EQVA ASA
ANNUAL
REPORT
2024
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EQVA is an owner of profitable niche businesses, specializing in acquiring and
developing leading companies. Our ownership philosophy is centred around
continuity, long-term stewardship, and sustainable value creation.
We target acquisitions aligned with our business model. Through our main
investment platform, EQVA Industrial Solutions, we deliver services and solutions
to Energy intensive industries (smelters), Land-based industries, Aquaculture,
Defence, Maritime and Offshore sectors. We adapt to market changes and
customer needs.
EQVA distinguishes itself as an attractive buyer, not just through competitive
financial terms, but by providing a comprehensive toolbox of expertise, experience,
and resources specifically designed to accelerate growth and value enhancement.
Leveraging established governance frameworks, we actively support our portfolio
companies in driving strategic initiatives, operational excellence, empowering
them for enduring success.
THIS IS EQVA
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Full-service provider of
technical, sustainable solutions
and services to maritime and
landbased industries.
A specialiced hydropower
plant developer and operator.
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Digital solutions and green technology are needed and included in new
projects and retrofitted in existing production assets and plants. This
creates an unprecedented demand for industrial services, which our
portfolio companies are well equipped to meet through their market
leading positions and focus on service and high quality in each delivery. In
total this provides a strong foundation for profitable organic growth.
The transformation of industries and the new business models that
emerge create opportunities for consolidation and re-engineering of
industrial service companies. EQVA is well placed to take the lead in such
transformation. It is a responsible owner with an eternal investment
perspective, and it aims to maximise financial return over time.
STRATEGIC PRIORITIES
The race towards carbon neutrality
is on, and customers are turning to
EQVA for help.
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EQVA is supported by highly committed owners and powered by experienced investment
professionals and industry leaders. Our portfolio companies have earned the trust of their
customers through decades of successful deliveries, on time and within budget. Together
we take pride in delivering value to our shareholders by providing the best possible service
to our customers.
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Highlights and key figures
EQVA´s history
Letter from the CEO
The segments
Presentation of the board and management
The EQVA share
Board of Director's report and Corporate Governance
Board of Director's report
Corporate Governance report
Sustainability
Sustainability as a Strategic Pillar
Driving Sustainability Growth
Financial statements
Consolidated financial statements
Notes to the consolidated financial statements
Financial statement - Parent company
Notes to the financial statement - Parent company
Independant auditor´s report
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CONTENT
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Highlights and key figures
Strong development for EQVA
• A new strategy for EQVA has been executed. EQVA is now a Norwegian-based active business consolidator with
a focus on the B2B industrial services market.
• Solid operational performance - mainly driven by volume increase in the Industrial Solutions segment. The
volume increase in this segment leads to improved profitability.
Key figures EQVA Group 2024
• NOK 1 099 million in total operating revenues
• NOK 79 million in EBITDA
• Orderbook total NOK 770 million
• The employees total 632 FTEs.
EQVA Group had a full year revenue of NOK 1 099 million. The EBITDA margin was at 7.2 %.
The revenue growth for the Industrial Solutions segment was 67 % to NOK 1 034 million (NOK 620 million last year). The
increase is mainly driven by an enhanced activity level in BKS Industri in addition to the add-on of Kvinnherad Elektro
Group which increase the revenue in the 4th quarter. EBITDA for the segment was NOK 78 million (7.5 % margin).
Fossberg Kraft delivered the two small-scale hydropower plants “Skjeggfoss” and “Haugsvær” to customer in
September 2024. Fossberg Kraft has now successfully sold and operates 9 hydropower plants (of which 6 are
constructed by Fossberg Kraft). Going forward, the development of Gjosa power plant is expected commencement
in 2025.
• Dividend: The company resolved to distribute a total dividend of NOK 0,20 pr share.
• Strong orderbook development – EQVA has a total orderbook of NOK 770 million per December 2024 (orderbook
as of December 2023 was NOK 487 million). The order intake in 2024 has mainly been driven by BKS with add-ons
from the purchase of Kvinnherad Elektro Group.
• Acquisition of Kvinnherad Elektro Group, the high-potential Power & Automation provider Kvinnherad Elektro
was concluded in September 2024.
• Announced acquisitions of IMTAS Group and Austevoll Rørteknikk AS in Q1 2025, in line with our proactive M&A
strategy. These strategic transactions will establish a leading, fully integrated system supplier within the piping,
power and automation, and aquaculture sectors. This significantly enhances EQVA's position as a prominent
supplier to industrial customers in Norway and expands our geographical presence. Following these mergers, the
EQVA Group will consist of a robust team comprising over 750 highly skilled professionals, further strengthening
its industry standing. The transactions are expected to generate a pro-forma annual turnover ranging between
NOK 1,450 and 1,650 million.
• Strategic direction was reaffirmed in Q1 2024 with divestment of the PSV Havila Charisma.
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Our geographical footprint
Along the entire coast of Norway
Fossberg Kraft AS
Husnes (Kvinnherad)
Zenit Engineering AS
Sunde
Marine Support AS
Storebø
BKS Industri AS
Sunde
BKS VVS AS
Mathopen
Kvinnherad Elektro AS
Rosendal (Kvinnherad)
EQVA ASA
Husnes (Kvinnherad)
EQVA ASA
Dep, Fosnavåg
EQVA Finance & Analytics
Oslo
BKS Power and Automation AS
Sunde
EQVA Eiendom Holding AS
Sunde
IMTAS Harstad AS
Harstad
IMTAS AS
Mo i Rana
IMTAS Personell AS
Mo i Rana
IMTAS Prosjekt AS
Mo i Rana
JMVD
Sleneset
IMTAS AS
Bodø
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EQVA´s history
Building on a more than 100 years of history, EQVA has a rich heritage in the maritime and
land-based industry. The group has continually evolved to meet the changing demands of
the market.
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Important milestones:
• 1918: Jonas Løland founded Løland Motorverksted (machine workshop) in Leirvik, which marked the start of the
company's activity in the maritime industry.
• 1938: The yard constructed its first new building, "Loftesnesferja", which was a significant milestone for the
company.
• 2008: BKS was founded as mainly a personnel and service engineering provider for the construction industry. In
subsequent years, BKS expanded its operations and developed into a fully integrated service provider for land-
based industries. More investors joined the company, leading to further growth and expansion of services offered.
• 2014: The group was listed on the Oslo Stock Exchange under the name Havyard Group.
• 2018: Fossberg Kraft was founded in Handeland Gard in Kvinnherad municipality. Since its inception, Fossberg
Kraft has expanded its hydropower portfolio to include the Ljotå hydropower plant in Bjørnafjorden municipality
and the Svandalen hydropower plant in Sauda municipality.
• 2020: The group initiated a restructuring of its yard to shift focus from new buildings to maintenance and service
offerings, which reflected the company's evolving strategy.
• 2021: The group began revising its corporate strategy to focus on growth within repair, service, and maintenance
in the marine service segment, which reflected its commitment to long-term success.
• 2022: The group entered into a business combination agreement, whereby the group acquired all shares of HG
Group, consisting of BKS and Fossberg Kraft, to start its journey towards becoming a fully integrated service
provider to on- and offshore industries.
• 2022: The group changed its name to EQVA and expanded its services to offer complete industrial services and
renewable energy to key customers, which marked a significant step in the group’s growth and development.
• 2023: The shipyard Havyard Leirvik was divested to Tersan in November 2023.
• 2024: In May 2024, the group entered into a business combination agreement to expand service offering within
power & automation, whereby the group acquired all shares of Kvinnherad Elektro Group.
• 2025: In February 2025, EQVA ASA secured a landmark business combination with IMTAS GROUP, expanding
into Northern Norway. EQVA’ largest transaction to date strengthening our position as a prominent and fully
integrated service provider within the piping, mechanical and power and automation disciplines in Norway.
• 2025: In March 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in Austevoll Rørteknikk
AS. This acquisition enhances EQVA’s presence on the west coast of Norway, particularly in pipe installation,
maintenance, and specialized fabrication for the aquaculture industry.
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CEO letter
A strong operating year – we walk the talk
Over the past operating year, we have taken several critical steps forward that have
not only strengthened our business but also laid a solid foundation for a positive
trend moving forward
THANK YOU
I would like to start this letter expressing my heartfelt
thanks to all of our talented and dedicated employees
who have contributed to the improvements we
achieved during the year. I look forward to the next year
with great confidence. Together, we are building on
EQVA’s proud tradition and continuing to create an even
stronger group
It is with pride and gratitude I see how we have continued
to further develop the Group’s culture and working
method through our business. Our local companies
have performed well and customers trust us to take on
important tasks.
We have been trusted by our customers in 2024. More
than before. EQVA enjoy doing business with demanding
industrial customers. In 2024 EQVA Industrial Solutions
have delivered on major demanding industrial projects.
We take nothing for granted and we are humble,
grateful and proud to be entrusted.
We are national and local. Always at service.
ABOUT EQVA
EQVA is an owner of profitable niche businesses,
specializing in acquiring and developing leading
companies. Our ownership philosophy is centred around
continuity, long-term stewardship, and sustainable
value creation.
We target acquisitions aligned with our business model.
Through our main investment platform, EQVA Industrial
Solutions, we deliver services and solutions to Energy
intensive industries (smelters), Land-based industries,
Aquaculture, Defence, Maritime and Offshore sectors.
We adapt to market changes and customer needs.
EQVA distinguishes itself as an attractive buyer, not just
through competitive financial terms, but by providing
a comprehensive toolbox of expertise, experience, and
resources specifically designed to accelerate growth
and value enhancement.
Leveraging established governance frameworks, we
actively support our portfolio companies in driving
strategic initiatives, operational excellence, empowering
them for enduring success.
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OUR STRATEGY
EQVA Industrial Solutions (EIS)
EQVA’s main asset is EQVA Industrial Solution. Under
that umbrella we operate a number of independent
businesses with combined proforma 2024 turnover of
NOKm 1.299 with an EBITDA (ltm) of NOKm 88. Since
2018 we have had a compounded average growth of
33%. The growth has primarily been organic. We aim to
grow at a rate of 10-15% growth of revenue and EBITA
over the multi-year cycle. Early in 2025 we announced a
landmark business combination with IMTAS .Based on
estimated 2024 figures, the acquisition is expected to
contribute approximately NOK 376 million in revenues
and NOK 39 million in EBITDA.
This brings the total pro forma revenue and EBITDA for
the new combined EQVA Group in 2024 to NOK 1,576
million and NOK 120 million, respectively.
During Q4-24 and Q1-25 we have acquired 3 companies
with a combined turnover of approx. NOKm 450 with
a margin at or above our targets.orderbook for the
segment Products, Solutions & Renewables is solid into
2024.
EQVA Renewables (Fossberg Kraft)
Fossberg Kraft is a specialized small-scale hydropower
plant developer (with a combined 80+ year of experience),
and is a central part of our ongoing commitment to
the renewable energy infrastructure of Norway. Since
2021, Fossberg Kraft has successfully sold and operates
9 hydropower plants (of which 6 are constructed by
Fossberg Kraft).
This year, we completed the construction and sale of
the two hydropower plants Skjeggfoss and Haugsvær
(which we also now operate on behalf of the owner),
with a combined capacity of more than 10 GWh/year.
The revenue proceeds from these sales accounted for
a total of NOK 87 million (booked over the construction
period).
Fossberg Kraft currently hold a strong portfolio of
projects in development and pipeline, with more than 80
GWh/year of potential new power production (of which
two power plant of 14 GWh/year ready for construction),
and more than 80 GWh/year in additional assessment
pipeline.
Objective
Key target
Established growth
strategy focused on
organic grow and acquiring
attractive, profitable
companies. Enabling EQVA
to broaden product and
service scope.
9 portfolio companies
today
Target of 10-15% growth
of revenue and EBITA over
the multi-year cycle
Let good managers do
what their best at – avoid
politics, bureaucracy and
hierocracy
(EBITA/WC) > 40%,
securing self-financed
growth, and dividends
Equity Ratio > 30% Deliver on our own ESG
goals
A decentralized business
model with effective
corporate governance
models and active
ownership as well as
proven management.
Rapid and flexible
decision-making, with
decisions made close to
customers and suppliers
A clear focus on
performance facilitates
self-financed, long-term
growth and favorable
returns for shareholders
and a proven ability to
develop operations
Strong financial position,
strong cash flow from
operating activities based
on a solid financial
position and low leverage
Sustainable business.
Sustainability characterizes the
entire business and creates
conditions for long-term
profitability and growth. We
are an active partner helping
our customers to decarbonize.
Ref. (Boliden) Green Zink,
Hydro Husnes upgrade
(increase energy efficiency and
reduce emissions)
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Looking ahead, our ambitions remain high. We
continue to identify new opportunities for expansion,
while ensuring that our existing operations maintain
high levels of efficiency and reliability.
OPERATING MODEL
EQVA has a culture with a decentralized leadership
and strong values in customer focus, simplicity, and
efficiency. We run our business in independent
companies with talented leaders and employees
who work closely with our customers. Local leaders
have a mandate to make quick decisions to help
our customers. In this way, we can be swift and take
advantage of the opportunities that exist together
with our customers.
In 2024 we have conducted a strategic review of
our operations, increasing demands on operating
margins and profitability while broadening our
customer offering. Due to our expanded acquisition
focus ww have established the investment platform
EQVA Industrial Solutions (EIS). We aim to expand
our Industrial Service Offerings in the year to come.
OUTLOOK
We want to be a long-term, growing, and profitable
company with a strong financial position. With
strong relationships with leading customers and
committed employees, we are laser focused on the
objective to create organic growth and implement
new acquisitions
MARKET
EQVA has identified the following main markets as
core for us: Energy Intensive Indsustries (Smelters),
Aquaculture, Defence Industry Service, Land
Based Industries, The maritime industry and The
Offshore Industry sector. For the next 1-3 year we see
opportunities in all segments. We have a low cost,
customer focused model with a flexible approach.
We aim to adapt to challenging market conditions.
International turbulence and trade war will impact
our clients and EQVA as a consequence. We plan for
the best and prepare for the alternative.
ESG
We strongly believe in our ESG ambition. Investment
in ESG initiatives is an important building stone for
future profitability. We probably not expect to attract
new clients or a new generation of colleagues unless
we are committed to fight for a better future – for all.
Environmental, social and governance (ESG) factors
are important features in our business today, and
strong drivers for growth. Almost everything we do
for our customers has a sustainability dimension.
Continuously developing our business to contribute
to a more sustainable company is a core issue for us.
Over the past year, we have clarified our ambitions
for contributing to the green transition, resulting in
concrete sustainability goals that will be followed up
at the subsidiary level.
Ongoing sustainability initiatives include:
• Implementing ESG goals in all companies
• Ensuring compliance with the new Corporate
Sustainability Reporting Directive (CSRD)
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Sincerely,
Even Matre Ellingsen
CEO, EQVA ASA
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The segments
Industrial Solutions
The Industrial Solutions segment accounted for 94 per cent of total income in 2024. The
segment is comprised of BKS Group and Kvinnherad Elektro.
BKS is a full-service provider of technical installations to the land-based and maritime industry in Norway. With
a strong presence throughout the value chain, BKS has developed long-standing relationships with well-known
players in the industry. BKS was established in 2008 and is headquartered in Sunde, Kvinnherad, with branch offices
in Bergen and Austevoll. The group had 364 FTEs at the end of 2024, of which 75 per cent are skilled professionals
with at least one certificate.
Kvinnherad Elektro provides power & automation services to industrial clients, public services and
households. The company is located in Rosendal and Husnes, Kvinnherad, and had 36 FTEs at the end of 2024.
• Smelters
• Land-based industry
• Maritime Industry
• Offshore industry
• Aquaculture
• Renewable energy
Key markets:
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Renewables
Fossberg Kraft focuses on the development and operation of small-scale hydropower plants in southern
Norway. Fossberg currently operates 9 small-scale power plants. The company is also involved in the
development of new projects. Fossberg Kraft was established in 2018, and is headquartered in Husnes,
Kvinnherad.
Real estate
The real estate segment includes the Group´s real estate properties. The properties are predominantly
production related and offices.
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The board and management
Even Matre Ellingsen
CEO
With over 10 years of experience from financial markets, M&A
and business development. Mr. Sørdahl holds 41 666 shares in
the company.
Bringing 15+ years of experience as a partner in a law firm and
8 years as an in-house lawyer in HG Group. Mr. Handeland holds
584 163 shares in the company through Handeland Eigedom AS.
Sverre Olav Handeland
Corporate Attorney
Extensive background and experience from financial markets
and roles within strategy and business development. EY, Astrup
Fearnley and Aker Biomarine. Mr. Molvik holds 64 008 shares in
the company.
Trygve Kjerpeseth
CEO of EQVA Industrial Solutions
Group Head of Risk and Projects
Bringing 30+ years of experience from senior project
management. Mr. Kjerpeseth holds 0 shares in the company.
15+ years of experience from construction industry, including
project management and structural engineering in private and
public sector. Mr. Nilsen holds 0 shares in the company.
Anders Nilsen
CEO of Fossberg Kraft
Former Group CEO of Astrup Fearnley and Managing Director at
Fearnley Securities (10 years). Previously, Equity Partner at Pareto
Securities for 15 years prior to joining Astrup Fearnley. Throughout
his tenure at both Pareto and Astrup Fearnley, he played a central
role in building global business operations and developing
strong client relationships. His approach has consistently been
rooted in strategy and clear planning to effectively address key
challenges. He has deep expertise in M&A and financing for both
Norwegian and international companies through the Norwegian
capital markets. Even Matre Ellingsen holds 8.297.628 shares in
EQVA via Fle Invest AS.
Management team
Petter Sørdahl
CFO
Daniel Molvik
Head of Strategy and
Business Development
*The shareholdings stated for the various are as of 31.12.2024
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Ellen Merete Hanetho
Chairman
Anne Sofie Myrmel Bruun-Olsen
Board Member
Tore Thorkildsen
Board Member
Tore Schiøtz
Board Member
Kari Markhus
Board Member
Employee Representative
Tomasz Bartlomiej Wesierski
Board Member
Employee Representative
Brings over 25 years of experience in financial and strategic
business development to the board. Mrs. Hanetho has
leadership experience from her prior positions in HydrogenPro,
Frigaardgruppen, Credo Partners and Goldman Sachs. Mrs.
Hanetho holds 33 333 shares in the company.
Mrs. Bruun-Olsen was the former CEO in Cushman & Wakefield
Realkapital (2000-2018), now acting as senior Partner for the
company. She also brings extensive boad experience from
former board membership of Pure Water AS, NEAS ASA and
Odin Forvaltning (Sparebanken 1). Mrs. Bruun-Olsen has 25+
years of strategic, sales/marketing, and HR/people experience.
Mrs. Bruun-Olsen holds 33 333 shares in the company.
Founder and former CEO of BKS. Has held several board
positions. 30+ years of experience in sales. Mr. Thorkildsen holds
8 469 323 shares in the company through Nintor AS
Investor and Board Executive. Former Managing Partner
in Contango Kapital, Group Executive VP in Hafslund ASA,
Investment Director in Storebrand Spar, consultant at Andersen
Consulting.
Board of directors
*The shareholdings stated for the various are as of 31.12.2024
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The share
EQVA aims to be an attractive investment for its shareholders, delivering
competitive total returns through sustainable growth both organically and
through value-adding acquisitions.
Key facts
• EQVA ASA is a publicly limited company. The share is listed on the Oslo Stock Exchange main board
and the ticker code is EQVA.
• EQVA (formerly as Havyard Group ASA), was listed in July 2014.
• All shares have equal rights and are freely transferable. Each share grants the holder one vote
and there are no structures granting disproportionate voting rights.
• 99 per cent of our shares are held by Norwegian shareholders.
• EQVA holds 454 290 treasury shares number of treasury shares as of 31 December 2024,
making it the 15th largest shareholder.
Key figures
• NOK 358.9 mill market cap as of 31 December 2024.
• 75 396 009 number of shares.
• 3 015 number of shareholders.
• During 2022, the total return on holding the share was 304 %.
• During 2023, the total return on holding the share was 2.4 %.
• During 2024, the total return on holding the share was 68.1 %.
• From the start of 2022 to the end of 2024, the total return on holding the share was 388 %.
Share price development during 2024
2
2,5
3
3,5
4
4,5
5
5,5
6
6,5
7
jan 24 feb 24 mar 24 apr 24 mai 24 jun 24 jul 24 aug 24 sep 24 okt 24 nov 24 des 24
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The 20 largest shareholders as of 31 December 2024
OWNER NUMBER OF SHARES SHARE COUNTRY
1 NORDIC CORPORATE BANK ASA 15 920 716 21,12 % Norway
2 HAVILA HOLDING AS 10 000 000 13,26 % Norway
3 NINTOR AS 8 729 739 11,58 % Norway
4 ILG AS 8 729 738 11,58 % Norway
5 FLE INVEST AS 8 297 628 11,01 % Norway
6 ROS HOLDING AS 5 660 027 7,51 % Norway
7 EMINI INVEST AS 1 290 000 1,71 % Norway
8 HSR INVEST AS 1 290 000 1,71 % Norway
9 INNIDIMMAN AS 1 290 000 1,71 % Norway
10 MP PENSJON PK 1 162 768 1,54 % Norway
11 K E INVEST A/S 986 193 1,31 % Norway
12 HELSENGREEN, IVAR 870 901 1,16 % Norway
13 MCE HOLDING AS 750 434 1,00 % Norway
14 HANDELAND EIGEDOM AS 584 163 0,77 % Norway
15 EQVA ASA 454 290 0,60 % Norway
16 PISON AS 430 000 0,57 % Norway
17 KAMATO AS 316 380 0,42 % Norway
18 WIND, PETER ARIAAN 307 644 0,41 % Norway
19 NORDNET LIVSFORSIKRING AS 247 072 0,33 % Norway
20 HÜBERTZ, KNUT RAGNAR 226 000 0,30 % Norway
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Board of Director's report
& Corporate Governance
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BOARD OF DIRECTORS REPORT
BOARD OF DIRECTORS REPORT
Introduction
2024 marks the first year of EQVA ASA operating under its
new strategic direction. EQVA is a Norwegian-based active
business consolidator. We have built a robust investment
platform which has delivered a 33% CAGR in turnover since
2018.
EQVA has become an owner of profitable niche businesses,
specializing in acquiring and developing leading companies
that deliver high value services and solutions. Our ownership
philosophy is centred around continuity, long-term
stewardship, and sustainable value creation through organic
growth, acquisitions, and profitability.
