tax expense/(credit) | 51.5 | -4.6 | |
Origination and reversal of temporary differences | -12.0 | -9.1 | |
Change in deferred tax recognition | - | - | |
Prior period adjustments | - | - | |
Deferred tax income/(expense) | -12.0 | -9.1 | |
Income tax expense/(credit) | 39.5 | -13.7 |
241 |
Contents |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Deferred tax assets | |||
Property, plant and equipment | -0.4 | 0.8 | |
Intangible assets | - | - | |
Other current assets | -2.4 | -11.1 | |
Liabilities | -4.4 | -16.4 | |
Losses carried forward (including tax credit) | - | -0.8 | |
Basis for deferred tax assets | -7.1 | -27.5 | |
Calculated deferred tax assets | 1.8 | 5.7 | |
- Deferred tax assets not recognized | - | - | |
Net deferred tax assets recognized in balance sheet | 1.8 | 5.7 | |
Deferred tax liabilities | |||
Property, plant and equipment (including leased assets) | 0.3 | 4.7 | |
Intangible assets | 328.0 | 400.9 | |
Other current assets | - | -0.2 | |
Liabilities | - | -42.4 | |
Basis for deferred tax liabilities | 328.4 | 363.0 | |
Calculated deferred tax liabilities | 72.2 | 96.7 | |
- Deferred tax not recognized | - | - | |
Net deferred tax liabilities recognized in balance sheet | 72.2 | 96.7 | |
Deferred tax liabilities mainly relate to intangible assets recognized through the acquisition of AutoStore group in 2019 (refer to note 3.4) | |||
242 |
Contents |
5.1 | |
Taxes | |
USD million | 2024 | 2023 | |
Profit/loss before taxes | 176.1 | -46.3 | |
Tax expense 22% (Norwegian tax rate)1 | 38.7 | -10.2 | |
Permanent differences | 1.6 | 1.4 | |
Change to prior year tax expense | - | -2.5 | |
Effects of foreign tax rates | -0.8 | -0.3 | |
Currency effects | - | -2.0 | |
Other adjustments | - | -0.1 | |
Recognized income tax expense | 39.5 | -13.7 | |
1 The corporate tax rate in Norway (22%) is used as a starting point, as the parent company AutoStore Holdings Ltd. is considered a Norwegian entity for taxation purposes. |
243 |
Contents |
6 | Group Structure |
244 |
Contents |
6.1 | |
Interest in Other Entities | |
Consolidated entities | Office | Currency | Shareholding | Group's voting ownership share | |
Automate Intermediate Holdings 2 S.à r.l. | Luxembourg | EUR | 100% | 100% | |
Automate HoldCo 1 AS | Norway | NOK | 100% | 100% | |
PIO AS Norway | Norway | NOK | 100% | 100% | |
AutoStore AS | Norway | NOK | 100% | 100% | |
AutoStore Technology AS | Norway | NOK | 100% | 100% | |
AutoStore Sp. Z o.o. | Poland | PLN | 100% | 100% | |
AutoStore System Inc. | U.S. | USD | 100% | 100% | |
AutoStore System Limited | UK | GBP | 100% | 100% | |
AutoStore SAS | France | EUR | 100% | 100% | |
AutoStore System GmbH | Germany | EUR | 100% | 100% | |
AutoStore System K.K. | Japan | JPY | 100% | 100% | |
AutoStore System Ltd. | South Korea | KRW | 100% | 100% | |
AutoStore System AT GmbH | Austria | EUR | 100% | 100% | |
AutoStore System S.r.l. | Italy | ITL | 100% | 100% | |
AutoStore System S.L. | Spain | EUR | 100% | 100% | |
AutoStore System AB | Sweden | SEK | 100% | 100% | |
AutoStore System Pte Ltd. | Singapore | SGD | 100% | 100% | |
Locai Solutions Inc. | U.S. | USD | 100% | 100% | |
AutoStore Co Ltd. | Thailand | THB | 100% | 100% | |
PIO Inc. 1 | U.S. | USD | 100% | 100% | |
1 Owned 100% by PIO AS. |
245 |
Contents |
6.2 | |
Earnings per Share | |
USD million and shares outstanding (in millions) | 2024 | 2023 | |
Profit/loss for the period attributable to ordinary equity holders of the parent for basic earnings | 136.6 | -32.6 | |
Weighted average number of ordinary shares for basic EPS | 3,358.6 | 3,350.0 | |
Weighted average number of ordinary shares adjusted for the effect of dilution | 3,431.7 | 3,418.9 | |
Basic earnings per share (USD) | 0.041 | -0.010 | |
Diluted earnings per share (USD)1 | 0.040 | -0.010 | |
