AI assistant
Zaptec AS Interim / Quarterly Report 2024
3796_rns_2024-08-21_0e64705f-235b-4343-a6ff-7d6e97f45004.pdf
Interim / Quarterly Report
Open in viewerOpens in your device viewer
Zaptec
Q2 2024
Financial
Quarterly stories
Market development
Financial summary
Update from the CEO
Quarterly update
Content
Update from the CEO Highlights Financial summary 6 Market development Stories Outlook Half-year report Financial statements
Financial summary
Market development
Financial
A quarter of remarkable achievements
Dear shareholders,
This quarter has been defining for Zaptec. Our most exciting development is the announcement of the Zaptec Go 2, set to redefine EV charging with bi-directional capabilities and superior features, launching in Q4 2024.
We have significantly expanded our footprint in Europe, and Zaptec now operates in 18 of Europe's 20 largest EV markets, reflecting our dedication to accessible, safe, high-quality EV charging solutions.
Participation in B2B exhibitions has strengthened our relationships and expanded our partner network.
Our collaboration with Polestar, as announced in June, integrates Zaptec as the recommended home charger across Europe, boosting our market presence.
Q2 2024 has been remarkable, marked by expansion of strategic partnerships, and innovative product announcements. We remain dedicated to delivering superior products and services, driving forward in our exciting journey.
Thank you for your support.
Kurt Østrem
3
Q2 Highlights 2024
- Quarterly revenue of 341 MNOK
- Continued strong order intake of 342 MNOK
- Order backlog of 456 MNOK
- Gross margin of 38%
- Opex further reduced to 98 MNOK
- EBITDA of 34 MNOK
- Available liquidity 250 MNOK
- Reduced production levels to facilitate path towards inventory normalisation
Key financial figures
| MNOK/% | Q2 2024 | Q2 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenues | 341 | 347 | 641 | 612 |
| Export Share | 79% | 70% | 77% | 69% |
| Gross margin | 38% | 35% | 38% | 37% |
| Opex | 98 | 106 | 213 | 214 |
| EBITDA | 34 | 14 | 32 | 13 |
| EBITDA Margin (%) | 10% | 4% | 5% | 2% |
| Available liquidity* | 250 | 248 | 250 | 248 |
Quarterly revenue and order intake (MNOK)
Financial summary
Revenue
Second quarter revenue of 341 MNOK, which is a slight decrease of 2% compared to the same period last year where revenue was 347 MNOK, however 14% higher than revenue in the first quarter 2024 of 300 MNOK.
Registered purchase orders in the second quarter was 342 MNOK, 23% lower than the same period last year. Note however the second quarter last year was significant ly impacted by market review and subsequent sales ban for a competitor in Sweden. Backlog of orders amounted to 456 MNOK by the end of Q2 2024.
The export share was 79% in the second quarter compared to 70% in the same period last year.
Gross margin
Gross margin in the quarter was 38% compared to 35% in the same period last year.
Opex
Total employee benefit expenses and other operating expenses in the second quarter was 98 MNOK, versus 115 MNOK in Q1 2024 and 106 MNOK in the same period last year.
Personnel expenses in the second quarter increased 4% compared to same period last year. Other operating expenses in the second quarter decreased 18% compared to the same period last year.
EBITDA
EBITDA in the second quarter was 34 MNOK compared to 14 MNOK in the second quarter last year.
Available Liquidity
The cash balance with total cash, available overdraft facility, deposits and other funds per end of June 2024 was 250 MNOK.
Inventory
Following extraordinary order intake in 1H 2023 and production orders for ramp-up of production in 2H 2023, the market slowed down with some deliveries pushed out in time during 2H 2023, leading to an above normal inventory. At the end of the second quarter 2024, inventory reached 610 MNOK. Zaptec has taken measures by reducing the production levels which will take full effect during the third quarter of 2024, where inventory level is set to start declining to facilitate the path toward inventory normalisation.
Quarterly stories
Market development
Financial summary
Financial
summary
Mixed market development in the second quarter
Sales figures for electric vehicles in Zaptec's markets had a mixed second quarter.
- In both Denmark and the UK, plug-in vehicle sales showed a substantial growth compared to Q2 2023
- In Norway, plug-in vehicles continue to dominate sales statistics with 86% of new vehicles coming with a plug, however overall, the plug-in vehicles sold declined 2% compared to Q2 2023
- The sales development in Italy, France and Benelux was similar to Norway with modest decline compared to Q2 2023.
- In EU in total, plug-in vehicle sales fell 5%.
- The Swiss market also recorded a decline, with 12% fewer plug-in vehicles sold in Q2 2024 compared to Q2 2023.
- In Germany, plug-in vehicle sales also declined 12%.
- Swedish plug-in vehicle sales fell 13% compared to Q2 2023.
Plug-in vehicle sales in Q2 2024 vs Q2 2023
Source: ACEA. Plug-in vehicles is battery electric and plug-in hybrid electric vehicles combined. * Norway, Sweden, Denmark and Switzerland
Our most considerable European boost yet
Q2 has been remarkable for us, significantly enhancing our visibility across Europe.
Our participation in Power2Drive, an international trade fair in Germany dedicated to the innovative future of energy solutions and e-mobility, allowed us to showcase our abili ty to meet the demands of the European market. It provid ed a fantastic platform to strengthen our relationships with existing partners and forge new ones.
In addition to Power2Drive, we attended several B2B exhibitions to increase our presence among a broader partner network, including key events in Scandinavia and the UK. The primary aim of these exhibitions was to attract new partners eager to distribute Zaptec's solutions in their respective markets.
Zaptec at the international trade fair Power2Drive, with more than 115,000 visitors from all around the world.
Financial
Quarterly stories
stories
Market development
Financial summary
Update from the CEO
statements One of the quarter's highlights was the product announce ment of the Zaptec Go 2, which is redefining EV charging. This product is the future of charging, not just by our standards but because it aims to enable bi-directional charging. The Zaptec Go 2 will communicate with your vehicle, transforming your EV into an energy power bank.
Moreover, our collaboration with Polestar, announced at the beginning of June, significantly boosted our European visibility, with the news being particularly well received in Germany.
Adding to this success, Zaptec has entered into a two-year international agreement with Spirii, a company within the Edenred Group, to deliver 45,000 EV charging stations across several European countries. The agreement, which includes Denmark, Germany, France, and Italy, is estimated to generate revenue of 23 million euros.
The Zaptec Go 2 as exhibited at the international trade fair Power2Drive.
Financial
Polestar and Zaptec to offer premium home charging solutions in Europe from Q2 onward
Polestar, the Swedish electric performance car brand, and Zaptec announced a pan-European commercial and technological collaboration agreement in June.
The strategic partnership has marked a significant step towards strengthening the electric mobility infrastructure in Europe.
As part of the agreement, Zaptec's renowned home charg er, Zaptec Go, has been highlighted as the recommended home charger on polestar.com and in Polestar Spaces across Europe. This ensures Polestar customers a reliable, premium charging solution within Polestar's extensive ecosystem.
Zaptec and Polestar 4, showcased together at Polestar Space in Oslo.
Financial statements
Lutz Stiegler, Polestar CTO, stated: "The partnership with Zaptec marks an important step in providing our European customers with seamless and effective home charging solutions ahead of the first deliveries of the two electric performance SUVs, Polestar 3 and Polestar 4. Togeth er with Zaptec, we will also continue developments on innovative charging tech to deliver features like smart charging, bidirectional charging, and vehicle-to-grid to our customers in the future."
Polestar launched the Zaptec Go home chargers to its customers in selected European markets in June and plans to expand to additional markets later this year. Zaptec will be integrated into the customer journey for Polestar across Europe, including key markets such as Spain, Italy, and Germany.
Kurt Østrem, Zaptec's CEO, expressed: "We're genuinely proud of this collaboration. Given Zaptec's high regard for quality and safety, it's only fitting to partner with those who share and understand our values. Entering into this part nership, we're embarking on an incredibly exciting journey in Europe, particularly with our vehicle-to-grid technology."
We chose a slightly unorthodox approach to announce our new partnership. Check out the video.
https://youtu.be/3VxZe5MqJ5Y?si=rPirIE3usETMm4qk
Kurt Østrem, Zaptec's CEO.
Expanding in the European market
Zaptec made significant progress in the Italian market during Q2 by appointing a new Business Development Manager. This individual brings valuable experience from the EV charger industry and will focus on expanding our partner network across Italy.
Expanding footprint in Kosovo and Croatia
We are also pleased to announce the addition of new distributors in Kosovo and Croatia. This expansion reflects our growing presence in Europe. Zaptec now covers 18 of Europe's 20 largest countries by electric vehicle sales. The only remaining markets are Romania and the Czech Republic.
Continuing growth across Europe
Our ongoing growth across Europe highlights our ded ication to making high-quality EV charging solutions accessible to more customers. As we continue to expand, we remain committed to delivering superior products and services that meet the needs of our diverse and growing customer base.
Financial summary
Financial statements
Zaptec Go 2 will redefine EV charging
Product development:
In Q2, Zaptec proudly announced the forthcoming release of its latest innovation, the Zaptec Go 2.
This next-generation European home charger builds upon the distinguished legacy of its award-winning predecessor, the Zaptec Go. Upholding our unwavering commitment to design, the Zaptec Go 2 ensures quality and safety remain at the forefront, empowering users to embark on new adventures confidently.