We see significant market potential for EQVA, targeting
companies that are too small for public listing and that are
outside the scope of traditional private equity companies. Our
investment focus is on profitable companies that meet our
key criteria of: EBITA of NOK 5-50 million, EBITA margins of
at least 6-7%, consistent profit growth, and a leading market
position. Beyond financial terms, we position ourselves as
an attractive buyer, by offering a comprehensive “toolbox” of
expertise, experience, and resources to drive value creation.
We are result-oriented and committed to create value and
improving performance in our businesses over the long-
term. We believe in alignment of agendas and collaboration
between employees, management, board, and owners.
Operating with a decentralized governance model, active
ownership and proven management, we emphasize
autonomy, accountability, and rapid decision-making
made close to customers and suppliers. Our decentralized
governance model represents independence, responsibility
and swift decision-making. We focus on key performance
indicators.
By providing the right environment for continuous
improvement, we empower strong managers to do what
they do best – free from politics, bureaucracy, and hierarchy.
2.1 Key events
In 2024 EQVA navigated through a transformative year
marked by strategic milestones, operational growth, and
significant corporate decisions. The key events throughout
the year reflect the company's continuous evolution, and
its commitment to a be a listed Norwegian-based active
business consolidator.
Here's a concise summary of the pivotal developments in
2024:
Delivered a strong financial performance, with a notable
increase in operating income compared to the previous year.
The Industrial Solutions segment demonstrated substantial
growth, benefiting from a strong order book and improved
margins.
EQVA's subsidiary, BKS Industri, secured among others a new
contract with Norsk Hydro for upgrading furnaces at their
aluminium plant, highlighting EQVA's competitive edge
and contribution to energy-efficient industrial solutions.
Continued work under frame agreements for major
Norwegian industrial clients.
Concluded acquisitions of Kvinnherad Elektro Group, the
high-potential Power & Automation provider Kvinnherad
Elektro was concluded in September 2024.
Announced acquisitions of IMTAS and Austevoll Rørteknikk in
Q1 2025.
2.2 Overview of the business
The board of directors’ report for Eqva group (“Eqva” or “the
group”) encompasses Eqva ASA (“the Parent company” or
“the company”) with its subsidiaries.
Business concept and location
EQVA ASA is a public limited liability company organized and
existing under the laws of Norway pursuant to the Norwegian
Public Limited Companies Act. The shares of EQVA ASA are
listed on Oslo Børs with the stock ticker EQVA.
The EQVA group has 632 FTEs in total at year-end.
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ANNUAL REPORT 20 2 4
BOARD OF DIRECTORS REPORT
EQVA is built on three platforms: EQVA Industrial Solutions,
Renewables and Real Estate. EQVA Industrial Solutions is
the main platform, generating more than 90 % of EQVA’s
revenues in 2024. Key companies under EQVA Industrial
Solutions include BKS Group, IMTAS Group and Kvinnherad
Elektro Group. The acquisitions of IMTAS Group and Austevoll
Rørteknikk in 2025, strengthens EQVA’s position as a
prominent and fully integrated service provider within the
piping, mechanical and power and automation disciplines.
The Group has locations in Kvinnherad, Stord, Austevoll,
Bergen, Sotra, Mo i Rana, Bodø, Harstad, Fosnavåg and Oslo.
Business segments
The business is organised in four business segments:
1. Industrial Solutions
The segment consists of both BKS Group and Kvinnherad
Elektro Group who specializes in delivering comprehensive
industrial solutions within mechanical and electronical
services, including new constructions, modifications, and
service or maintenance tasks, catering to sectors such as
smelting, maritime, offshore, aquaculture, and land-based
industries. Functioning as a full-service provider, we offer
technical installations with a presence throughout the
entire value chain. The company has established long-term
relationships with major clients, executing tailored and
recurring customer projects.
2. Renewables
Fossberg Kraft specializes in the development, construction,
and operation of small-scale hydropower plants in Norway.
Since its inception, the company has successfully sold nine
small-scale hydropower plants, of which six was constructed
by Fossberg Kraft. Entering 2025, Fossberg Kraft has a
significant pipeline of new projects under development.
3. Real Estate
EQVA is refining its strategy by focusing its Industrial
Solutions and Renewables companies exclusively on their
core areas, while other divisions within the group take on the
management of associated real estate. This strategic division
allows EQVA to enhance its focus on innovation and growth
within the renewable sector, ensuring that its industrial
properties are efficiently managed by specialized segments
of the group dedicated to real estate. This approach optimizes
operational efficiencies and leverages the group's diverse
strengths.
4. Other
The segment in which the parent company is the main entity
– the segment also includes companies without regular
operations and eliminations of intra-group transactions
2.3 Financial review
Accounting principles
The following financial review is based on the consolidated
financial statements of EQVA ASA and its subsidiaries. The
statements have been prepared in accordance with IFRS®
Accounting Standards as adopted by the EU as well as the
Norwegian accounting legislation.
In the view of the board, the statement of profit and loss, the
statement of financial position, the statement of cash flows,
the statement of changes in equity and the accompanying
notes provide satisfactory information about the operations,
financial results and position of the group and the Parent
company on 31 December 2024.
Statement of profit and loss
The operating income for the group in 2024 was NOK 1 099
million compared with NOK 670 million in 2023. The increase
is mainly due to strong deliveries from BKS Industri AS and
4th quarter add-ons through the purchase of Kvinnherad
Elektro Group.
The operating profit (EBIT) for the group in 2024 was NOK
64 million compared with NOK 10million in 2023. The margin
improvement is driven by strong performance from BKS.
The group profit after tax for 2024 was NOK 31 million
compared with NOK -22 million in 2023, including
discontinued operations.
Statement of cash flow
In general, the cash flow statement in 2024 reflects a year
with significant growth and restructuring of the group´s
activities. The cash flow statement shows changes in liquidity
throughout the year.
Net change in cash flow for the group during the period is
NOK 60 million compared to NOK -24 million in 2023. The cash
flow from operating activities is NOK 117 million compared to
NOK -51 million in 2023. The cash flow is affected by, among
other things, changes in work in progress.
The net cash flow from investment activities is NOK 37 million
in 2024 compared with NOK 17 million in 2023.
The net cash flow from financing activities is NOK -94 million
in 2024 compared with NOK 8 million in 2023. The cash flow
from financing activities is mainly driven by downpayment of
debt.
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ANNUAL REPORT 20 2 4
BOARD OF DIRECTORS REPORT
Statement of financial position and liquidity
The group’s cash position was NOK 99 million as of 31
December 2024. The group’s liquidity is considered to be
satisfactory. Any operational measures will be put in place if
required.
The group has total liabilities of NOK 517 million as of 31
December 2024 compared with 377 in 2023. Of this sum,
NOK 88 million is short-term debt. More details regarding the
group`s bank debt can be found in note 17. The group meets
all valid bank covenants as of 31 December 2024.
The balance shows total assets for the group in 2024 of NOK
829 million compared to NOK 668 million in 2023.
Equity for the group was NOK 312 million as of 31 December
2024 compared with NOK 290 million at year-end 2023.
This corresponds to an equity-ratio of 38 percent in 2024 (43
percent in 2023).
Parent company accounts and allocation of profit
The parent company had an operating income of NOK 2
million in 2024 compared to NOK 10 million in 2023. This
decrease was driven by changes in the Group’s internal
services. The profit/loss after tax in 2024 was NOK -28 million
compared to NOK 20 million in 2023. The 2023 earnings were
affected by the sale of Havyard Leirvik and sale of remaining
shares in HAV Group ASA.
Transferred to other equity was total NOK -28 million. The
company paid out a dividend to its shareholders of NOK 14.4
million in Q1 2024.
The board proposes a dividend of NOK 0.
The board believes that the annual accounts give a correct
outline of the group’s assets and liabilities, financial position,
and performance.
2.4 Events after 31 December 2024
On 17
th
of February 2025, EQVA ASA entered into an
agreement to acquire 100% of the shares in IMTAS AS and its
subsidiaries (other than IMTAS Eiendom AS) ("IMTAS Group").
The acquisition was carried out by EQVA's wholly owned
subsidiary EQVA Industrial Solutions AS. The transaction was
closed on the 24
th
of March 2025. Refer to Note 10 for more
details.
On 3
rd
of March 2025, EQVA ASA entered into an agreement
to acquire 100% of the shares in Austevoll Rørteknikk AS.
The acquisition is to be carried out by EQVA's wholly owned
subsidiary EQVA Industrial Solutions AS. The transaction is
expected to be completed by the end of Q2 2025, subject to
certain conditions and necessary approvals.
As per the release of the annual report, EQVA has secured
a committed offer from Nordea, combining acquisition
and refinancing, totalling NOK 200 million. Additionally,
the agreement will expand EQVA's existing overdraft facility
to NOK 70 million. This long-term loan, with a maturity of
five years, features more favourable interest rates for EQVA.
The refinancing arrangement also allows for dividend
distributions, given a leverage ratio (NIBD / EBITDA LTM) of
less than 1.5 (after distribution). EQVA estimates an opening
leverage ratio of less than 2.5 after closing of the acquisition.
Furthermore, it will consolidate various banking relationships
into a single primary bank for the group, simplifying future
financial management. The new finance facility will be in
place ultimo March 2025.
2.5 Going concern
The accounts have been prepared under the assumption of a
going concern; see Section 3–3a of the Norwegian Accounting
Act. We hereby confirm that this assumption is correct.
2.6 Risk assessment
Risk Risk assessment is handled as an integral part of the work
processes. All managers across our companies are responsible
for risk management and internal control within their area
of responsibility. The board receives quarterly reports on the
company's financial situation, information about projects and
market conditions.
The operational companies in EQVA bears the commercial
risk in relation to contracts with clients. In a limited number of
cases, the parent company (EQVA ASA) provides guarantees.
In addition the Board of Directors have focus on risks
associated with M&A processes including integration and
scale benefits.
Within the group, it is the individual subsidiary that bears the
risk for its performance. In addition to the contract risk factors
described above, the group is exposed to the following risk
factors:
Financial risk
The group’s activities expose it to financial risks such as,
market risks, credit/counterpart risk and liquidity risk. The
Board of Directors is responsible for setting the objectives
and underlying principles of financial risk management for
the group. The Board of Directors also establishes detailed
policies such as authority levels, oversight responsibilities,
risk identification and measurement, exposure limits and
hedging strategies (if relevant).
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ANNUAL REPORT 20 2 4
BOARD OF DIRECTORS REPORT
Foreign currency and interest rate risk
The group’s policy states that foreign currency exposure should
be identified, and, as far as possible, secured in consultation
with corporate management and the company's board of
directors. The company may also be exposed to interest rate
fluctuations.
Market risk
The nature of the business dictates that the group must
enter into new contracts as existing orders are completed
and delivered. Contracts are awarded in competitive markets
based on bidding processes against other suppliers and
where the ability to meet the requirements of the respective
clients is crucial.
2024 was impacted by increasing geo-political tensions,
protectionism and trade disruptions. EQVA aims to constantly
adapt to an evolving geo-political and macro-economic
landscape.
The Group complies with sanctions implemented by
Norwegian authorities and has stopped all potential new sales
with Russian exposure. None of our companies are directly
financially exposed in relation to the applicable sanctions
against Russian companies and individuals, but in general we
observe price increases and longer lead-times for materials
because of the warfare.
Credit risk
We continuously monitor credit risk, and security instruments
will be considered when relevant.
Liquidity risk
A liquidity budget is established for each project and is
managed in line with the progress of the project thus
ensuring an adequate supply of liquidity.
Risk is generally handled as an integral part of the work
processes. All managers are responsible for risk management
and internal control within their area of responsibility.
Climate risk
The climate risk consists of both physical risk and transition
risk.
Physical risk can be the effect of extreme weather events,
and transition risk is risk associated with the transition to a
low- emission society. The physical risk of weather-related
damage, for example at Fossberg Kraft project development,
emphasizing the importance of accounting for climate
considerations, such as frost and flooding, which can delay
the construction of small power plants. Like its competitors,
Fossberg Kraft faces these environmental challenges, which
can impact the timely completion of projects despite careful
planning and mitigation efforts. This approach underlines
the company's commitment to resilient project design while
acknowledging the unpredictable nature of climate impacts
on development timelines. Even so we still considered the risk
to be limited.
Transition risk can be political changes and regulations that
result in increased fees, fines and orders. In relation to BKS and
Fossberg, the transition risk is also considered to be relatively
low, but political decisions as i.e. tax on aquaculture business
may affect the group`s businesses.
Overall, the climate risk and its impact on future earnings is
considered to be relatively low.
2.7 Employees and organisation
Working environment
EQVA is committed to a safe and inclusive work environment,
with strict measures to prevent accidents and health risks.
We continuously review HSE policies, provide training, and
optimize workforce and project planning to enhance well-
being and risk management.
In 2024, the average sickness absence rate (combining short-
term and long-term) in the group was 3,95 per cent. This is a
decrease of 0,59 per cent compared to 2023, marking further
improvement in our KPI. To help reduce impact of seasonal
illness, the companies in the group took a proactive approach
in autumn 2024 by covering the cost of influenza vaccines for
employees.
Additionally, BKS is committed to sick leave follow-up and has
integrated it as a process within its HRM system.
There has been no change in the number of injuries requiring
medical treatment from 2023 to 2024 in BKS. With two
recorded injuries in 2024. They continue to work towards their
goal of zero injuries.
BKS Industries achieved their certificate within ISO- 45001
in 2024, the international standard on health and security in
the workplace, that requires the establishment of an effective
management system.
The board receives quarterly statistics on developments
within quality, health, safety, and the environment. Read more
about Eqva’s efforts within employee health and working
environment in our Sustainability report.
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BOARD OF DIRECTORS REPORT
Equality and discrimination
One of the EQVA group’s goals is to comply with the
Norwegian Equality and Anti-Discrimination Act,
including the promotion of equality and the prevention of
discrimination on the basis of gender, pregnancy, leave in
connection with childbirth or adoption, care responsibilities,
ethnicity, religion, belief, disability, sexual orientation,
gender identity, gender expression, age or other significant
characteristics of a person.
The group seeks to provide equal employment
opportunities, treat all employees and job seekers fairly.
One of EQVA’s subsidiaries, BKS Industri, are subject
to the requirement to provide an annual equality
statement describing the company's efforts to secure
equal opportunities under section 26-a in the Norwegian
Equality and Anti-Discrimination Act. The annual equality
statements can be found on BKS websites.
Employees
On 31 December 2024, a total of 8 was permanent employees
of EQVA ASA. Across its subsidiaries, EQVA had 632 permanent
FTE's on 31 December 2024. In addition, EQVA’s subsidiaries
employed 160 temporary workers for operational projects.
Changes to the executive management and board
The Executive management team consists of CEO of EQVA
Even Matre Ellingsen and CFO Petter Sørdahl. In addition,
the operational Management team include CEO BKS Trygve
Kjerpeseth, CEO Fossberg Anders Nilsen, in-house lawyer
Sverre Olav Handeland and Head of Strategy and Business
Development Daniel Hjertaker Molvik.
The board consists of Ellen Merete Hanetho (chair), Tore
Thorkildsen Anne Sofie Myrmel Bruun-Olsen, Tore Schiøtz,
Kari Markhus (employee representative) and Tomasz
Bartlomiej Wesierski (employee representative). According
to the articles of association, the board of directors of the
company shall have 3 to 7 members.
The two employees-elected directors were elected in
February 2024, for a period of 2 years.
Directors’ and officers’ insurance
EQVA ASA has a board liability insurance for the group,
including the parent company and its subsidiaries. The
insurance covers the board members, CEO and members of
the management team. The insurance comprises personal
legal liabilities, including defense- and legal costs.
2.8 Natural environment
EQVA’s activities do not directly affect the natural
environment, apart from that which must be assumed to be
natural for this type of business. The company complies at
all times with the prevailing legal requirements in this area.
In 2024, there have been no environmental issues at the
production facilities or in the natural environment that
necessitated special measures. The group has not had any
air or water emissions in excess of those permitted by the
authorities.
External parties conduct control and follow-up of the
company and the company's activities relating to ISO
certification.
EQVA’s activities, in isolation, do not affect the natural
environment apart from that which must be assumed to
be natural for this type of business. The company always
complies with the prevailing legal requirements in this area.
2.9 Research and development
The group limits its research and development activities to
providing technical solutions that assist its subsidiaries.
2.10 Corporate governance
Good corporate governance ensures a robust risk
management system, allowing the organization’s board of
directors to retain control over the business and have clearly
defined responsibilities. Thus, it is one of the cornerstones
of a well-functioning business, providing the foundation for
long- term value creation for shareholders, employees, and
other stakeholders.
The board of directors of EQVA ASA has established a set
of governance principles to ensure a clear division of roles
between the board of directors, the executive management,
and the shareholders.
Being listed at the main market at the Oslo Stock Exchange,
EQVA is subject to corporate governance reporting
requirements under section 3-3b of the Norwegian
Accounting Act.
The annual statement on corporate governance has been
approved by the board and can be found on pages 30 to
34. Accounting Act 3-3b mandates disclosing equality and
diversity guidelines, which EQVA lacks at the corporate
level due to governance structure and employee count.
However, its subsidiary BKS Industri have their own
guidelines, detailed in our sustainability report.
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ANNUAL REPORT 20 2 4
BOARD OF DIRECTORS REPORT
Husnes, 27 March 2025
The board of directors of EQVA ASA
2.11 Corporate social responsibility
EQVA is required to report on its corporate responsibility and
selected related issues under section 3-3a and section 3-3c of
the Norwegian Accounting Act. EQVA has chosen to report
on its efforts related to the environment, social matters, and
corporate governance, which is described in the ESG report.
EQVA is covered by the Transparency Act's duty to carry
out due diligence assessments (§3) and submit an annual
statement on this (§5). The annual statement 2024 will be
published by 27 March 2025 at www.eqva.no.
2.12 Shareholder ownership
EQVA ASA was listed on the stock exchange in July 2014, and
has 3 015 different shareholders as of 31 December 2024.
The number of issued shares is 75 396 009. Nordic Corporate
Bank ASA is the largest shareholder in EQVA ASA as of 31
December 2024 with an ownership of 21,1%.
The company holds 454 290 treasury shares as of 31
December 2024.
Ellen Merete Hanetho
Chairman of the Board of Directors
Kari Markhus
Board member
employee representative
Tore Thorkildsen
Board member
Tore Schiøtz
Board member
Tomasz Bartlomiej Wesierski
Board member
employee representative
Anne Sofie Myrmel Bruun-Olsen
Board member
Even Matre Ellingsen
CEO
2.13 Outlook and future development
The Group is well positioned for 2025 and the years ahead. We
see a good market potential for EQVA. The board of directors
is pleased to report that the group has a strong order book
which gives us a head start and sound outlook for 2025,
boosted by the announced acquisitions in Q1 2025.
2.14 Declaration by the board of directors and CEO
In accordance with Section 5–5 (2) of the Norwegian
Securities Trading Act, we hereby declare that the annual
accounts for the 1 January to 31 December 2024, have, to the
best of our knowledge, been prepared in accordance with
current accounting standards and that the information in
the accounts provides a correct picture of the company’s
and the group’s assets, liabilities, financial position and
performance as a whole. We also declare that the annual
report provides a correct outline of developments and the
performance and position of the company and the group
together with a description of the key risk and uncertainty
factors to which the company and the group will be
exposed.
This document is digitally signed.
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ANNUAL REPORT 20 2 4
CORPORATE GOVERNANCE
STATEMENT CONCERNING
CORPORATE GOVERNANCE
EQVA seeks to maintain high standards for corporate
governance and believes that good corporate governance
is an important prerequisite for value creation.
1. Recommendations and regulations for corporate
governance
The Company is subject to corporate governance reporting
requirements pursuant to the Norwegian Accounting Act.
Information that the Company is obliged to provide
pursuant to the Accounting Act concerning reporting on
corporate governance is considered in this statement.
EQVA's subsidiaries have their own guidelines, detailed on
our sustainability report.
Core values
The Company strives to maintain a strong reputation for
credibility by consistently conducting its business with
integrity and adhering to all relevant acts and regulations
governing its activities.
Members of the board of directors and employees shall act
in a fair and honest manner and demonstrate integrity
in all their dealings with other employees, business
associates and clients, the public, the business community,
shareholders, suppliers, competitors and public authorities.
The Company's values and commitment to sustainable
development shall be reflected, promoted and implemented
through guidelines, decisions and actions. The Company’s
guidelines “Code of Conduct for Business, Ethics and
Corporate Social Responsibility” and the Company's
anticorruption program are available on the Company's
website www.eqva.no.
2. The business
The Company aims to be a leading knowledge-based
active owner of industrial service companies that contribute
to the green transition in maritime, power intensive and
renewable industries.
3. Equity and dividends
The board is committed to maintain a satisfactory capital
structure for the company to support its goals, strategy, and
risk profile, thereby ensuring that there is an appropriate
balance between equity and other sources of financing.
Equity
On 31 December 2024, the company’s equity totalled NOK
313 million, which corresponds to an equity ratio of 37 per
cent. The board considers the Company’s financial position
to be solid with the necessary capacity to support its
strategic priorities and risk profile.
Dividend
The company resolved to distribute a total dividend of NOK
0,20 pr share in April 2024.
It cannot be guaranteed that dividend will be proposed
or declared for each period. When the board of directors
considers whether to propose a dividend and determines
the amount, the board will take into account the limitations
in legislation, the Company's capital requirements,
including capital costs, the Company's financial position,
market prospects and other general business terms and
conditions. Any limitations on the payment of dividend in
the Company's loan commitments or other contractual
commitments will be taken into account, as will
requirements for the maintenance of adequate financial
flexibility.
It is proposed to not pay dividends for the 2024 fiscal year.
Board mandates
The annual general shareholding meeting in June 2024, the
board was granted the following mandate:
“The Board is granted the authorization to resolve
distribution of dividend in the aggregate amount of up
to NOK 50,000,000 based on the approved 2023 annual
accounts. The authorization may only be used to the
extent all conditions for distribution of dividend are fulfilled,
including liquidity consideration. The authorization is
valid until the ordinary general meeting in 2025. The
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ANNUAL REPORT 20 2 4
STATEMENT CONCERNING
CORPORATE GOVERNANCE
CORPORATE GOVERNANCE
authorization does also include resolutions on dividends
in assets other than cash. The Board may determine the
"ex-date", "record date" and the payment date pursuant to
prevailing securities and stock-exchange regulations."
4. Equal treatment of shareholders
The company has one class of shares. Each share of the
company carries one vote, and all shares carry equal rights.