1 The group has equity-settled share-based options (note 7.4), however, as all of the potential ordinary shares from these share-based options were anti-dilutive in 2023 (due to the reported loss in the consolidated group), the diluted earnings per share is the same as basic earnings per |
246 |
Contents |
Other Disclosures |
247 |
Contents |
7.1 | |
Provisions | |
248 |
Contents |
7.1 | |
Provisions | |
USD million | Assurance- type warranties | Onerous shared cost | Social security for share-based payments | Salary- related costs | Refund liability | Other provisions | Total | |
At January 1, 2023 | 0.2 | 3.6 | 17.9 | 5.5 | 18.2 | 9.4 | 54.9 | |
Additional provisions made | 0.2 | - | 0.2 | - | - | 0.4 | 0.8 | |
Remeasurement | - | - | 2.0 | - | - | - | 2.0 | |
Amounts used | -0.3 | -0.5 | -3.5 | -5.5 | -18.2 | -9.4 | -37.4 | |
Currency translation effects | - | - | -0.5 | - | - | - | -0.5 | |
At December 31, 2023 | 0.2 | 3.1 | 16.1 | - | - | 0.4 | 19.8 | |
Additional provisions made | 0.4 | - | 0.1 | 1.5 | - | 3.9 | 5.8 | |
Remeasurement | - | - | - | - | - | - | - | |
Amounts used | - | -0.8 | -9.2 | - | - | -0.2 | -10.2 | |
Currency translation effects | - | - | -0.6 | - | - | - | -0.6 | |
At December 31, 2024 | 0.6 | 2.3 | 6.3 | 1.5 | - | 4.1 | 14.9 | |
Current provisions | 0.6 | 0.3 | 6.3 | 1.5 | - | -1.2 | 7.6 | |
Non-current provisions | - | 2.0 | - | - | - | 5.3 | 7.3 |
249 |
Contents |
7.2 | |
Other Commitments and Contingencies | |
250 |
Contents |
7.3 | |
Related-party Transactions | |
251 |
Contents |
7.4 | |
Share-based Payments | |
252 |
Contents |
7.4 | |
Share-based Payments | |
253 |
Contents |
7.4 | |
Share-based Payments | |
254 |
Contents |
7.4 | |
Share-based Payments | |
USD million | 2024 | 2023 | |
Expenses arising from equity-settled share-based payment transactions | -2.3 | -1.5 | |
Total expenses arising from share-based payment transactions | -2.3 | -1.5 |
Number of and movements in share options | 2024 | 2023 | |
Outstanding at 1 January | 73,591,851 | 90,661,375 | |
Granted during the period | 6,302,190 | 2,114,556 | |
Exercised during the period | -3,108,449 | -18,822,573 | |
Released during the period | -72,580 | - | |
Expired during the year | -21,919 | -361,507 | |
Outstanding at December 31 | 76,691,093 | 73,591,851 | |
Fully vested, not yet exercised at December 31 | 66,585,655 | 63,909,090 |
255 |
Contents |
7.4 | |
Share-based Payments | |
2019-2020 incentive program | 2019-2020 Service options | 2019-2020 Performance options | |
Weighted avg. fair values at the measurement date | €0.07 | €0.03 | |
Dividend (%) | - | - | |
Expected volatility | 25% | 25% | |
Risk-free interest rate | 1.19% | 1.25% | |
Expected life of share options (years) | 4.3 | 5.0 | |
Weighted average share price | €0.33 | €0.33 | |
Model used | Black-Scholes Merton | ||
RSU board incentive program | 2024 RSU | 2023 RSU | 2022 RSU | |
Weighted avg. fair values at the measurement date | $0.00 | $1.07 | $1.82 | |
Dividend (%) | - | - | - | |
Expected volatility | - | 72% | 79% | |
Risk-free interest rate | - | 4.02% | 3.06% | |
Expected life of share options (years) | 0.0 | 3.0 | 2.8 | |
Weighted average share price | $0.00 | $1.07 | $1.82 | |
Model used | Black-Scholes Merton | |||
256 |
Contents |
7.4 | |
Share-based Payments | |
2024 LTI program | 2024 PSU and options | 2024 RSU | |
Weighted avg. fair values at the measurement date | $5.73 | $12.18 | |
Dividend (%) | - | - | |
Expected volatility | 62% | - | |
Risk-free interest rate | 3.03% | - | |
Expected life of share options (years) | 4.0 | 0.0 | |
Weighted average share price | $12.18 | $0.00 | |
Model used | Black-Scholes Merton | ||
2023 LTI program | 2023 PSU and options | 2023 RSU | |
Weighted avg. fair values at the measurement date | $0.96 | $2.17 | |
Dividend (%) | - | - | |
Expected volatility | 56% | -% | |
Risk-free interest rate | 3.89% | -% | |
Expected life of share options (years) | 4.0 | 0.0 | |
Weighted average share price | $2.17 | $0.00 | |
Model used | Black-Scholes Merton | ||
257 |
Contents |
7.5 | |
