5967007LIEEXZXISIG31 2024-01-01 2024-12-31 iso4217:NOK 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 iso4217:NOK xbrli:shares 5967007LIEEXZXISIG31 2024-12-31 5967007LIEEXZXISIG31 2023-12-31 5967007LIEEXZXISIG31 2022-12-31 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:TreasurySharesMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:AdditionalPaidinCapitalMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:OtherEquityInterestMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXISIG31 2022-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:OtherEquityInterestMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:TreasurySharesMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:AdditionalPaidinCapitalMember 5967007LIEEXZXISIG31 2023-01-01 2023-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:TreasurySharesMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:AdditionalPaidinCapitalMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:OtherEquityInterestMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXISIG31 2023-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:OtherEquityInterestMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:TreasurySharesMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:AdditionalPaidinCapitalMember 5967007LIEEXZXISIG31 2024-01-01 2024-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:IssuedCapitalMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:TreasurySharesMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:AdditionalPaidinCapitalMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:ReserveOfSharebasedPaymentsMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:OtherEquityInterestMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 5967007LIEEXZXISIG31 2024-12-31 ifrs-full:NoncontrollingInterestsMember
Annual report
2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
About StrongPoint
StrongPoint is a retail technology company that provides
solutions and services to make stores smarter, enhance
the shopping experience, and improve the efficiency of
online grocery shopping. For 39 years, we have worked
closely with grocery retailers, understanding their
challenges and delivering innovative technology solutions
to help them operate more efficiently and enhance
customer experiences.
2
StrongPoint ASA | Annual Report 2024
3
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
497
NUMBER OF EMPLOYEES
39
YEARS IN BUSINESS
Key figures 2022-2024
2024 2023 2022
Operating revenue 1 309 1 342 1 372 MNOK
Annual growth -2 -2 40 %
Recurring revenue
1
358 312 292 MNOK
Annual growth recurring revenue 15 7 -3 %
EBITDA 2 -1 76 MNOK
EBT -47 -45 38 MNOK
Total assets 1,028 1 014 986 MNOK
Equity 465 475 507 MNOK
Equity ratio
2
45.3 46.8 51.5 %
Current ratio
3
1.09 1.27 1.53
Earnings per share
4
-0.72 -0.77 0.66 NOK
Number of shares (average for year) 44 631 44 398 44 260 T
Number of shares 31.12 44 888 44 888 44 888 T
Share price (Oslo Børs) 31.12 11.15 13.35 22.00 NOK
Number of employees 31.12 497 524 511
2) Equity ratio
Equity 31 December x 100
Total assets 31 December
3) Current ratio
Current assets 31 December
Current liabilities 31 December
4) Earnings per share
Annual profit after tax
Average no. of shares
1.3Bn
NOK ANNUAL
REVENUE
9
COUNTRIES WITH
FULL SALES, SERVICE
AND SUPPORT
20+
COUNTRIES COVERED
WITH PARTNERS
1) 12 months recurring revenue includes service agreements, licenses and rentals.
2003
LISTED ON OSLO
STOCK EXCHANGE
2021
GRI REPORTING &
MEMBER OF UN
GLOBAL COMPACT
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
StrongPoint ASA | Annual Report 2024
44
IMPACT
ON GROCERY
RETAILERS
Driving efficiency
savings and
boosting margins
IMPACT
ON END
CUSTOMERS
Improving both
the in-store and
online experience
for shoppers
OUR
PURPOSE
RETAIL
TECHNOLOGY
IN EVERY SHOPPING
EXPERIENCE FOR
A SMARTER AND
BETTER LIFE
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
5
StrongPoint ASA | Annual Report 2024
CEO
STATEMENT
2024 has been a challenging year for
StrongPoint. While we have seen improvements
throughout the year, the overall performance did
not meet our expectations.
Scandinavia and the Baltics have shown
encouraging trends, however performance in
the UK and Spain has been disappointing.
Addressing these challenges remains a top
priority, and we have already implemented
measures to improve efficiency, reduce costs,
and ensure that our investments are targeted
toward sustainable growth. This includes the
rightsizing of our organization in 2023, which
has had a noticeable impact in 2024.
At the start of 2020, we unveiled StrongPoint’s 2025
Strategy. We set our financial ambitions at NOK 2.5 billion and an EBITDA
margin of 13–15%. Last year, I pointed out the fact that achieving such
6
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Despite these challenges, 2024 has also been a year of
significant progress and strategic developments. We began
the year with a landmark achievement when Sainsbury’s, the
UK’s second-largest grocery retailer, selected StrongPoint’s
Order Picking solution. This partnership reinforces our
commitment to strengthening our presence in the UK, a
market where we are still in the very early stages of building
the same depth as we have in Norway, Sweden, and the
Baltics, where our top ten customers on average utilize
between four and five of our solutions. The potential in the UK
is significant, and realising our full market opportunity will
require time and sustained effort. Customer intimacy is crucial,
and as a new player in the market, building these necessary
customer relationships will take time.
In Spain, we announced our collaboration with the largest
grocery retailer in Iberia to develop CashGuard Connect, a
groundbreaking cash management solution for large cash
volumes. While the new solution is expected to generate
substantial efficiency savings for retailers, the complexity of
product development and challenges with our joint venture
partner have led to prolonged timelines. As a result, we are
continuously assessing our resource allocations to this
initiative while continuing to make progress.
At the end of the year, we announced an extensive
partnership with VusionGroup, a global retail technology
company that provides digital solutions to many of the world’s
largest retailers, including Walmart and Carrefour, and holds
approximately 50% of the global market share in electronic
shelf labels.
This partnership is a key milestone in our strategy,
consisting of two critical components. First, as an
Independent Software Vendor’, StrongPoint’s Order Picking
solution will be integrated into VusionGroup’s Retail IoT Cloud
platform, allowing us to expand into new markets worldwide
through co-selling opportunities. Second, as a ‘Value Added
Reseller’ in our nine geographic markets, StrongPoint will sell,
install, service, and support VusionGroup’s full range of
solutions, including electronic shelf labels. While the
‘Independent Software Vendor’ aspect presents a significant
long-term opportunity for global expansion, the ‘Value Added
Reseller’ partnership strengthens our short and medium-term
growth potential in our core markets.
None of these developments would be possible without our
employees, who are the foundation of StrongPoint’s success.
Their dedication, expertise, and commitment to innovation
continue to drive our progress.
This year, our Employer Net Promoter Score reached 30,
seven points higher than the average for similar technology
companies, an encouraging sign of the strong culture we are
building.
Attracting and retaining top talent remains a priority. In the
UK, we are actively growing our organization to prepare for
future expansion with key strategic hires. Meanwhile, in
Scandinavia, we continue to evolve our team to maintain and
grow our market position.
As we look ahead, we remain focused on delivering
financial improvements and positioning StrongPoint for long-
term success. In April 2024, we revised our financial estimates
for 2025, forecasting revenues of NOK 1.5-1.8 billion with an
EBITDA margin of 4-6%.
Given the difficulties of 2024, the previously stated forecast
for 2025 seems challenging, though not unattainable. While
we will work hard to achieve the previously communicated
targets, they remain well below our ultimate aspirations.
Longer term, we have stated that StrongPoint should operate
with an EBITDA margin in excess of 10% alongside healthy
revenue growth. Achieving this will require customer focus,
continuous operational improvements, expansion in key
markets, and an increasing focus on recurring
revenue streams.
While the financial results for 2024 were far from
satisfactory, the year also marked substantial progress and
strategic growth. We faced challenges, but the improvements
we have made and the opportunities ahead are encouraging.
Our success is a testament to the dedication and talent of
the StrongPoint team. Their hard work has been instrumental
in this year’s achievements, and I want to extend my heartfelt
thanks to them, as well as to our customers and shareholders
for their continued support.
Stay safe and strong.
Jacob Tveraabak
CEO
Sainsbury’s, the UK’s second-largest grocery
retailer, selected StrongPoint’s Order
Picking solution.
In Spain, we announced our collaboration with
the largest grocery retailer in Iberia to develop
CashGuard Connect, a groundbreaking cash
management solution for large cash volumes.
We announced an extensive partnership with
VusionGroup, a global retail technology
company that provides digital solutions to
many of the world’s largest retailers.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
The second half of the year brought further encouraging
progress with two consecutive quarters of revenue growth,
albeit at modest levels. While challenges persist and our
financial results are far away from our ambitions, the trajectory
is positive and we ended the year on an even stronger note
with the announcement of our strategic partnership with
VusionGroup, a collaboration that expands the reach of our
scalable e-commerce solutions into new markets.
The weak performance in 2024 is primarily due to the
challenging macro environment which began to deteriorate in
the second half of 2023. Higher interest rates and weakening
currencies in the Nordics required retailers to meet higher
return targets for their investments while also facing rising
costs for new products. Understandably, this resulted in
delayed and reduced new product investments by our
customers. The decline is visible in the product sales across
most of our product segments, as well as in the shop fitting
segment in the UK. We have taken the required financial and
organizational measures to navigate through these
challenging times, and the Board would like to extend our
sincere thanks to the entire StrongPoint team that has made
this possible. The financial performance in the second half of
the year is a testament to the positive impact of these efforts.
While the new product sales have been challenging over the
past 1.5 years, our efforts to build a more resilient and
predictable revenue base are delivering tangible results.
Recurring revenue grew by 15% over the course of the year
(rolling 12 months), mainly driven by the increasing adoption
of our e-commerce solutions.
A deeper analysis of our recurring revenue streams shows
steady and sustained growth in service and support across
most product areas. This trend reflects a growing
customer reliance on our solutions, reinforcing a positive long-
term trajectory. When combined with the continued expansion
of e-commerce related services, these developments further
strengthen our revenue stability and predictability, positioning
us for continued success in an evolving market.
While we remain disciplined in our approach to growth,
these developments signal that StrongPoint’s solutions are
gaining traction among leading retailers who recognize the
necessity of hyper-efficiency, instore and online, in an
evolving marketplace where costs are growing almost
everywhere.
As we look ahead, we expect 2025 to bring continued
macroeconomic and geopolitical uncertainty and
unpredictability, but we remain steadfast in our belief that
StrongPoint is now better positioned than ever to capitalize on
the significant opportunities within the retail technology market
in the years to come. The investments we have made in
technology, partnerships and market expansion are already
beginning to yield results, and we remain focused on
executing our long-term vision with discipline and
determination across our entire organization.