Scheduled for release in Q4 2024, the Zaptec Go 2 boasts MID certification and features a built-in display for precise kWh usage monitoring.
Next-generation hardware
The Zaptec Go 2 showcases a comprehensive hardware upgrade, facilitating features like 1/3 phase switching and solar integration. It also includes native OCPP for Charge Point Operators and built-in 4G LTE communications from the outset.
Excitingly, the Zaptec Go 2's hardware is designed to support AC vehicle-to-grid (V2G) capabilities, enabling bi-directional charging. Compliance with the forthcoming ISO 15118-20 and edition 4 of IEC 61851-1 standards will allow the Zaptec Go 2 to communicate with your vehicle, transforming your EV into an energy power bank.
Superior quality and safety
Zaptec recognises the importance of a reliable and safe home charger. The Zaptec Go 2 features an industry-lead ing installation process that is both straightforward and secure, making it an ideal fit for any home. Our dedica tion to quality is evident in every aspect of this product's design and functionality. The MID-certified metering system ensures accurate energy measurement, while the improved mechanical design supports higher charging output even at elevated temperatures without compromis ing quality.
Availability
The Zaptec Go 2 will be rolled out in stages, starting with Germany, Switzerland, and the Benelux countries in Q4 2024. Further details on the rollout and availability in addi tional countries will be announced later this year.
With the introduction of the Zaptec Go 2, Zaptec continues to redefine EV charging, providing superior quality, safety, and innovation.
Outlook for continued expansion and value creation
The transition to electric vehicles is a megatrend, and Europe's journey to move away from internal combustion engine vehicles has just started.
Major agencies and consultancies are projecting strong growth in electric vehicle sales figures across the largest European countries. This is required as part of the energy transition to meet emission reduction targets.
Recently, the growth in electric vehicle sales has been somewhat slower than anticipated earlier. This is likely a result of a challenging macroeconomic climate with high inflation and interest rates, leading to less disposable income for the average consumer.
However, several key drivers are supporting increased electric vehicle sales growth soon, including stricter emissions regulations in the EU and the release of several smaller, affordable electric vehicle models. Further, driving electric vehicles is becoming an economically rational
choice as the total cost of ownership is lower for electric vehicles compared to internal combustion engine vehicles in many vehicle categories.
During the second quarter, Zaptec remained the market leader in its core markets. In addition, several milestones toward increased European presence were reached, including exciting European agreements with Polestar and Spirii, as well as the announcement of the new Zaptec Go 2 charging station, designed to unlock major EU markets.
As we look forward, Zaptec expects growth in plug-in vehicle sales as projected by most agencies and consultancies. This will translate to a significant increase in the demand for AC charging stations. By building upon its market-leading position in core markets and increasing its market share in new markets, Zaptec expects further growth across Europe. Combined with continued cost focus, there is an outlook for significant value creation.
Projected European electric vehicles annual sales growth 2023-2030
* International Energy Agency, Announced Policy Scenario ** International Energy Agency, Stated Policy Scenario
stories
report
Report for the first half of 2024
Operation and locations
Zaptec develops and sells charging systems for electric vehicles. The Group's business idea and strategy is to be Europe's leading company within development and sale of chargers, charging systems and services for electric vehicle charging.
The Group includes, in addition to Zaptec ASA, the following subsidiaries:
Zaptec Charger AS Zaptec IP AS Zaptec Power AS Zaptec Sverige AB Zaptec Danmark ApS Zaptec U.K. Ltd Zaptec Deutschland GmBH Zaptec Schweiz AG Zaptec Netherlands B.V. Zaptec France SAS Zaptec Italia S.r.l Zaptec Charger, INC. Zaptec Austria, GmbH
Production of charging units and equipment is outsourced to Westcontrol, and takes place in Tau, Norway and to Sanmina Corporation with production facilities in Gunzenhausen, Germany.
The main office is in Sandnes, Norway, however the Group also have sales organizations in Oslo, Sweden, Denmark, UK, France, Germany, Switzerland, the Netherlands, Belgium and Italy. There are no employees in the following legal entities; Zaptec IP AS, Zaptec Power AS, Zaptec Charger, INC. and Zaptec Austria, GmbH
Comments related to the financial statement
The Group had a turnover increase of 5% in the first half of 2024 with gross profit margin maintained at a high level of 38% compared to 37% in first half of 2023. The Group has an equity ratio of 53% and a sufficient liquidity position. The development in turnover, profit margin and equity ratio are as expected.
The Group made an operating profit of 16 298 KNOK per 30.06.2024.
The Group's growth and investments are in line with previously communicated outlook, however the ramp-up of sales in certain markets, e.g. France and Germany, has been somewhat slower than previously anticipated due to prolonged time frames to adapt the Group's product offerings to relevant regulatory law and regulations. The board believes that the half yearly accounts give a true and fair view of the Group's assets and liabilities, financial position and results.
The parent company had no revenue per 30.06.2024.
Own shares
Zaptec ASA holds a number of 78 776 own shares as of 30.06.2024.
Outlook
The growth in electric vehicle sales is expected to continue in the years ahead. This trend is driven by the Paris agreement and the ongoing energy transition to electrify the world and drive down emissions to a sustainable level. In this landscape, the Group is well placed with its focused
Financial
Financial
statements and high-quality product line which includes Zaptec Go and Zaptec Pro, quality shareholder base, profitable growth and sound financial position. The Group's growth ambitions in the years ahead are based on increasing market shares in the European countries. To facilitate for this, technical development efforts are ongoing to enable sales of products in new markets.
In general, there are significant uncertainties related to the Board of Director's evaluation of the future for the Group, as the Group's operational and financial activities may be substantially impacted by factors outside the Group's and the Board of Director's control.
Risk factors
Component souring risk
The Group may experience component shortages which may impact both global EV production and the Group's production of EV charging systems. If the Group is unable to source key components to its EV production, this could decrease the Group's revenue, which could adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects.
IP risk
In the opinion of the Board of Directors, the Group's most important competitive advantage is its advanced and sophisticated technology for electric car chargers. Any failure to protect the Group's proprietary rights adequately, including but not limited to competitive actions from former employees, could result in (i) loss of key-employees, suppliers or customers of the Group and (ii) the Group's competitors offering similar products, potentially resulting in the loss of some of the Group's competitive advantage and a decrease in the Group's revenue, which would adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects.
Financial risk
The Group has to date focused on the European market, but it's current strategy is to grow and expand beyond Europe. The Group's ability to implement its strategy and achieve its business and financial objectives is subject to a variety of factors, many of which are beyond the Group's control. Further, acquisitions (if made) may involve significant risks. The Group's failure to execute its business strategy or to manage its growth effectively could adversely affect the Group's business, financial condition, results of operations, cash flow and/or prospects. In addition, there can be no guarantee that even if the Group successfully implements its strategy, it would result in the Group achieving its business and financial objectives.
Credit and liquidity risk
Depending on the balance between supply and demand, which fluctuates over time, the Group either sells its products on a continuous basis, or operates with order reserves, or products in stock. Currently the Group has order reserves due to a surplus of orders compared to its production. However, there is a risk that the Group in the future may experience a lack of order reserves combined with higher future purchase commitments towards its suppliers, as production levels are set to increase going forward. If the number of chargers ordered by the Group significantly deviates from the number of orders received from the Group's customers, the Group may incur unnecessary costs related to such purchases (in the event that the demand for the Group's products is lower than expected) or inability to meet the demand and thereby suffer loss of potential income (in the event that the demand for the Group's products is higher than expected).
Market risk
Significant changes in users' preferences away from the Group's offerings and towards competing car chargers or a decline in the market for electric cars are factors that may negatively affect the Group's business, financial condition, results of operations, cash flow and/or prospects. The Group operates in a market that is competitive, fragmented and rapidly changing. The Group expects to continue to experience competition from existing and new competitors, some of which are more established and who may have (i) greater capital and other resources, (ii) more superior brand recognition than the Group, and/or (iii) more aggressive pricing policies. There is no assurance that the Group will be able to compete successfully in such a competitive marketplace.
Financial summary
Financial statements
Personnel risk
The Group is highly dependent upon retaining and attracting qualified personnel. The loss of a key person might impede the achievement of the development and commercial objectives. Any failure to retain or attract such personnel could result in the Group not being able to successfully implement its strategy, which could have a material and adverse effect on the Group's business, financal condition, results of operations, cash flows and prospects.
Social – and Corporate Governance
Refer to our homepage for information on social – and corporate governance. Link: https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Annual-reports/Zaptec-ASA-Corporate-Governance-Report-2023.pdf and https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Zaptec-Corporate-Social-Responsibility.pdf
Research and development activities
The Group's core electric vehicle charging hardware products were launched before 2024; the Zaptec Pro was launched in 2016 and Zaptec Go in 2021. However ongoing work during 2024, is being done on further development of Zaptec Pro and Zaptec Go, and a new version of Zaptec Go called Zaptec Go 2, to fit certain requirements to fit with targeted segments in current and potential new markets. Further, there is continuous ongoing work to scale and improve the company's software solutions.