In the event of a decision to waive the pre-emption rights
of existing shareholders to subscribe for shares in a share
capital increase, the decision must be based on the
common interest of the company and its shareholders, as
well as applicable equal treatment regulations.
If the board decides to carry out a capital increase without
granting existing shareholders preferential rights, based
on an authorization from the general meeting, the reason
for this decision will be disclosed in the stock exchange
statement released in connection with the capital increase.
The Company's guidelines stipulate that board members
and executive personnel with a direct or indirect material
interest in agreements entered by the Company are
required to notify the Company of such interests.
All transactions between the Company and its close
associates must be based on ordinary market terms
and be conducted at arm's length. Transactions that
are not immaterial must be subject to a valuation by an
independent third party. The Company is committed to
ensuring that significant transactions with close associates
comply with the requirements of the Public Limited Liability
Companies Act.
Information regarding transactions between close
associates can be found in note 27 (Related party
transactions) included in the Company's 2024 annual
accounts. There were no such transactions in 2024
The company's transactions involving treasury shares will
be conducted through the Oslo Stock Exchange’s (Oslo Børs)
trading platform at the prevailing market price, or through
a public offer made to all shareholders. In cases where the
company's shares have low liquidity, the board of directors
will exercise caution when making purchases and sales
through the stock exchange to ensure equal treatment of
shareholders.
5. Freely negotiable shares
EQVA's shares are freely tradeable and listed on the Oslo
Stock Exchange, and there are no restrictions on ownership,
trading, or voting rights associated with the shares.
6. General meetings
The general meeting is the highest decision-making
body of the Company. The board of directors determines
the format of the meeting, which may be held physically
or electronically in compliance with relevant laws and
regulations.
Notice of the annual general meeting
The board of directors is committed to facilitating the
participation of as many shareholders as possible in the
Company's general meetings and to making the general
meeting an effective forum for interaction between
shareholders and the board. To achieve this, the board
ensures that:
• Shareholders receive the notice of the general meeting
at least 21 days before the meeting takes place, with the
notice being made available on Oslo Børs' notification
system www.newsweb.no and the Company's website
www.eqva.com simultaneously.
• The case documents provided to shareholders contain
sufficient information to enable them to form an
opinion on the matters to be discussed in advance of the
meeting.
• The registration deadline is set as close to the meeting
date as possible but no later than two days before the
general meeting. Shareholders who have not registered
may be denied admission to the meeting.
At the general meeting, shareholders shall be able to vote
directly or by proxy. The notice of the general meeting
includes a proxy form, which shareholders can use to
authorize someone to vote on their behalf.
In accordance with the Company's Articles of Association,
documents that are to be considered at the general
meeting may be made available on the Company's website
instead of being distributed with the notice of meeting.
This also includes documents that are required by law to
be included in or enclosed with the notice of the general
meeting. However, shareholders can request to receive
these documents by mail.
At the general meeting, the annual accounts will be
presented for approval, and the profit will be allocated, or
the loss will be covered. The meeting will also address any
other matters that are within its scope of responsibility, as
required by law or the Company's Articles of Association.
The Company's Articles of Association do not specify who
should preside over the general meeting. Therefore, in
accordance with the provisions of the Public Limited Liability
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ANNUAL REPORT 20 2 4
CORPORATE GOVERNANCE
Companies Act, the chair of the board opens the meeting,
and the general meeting elects the chair of the meeting.
7. Nomination Committee
The Company has established a Nomination Committee in
accordance with its Articles of Association. The committee
comprises three members, Siri Aspelund (leader), Gudmund
Øvrehus and Erling Astrup.
The shareholders have approved the guidelines for the
Nomination Committee at the general meeting. The
primary role of the committee is to assist the board in
fulfilling its responsibility to nominate candidates for
election at the general meeting, ensuring that they possess
the necessary qualifications and integrity to carry out their
duties.
Specifically, the committee is responsible for identifying and
evaluating potential board members, recommending them
for election at the general meeting, and proposing directors'
fees. Additionally, the committee provides advice to the
board on matters such as board composition, instructions,
and evaluation.
The general meeting determines the fees for members of
the Nomination Committee.
8. The Board of Directors, composition, and independence
The composition of the board of directors is intended to
serve the interests of all the shareholders and to meet the
company’s need for competence, working capacity, and
diversity. According to the Company's Articles of Association,
the board is composed of three to seven members who are
elected for two-year terms. The chair of the board is elected
by the general meeting.
On 31 December 2024, the Company’s board comprises
six members, of which four are elected by the general
meeting. The elected board members include two women
and two men. Three of these members are independent
of the Company's executive personnel, significant business
associates, and principal owner.
The Company does not have a corporate assembly,
but it does have two employee representatives who
serve as members of the board. The present employee
representatives of the board were elected in January 2024,
one woman and one man.
The composition and qualifications of the board are believed
to have a positive impact on the Company's growth and
the protection of shareholders' interests. A comprehensive
overview of the board members is provided in the annual
report on page 17.
The Company has adopted a strategy where acquisitions
and mergers will be an important part of the Company's
growth. The Company has therefore associated board
members and management who will be able to bring M&A
projects to the Company outside the ordinary brokerage
apparatus - this in order to be able to carry out faster
processes at a lower cost. The relevant members who bring
successful M&A projects to the Company will be able to
receive fees in accordance with this. Compensation must be
approved by the board.
9. The work of the board of directors
The board is responsible for ensuring the Company's
sustainable value creation and establishing its goals, risk
profile, and strategies, as well as monitoring and tracking
progress in these areas. Additionally, the board is responsible
for overseeing and regulating the Company's operations,
ensuring that they are conducted within the bounds of the
law.
The board employs and exercises rights of instruction
in relation to the chief executive officer (CEO), who is
responsible for the day-to-day running of the Company.
The board oversees the CEO’s operative responsible and its
management.
The board follows an annual work plan and holds meetings
as needed, with a minimum of five per year. The Company's
financial calendar is available on www.newsweb.no and
the Company's website at www.eqva.no. The Company's
financial results are published quarterly, unless the board
decides otherwise.
The board periodically discusses and evaluates its own
work processes, including the preparation and execution of
meetings, as well as its overall qualifications and ability to
oversee the Company's activities.
10. Risk management and internal control
The board is accountable for implementing effective
internal control systems and risk management procedures
that are aligned with the Company's scope and activities.
This responsibility also includes the Company's core values
and Code of Conduct for Business, Ethics and Corporate
Social Responsibility.
The most important risk for the Company is the market
risk associated with large contracts, financial risk and
operational risk.
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CORPORATE GOVERNANCE
In practice, risk management is integrated into the work
processes, with all managers responsible for internal control
and risk management within their respective areas of
responsibility.
The board receives quarterly reports on the Company's
financial situation, projects, and market conditions, as well
as statistics on quality, health, safety, and environmental
developments.
External parties conduct control and follow-up of the
Company, and its activities related to ISO certification.
The board continuously evaluates the information
submitted to the board by the administration and adopts
amendments to the reporting procedures if required.
The Company's financial reports are drawn up pursuant
to the accounting principles specified in the annual report.
The Company's quarterly reports to the board and the
reports published each quarter are prepared on the same
principles.
The Company has an Audit Committee consisting of
three of the board members. One of the members have
accounting expertise. The Audit Committee plays a key
role in overseeing the financial reporting process and the
effectiveness of the Company's internal control systems. The
committee also assesses the effectiveness of the external
audit process and the independence and qualifications
of the external auditor. The Audit Committee reports its
findings and recommendations to the board.
11. Remuneration of the board of directors
The remuneration to the directors consists of two
components, a fixed fee and a variable component in
the form of participation in the company´s share option
program. The remuneration is determined based on factors
such as their responsibilities, expertise, time invested, and
the complexity of the business.
Remuneration of the board of directors and the Audit
Committee are decided annually by the general meeting.
Information about the remuneration paid to directors in
2024 is presented in note 5 to the financial statements,
in accordance with the Accounting Act section 7-31b. In
addition, the company will present an annual remuneration
report to the shareholders in accordance with the
Norwegian Public Limited Liabilities Companies Act section
6-16b, which will provide further details on the remuneration
of the board of directors and executive management.
12. Remuneration of executive personnel
The Company strives to attract and retain executive
personnel who possess the necessary qualities to effectively
run the business and promote value creation. In order
to achieve this, competitive remuneration packages
are offered to each employee, which reflect their area
of responsibility and job performance based on market
standards.
The General Meeting in December 2023 approved the most
recent guidelines for remuneration of senior executives, in
accordance with the Public Limited Liability Companies Act
6-16a.
The Company's Compensation Committee, comprising
three board members (consisting of the same members
elected to the Audit Committee), is responsible for
formulating guidelines for executive compensation and
other benefits, as per Section 6-16a of the Public Limited
Liability Companies Act, to promote value creation.
Further information about remuneration to executive
personnel are provided under note 5 to the financial
statements pursuant to the Accounting Act, section 7-31b,
and in the annual remuneration report, which will be
presented to the shareholders in accordance with the
Norwegian Public Limited Liabilities Companies Act, section
6-16b.
13. Information and communication
The Company places a strong emphasis on transparency
and timely communication with its shareholders and
other stakeholders. The Company believes that providing
accurate and equal information to all stakeholders is
crucial in enabling them to make informed assessments of
the Company's current and future position. The Company
is committed to upholding high standards of reporting
and ensuring that all stakeholders have access to the
information they need to make informed decisions.
The Company is committed to timely and effective
communication of all information relevant to assessing its
operation and value to both shareholders and the market, in
compliance with the applicable regulations for companies
listed on Oslo Børs. The Company shall publish significant
information through Oslo Børs' notification system at www.
newsweb.no and on its website at www.eqva.no, ensuring
transparency and equal treatment for all stakeholders.
The Company shall have a dialogue with its shareholders
and providing them with equal access to information via
34
ANNUAL REPORT 20 2 4
adequate forums based on the principle of equal treatment
and equal access to information.
The Company will publish an annual financial calendar
on its website and through other appropriate channels,
outlining important dates and events such as quarterly
reports and the general meeting.
14. Takeovers
In the event of a takeover bid, the board will strive to
ensure that all shareholders of the Company receive equal
treatment and ensure that shareholders have access to
sufficient information and adequate time to evaluate the
offer.
The board shall not seek to prevent or impede takeover
bids for the Company's activities or shares unless there are
justifiable reasons to do so. Such justifiable reasons may
include protecting the Company's employees or assets or
ensuring that the Company is not taken over at an unfairly
low price.
If a takeover bid is launched for the shares in the
Company, the board shall release a statement providing
shareholders with relevant and reliable information, and
a recommendation on whether shareholders should or
should not accept the offer.
15. Auditor
The general meeting appoints the auditor and approves
the auditor's fee.
The auditor's responsibility is to audit the annual accounts
and the annual report submitted by the board of directors
and the chief executive officer pursuant to the Auditors Act
and generally accepted accounting practices.
The auditor presents the main features of the plan for the
auditing work to the Audit Committee and the board of
directors each year. Meetings are held between the auditor
and the board of directors, either the full board or the chair,
as necessary.
The auditor will have annual meetings with the Audit
Committee to review the Company's control procedures.
The auditor will not take on assignments for the Company
that can lead to conflicts of interest and will issue an
annual confirmation of his/her independence to the Audit
Committee.
It is the board of directors' responsibility to maintain the
independent role of the auditor.
Husnes, 27 March 2025
The board of directors of EQVA Group ASA
35
ANNUAL REPORT 20 2 4
https://fossbergkraft.no/wp-content/uploads/2019/03/
fossefall.jpg
Sustainability
report
36
ANNUAL REPORT 20 2 4
ESG
Sustainability as a Strategic Pillar
Sustainability is at the heart of EQVA’s operations and vision. We are
committed to embedding sustainable practices across all aspects of our
business and maintaining transparency in our reporting. This commitment
extends to the industrial service companies in our portfolio, their employees,
value chains, and the communities in which they operate.
In collaboration with BKS, the largest company in our portfolio, we conducted a comprehensive double
materiality assessment (DMA) aligned with the Corporate Sustainability Reporting Directive (CSRD). This
analysis provided valuable insights into our impact, and the risks and opportunities of sustainability, equipping
us with tools to monitor and enhance our initiatives while identifying areas for future improvement.
Although EQVA is not yet required to comply with CSRD we have proactively initiated this process to align
with best practices learn more about our potential and actual impacts and opportunities, and to prepare
for future requirements. This early action underscores our commitment to transparency and accuracy
in our sustainability work and in meeting regulatory standards. As part of this journey, we have started to
communicate about our DMA process and results in this report, while transitioning fully to complete CSRD
reporting based on the ESRS standards in accordance with updated EU regulations.
37
ANNUAL REPORT 20 2 4
Driving Sustainable Growth
EQVA’s diversified portfolio includes key companies such as EQVA Industrial Solutions and Fossberg Kraft,
both of which are recognized for their industrial excellence and contributions across a range of sectors. We
aim to foster growth and value creation by focusing on:
• Industrial Excellence: Delivering top-quality services and solutions.
• Synergies: Leveraging collaboration and integration within our group.
• Targeted M&A Activities: Expanding strategically to strengthen our position and capabilities.
By gradually integrating sustainability into every level of our operations, EQVA builds a resilient and responsible
business ready to address the challenges and opportunities of the future. We believe sustainability is more
than a compliance requirement, it is a principle that drives long-term profitability, creates lasting value, and
fosters positive impacts on industries and communities.
Find the complete REPORT HERE
ESG
EQVA ASA
ESG
REPORT
2024
38
ANNUAL REPORT 20 2 4
ESG
Financial
statements
39
ANNUAL REPORT 20 2 4
40
ANNUAL REPORT 20 2 4
(NOK 1,000) Note 2024 2023
Revenues from contracts with customers 4,14,28 1 060 736 659 340
Other operating revenues 4,9 37 989 10 846
Operating income 1 098 724 670 185
Materials and consumables 15,21,28 529 427 275 452
Payroll expenses 5 370 379 273 345
Other operating expenses 5,6 120 022 95 803
Operating expenses 1 019 828 644 600
Operating profit/loss before depreciation
and amortisation (EBITDA)
78 897 25 586
Depreciation 4,11,12,13 15 000 15 111
Operating profit/loss (EBIT) 4 63 896 10 474
Financial income 8 1 702 7 120
Financial expenses 8 -29 196 -33 325
Share of profit/ loss of associate 9 0 -3 061
Profit / loss before tax 4 36 402 -18 791
Income tax expense 4,7 5 168 1 098
Profit from continued operations 31 234 -19 889
Profit from discontinued operation 10,26 0 -1 913
Profit / loss for the Year 4 31 234 -21 802
Attributable to :
Equity holders of parent 29 872 -23 733
Non-controlling interest 1 362 1 931
Total 31 234 -21 802
Earnings per share (NOK) 25 0,40 -0,33
Diluted earnings per share (NOK) 25 0,37 -0,33
Earnings pr. share from continued operations
Earnings per share (NOK) 25 0,40 -0,33
Diluted earnings per share (NOK) 25 0,37 -0,33
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
EQVA ASA
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
41
ANNUAL REPORT 20 2 4
(NOK 1,000)
Note 2024 2023
Profit for the year 31 234 -21 802
Total comprehensive income 31 234 -21 802
Attributable to:
Equity holders of parent 29 872 -23 733
Non-controlling interest 1 362 1 931
Total 31 234 -21 802
CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME
EQVA ASA
42
ANNUAL REPORT 20 2 4
(NOK 1,000)
ASSETS
Note 2024 2023
Non-current assets
Goodwill 10,11 281 615 248 260
Licenses, R&D and customer relationships 11 27 764 29 319
Property, plant and equipments 12,17 116 234 111 840
Right of use assets 13 18 898 12 276
Investment in associates 9 0 21 319
Loan to associates 16 0 4 988
Other non-current receivables 16,20 8 896 3 809
Total non-current assets 453 408 431 810
Current Assets
Inventory 17,21 21 281 5 780
Accounts receivables 14,16,17,28 175 343 99 493
Other current receivables 16,20 17 037 22 096
Contract assets customer contracts 14,15,17 62 828 72 480
Cash and cash equivalents 16,17,22 99 377 35 984
Total current assets 375 865 235 833
TOTAL ASSETS 829 273 667 643
EQUITY AND LIABILITIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
EQVA ASA
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
43
ANNUAL REPORT 20 2 4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note 2024 2023
Equity
Share capital 24 3 770 3 599
Share premium reserve 211 632 195 175
Treasury shares -23 -30
Retained earnings 102 278 86 360
Non-controlling interests 9,1 -5 653 5 319
Total equity 312 003 290 424
Non-current liabilities
Lease liabilities 13,16 15 737 8 870
Loans and borrowings 16,17 94 598 125 293
Other long-term liabilities 16,17 24 001 41 770
Total non-current liabilities 134 337 175 932
Current liabilities
Accounts payables 16,28 88 330 55 666
Tax payables 7 840 1 579
Public duties payables 69 306 28 820
Loans and borrowings, current 16,17 87 904 78 423
Contract liabilities 14 5 165 0
Lease liabilities 13,16 4 384 3 380
Other current liabilities 14,15,17,18,27 127 005 33 420
Total current liabilities 382 933 201 288
Total liabilities 517 270 377 220
TOTAL EQUITY AND LIABILITIES 829 273 667 643
Husnes, 27 March 2025
The board of directors of EQVA ASA
Tore Thorkildsen
Board member
Ellen Merete Hanetho
Chairman of the Board of Directors
Kari Markhus
Board member
employee representative
Tore Schiøtz
Board member
Tomasz Bartlomiej Wesierski
Board member
employee representative
Anne Sofie Myrmel Bruun-Olsen
Board member
Even Matre Ellingsen
CEO
This document is digitally signed.
44
ANNUAL REPORT 20 2 4
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
EQVA ASA
(NOK 1,000)
Note
Share
capital
Share
premium
reserve
Treasury
shares
Retained
earnings
Total Non-
controlling
interest
Total equity
January 1, 2024 3 599 195 175 -30 86 360 285 105 5 319 290 424
Profit for the Year
4
0 0 0
29 872 29 872 1 362 31 234
Total comprehensive income 4 29 872 29 872 1 362 31 234
Minority Vassnes Solutions
9 -12 333 -12 333
Private Placement October 24 121 11 507 11 628 11 628
Issue of new shares in relation to KE Group
9,10,24
49 4 951 5 000 5 000
Dividend to shareholders -14 397 -14 397 -14 397
Changes in own shares
24 8
443 451 451
December 31, 2024 3 770 211 632 -23
102 278 317 657
-5 653 312 003
*Minority interest came following the aquisition of HG Group and BKS
(NOK 1,000)
Note
Share
capital
Share
premium
reserve
Treasury
shares
Retained
earnings
Total Non-
controlling
interest
Total equity
January 1, 2023 3 599 195 175 -16 109 991 308 753 3 387 312 136
Profit for the Year 4
0 0 0
-23 733 -23 733 1 932 -21 802
Other comprehensive income 4
0
Total comprehensive income 4
0 0 0
-23 733 -23 733 1 931 -21 802
Other
10
0 0 0 100 100 0 100
Repurchase of own shares 0 0
-14
0 -14 0 -14
December 31, 2023 3 599 195 175 -30
86 361 285 105
5 319 290 424
*Minority interest came following the aquisition of HG Group and BKS.
45
ANNUAL REPORT 20 2 4
CONSOLIDATED STATEMENT OF CASHFLOW
CONSOLIDATED STATEMENT OF CASHFLOW
EQVA ASA
(NOK 1,000) Note 2024 2023
CASH FLOW FROM OPERATIONS
Profit/ (loss) after tax 31 234 -21 802
Income tax expense 7 5 168 1 098
Paid tax -1 579 -1 360
Depreciation 11,12 11 645 12 836
Net financial items 8 27 495 26 205
Sale of associates 9 -37 138 -13 008
Profit and loss items without cash effect in discontinued operations 0 1 401
Depreciation charge of right-of-use assets 13 3 356 2 276
Share of (profit)/loss from associates 9 0 3 061
Changes in inventory 21 -2 018 4 679
Changes in accounts receivables -64 933 -18 208
Changes in accounts payable 22 486 4 993
Changes in customer contracts, asset 29 653 -19 953
Changes in customer contracts, liabilities 5 165 -4 030
Changes in restricted deposits 3 666 692
Changes in other current receivables/-liabilities 82 373 -29 880
Net cash flow from/ (to) operating activities 116 572 -51 000
CASH FLOW FROM INVESTMENTS
Investments in property, plant and equipment 12 -10 145 -5 613
Net R&D grants 23 -1 735 2 745
Changes receivables to associates 0 231
Aquisition Kvinnherad Elektro 10 -7 700 0
Sale of subsidiary 0 9 231
Sale of investment in PSV Havila Charisma 9 62 000 0
Disposal of financial assets 0 13 163
Changes in long term receivables 20 -5 087 -1 160
Net cash flow used in investing activities 37 333 18 598
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of lease liabilities 13 -4 295 -2 549
Capital Increase 24 11 628 0
Dividend to shareholders 24 -14 397 0
Downpayment loan to shareholders 17 -19 151 0
New bank debt 17 71 649 81 220
Installments on bank debt 17 -121 725 -57 453
Interest payment 8,17 -19 721 -16 795
Sale own shares 24 451 -1 178
Acquisition of shares non-controlling interests 0 -376
Repaid loan discontinued operations 0 5 967
Changes in other long-term liabilities 17 1 383 -874
Net cash flow from/ (used in) financing activities -94 179 7 962
Net change in cash and cash equivalents 59 726 -24 441
Cash and cash equivalents at start of the year 23 071 47 512
Cash and cash equivalents at end of the year 22 82 797 23 071
Restricted cash at end of year 22 16 579 12 913
Cash and cash equivalent recognised in the balance sheet 99 377 35 984
46
ANNUAL REPORT 20 2 4
NOTES
EQVA ASA
Note
1 General information
2 Significant accounting policies
3 Significant judgements and estimates
4 Segment information
5 Salary, fees, number of employees etc.
6 Other operating expenses
7 Income tax
8 Financial income and financial expenses
9 Subsidiaries, associates and other financial investments
10 Business combinations and other purchases in the group
11 Intangible assets
12 Property, plant and equipment
13 Leasing
14 Revenue from contracts with customers
15 Losses to completion
16 Financial risk management
17 Interest bearing debt
18 Other current liabilities
19 Non-current financial investments
20 Other current and non-current receivables
21 Inventory
22 Cash and cash equivalents
23 Government grants
24 Share capital
25 Earnings per share
26 Discontinued operation
27 Contingencies and provisions
28 Related party transactions
29 Sustainability and climate risk
30 Subsequents events
47
ANNUAL REPORT 20 2 4
1. GENERAL INFORMATION
Eqva ASA is a public limited company based in Norway, and
its head office is in Valen, Kvinnherad.