With a clear strategy, a strong foundation, and a dedicated
team with a passion for customer service, we enter the next
phase of our journey with confidence and optimism. The
priority now is to build on our regained momentum, accelerate
growth and strengthen profitability. We are all encouraged and
motivated by the substantial opportunities that lie ahead of us!
Morthen Johannessen
Chairman
7
StrongPoint ASA | Annual Report 2024
CHAIR’S
PERSPECTIVE
As 2024 unfolded, StrongPoint remained focused on regaining momentum
and reinforcing its position as a leading player in retail technology after a
challenging 2023. The first half of the year marked a significant milestone
with our breakthrough in the UK, with Sainsbury’s selecting and rolling out
our Order Picking solution for their e-commerce orders.
StrongPoint’s solutions are gaining traction among
leading retailers who recognize the necessity of
hyper-efficiency, instore and online, in an evolving
marketplace where costs are growing almost
everywhere.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
8
StrongPoint ASA | Annual Report 2024
WE LOVE RETAIL
As experts, we always look
to improve and innovate. We
come up with new technological
solutions that are tailor-made
for our retail customers.
WE WIN THE
CUSTOMER EVERY
SINGLE DAY
It’s not just about winning the
contract; it’s about continuously
developing the relationship and
never taking the customer
for granted.
WE MAKE A
DIFFERENCE
Share your learnings,
knowledge, wins and losses.
Be the best you can be, and
help others to achieve
the same.
WE ARE OBSESSED
WITH EFFICIENCY
We don’t waste time or
resources, so every second
counts in our pursuit of
perfection.
WE STAY
STRONG, SAFE AND
PASSIONATE
We take care of each other, and
in challenging times and crises
we stand together.
OUR VALUES
Values are what WE choose to prioritize. They encompass the
behaviors and skills that WE cherish. They form the foundation
of how WE want the work environment to be at StrongPoint. At
StrongPoint, WE have chosen five values that demonstrate the
behaviors and skills WE want all our colleagues to embody.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
TECHNOLOGY
RESPONDING TO
GROCERY RETAIL
MEGATRENDS
LABOUR
COSTS
GOING UP
DISCOUNTERS
BECOMING
MAINSTREAM
INCREASING
CUSTOMER
DEMANDS
Solutions must be less
labor-dependent, often
involving automation.
All market players must
reduce costs to remain
competitive.
There is a constant demand
for a better and faster
customer experience, both
in-store and online.
STRONGPOINT
DOUBLE
OPPORTUNITY:
Technology
solutions solving
1) in-store and
2) online challenges
9
StrongPoint ASA | Annual Report 2024
OPPORTUNITY 1: IN
-
STORE SOLUTIONS
The pressure on brick-and-mortar retailers’ margins means that grocery
retailers must find ways to increase in-store productivity to boost profitability.
OPPORTUNITY 2: E
-
COMMERCE SOLUTIONS
Grocery retailers with e-commerce services require highly efficient order
fulfillment solutions to keep costs down.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
T
10
StrongPoint ASA | Annual Report 2024
FOCUS ON
GROCERY
RETAIL
StrongPoint primarily serves the grocery retail
market. Unlike the retail market in general, grocery retail
is non-cyclical and highly resilient. Even in times of
market turmoil and economic uncertainty, consumers will
always need to shop for groceries. Beyond grocery retail,
StrongPoint has opportunities to extend its solutions to
other market segments, particularly DIY stores,
pharmacies and convenience retailers.
DIY
SPORTS
CONVENIENCE
RETAIL
PHARMACIES
GROCERY
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
11
StrongPoint ASA | Annual Report 2024
OUR GROCERY RETAIL
SOLUTION SUITE
* Fully StrongPoint proprietary solutions
*
*
*
*
* * * *
*
*
*
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
JANUARY
Sainsbury’s
selects
StrongPoint’s
grocery Order
Picking solution
2024
HIGHLIGHTS
StrongPoint was selected by
the UK’s second largest
grocery retailer Sainsbury’s to
supply order picking
technology for online grocery
orders fulfilled manually in
store. Sainsbury’s has over
1,400 supermarkets and
convenience stores across
the UK and employs more
than 152,000 people.
12
StrongPoint ASA | Annual Report 2024
The fact that we now serve the UK’s second largest
grocery retailer is a perfect testament to the quality
of our solution.
Jacob Tveraabak
CEO of StrongPoint
APRIL
SPAIN’S LARGEST GROCERY
RETAILER WITH
STRONGPOINT’S NEW CASH
MANAGEMENT SOLUTION
StrongPoint introduced a new solution,
‘CashGuard Connect’, the world’s first fully
automated end-to-end cash management
solution eliminating the need for store staff to
handle cash. The new solution is operational
and being tested in a store check-out of the
largest grocery retailer in Iberia.
MAY
GROCERY RETAILER
ALPHAMEGA ORDERS
ELECTRONIC SHELF LABELS
StrongPoint signed an agreement with the
Cyprus-based grocery retailer Alphamega to
install Electronic Shelf Labels in all its stores.
Alphamega has previously purchased and
integrated StrongPoint’s Order Picking,
Grocery Lockers and Delivery Manager
software to manage e-commerce orders.
Electronic Shelf Labels are Alphamega’s
fourth solution purchased from StrongPoint.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
13
StrongPoint ASA | Annual Report 2024
JUNE
LEADING US GROCERY
RETAILER EXPANDS
STRONGPOINT LOCKER
INSTALLATIONS
This new order follows the 20
temperature-controlled grocery lockers
ordered by the same grocery retailer in
December 2022. The new order is for 35
grocery locker installations for its ‘proof of
economy’. If deemed successful, the next
phase could involve a further roll-out.
SEPTEMBER
World’s first AutoStore™ Multi-Temperature
Solution
TM
for Haugaland Storhusholdning
StrongPoint has installed the world’s first AutoStore
TM
Multi-Temperature
Solution
TM
with a frozen zone for Haugaland Storhusholdning which was officially
opened in September. In the world of grocery cube storage automation, this is a
significant breakthrough. That StrongPoint was chosen for this major project is a
testament to its unique expertise in the grocery sector, which is far more
complex than other retail segments.
What’s unique about this grid, is that it
is divided into 3 sections. We have one
for frozen, one for ambient and one for
chilled. Automating with AutoStore and
StrongPoint gives us the opportunity to
grow our revenue by 3 times.
Our collaboration with StrongPoint
has been excellent. Especially with our
Project Manager and their support team.
The support has been ready and
available whenever needed, and I think
that is important to create a
successful partnership.
Thorstein Kirkeleit,
Business Development Manager
Haugaland Storhusholdning
SEPTEMBER
QUICK COMMERCE
DELIVEREASY PICKS
STRONGPOINT’S ORDER
PICKING SOLUTION
Delivereasy, the leading Quick Commerce
technology company in New Zealand, chose
StrongPoint’s Order Picking solution to fulfil its
grocery orders.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
NOVEMBER
LEADING BALTIC
-
BASED
GROCERY RETAILER RIMI
ORDERS EUR 2.3 MILLION OF
STRONGPOINT SELF
-
CHECKOUTS
Rimi has been using StrongPoint Self-Check-
outs for over five years, showcasing the
solution’s proven reliability and customer
convenience. With this new order,
Rimi is further scaling and rolling out
StrongPoint Self-Checkouts. This new
order includes self-checkouts with cash-
handling capabilities, as cash management
remains an important aspect of the checkout
process in the region.
DECEMBER
Partnership with VusionGroup
Through this partnership, VusionGroup will integrate StrongPoint’s end-to-end
e-commerce platform into its advanced Retail IoT Cloud platform, making it
available to retailers internationally. VusionGroup serves over 350 retailers in more
than 60 countries through 25 offices worldwide, including partnerships with leading
retailers such as Walmart, Carrefour, Edeka, and MediaMarkt-Saturn. The
company currently operates over 450 million smart electronic shelf labels in more
than 45,000 stores, accounting for approximately 50% of the global market share.
Enabling physical retailers to increase
their e-commerce performance through
store digitalization is one of the key
pillars of our strategy, and this
partnership represents a wonderful
opportunity to accelerate that. By
integrating StrongPoint’s e-commerce
technology into our platform, we are
not only enhancing our offering but
also enabling our customers to unlock
new levels of efficiency, profitability
and growth potential in a rapidly
evolving retail landscape
Sébastien Fourcy
SEVP EMEA
VusionGroup
14
StrongPoint ASA | Annual Report 2024
DECEMBER
LEADING BALTIC
-
BASED
GROCERY RETAILER IKI
ORDERS EUR 1.5 MILLION
OF SELF
-
CHECKOUTS FROM
STRONGPOINT
One of the largest grocery retailers in
Lithuania, IKI (part of REWE Group), placed
an order with StrongPoint to supply and install
self-checkout solutions in its stores.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
15
StrongPoint ASA | Annual Report 2024
PRODUCT
SEGMENTS
StrongPoint is organized into six
product segments:
IN
-
STORE
PRODUCTIVITY
Electronic Shelf Labels,
Scales and Wrapping
Systems and ShopFlow
Logistics.
CHECK OUT
EFFICIENCY
Self-Checkout, Vensafe,
Self Scanning and
POS systems.
E
-
COMMERCE
LOGISTICS
Order Picking,
Automated Fulfillment,
Warehouse Management,
Home Delivery, Various
Click & Collect Pickup
Solutions.
OTHER RETAIL
TECHNOLOGY
StrongPoint implements,
personalises and maintains
an enterprise resource
management solution.
SHOP FITTING
StrongPoint equips retail
and service shops with
fixtures, fittings, and
necessary equipment as
well as refurbishing
checkouts.
PAYMENT
SOLUTIONS
Multiple CashGuard
models: Core, Premium,
Unico and Compact.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
16
StrongPoint ASA | Annual Report 2024
E-Commerce Logistics
E-Commerce Fulfillment
Manual Order Picking
StrongPoint’s Order Picking Solution is
designed to maximize efficiency and
accuracy in grocery e-commerce fulfillment.
Our market-leading technology enables
faster, more accurate picking processes,
significantly reducing labor costs while
improving order accuracy. Whether used
in-store, in a dark store, or integrated with
automated micro-fulfillment, our solution
ensures world-class performance in online
grocery fulfillment.