Cash flow
The deviation between operational cash flow and operating result can be explained by the Group's growth strategy. The Group's cash flow from operational activities is in general reinvested to continue the Group's future growth efforts. The Group's investments are related to development of the Group's electric vehicle charging systems, and operational expenses mainly due to the building of organization in new markets. So far during 2024, no larger financial transactions have taken place.
Going concern
In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. This assumption is based on profit forecasts for the year 2024 and the Group's long-term strategic forecasts. The Group's economic and financial position is sound.
The Group's debt level is mainly related to trade payables, which amounted to KNOK 201 203 per 30.06.2024. Total liabilities amounted to KNOK 594 391. Total equity at the end June 2024 was KNOK 681 394.
If required, the Group could raise additional equity financing by issuing new shares to existing and/or new shareholders. Since the Group is listed at Oslo Stock Exchange, the process to increase equity capital in the Group could be completed within a relatively short time frame, provided capital market sentiment and company outlook allow for such capital increase. The Group could also consider alternative financing sources if deemed required.
Liability insurance
The Group has a Directors & Officers liability insurance that covers Directors and executive management. The total limit of the coverage is 25 MNOK.
Social responsibility
Business model
The Group develops electronic vehicle charging systems, which are sold via multiple sales channels in both the business-to-business ("B2B") and business-to-consumer ("B2C") segments. The Group's hardware products are manufactured at third party factories owned by the Group's production partners Westcontrol and Sanmina, and sold B2B or B2C against a profit margin.
Transparency Act
The Group has joined the Responsible Business Alliance which allows the Group more insights and ability to strategically work with human rights in the supply chain. The Group has set up routines to work regularly with human rights due diligence and disclosure, with the 2024 Transparency Act report available on the Zaptec website. Link: https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Annual-reports/Zaptec-Transparency- Report-2023-Final-27th-June-2024.pdf
Equality
The Group aims at treating every employee and business partner equally. This is becoming important with an expansion abroad where differences are more significant than where we come from. We need to make a continued framework for every employee to follow. The Group is implementing the UN Human Rights Principles to the handbook and translating it into English to make sure that each
The Group works actively to promote equality, ensure equal opportunities and rights and prevent discrimination on the grounds of ethnicity, national origin, descent, skin color, language, religion and outlook on life. To contribute to this, the company has, among other things, established
The Group has a Human Rights policy aligned with the United Nations Guiding Principles on Business and Human Rights. Our policy is also reflected in our suppliers code of conduct. We aim to protect workers and reassure them that they work according to reasonable and considerate standards, free from exploitation and unfair business practices. The Group seeks to follow a combination of national rules with those provided by being a member of the Con-
employee understand our shared principles.
Equal opportunities and discrimination
federation of Norwegian Enterprise.
routines for recruitment.
Human rights
The Confederation of Norwegian Enterprise is also a member of the UN Global Compact, building on the ten principles. In 2023 Zaptec joined the Responsible Business Alliance. More details on Zaptec's human rights work can be found in our 2023 Sustainability Report. Link: https://zaptec.objects.frb.io/assets/Investor-relations-documentation/Annual-reports/Zaptec\_Sustainability\_Report\_2023\_HIGH.pdf
Anti-corruption
The Group works to comply with high standards of anti-corruption work. We aim to work to cease the cases of corruption, extortion, bribery and grey zone cases. We aim to have our subcontractors participate in implementing the Anti-Corruption Principles by working closely with them. The Group is also scaling up the operations by onboarding more support in the supply chain and operations.
The Group has Ethical Rules as a part of its Employee Handbook regulating gifts and other economic advantages. In case of uncertainty, the CFO is accessible to reply to questions for review. The company is also operating with red periods with regards to purchasing and sale of stocks.
Working environment
To comply with the principles of working with sub-contractors to verify their actions, the Group is collecting reports from our Norwegian factory assembling the products assessing their subcontractors delivering the material and the parts for the production process. The Group is documenting the reports we receive through our documentation system.
In addition to this, we have brought HR in-house. This reassures closer control of adhering to HR. The Group has strict protections for the employees in place, and we provide a collaborative working environment. This is outlined in our Employee Handbook where protections for whistleblowers, both working on permanent and temporary contracts, are outlined.
Climate change
The Group has mapped its scope 1,2 and 3 emissions for 2022 and 2023, and established systems to do so annually. The results of 2023 GHG emissions is published in the Zaptec Sustainability Report for 2023.
Events after period end
No material events occurred after the reporting date.
Allocation of net income
The Group had a net profit for the first half of 2024 of 9 527 KNOK.
Financial statements
| Consolidated statement of profit or loss | 20 |
|---|---|
| Consolidated statement of comprehensive income | 20 |
| Consolidated statement of financial position | 21 |
| Consolidated statement of cash flows | 22 |
| Consolidated statement of changes in equity | 23 |
Notes
| Note 1 - Basis of preparation | 24 |
|---|---|
| Note 2 - Significant accounting policies | 24 |
| Note 3 - Significant events and transactions | 24 |
| Note 4 - Segment information | 25 |
| Note 5 - Revenues from contracts with customers | 32 |
| Note 6 - Financial income and expense | 3 7 |
| Note 7 - Income tax | 3 7 |
| Note 8 - Intangible assets and goodwill | 3 8 |
| Note 9 - Inventories | 3 8 |
| Note 10 - Trade receivables | 3 8 |
| Note 11 - Other current assets | 3 8 |
| Note 12 - Other non-current assets | 3 8 |
| Note 13 - Provisions | 3 8 |
| Note 14 - Loans and borrowings | 3 9 |
| Note 15 - Other current liabilities | 40 |
| Note 16 - Events after the reporting date | 40 |
| Unaudited | |||||
|---|---|---|---|---|---|
| Second quarter | 01.01-30.06 | Full year | |||
| In NOK 1000 | Note | 2024 | 2023 | 2024 | 2023 |
| Operating income | |||||
| Revenues from contracts with customers | 4,5 | 340 609 | 347 187 | 641 075 | 1 402 408 |
| Other operating income | 0 | 0 | 0 | 24 182 | |
| Total operating income | 340 609 | 347 187 | 641 075 | 1 426 590 | |
| Operating expenses | |||||
| Cost of inventories | 4 | 208 990 | 226 933 | 396 304 | 891 290 |
| Employee benefit expenses | 3 | 53 446 | 51 534 | 117 523 | 247 962 |
| Depreciation and amortisation expense | 4,8 | 7 724 | 6 362 | 15 378 | 29 918 |
| Other operating expenses | 4 | 44 582 | 54 362 | 95 572 | 244 213 |
| Total operating expenses | 314 741 | 339 191 | 624 777 | 1 413 383 | |
| Operating profit/loss | 25 868 | 7 996 | 16 298 | 13 207 | |
| Financial income and expenses | |||||
| Finance income | 6 | 87 | 11 110 | 2 044 | 13 897 |
| Finance expense | 6 | 3 277 | 7 165 | 7 721 | 3 115 |
| Net financial income (+) and expenses (-) | -3 189 | 3 945 | -5 678 | 10 782 | |
| Profit (+)/loss (-) before tax | 22 679 | 11 941 | 10 620 | 23 990 | |
| Tax expense (+)/benefit (-) | 7 | 3 875 | 3 235 | 1 094 | 1 761 |
| Profit (+)/loss (-) after tax | 18 804 | 8 706 | 9 527 | 22 228 | |
| Total profit/loss attributable to: | |||||
| Owners of the parent | 18 804 | 8 706 | 9 527 | 22 228 | |
| Non-controlling interest | 0 | 0 | 0 | 0 | |
| Basic earnings per shares | 0,215 | 0,104 | 0,109 | 0,262 | |
| Diluted earnings per shares | 0,212 | 0,103 | 0,108 | 0,259 |
Consolidated statement of comprehensive income
| Unaudited | |||||
|---|---|---|---|---|---|
| Second quarter | Full year | ||||
| In NOK 1000 | Note | 2024 | 2023 | 2024 | 2023 |
| Profit (+)/loss (-) for the period | 18 804 | 8 706 | 9 527 | 22 228 | |
| Items that will or may be reclassified to profit or loss: | |||||