Eqva ASA is a knowledge-based active owner of industrial
service companies that contribute to the green transition in
maritime, power intensive and renewable industries.
Eqva takes responsibility for developing technological and
commercial solutions, which provide unique advantages for
our customers within land based- and maritime industry.
The group has a well-diversified product- and market
portfolio, and further growth will be established through a
combination of company-based development, utilization
of synergies between the companies in the group and
value-creating M&A activities.
The new group structure is operationally organized in 4
segments (reporting structure):
• Industrial Solutions which include BKS Group and
Kvinnherad Elektro group. The companies within the
segment provides full-service technical installations,
including service and maintenance, to Norwegian
industries. We aim to be the preferred and competitive
partner for the maritime, offshore, and land-based
sectors in Norway.
• Renewables include Fossberg Kraft who is specialized
in the establishment and operation of small-scale
hydropower plants.
• Real Estate which includes Eqva’s real estate properties.
The properties are predominantly production related.
• Other in which the parent company is the main entity
– the segment also includes companies without regular
operations and eliminations of intra-group transactions.
The EQVA group includes a total of 632 FTEs as of December
31, 2024.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation
The consolidated financial statements of Eqva ASA and its
subsidiaries (the "Group") are prepared in accordance with
IFRS® Accounting Standards as adopted by the EU.
The consolidated financial statements have been prepared
on a historical cost basis except for certain financial assets
and liabilities (including derivative instruments) that are
measured at fair value.
ACCOUNTS FOR 2024 ARE PRESENTED IN ENGLISH.
The consolidated financial statements are presented in
NOK 1,000. Figures in all notes to the financial statements
are also presented in NOK 1,000 unless otherwise specified.
The consolidated accounts were approved by the Board of
Directors on 27 March 2025.
New and amended standards adopted by the Group
The group applied for the first time certain amendments to
standards, which are effective for annual periods beginning
on or after 1 January 2023. The amended standards that
applied for the first time in 2023 did not have any material
impact on the consolidated financial statements of 2023,
except for:
Disclosure of Accounting Policies - Amendments to IAS 1
and IFRS Practice Statement 2
In February 2021, the IASB issued amendments to IAS
1 and IFRS Practice Statement 2 Making Materiality
Judgements, in which it provides guidance and examples
to help entities apply materiality judgements to accounting
policy disclosures. The amendments aim to help entities
provide accounting policy disclosures that are more useful
by replacing the requirement for entities to disclose their
'significant' accounting policies with a requirement to
disclose their 'material' accounting policies and adding
guidance on how entities apply the concept of materiality in
making decisions about accounting policy disclosures. The
amendments to IAS 1 are effective for these consolidated
financial statements beginning on 1 January 2023.
The group has not made any voluntary accounting policy
changes in 2024.
Standards and interpretations issued but not yet effective
The group has not early adopted any accounting standard,
interpretation or amendment that has been issued but
is not yet effective. The group intends to adopt new and
amended standards and interpretations, if relevant, when
they become effective.
The group does not expect any significant effects related
to upcoming standards and amendments. The group is
currently revisiting their accounting policy information
disclosures to ensure consistency with the amended
requirements.
2.2 Basis of consolidation
The consolidated financial statements include EQVA ASA
and companies in which EQVA ASA has a controlling
NOTES
48
ANNUAL REPORT 20 2 4
influence. Controlling interest is normally achieved when
the Group has control over the enterprise and can use it
to influence the return, is exposed to or has variable return
rights, and the Group is able to exercise effective control
over the company. Note 9 shows an overview of subsidiaries.
A change in ownership interest in a subsidiary, without loss
of control, is accounted for as an equity transaction.
2.3 Investments in associates
An associated company is an entity in which the group has
significant influence. Significant influence normally exists
when the Group has 20 % to 50 % of the voting rights unless
other terms and conditions affect the Group’s influence.
The investments in associates are accounted for using the
equity method. Such investments are initially recognized
at cost. Cost includes the purchase price and other costs
directly attributable to the acquisition such as professional
fees and transaction costs.
The financial statements of the associates are prepared for
the same reporting period as the Group. When necessary,
adjustments are made to bring the accounting policies in
line with those of the group.
After application of the equity method, the Group
determines whether it is necessary to recognize an
impairment loss.
2.4 Presentation currency and functional currency
The Group's consolidated financial statements are
presented in NOK, which is also the parent company's
functional currency. Transactions in foreign currency are
initially recorded by the Group entities' functional currency
at the exchange rate at the time of the transaction.
2.5 Segments
Segments are identified based on the organization and
reporting structure used by management including top
decision maker. Operating segments are components of a
business that are evaluated regularly by the chief operating
decision-maker for the purpose of assessing performance
and allocating (to assess performance and allocate)
resources. The Group’s chief operating decision-maker is
the CEO.
The group has 4 reportable segments after a change in the
reporting structure in 2024:
1. Industrial Solutions
2. Renewables
3. Real estate
4. Other
Costs not directly attributable to the segments Industrial
Solutions, Renewables, or Real estate, are related to the
segment "Other", ref Note 4 Segment information.
The group divides the customers into geographical areas
based on the customers' nationalities. The areas are Norway
and the other.
2.6 Related parties
Parties are related if one party has the ability, directly or
indirectly, to control the other party or exercise significant
influence over the party in making financial and operating
decisions. Parties are also related if they are subject to
common control or common significant influence.
Transactions with related parties are disclosed in note 28.
2.7 Revenue recognition
The Group recognizes revenue as the Group fulfills a
delivery obligation upon transfer of goods or services to the
customer. The Group's operating revenues are related to
the following income streams:
• Service - and maintenance assignments to land based –
and maritime industry.
• Hydro power Plants – development, sale and operation.
Service - and maintenance assignments to land based –
and maritime industry
Contracts for Service - and maintenance assignments
to land based – and maritime industry usually have a
variable payment facility where customers can pay for the
number of hours and use of materials with a supplement.
Larger projects may be based on fixed price. The contracts
normally have a duration from a few weeks up to some
months.
For variable-fee contracts - the amount that one has the
right to invoice on the balance sheet date is recognized
as income.
For fixed-price contracts - a signed sales contract should be
in place before purchase, fabrication and other startup costs
apply. The rationale for using the method of recognition of
revenue over time, and not at the time of delivery, is based
on the assumption that we are adding value to an asset
controlled by the customer.
The same costs are included in the assessment of whether
one has an onerous contract and associated measurement
of estimated losses. Costs of errors in project development
NOTES
49
ANNUAL REPORT 20 2 4
are treated as period costs and do not generate progress.
As there is normally greater uncertainty in measuring the
outcome of the contract in the early stages of production,
revenue recognition is normally limited to accrued costs. If
the uncertainty in a project is so large that it is not possible
to estimate the potential outcome, no revenue is recognized
until the uncertainty is reduced. If the accrued costs in the
early stage do not qualify as inventory, it is recognized as
operating expenses.
Change orders usually arise as a result of minor
modifications in a project and will therefore normally not
be considered as a separate contract. Change orders are
therefore normally accounted for as a change of existing
contract where transaction price and progress are updated
when the change order is approved by both parties.
Payment terms for conversion contracts vary somewhat
depending on the ship type.
The customer can only terminate the contract because of a
breach by EQVA (subsidiaries).
Power plants
Power plants under development are usually organized in
separate legal entities (SPVs). The ownership of the SPV will
be transferred to the buyer when the project is completed,
and the SPV will be consolidated as a subsidiary during
the construction phase. Development and construction
of power plants are output of the ordinary activities of the
company, and the buyer is considered to be a customer.
Management has therefore concluded that the transaction
should be accounted for within the scope of IFRS 15 once a
firm contract is signed. The customer can only terminate
the contract if the Group fails to deliver as promised in the
contract.
Eqva has an enforceable right to payment, and the asset
under construction is without alternative use because
of contractual limitations, and revenues are therefore
recognized over time. The Group use cost incurred against
expected total construction cost as measure of progress.
The contracts include standard LD penalties for late
delivery, but these are capped at a moderate level. When
the shares in the SPV are transferred at completion, the
share price is determined based on the agreed price of the
power plant, adjusted for any net debt and working capital
items in the SPV.
Services related to operations and maintenance of power
plants owned by a third party are normally based on
contracts with a fixed fee for a defined period. Revenues
are recognized in each accounting period. If a power plant
starts power production before being delivered to a client,
these revenues are presented as sales revenues. Costs
related to power production are presented as operational
costs.
2.8 Taxes
Tax expense for the period comprises current and deferred
tax. Tax is recognized in the income statement, except
to the extent that it relates to items recognized directly
in equity. In this case, the tax is also recognized in equity,
respectively.
The current income tax charge is calculated based on the tax
laws enacted or substantively enacted at the balance sheet
date in the countries where the company’s subsidiaries
and associates operate and generate taxable income.
Management periodically evaluates positions taken in
tax returns with respect to situations in which applicable
tax regulation is subject to interpretation. It establishes
provisions where appropriate based on amounts expected
to be paid to the tax authorities.
Deferred income tax is recognized as temporary differences
arising between the tax bases of assets and liabilities and
their carrying amounts in the consolidated financial
statements. However, the deferred income tax is not
accounted for if it arises from initial recognition of an
asset or liability in a transaction other than a business
combination that at the time of the transaction affects
neither accounting nor taxable profit nor loss.
Deferred income tax assets are recognized only to the
extent that it is probable that future taxable profit will be
available against which the temporary differences can be
utilized. Deferred income tax is provided on temporary
differences arising on investments in subsidiaries and
associates, except where the timing of the reversal of the
temporary difference is controlled by the group, and it is
probable that the temporary difference will not reverse in
the foreseeable future.
2.9 Property, plant and equipment
Property, plant and equipment is stated in the balance sheet
at cost, net of accumulated depreciation and accumulated
impairment losses, if any. Cost includes expenditures that
are directly attributable to the acquisition of the item of
property, plant and equipment. Depreciation is calculated
on a straight-line basis over the estimated useful lives of the
assets as follows:
• Buildings 10-40 years
• Machinery 3-10 years
• Operating equipment 3- 10 years
NOTES
50
ANNUAL REPORT 20 2 4
When significant parts of property and equipment are
required to be replaced at intervals, the Group recognizes
such parts as individual assets with specific useful lives and
depreciates them accordingly. All other repair and maintenance
costs are recognized in profit and loss as incurred.
2.10 Impairment of property, plant and equipment
Assessment of indications that assets may be impaired is
made at the end of each reporting period. If indications
exist, the recoverable amount of the asset is estimated.
If the carrying value exceeds the estimated recoverable
amount, the asset is written down to its recoverable amount.
Recoverable amount is the higher of fair value less costs to
sell and value in use. The write-down may be reversed by up
to an amount corresponding to the write-down, if the book
value is lower than the recoverable amount.
Assets are considered as part of a Segment. Impairment
is done at Segment-level if the impairment test does not
justify the carrying amount of the Segment including
goodwill.
2.11 Intangible assets
Intangible assets acquired separately are measured on
initial recognition at cost. The cost of intangible assets
acquired in a business combination is their fair value at the
date of acquisition. Following initial recognition, intangible
assets are carried at cost less any accumulated amortization
and accumulated impairment losses. Internally generated
intangible assets, excluding capitalized development costs,
are not capitalized and expenditure is reflected in profit
and loss in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either
finite or indefinite. Intangible assets with finite lives are
amortized over the useful economic life and assessed
for impairment whenever there is an indication that the
intangible asset may be impaired. The amortization period
and the amortization method for an intangible asset with
a finite useful life are reviewed at least at the end of each
reporting period.
Intangible assets with indefinite useful lives are not
amortized, but are tested for impairment annually,
either individually or at the cash-generating unit level.
The assessment of indefinite life is reviewed annually
to determine whether indefinite life continues to be
supportable.
Research and development costs (R&D)
Research costs are expensed as incurred. Development
expenditures on an individual project are recognized as an
intangible asset when the Group can demonstrate:
• The technical feasibility of completing the intangible
asset so that it will be available for use or sale
• Its intention to complete and its ability to use or sell the
asset
• How the asset will generate future economic benefits
• The availability of resources to complete the asset
• The ability to measure reliably the expenditure during
development.
Amortization of the asset begins when development is
complete, and the asset is available for use. It is amortized
over the period of expected future benefit. Amortization is
recorded in cost of sales. During the period of development,
the asset is tested for impairment annually.
The main part of the research and development costs
that are recognized as an intangible asset are related to
the development of new ship designs and fish handling
equipment.
2.12 Goodwill
Excess value resulting from acquisition of an enterprise that
cannot be allocated to identifiable assets or liabilities on the
date of acquisition is classified as goodwill in the balance
sheet. Goodwill is initially measured at cost. Goodwill is
calculated on a 100 % ownership. In regards of investments
in associated companies, goodwill is included in the cost
price of the investments.
After initial recognition, goodwill is measured at cost less
any accumulated impairment losses. Goodwill is allocated
to Segment level for the purpose of impairment testing.
The impairment testing is described in more detail in note
11.
Goodwill is tested for impairment at each closing of
accounts. An assessment is made whether the discounted
cash flow relating to goodwill exceeds the value of the
goodwill recognized in the accounts. If the discounted cash
flow is lower than the recognized value, goodwill will be
written down to the higher of value in use and fair value
less cost to sell.
2.13 Borrowing costs
Borrowing costs directly attributable to the acquisition,
construction or production of an asset that necessarily
takes a substantial period to get ready for its intended use
or sale are capitalized as part of the cost of the respective
assets. All other borrowing costs are expensed in the period
in which they occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the
borrowing of funds.
NOTES
51
ANNUAL REPORT 20 2 4
2.14 Inventories
Inventories of purchased goods are valued at the lower of
acquisition cost and net realizable value. The acquisition
cost is assigned using the FIFO method and includes
expenses incurred on acquisition of the goods and the cost
of bringing the goods to their present state and location.
Finished goods and work in progress are valued at full cost.
2.15 Treasury shares
Own equity instruments that are reacquired (treasury
shares) are recognized at cost and deducted from equity.
No gain or loss is recognized in profit or loss on the
purchase, sale, issue or cancellation of the Group’s own
equity instruments. Any difference between the carrying
amount and the consideration, if reissued, is recognized in
retained earnings. Voting rights related to treasury shares
are nullified for the Group and no dividends are allocated
to them.
2.16 Contract assets and liabilities
Recognized revenue within the scope of IFRS 15 is
presented as a contract asset in the balance sheet if the
right to payment is conditional of future performance
(usually to complete the project). If the right to payment
is unconditional, the recognized amount is presented
as accounts receivable. Advance payments received
are presented as a reduction of the contract asset on a
contract level. If advance payments received are higher
than recognized revenue for a specific contract, the net is
presented as a contract liability in the balance sheet. Credit
loss of contract assets is like those for accounts receivable.
2.17 Financial Instruments.
Investments in shares
Investments in shares are measured at fair value through
profit or loss, except for shares in associated companies.
Receivables and bank deposits
The Group maintains its accounts receivable and other
receivables in a business model where the purpose is to
recover contractual cash flows, so that these are measured
at amortized cost. Receivables are classified as current
assets. Receivables include "accounts receivable and other
receivables", as well as cash and cash equivalents in the
balance sheet. Financial assets are derecognized when the
right to receive cash flows from the investment ceases.
Loan
Loans are initially recognized at fair value when the loan
is disbursed, adjusted for directly attributable transaction
costs. In subsequent periods, loans are recognized at
amortized cost calculated using the effective interest rate
method (EIR). The difference between the loan amount
paid out (less transaction costs) and the redemption value
is thus recognized in the income statement over the term
of the loan. Effective interest is recognized in the income
statement unless it is recognized in the balance sheet
on the purchase/ manufacture of a fixed asset or other
qualifying asset. First-year repayments on long-term debt
are presented as short-term debt.
Accounts payable
Trade payables are recognized at fair value on initial
recognition.
In agreements that reduce the value of outstanding
debt, the value of the debt is reduced and recorded as
income. Upon subsequent calculation of the value of the
agreement, changes are entered as an adjustment of the
debt with a counter-item in the income statement.
2.18 Provisions
Provisions are recognized when there is a present obligation
(legal or constructive) because of a past event, it is probable
that the Group will be required to settle the obligation,
and a reliable estimate can be made of the amount. A
future settlement of the obligation will probably require an
outflow of economic resources.
Provisions usually relate to warranties. Provisions for
warranty-related costs are recognized when the product
is sold, or the service provided to the customer. Initial
recognition is based on historical experience. The initial
estimate of warranty-related costs is revised annually.
Key sub-suppliers have warranty responsibilities for their
deliveries into projects. EQVA`s warranty obligations are
related to the works carried out of EQVA in the projects.
2.19 Cash flow statements
The cash flow statements are based on the indirect method.
2.20 Government grants
Government grants are recognized when it is reasonably
certain that the company will meet the conditions
stipulated for the grants and that the grants will be received.
Operating grants are recognized systematically during the
grant period. Grants are deducted from the cost which the
grant is meant to cover and are recognized as a reduction
of other operating expenses.
2.21 Discontinued operations
Discontinued operations are part of the Group sold or
classified as held for sale and represent a significant part
of one of the Group's operations or geographical areas. The
results of the divested business are presented separately in
the income statement.
NOTES
52
ANNUAL REPORT 20 2 4
Note 3 - SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the Group's consolidated financial
statements requires management to make judgments
and estimates. These estimates are based on the actual
underlying business, its present and forecast profitability
over time, and expectations about external factors.
Uncertainty about these estimates could result in outcomes
that require material adjustment to the carrying amount of
assets or liabilities affected in future periods.
The following judgements and estimates have the most
significant risk of resulting in a material adjustment in the
next financial statements:
3.1 Revenue recognition
To determine how the Group's customer conversion
contracts should be recognized as income, the
management has made several critical assessments. The
Group recognizes revenue as the Group fulfills a delivery
obligation upon transfer of goods or services to the
customer. The contracts define the transaction price but
include clauses that may result in an adjustment of the
transaction price as a result of delayed delivery or deviation
from agreed specifications. The maximum transaction
price adjustment is defined in the contracts and normally
constitutes a small part of the transaction price. As the
adjustment clauses are rarely triggered and can only lead
to limited transaction price adjustments, the contract price
is used as the transaction price, unless one has specific
information that the adjustment clauses are triggered.
The Group does not recognize revenue from Conversion
of vessels from Q3 2023 as the shipyard Hayard Leirvik was
sold to Tersan in November 2023 (discontinued operations).
Discontinued operations are disclosed in note 26.
3.2 Degree of completion and provision for loss contracts
A part of Eqva's business consists of executing revenue-
recognition projects that are recognized over time.
Revenue recognition over time is based on estimates and
assessments made at the discretion of management.
Revenue recognition and cost estimates depend upon
variables such as steel prices, labor costs and availability, and
other production inputs. The Group must also evaluate and
estimate the outcome of variation orders, contract claims
and requests from customers to modify contractual terms
which can involve complex negotiations with customers.
3.3 Impairment of non-financial assets including goodwill
An impairment exists when the carrying value of an asset
or cash generating unit (CGU) exceeds its recoverable
amount, which is the higher of its fair value less costs to sell
and its value in use. The fair value less cost to sell calculation
is based on available data from binding sales transactions,
conducted at arm’s length, for similar assets or observable
market prices less incremental costs for disposing the asset.
The value in use calculation is based on a discounted cash
flow model. The cash flows are derived from the budget for
the next five years and do not include restructuring activities
that the Group is not yet committed to or significant future
investments that will enhance the asset’s performance of
the CGU being tested. The recoverable amount is most
sensitive to the discount rate used for the discounted cash
flow model as well as the expected future cash-inflows and
the growth rate used for extrapolation purposes. The key
assumptions used to determine the recoverable amount
for the different CGUs, including a sensitivity analysis, are
disclosed, and further explained in note 11.
3.4 Power plants
For power plants under construction, these are organized
in separate companies where incurred costs are entered
on the balance sheet as operating assets/facilities under
construction. In the group accounts, revenues in these
projects are recognized based on estimates of progress,
revenues and costs for the assets under construction.
NOTES
53
ANNUAL REPORT 20 2 4
4. SEGMENT INFORMATION
The Group's main activities are:
• Industrial Solutions includes BKS Group and Kvinnherad
Elektro Group. BKS provides full-service industrial
solutions – both newbuilds, modifications and service/
maintenance assignments to smelters, maritime,
offshore, aquaculture and land-based industries.
• Renewables includes Fossberg Kraft, which specializes
in the establishment and operation of small-scale
hydropower plants.
• Real Estate which includes Eqva’s real estate properties.
The properties are predominantly production related.
• Other in which the parent company is the main entity
– the segment also includes companies without regular
operations and eliminations of intra-group transactions.
The reporting segments were changed during Q4 2024.
Before the change, the Industrial Solutions and Renewables
segments were combined as a single segment called
Products, Solutions and Renewables.
See note 9 for a specification of each segment at company
level.
The group divides the customers into geographical areas
based on the customers' nationalities. The areas are Norway
and Others.
The Group's customer base consists of a wide range of
companies.
The Group's three largest customers in 2024
NOTES
Customer Segment Revenue
(NOK million)
2024 2023
1.
2.
3.
Industrial Solutions
Industrial Solutions
Industrial Solutions
529
68
60
127
58
58
54
ANNUAL REPORT 20 2 4
The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure.
For more segment details see note 1.
Transfer prices between operating segments are basis in a manner similar to transactions with third parties.
The accounting principles for segment reporting correspond to those used by the group, with the exception of
discontinued operations which are treated in the same way as continuing operations in segment reporting.
"Other" contains parent company items and elimination of intra-group transactions.
Revenues of the Real Estate segment are internal.