Pick-by-light with Electronic Shelf Labels
To further boost e-commerce fulfillment
efficiency, StrongPoint integrates with
multiple Electronic Shelf Label (ESL)
vendors to enable Pick-by-light technology.
This advanced solution accelerates the
picking process by flashing the location of
items in real time, reducing errors and
improving speed. By leveraging Pick-by-
light, retailers can streamline in-store and
dark-store picking operations, ensuring a
faster, more cost-effective fulfillment
process.
Automated Fulfillment
StrongPoint’s Automated Fulfillment Solution
enables grocery retailers to achieve world-
class efficiency. This is further enhanced by
integration with StrongPoint’s Automated
Fulfillment software, purpose-built for
AutoStore solutions, and StrongPoint’s
manual order picking for situations where
retailers automate certain items while
keeping others for manual picking. This
combination optimizes space, reduces
fulfillment times, and lowers operational
costs. StrongPoint has also delivered the
world’s first multi-temperature AutoStore grid
with frozen food capabilities, enabling
efficient storage and processing of frozen,
chilled, and ambient products within a
compact, automated system. StrongPoint
partners with AutoStore to provide this
solution. Taking a consultative approach,
we work closely with retailers to solve their
challenges while being technology-agnostic,
allowing us to offer best-fit, world-class
solutions tailored to each retailer’s needs.
StrongPoint offers a comprehensive SaaS platform designed to
support retailers through the entire process of fulfilling and delivering
e-commerce orders. Specializing in a store-centric approach,
StrongPoint helps retailers optimize their store networks with efficient
picking, manual and automated, as well as multiple last mile solutions.
20
40
60
80
100
2023
REVENUE
87
PRODUCTS
44
MNOK
2024 2023 2024
40
SERVICES
70
2023 2024
120
127
114
140
9%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
17
StrongPoint ASA | Annual Report 2024
Last Mile Solutions
Grocery Lockers
StrongPoint’s Grocery Lockers Solution
provides a convenient and cost-effective way
for customers to pick up online orders while
reducing last-mile delivery costs. By
automating the collection process and turning
stores into distribution points, retailers can
streamline operations and enhance
convenience. These Click & Collect Lockers
can be mobile or stationary and support three
temperature zones: ambient, chilled, and
frozen. StrongPoint partners with leading
retailers to deliver this pickup solution.
In-Store Pickup
StrongPoint’s In-Store Pickup Solution
automates pickup operations for a fast and
efficient customer experience. The system
includes two-way communication, allowing
shoppers to notify the store when they are
en route so their order is ready on arrival. By
streamlining in-store fulfillment, retailers can
improve efficiency and service. StrongPoint
partners with grocery retailers to implement
this system.
Drive-Thru
StrongPoint’s Drive-Thru Solution provides a
fully contactless and automated way for
customers to pick up groceries without leaving
their vehicle. AI-powered image recognition
detects when a customer enters the pickup
zone, instantly notifying store staff. This
ensures a smooth and efficient process.
StrongPoint partners with grocery retailers to
deliver this technology.
Home Delivery
StrongPoint’s Home Delivery Solution
optimizes grocery deliveries by managing
time slots, vehicles, and pickup points while
ensuring efficient routes. The system includes
two-way communication, allowing real-time
updates on delivery preferences, and supports
cold chain management to maintain product
freshness.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
18
StrongPoint ASA | Annual Report 2024
Market Today
The UK, European, and North American
online grocery markets in 2024 have shown
steady growth. While France, the
Netherlands, and Scandinavia report higher
online grocery penetration, Germany, Spain,
and Italy remain at lower levels in Europe.
Consumers continue to balance the
convenience of digital shopping with the
tactile experience of physical stores. Growth
has been driven by demand for time-saving
solutions, improved technology, and
expanded delivery options such as rapid
delivery and click-and-collect.
AI-driven personalization is allowing
retailers to tailor promotions and refine the
shopping experience. Hybrid retail models,
blending online and offline shopping, are
gaining traction, with physical stores serving
as fulfillment hubs. Sustainability remains a
key consumer priority, driving initiatives such
as eco-friendly packaging and optimized
delivery routes to reduce emissions.
However, the sector faces substantial
challenges. Rising operational costs,
including energy prices and labor wages, are
putting pressure on profitability. Competition
from discounters, who have largely avoided
online grocery, continues to intensify.
Customer retention is also a growing
concern, as fluctuating consumer loyalty
requires grocers to continuously enhance
their digital offerings.
Additionally, infrastructure strain remains a
significant issue, as many logistics networks
were not designed for high-volume
e-commerce. Because of these hurdles,
investment in technology, efficiency, and
customer experience remains critical for
maintaining competitiveness.
Future Outlook
The grocery industry is expected to continue
evolving as retailers integrate AI, machine
learning, and automation to improve
efficiency and customer experience.
However, the impact of these technologies
are still being evaluated, and implementation
is progressing cautiously.
While automation is streamlining fulfillment
and logistics, retailers are focusing on where
these solutions provide clear value.
Collaborative robots (cobots) are being
deployed alongside human employees, but
large-scale adoption remains limited.
AI is increasingly used for demand
forecasting, inventory management, and
personalized promotions, though widespread
adoption is still in its early stages.
Seamless integration between online
platforms, in-store systems, and fulfillment
centers remains a priority, but technical and
logistical challenges persist in creating a fully
unified omnichannel experience.
Rising labor costs and workforce
shortages make automation an attractive
option, though its role in grocery fulfillment
is still being refined. Small, dense, high
throughput retail automation solutions (what
some call micro-fulfillment centers) and
autonomous delivery solutions are
expanding, but broad implementation is not
yet universal.
Rapid delivery is gaining traction, making
it essential for retailers to process and hand
over orders in a simple, efficient manner.
Quick commerce partnerships are
expanding to meet consumer demand for
speed, and AI-powered chatbots and voice
assistants are being introduced to enhance
the shopping experience, though their
long-term impact on consumer behavior
remains uncertain.
As retailers navigate 2025 and beyond, the
adoption of new technologies will be driven
by proven value and cost-effectiveness.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
In-store Productivity
Electronic Shelf Labels
Electronic shelf labels (ESLs) greatly
enhance in-store efficiency by
automating price updates, eliminating
manual labor, and freeing up staff for
other tasks. Real-time, accurate pricing
reduces discrepancies and improves
customer satisfaction. In an environment
of rising labor costs and intense price
competition, ESLs offer a competitive
edge by streamlining operations and
optimizing pricing strategies.
Scales and wrapping systems
Our partner Digi Teraoka provides scales
and wrapping solutions for accurate
labeling and efficient in-store
packaging. Its AI-powered self-service
scales streamline checkout, improve
product identification, and eliminate
pick-list friction, with StrongPoint
deploying them in multiple stores across
Norway. Digi also focuses on
sustainability, developing a dispenser to
address stolen plastic bags and
promoting its “Bring Your Own
Container” initiative to encourage
reusable packaging.
ShopFlow Logistics
ShopFlow Logistics is a solution built
and designed by StrongPoint as a cloud-
based mobile logistics system for
managing routines such as receiving
goods, inventory, balance adjustments,
label printing, and waste management
on both Android and iOS. The solution
empowers the workforce, enhancing
efficiency on the shop floor.
100
200
300
400
500
2023
REVENUE
405
220
PRODUCTS
293
MNOK
320
2024 2023 2024
100
SERVICES
112
2023 2024
31%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
19
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
20
StrongPoint ASA | Annual Report 2024
Market Today
The current retail environment is placing
significant pressure on margins. Rising utility
costs, increased theft, higher labor
expenses, and intense price competition are
forcing retailers to improve in-store
productivity. Theft, in particular, is becoming
a major concern, directly impacting retailers’
bottom lines and making it an issue they
can no longer ignore. This is where in-store
technology can help. For example, weighing
scales use AI to recognize products placed
on the scale, potentially reducing both
customer mistakes and theft.
Beyond theft, the rising cost of labor is
pushing retailers to enhance efficiency.
Electronic Shelf Labels (ESLs) can improve
in-store productivity while helping
retailers meet growing customer
expectations. StrongPoint now offers ESLs
along with additional solutions designed to
enhance productivity in stores.
Future Outlook
Solutions that enhance in-store productivity
will continue to play a crucial role for
retailers in the future. Rising energy costs,
higher salaries, and increasing levels of theft
are all putting significant pressure on
retailers’ margins, making best-in-class
in-store productivity solutions more
important than ever. Leveraging AI-
driven tools, such as product recognition on
self-service scales, is one way retailers can
address the growing issue of theft across
their stores.
Equipping in-store personnel with the best
possible tools to meet these challenges will
also be essential. ShopFlow Logistics, for
example, can help employees on the shop
floor by streamlining tasks, allowing them
to spend more time assisting customers,
ultimately increasing sales and boosting
efficiency. By implementing and embracing
in-store productivity solutions, retailers can
thrive in an evolving retail landscape,
creating a customer-centric and engaging
work environment.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Payment Solutions
CashGuard
StrongPoint’s CashGuard solutions
streamline in-store cash handling, reduce
costs, and enhance security for retailers.
Manual cash management can lead to errors,
shrinkage, theft, and slower transactions,
while automation secures cash and improves
efficiency. CashGuard offers four options:
Core, Premium, Unico, and Compact, with a
fifth, Connect, in development. Designed to
fit various store formats, it reduces cash-
related costs by 30% and handling time by
up to 50%. By minimizing theft risks, it
creates a safer environment and lowers
insurance costs. With continuous cash
counting and optimization, retailers can focus
on customers while maintaining better control
over cash flow
Market Today
In 2024, cash remains a widely used
payment method across many regions, high-
lighting the ongoing need for efficient and
secure cash management. Despite the rise
of digital payment solutions, many retailers
still rely on manual cash handling, which
poses significant challenges related to labor
costs, theft prevention, and customer service
efficiency. Increasing incidents of theft and
a growing focus on operational optimization
have further emphasized the need for
automated, end-to-end solutions.
StrongPoint’s CashGuard system addresses
these challenges by securing and
automating the cash handling process
reducing errors, streamlining operations, and
enhancing the customer experience.