| Exchange gains arising on translation of foreign operations |
842 | 7 216 | 88 | 19 147 | |
| Total comprehensive income | 19 646 | 15 922 | 9 614 | 41 375 | |
| Total comprehensive income attributable to: | |||||
| Owners of the parent | 19 646 | 15 922 | 9 614 | 41 375 | |
| Non-controlling interest | 0 | 0 | 0 | 0 |
Market development
Financial summary
| highlights Quarterly |
|
|---|---|
Unaudited
| In NOK 1000 | Note | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|---|
| ASSETS | ||||
| Goodwill and intangible assets | ||||
| Goodwill | 8 | 77 153 | 77 988 | 79 171 |
| Other intangible assets | 8 | 87 950 | 87 754 | 80 320 |
| Deferred tax asset | ||||
| Deferred tax asset | 7 | 44 515 | 27 865 | 29 898 |
| Tangible assets | ||||
| Property, plant and equipment | 8 | 16 964 | 11 559 | 15 118 |
| Right-of-use assets | 8 | 47 525 | 9 741 | 52 741 |
| Other non-current assets | 12 | 5 198 | 5 073 | 5 189 |
| Total non-current assets | 279 304 | 219 980 | 262 437 | |
| Inventories | ||||
| Inventories | 9 | 610 460 | 242 359 | 447 348 |
| Receivables | ||||
| Trade receivables | 10 | 191 654 | 244 863 | 186 045 |
| Other current assets | ||||
| Other current assets | 11 | 95 684 | 119 372 | 122 081 |
| Cash and cash equivalents | ||||
| Cash and cash equivalents | 93 587 | 178 348 | 141 643 | |
| Total current assets | 991 385 | 784 943 | 897 117 |
TOTAL ASSETS 1 270 689 1 004 924 1 159 554
Consolidated statement of financial position
Consolidated statement of financial position
| Unaudited | ||||
|---|---|---|---|---|
| In NOK 1000 | Note | 30.06.2024 | 30.06.2023 | 31.12.2023 |
| EQUITY AND LIABILITIES | ||||
| Equity | ||||
| Share capital | 1 313 | 1 313 | 1 313 | |
| Treasury shares | -3 | 0 | -3 | |
| Share premium | 646 945 | 646 945 | 646 945 | |
| Other paid in equity | 20 962 | 13 972 | 14 982 | |
| Foreign exchange reserve | 29 104 | 21 182 | 28 960 | |
| Other reserves | -17 902 | -42 068 | -27 374 | |
| Total equity | 680 418 | 641 344 | 664 823 | |
| Non-current liabilities | ||||
| Deferred tax | 7 | 18 265 | 18 930 | 7 127 |
| Long-term lease liabilities | 8 | 40 801 | 6 037 | 43 762 |
| Long-term deferred income | 60 633 | 36 175 | 53 908 | |
| Long-term provisions | 13 | 21 216 | 13 616 | 21 234 |
| Total non-current liabilities | 140 915 | 74 758 | 126 032 | |
| Current liabilities | ||||
| Trade payables | 201 203 | 203 353 | 244 604 | |
| Short-term loans and borrowings | 14 | 143 106 | 0 | 0 |
| Short-term lease liabilities | 8 | 8 378 | 3 831 | 9 064 |
| Short-term deferred income | 5 | 24 573 | 13 241 | 19 818 |
| Tax payable | 7 | 11 347 | 20 064 | 20 984 |
| Other current liabilities | 15 | 60 750 | 48 334 | 74 228 |
| Total current liabilities | 449 356 | 288 823 | 368 698 | |
| Total liabilities | 590 271 | 363 581 | 494 731 | |
| TOTAL EQUITY AND LIABILITIES | 1 270 689 | 1 004 924 | 1 159 554 |
Consolidated statement of cash flows
| Second quarter | 01.01-30.06 | Full year | ||||
|---|---|---|---|---|---|---|
| In NOK 1000 | Note | 2024 | 2023 | 2024 | 2023 | |
| Cash flow from operating activities | ||||||
| Profit (+)/loss (-) before tax | 22 679 | 11 941 | 10 620 | 23 990 | ||
| Taxes paid | 0 | 0 | -20 984 | -11 107 | ||
| Depreciation and amortisation expense | 8 | 7 724 | 6 362 | 15 378 | 29 918 | |
| Shared based payment expense | 3 | 2 990 | 3 158 | 5 980 | 8 127 | |
| Finance income | 6 | 87 | 11 111 | 2 044 | 41 321 | |
| Finance expense | 6 | 2 243 | 7 986 | -1 558 | -31 242 | |
| Increase in trade receivables | 10 | -663 | -48 406 | -5 609 | -69 708 | |
| Increase in inventories | 9 | -36 697 | -75 752 | -163 112 | -356 560 | |
| Increase in trade payables | -8 635 | 51 488 | -43 401 | 98 547 | ||
| Change in other accrual items | 4 903 | -24 898 | 38 724 | 47 050 | ||
| Net cash flow from operating activities | -5 370 | -57 011 | -161 918 | -219 663 |
Cash flow from investment activities
| Purchases of property, plant and equipment 8 |
-8 689 | -12 922 | -19 993 | -78 377 |
|---|---|---|---|---|
| Proceeds from sale of PP&E 8 |
0 | 7 301 | 0 | 7 570 |
| Advances/loans to suppliers 11 |
609 | -466 | 560 | 35 849 |
| Net cash flow from investment activities | -8 080 | -6 087 | -19 434 | -34 958 |
Consolidated statement of cash flows
| Unaudited | |||||
|---|---|---|---|---|---|
| Second quarter 2024 2023 |
Full year | ||||
| In NOK 1000 | Note | 2023 | |||
| Cash flow from financing activities | |||||
| Repayment of loans and borrowings | 14 | 0 | 0 | 0 | -29 229 |
| Draw down on credit facility | 14 | -36 103 | 0 | 143 106 | 0 |
| Lease liabilities | 8 | -2 348 | -4 701 | -3 647 | 37 587 |
| Interest on lease liabilities | 8 | -619 | -170 | -1 263 | -703 |
| Interest on debts and borrowings | -4 901 | 0 | -4 901 | 0 | |
| Purchase of treasury shares | 0 | 0 | 0 | -2 180 | |
| Proceeds from equity | 0 | 0 | 0 | 287 927 | |
| Net cash flow from financing activities | -43 970 | -4 871 | 133 296 | 293 402 | |
| Net change in cash and cash equivalents | -57 421 | -67 969 | -48 056 | 38 781 | |
| Cash and cash equivalents at start of period | 151 009 | 246 317 | 141 643 | 102 862 | |
| Cash and cash equivalents at end of period | 93 587 | 178 348 | 93 587 | 141 643 | |
Quarterly stories
Market development
Financial summary
Consolidated statement of changes in equity
| Unaudited | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| In NOK 1000 | Share Capital | Own shares | Share premium | Other paid in capital |
Foreign exchange reserve |
Other equity | Total equity holders of the parent |
Non-controlling interest |
Total equity | |
| 1 January 2023 | 1 146 | 0 | 359 185 | 6 855 | 10 480 | -52 849 | 324 816 | 0 | 324 816 | |
| Profit (+)/loss (-) after tax | 0 | 0 | 0 | 0 | 0 | 22 228 | 22 228 | 0 | 22 228 | |
| Other comprehensive Income | 0 | 0 | 0 | 0 | 18 479 | 668 | 19 147 | 0 | 19 147 | |
| Purchase of treasury shares | 0 | -3 | 0 | 0 | 0 | -2 180 | -2 183 | 0 | -2 183 | |
| Capital increase | 166 | 0 | 287 761 | 0 | 0 | 0 | 287 927 | 0 | 287 927 | |
| Share based payments | 0 | 0 | 0 | 8 127 | 0 | 0 | 8 127 | 0 | 8 127 | |
| Differences from earlier periods* | 0 | 0 | 0 | 0 | 0 | 4 760 | 4 760 | 0 | 4 760 | |
| 31 December 2023 | 1 313 | -3 | 646 945 | 14 982 | 28 960 | -27 374 | 664 823 | 0 | 664 823 | |
| 1 January 2024 | 1 313 | -3 | 646 945 | 14 982 | 28 960 | -27 374 | 664 823 | 0 | 664 823 | |
| Profit (+)/loss (-) after tax | 0 | 0 | 0 | 0 | 0 | 9 527 | 9 527 | 0 | 9 527 | |
| Other comprehensive Income | 0 | 0 | 0 | 0 | 144 | -56 | 88 | 0 | 88 | |
| Share based payments | 0 | 0 | 0 | 5 980 | 0 | 0 | 5 980 | 0 | 5 980 | |
| 30 June 2024 | 1 313 | -3 | 646 945 | 20 962 | 29 104 | -17 902 | 680 418 | 0 | 680 418 |
* Relates to shared services booked in Zaptec Charger AS and not in Zaptec Deutchland GmbH at 31 December 2022 of ingoing balance.
Quarterly stories
Market development
Financial summary Quarterly highlights
Note 1 - Basis of preparation
Notes
These interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting. They were authorised for issue by the board of directors on 21 August 2024. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2023 IFRS financial statement issued by the company on the 20 of March 2024.
Note 2 - Significant accounting policies
The Group has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2023 annual financial statements.
Note 3 - Significant events and transactions
Share based payments
New programs in 2022
Share-based incentive program for all employees
As of 01.01.2022 The Group implemented a share-based incentive program. Under the program all employees are entitled to a bonus equal to 20% of the employees' annual salary at 01.01.2022. The shares are allocated immediately and are vested over the vesting period, but can not be sold before 01.01.2025. Under the program the number of shares received is fixed at 01.01.2022. The number of shares equals 20% of the annual salary less withholding tax divided by the share price of Zaptec ASA based on average stock price last 15 days of 2021. Allocated shares for 2022 is 69 220.
The share portion is accounted for as an equity settled share-based payment program with immediate allocation to the employee that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2025). Fair value is measured by using the actual average stock price of the last 15 days of 2021.
As of 01.01.2023 The Group implementet a new share-based incentive program for new employees in 2022. Under the program all employees are entitled to a bonus equal 20% of the annual salary at 31.12.2022. The shares will be allocated to the employees after the three year vesting period, i.e. shortly after 01.01.2026. Under the program the number of shares received is fixed at 01.01.2023. The number of shares equals 20% of the annual salary divided by the share price of Zaptec ASA based on average stock price last 15 days of 2022.