Events After the Reporting Period | |
258 |
Contents |
259 |
Contents |
260 |
Contents |
261 |
Contents |
262 |
Contents |
263 |
Contents |
Responsibility Statement |
Oslo, April 23, 2025 | ||
The Board of Directors of AutoStore Holdings Ltd. | ||
Jim C. Carlisle Co-chair | Vikas J. Parekh Co-chair | |
Andreas Hansson Board member | Hege Skryseth Board member | |
Kjersti Wiklund Board member | Michael K. Kaczmarek Board member | |
Sumer Juneja Board member | Viveka Ekberg Board member | |
Mats Hovland Vikse Chief Executive Officer | ||
264 |
Contents |
Alternative Performance Measures (APMs) |
265 |
Contents |
266 |
Contents |
Adjusted EBITDA¹ | |||
USD million | 2024 | 2023 | |
Profit/loss for the period | 136.6 | -32.6 | |
Income tax | 39.5 | -13.7 | |
Net financial items | 46.4 | 32.7 | |
EBIT¹ | 222.5 | -13.6 | |
Depreciation | 15.8 | 10.6 | |
Amortization of intangible assets | 47.0 | 51.5 | |
Impairment | 1.1 | - | |
EBITDA¹ | 286.4 | 48.5 | |
Ocado litigation costs | 0.4 | 252.6 | |
Option costs | -4.0 | 7.4 | |
Total adjustments | -3.6 | 260.0 | |
Adjusted EBITDA¹ | 282.8 | 308.5 | |
Total revenue and other operating income | 601.4 | 645.7 | |
EBITDA margin¹ | 47.6% | 7.5% | |
Adjusted EBITDA margin¹ | 47.0% | 47.8% |
Adjusted EBIT¹ | |||
USD million | 2024 | 2023 | |
EBIT¹ | 222.5 | -13.6 | |
Ocado litigation costs | 0.4 | 252.6 | |
Option costs | -4.0 | 7.4 | |
PPA amortizations | 30.9 | 40.2 | |
Total adjustments | 27.3 | 300.2 | |
Adjusted EBIT¹ | 249.8 | 286.5 | |
Total revenue and other operating income | 601.4 | 645.7 | |
EBIT margin¹ | 37.0% | -2.1% | |
Adjusted EBIT margin¹ | 41.5% | 44.4% |
267 |
Contents |
268 |
Contents |
AI/ML | Artificial Intelligence/Machine Learning | |
APAC | Asia-Pacific | |
APM | Alternative Performance Measures | |
AS/RS | Automated Storage & Retrieval Systems | |
BDM | Business Development Manager | |
CAGR | Compounded Annual Growth Rate | |
CGUs | Cash-Generating Units | |
Company | AutoStore Holdings Ltd. | |
EMEA | Europe, the Middle East and Africa. Also includes a minor share of Latin America | |
eNPS | Employee Net Promoter Score | |
ESG | Environmental, Social, and Governance | |
ESMA | European Securities and Markets Authority | |
ESRS | European Sustainability Reporting Standard | |
GHG | Greenhouse Gas | |
GRI | Global Reporting Initiative | |
Group | AutoStore Holdings Ltd. and subsidiaries | |
HTP | High-Throughput Warehouses | |
IFRS | International Financial Reporting Standards | |
IP | Intellectual Property | |
IPO | Initial Public Offering | |
ISO | International Organization for Standardization | |
LCA | Life Cycle Analysis |
M&A | Mergers and Acquisitions | |
MAR | Market Abuse Regulation | |
MFC | Micro-Fulfillment Center | |
MWh | Mega-Watt-hours | |
NAM | North America | |
NCGB | Norwegian Corporate Governance Board | |
Order backlog | Order backlog is defined as the total value of order intake not yet shipped and for which revenue has not yet been recognized. Revenue derives from the order backlog over time or upon shipment, depending on the applicable revenue recognition model | |
Order intake | Order intake is defined as value of projects where a distribution partner has received a purchase order or verbal confirmation that a specific installation will be ordered. Order intake is calculated as follows: closing balance less opening balance of order backlog for the period plus revenue recognized in the period. The intention of this measure is to look through our distribution channel and provide insight into end market demand | |
PPA | Purchase Price Allocations – fair value adjustments resulting from business acquisitions where the fair value of the acquired company exceeds its carrying value | |
R&D | Research and Development | |
RECs | Renewable Energy Certificates | |
ROI | Return of Investment | |
SKU | Stock-Keeping Unit | |
tCO2eq | Metric tonnes of CO2-equivalents | |
WMS | Warehouse Management System |