While supermarkets remain a primary
market, CashGuard also serves pharmacies,
tobacco stores, bakeries, and the HoReCa
sector, all of which require high levels of
security and reliability. The continued
success of CashGuard Core demonstrates
the strong demand for solutions that
integrate seamlessly into checkout counters
and manage bulk coin handling. By
eliminating manual errors and providing
real-time visibility, CashGuard enables
retailers to maintain tighter control over
cash, ultimately improving profitability.
Future Outlook
Moving forward, there is still considerable
untapped potential for cash management
automation in many global markets-
particularly in Southern Europe and other
regions where cash remains prevalent for
daily transactions. Although digital payment
methods continue to gain traction, a
significant portion of the population still
prefers or relies on cash, providing ongoing
opportunities for innovative
automation solutions.
Several countries are using legislation to
guarantee consumers the right to pay with
cash in certain sectors.
Throughout 2024, StrongPoint has
significantly advanced the development and
testing of CashGuard Connect in
collaboration with a leading Iberian
grocery retailer. While the official launch of
this next-generation solution is still
forthcoming, early trials indicate that it will
offer transformative benefits: reducing or
eliminating manual tasks for in-store staff,
minimizing cash pickup frequency by
cash-in-transit partners, and lowering overall
logistics and handling costs. As we contin-
ue refining CashGuard Connect, we remain
focused on delivering robust, cost-effective,
and secure payment solutions that meet the
evolving needs of retailers worldwide.
50
100
150
200
250
2023
REVENUE
148
PRODUCTS
116
MNOK
2024 2023 2024
111
SERVICES
121
2023 2024
300
236
259
18%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
21
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
22
StrongPoint ASA | Annual Report 2024
Checkout Efficiency
Self-Checkout
StrongPoint’s Self-Checkout solutions
improve the customer experience and help
reduce costs. StrongPoint offers hardware
and software solutions that can be used
independently or together. It also integrates
advanced AI for fraud prevention, item
recognition, and age verification for
restricted items.
Vensafe
StrongPoint’s Vensafe automates in-store
sales of restricted and high-theft products,
such as tobacco, pharmaceuticals, and
other high-value items. It enables stores to
sell these products safely and responsibly at
traditional checkouts and in unstaffed
environments like self-checkout lanes or
checkout-free stores. Vensafe improves
store productivity, enhances the customer
experience, and eliminates shrinkage.
50
100
150
200
2023
REVENUE
118
PRODUCTS
122
MNOK
162
2024 2023 2024
44
SERVICES
61
2023 2024
182
14%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Market Today
In 2024, retailers worldwide are focused on
optimizing the in-store checkout experience
amid economic pressures, rising theft, and
evolving consumer expectations. While cost
of living challenges persist in many regions,
customers increasingly demand faster and
more convenient checkout processes.
Growing concerns around theft, staffing
shortages, and inflation are driving the need
for technology-driven solutions that enhance
security and protect employees. Both
Self-Checkout and automated dispensing
systems such as Vensafe incorporate built-in
security features to help retailers safeguard
profitability. At the same time, shoppers have
grown more comfortable with automation,
expecting seamless self-service experiences
similar to those found online and in-store
kiosks. StrongPoint’s AI-driven tools,
including automatic item recognition and
real-time fraud detection, strengthen security
while maintaining convenience. Additionally,
as retailers integrate online and offline
shopping, a unified approach to payment
and checkout that leverages loyalty
programs, mobile payments, and frictionless
checkout options continues to gain traction,
ensuring a smoother and more efficient
customer experience.
Future Outlook
Looking ahead to 2025 and beyond, check-
out efficiency will remain central to retail
innovation, driven by technological
advancements and the ongoing need to
manage costs, enhance security, and
improve the customer experience. AI and
machine learning will play an increasing role
in automation, enabling item recognition,
real-time fraud alerts, and intelligent age
verification to make self-checkout more
accurate and secure. As retailers experiment
with smaller store formats, pop-up shops,
and hybrid self-checkout or checkout-free
concepts, adaptable solutions such as
Vensafe and modular self-checkout kiosks
will cater to different layouts and customer
flows. With theft and security concerns
persisting, solutions that reduce human
intervention for restricted items will become
more prominent, protecting employees
and customers while minimizing shrinkage.
StrongPoint’s strategic roadmap is focused
on advancing self-checkout, Vensafe, and
related payment technologies to keep
retailers ahead of evolving market demands.
By leveraging AI-powered tools, enhancing
user experience, and strengthening
security features, we are committed to
delivering solutions that exceed retailer
expectations in an increasingly complex
landscape.
23
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Shop fitting involves equipping retail and
service shops with necessary equipment,
fixtures, and fittings. StrongPoint ALS has
specialised in this service and provides
modifications and enhancements within the
physical retail space, addressing both
interior layouts and the external
surroundings of stores. The focus often lies
on the check-out area or the integration of
innovative technological solutions, with a
strong commitment to identifying and
implementing sustainable alternatives for
clients. This includes the complete
refurbishment of the checkout area,
prolonging its lifecycle, decreasing costs and
minimising environment impact. The future
of shop fitting revolves around implementing
and upgrading our clients infrastructure as
the demand for technology increases.
How the products of the future seamlessly
integrate into stores and the interface with
the shopper, means that shop fitting will
remain a valuable service for our clients.
Market Today
In 2024, UK retailers have faced a variety
of challenges that lead to reduced spending
across the shopfitting industry, particularly
in the grocery vertical. The year proved to
be demanding as economic uncertainties
and continued margin pressures lead to a
tightening of retailers discretionary spend on
store enhancements and a significant
reduction in the development of new space
and formats. The focus for retailers in 2024
has been to ensure that they remain price
competitive for the customers in the face of
the continually rising cost of living. This has
had a ripple effect into the shopfitting
industry with a number of large-scale
vendors experiencing financial issues,
layoffs and even bankruptcy.
Future Outlook
In the UK, the grocery retail shopfitting
market is undergoing a period of significant
change, driven by shifting consumer
expectations, technological developments,
and the increasing pressure to reduce cost.
While standard refurbishment schemes
remain common, these projects increasingly
incorporate modern designs, new
technologies and environmentally friendly
materials to meet growing sustainability
requirements.
Retailers are focusing on enhancing
in-store environments to meet changing
shopper expectations. Key strategies include
improved concessions through
collaborations with complementary brands,
which enhance the customer experience and
provide additional revenue streams. Efforts
to reduce shrink (theft and waste) are also
influencing shopfitting priorities, with an
emphasis on improved security features and
efficient layout designs to minimize losses.
Additionally, the integration of digital media
installations, such as video walls and digital
displays, is becoming more prevalent,
allowing retailers to deliver targeted
marketing and enhance in-store
engagement.
Despite opportunities for growth, the
sector faces challenges that could
dampen investment in shopfitting projects
during 2025. Rising national insurance
contributions and an increase in the
minimum wage are placing additional
financial pressure on retailers, many of
whom are already grappling with increased
energy costs and supply chain disruptions.
These economic factors may constrain
budgets for store refurbishment and
infrastructure upgrades, leading to a
cautious approach to investment.
50
100
150
200
250
MNOK
2023
REVENUE
2024
300
196
15%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
350
400
Shop Fitting
283
24
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
25
StrongPoint ASA | Annual Report 2024
Other Technology
Commerce Management System
StrongPoint implements, personalises,
and maintains an enterprise resource
management solution that includes the
company’s trading processes from
customer service units to the central
office. StrongPoint also helps retailers to
automate checkout processes and deliver
speedy customer service with POS
software, POS terminals, fiscal printers,
and other related technologies.
Our solution is based on Microsoft
Dynamics 365 Business Central with
Retail Module LS Central. Installing this
solution will increase employee
productivity, internal process efficiency,
decision-making speed and reduce
operational costs. StrongPoint was the
first in the Baltic States to introduce
Microsoft Dynamics NAV solution to
retailers. StrongPoint implements,
modifies, and advises on all issues related
to enterprise resource management
systems since 2000. StrongPoint has for
over 30 years delivered proprietary POS
solutions to retailers in the Baltics.
Long-term experience and accumulated
expertise enable us to select and model
enterprise resource management and
POS systems that best meet the needs of
the retailer for maximum operational
efficiency and performance.
In 2005 StrongPoint became a
Microsoft Gold Partner and in 2015
StrongPoint was named a Diamond LS
Retail Partner. StrongPoint has
implemented enterprise resources
management systems in more than
100 companies and maintain more than
10,000 POS solutions in the Baltic.
50
100
150
200
2023
REVENUE
90
PRODUCTS
73
MNOK
191
2024 2023 2024
101
SERVICES
102
2023 2024
175
13%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
Market Today
Other technologies, such as ERP
solutions and POS systems, remain core
components for retailers. With ongoing
environmental changes and government
initiatives, including euro cent rounding,
VAT adjustments, and fiscal law updates,
maintaining these software solutions has
become increasingly challenging.
Additionally, the growing number of
service providers requires seamless
integration to ensure a smooth and
efficient consumer experience. The market
is shifting towards solutions as a service,
becoming more standardized and less
customized for individual retailers. This
evolution has driven us to continuously
learn, adapt, and stay ahead with our
solutions.
Future Outlook
The transition to a SaaS model is set to
become the new standard, even for
complex solutions. As the retail landscape
evolves, next-generation commerce
management will require software that is
not only lightweight and easy to deploy but
also highly modular. This level of
flexibility will enable retailers to adapt
quickly to shifting market demands,
regulatory changes, and emerging
consumer expectations. A truly modular
approach will allow businesses to integrate
only the features they need, ensuring
efficiency without unnecessary complexity.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
26
StrongPoint ASA | Annual Report 2024
MARKETS
Key markets
Partners in Europe
1
1) Outside Europe: USA
and South Africa
NORWAY
StrongPoint headquarters
Office: Oslo
+47 934 03 254
info.no@strongpoint.com
Service & Support
+47 815 66 220
support.no@strongpoint.com
SWEDEN
Offices: Stockholm, Gothenburg and Grums.
+46 31 706 80 00
info.se@strongpoint.com
Service & Support
+46 771 18 18 20
support.se@strongpoint.com
FINLAND
Office: Helsinki
+35 020-730 53 01
aspa@hamarigroup.fi
UK
Office: Birmingham
+44 (0) 121 693 0511
info.als@strongpoint.com
Service & Support
+44 (0) 121 693 0511
enquiries@strongpoint.com
IRELAND
Office: Dublin
+353 1 257 3 257
info.ie@strongpoint.com
SPAIN
Offices: Madrid, Barcelona and Gijón.