The share portion is accounted for as an equity settled share-based payment program, that is the fair value of the equity instruments at grant date will be expensed over the vesting period (01.01.2026). Fair value is measured by using the actual average stock price of the last 15 days of 2022.
The company operates two equity-settled share-based remuneration schemes for key management:
Share-based incentive program for management
As of 01.01.2022 the group implemented a share-based incentive program. Under the program key management are granted a right to receive a defined number of shares after a vesting period. The vesting period is running until 01.01.2025. Per 30.06.2024 a total of 392 028 rights to receive shares has been granted.
The program is accounted for as an equity settled share-based payment program with a 3 year vesting period, that is the fair value of the equity instruments at grant date will be expensed over the vesting period. Fair value is measured by using the actual average stock price of the last 15 days of 2021.
Share-based payment program for key management and board of directors (Stock option program)
As of 30.06.2024 The Group had employee stock options agreements with 3 employees, CEO Kurt Østrem, CTO Knut Braut and former employee Kurt Aadnøy in Zaptec Charger. The agreements have vesting periods ranging from 12-24 months from October 2020, they grant the employees purchase rights of 1 100 000 shares at a share price ranging from NOK 11,25 to NOK 15,25. As of 30.06.2024 remaining stock options is 450 000 shares. All of these stock options can be excercised as of 30.06.2024.
One board member, Stig H. Christiansen, holds stock options as of 30.06.2024. The agreement have vesting periods ranging for 6,4 - 18,4 months from 18.06.2021, which grant the board member purchase rights of 50 000 shares at a share pricing of NOK 11,25.
Share based payment expense is charged to the income statement with the following amounts per Q2 2024, Q2 2023 and full year 2023.
| 01.01-30.06 | Full year | ||
|---|---|---|---|
| In NOK 1000 | 2024 | 2023 | 2023 |
| Share-based incentive program for all employees | 2 356 | 1 670 | 4 711 |
| Share-based incentive program for management | 3 624 | 5 448 | 3 415 |
| Provision for social security contribution | -321 | 1 091 | 1 353 |
| Total operating income | 5 659 | 8 209 | 9 480 |
All sales or purchases of treasury shares are related to options and/or the share-based incentive programs.
Note 4 - Segment information
the CEO
Quarterly highlights The Group consists of several legal entities where most of the entities are established to handle sales in a specific country. For management purposes, financial information is reported to the group management based on a legal entity basis. The group management is identified as the chief operating decision maker. Based on the internal reporting the following reportable segments are identified.
Zaptec Charger AS
This segment is involved in the sale of Zaptec products in Norway, and to customers in other countries where the Group has not established an entity or sales organization. Zaptec Charger AS also handles procurement of goods and internal sales.
Zaptec Sverige AB
This segment is involved in the sale and distribution of Zaptec products in Sweden.
Zaptec Schweiz AG
This segment is involved in the sale and distribution of Zaptec products in Switzerland.
Zaptec Danmark ApS
This segment is involved in the sale and distribution of Zaptec products in Denmark.
Other
Consist of all other legal entities in the group.
Quarterly stories
Market development
Financial summary
| Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Adjustments and eliminations |
Total | |
|---|---|---|---|---|---|---|---|
| Operating income | |||||||
| Revenues from contracts with customers | 187 051 | 172 108 | 135 114 | 68 680 | 89 601 | -11 480 | 641 075 |
| Revenues from internal sales | 283 864 | 0 | 0 | 0 | 875 | -284 739 | 0 |
| Revenues from shared services | 6 852 | 3 892 | 0 | 718 | 4 959 | -16 421 | 0 |
| Total operating income | 477 768 | 176 000 | 135 114 | 69 398 | 95 435 | -312 640 | 641 075 |
| Operating expenses | |||||||
| Cost of inventories | 377 374 | 132 043 | 59 232 | 50 687 | 62 667 | -285 698 | 396 304 |
| Employee benefit expenses | 73 862 | 10 403 | 16 777 | 5 517 | 21 668 | -10 703 | 117 523 |
| Depreciation and amortisation expense | 6 429 | 32 | 0 | 0 | 336 | 8 580 | 15 378 |
| Other operating expenses | 60 925 | 5 400 | 15 978 | 8 571 | 25 838 | -21 140 | 95 572 |
| Total operating expenses | 518 590 | 147 878 | 91 986 | 64 775 | 110 509 | -308 961 | 624 777 |
| Operating result | -40 822 | 28 122 | 43 128 | 4 623 | -15 073 | -3 679 | 16 298 |
| Year-to-date | 30.06.2023 | ||||||
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other* | Adjustments and eliminations |
Total |
| Operating income | |||||||
| Revenues from contracts with customers | 221 109 | 180 745 | 130 769 | 58 935 | 34 277 | -13 998 | 611 838 |
| Revenues from internal sales | 259 109 | 0 | 0 | 0 | 750 | -259 859 | 0 |
| Revenues from shared services | 17 649 | 3 234 | 572 | 986 | 396 | -22 836 | 0 |
| Total operating income | 497 867 | 183 979 | 131 341 | 59 920 | 35 424 | -296 693 | 611 838 |
| Operating expenses | |||||||
| Cost of inventories | 388 165 | 127 583 | 61 917 | 40 381 | 23 514 | -256 112 | 385 448 |
| Employee benefit expenses | 57 594 | 8 240 | 14 522 | 5 264 | 18 450 | 3 567 | 107 637 |
| Depreciation and amortisation expense | 5 290 | 12 | 0 | 0 | 795 | 5 987 | 12 084 |
| Other operating expenses | 58 908 | 14 810 | 11 441 | 7 112 | 26 367 | -12 594 | 106 045 |
Operating result -12 089 33 334 43 460 7 163 -33 702 -37 541 625
Year-to-date 30.06.2024
| Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other* | Adjustments and eliminations |
Total | |
|---|---|---|---|---|---|---|---|
| Operating income | |||||||
| Revenues from contracts with customers | 538 534 | 398 972 | 278 868 | 138 913 | 87 260 | -40 139 | 1 402 408 |
| Revenues from internal sales | 590 483 | 0 | 0 | 0 | 1 750 | -592 233 | 0 |
| Revenues from shared services | 52 647 | 7 512 | 1 070 | 1 796 | 22 556 | -85 580 | 0 |
| Other operating income | 0 | 0 | 0 | 0 | 24 182 | 0 | 24 182 |
| Total operating income | 1 181 664 | 406 485 | 279 937 | 140 709 | 135 748 | -717 952 | 1 426 590 |
| Operating expenses | |||||||
| Cost of inventories | 882 282 | 298 111 | 133 995 | 100 276 | 54 740 | -578 113 | 891 290 |
| Employee benefit expenses | 146 897 | 17 179 | 30 180 | 9 964 | 38 048 | 5 695 | 247 962 |
| Depreciation and amortisation expense | 13 102 | 39 | 0 | 0 | 1 779 | 14 999 | 29 918 |
| Other operating expenses | 146 885 | 60 709 | 94 023 | 23 466 | 28 837 | -109 707 | 244 213 |
| Total operating expenses | 1 189 166 | 376 036 | 258 198 | 133 706 | 123 404 | -667 127 | 1 413 383 |
| Operating result | -7 502 | 30 448 | 21 739 | 7 003 | 12 344 | -50 826 | 13 207 |
| Quarter | 30.06.2024 | ||||||
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Adjustments and eliminations |
Total |
| Operating income | |||||||
| Revenues from contracts with customers | 107 885 | 98 983 | 60 589 | 27 920 | 50 983 | -5 751 | 340 609 |
| Revenues from internal sales | 147 814 | 0 | 0 | 0 | 437 | -148 251 | 0 |
| Revenues from shared services | 0 | 1 497 | 0 | 216 | 2 537 | -4 250 | 0 |
| Total operating income | 255 699 | 100 480 | 60 589 | 28 136 | 53 957 | -158 252 | 340 609 |
| Operating expenses | |||||||
| Cost of inventories | 202 722 | 79 973 | 23 241 | 20 423 | 34 387 | -151 755 | 208 990 |
| Employee benefit expenses | 29 206 | 4 770 | 7 370 | 2 301 | 10 894 | -1 095 | 53 446 |
| Depreciation and amortisation expense | 3 260 | 18 | 0 | 0 | 161 | 4 284 | 7 724 |
| Other operating expenses | 29 113 | -4 820 | 4 401 | 4 945 | 14 103 | -3 160 | 44 582 |
Operating result -8 601 20 539 25 578 467 -5 588 -6 526 25 868
Full year 2023
Financial
Financial
statements
| Quarter | 30.06.2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other* | Adjustments and eliminations |
Total | |
| Operating income | ||||||||
| Revenues from contracts with customers | 94 038 | 136 841 | 61 287 | 38 781 | 23 977 | -7 737 | 347 187 | |
| Revenues from internal sales | 172 645 | 0 | 0 | 0 | 750 | -173 395 | -0 | |
| Revenues from shared services | 9 554 | 1 651 | 296 | 986 | 396 | -12 883 | 0 | |
| Total operating income | 276 236 | 138 491 | 61 584 | 39 767 | 25 124 | -194 015 | 347 187 | |
| Operating expenses | ||||||||
| Cost of inventories | 212 399 | 97 370 | 31 820 | 40 381 | 6 466 | -161 503 | 226 933 | |
| Employee benefit expenses | 25 312 | 4 216 | 8 051 | 5 264 | 8 277 | 414 | 51 534 | |
| Depreciation and amortisation expense | 2 716 | 12 | 0 | 0 | 406 | 3 227 | 6 362 | |
| Other operating expenses | 26 248 | 8 419 | 6 239 | 7 112 | 12 159 | -5 815 | 54 362 | |
| Total operating expenses | 266 674 | 110 017 | 46 110 | 52 757 | 27 309 | -163 677 | 339 191 | |
| Operating result | 9 562 | 28 474 | 15 474 | -12 991 | -2 185 | -30 338 | 7 996 |
Adjustments and eliminations
The Group evaluates segmental performance on the basis of profit or loss from operations calculated based on local financial statements. Adjustments for IFRS 16 and eliminations are included in the column adjustments and eliminations. Depreciation and amortisation excess values from business combinations are not allocated to individual segments as the underlying assets are managed on a group basis.