NOTES
2024(NOK million) Industrial Renewables Real Other / DiscontinuedContinued SolutionsestateEliminationOperations*EQVA ASARevenues from contracts with1 032,9 28,1 0,0 -0,2 0,0 1 060,7customersOther Operating revenues 0,8 0,0 7,5 29,7 0,0 38,0Operating income 1 033,6 28,1 7,5 29,5 0,0 1 098,7Materials and consumables 507,2 22,20,0 0,00,0 529,4Payroll expenses 344,0 4,30,0 22,10,0 370,4Other operating expenses 104,7 2,90,6 11,80,0 120,0EBITDA 77,9 -1,4 6,9 -4,5 0,0 78,9Depreciation 10,4 0,0 3,0 1,8 0,0 15,1Operating profit/(loss) (EBIT) 67,5 -1,4 3,9 -6,2 0,0 63,9Net financial items -9,5 -4,5 -2,7 -10,8 0,0 -27,5Share of profit/(loss) from0,0 0,0 0,0 0,0 0,0 0,0associateProfit/(Loss) before tax 58,1 -5,9 1,2 -17,0 0,0 36,4Income tax expense 5,2 0,0 0,0 0,0 0,0 5,2Profit/(Loss) 52,9 -5,9 1,2 -17,0 0,0 31,2Total assets 478,1 28,0 57,4 266,7 829,3Equity 74,2 24,6 10,4 204,4 312,0Liabilities 405,5 3,4 47,0 0,0 517,3Addition PP&E and intangibles* 10,1 0,0 0,0 0,0 10,1Geographical areas Norway Other TotalOperating revenues 1 070,7 28,1 1 098,7
55
ANNUAL REPORT 20 2 4
NOTES
2023(NOK million)Industrial Renewables Real Other / DiscontinuedContinued SolutionsestateEliminationOperations*EQVA ASARevenues from contracts with customers 608,9 50,3 0,0 0,0 -107,6 659,3Other Operating revenues 10,8 0,0 6,0 -6,0 0,0 10,8Operating income 619,7 50,3 6,0 -6,0 -107,6 670,2EBITDA 31,8 6,4 4,9 -17,5 13,5 25,6Depreciation 8,9 0,0 3,0 3,3 -1,4 15,1Operating profit/(loss) (EBIT) 22,9 6,4 1,9 -20,8 14,9 10,5Net financial items -6,7 -1,5 -2,4 -15,6 -13,0 -26,2Share of profit/(loss) from associate 0,0 0,0 0,0 -3,1 0,0 -3,1Profit/(Loss) before tax 16,2 4,9 -0,5 -39,4 1,9 -18,8Income tax expense 1,1 0,0 0,0 0,0 0,0 1,1Profit/(Loss) 15,1 4,9 -0,5 -39,4 1,9 -19,9Total assets 251,3 84,6 76,5 212,3 667,6Equity 14,5 30,1 8,6 190,3 290,4Liabilities 236,8 54,6 67,9 22,0 377,2Addition PP&E and intangibles* 3,2 0,0 0,0 0,0 3,2Geographical areas Norway Other TotalOperating revenues 619,8 50,3 670,2
"Other" contains parent company items and elimination of intra-group transactions.
*Discontinued Operations in 2023 contain the companies within the former Maritime Services segment
(Havyard Leirvik AS, Havyard Leirvik Holding AS) and the real estate property Havyard Leirvik Eiendom AS.
56
ANNUAL REPORT 20 2 4
5. SALARY, FEES, NUMBER OF EMPLOYEES ETC.
The Group has a defined contribution plan covering all employees. The Group's pension scheme satisfies the
requirements of the Act on Compulsory Occupational Pensions. Pension costs for the Group's defined contribution
plans are expensed on a continuous basis with earnings for the employees. The Group's duty is limited to the
payment of agreed contribution and where the actuarial risk and investment risk fall on the individual employee.
Incentive programs established in EQVA
Eqva has established a incentiv arrangement (bonus) which applies to leaders and key personnel in the Group.
The payments depends on, among others, group performance (e.g reported EBITDA measured against budgeted
EBITDA). The payments are expensed as salaries. There has been no payments in 2024. A total bonus provision of
total MNOK 11 is booked in group 2024 accounts. Of this NOK 3 million is related to the Management. The bonus will
be paid out in 2025.
Remuneration to key management personnel and the Board of Directors paid in 2024:
(NOK 1,000)Payroll expenses 2024 2023Wages 300 872 217 505Employer's part of social security costs 35 574 27 116Pension, contribution plans 15 213 12 556Other benefits 18 721 16 167Total salaries and social expenses 370 379 273 345FTEs at year end 632 355
* Erik Høyvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter Sørdahl
as CFO from 1 January 2024. (Ask Haukaas acted as CFO over a few months in 2023 after Eirik Sævareid).
Key management does not have bonus agreements or any share-based payment outside arrangements listed
above. Refers to the statement of remuneration of executive personell.
No loans or guarantees to the Group CEO or any member of the bord per 31/12/24.
Eqva ASA parent company: NOK 2 916 667 in board fees have been paid to external board members in 2024 (NOK
3 389 704 in 2023). Remuneration board members agreed 2024: Chariman NOK 880 000, board member NOK
385 000, employee representative NOK 240 000, member nomination committee NOK 0, member compensation
committee NOK 0 and audit committee NOK 75 000. The group has established a board of director insurance.
Annual share-based payment
The establishment of the Eqva ASA Annual Employee Option Plan was approved by the shareholders in 2022. The
shareoption program applies to Board of directors, leaders and key personnel in the Group. The participants receive
40 000 or 100 000 options, dependent of level in the group. The program has effect from 1 January 2023. Options are
granted under the plan for no consideration and carry no dividend or voting rights.
NOTES
Even M. EllingsenErik HøyvikPetter SørdahlEirik SævareidAsk HaukaasCEO*CEO*CFO*CFO*CFO*(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023Salary 2 188 0 723 2 169 1 361 0 0 1 211 0 547Pension 68 0 26 101 98 0 0 78 0 52Other21 0 50 151 29 0 0 144 0 10remunerationTotal remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609
57
ANNUAL REPORT 20 2 4
NOTES
The granted options are accounted for as equity-settled transactions. The cost of equity-settled transactions is
determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost
is recognized in employee benefits expense, together with an increase in equity (other capital reserves), over the
period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period).
The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity
instruments that will ultimately vest. The expense or credit in the statement of profit and loss for a period represents
the movement in cumulative expense recognized as at the beginning and end of that period.
The granted options are vested over a period of three years. Employees must remain employed for a minimum three
years to fully earn their granted options. A certain proportion of the options will become exercisable each year over
the course of those three years. In accordance with IFRS 2 Share-based Payment, the Group recognize an expense
over the vesting period. The total estimated cost of the share-based payment is spread evenly over the vesting
period, reflecting the manner in which the economic benefits associated with the options are likely to flow to the
company.
No options expired during the periods coverd by the above
Forfeited options was due to resignation from employees.
Share options outstanding at the end of the year have the following expiry dates and exercise prices:
Weighted average remaining contractual life of options outstanding at end of period 1,7 years
Share Purchase Program
The Group has also established a share purchase program where all employees can participate. Employees can
buy shares for up to NOK 20,000 with a discount of 20 %. The share discounts are expensed as salaries.The share
purchase program is conducted annually.
Allocation of options to the new CEO
Even Matre Ellingsen has received 2.500.000 options in the company in accordance with the employment contract
(sign on bonus). The strike price after 1 year is set to NOK 3,05 (The strike price of the share options is based on the
volume weighted average share price over the 60 last trading days prior to assuming the position as CEO on 2 May
2024). The strike price is increased by a factor of 1.1, 1.2, 1.3 and 1.4 annually for the following years. The options expire
after 5 years and can be called on at any time (American). The strike price will be reduced with dividends and other
customary adjustments.
Set out below are summaries of options granted under the plan:2024 2023Average Number of Average exer-Number of exercise priceoptionscise priceoptionsAs at 1. Januay 3,31 1 360 000 - 0 0Granted during the year 2,93 1 860 000 3,01 1 740 000 1 740 000 Excercised during the year 3,31 -66 666 - 0 0Forfeited during the year 3,31 -540 000 3,01 -380 000 -380 000 As at 31. December 3,04 2 613 334 3,01 1 360 000 1 360 000
Grant date Expiry date Excercise price 31. Share options 31. Excercise price 31. Share options 31. December 2024December 2024December 2023December 2023January 2023 January 2026 3,31 753 334 3,01 1 360 000January 2024 January 2027 2,93 1 860 000 - -
58
ANNUAL REPORT 20 2 4
6. OTHER OPERATING EXPENSES
Auditor's fees are stated excluding VAT.
7. INCOME TAX
The parent company Eqva ASA is resident in Norway, where the corporate tax rate is 22 %, while some parts of the
group are taxed in other jurisdictions and other tax regimes.
The major componenents of income tax expense/ (income) for the year are:
Reconciliation of actual tax cost against expected tax cost in accordance with the ordinary Norwegian income tax rate of 22%.
(NOK 1,000)Consolidated income statement 2024 2023Current income tax:Taxes payable 840 1 579Changes in deferred tax 0 -481Effect due to acquisition 4 328 0Income tax expense/(income) reported in the income statement 5 168 1 098
(NOK 1,000)
Other operating expenses 2024 2023Rent expenses 25 967 14 270Office and administration expenses 9 537 11 028Plant, tools and equipment (including IT) 24 536 20 832Travel and employee expenses 24 817 19 539Hired consultants 19 114 15 273Marketing and communication 8 309 5 523Other operating expenses 7 742 9 337Total 120 022 95 803
Fees to the auditor consists of the following services: 2024 2023Statutory audit 3 527 4 859Tax advice 400 315Other assistance 2 201 564Total 6 129 5 738
NOTES
59
ANNUAL REPORT 20 2 4
Deferred tax relates to the following temporary differences:
Deferred income tax and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Deferred tax assets are not
recognised for companies with a recent history of reported losses in accordance with IAS 12.
(NOK 1,000) 2024 2023Profit before tax 36 402 -18 791Tax expense 22% 8 008 -4 134Recognized tax expense 5 168 1 098Difference between expected and recognised tax expense -2 841 5 232Difference is related to:Results in associates (22%/ 22%) 0 -673Prior year adjustments 0 0P/L sale of shares in associates -8 170 0Other permanent differences -5 049 -5 769Deferred tax asset not recognized 10 379 11 673Total -2 841 5 231
2024 2023(NOK 1,000)Non-current assets 39 541 28 382Customer relationship 25 606 28 267Leasing -435 -34Current assets -7 005 -4 660Inventory -500 0Accruals and provisions -10 000 0Gain/(loss) account for deferral -79 10 758Cut off interest to related parties carried forward -2 019 -19 629Customer contracts 14 974 48 940Tax loss carried forward -368 112 -333 202Total temporary differences -308 030 -241 178Net deferred tax lability / deferred tax asset (-) -67 767 -53 059Deferred tax asset not recognised 67 767 53 059Deferred tax liability in the balance sheet 0 0
NOTES
60
ANNUAL REPORT 20 2 4
8. FINANCIAL INCOME AND FINANCIAL EXPENSES
9. DATTERSELSKAP, TILKNYTTEDE SELSKAP OG AN
DRE FINANSIELLE INVESTERINGER
(NOK 1,000)2024 2023Interest income 81 43Agio income 897 435Profit from share sale 0 6 601Other financial income 725 41Total financial income 1 702 7 120Interest expenses 19 850 19 679Agio loss 1 999 919Impairment of other financial assets 0 0Loss from share sale 0 5 380Other financial expenses 7 347 7 346Total financial expenses 29 196 33 325Share of profit/loss of associate 0 -3 061Net financial items -27 494 -29 265
NOTES
61
ANNUAL REPORT 20 2 4
9. SUBSIDIARIES, ASSOCIATES AND OTHER FINANCIAL INVESTMENTS
2024EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries as of share/capital equity31/12/2024 voting (1,000)(NOK share1,000)Eqva Holding AS 100 % Husnes i Kvinnherad Other NOK 30 25Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 10 233Havyard Ship Invest AS 100 % Fosnavåg Other NOK 150 000 27 535Norwegian Marine Systems AS 100 % Fosnavåg Other NOK 226 2 741Mjølstadneset Eiendom AS 100 % Fosnavåg Other NOK 143 7 896Eqva Renewables AS 100 % Valen i Kvinnherad Other NOK 750 -29 545Eqva Industri AS 100 % Valen i Kvinnherad Other NOK 750 959Fossberg Kraft AS 100 % Husnes i Kvinnherad Renewables NOK 1 002 25 603ABC Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -22 224Eqva Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 100 5 726BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 180 10 660Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -233Eqva Industrial Solutions Holding AS 100 % Oslo Industrial Solutions NOK 30 25Eqva Industrial Solutions AS 100 % Oslo Industrial Solutions NOK 30 403 957Eqva Finance & Analytics AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 655BKS Holding AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -1 613BKS Industri AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 54 95 676BKS Power & Automation AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 30 -6 196Zenit Engineering AS 100 % Sunde i Kvinnherrad Industrial Solutions NOK 300 4 282BKS VVS AS 67 % Straume i Øygarden Industrial Solutions NOK 100 8 943Marine Support AS 70 % Storebø i Austevoll Industrial Solutions NOK 300 12 141Kvinnherad Elektro AS 100 % Rosendal i Kvinnherad Industrial Solutions NOK 104 7 349Vassnes Solutions AS 51 % Ølen i Vindafjord Industrial Solutions NOK 7 408 2 877Vassnes Power AS 51 % Ølen i Vindafjord Industrial Solutions NOK 1 500 -20 076Vassnes Engineering AS 51 % Ølen i Vindafjord Industrial Solutions NOK 100 -145Vassnes Mechanical AS 51 % Ølen i Vindafjord Industrial Solutions NOK 100 730
NOTES
For the accounting of the investments below the aquisition metholology applied.
62
ANNUAL REPORT 20 2 4
Investments in associates as of 31/12/2024
Changes in 2024
The reporting segments in Eqva Group were redefined and renamed during Q4 2024. For details, see note 4.
Eqva ASA established a new subsidiary - Eqva Holding AS during the autumn 2024. Eqva Holding AS has no
subsidiaries at the end of 2024.
Eqva ASA established a new subsidiary - Eqva Industrial Solutions Holding AS during the autumn 2024, with a
subsidiary Eqva Industrial Solutions AS.
Eqva Industrial Solutions AS acquired Kvinnherad Elektro AS, including 51 % ownership stake in Vassnes Solutions
AS, Vassnes Power AS, Vassnes Engineering AS and Vassnes Mechanical AS, during 2024.
BKS Holding AS increased its ownership in Zenit Engineering AS, from 89% to 100% during 2024.
Group internal sale of company - Eqva Industrial Solutions AS bought the shares in BKS Holding AS (100%)
from Eqva Industri AS (former Handeland Industri AS).
Group internal sale of company - Arnt Narheim AS (100%) was sold from BKS Industri AS to Eqva Industrial
Solutions AS and changed name to Eqva Finance and Analytics AS.
Group internal debt conversion - Eqva ASA carried out a debt conversion towards Fossberg Kraft AS (100%)
and became the direct owner of approx 14% of the shares. A similar conversion was carried out towards Eqva
Renewables AS where the share value in Eqva ASA was increased - but in this case the ownership was 100 % before
and after conversion.
Group internal debt conversion - Zenit Engineering AS carried out a debt conversion towards Zenit Eigedom AS
and became the direct owner of 40 % of the shares.
HG Group AS changed name to Eqva Renewables AS, Handeland Industri AS changed name to Eqva Industri AS
and Fossberg Kraft Produksjon AS changed name to ABC Produksjon AS.
Fossberg Kraft AS sold the project companies Haugsvær Kraft AS and Skjeggfoss Kraftverk AS during 2024.
The investment in Havila Charisma IS was sold during Q1 2024. The net acoounting effect was NOK 37 million and
net cash was NOK 62 million.
NOTES
63
ANNUAL REPORT 20 2 4
Investments in associates as of 31/12/2024
Investments in associates as of 31/12/2024 Ownership share/ Business office Currency Share of result Voting share(1,000)EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet amount (NOK 1,000)Value of investment 1/1/2024 21 318Share of profit/(loss) 0Investments 0Additions through aquistiion 0Other adjustments - due to sale of shares in Havila Charisma IS* -21 318Carrying value of investment 31/12/2024 0Aggregate financial information of associates according to owner share Operating revenue 0Profit/(loss) 0Total Comprehensive Income 0Total assets 0Equity 0Liabilities 0
NOTES
64
ANNUAL REPORT 20 2 4
2023EQVA ASA has the following Ownership Business office Segment Currency Share Total ownership in subsidiaries asshare/capital equityof 31/12/2023 voting (1,000)(NOK share1,000)Havyard Ship Technology AS 100 % Leirvik i Sogn Other NOK 60 102 7 007Havyard Ship Invest AS 100 % Fosnavåg Other NOK 150 000 -5 950Norwegian Marine Systems AS 100 % Fosnavåg Other NOK 226 3 415Mjølstadneset Eiendom AS 100 % Fosnavåg Other NOK 143 9 801BKS Industri AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 54 52 258BKS Power & Automation AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -3 507HG Group AS 100 % Valen i Kvinnherad Other NOK 690 213 586Handeland Industri AS 100 % Valen i Kvinnherad Other NOK 563 97 557BKS Holding AS 100 % Sunde i Kvinnherrad Products, solutions & renewables NOK 30 -6 397Fossberg Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 1 002 30 072Fossberg Kraft Produksjon AS 100 % Valen i Kvinnherad Other NOK 1 002 -19 521EQVA Eiendom Holding AS 100 % Sunde i Kvinnherrad Real estate NOK 49 31BKS Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 168 8 736Zenit Eigedom AS 100 % Sunde i Kvinnherrad Real estate NOK 30 -158Zenit Engineering AS 89 % Sunde i Kvinnherrad Products, solutions & renewables NOK 300 4 312Haugsvær Kraft AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -58Skjeggfoss Kraftverk AS 100 % Valen i Kvinnherad Products, solutions & renewables NOK 30 -291BKS VVS AS 67 % Straume i Øygarden Products, solutions & renewables NOK 100 6 707Marine Support AS 70 % Storebø i Austevoll Products, solutions & renewables NOK 300 11 708
NOTES
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ANNUAL REPORT 20 2 4
EQVA divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The transaction included also HLH's 2
subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. For more details see note 26 Discontinued Operations.
BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.
Fossberg Kraft AS invested in a new project company, Haugsvær Kraft AS in 2023. The company will be sold to customer when project is com-
pleted. In 2023 the project company Kvævebekken 2 AS was sold to the customer.
EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The transaction impacted the equity of
HG Group AS as well (parent company of Handeland Industri AS). The transaction was carried out as an asset contribution.
Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.
Investments in associates as of 31/12/2023 Ownership share/ Business office Currency Share of result Voting share(1,000)Havila Charisma IS 50 % Fosnavåg NOK -3 061EW Nord, Estland 47 % Tallinn EUR N/AInvestment in associates - balance sheet (NOK 1,000)amountValue of investment 1/1/2023 25 544Share of profit/(loss) -3 061Investments 0Additions through aquistiion 0Other adjustments -1 165Carrying value of investment 31/12/2023 21 318Aggregate financial information of associates according to owner share Operating revenue 52 434Profit/(loss) -6 121Total Comprehensive Income -6 121Total assets 144 653Equity 38 938Liabilities 105 715
NOTES
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ANNUAL REPORT 20 2 4
10. BUSINESS COMBINATIONS AND OTHER CHANGES IN THE GROUP
2024 (before the balance sheet date) - Acquisition of Kvinnherad Elektro AS with subsidiaries
On 14
th
of May 2024, EQVA ASA entered into an agreement to acquire 100% of the shares in Kvinnherad Elektro AS. The agreement
included Kvinnherad Elektro's 51 percent ownership in Vassnes Solutions AS (with subsidiaries). The acquired companies are noted
as "Kvinnherad Elektro Group".
Kvinnherad Elektro Group is a group of leading engineering, welding, power and automation service companies. The acquisition
resulted in the establishment of a prominent and fully integrated system supplier within the piping, power and automation diciplines.
The acquisiting strengthened EQVA and EQVA Industrial Solution's position as a leading supplier for the upcoming significant
upgrade and restructuring of the Norwegian industry.
The transaction was closed on the 18
th
of September 2024, and was carried out by EQVA's wholly owned subsidiary EQVA Industrial
Solutions AS. The consideration was a combination of (i) NOK 10 million in cash, (ii) 986 193 shares in EQVA ASA at a value of NOK 5
million, and (iii) two conditional future considerations (see detailed below).
The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's
identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The Purchase Price Allocation ("PPA")
has been recognised, separate from goodwill, the idenfitiable assets and the liabilities assumed.
In addition, two conditional considerations are agreed; (1) a conditional performance-based earn-out of up to NOK 5 million, and (2)
a conditional share of gross margins of a specific project of up to NOK 10,6 million. The estimated probability weighted fair value of the
conditional consideration is per the report date estimated at a total of NOK 7,8 million. To be settled within the end of Q2/Q3 2025.
The balance of Kvinnherad Elektro Group consolidated mainly consist of working capital, cash and equivalents, debt to financial institutions,
right-of-use assets and property. It is assessed that no material adjustments to fair value should be made to the balance items. The cash and
cash equivalents position per the closing date was NOK 2,3 million - resulting in a net cash consideration of 7,7 million.
Consideration table - Acquisition of Kvinnherad Elektro Group (NOK million) Fair Value
Cash payment 10,0 Shares in EQVA ASA 5,0 Total ordinary consideration 15,0 Fair value estimated value of conditional future considerations (per the report date) 7,8 Total estimated consideration, included conditional considerations 22,8
Assets and liabilities recognized as a result of the acquisition are as follows (NOK million) Fair ValueNon-current assets 11,0 Current assets (excl. cash and equivalents) 45,4 Cash and equivalents 2,3 Long term debt to credit institutions -22,8 Short term debt to credit institutions -6,1 Current liabilities (excl. debt to credit institutions) -52,8 Book value of equity at closing date -22,9 Minority interests -12,3 Book value of equity at closing date - majority share -10,6 Identified adjustments to fair value 0,0 Goodwill 33,4 Net assets acquired 22,8
NOTES
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ANNUAL REPORT 20 2 4
The contribution from the acquisition (separately) to the Group's result 2024 Actual Pro forma *From closing Full yearOperating revenue 67,0 247,7EBITDA 3,0 9,4Profit (loss) for the period 1,3 1,6
* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024,
if the acquisition had occured on 1
st
of January 2024. Including minority interest.
2025 (after the balance sheet date) - Acquisition of IMTAS AS with subsidiaries
On 17
th
of February 2025, EQVA ASA entered into an agreement to acquire 100% of the shares in IMTAS AS and its subsidiaries (other
than IMTAS Eiendom AS) ("IMTAS Group"). The acquisition was carried out by EQVA's wholly owned subsidiary EQVA Industrial
Solutions AS.
IMTAS Group offers services that are complementary to EQVA's current operations. The transaction expands the group's geographical
area of operations, diversifies customer and revenue streams, and strengthens the overall service offering.