+34 91 847 50 39
info.es@strongpoint.com
Service & Support
+34 91 847 50 39
info.es@strongpoint.com
LITHUANIA
Office: Vilnius
+370 8 700 70022
info.lt@strongpoint.com
Service & Support
+370 8 700 70022
servisas.lt@strongpoint.com
LATVIA
Office: Rīga
+371 8000 19 99
info.lv@strongpoint.com
Service & Support
+371 8000 19 99
serviss.lv@strongpoint.com
ESTONIA
Office: Tallinn
+372 650 42 00
info.ee@strongpoint.com
Service & Support
+372 6 504 242
hooldus.ee@strongpoint.com
27
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
What do you see as the key trends
facing the grocery retail sector in
Norway and Sweden?
In Norway, the economic growth rebounded
last year and has now returned to normal
levels. Unemployment has remained stable
at a low level since last summer, and further
growth is expected. Wage growth in
outpacing inflation, leading to a sharp
improvement in purchasing power, while
anticipated interest rate cuts will provide
additional support for consumption. Although
inflation has declined significantly from its
peak, it will take time before it reaches the
2 percent target.
In Sweden, the economy struggled in
2024, with minimal GDP growth, rising
unemployment, and continued pressure on
household purchasing power. Despite these
challenges, the grocery retail sector
recovered and returned to volume growth
during the year. Looking ahead to 2025 and
beyond, households expect the economy
and their personal finances to stabilize. With
inflation under control and real disposable
income expected to rise, consumption is
set to recover. These conditions will support
increased demand, further driving volume
growth in the grocery retail sector.
The grocery retail sector saw modest sales
growth in 2024, but with private consumption
projected to increase in 2025, accelerated
growth in grocery retail is likely.
Although there are significant differences
between Norway and Sweden, several key
trends will continue to shape grocery retail
across these markets.
Low prices will remain a priority for
customers, prompting retailers to implement
price cuts, increase promotional activity, and
focus more on private-label products. At the
same time, retailers are intensifying efforts
to drive operational efficiencies to protect
shrinking margins. Online grocery sales,
though still a small portion of total grocery
sales, are expected to be the fastest-
growing channel in the coming years,
particularly as purchasing power recovers.
The digitalization of retail will continue to
advance, with increased adoption of
technologies such as AI, computer vision,
robotics, automation, and retail media.
These innovations will enhance customer
experiences both online and in-store, reduce
waste, prevent theft, and improve
operational efficiency.
Scandinavia
200
400
600
800
2023
REVENUE
649
386
PRODUCTS
375
MNOK
634
2024 2023 2024
248
SERVICES
274
2023 2024
Magnus Rosén
SVP Norway & Sweden
50%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
28
StrongPoint ASA | Annual Report 2024
100
200
300
400
2023
REVENUE
346
230
PRODUCTS
222
MNOK
340
2024 2023 2024
110
SERVICES
124
2023 2024
Norway
100
200
300
400
2023
REVENUE
303
155
PRODUCTS
152
MNOK
294
2024 2023 2024
138
SERVICES
150
2023 2024
Sweden
What kind of solutions do you think grocery
retailers are going to be in most need of in
the future?
Margin pressure and cost efficiency will remain top
priorities for grocery retailers in Norway and Sweden.
Solutions that enhance operational efficiency and
reduce losses will continue to be in high demand in the
coming years. There will also be a growing need for
solutions that address customer pain points and cater
to specific shopping missions, both online and offline.
Operational efficiency will remain at the forefront of
retailers’ agendas, driving demand for solutions that
lower operational costs. Key examples include
electronic shelf-edge labels, in-store robotics, and
software that optimizes retail processes and staffing.
Online grocery shopping will be the fastest-growing
channel in most markets, increasing the need for
automation, order picking, and last-mile solutions.
Innovations that simplify customer journeys across
multiple channels will also create new opportunities,
with unmanned stores, vending machines, lockers,
AI-powered self-checkouts, and smart scales
emerging as relevant solutions. Additionally, theft and
other crimes are becoming growing concerns for
grocery retailers, leading to a significant rise in
demand for theft prevention and security solutions
such as Vensafe and SAI fraud detection.
29
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
What do you see as the key trends
facing the grocery retail sector in
the Baltics and Finland?
The stable economic situation and
normalized inflation in Lithuania and Latvia
present challenges for retailers striving to
remain profitable and efficient. In contrast,
Estonia faces a more complex market
situation, with increased VAT further reducing
consumer purchasing power. Across the
region, retailers continue to expand their store
networks and invest in self-service shopping
technologies, focusing on solutions that help
address staff shortages.
While household purchasing power has
improved, this has not yet translated into
increased private consumption. In fact,
consumption declined in 2024. However,
with inflation remaining lower than wage
growth and declining interest rates reducing
household costs.
Several key trends are shaping the grocery
retail sector in the Baltic and Finnish markets.
E-commerce and grocery delivery are
expanding. Retailers are increasingly
adopting automation and artificial intelligence
to enhance efficiency and improve the
customer experience through technologies
such as electronic shelf labels, autonomous
mobile robots, and AI-driven analytics. Store
formats are being optimized as operators
downsize existing spaces to reduce costs and
adapt to changing consumer preferences.
Sustainability is also a growing priority, with
retailers implementing eco-friendly practices
and expanding their selection of sustain-
able products to meet consumer demand.
Additionally, economic uncertainty and price
sensitivity are driving increased investment in
private label products and a rise in discount
retailers offering more affordable options.
What kind of solutions do you think
grocery retailers are going to be in
most need of in the future?
Grocery retailers in the Baltics and Finland
are expected to focus on adopting
technological solutions that align with both
regional trends and global innovations. The
shift toward online shopping will continue,
making robust e-commerce systems
essential, while automation will play a key
role in improving efficiency and enhancing
the customer experience.
Autonomous checkout solutions, such as
scan-and-go systems, cashierless stores,
smart shopping carts, and app-based
payments, will become more prevalent.
AI-powered inventory management will
help retailers optimize stock levels, prevent
shortages, and reduce waste, particularly in
perishable goods. Smart shelf technology,
including electronic shelf labels (ESLs), will
allow retailers to dynamically update prices
and promotions in real time. Robotics will
increasingly be used in warehousing for
sorting, packing, and restocking, improving
operational speed and efficiency.
To address labor shortages and enhance
productivity, retailers will invest in staff
scheduling tools, workforce management
systems, and AI-powered platforms that
align shifts with demand patterns. Improved
communication and task management tools
will further support operational efficiency.
Overall, Baltic and Finnish grocery
retailers will focus on remaining competitive
by addressing regional demands for
convenience, sustainability, and digital
innovation.
Baltics and Finland
50
100
150
200
2023
REVENUE
137
PRODUCTS
142
MNOK
256
2024 2023 2024
119
SERVICES
132
2023 2024
Rimantas Mažulis
SVP Baltics & Finland
250
21%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
300
274
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
20
40
60
80
100
2023
REVENUE
68
PRODUCTS
52
MNOK
2024 2023 2024
20
SERVICES
22
2023 2024
74
88
What do you see as the key trends
facing the grocery retail sector in
Spain?
After a period of economic recovery, 2024
marks the beginning of a moderately
optimistic economic outlook in Spain.
Consumption has nearly returned to pre-
pandemic levels, growing by 1.3 percent.
While consumers have improved their
financial situation, spending is shifting away
from mass consumption toward areas such
as leisure and communications. As a result,
supermarkets are struggling to convert this
increased spending into higher food sales.
The grocery sector faces persistent
challenges, including high absenteeism rates
and low productivity. Retailers are finding it
increasingly difficult to recruit skilled labor in
an industry that requires greater investment
to retain talent and enhance efficiency.
Additionally, per capita investment in
technology remains too low, limiting the
sector’s ability to drive competitiveness.
To address these challenges, grocery
retailers must leverage technology as a
crucial tool for improving operational
efficiency and mitigating labor shortages, a
trend that is expected to intensify in the
coming years.
What kind of solutions do you think
grocery retailers are going to be in
most need of in the future?
In Spain, the adoption of certain
technological solutions is progressing more
slowly compared to other European
countries, but it continues to advance. One
technology gaining traction is electronic shelf
labels, with several Spanish retailers
beginning to implement and expand their
use. The economic benefits are becoming
increasingly evident, and modern ESLs now
offer more than just price changes. They
help optimize in-store product repositioning,
improve stock control, and enhance product
location tracking, which is particularly
valuable for preparing e-commerce orders.
Cash management solutions are also
emerging as a key investment for grocery
retailers. According to the Bank of Spain,
cash remains the most widely used payment
method for physical purchases, with
59 percent of the population relying on it as
their primary means of payment and
80 percent opposing its disappearance.
Traditionally, cash management has relied
on manual processes, which are both
inefficient and insecure. However,
technological advancements have led to the
development of specialized supermarket
solutions that provide a rapid return on
investment. As a result, interest from grocery
chains in these solutions is
growing significantly.
Spain
Lorena Gómez
SVP Spain
30
StrongPoint ASA | Annual Report 2024
6%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
31
StrongPoint ASA | Annual Report 2024
What do you see as the key trends
facing the grocery retail sector in
the UK?
There are two prevalent trends coming out
of 2024 that are impacting grocers in the
United Kingdom and will continue
through 2025, rising costs and soaring rates
of theft.
The rising cost of living in the United
Kingdom looks set to continue into 2025,
perpetuated by increases in National
Insurance payments and a rise in National
Minimum Wage which will be in effect from
April. These incoming pressures have lead
grocery retailers to take proactive and
drastic action in order to protect their
commercial performance. Tesco, Asda,
Sainsburys and Morrisons have all
announced significant redundancies in an
attempt to mitigate the impact of upcoming
financial pressures. This is likely to have a
knock-on effect to allocation of capital
resources, however, also intensifies the
need to find efficiencies both in-store and
on-line, further optimise operating models
and leverage opportunities to reduce costs
wherever possible.
Alex Eveleigh
SVP UK & Ireland
Crime rates in the UK look set to continue
climbing in 2025. This is particularly
prevalent in the grocery retail market where
theft is anticipated to hit a 20 year high with
forecasts suggesting that it could account for
as much as £7.9 Billion of losses across the
sector. Retailers will be looking at a range of
solutions to reduce the costs associated with
theft as well as protecting their employees
from both abuse and physical harm.