Adjustments and eliminations is as follows:
Year-to-date 30.06.2024
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|
| Elimination of internal sales(1) | -284 739 | -288 009 | 0 | 0 | 0 |
| Elimination of shared services (2) | -16 421 | 0 | -8 653 | 0 | -23 334 |
| IFRS 16 adjustments (3) | 0 | 0 | 0 | 5 254 | -5 741 |
| GAAP-adjustment to inventory (4) | 0 | 4 603 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 3 326 | 0 |
| Gains on internal transactions (6) | 0 | -1 997 | 0 | 0 | 0 |
| Share-based incentive program (7) | 0 | 0 | 5 659 | 0 | 0 |
| Other (9) | 0 | -295 | -7 709 | 0 | 7 935 |
| IFRS 15 adjustments (10) | -11 480 | 0 | 0 | 0 | 0 |
| Total | -312 640 | -285 698 | -10 703 | 8 580 | -21 140 |
Year-to-date 30.06.2023
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|
| Elimination of internal sales(1) | -259 859 | -259 550 | 0 | 0 | -750 |
| Elimination of shared services (2) | -22 836 | 0 | -4 642 | 0 | -18 240 |
| IFRS 16 adjustments (3) | 0 | 0 | 0 | 3 153 | -3 031 |
| GAAP-adjustment to inventory (4) | 0 | -15 779 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 3 224 | 0 |
| Gains on internal transactions (6) | 0 | 19 217 | 0 | 0 | 0 |
| Share-based incentive program (7) | 0 | 0 | 8 209 | 0 | 0 |
| Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 9 279 |
| Other (9) | 454 | 0 | 0 | -390 | 147 |
| IFRS 15 adjustments (10) | -14 452 | 0 | 0 | 0 | 0 |
| Total | -296 693 | -256 112 | 3 567 | 5 987 | -12 594 |
Quarterly stories
Financial
Financial
statements
Full year 2023
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|
| Elimination of internal sales(1) | -592 233 | -584 086 | 0 | 0 | -1 750 |
| Elimination of shared services (2) | -85 580 | 0 | -11 494 | 0 | -108 535 |
| IFRS 16 adjustments (3) | 0 | 0 | 0 | 9 165 | -9 770 |
| GAAP-adjustment to inventory (4) | 0 | -5 825 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 5 834 | 0 |
| Gains on internal transactions (6) | 0 | 13 176 | 0 | 0 | 0 |
| Share-based incentive program (7) | 0 | 0 | 9 480 | 0 | 0 |
| Other (9) | -1 377 | -1 378 | 7 709 | 0 | 10 348 |
| IFRS 15 adjustments (10) | -38 762 | 0 | 0 | 0 | 0 |
| Total | -717 952 | -578 113 | 5 695 | 14 999 | -109 707 |
Quarter 30.06.2024
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|
| Elimination of internal sales(1) | -148 251 | -152 390 | 0 | 0 | 0 |
| Elimination of shared services (2) | -4 250 | 0 | -3 905 | 0 | -6 487 |
| IFRS 16 adjustments (3) | 0 | 0 | 0 | 2 628 | -2 872 |
| GAAP-adjustment to inventory (4) | 0 | 2 704 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 1 656 | 0 |
| Gains on internal transactions (6) | 0 | -3 093 | 0 | 0 | 0 |
| Share-based incentive program (7) | 0 | 0 | 2 810 | 0 | 0 |
| Other (9) | 0 | 1 024 | 0 | 0 | 6 199 |
| IFRS 15 adjustments (10) | -5 751 | 0 | 0 | 0 | 0 |
| Total | -158 252 | -151 755 | -1 095 | 4 284 | -3 160 |
Quarterly stories
Market development
Financial summary
Quarter 30.06.2023
| In NOK 1000 | Revenues from internal sales |
Cost of inventories | Employee benefit expenses |
Depreciation and amortisation expense |
Other operating expenses |
|---|---|---|---|---|---|
| Elimination of internal sales (1) | -173 395 | -169 735 | 0 | 0 | -605 |
| Elimination of shared services (2) | -12 883 | 0 | -3 053 | 0 | -9 968 |
| IFRS 16 adjustments (3) | 0 | 0 | 0 | 1 748 | -1 541 |
| GAAP-adjustment to inventory (4) | 0 | -5 170 | 0 | 0 | 0 |
| Amortization of excess values (5) | 0 | 0 | 0 | 1 869 | 0 |
| Gains on internal transactions (6) | 0 | 13 402 | 0 | 0 | 0 |
| Share-based incentive program (7) | 0 | 0 | 3 467 | 0 | 0 |
| Provision for warranty claims (8) | 0 | 0 | 0 | 0 | 6 151 |
| Other (9) | 454 | 0 | 0 | -390 | 147 |
| IFRS 15 adjustments (10) | -8 191 | 0 | 0 | 0 | 0 |
| Total | -194 015 | -161 503 | 414 | 3 227 | -5 815 |
(1) Elimination of internal sales relates to sale of inventory from Zaptec Charger AS eliminated against cost of inventory, and purchased made by Zaptec Charger from other group companies eliminated against other operating expenses.
(2) The group have global functions in several of the group companies that provides significant services to companies within the group. The amount charged for these services is presented as income in the company providing the service. The amount is eliminated on consolidation.
(3) Lease payment are expense on a linear basis under local gaap. In the IFRS financial statement the leases are accounted for in accordance with IFRS 16, by recognition of are right of use asset and a lease liability. The expenses are included as amortization of the right-of-use asset and interest on the lease liability.
(4) Zaptec Schweiz AG includes a additional reduction of the carrying amount of inventory in line with local gaap. In the consolidated IFRS statement these reduction is reversed.
(5) Excess value from the acquisition of Zaptec Schweiz AG is included on group level.
(6) Gains on internal transaction of inventory.