The transaction was closed on the 21
th
of March 2025. The consideration was a combination of (i) NOK 52 million in cash, (ii) 6 113 165
shares in EQVA ASA at a fair value of NOK 30,6 million, (iii) a locked-box-compensation of an estimated 21,5 million, and (iv) a Seller's
Credit of NOK 40 million.
The transaction is accounted for as a business combination under IFRS 3 'Business Combinations' that equires the acquiree's
identifiable assets and liabilities to be recognised at their fair values as of the acquisition date. The acquisition date is after the balance
sheet date for the financial statements of 2024.
The agreement includes a conditional earn-out of up to NOK 30 million. The earn-out is performance-based, and calculated on the
IMTAS Group's average EBITDA in 2025 and 2026. No earn-out will be paid if the IMTAS Group's average EBITDA over 2025 and 2026
is NOK 31,2 million or lower. The earn-out shall not in any event exceed NOK 30 million. The EBITDA is subject to certain adjustments
for extraordinary events.
Consideration table - Acquisition of IMTAS Group On Closing Q2/Q3 25 * Seller's Credit ** Total Fair (NOK million)ValueCash payment 52,0 52,0 Shares in EQVA ASA 30,6 30,6 Locked-box compensation (estimate) 10,8 10,8 21,6 Seller's Credit 40,0 40,0 Total ordinary consideration 82,6 10,8 50,8 144,2 Est. FV of conditional future considerations (per the report date) 30,0 Total estimated consideration, including conditional considerations 174,2
* 50% of the locked-box compensation is settled in cash at the latest of 5 days after audited financial statments for IMTAS Group,
and July 5, 2025. Per the report date, the 100% locked-box compensation is estimated at NOK 21,6 million.
** 50% of the locked-box compensation is settled through the issuance of a seller's credit. All seller's credit is issued with a duration
of 12 months at an interest of 8% p.a.
NOTES
68
ANNUAL REPORT 20 2 4
On closing of the transaction, 6 113 165 new shares in EQVA ASA were issued as part of the consideration for IMTAS Group. The fair
value of the shares, NOK 30,6 million was based on a the share price at Oslo Stock Exchange per March 3, 2025.
In addition, EQVA has secured refinancing from Nordea, combining acquisition and refinancing, totaling NOK 200 million.
Additionally, the agreement will expand EQVA's existing overdraft facility to NOK 70 million. This long-term loan, with a maturity of
five years, features more favourable interest rates for EQVA. The refinancing arrangement also allows for dividend distributions, given
a leverage ration (NIBD / EBITDA LTM) of less than 1,5 (after distribution). Furthermore, it will consolidate various banking relationships
into a single primary bank for the group, simplifying futue financial mangement.
Assets and liabilities recognized as a result of the acquisition
The initial accounting for the business combination with IMTAS Group is not completed as per the EQVA group's financial
statements reporting date. The disclosures regarding purchase price allocation (PPA), goodwill allocation and corresponding
disclosures are therefore not included in the disclosures to this financial report.
On time of this financial report, the book value of equity of the IMTAS Group for 2024 (unaudited) indicates that part of the
purchase price allocation will be allocated to goodwill. The allocation and PPA is determined based on an detailed assessment
made after the date of closing and detailed review of the balance sheet at closing date.
* Pro forma equals the acqusitions (isolated) contribution to the EQVA Group's consolidated results at year-end 2024,
if the acquisition had occured on 1st of January 2024.
The contribution from the acquisition (separately) to the Group's result 2024 (NOK million) Pro forma *Full yearOperating revenue 376EBITDA 39Profit (loss) for the period 22
NOTES
69
ANNUAL REPORT 20 2 4
11. INTANGIBLE ASSETS
2024(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 1 335 0 33 355 34 690Disposals during the year 0 0 0 0Acquisition cost as of 31/12 2 760 32 000 281 615 316 375Accumulated amortization as of 1/1 375 3 731 0 4 106Amortization for the year 227 2 637 0 2 864Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 602 6 368 0 6 970Book value as of 31/12 2 158 25 606 281 615 309 379Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear
*Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key
customers.
2023(NOK 1,000)Licenses, patents and Customer contracts Goodwill TotalR&DAcquisition cost as of 1/1 1 425 32 000 248 260 281 685Additions during the year 0 0 0 0Disposals during the year 0 0 0 0Acquisition cost as of 31/12 1 425 32 000 248 260 281 685Accumulated amortization as of 1/1 150 1 067 0 1 217Amortization for the year 225 2 665 0 2 890Disposals during the year 0 0 0 0Accumulated amortization as of 31/12 375 3 731 0 4 106Book value as of 31/12 1 050 28 269 248 260 277 579Depreciation rate 5-7 years 15 years* Impairment testing Depreciation plan Linear
*Depreciation rate for customer relationships is set based on the aquired companies' history of long-term relationships with key
customers.
NOTES
70
ANNUAL REPORT 20 2 4
There has been a change in operation segments due to
a change in the way management monitors the prod-
ucts and services in 2024. Goodwill previously allocated
to the former segment (Products, solutions & renew-
ables), has now been reallocated across two new seg-
ments. These new operating segments are where man-
agement regularly reviews operating results, assesses
performance, and makes resource allocation decisions.
The reallocation of goodwill is based on the goodwill al-
located to these segments (BKS and Fossberg Kraft) in
the original goodwill allocation and calculation, and in
accordance with IFRS requirements.
2024
Goodwill
Goodwill is monitored as tested for impairment
annually or more frequently if events or changes in
circumstances indicate that the value may be impaired,
goodwill is tested at the level of operating segments.
NOK 248 million of the goodwill relates to the aquisition
of BKS and Fossberg Kraft in late June 2022. NOK 33
million relates to the acquisition of Kvinnherad Elektro
group in September 2024.
Cash flow assumptions
The impairment testing of assets is by nature highly
judgmental as it includes estimates such as future
market development, cash flows, determination of
Segments and WACC, and other assumptions that
may change over time. In particular, future cash flows
are uncertain as they are impacted by developments
beyond our control. Weather conditions and regulatory
developments are two examples that may impact our
power plant development projects. Below is an overview
of the key assumptions and judgements applied for
impairment testing as of 31 December 2025.
The Weighted Average Cost of Capital (WACC) has
been calculated based on a risk-free rate which mirrors
the current yield on Norwegian 10-year government
bonds, pursuant to established valuation practices.The
cost of equity has been determined utilizing the Capital
Asset Pricing Model (CAPM), where an equity beta
of 3.5 was applied, derived from an asset beta of 0.6,
assimilating a debt-to-equity ratio in alignment with
IFRS 13 "Fair Value Measurement.
Risk Adjustments: The asset beta's reflection of the
company's operational risks, inclusive of EBITDA
margins and revenue volatility, has been benchmarked
against comparable companies within the sector, a
prudent asset beta has been deemed appropriate,
given the lower risk profile assumed for BKS and
Fossberg’s operations.
A market risk premium of 5% is incorporated to
represent the additional return investors require over
risk-free securities, supported by historical trends
and financial institution benchmarking. A small firm
premium of 3.0% has also been applied to account for
the elevated risk associated with liquidity and market
access for smaller enterprises.
Given the assumtions and inputs above we consider the
calculated WACC (10,4%) to be conservative and custom-
tailored to the company’s strategic long-term financing
needs, incorporating comprehensive risk adjustments
and market considerations.The impairment test has also
been tested for sensitivities without any impairment
indicators identified.
NOTES
Allocation of goodwill 2024 2023Products, solutions & renewables 248 260EQVA Industrial Solutions (BKS) 245 978EQVA Renewables (Fossberg Kraft) 2 282Acquisition of Kvinnherad Elektro Group 33 355Total goodwill 281 615 248 260
71
ANNUAL REPORT 20 2 4
12. PROPERTY, PLANT AND EQUIPMENT
Other operating equipment mainly relates to office equipment.
Depreciation
The Group has identified three classes of property, plant and equipment; land and buildings, machinery and
operating equipment and are depreciated by the linear method over expected useful life.
2024(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 350 870 59 576 67 836 478 282Additions from aquisition 4 215 935 3 301 8 451Additions during the year 2 953 6 714 478 10 145Disposals during the year 1 653 4 056 1 114 6 823Acquisition cost as of 31/12 356 386 63 169 70 501 490 056Accumulated depreciation as of 1/1 258 002 53 811 53 228 365 041Depreciation for the year 5 191 3 271 319 8 781Impairment 0 0 0 0Disposals during the year 0 0 0 0Accumulated depreciation as of 31/12 263 192 57 083 53 547 373 822Discontinued operation 0 0 0 0Depreciation for discontinued operation 0 0 0 0Book value as of 31/12 93 193 6 086 16 955 116 234Useful life 10-40 years 3-10 years 3-10 years 2023(NOK 1,000) Land and buildings Machinery Operating equipment TotalAcquisition cost as of 1/1 358 981 53 595 68 980 481 557Additions from aquisition 4 186 5 691 0 9 877Additions during the year 72 5 540 0 5 613Disposals during the year* 3 249 1 530 0 4 779Acquisition cost as of 31/12 359 991 63 296 68 980 492 267Accumulated depreciation as of 1/1 250 818 48 978 52 831 352 627Depreciation for the year 7 184 4 640 397 12 221Impairment 0 0 0 0Disposals during the year 0 193 0 193Accumulated depreciation as of 31/12 258 002 53 811 53 228 365 041Discontinued operation 9 121 3 720 1 144 13 985Depreciation for discontinued operation 0 1 401 0 1 401Book value as of 31/12 92 868 4 363 14 609 111 840Useful life 10-40 years 3-10 years 3-10 years
NOTES
72
ANNUAL REPORT 20 2 4
13. LEASES
Amounts recognised in the balance sheet.
The balance sheet shows the following amounts relating to leases:(NOK 1,000) 2024 2023Right of use assetsProperty 0 2 410Equipment 12 927 6 209Cars 5 971 3 657Sum 18 898 12 276Additions, right-of-use assets in the period 9 045 1 342Disposals of right-of-use assets in the period 0 0Disposals non-discounted liabilities in the period 0 0
Amounts recognised in the statement of profit or loss.
The statement of profit or loss shows the following amounts
relating to leases:
2024 2023Depreciation charge of right-of-use assetsProperties 0 221Equipment 1 638 666Cars 1 718 1 390Total 3 356 2 275Interest expense 1 024 831Expenses relating to short-term leases*25 967 14 270*Main part of short-term leases is rent of housing for project personnel. Expenses relating to leases of low-value 0 0
The total cash outflow for leases in 2024 was MNOK 15,352
(2023: MNOK 12,455) which includes short/insignificant lease arrangements.
2024 2023Right of use assets - developmentRight of use assets - 01.01* 12 275 10 933Additions during the year 9 045 1 342Depreciation 3 356 2 276Corrections opening balance 934 2 276Right of use assets - 31.12 18 898 12 275
NOTES
73
ANNUAL REPORT 20 2 4
14. REVENUE FROM CONTRACTS WITH CUSTOMERS
Changes in the delivery time of the projects can have a significant impact on the measurement of contract assets
and contractual liabilities.
The amount accounted as contractual liabilities on Opening balance (IB) is recognized over the remaining of the
contract period.
The revenue profile can vary significantly from one year to another by changes in the number of projects under
construction and the average degree of completion of the projects.
See note 4
NOTE 14.2Contract assets 2024 2023Opening balance 72 480 51 537Payments received on assets from previous balance sheet date 66 122 45 179Assets from contracts entered into current year 56 470 66 122Closing balance 62 828 72 480Contract liabilities 2024 2023Opening balance 0 -861Revenues booked on liabilities from previous balance sheet date 0 861Liabilities from contracts entered into current year 5 165 0Closing balance -5 165 0
(NOK 1,000)NOTE 14.12024Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationProjects, service and maintenance 1 032 856 28 058 0 -179 1 060 736Other revenues 0 0 0 0 0Total revenue from contract with customers 1 032 856 28 058 0 -179 1 060 736
The 2023 numbers have been recalculated retrospectively to be aligned with the new segment-/ reporting structure.
For more segment details see note 1.
(NOK 1,000)NOTE 14.12023Disaggregation of revenue IndustrialRenewables Real Estate Other / EqvaSolutionsEliminationService and maintenence 608 994 50 346 0 0 659 340Total revenue from contract with customers 608 994 50 346 0 0 659 340
See note 4
NOTES
74
ANNUAL REPORT 20 2 4
NOTE 14.3
Transaction price allocated to fully or partly unsatisfied 2024 2023performance obligationsTransaction price allocated to remaining performance 0 57 439Expected delivery of remaining performance obligationsWithin one year 0 57 439Between one and two years 0 0
NOTE 14.4
No revenue was recorded in 2024 on previously completed contracts
15. LOSSES TO COMPLETION
We have not identified any losses to completion in 2024 or 2023.
NOTES
75
ANNUAL REPORT 20 2 4
16. FINANCIAL RISK MANAGEMENT
Below the financial instruments of the Group are presented according to category:
2024Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 0 0Trade and other current receiv-0 192 380 192 380ables Non current receivables 0 8 896 8 896Cash and cash equivalents 0 99 377 99 377Total 0 300 653 300 653
Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 88 330 88 330Other long-term liabilities 0 24 001 24 001Lease liabilities 0 20 121 20 121Other current liabilities 0 125 971 125 971Liabilities to financial institutions 0 182 502 182 502 Total 0 440 924 440 924
For shares considered at fair value, please refer to note 19.
Financial instruments valued at amortized cost is considered to have market value which not differ significantly from
booked value.
Difference between non-discounted cash-flows and amortized costs are considered to insignificant.
2023Fair value through profit or loss Amortized cost TotalAssets as per balance sheetInvestments in shares 0 0 0Loans to associates 0 4 988 4 988Trade and other current receiv-0 121 589 121 589ables Non current receivables 0 3 809 3 809Cash and cash equivalents 0 35 984 35 984Total 0 166 370 166 370
Liabilities at fair value through Amortized cost Totalthe profit or lossLiabilities as per balance sheetAccounts payables 0 55 666 55 666Other long-term liabilities 0 41 770 41 770Lease liabilities 0 12 250 12 250Other current liabilities 0 33 420 33 420Liabilities to financial institutions 0 203 715 203 715 Total 0 346 821 346 821
NOTES
76
ANNUAL REPORT 20 2 4
Assessment of fair value
The different levels have been defined as follows:
Level 1: Fair value is measured by using quoted prices
in active markets for identical financial instruments. No
adjustments are made related to these prices.
Level 2: The fair value of financial instruments that are
not traded on an active market is determined using
valuation methods. These valuation methods maximise
the use of observable data where they are available, and
rely as little as possible on the Group’s own estimates.
Classification at level 2 requires that all significant data
required to determine fair value are observable data.
Level 3: Fair value is measured using significant data
that are not based on observable market data.
Financial Risk
The Group’s activities expose it to financial risks such as,
market risks, credit/counterpart risk and liquidity risk.
The Board of Directors is responsible for setting the
objectives and underlying principles of financial risk
management for the Group. The Board of Directors also
establishes detailed policies such as authority levels,
oversight responsibilities, risk identification and mea-
surement, exposure limits and hedging strategies (if
relevant).
Market Risk
Market risk is the risk that fluctuations in market prices,
e.g. exchange rates, the price of such raw materials as
steel, and interest rates, will affect future cash flows
or the value of financial instruments. Market risk
management aims to ensure that risk exposure stays
within the defined limits, while optimising the risk-
adjusted return. Attempts should be made to secure
major purchases in connection with projects as soon as
possible after the final clarification of the project.
Currency risk
The Group’s revenue and costs are denominated
primarily in Norwegian Krone(“NOK”) which is the
functional currency of all entities within the Group.
Currency risk arises through ordinary business when
transactions occur in a currency other than the
functional currency of the Group. The Group is mainly
exposed to Euro (EUR) - but currency risk is considered
to be limited in EQVA`s current operations. The Group
has a currency hedging strategy where financial
instruments (mainly forward contracts) are used to
minize the currency risks.
NOTES
77
ANNUAL REPORT 20 2 4
Credit/Counterparty risk
Credit risk refers to the ability and willingness of counterparts to pay for services rendered and to stand by their
future contractual commitments with the Group. The Group has implemented thorough procedures to limit the
exposure to unreliable counterparts and the Group avoids undue concentration of credit and counterpart exposure.
Prior to fixing any business with new customers or medium to longer term business with existing customers,
commercial departments have to get approval from the Group’s credit risk team. The credit assessments are based
on information from external credit rating agencies, public information, the Group's previous experience with the
counterpart and internal analysis. Country and political risk also forms a part of the assessment. The Group actively
seeks to diversify its exposure to particular industries and/or jurisdictions.
The age analysis of trade receivables is as follows:
Impairment of trade receivables are mainly related to a few issues were clients have experienced financial difficulties.
The impairment amount is calculated in each case based on best estimate of amount to be received.
Liquidity risk
Liquidity risk is the risk that the group will be unable to fulfil its financial obligations as they fall due. The Group
monitors its liquidity risk by maintaining a level of cash and bank balances deemed adequate by management to
finance the Group’s operations and mitigate the effects of fluctuations in cash flows.
Management monitors rolling forecasts of the Group’s liquidity reserve and cash and bank balances on the basis of
expected cash flow. Close follow of the cash flow development is also the basis for the continued operation consid-
erations. Reference can be made to note 22 for details on cash, note 17 for interest bearing debt and note 13 leasing
liabilities.
Liquidity risk can also be caused by customers not able to establish long-term financing for projects or that the
Group is unable to secure construction financing.
NOK (1,000) 2024 2023
Not past due 132 764 38 816Past due < 3 months 37 290 26 667Past due 3 to 6 months 5 288 34 009Past due over 6 months 6 800 9 300Impairment -6 800 -9 300Trade receivables 175 343 99 493Contract assets customer contracts 62 828 72 480Total credit/counterparty risk to customers 238 171 171 973
NOTES
78
ANNUAL REPORT 20 2 4
Liabilities in balance sheet
2024 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 84 794 3 536 88 330Lease 1 059 1 059 2 119 3 961 8 931 2 992 20 121Other long-term liabilities 24 001 24 001Liabilities to financial institutions 87 904 30 000 62 523 2 075 182 502Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954DerivativesForward contract foreign exchange 0 0 0 0Total 85 853 4 596 90 022 57 962 71 454 5 067 314 954
Capital Management
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern
and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an
optimal capital structure, the Group may return capital to shareholders or obtain borrowings.
The group`s main target for managing capital is return on equity (ROE).
Interest rate risk
The Group are exposed to changes in interest rates, as the liabilities have floating rates. The Group have not entered
into interest rate hedging instrument. Reference is made to Note 17 for more information regarding interest bearing
debt.
2023 Current Long Term TotalNOK (1,000) 0-3 3-6 6-12 1-2 years 2-5 years > 5 yearsmonthsmonthsmonthsNon DerivativesAccounts payables 39 665 16 001 55 666Lease 17 0 3 363 476 1 637 6 756 12 250Other long-term liabilities 41 770 41 770Liabilities to financial institutions 78 423 125 292 203 715Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400DerivativesForward contract foreign exchange 0 0 0 0Total 39 682 16 001 81 786 42 246 126 929 6 756 313 400
NOTES
79
ANNUAL REPORT 20 2 4
17. INTEREST BEARING DEBT
The Liabilities to financial institutions of total 182 MNOK include; Pareto long-term loan to EQVA, Pareto overdraft
facility to BKS, Haugsesund Sparebank long term real-estate loan to BKS Eigedom, construction loans and drawn
revolving credit facility from Sparebank 1 SR-Bank to Fossberg Kraft. In addition the business combination with
the Kvinnherad Elektro Group added both long term and short term overdraft facility to Haugsund Sparebank and
Sparebank 1 SR-Bank.
The long term loan from Pareto has a maturity of less than 3 years and the overdraft facility from Pareto has a
maturiy of 1 year. At the moment there are no construction loans from Sparebank 1 SR-Bank but these have usually
a maturity of 1-2 years. The real estate loan to from Haugesund Sparebank to BKS Eigedom has a maturity of 15
years. The other loans in the Kvinnheard Elektro Group has a maturity of less than 3 years. All the loans have floating
interest rates.
As pr 31.12 EQVA had the follwing financial covenants; minimum free liquidity of NOK 15 million, a leverage ratio
NIBD/LTM-EBITDA less than 3,5 and a minimum Equity of NOK 250 million. In addition the overdraft facility needs to
be in clean-down once every calendar year. The covenants apply to both Eqva ASA and BKS Holding AS.
As of 31 December 2024, Eqva ASA are in compliance with the financial covenents.
Other long-term liabilities include among others a sellers credit from the aquisition of HG Group and BKS (19 MNOK).
(NOK 1,000)Interest bearing long-term debt 2024 2023Lease liabilities 15 737 8 870Liabilities to financial institutions 94 598 125 293Other long-term liabilities 24 001 41 770Sum 134 337 175 932Interest bearing short-term debt 2024 2023Liabilities to financial institutions 87 904 78 423Lease liabilities 4 384 3 380Sum 92 287 81 803Debt secured by mortgage 2024 2023Long-term debt to financial institutions 94 598 125 293Short-term debt to financial institutions 87 904 78 423Sum 182 502 203 715
NOTES
80
ANNUAL REPORT 20 2 4
Leasing liabilities
For information about group's leasing, see note 13.
Book value of pledged asset(NOK 1,000) 2024 2023Buildings 93 193 92 868Machinery, operating equipment 23 040 18 972Contract assets customer contracts 62 828 72 480Inventory 21 281 5 780Accounts receivables 175 343 99 493Bank deposits 99 377 23 071Sum book value of pledged assets 475 062 312 664
2024Loans Changes in liabilities(NOK 1,000) Start of period Borrowing* Additions by Installment* Other End of periodaquisitionchangesLiabilities to financial 203 715 71 649 28 862 121 725 0 182 502institutionsSellers credit to shareholders 25 000 0 0 5 414 0 19 586Other long-term liabilities 16 769 1 984 0 14 339 0 4 415Lease liabilities 12 250 9 045 0 3 356 2 180 20 121Total interest-bearing debt 257 734 82 678 28 862 144 834 2 180 226 624
As of 31 December 2024, the Group was in compliance with all its existing debt covenants.
2023Loans Changes in liabilities(NOK 1,000) Start of period Borrowing Additions by Installment Other End of periodaquisitionchangesLiabilities to financial 175 366 81 220 0 57 453 4 582 203 715institutionsSellers credit to shareholders 25 000 0 0 25 000Other long-term liabilities 16 474 2 718 0 212 -2 212 16 769Lease liabilities 11 2433 2810 2 276 0 12 250Total interest-bearing debt 228 082 87 219 0 59 941 2 370 257 735
*Due to refinancing from DNB to Pareto and Haugesund Sparebank, in additions to repayment of construction loans to SR-Bank
the volums of borrowing and installments are abnormal.