What kind of solutions do you think
grocery retailers are going to be in
most need of in the future?
With rising costs and increasing theft, UK
grocery retailers are seeking solutions to
reduce labor costs, increase productivity,
and minimize shrink without compromising
the customer experience. StrongPoint offers
a range of innovative technologies to
address these challenges. Its industry-
leading order picking solution optimizes
fulfillment efficiency by streamlining routes
and reducing errors, helping retailers meet
growing online demand while lowering labor
costs. Click and collect lockers provide a
cost-effective grocery and parcel collection
option, with temperature-controlled
compartments ensuring customer
convenience while reducing last-mile
delivery costs and driving in-store traffic.
StrongPoint’s Connected Store solution
integrates various in-store systems into a
single platform, enabling real-time data-
driven decision-making to improve task
prioritization, boost productivity, and reduce
operational bottlenecks.
To combat theft, StrongPoint’s Vensafe
system provides a highly effective loss
prevention solution for high-risk items such
as tobacco, razor blades, and
pharmaceuticals. These products are stored
in a secure vending unit, accessible only
through a digital interface or receipt-based
system, eliminating shoplifting and reducing
employee theft. By restricting access to
frequently stolen goods, Vensafe helps
retailers cut shrinkage, enhance security,
and protect profitability while maintaining a
smooth customer experience.
With UK grocery retailers facing continued
financial pressures and unprecedented
levels of theft, StrongPoint’s solutions
offer a strategic approach to optimizing
efficiency and protecting profitability.
UK & Ireland
50
100
150
200
250
MNOK
2023
REVENUE
PRODUCTS
2024 2023 2024
300
225
1
17%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
350
400
283
283
SERVICES
224
2023 2024
32
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
What do you see as the key trends
facing the grocery retail sector?
In 2024 and looking ahead to 2025, the
grocery retail sector is evolving rapidly,
shaped by economic shifts, technological
advancements, and changing consumer
behaviors. Retailers are strengthening
omnichannel strategies, seamlessly
integrating online and in-store shopping to
offer greater flexibility. At the same time,
persistent inflation and economic pressures
are driving a sharper focus on cost
efficiency, prompting investments in
automation, workforce optimization, and
data-driven decision-making.
The demand for faster order fulfillment is
rising, expanding beyond same-day delivery
to near-instant solutions in urban markets.
This has accelerated the adoption of
micro-fulfillment centers, optimized last-mile
logistics, and store-level solutions like click &
collect and home delivery. AI-driven
personalization is also gaining traction,
refining promotions, product
recommendations, and in-store experiences
based on individual preferences. Meanwhile,
loss prevention and security have become
critical, with retailers turning to computer
vision, autonomous store concepts, and
other tech-driven solutions to combat theft
and labor shortages.
Supply chain resilience remains a priority,
as retailers seek to manage rising logistics
costs, mitigate disruptions, and maintain
steady inventory levels. By leveraging
diversified sourcing, real-time visibility tools,
and predictive analytics, they can better
navigate market fluctuations. As the industry
continues to transform, technology,
sustainability, and customer-centric
strategies will shape the future of
grocery retail.
What kind of solutions do you think
grocery retailers are going to be in
most need of in the future?
In the coming years, grocery retailers will
increasingly adopt technologies that
streamline every aspect of the shopping
journey while ensuring profitability and
security. Meeting online shoppers’
expectations for fast and accurate order
fulfillment will remain a top priority, driving
further investment in real time inventory
tracking and efficient in store picking
methods. At checkout, automation and
computer vision will play a growing role as
retailers strive to enhance the customer
experience, reduce labor demands, and
combat rising concerns around theft and
loss prevention.
There will also be a stronger focus on
secure payment systems that handle cash
and restricted items efficiently without adding
friction to the checkout process. Meanwhile,
AI driven insights will continue to reshape
personalized promotions and store
operations, improving productivity and
reducing errors. Ultimately, the future of
grocery retail lies in solutions that integrate
these advancements into a seamless
customer centric ecosystem, one that
prioritizes convenience, cost efficiency, and
the highest standards of safety and service.
20
40
60
80
100
2023
REVENUE
72
PRODUCTS
77
MNOK
2024 2023 2024
SERVICES
10
2023 2024
87
82
Julius Stulpinas
SVP Technology and Supply Chain
Rest of Europe
10
7%
RELATIVE
SHARE OF TOTAL
REVENUE
2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
33
StrongPoint ASA | Annual Report 2024
SUSTAINABILITY
IN STRONGPOINT
At StrongPoint, sustainability means making
responsible business decisions that create value while
protecting the environment and benefiting society. It is
an integral part of our operations, forming the
foundation for long-term growth and profitability.
By minimizing our environmental footprint, fostering
strong relationships with stakeholders, managing our
impact, enhancing resource efficiency, and developing
innovative solutions for our customers, StrongPoint
aims to mitigate risks and unlock new opportunities.
AMBITIONS
FRAMEWORK
PRIORITIES
MATERIALITY
SOCIAL
ENVIRONMENT
GOVERNANCE
SUSTAINABILITY
STRONGPOINT
34
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Double materiality and
stakeholder engagement
In 2024, we conducted a
comprehensive process to update our
double materiality assessment. This
was the third time we have undertaken
this assessment, gathering feedback
from our stakeholders to identify a list
of potentially important sustainability
topics for StrongPoint.
Our key stakeholders include
customers, investors, financiers,
employees, unions, national
authorities, partners, and suppliers.
Our ESG reporting approach and
format align with the EU Corporate
Sustainability Reporting Directive
(CSRD) and the European
Sustainability Reporting
Standards (ESRS).
A more comprehensive and detailed
report on double materiality can be
found on our website strongpoint.com.
Stakeholder How we engage and arenas for dialogue Topics of interests and concerns Frequency of Engagement
Customers • Customer boards
• Customer visits and during installation)
• Surveys and ratings
• Marketing/communications, website and newsletters
• Customer and project meetings
• Tender responses and presentations
• Ensure high-quality product that are
safe for end-user (e.g. food safety,
chemical use).
• Follow laws and regulations in terms
of ethical business operations, human
rights, and anti-corruption.
• Correct waste management
(reduce, reuse, recycle).
Daily, Weekly, Monthly, Quarterly,
Annually
Investors/owners • Sustainability report
• Quarterly reports/presentations
• Annual reports
• Teams/phone meeting
• Roadshows
• Annual General Meeting
• Ensure an engaging, healthy, and
safe working environment.
• Allow employees to prevent sick
leave and high turnover.
• Follow laws and regulations in terms
of ethical business operations, human
rights, and anti-corruption.
• Continuously work to reduce the
environmental footprint of the
products and in own operation.
Monthly, Quarterly, Annually
(and ongoing basis when relevant)
Employees/
Employee
representatives
• Employee survey
• Townhall meetings
• Website and intranet
• Trainings
• Information posters/leaflets
• Values implementation process
• Performance reviews
• Union consultations and negotiations
• Ensure an engaging, safe, and
inclusive working environment.
• Focus on employee training and
development.
• Follow laws and regulations in terms
of ethical business operations, human
rights, and anti-corruption.
Daily, Weekly, Monthly, Quarterly,
Annually
Suppliers and
Business Partners
• Supplier audits and Code of Conduct
• Quarterly meetings/audits
• Newsletters
• Customer meetings/projects
• Through partnership projects
• R&D initiatives
• Contribute to a sustainable industry.
• Work to ensure long lifetime
of products.
• Correct waste management
(reduce, reuse, recycle).
Daily, Weekly, Monthly, Quarterly,
Annually
Government/
civil society
• Phone and email communication
• Visits and tours at court facilities
• Conferences and community events
• Participation on advisory boards
• Social media
• Follow laws and regulations in terms
of ethical business operations, human
rights, and anti-corruption.
• Comply with regulations for data
privacy (e.g., GDPR).
• Ensure safe products.
Monthly, Quarterly, Annually
(Frequency depends on type of
government/public authority body)
Media • Phone and email communication
• Interviews
• Press releases
• Website and social media
• Business development and
innovations.
• Status of operations, and effects on
local/regional/national employment.
• Transparent reporting.
Daily, Weekly, Monthly (Frequency
depends on type of media, and
editorial focus vs StrongPoint’s key
business activities.)
Table: A summary of our stakeholder engagement and the topics and impacts raised by them.
35
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Material changes
StrongPoint has discontinued reporting according to the GRI standard as we are
progressing into reporting according to the Corporate Sustainability Reporting
Directive (CSRD) from the financial year 2025. In 2024 we continue reporting
according to the EU Taxonomy.
StrongPoint’s environmental footprint (direct emissions) is relatively low due
to the nature of the business. After assessing the significance and possible
negative impact, we have found it to be more relevant and aligned with our
stakeholders’ feedback to become more focused on innovation and technical
solutions that reduce energy consumption on our customer and customer-
customers side of the value chain.
Our focus will still be on our three Operational Sustainability Initiatives (OSIs).
Our ambition is to drive sustainability in the grocery industry through product
innovation and solution design. The selected focus areas have the potential to
significantly improve either emissions or working conditions. Our three OSIs are:
1. Reduction of warehouse energy consumption
2. Refurbishment and end-of-life treatment of check-out counters
3. Safeguarding shopworkers
Sustainability governance and frameworks
StrongPoint is committed to upholding sustainability, integrity and responsibility
across all aspects of its operations. The Board of Directors, as the highest
governing body, oversees and ensures the effective management of our
sustainability efforts. Sustainability is addressed during Audit Committee
meetings, where discussions revolve around risk assessment, significant
impacts, policy formulation, reporting, and other pertinent matters.
The Executive Vice President of People and Organization, reporting to the
CEO, spearheads the development, implementation, and communication of our
sustainability agenda, while our business units are tasked with its execution.
Each of our locations is responsible for adhering to both local regulations and
corporate standards.
All StrongPoint employees are expected to adhere to our Code of Conduct,
which serves as the cornerstone of our commitment to maintaining the utmost
integrity and avoiding involvement in unethical or illegal activities. We prioritize
environmental conservation by adopting more eco-friendly technologies in our
operations and for our clients.
We acknowledge our obligation to make positive contributions to the societies
in which we operate and strive to ensure that they benefit from our presence.