(7) Share-based incentive program, ref. note 3
(8) Provision for warranty claims, ref. note 13
(9) Other
(10) IFRS 15 adjustments, ref. note 5
Note 5 - Revenues from contracts with customers
Disaggregation of Revenue
The Group has disaggregated revenue into various categories in the following table which is intended to:
-
Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date; and
-
Enable users to understand the relationship with revenue segment information provided in Note 4
Set out below is the disaggregation of the Group's revenue from contracts with customers:
| Year-to-date | 30.06.2024 |
|---|---|
| -------------- | ------------ |
Segments
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Total |
|---|---|---|---|---|---|---|
| Product sales | 187 051 | 172 108 | 135 114 | 68 680 | 78 121 | 641 075 |
| Total operating income | 187 051 | 172 108 | 135 114 | 68 680 | 78 121 | 641 075 |
By business area - Geographical distribution
| Norway | 152 785 | 0 | 0 | 0 | -11 480 | 141 305 |
|---|---|---|---|---|---|---|
| Sweden | 11 594 | 172 108 | 0 | 0 | 0 | 183 702 |
| Switzerland | 0 | 0 | 135 114 | 0 | 0 | 135 114 |
| Denmark | 0 | 0 | 0 | 68 680 | 0 | 68 680 |
| Iceland | 7 003 | 0 | 0 | 0 | 0 | 7 003 |
| Finland | 9 273 | 0 | 0 | 0 | 0 | 9 273 |
| Belgium | 0 | 0 | 0 | 0 | 9 844 | 9 844 |
| Poland | 529 | 0 | 0 | 0 | 0 | 529 |
| Netherlands | 0 | 0 | 0 | 0 | 53 785 | 53 785 |
| Ireland | 4 562 | 0 | 0 | 0 | 0 | 4 562 |
| Deutschland | 0 | 0 | 0 | 0 | 3 576 | 3 576 |
| UK | 74 | 0 | 0 | 0 | 17 658 | 17 732 |
| Portugal | 402 | 0 | 0 | 0 | 0 | 402 |
| Rest of Europe | 661 | 0 | 0 | 0 | 4 738 | 5 399 |
| Other | 170 | 0 | 0 | 0 | 0 | 170 |
| Total operating income | 187 051 | 172 108 | 135 114 | 68 680 | 78 121 | 641 075 |
Goods transferred at a point in time 175 571 172 108 135 114 68 680 78 121 629 595 Goods and services transferred over time 11 480 0 0 0 0 11 480 Total operating income 187 051 172 108 135 114 68 680 78 121 641 075
Financial
Financial
statements
Segments
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Total |
|---|---|---|---|---|---|---|
| Product sales | 221 109 | 180 745 | 130 769 | 58 935 | 20 279 | 611 838 |
| Total operating income | 221 109 | 180 745 | 130 769 | 58 935 | 20 279 | 611 838 |
| By business area - Geographical distribution | ||||||
| Norway | 199 548 | 0 | 0 | 0 | -10 434 | 189 113 |
| Sweden | 6 666 | 180 745 | 0 | 0 | 0 | 187 411 |
| Switzerland | 0 | 0 | 130 769 | 0 | 0 | 130 769 |
| Denmark | 2 112 | 0 | 0 | 58 935 | 0 | 61 047 |
| Iceland | 2 740 | 0 | 0 | 0 | 0 | 2 740 |
| Finland | 0 | 0 | 0 | 0 | 0 | 0 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 0 |
| Poland | 0 | 0 | 0 | 0 | 0 | 0 |
| Netherlands | 0 | 0 | 0 | 0 | 0 | 0 |
| Ireland | 0 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | 0 | 0 | 0 | 0 | 0 | 0 |
| UK | 0 | 0 | 0 | 0 | 0 | 0 |
| Portugal | 0 | 0 | 0 | 0 | 0 | 0 |
| Rest of Europe | 10 043 | 0 | 0 | 0 | 30 714 | 40 757 |
| Other | 0 | 0 | 0 | 0 | 0 | 0 |
| Total operating income | 221 109 | 180 745 | 130 769 | 58 935 | 20 279 | 611 838 |
| Timing of revenue recognition | ||||||
| Goods transferred at a point in time | 221 109 | 180 745 | 130 769 | 58 935 | 20 279 | 611 838 |
| Goods and services transferred over time | 0 | 0 | 0 | 0 | 0 | 0 |
Total operating income 221 109 180 745 130 769 58 935 20 279 611 838
the CEO
Quarterly stories
Financial
Financial
statements
Market Quarterly stories
Financial
Financial
statements
| Second quarter | 2024 |
|---|---|
Segments
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Total |
|---|---|---|---|---|---|---|
| Product sales | 107 885 | 98 983 | 60 589 | 27 920 | 45 231 | 340 609 |
| Total operating income | 107 885 | 98 983 | 60 589 | 27 920 | 45 231 | 340 609 |
| By business area - Geographical distribution | ||||||
| Norway | 84 185 | 0 | 0 | 0 | -5 751 | 78 433 |
| Sweden | 10 006 | 98 983 | 0 | 0 | 0 | 108 989 |
| Switzerland | 0 | 0 | 60 589 | 0 | 0 | 60 589 |
| Denmark | 0 | 0 | 0 | 27 920 | 0 | 27 920 |
| Iceland | 5 227 | 0 | 0 | 0 | 0 | 5 227 |
| Finland | 5 528 | 0 | 0 | 0 | 0 | 5 528 |
| Belgium | 0 | 0 | 0 | 0 | 9 611 | 9 611 |
| Poland | 217 | 0 | 0 | 0 | 0 | 217 |
| Netherlands | 0 | 0 | 0 | 0 | 27 928 | 27 928 |
| Ireland | 2 378 | 0 | 0 | 0 | 0 | 2 378 |
| Deutschland | 0 | 0 | 0 | 0 | 2 275 | 2 275 |
| UK | 12 | 0 | 0 | 0 | 8 812 | 8 824 |
| Portugal | 0 | 0 | 0 | 0 | 0 | 0 |
| Rest of Europe | 333 | 0 | 0 | 0 | 2 357 | 2 690 |
| Other | 0 | 0 | 0 | 0 | 0 | 0 |
| Total operating income | 107 885 | 98 983 | 60 589 | 27 920 | 45 231 | 340 609 |
| Timing of revenue recognition | ||||||
| Goods transferred at a point in time | 102 134 | 98 983 | 60 589 | 27 920 | 45 231 | 334 858 |
| Goods and services transferred over time | 5 751 | 0 | 0 | 0 | 0 | 5 751 |
| Total operating income | 107 885 | 98 983 | 60 589 | 27 920 | 45 231 | 340 609 |
Second quarter 2023
Financial
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Total |
|---|---|---|---|---|---|---|
| Product sales | 94 038 | 136 841 | 61 287 | 38 781 | 16 241 | 347 187 |
| Total operating income | 94 038 | 136 841 | 61 287 | 38 781 | 16 241 | 347 187 |
| By business area - Geographical distribution | ||||||
| Norway | 81 980 | 0 | 0 | 0 | -6 540 | 75 440 |
| Sweden | 6 507 | 136 841 | 0 | 0 | 0 | 143 347 |
| Switzerland | 0 | 0 | 61 287 | 0 | 0 | 61 287 |
| Denmark | -82 | 0 | 0 | 38 781 | 0 | 38 699 |
| Iceland | 0 | 0 | 0 | 0 | 0 | 0 |
| Finland | 0 | 0 | 0 | 0 | 0 | 0 |
| Belgium | 0 | 0 | 0 | 0 | 0 | 0 |
| Poland | 0 | 0 | 0 | 0 | 0 | 0 |
| Netherlands | 0 | 0 | 0 | 0 | 0 | 0 |
| Ireland | 0 | 0 | 0 | 0 | 0 | 0 |
| Deutschland | 0 | 0 | 0 | 0 | 0 | 0 |
| UK | 0 | 0 | 0 | 0 | 0 | 0 |
| Portugal | 0 | 0 | 0 | 0 | 0 | 0 |
| Rest of Europe | 5 632 | 0 | 0 | 0 | 22 781 | 28 413 |
| Other | 0 | 0 | 0 | 0 | 0 | 0 |
| Total operating income | 94 038 | 136 841 | 61 287 | 38 781 | 16 241 | 347 187 |
| Timing of revenue recognition | ||||||
| Goods transferred at a point in time | 94 038 | 136 841 | 61 287 | 38 781 | 16 241 | 347 187 |
| Goods and services transferred over time | 0 | 0 | 0 | 0 | 0 | 0 |
Total operating income 94 038 136 841 61 287 38 781 16 241 347 187
Full year 2023
Segments
| In NOK 1000 | Zaptec Charger AS |
Zaptec Sverige AB |
Zaptec Schweiz AG |
Zaptec Danmark ApS |
Other | Total |
|---|---|---|---|---|---|---|
| Product sales | 538 534 | 398 972 | 278 868 | 138 913 | 47 121 | 1 402 407 |
| Other | 0 | 0 | 0 | 0 | 0 | 0 |
| Total operating income | 538 534 | 398 972 | 278 868 | 138 913 | 47 121 | 1 402 407 |
| By business area - Geographical distribution Norway |
471 800 | 0 | 0 | 0 | -33 170 | 438 630 |
| Sweden | 23 593 | 398 972 | 0 | 0 | 0 | 422 566 |
| Switzerland | 0 | 0 | 278 868 | 0 | 0 | 278 868 |
| Denmark | 2 809 | 0 | 0 | 138 913 | 0 | 141 722 |
| Iceland | 9 331 | 0 | 0 | 0 | 0 | 9 331 |
| Norway | 471 800 | 0 | 0 | 0 | -33 170 | 438 630 |
|---|---|---|---|---|---|---|
| Sweden | 23 593 | 398 972 | 0 | 0 | 0 | 422 566 |
| Switzerland | 0 | 0 | 278 868 | 0 | 0 | 278 868 |
| Denmark | 2 809 | 0 | 0 | 138 913 | 0 | 141 722 |
| Iceland | 9 331 | 0 | 0 | 0 | 0 | 9 331 |
| Finland | 17 343 | 0 | 0 | 0 | 0 | 17 343 |
| Belgium | 975 | 0 | 0 | 0 | 0 | 975 |
| Poland | 1 174 | 0 | 0 | 0 | 0 | 1 174 |
| Netherlands | 2 007 | 0 | 0 | 0 | 50 572 | 52 579 |
| Ireland | 2 396 | 0 | 0 | 0 | 0 | 2 396 |
| Deutschland | 0 | 0 | 0 | 0 | 5 253 | 5 253 |
| UK | 6 | 0 | 0 | 0 | 24 390 | 24 395 |
| Portugal | 6 406 | 0 | 0 | 0 | 0 | 6 406 |
| Rest of Europe | 383 | 0 | 0 | 0 | 77 | 459 |
| Other | 310 | 0 | 0 | 0 | 0 | 310 |
| Total operating income | 538 534 | 398 972 | 278 868 | 138 913 | 47 121 | 1 402 408 |
| Timing of revenue recognition | ||||||
| Goods transferred at a point in time | 499 771 | 398 972 | 278 868 | 138 913 | 47 121 | 1 363 645 |
| Goods and services transferred over time | 38 762 | 0 | 0 | 0 | 0 | 38 762 |
| Total operating income | 538 534 | 398 972 | 278 868 | 138 913 | 47 121 | 1 402 408 |
Market development
Financial summary
Quarterly highlights The table below shows the movement in deferred income during 2024.