NOTES
81
ANNUAL REPORT 20 2 4
18. OTHER CURRENT LIABILITIES
19. NON
CURRENT FINANCIAL INVESTMENTS
The Group has no investments in financial assets as per 31.12.24 (NOK 0 million as of December 31. 2023). The
investments are classified as noncurrent. The investments are recognized at fair value with changes in value in the
income statement.
Other current liabilities consists of the following: (NOK 1,000) 2024 2023Employee-related liabilities 71 631 26 906Provisions for potential claims 10 000 0Accrud interest expense 129 1 814Prepayment from customers 20 487 0Project related costs 12 917 1 614Other current liabilities 11 841 3 086Total other current liabilities 127 005 33 420
2024(NOK 1,000)Company Ownership Business Carrying share/voting OfficeamountshareNA 0Carrying amount as of 31/12/24 0There are no quoted or unquoted equity shares investments.2023(NOK 1,000)Company Ownership Business Carrying share/voting OfficeamountshareNA 0Carrying amount as of 31/12/23 0
NOTES
82
ANNUAL REPORT 20 2 4
Changes in carrying amount from 31/12/23 to 31/12/24:
20. OTHER CURRENT AND NONCURRENT RECEIVABLES
(NOK 1,000)Other non-current receivables 2024 2023Other long term receivables 8 896 3 809Sum other non-current receivables 8 896 3 809Other current receivables 2024 2023Prepayments suppliers 3 116 3 902Employee-related items 143 85Receivables VAT and government grants 0 0Other short-term receivables 13 778 18 108Sum other current receivables 17 037 22 096
(NOK 1,000) 2024 2023Level 1 investments 01/01 0 13 163Investment 0 0Reclassified* 0 0Impairment 0 0Sale of investment 0 -13 163Adjustment 0 0Level 1 investments 31/12 0 0(NOK 1,000) 2024 2023Level 3 investments 01/01 0 3 000Investment 0 0Impairment 0 0Sale of investment 0 -3 000Adjustment 0 0Level 3 investments 31/12 0 0
NOTES
83
ANNUAL REPORT 20 2 4
21. INVENTORY
22. CASH AND CASH EQUIVALENTS
23. GOVERNMENT GRANTS
Government grant have been received for one project in 2023. The grant was booked as reduction of operating costs
in the P&L. There are no unfulfilled conditions or contingencies attached to this grant.
(NOK 1,000) 2024 2023Raw materials (at cost) 21 281 5 780Total Inventories 21 281 5 780Impairment for obsoletness 500 0
Inventory is measured at the lower of average cost and net realisable value,
and consists of raw materials.
Cash and cash equivalents consist of: NOK (1,000) 2024 2023Cash at banks - unrestricted 82 798 23 071Cash at banks - restricted 16 579 12 913Total 99 377 35 984Restricted cash consists of:Security furnished to customer for payment in advance 0 0Tax withholding accounts 16 579 10 197Other 2 834 2 716
At 31 December 2024 the Group had MNOK 88 (2023: NOK mill 0) in undrawn committed borrowing facilities.
NOK (1,000) 2024 2023Received during the year 0 2 745Released to the income statement 0 2 738Of this - booked as reduction of other operating expenses 0 2 738Of this - booked as reduction of capitalized R&D 0 0Unrecognized income 0 0
NOTES
84
ANNUAL REPORT 20 2 4
24. SHARE CAPITAL
Treasury shares
EQVA ASA has reduced its number of treasury shares from 599 971 to 454 290 treasury shares (0.6 % of share capital)
as of 31/12/2024.
Capital increase
In 2024 EQVA ASA issued 3 408 693 new shares through 2 capital increases of total MNOK 16,6. The number of shares
after the share issue are 75 396 009, at NOK 0.05.
Dividends
In 2024 EQVA ASA paid out a total of MNOK 14,4 in dividend to its shareholders.
The board proposes NOK 0 in dividend for the general meeting.
Ordinary shares issued and fully paid2024 2023Number of ordinary shares 75 396 009 71 987 316Par value (NOK) 0.05 0.05Share capital (NOK) 3 769 801 3 599 366
All shares have equal rights.
8 729 739 11,6 %
Shareholders as of 31.12.2024 Number of Controlled byOwnershipsharesNordic Corporate Bank ASA 15 920 716 21,1 %Havila Holding AS 10 000 000 13,3 %Nintor AS Tore Torkildsen (Board) ILG AS 8 729 738 11,6 %FLE Invest ASEven Matre Ellingsen (CEO)8 297 628 11,0 %ROS Holding AS 5 660 027 7,5 %Emini Invest AS 1 290 000 1,7 %HSR Invest AS 1 290 000 1,7 %Innidimann AS 1 290 000 1,7 %MP Pensjon PK 1 162 768 1,5 %K E Invest A/S 986 193 1,3 %Helsegreen, Ivar 870 901 1,2 %MCE Holding AS 750 434 1,0 %Other shareholders (<1 %) 10 417 865 13,8 %Number of shares 75 396 009 100 %
NOTES
85
ANNUAL REPORT 20 2 4
Shareholders as of 31.12.2023 Controlled by Number of shares OwnershipNintor AS 16 938 645 23,5 %Havila Holding AS Vegard Sævik (Board) 10 000 000 13,9 %FLE Invest AS Even Matre Ellingsen (DB) 8 168 462 11,3 %ROS Holding AS 5 660 027 7,9 %Eikestø Eiendom AS Rune Skarveland (Board) 4 960 847 6,9 %Fureneset Eiendom AS 4 960 847 6,9 %Eikestø AS Rune Skarveland (Board) 2 999 511 4,2 %Fureneset Invest AS 2 999 511 4,2 %Emini Invest AS 1 290 000 1,8 %HSR Invest AS 1 290 000 1,8 %Innidimann Invest AS Vegard Sævik (Board) 1 290 000 1,8 %MP Pensjon PK 1 167 768 1,6 %Other shareholders (<1 %) 10 261 698 14,3 %Number of shares 71 987 316 100 %
25. EARNINGS PER SHARE
The group has no financial options or convertible loans with a future dilution effect.
.
Treasury shares (2023)
Eqva ASA has 599 971 treasury shares (0,8 % of share capital) as of 31/12/2023.
Dividends (2023)
The board proposes NOK 0 in dividend for the general meeting.
(NOK 1,000) 2024 2023Profit attributable to equity holders of parent 29 872 -23 733Weighted average number of shares outstanding (1,000 shares) 75 396 71 987Earnings per share (NOK) 0,40 -0,33Adjusted weighted average number of shares outstanding (1,000 shares) 80 509 71 987Diluted earnings per share (NOK) 0,37 -0,33Earnings from continued operationsEarnings per share (NOK) 0,40 -0,33Diluted earnings per share (NOK) 0,37 -0,33
(NOK 1,000) 2023 2022
Profit attributable to equity in continued operations 35 804 -19 889
Weighted average number of shares outstanding 75 396 71 987
Earnings per share (NOK) 0,47 -0,28
Adjusted weighted average number of shares outstanding 75 396 71 987
Diluted earnings per share (NOK) 0,47 -0,28
Earnings from continued operations
Earnings per share (NOK) 0,47 -0,28
Diluted earnings per share (NOK) 0,47 -0,28
NOTES
86
ANNUAL REPORT 20 2 4
26 DISCONTINUED OPERATION
There has not been any discontinued operation in 2024. The note is for information purposes to the divestment of
the shipyard Hayard Leirvik which was sold to Tersan in November 2023. The transaction was based on a share sale,
where the Group sold all its shares (100%) in Havyard Leirvik Holding AS, where the subsidiaries Havyard Leirvik AS
and Havyard Eiendom AS was included. The transaction was settled by NOK 30m in cash. The Group has recognised
a gain of NOK 13m on the sale of all shares in Hayard Leirvik Holding AS.
Hayard Leirvik is a shipyard with long legacy and are in good hands going forward together with Tersan Shipyard, a
highly reputable company with a good standing in international shipping and maritime circles. Hayard Leirvik has
its head office in Fosnavåg.
Financial information relating to the discontinued operation for the period from the date of incorporation to the
date of disposal is set out below.
Financial performance and cash flow information
The financial performance and cash flow information in 2023 presented are for the period Q1 2023 - Q3 2023.
(NOK 1,000) 2023Revenues from contracts with customers 106 396Other operating revenues 1 191Operating income 107 588Materials and consumables 66 523Payroll expenses 38 716Other operating expenses 15 822Operating expenses 121 061Operating profit/loss before depreciation and amortisation (EBITDA) -13 473Depreciation 1 401Operating profit/loss (EBIT) -14 875Financial income 45Financial expenses -91Share of profit/ loss of associate 13 008Profit / loss before tax -1 913Income tax expense 0Profit from discontinued operations -1 913Net cash flow from operating activities -936Net cash flow from investing activities -1 782Net cash flow from financing activities 0Net increase/decrease in cash genereated by the subsidiary -2 717
NOTES
87
ANNUAL REPORT 20 2 4
27. CONTINGENCIES AND PROVISIONS
Legal disputes
Non
Tax
Non
Guarantees/warranties
EQVA ASA is no longer in the shipbuilding industry, thus fewer guarantees going forward. No material warranty
claim has as of the date of these financial statements been directed at any of the companies in the Group, nor have
any of the companies in the Group been notified of any such claims.
In addition to the above EQVA ASA has an off balance sheet guarantee of NOKm 16.
Cashflow from sale of Havyard 2023Sale of subsidiary 36 487Cash in sold subsidiary 8 707Receivables to Pareto 12 582Repayment of loan to sold subsidiary 5 967Net cashflow from sale of subsidiary 9 231Profit on the sale of Havyard LeirvikTotal disposal consideration 36 487Carrying amount of net assets sold 23 479Net cashflow from sale of subsidiary 13 008
2024GuaranteesProvisions 1/1/2024 0Used provision 0Adjustment due to divestment of Havyard Leirvik 0New provisions 0Provisions 31/12/2024 02023GuaranteesProvisions 1/1/2023 7 879Used provision -3 571Adjustment due to divestment of Havyard Leirvik -4 308New provisions 0Provisions 31/12/2023 0
NOTES
88
ANNUAL REPORT 20 2 4
28. RELATED PARTY TRANSACTIONS
Transactions with related parties
The Group has various transactions with related parties. All the transactions have been carried out as part of the
ordinary operations and at arms` length principle.
The most significant transactions are as follows:
(NOK 1 000)
The balance sheet includes the following receivables and payables resulting from transactions with associated
companies:
2024 2023Account receivables 0 0Account payables 0 171Net total (positive sign - net receivable) 0 -171
NOTES
Handeland Gard AS Sales to related parties Purchases from related Accounts payables to related parties parties 2024 0 550 02023 0 3 039 171Handeland Gard AS is controlled 100% by Rune Skarveland (former Chair of Board and Board Member)Even Matre Ellingsen, ENK Sales to related parties Purchases from related Accounts payables to related parties parties 2024 0 1 550 02023 0 0 0
89
ANNUAL REPORT 20 2 4
29. SUSTAINABILITY AND CLIMATE RISK
The climate risk consits of both physical risk and
transition risk.
Physical risk can be the effect of extreme weather
events, and transition risk is risk associated with the
transition to a low-emission society. The physical
risk of weather-related damage (for example at
Fossberg Kraft project development), emphasizing
the importance of accounting for climate
considerations, such as frost and flooding - which
can delay the construction of e.g. small power plants.
Like its competitors, Fossberg Kraft faces these
environmental challenges, which can impact the
timely completion of projects, despite careful planning
and mitigation efforts. This approach underlines
the company's commitment to resilient project
design, while acknowledging the unpredictable
nature of climate impacts on development timelines.
Even so, we still consider the risk to be limited.
Transition risk can be political changes and regulations
that result in increased fees, fines and orders. In relation
to BKS, Kvinnherad Elektro and Fossberg Kraft, the
transition risk is also considered to be relatively low.
However, political decisions such as tax on aquaculture
business may affect the Group's businesses.
Overall, the climate risk and its impact on future
earnings is considered to be relatively low.
Eqva has initiated a survey to identify status and
measures in relation to being able to run its business
in line with sustainability requirements. The Group
aims to comply with future legal requirements for
sustainability reporting in accordance with updated EU
regulations. Among the companies in the Group, this is
particularly relevant for BKS, which has already started
the mapping process. This work will continue in 2025.
Due to that a significant part of the Group's business
is due to projects which have a positive climate effect
(electrifications/hybrifications of vessels, energy
optimizing projects, to process industry and smelters),
increased focus on the "green shift" is considered to
give significant business opportunities for the Group
going forward.
30. SUBSEQUENT EVENTS
Acquisition of IMTAS AS with subsidiaries
On 17
th
of February 2025, EQVA ASA entered into an
agreement to acquire 100% of the shares in IMTAS
AS and its subsidiaries (other than IMTAS Eiendom
AS) ("IMTAS Group"). The acquisition was carried out
by EQVA's wholly owned subsidiary EQVA Industrial
Solutions AS. The transaction was closed on the 21th of
March 2025.
Refer to Note 10 for more details.
Acquisition of Austevoll Rørteknikk AS
On 3
th
of March 2025, EQVA ASA entered into an
agreement to acquire 100% of the shares in Austevoll
Rørteknikk AS. The acquisition is to be carried out
by EQVA's wholly owned subsidiary EQVA Industrial
Solutions AS.
The transaction is expected to be completed by the end
of Q2 2025, subject to certain conditions and necessary
approvals.
Refinancing of bank debt and revolving credit facilitiy
As pr EQVA has secured a committed offer from
Nordea, combining acquisition and refinancing,
totalling NOK 200 million. Additionally, the agreement
will expand EQVA's existing overdraft facility to NOK
70 million. This long-term loan, with a maturity of five
years, features more favourable interest rates for EQVA.
The refinancing arrangement also allows for dividend
distributions, given a leverage ratio (NIBD / EBITDA
LTM) of less than 1.5 (after distribution). EQVA estimates
an opening leverage ratio of less than 2.5 after closing of
the acquisition. Furthermore, it will consolidate various
banking relationships into a single primary bank for the
group, simplifying future financial management.
The new finance facility will be in place ultimo March
2025.
Sale of shares in Vassnes Solutions AS
The shares in Vassnes Solutions AS (incl the subsidiaries
Vassnes Power AS, Vassnes Engineering AS and Vassnes
Mechanical AS) has been sold from Kvinnherad Elektro
AS to Helgevold Industri Invest AS for NOK 10 million.
The transaction was carried out 26 March 2025.
NOTES
90
ANNUAL REPORT 20 2 4
PARENT COMPANY
91
ANNUAL REPORT 20 2 4
92
ANNUAL REPORT 20 2 4
PROFIT OR LOSS STATEMENT PARENT COMPANY
PROFIT OR LOSS STATEMENT PARENT COMPANY
EQVA ASA
Note 2024 2023
Operating revenues and operating expenses
Revenues 8 1 931 063 9 617 350
Total revenue 1 931 063 9 617 350
Materials 5 000 8 517
Wages and salaries 3 22 111 517 11 502 325
Depreciation 5 84 770 47 744
Other operating expenses 3, 8 17 976 452 13 030 520
Total operating expenses 40 177 739 24 589 107
Operating profit -38 246 676 -14 971 756
Financial income and expenses
Income from subsidiaries 4 4 221 158 25 326 335
Other financial income 2 10 982 704 20 718 215
Other interest expenses 2 6 998 572 11 908 547
Other financial expenses 2 5 092 148 2 565 422
Net financial income and expenses 3 113 142 31 570 581
Profit before taxes -35 133 535 16 598 825
Taxes 12 6 786 731 -3 266 524
Profit for the year 9 -28 346 804 19 865 349
Allocations
Transferred to other equity 0 19 865 349
Transferred from other equity -28 346 804 0
Dividend to shareholders -14 397 463 0
Total allocations 9 -42 744 267 19 865 349
93
ANNUAL REPORT 20 2 4
BALANCE SHEET PARENT COMPANY
BALANCE SHEET PARENT COMPANY
EQVA ASA
Note 2024 2023
ASSETS
Non current assets
Deferred tax benefit 12 15 916 039 9 129 307
Total intangible assets 15 916 039 9 129 307
Fixed assets
Operating equipment, fixtures, fittings,
tools, etc
5 351 480 379 166
Total tangible fixed assets 351 480 379 166
Financial fixed assets
Investments in subsidiaries 4 248 829 423 219 284 366
Loan to Group companies 8 127 476 854 139 523 357
Other long-term receivables 6 0 8 455
Total financial fixed assets 376 306 277 358 816 178
Total fixed assets 392 573 796 368 324 651
Current assets
Accounts receivable 8 0 13 470
Receivables from group companies 8 1 357 33 612 938
Other current receivables 2 1 198 211 14 387 069
Total receivables 1 199 568 48 013 477
Cash and bank deposits 7 1 743 814 2 643 936
Total current assets 2 943 382 50 657 413
Total assets 395 517 178 418 982 063
94
ANNUAL REPORT 20 2 4
BALANCE SHEET PARENT COMPANY
EQUITY AND LIABILITIES Note 2024 2023
Equity
Share capital 9, 10 3 769 801 3 599 366
Own shares 9, 10 -22 715 -29 999
Share premium 9 211 632 350 195 174 785
Total paid-in equity 215 379 437 198 744 153
Retained equity
Retained earnings 9 37 709 416 80 010 304
Total retained earnings 37 709 416 80 010 304
Total equity 9 253 088 853 278 754 455
Liabilities
Non current liabilities
Long-term liabilities to financial institutions 11 41 250 000 45 000 000
Sellers credit - owners 11 19 585 861 25 126 389
Other long-term liabilities 11 0 15 337 826
Total non current liabilities 60 835 861 85 464 215
Current liabilities
Short-term liabilities to financial institutions 11 15 000 000 20 000 000
Accounts payable 4 963 355 4 399 420
Public duties payable 794 095 1 000 228
Debt to group companies 8 56 359 725 26 761 532
Other current liabilities 2 4 475 288 2 602 212
Total current liabilities 81 592 463 54 763 392
Total liabilities 142 428 324 140 227 607
Total equity and liabilities 395 517 178 418 982 063
Husnes, 27 March 2025
The board of directors of EQVA ASA
Ellen Merete Hanetho
Chairman of the Board of Directors
Kari Markhus
Board member
employee representative
Tore Thorkildsen
Board member
Tore Schiøtz
Board member
Tomasz Bartlomiej Wesierski
Board member
employee representative
Anne Sofie Myrmel Bruun-Olsen
Board member
Even Matre Ellingsen
CEO
This document is digitally signed.
95
ANNUAL REPORT 20 2 4
STATEMENT OF CASHFLOW PARENT COMPANY
STATEMENT OF CASHFLOW PARENT COMPANY
EQVA ASA
Note 2024 2023
Cash flow from operations
Profit/(loss) before tax -35 133 535 16 598 825
Loss on receivables 0 0
Net Financial expenses -3 113 142 -2 413 679
Depreciation 5 84 770 47 744
Interest payments and fees -5 567 448 -7 442 685
Accounting profit from sale of shares 0 -34 611 897
Changes in accounts receivables and accrued income 13 470 -13 470
Changes in accounts payables 563 935 -1 120 104
Changes in other current receivables/ liabilities 4 531 130 -10 387 699
Net cash flow from operating activities -38 620 820 -39 342 965
Cash flow from investments
Investments in property, plant and equipment 5 -57 085 -169 379
Disposal of Havyard Leirvik and sale of shares in HAV 0 31 619 433
Investment in subsisiaries -30 000 0
Net cash flow from investing activities -87 085 31 450 054
Cash flow from financing activities
Net decrease FoU grants -1 734 677 6 391
Dividend to shareholders -14 397 463 0
Downpayment seller credit -2 000 000 0
Downpayment loan to shareholders -13 651 305 0
Sale own shares 450 664 -1 178 069
Capital increase 8 546 606 0
Downpayment of loan from financial institutions 11 -8 750 000 -25 000 000
Change intercompany balances 69 343 957 33 540 042
Net cash flow from financing activities 37 807 782 7 368 364
Net change in cash and cash equivalents -900 122 -524 546
Cash and cash equivalents at start of the period 2 643 936 3 168 482
Cash and cash equivalents at end of the period 1 743 814 2 643 936
Of this restricted cash 976 849 609 371
96
ANNUAL REPORT 20 2 4
NOTES PARENT COMPANY
97
ANNUAL REPORT 20 2 4
NOTE 1 ACCOUNTING PRINCIPLES
Accounting Principles
The financial statements are set up in accordance with
the Norwegian Accounting Act. They are prepared using
Norwegian accounting standards and generally accepted
accounting principles.
Management has used estimates and assumptions that
affect the income statement and the valuation of assets
and liabilities, as well as contingent assets and liabilities, at
the balance sheet date during the preparation of financial
statements in accordance with generally accepted
accounting principles.
Fixed assets are comprised of assets intended for long-term
hold and use. Fixed assets are stated at cost. Fixed assets
are capitalized and depreciated over the asset's useful life.
Tangible fixed assets are written down to the recoverable
amount when impairment is not expected to be temporary.
The recoverable amount is the higher of an asset’s net
selling price and its value in use. An asset’s value in use is
the present value of the estimated future cash flows from
the asset. If the reasons for impairment no longer exist, the
impairment loss is reversed.
Current assets and liabilities consist of items that fall due
for payment within one year of acquisition, as well as items
related to the business cycle. Current assets are valued at
the lower of cost and net realizable value. Current liabilities
are stated at nominal value at the time of acquisition.
Monetary items in foreign currency are translated using the
exchange rates at the balance sheet date. Transactions in
foreign currency are translated at the rate applicable on the
transaction date.
Trade receivables and other receivables are recorded at
nominal value less a provision for doubtful accounts. The
provision is made based on an individual assessment of
each receivable.
Subsidiaries and associated companies are assessed
according to the cost method in the company accounts.
The investment is valued at the acquisition cost of the
shares unless impairment has been necessary. Write-downs
have been made at fair value when a fall in value is due to
reasons that cannot be assumed temporary, and it must
be considered necessary according to good accounting
practice. Impairment losses are reversed when the basis for
impairment is no longer present.
NOTES TO THE FINANCIAL STATEMENTS 2024
PARENT COMPANY
Dividends, group contributions and other distributions
from subsidiaries are recognized in the same year as they
are recognized in the financial statement of the provider.