Sustainability is seamlessly integrated into StrongPoint’s overarching enterprise
strategy, guiding decisions made throughout our value chain. We understand
that our conduct as an employer and business entity profoundly impacts our
ability to generate long-term value for both society and our shareholders.
FRAMEWORKS:
StrongPoint acts and reports on sustainability according to national and
international standards and legal requirements. The most important are
I. UN Sustainability Development Goals and membership in UN Global Compact
II. EU taxonomy for sustainable economic activities
III. EU regulation on responsible business conduct and The Norwegian Transparency Act
IV. The Norwegian accounting act §3-3 and compliance with EUs Non Financial
Reporting Directive
V. Statement on equality and non-discrimination (the Norwegian Equality and
Anti-Discrimination Act)
VI. EU regulation on executive remuneration
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Since 2021, StrongPoint has
been a signatory to the UN
Global Compact, the world’s
largest corporate
sustainability initiative, and is
committed to its 10 principles.
We respect and adhere to the
precautionary principle
(Principle 7). This report is our
annual Communication
on Progress.
36
StrongPoint ASA | Annual Report 2024
I. UN Sustainable Development Goals and UN Global Compact
StrongPoint supports the UN Sustainable Development Goals (SDGs), a collection of 17
global goals set by the United Nations General Assembly in 2015. Based on our materiality
assessment, we have prioritized eight (8) SDGs where we believe we can have the most
impact and where we seek to contribute positively.
The UN Sustainable Development Goals (SDGs) embrace a universal approach and
define the global agenda for sustainable development. The goals explicitly call on
businesses to use creativity and innovation to address development challenges and
recognize the need for governments to encourage sustainability reporting. StrongPoint
uses the SDGs to understand the context of our impact on sustainable development.
Please refer to the Appendices for an overview of StrongPoint’s impact on the 17
development goals.
SDG 2, 9, 11 AND 12:
PRODUCT
INNOVATION, QUALITY
AND SAFETY IN THE
FOOD CHAIN
Ensuring safe and fresh
groceries. With innovative
labelling and minimal wastage
of food. Develop and offer new
technical solutions to the
market which are more
environmentally sound,
simplifying and improving the
way retailers and communities
do business.
SDG 5 AND 8:
WORKING
ENVIRONMENT
Ensuring a healthy, fair
workplace that creates good
opportunities for all. Protecting
labor rights for all workers.
SDG 13:
ENVIRONMENT
Promoting a more circular
economy and working with
suppliers on joint strategies to
reduce our CO2 footprint.
SDG 16:
GOVERNANCE
Setting and enforcing
appropriate rules of behavior
for employees and suppliers,
along with reporting
mechanism.
37
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
IDENTIFICATION OF
ELIGIBLE ACTIVITIES
SUBSTANTIAL
CONTRIBUTION
DNSH
COMPLIANCE WITH
MINIMUM
SAFEGUARDS
KPIs
II. Statement on EU taxonomy for sustainable
economic activities
The taxonomy is a classification system that specifies criteria for which activities
can be considered sustainable. It is an integral part of the EU’s action plan to
turn capital toward a more sustainable economy. It represents an important step
in becoming carbon neutral by 2050.
The taxonomy has been adopted in Norwegian legislation through the Act on
the publication of sustainability information in the financial sector, which entered
into force on 1 January 2023.
In the following section, we, as a non-financial parent undertaking, present the
share of our group turnover, capital expenditure (Capex), and operating
expenditure (Opex) for the reporting period 2024, which are associated with
Taxonomy-eligible economic activities.
List defined in
delegated acts
mainly according to European
NACE nomenclature
Criteria for achieving at
least one of the
environmental objectives
Do not cause significant
harm to any of the other 5
objectives
Human rights &principles
and fundamental rights
at work
1 2 3 4 5
Illustration of Taxonomy requirements and qualifiers.
38
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Our activities - eligibility
Our economic activities as a technology group are Taxonomy-non-eligible.
We have examined all Taxonomy-eligible economic activities listed in the
Climate Delegated Act based on our activities as a retail technology company.
After a thorough review (using the NACE codes, technical screening criteria,
and Taxonomy compass) involving relevant Business units and functions, we
concluded that our economic activities are not covered by the Climate
Delegated Act, or Do No Significant Harm (‘DNSH’), and consequently are
Taxonomy-non-eligible.
Activities within the value chain of our products that are not revenue-
generating, but that result in assets or processes that are essential for our
revenue-generating activities, are not reported as Taxonomy-eligible economic
activities on their own. This includes, in particular, research and development,
the rent/acquisition/construction of new buildings (for our production sites), and
other investment-oriented activities such as expenditure for our fleet and data
center capacities.
Additionally, the transport of our products to our customers and partners is not
reported as a Taxonomy-eligible activity, and is not included in our turnover KPI,
because we are not generating external turnover on a standalone basis with this
activity. However, we do disclose Capex and Opex relating to the
purchase of output from Taxonomy-eligible economic activities and individual
measures to improve energy efficiency listed in the Climate Delegated Act.
We foresee that in the future, (to be further assessed in 2025) we may report
on how the grocery retail industry positively impacts food waste and changes in
traffic patterns in heavily populated city areas. We also see that we may
contribute to energy-efficient building automation and control systems for non-
residential buildings (warehouses).
Taxonomy
activity number Activity Relevance
7.4 Installation, maintenance and repair of
charging stations for electric vehicles in
buildings (and parking spaces attached to
buildings).
A limited number of service installations for
charging stations have been completed by
StrongPoint ALS.
8.1 Data processing, hosting and related
activities.
Data Center hosting done by 3
rd
party. Only
non-eligible processing practice.
8.2 Computer programming, consultancy and
related activities.
Does not substantially reduce the most
important physical climate risks that are
material to that activity, and is not based
on a robust climate risk and vulnerability
assessment.
9.3 Professional services related to energy
performance of buildings.
Provided as part of AutoStore frozen.
39
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
* Concerning our vehicle fleet, we considered all leased vehicles as Taxonomy-eligible.
* This voluntary disclosure is based on a preliminary assessment of the technical screening criteria.
Our assessment might change in the future. We provide this information for transparency purposes only.
Taxonomy Opex and Capex KPI reporting:
Based on the non-significant impact and size of the expenditures there has not
been set any specific KPIs on top of what StrongPoint has as general
Sustainability KPIs.
Compliance with Taxonomy Minimum Safeguards:
Compliance with the Minimum Safeguards is determined by assessing
performance criteria against four core topics:
Individually Taxonomy-eligible Capex and Opex
Since our main economic activities as a retail technology company are not
covered by the Climate Delegated Act, the share of Taxonomy-eligible economic
activities in our total turnover is 0%, and consequently the related capital and
operating expenditure is also 0%.
Only “category c” Capex and Opex can therefore qualify as Taxonomy-eligible,
i.e., Capex/Opex related to the purchase of output from Taxonomy-eligible
economic activities and individual measures enabling the target activities (our
non-eligible activities) to become low-carbon or to lead to greenhouse
gas reductions.
These individual measures correspond to economic activities listed in the
delegated acts supplementing the Taxonomy Regulation (as of today, the
Climate Delegated Act).
We have identified the following purchased outputs and individual measures
that correspond to eligible economic activities and, thus, result in Taxonomy-
eligible Capex/Opex:
Total (MNOK)
Proportion of
Taxonomy eligible
economic activities
(in %)
Proportion of
Taxonomy-
noneligible economic
activities (in %)
Turnover 1,309 0% 100%
Capital expenditure (Capex) 40 1% 99%
Operating expenditure (Opex) 157 1% 99%
Considered non-compliant if one of the two criteria apply: StrongPoint reporting
Human Rights 1. The company has not established an adequate human rights due diligence (HRDD) process as outlined in the UN Guiding
Principles (UNGPs) and OECD Guidelines for Multinational Enterprises in alignment with the International Bill of Human Rights
2. There are signals that the company did not dequately implement human rights due diligence and/or did abuse.
These are:
a. The company has been finally found in breach of labour law or human rights
b. OECD or Business and Human Rights Resource Centre (BHRRC) indicators signal that the company does not engage
with stakeholders.
HRDD is described in CoC and implemented as part of the
Transparency act process. StrongPoint has not been accused or
found in breach of labour law or No indicators signal has ever been
issued.
Corruption 1. The company has no anti-corruption processes in place
2. The company or its senior management, including the senior management of its subsidiaries, has been finally convicted
in court of corruption.
Anti-corruption process is described in our policies. The company
or any of its senior management has never been convicted of
corruption.
Taxation 1. The company does not treat tax governance and compliance as important elements of oversight, and there are no adequate
tax risk management strategies and processes in place.
2. The company or its subsidiaries have been finally found to have violated tax laws.
StrongPoint follows national and international standards on
taxation. The company and subsidiaries has never been found guilty
of having violating tax laws.
Fair Competition 1. The company does not promote employee awareness of the importance of compliance with all applicable competition
laws and regulations.
2. The company or its senior management, including the senior management of its subsidiaries, has been finally convicted
of violating competition laws.
StrongPoint accepts and promotes the principles of fair competition.
The company or any of its senior management has never been
convicted of violating competition laws.
Table: Taxonomy Minimum Safeguards
40
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
RAW
MATERIALS
MANUFACTURING PACKAGING DISTRIBUTION
CUSTOMER
(
B2B
)
III. Sustainability reporting
Scope
This chapter summarizes StrongPoint’s sustainability reporting. It presents
StrongPoint’s management of and performance on material environmental and
social issues.
The reporting period is 1st January to 31st December 2024. The report
adheres to the Oslo Stock Exchange’s Euronext Guidelines. StrongPoint’s
sustainability report has been reviewed and approved by the Board of Directors
together with the annual report. The claims and data in this report has not been
audited by a third party.
For information about this sustainability report and its content please contact
StrongPoint CEO Jakob Tveraabak or SVP People and Organisation,
Knut Olav Nyhus Olsen. Both their contact details can be found on the
StrongPoint website strongpoint.com.
Our materiality assessment is presented above on page 34, and the
background facts and figures about the company can be found on page 2-32 of
this report. Our corporate governance model is presented on page 63-67.
This report covers all locations and subsidiaries of StrongPoint ASA.
StrongPoint is headquartered in Oslo, Norway, with offices in ten countries
(Norway, Sweden, Finland, the Baltics, Spain, UK, Ireland and Bulgaria).