Deferred income
30.06.2024
In NOK 1000
| Opening balance | 73 726 |
|---|---|
| Movement | 11 480 |
| Closing balance | 85 206 |
Note 6 - Financial income and expense
| 01.01-30.06 | 31.12 | |||
|---|---|---|---|---|
| In NOK 1000 | 2024 | 2023 | 2023 | |
| Finance income | ||||
| Other finance income | 2 044 | 21 817 | 13 897 | |
| Total finance income | 2 044 | 21 817 | 13 897 |
| Finance expense | |||
|---|---|---|---|
| Interest on debts and borrowings | 4 901 | 0 | 0 |
| Interest from leases | 1 263 | 131 | 759 |
| Other finance expense | 1 558 | 893 | 0 |
| Foreign currency loss | 0 | 9 654 | 2 356 |
| Total finance expense | 7 721 | 10 678 | 3 115 |
Note 7 - Income tax
The tax expense is calculated as 22% of the profit (+)/loss (-) before tax adjusted for items that will impact the effective tax rate. The calculation for the 3-month period ended 30.06.2024 follows:
| 01.01-30.06. | 01.01-31.12 | |||
|---|---|---|---|---|
| In NOK 1000 | 2024 | 2023 | 2023 | |
| Profit (+)/loss (-) before tax | 10 620 | 11 941 | 23 990 | |
| Adjustment for losses not recognised as deferred tax asset |
19 593 | 5 727 | -568 | |
| Difference in tax rates | -1 010 | 102 | 6 659 | |
| Non deductible share based payment arrangement |
5 980 | -7 118 | 8 127 | |
| Not taxable income | 0 | 0 | -21 156 | |
| Other differences | -30 213 | 4 052 | -9 047 | |
| Estimated basis for tax expense | 4 971 | 14 705 | 8 004 | |
| Tax expense | 22% | 1 094 | 3 235 | 1 761 |
Deferred tax asset is not recognized for losses generated in jurisdiction where the group has not yet identified convincing evidence of future taxable income. As of 30.06.2024 this applies to Germany, UK and France.
Financial
Financial
statements
Note 8 - Intangible assets and goodwill
Update from the CEO
Financial summary
30.06.2024 In NOK 1000 Goodwill Intangible asset Property, plant and equitpment Right of use assets Opening balance 79 171 80 320 15 118 52 741 227 349 - Amortisaton and depreciation 0 -7 721 -2 401 -5 254 -15 378 + Purchases and new leases 0 15 764 4 230 0 19 993 - Disposals 0 0 0 0 0 +/- Foreign currency effects -2 017 -412 18 37 -2 375
Note 9 - Inventories
The inventory consists solely of finished goods (acquired goods produced for the Group for resale).
Total current purchase obligations of EV chargers from Westcontrol and Sanmina amounts to 707 MNOK from July 2024 till June 2025. A significant portion of the committed production may be postponed based on quarterly updated forecasts.
Closing balance 77 153 87 950 16 964 47 525 229 591
The Group has a balance at the end of the first quarter of 610 MNOK versus 242 MNOK in the same period previous year. Measures are taken to adapt production to a normalized level of inventory in the long term. The stock consists only of current goods and inventory write-downs recognized as an expense amount to 0 MNOK.
Note 10 - Trade receivables
Provision for credit losses is 12,4 MNOK at 30 June 2024 and 3,7 MNOK at 30 June 2023.
Note 11 - Other current assets
| Breakdown of other current assets: | ||||
|---|---|---|---|---|
| In NOK 1000 | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
| Loan to finance inventory* | 35 289 | 77 959 | 35 849 | |
| VAT refund | 22 481 | 26 486 | 52 842 | |
| Other | 37 913 | 14 928 | 33 390 | |
| Total | 95 684 | 119 372 | 122 081 |
* The Group has not identified any impairment indicators related to the loan to Sanmina.
Note 12 - Other non-current assets
Breakdown of other non-current assets
| In NOK 1000 | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| Investment in Switch EV Ltd. | 4 872 | 4 872 | 4 872 |
| Other | 325 | 201 | 316 |
| Total | 5 198 | 5 073 | 5 189 |
Note 13 - Provisions
Total
The Group has a provision for warranty claims of 20,3 MNOK at period end.
The remaining long term provisions is related to the long-term incentive program for employees.
Note 14 - Loans and borrowings
| In NOK 1000 | 30.06.2024 | 30.06.2023 | 31.12.2023 | |
|---|---|---|---|---|
| Start of period: | ||||
| Non-current | 0 | 0 | 0 | |
| Current | 0 | 29 229 | 0 | |
| Total | 0 | 29 229 | 0 | |
| Draw down on credit facility | New loans | 143 106 | 0 | 0 |
| Loans | Repayments | 0 | -29 229 | 0 |
| Other changes | Other changes | 0 | 0 | 0 |
| Net changes | 143 106 | -29 229 | 0 |
End of period:
| Non-current | 0 | 0 | 0 |
|---|---|---|---|
| Current | 143 106 | 0 | 0 |
| Total | 143 106 | 0 | 0 |
The Group has an overdraft facility of 300 MNOK with a draw down of 143,1 MNOK at period end. The interest rate is 6,45 % of overdraft.
The terms are as follows:
-
Short term overdraft facility.
-
Annual maturity, will be renewed automatically when a credit rating is performed.
The financial covenants are as follows:
-
NIBD/EBITDA < 4.0. As of first quarter of 2025 NIBD/EBITDA < 2,5. Will be measured on a quarterly basis based on the last 12 months of the Group numbers.
-
Overdraft shall not exceed 60% of external trade receivables (not older than 90 days), and booked values of projects in progress, inventory. Quarterly reporting based on group numbers. Overdraft above this limit will be deemed a breach of covenant.
-
The lender shall approve any new owners with controlling influence and/or if the company is taken of the stock exchange.
-
IP-rights shall not be transferred or sold between the borrower and/or subsidiaries without approval from the bank.
-
The Group's patents and other IP-rights shall not be pledged or in any other way be put as security in advantage for other creditors of the group.
-
Dividend from Zaptec ASA to be approved by the bank and Eksfin
-
the borrower shall not produce coal or sell/produce coal.
-
The borrower shall ensure that not any subsidiary are pledging shares or other activa without written approval from the lender.
The Group has complied with all covenants as at, and for the three months ended 30 June 2024.
Security:
-
First priority pledge in inventory, accounts receivables and machinery/equipment in Zaptec ASA. Face value of 350 MNOK of each pledged item.
-
Pledge in inventory, trade receivables and machinery/equipment in Zaptec Charger AS. Face value of 350 MNOK of each pledged item.
Apart from transaction with key management and board members included in Note 7 there are no transactions with related parties.
Market
Note 15 - Other current liabilities
Breakdown of other current liabilities:
| In NOK 1000 | 30.06.2024 | 30.06.2023 | 31.12.2023 |
|---|---|---|---|
| VAT | 30 690 | 15 410 | 26 221 |
| Accrued expenses | 4 715 | 13 433 | 12 029 |
| Public taxes | 11 781 | 8 744 | 13 967 |
| Holiday pay | 7 709 | 5 665 | 11 593 |
| Other | 5 854 | 5 082 | 10 419 |
| Total | 60 750 | 48 334 | 74 228 |
Note 16 - Events after the reporting date
No events after the reporting date.
End of financial statement
Alternative Performance Measures
Zaptec may disclose alternative performance measures as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Zaptec believes that the alternative performance measures provide useful supplemental information to management, investors, security analysts and other stakeholders and are meant to provide an enhanced insight into the financial development of Zaptec's business operations and to improve comparability between periods.
Available Liquidity
Cash, cash equivalents, other funds (financial investments) and available overdraft facility. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the overall picture of the Group's financial position.
Gross Margin
Gross profit as a percentage of revenues. Gross profit is defined as revenues from contracts with customers less cost of goods sold. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand the profit generation in the Group's operating activities.
EBITDA
The profit/(loss) for the period before tax expense, finance expense, finance income and depreciation and amortisation expense. The Group has presented this APM because it considers it to be an important supplemental measure for investors to evaluate the operating performance of the Group.
EBITDA Margin
EBITDA as a percentage of revenues. The Group has presented this APM because it considers it to be an important supplemental measure for investors to understand to evaluate the operating performance of the Group.
OPEX
Employee benefit expenses plus other operating expenses.
Pursuant to the Norwegian Securities Trading Act section § 5-6 with pertaining regulations, we hereby confirm that, to the best of our knowledge, the company's interim financial statements for the period 1 January to 30 June 2024 have been prepared in accordance with IAS 34, as endorsed by the EU, and in accordance with the requirements for additional information provided for by the Norwegian Accounting Act. The information presented in the financial statements gives a true and fair picture of the company's liabilities, financial position and results overall. To the best of our knowledge, the Board of Directors' half-yearly report together with the yearly report, gives a true and fair picture of the development, performance and financial position of the company, and includes a description of the principal risk and uncertainty factors facing the company.
Ingelin Drøpping Chair of the board
Stig H. Christiansen Board member
Jennifer Dungs Board member
Gunnar Hviding Board member
Karoline Nystrøm Board member
Kurt Østrem CEO
Quarterly stories
Market development
Financial summary
Zaptec
Q2 2024
Financial
Quarterly stories
Market development
Financial summary
Update from the CEO
Quarterly update
Zaptec ASA P.O. Box 8034 4068 Stavanger, Norway www.zaptec.com