If dividends/group contribution exceed withheld profits
after the acquisition date, the excess amount represents
repayment of invested capital, and the distribution will be
deducted from the recorded value of the acquisition in the
balance sheet for the parent company.
The tax expense in the income statement is comprised of
both the period’s payable tax and changes in deferred tax.
Deferred tax is calculated at a rate of 22 % based on the
temporary differences that exist between accounting and
tax values, and tax losses carried forward at the year-end.
Tax increasing and tax-reducing temporary differences
that are reversed or can be reversed in the same period are
offset. Net deferred tax assets are recognized to the extent
that it is probable that the amount can be utilized against
future taxable income.
Accounting principles are further discussed in the
accompanying notes to individual financial statement
items.
NOTES PARENT COMPANY
98
ANNUAL REPORT 20 2 4
Income statement
The item "Other financial income" consists of: 2024 2023
Interest from Group companies 10 974 328 11 432 571
Income from subsidiaries 4 221 158 0
Other interest income 0 3
Agio 8 375 80
Profit share sale - HAV Group ASA 0 3 905 111
Value adj. HAV shares 0 5 380 451
Total 15 203 862 20 718 215
The item "Other financial costs" consists of: 2024 2023
Other interest expences 5 567 448 11 908 547
Interest to Group companies 1 431 124 0
Disagio 36 727 6 943
Establishment fee and interes Pareto loan 395 833 395 833
Other financial costs 4 659 587 2 162 646
Total 12 090 720 14 473 970
Balance sheet
The item "Other current receivables" consists of: 2024 2023
Prepaid expenses 957 294 845 944
Other short term receivables 240 917 13 541 125
Total 1 198 211 14 387 069
The item "Other current liabilities" consists of: 2024 2023
Unpaid wages and vacation pay 4 347 418 774 515
Accrued interests 127 869 1 742 425
Other short-term liabilities 0 85 272
Total 4 475 288 2 602 212
NOTE 2 MERGED ITEMS
Payroll expenses 2024 2023
Wages 15 754 515 5 824 397
Social security tax 2 492 886 1 592 063
Pension costs 718 571 450 092
Other payroll-related costs 3 145 545 3 635 773
Total 22 111 517 11 502 325
FTEs at year end 8,0 4,5
NOTE 3 PAYROLL EXPENSES, NUMBER OF EMPLOYEES, REMUNERATIONS, ETC.
NOTES PARENT COMPANY
99
ANNUAL REPORT 20 2 4
NOTES PARENT COMPANY
No loans or guarantees have been issued to the CEO,
the Chairman of the Board or other related parties. As of
31.12.2024.
Incentive programs established in EQVA
Eqva has established a incentiv arrangement (bonus) which
applies to leaders and key personnel in the Group. The payments
depends on, among others, group performance (e.g reported
EBITDA measured against budgeted EBITDA). The payments
are expensed as salaries. There has been no payments in 2024.
A bonus provision to the management of MNOK 3 is accounted
for in 2024 - to be paid out in 2025.
The Group has also established a new share purchase program
where all employees can participate. Employees can buy
shares for up to NOK 20,000 with a discount of 20 %. The share
discount are expensed as salaries. The share purchase program
is conducted annually.
The third Eqva program established is the shareoption program
which applies to Board of directors, leaders and key personnel in
Auditor remuneration is distributed as follows: 2024 2023
Statutory audit 1 866 180 2 832 600
Tax consulting 400 000 0
Other services 1 965 660 563 876
Total (net of VAT) 4 231 840 3 396 476
The Board of Directors
Management remunerations 2024 2023
Wages 2 917 3 390
Pension 0 0
Other benefits 0 0
Total 2 917 3 390
the Group. The participants receive 40 000 or 100 000 options,
dependent of level in the group, with a vesting period of 3 years.
The program has effect from 1 January 2023. This program is
still running.
A new shareoption program, for the same group of recipents,
was launced December 2024 with effect from 1 January 2025.
In the new program the participants receive 40 000 or 100 000
options, dependent of level in the group, with a vesting period
of 3 years.
In desember 2023 Eqva introduced a new program regarding
independent subscription rights. The company can issue up
to 3 659 000 independet subscription rights, each giving right
to subscribe for one new share in Eqva ASA. The subscription
rights can be subscribed by Board memebers and employees
of Eqva ASA and its subsidiaries.
For additional information regarding Annual share-based
payment according to IFRS 2, see Salary note in EQVA group
accounts.
Pension scheme
The employees in Eqva ASA is part of a defined contribution plan
covering all employees in the Eqva Group. The Group's pension
scheme satisfies the requirements of the Act on Compulsory
Occupational Pensions. Pension costs for the Group's defined
Even M. Ellingsen
CEO*
Erik Høyvik
CEO*
Petter Sørdahl
CFO*
Eirik Sævareid
CFO*
Ask Haukaas
CFO*
(NOK 1000) 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Salary 2 188 0 723 2169 1 361 0 0 1 211 0 547
Pension 68 0 26 101 98 0 0 78 0 52
Other remuneration 21 0 50 151 29 0 0 144 0 10
Total remuneration 2 276 0 800 2 422 1 488 0 0 1 433 0 609
* Erik Høyvik was replaced by Even Matre Ellingsen as CEO from 1 May 2024. Ask Haukaas was replaced by Petter Sørdahl as CFO
from 1 January 2024 (Ask Haukaas acted as CFO over a few months in 2023 after Eirik Sævareid).
contribution plans are expensed on a continuous basis with
earnings for the employees. The Group's duty is limited to the
payment of agreed contribution and where the actuarial risk
and investment risk fall on the individual employee.
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ANNUAL REPORT 20 2 4
NOTE 4 INVESTMENT IN SUBSIDIARIES
2024
For the accounting of the investments below the aquisition metholology applied.
Company
Subsidiaries of EQVA ASA
Business office Owner's
share
Book value Company's
equity 100%
Company's
result 100%
Eqva Renewables AS Valen i Kvinnherrad 100 % 106 795 254 -29 544 760 -246 490 219
Eqva Eiendom Holding AS Sunde i Kvinnherrad 100 % 1 550 000 5 725 599 -52 863
Havyard Ship Technology AS Leirvik i Sogn 100 % 0 10 232 602 442 475
Havyard Ship Invest AS Fosnavåg 100 % 0 27 535 307 36 595 610
Norwegian Marine Systems AS Fosnavåg 100 % 0 2 741 335 275 703
Mjølstadneset Eiendom AS Fosnavåg 100 % 4 232 926 7 896 347 776 510
Fossberg Kraft AS (rest of the shares
are owned by Eqva Renewables AS)
Sunde i Kvinnherrad 14 % 17 223 824 25 603 388 -21 124 248
Eqva Industrial Solutions Holding AS Sunde i Kvinnherrad 100 % 119 027 419 24 846 -5 154
Book value as at 31.12. 248 829 423 50 214 664 -229 582 186
Subsidiaries of EQVA Eiendom Holding AS
BKS Eigedom AS Sunde i Kvinnherad 100 %
Zenit Eigedom AS (40% of the company
is owned by Zenit Engineering AS)
Sunde i Kvinnherad 60 %
Subsidiaries of Eqva Renewables AS
Eqva Industri AS Valen i Kvinnherrad 100 %
Fossberg Kraft AS Valen i Kvinnherrad 86 %
ABC Produksjon AS Valen i Kvinnherrad 100 %
Eqva Industrial Solutions Holding AS
Eqva Industrial Solutions AS Sunde i Kvinnherrad 100 %
Eqva Industrial Solutions AS
BKS Holding AS Sunde i Kvinnherrad 100 %
Eqva Finance and Analytics AS Sunde i Kvinnherrad 100 %
Subsidiaries of BKS Holding AS
BKS Industri AS Sunde i Kvinnherrad 100 %
BKS Power & Automation AS Sunde i Kvinnherrad 100 %
Zenit Engineering AS
(own 40% of Zenit Eigedom AS)
Sunde i Kvinnherrad 100 %
BKS VVS AS Straume i Øygarden 67 %
Marine Support AS Storebø i Austevoll 70 %
NOTES PARENT COMPANY
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ANNUAL REPORT 20 2 4
Changes in 2024
Eqva ASA established a new subsidiary - Eqva Industrial
Solutions Holding AS during the autumn 2024, with a
subsidiary Eqva Industrial Solutions AS.
BKS Holding AS increased its ownership in Zenit
Engineering AS, from 89% to 100% during 2024.
Group internal sale of company - Eqva Industrial
Solutions AS bought the shares in BKS Holding AS (100%)
from Eqva Industri AS (former Handeland Industri AS).
Group internal sale of company - Arnt Narheim AS
(100%) was sold from BKS Industri AS to Eqva Industrial
Solutions AS and changed name to Eqva Finance and
Analytics AS.
Group internal debt conversion - Eqva ASA carried out a
debt conversion towards Fossberg Kraft AS and became
the direct owner of approx 14% ov the shares.
Group internal debt conversion - Zenit Engineering AS
carried out a debt conversion towards Zenit Eigedom
AS and became the direct owner of 40 % of the shares.
HG Group AS changed name to Eqva Renewables AS,
Handeland Industri AS changed name to Eqva Industri
AS and Fossberg Kraft Produksjon AS changed name to
ABC Produksjon AS.
NOTES PARENT COMPANY
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NOTES PARENT COMPANY
Changes in 2023
Eqva divested Havyard Leirvik Holding AS (HLH) to Tersan (Turkish shipyard company) in November 2023. The
transaction included also HLH's 2 subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. The transaction
was settled for 30 MNOK in cash. The accounting profit was 25,3 MNOK.
BKS Holding AS increased its ownership in Zenit Engineering AS, from 82% to 89%, during 2023.
EQVA ASA transferred its 50% ownership in BKS Holding AS to Handeland Industri AS - now 100% owner. The
transaction impacted the equity of HG Group AS as well (parent company of Handeland Industri AS). The transaction
was carried out as an asset contribution.
Havyard Eiendom Holding AS changed name to EQVA Eiendom Holding AS in 2023.
Company
Subsidiaries of EQVA ASA
Business office Owner's
share
Book value Company's
equity 100%
Company's
result 100%
HG Group AS Valen i Kvinnherad 100 % 215 000 000 213 585 676 -2 800 844
EQVA Eiendom Holding AS Sunde i Kvinnherad 100 % 51 440 31 000 -17 699
Havyard Ship Technology AS Leirvik i Sogn 100 % 0 7 007 269 146 969
Havyard Ship Invest AS Fosnavåg 100 % 0 -5 949 579 -2 360 573
Norwegian Marine Systems AS Fosnavåg 100 % 0 3 415 023 383 421
Mjølstadneset Eiendom AS Fosnavåg 100 % 4 232 926 9 801 192 1 100 861
Book value as at 31.12. 219 284 366 227 890 581 -3 547 865
Subsidiaries of EQVA Eiendom Holding AS
BKS Eigedom AS Sunde i Kvinnherad 100 %
Zenit Eigedom AS Sunde i Kvinnherad 100 %
Subsidiaries of HG Group AS
Handeland Industri AS Valen i Kvinnherad 100 %
Fossberg Kraft AS Valen i Kvinnherad 100 %
Fossberg Kraft Produksjon AS Valen i Kvinnherad 100 %
Subsidiaries of Handeland Industri AS
BKS Holding AS Sunde i Kvinnherad 100 %
Subsidiaries of BKS Holding AS
BKS Industri AS Sunde i Kvinnherad 100 %
BKS Power & Automation AS Sunde i Kvinnherad 100 %
Zenit Engineering AS Sunde i Kvinnherad 89 %
BKS VVS AS Straume i Øygarden 67 %
Marine Support AS Storebø i Austevoll 70 %
2023
For the accounting of the investments below the aquisition metholology applied.
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NOTE 5 TANGIBLE FIXED ASSETS
2024
The rent expense for 2024 amounts to NOK 1 116 473 (2023: NOK 536 287)
2023
The rent expense for 2023 amounts to NOK 536 287 (2022: NOK 535 975)
Operating equipment and fixtures Total
Acquisition cost as at 01.01 7 963 742 7 963 742
Additions during the year 57 085 57 085
Disposals during the year -7 584 576 -7 584 576
Acquisition cost as at 31.12 436 250 436 250
Acc. depreciation as at 01.01 7 584 577 7 584 577
Acc. depreciation as at 31.12 before disp 84 770 84 770
Disposal depreciation -7 584 577 -7 584 577
Acc. depreciation as at 31.12 84 770 84 770
Book value as at 31.12 351 480 351 480
Depreciation for the year 84 770 84 770
Economic life 3-5 år
Depreciation method Linear
Operating equipment and fixtures Total
Acquisition cost as at 01.01 7 794 363 7 794 363
Additions during the year 169 379 169 379
Disposals during the year 0 0
Acquisition cost as at 31.12 7 963 742 7 963 742
Acc. depreciation as at 01.01 7 536 833 7 536 833
Acc. depreciation as at 31.12 before disp 7 584 577 7 584 577
Disposal depreciation 0 0
Acc. depreciation as at 31.12 7 584 577 7 584 577
Book value as at 31.12 379 166 379 166
Depreciation for the year 47 744 47 744
Economic life 3-5 years
Depreciation method Linear
NOTES PARENT COMPANY
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ANNUAL REPORT 20 2 4
2024 2023
Other long-term receivables 0 8 455
Total 0 8 455
Maturity after 1 year 0 8 455
Maturity after 5 year 0 0
NOTE 6 OTHER LONG-TERM RECEIVABLES
NOTE 7 RESTRICTED CASH
NOK 976 849 of cash and cash equivalents relates to tax withholdings.
NOTE 8 INTERCOMPANY BALANCES AND TRANSACTIONS
2024 2023
Non-current receivables 127 476 854 139 523 357
Current receivables 1 357 33 612 938
Accounts receivable 0 13 470
Current liabilities (incl group contribution) -56 359 725 -26 761 532
Total 71 118 487 146 388 233
Transactions 2024 2023
Revenues 1 868 563 9 405 410
Rental costs 0 -536 287
Total 1 868 563 8 869 123
NOTES PARENT COMPANY
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NOTE 9 EQUITY
Number of shares
In 2024 EQVA ASA issued 3 408 693 new shares through 2 capital increases of total MNOK 16,6. The number of
shares after the share issue are 75 396 009, at NOK 0.05.
Dividend
In 2024 the company paid out a total of MNOK 14,4 in dividend to its shareholders.
The board proposes NOK 0 in dividend for the general meeting.
Treasury shares
Eqva ASA has reduced its number of treasury shares from 599 971 to 454 290 treasury shares (0.6 % of share capital)
as of 31/12/2024.
Share capital Own shares Share premium Retained earnings Total
Equity as at 01.01 3 599 366 -29 999 195 174 785 80 010 304 278 754 455
Profit for the year -28 346 804 -28 346 804
Net sale of own shares 7 284 443 380 450 664
Dividend to shareholders -14 397 463 -14 397 463
Capital increase 170 435 16 457 564 16 628 000
Equity as at 31.12. 3 769 801 -22 715 211 632 349 37 709 416 253 088 852
NOTES PARENT COMPANY
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NOTE 10 SHARE CAPITAL AND SHAREHOLDER INFORMATION
The company got one stock group and all shares have same rights.
The share capital was 3 769 801 divided by 75 396 009 shares, at NOK 0.05.
Eqva has 454 290 treasury shares (0.6 % of share capital) as of 31.12.2024.
Shareholders as of 31.12.2024 Controlled by Number of shares Ownership
Nordic Corporate Bank ASA 15 920 716 21,1 %
Havila Holding AS 10 000 000 13,3 %
Nintor AS Tore Torkildsen (Board) 8 729 739 11,6 %
ILG AS 8 729 738 11,6 %
Neve Eiendom AS Even Matre Ellingsen (CEO) 8 297 628 11,0 %
ROS Holding AS 5 660 027 7,5 %
Emini Invest AS 1 290 000 1,7 %
HSR Invest AS 1 290 000 1,7 %
Innidimann AS 1 290 000 1,7 %
MP Pensjon PK 1 162 768 1,5 %
KE Invest A/S 986 193 1,3 %
Helsegreen, Ivar 870 901 1,2 %
MCE Holding AS 750 434 1,0 %
Other shareholders (<1 %) 10 417 865 13,8 %
Number of shares 75 396 009 100,0 %
NOTES PARENT COMPANY
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NOTE 11 NON-CURRENT LIABILITIES
Other non-current liabilities
The debt to Havila Holding AS of MNOK 13.3 was repaid
in 2024.
Pareto loan
MNOK 24 was repaid to Pareto in 2024. Outstanding
debt is total MNOK 56, where MNOK 15 is classified
under Current liabilities and MNOK 41 under Non-
current liabilities.
General conditions - quarterly installments of MNOK
3,75 in 3 years - then settlement of the rest amount.
Nominal intererest rat p.t 10,4%.
Yearly installments:
2025: MNOK 15 - classifed under "Current liabilities"
2026: MNOK 15
2027: MNOK 15 + rest
Sellers credit to shareholders
Longterm loan - amount part of the settlment when
BKS and Fossberg Kraft were aquired in June 2022. In
2024 the loan is reduced to MNOK 19.
Non-current liabilites 2024 2023
Loan Pareto 41 250 000 45 000 000
Sellers credit to shareholders 19 585 861 25 126 389
Other non-current liabilities 0 15 337 826
Total 60 835 861 85 464 215
NOTES PARENT COMPANY
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NOTE 12 TAXES
Taxes are expensed as they incur, i.e. the tax charge is related to the pre-tax accounting profit. Taxes are comprised
of payable tax (tax on the year’s taxable income) and changes in deferred tax. The tax expense is allocated between
the ordinary profit and extraordinary items in accordance with the tax base.
Specification of temporary differences:
Below is a breakdown of the difference between profit before taxes in the P&L statement and the year’s tax base.
The income tax expense in the profit and loss statement consists of the following:
2024 2023
Financial leasing 0 0
Non-current assets 65 962 65 054
Gain/(loss) account for deferral -78 809 -98 511
Receivable -180 000 0
Tax losses carried forward -70 133 979 -39 444 590
Cut off interest rates carried forward -2 018 802 -2 018 802
Total temporary differences and tax losses carried forward. -72 345 629 -41 496 850
Not accounted deffered tax asset 0 0
Deferred tax / deferred tax asset (-) -15 916 039 -9 129 307
Applied tax rate 22 % 22 %
2024 2023
Profit before taxes -35 133 535 16 598 825
Permanent differences 63 599 -31 446 662
Change in temporary differences 159 390 -95 871
The year's tax base before tax losses carried forward -34 910 547 -14 943 709
Changes in tax losses carried forward 34 910 547 14 943 709
Net group contribution 0 0
Utilisation of tax losses carried forward 0 0
The year's tax base 0 0
Payables tax in balance sheet 0 0
2024 2023
Tax payable 0 0
Change deffered tax assets (-) 6 786 731 -3 266 524
Tax effect from group contribution 0 0
This year's tax expense 6 786 731 -3 266 524
NOTES PARENT COMPANY
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NOTE 13 FINANCIAL MARKET RISK
Interest rate risk
Interest rate risk arises in the short and medium run as
the Company's liabilities are subject to floating interest
rates.
Foreign currency risk
Fluctuations in exchange rates entail both direct and
indirect financial risks for the company. The Group uses
currency hedging instruments to keep the currency risk
at a low level.
Liquidity risk
Liquidity risk is the risk that the group is unable to fulfill
its financial obligations as they fall due. The Group has
routines for continued monitoring of the cash flow.
NOTE 14 SUBSEQUENT EVENTS
There has not been detected any subsequent event with
impact on the Financial statements after balance sheet
date.
The accounts has been prepared under the assumption
of going concern.
See also Group note 30 for more information in group
accounts related to subsequent events.
NOTES PARENT COMPANY
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PricewaterhouseCoopers AS, Torgallmenningen 14, 5014 Bergen, P.O, Box 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of Eqva ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Eqva ASA, which comprise:
• the financial statements of the parent company Eqva ASA (the Company), which comprise the
balance sheet as at 31 December 2024, the profit or loss statement and statement of cash flow for
the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, and
• the consolidated financial statements of Eqva ASA and its subsidiaries (the Group), which
comprise the statement of financial position as at 31 December 2024, the statement of profit or
loss, statement of other comprehensive income, statement of changes in equity and statement of
cashflow for the year then ended, and notes to the financial statements, including material
accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2024, and its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by
relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards)
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these
requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of Eqva ASA for 7 years from the election by the general meeting of the
shareholders on 28 May 2018 for the accounting year 2018.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements of the current period. These matters were addressed in the context of our
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. The Group’s business activities are largely unchanged compared to last
year. Revenue Recognition over Time has the same characteristics and risks as in the prior year and
continue to be in our focus. Valuation of Goodwill was a focus area last year but has less risk this year and
is not a key audit matter for 2024.
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Key Audit Matters
Revenue Recognition over Time
The Group has multiple revenue streams i.e
service and maintenance to land based
, maritime
industry and construction of small
-scale
hydropower plants.
Revenue recognition over time was considered a
key audit matter as the Group has multiple ongoing
long
-term contracts at the balance-sheet date, and
because estimati
on of the percentage of
completion may be complex and affected by
management judgment. Specifically, management
applies judgment when estimating total project
costs and determining the contract price.
Refer to notes 2.7, 3.1, 3.2 and 14 to the
consolidated financial statement for further
information on the Group’s revenue recognition.
ere in accordance
percentage of completion of the projects.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying
the financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appears to be materially misstated. We are required to report if there is a material misstatement in the
Board of Directors’ report or the other information accompanying the financial statements. We have nothing
to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
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3 / 4
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate
Governance.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.
Management is responsible for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not likely
that the enterprise will cease operations. The consolidated financial statements of the Group use the going
concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's and the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
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• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Eqva ASA, we have performed an assurance engagement
to obtain reasonable assurance about whether the financial statements included in the annual report, with
the file name Eqva_ASA-2024-12-31-en, have been prepared, in all material respects, in compliance with
the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single
Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities
Trading Act, which includes requirements related to the preparation of the annual report in XHTML format,
and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF
reporting, see: https://revisorforeningen.no/revisjonsberetninger
Bergen, 27 March 2025
PricewaterhouseCoopers AS
Fredrik Gabrielsen
State Authorised Public Accountant
(This document is signed electronically)
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Signers:
Name
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This le is sealed with a digital signature.
The seal is a guarantee for the authenticity
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Method
Date
2025-03-26 19:49BANKIDGabrielsen, Fredrik
Independent Auditors Report - Eqva ASA 2024
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EQVA ASA
ANNUAL
REPORT
2024
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