Economic impact and tax information
StrongPoint’s economic impact is covered in the company’s annual report.
Payroll and social security expenses are covered in Note 9 of StrongPoint’s
annual report 2024. Tax information can be found in Note 26 in the
annual report.
Value chain and markets served
StrongPoint serves the retail industry. The company produces a wide range of
services to different lines of businesses, including food and beverage, beauty
and health, sports and the manufacturing industry.
StrongPoint’s supply chain starts with the sourcing of materials and extends to
the distribution of StrongPoint’s products mainly to customers throughout
Europe. StrongPoint’s key markets are Norway, Sweden, the Baltics, Spain, UK,
South-Africa, Italy and the USA.
Corporate governance
Good corporate governance is vital to the success of StrongPoint and as a stock
listed company, StrongPoint has the responsibility to follow all relevant
legislation, regulations and standards. In 2024, the Board of Directors
(the Board) has reviewed and updated the company’s corporate governance
practice, which is in line with the Accounting Act, section 3-3b and the
Norwegian Code of Practice for Corporate Governance (NUES
recommendations), except where deviations are noted.
StrongPoint’s corporate governance principles are determined by the Board
and are set forth in the company’s management documents. The Board
annually adopts a plan for its work, emphasising goals, strategies, and
implementation, including the company’s ESG approach. Sustainability is an
integrated part of StrongPoint’s core business and Executive Management are
responsible for the follow-up of the company’s sustainability efforts on a
day-to- day basis. StrongPoint’s sustainability approach is also covered in the
company’s Code of Conduct.
More information about the company’s corporate governance strategy, can be
found at StrongPoint’s website strongpoint.com.
PRODUCT END
OF LIFE
Figure: StrongPoint’s supply chain illustrated
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
41
StrongPoint ASA | Annual Report 2024
ESG priorities
StrongPoint’s materiality assessment guides the company’s ESG priorities.
StrongPoint’s materiality assessment helps identify, prioritise, and validate our
most significant sustainability impacts, risks, and opportunities.
ESG factors are at StrongPoint treated with equal importance, given the
fundamental belief that smaller actions also contribute to the greater good and
drive society towards a more sustainable future.
StrongPoint has the following ESG priority topics:
a) Environment and climate risks
b) People and working environment
c) Operational sustainability initiatives
- Reduction of warehouse energy consumption
- Refurbishment and end-of-life treatment of checkout counters
- Safeguarding shopworkers
Environment
and climate
People and
working environment
Operational sustainability
initiatives
42
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Material topic 1
Environment and climate risks
StrongPoint’s business activities are directly and indirectly affected by and can
also affect the natural environment and climate. The need for technological
solutions that lower the company’s own as well as its stakeholders’
environmental footprint represent a business opportunity for StrongPoint but
also a challenge. The company’s ambition is to reduce direct and indirect
negative influences of its business activities on the external environment and
continuously seek new ways to minimise negative environmental impact.
StrongPoint’s direct and indirect environmental impacts relate to the
production, shipment and transportation of products, employee business
travel, waste management and the end-of-life treatment of products.
StrongPoint’s most important indirect environmental impacts in the value chain
come from transportation and the end-of-life treatment for some of StrongPoint’s
products. Combustion of fossil fuels from company vehicles and on-site
combustion are the second largest source of emissions.
StrongPoint should at all times act responsibly and adhere to relevant laws
and standards relating to the environment. The company will work
systematically to ensure that the products StrongPoint manufacture or resell are
made by leading suppliers with a clear policy for sustainability in their own
organisation and supply chain.
Environmental criteria are always considered when selecting partners.
StrongPoint has included environmental accountability in the company’s SLA/
supplier Code of Conduct to reduce the indirect carbon emissions caused
by suppliers.
Net-zero ambition
StrongPoint has a net-zero ambition and believes selected solutions from
StrongPoint play a role in reducing global greenhouse gas (GHG) emissions.
StrongPoint’s ambition is to:
• reduce the climate impact from our value chain and become a net-zero
company in 2050 or earlier,
• deliver net-zero products, and
• use our industrial competence to enable the transition to a net-zero society
especially in the retail industry sector.
Our net-zero ambitions are based on a successful transition to a 1.5 degree
economy, in line with climate science and the Paris agreement.
StrongPoint’s climate strategy is an integral part of our overall business
strategy, aiming at driving improvements and development within the company.
Impact on the climate strategy is also a criterion for all significant investment
decisions. The strategy includes reducing the climate impact of our operations
as well as taking advantage of business opportunities by enabling our
customers and society to do the same. StrongPoint will start reporting on the
Net-zero ambition in 2025.
Science Based Targets
To set goals that are in line with our net-zero ambition
and commitments StrongPoint in 2023 joined the
Science Based Targets Organization and We Mean
Business Coalition. We will according to the protocol
set and submit for official validation our near term and
Net-Zero commitments at the latest before
November 2025.
Climate emissions (Greenhouse Gas Protocol)
StrongPoint monitors and calculates emissions in accordance with the GHG
protocol published by the World Business Council for Sustainable Development
(WBCSD) and World Resources Institute. Scope 1 emissions are calculated
using emission factors for fuel combustion from DEFRA. Scope 2 emissions are
calculated using market-based emission factors from the RE-DISS Project,
assuming a European residual mix.
Scope 3 emissions are calculated in accordance with the GHG Protocol, using
relevant emission factors from recognized sources such as DEFRA, ADEME, or
industry-specific databases. Where primary data is unavailable, estimations are
based on spend-based, activity-based, or hybrid methodologies, aligned with
best practices for value chain emissions accounting.
As StrongPoint is preparing for CSRD reporting from the next financial year
the 2024 emissions will not be published.
43
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Climate change risks
In order to understand and mitigate the risks for our operations and potential
consequences related to climate change, we have performed a climate risk
assessments, evaluating physical and transition risks. We have looked at
weather patterns and their impact on our facilities based on climate models and
scenarios from the Intergovernmental Panel on Climate Change (IPCC).
We assess the specific impact that climate change could have on our
business to be relatively small.
Our office locations and operational way-of-work does not imply acute physical
risks (e.g., physical assets, insurance liabilities) or chronic physical risk (e.g.,
resource availability, including labour).
Business-related transition risks that a societal and economic shift to a
decarbonized world would bring (such as changes in demand, the impact on
energy prices, building renovation requirements, or potential competitive
impacts on logistics chains) is likely to happen, but in an extent and comparable
to what competitors and the society in general will have to face.
We foresee some general transition risk to occur. Such as policy and legal risk
(e.g., compliance costs, CO2 emission tax).
We do not expect market and economic risk impacts (e.g., company valuation,
asset impairment, credit rating) or any negative reputation risk (e.g.,
brand value).
No technology risk (e.g., write-offs for old systems displaced by new
technologies) has been accounted.
We anticipate a growing market opportunity related to our energy efficient
temperature-controlled warehouse and locker solutions with higher energy
prices and higher temperatures.
Accounting assessment and exposure:
StrongPoint has no significant climate exposure in any part of its business
operations. At the time of the report, there were no climate-related conditions of
a size that are relevant for estimation uncertainty or write-downs. There are no
asset retirement obligations.
GRADUAL IMPACTSEXTREME EVENTS
HAZARDS
DETAILS
Short term
1-3 years
Middle
15 years
Long term
15-50 years
Climate Extremes & Heat Load-sharing of electricity. Changing seasonality of demand.
Wildfire & Complications Critical infrastructure failure.
Air Quality & Pollution Policy regulations of cost and impact. Travel restrictions.
Water Availability Groundwater availability in large cities.
Climate Extremes & Heat
Examples of heat waves in Spain that already impacts on the productivity.
Rolling outages and interruption of services.
Wildfire & Complications Transmission lines failure. Ash problems.
Air Quality & Pollution Public safety and human health - Madrid and Barcelona office.
Water Availability Extreme events unlikely, could amplify other events (fire risk and air quality).
Minimal or isolated risk
Moderate or amplified risk
Major and amplified risk
Table: Climate assessments
44
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Material topic 2
People and working environment
Business ethics
Working with employees, customers and suppliers in more than 20 different
countries, StrongPoint is directly and indirectly exposed to ethical risks
throughout the company’s value chain. The company has a direct and indirect
responsibility to ensure it maintains a proactive approach to ethics,
including screening suppliers or assessing operations for risks related to
corruption, provide awareness training for employees, implement good
governance mechanisms and a system for employees to raise concerns and
report irregularities. Responsible business conduct is crucial to earn the trust of
stakeholders and the company is dedicated to ensuring ethical business
practices throughout its operations and value chain.
For StrongPoint this means respecting recognised international human and
labour rights, such as the Human Rights Act and OECD Guidelines for
multinational enterprises and respecting all national laws and regulations in the
countries where the company is present, including the Norwegian Companies
Act, the Norwegian Penal Code and the Norwegian Code of Practice for listed
companies (NUES). In 2020, StrongPoint became a UN Global Compact
Signatory. The company’s ethical guidelines are outlined in the Code of
Conduct, which can be found in full on StrongPoint’s website. The StrongPoint
Code of Conduct is the overarching document describing the standards and
expectations regarding business ethics for all who work for StrongPoint, its
subsidiaries and entities under the company’s control. The Code of Conduct
clearly states StrongPoint’s expectations for personal conduct and business
practice, and covers matters such as information security, policies in relation to
anti-corruption and how to deal with conflicts of interest. The Code of Conduct
applies to all StrongPoint employees as well as the Board of Directors.
The Executive Management are responsible for the implementation and
follow-up of the principles in the Code of Conduct and signing the Code of
Conduct is a part of the onboarding process for new employees. Supervisors
are responsible for both promoting and monitoring compliance with the Code of
Conduct within their respective area of responsibility.
A strong company culture and a continued focus on business ethics is a
prerequisite for risk management and a strong business performance. Risk is
initially assessed at the business unit side then discussed at the board level to
mitigate any risks flagged. StrongPoint makes a quarterly risk assessment for all
StrongPoint’s operations with the aim to identify, evaluate and manage risks.
Human rights
StrongPoint recognizes that businesses have a responsibility to respect,
support and promote human rights. As an employer, owner and purchaser, an
important way to respect human rights is to secure decent working conditions in
our organization, in minority-owned companies and with our suppliers.
We do not tolerate any form of harassment or discrimination, including but not
limited to gender, race, colour, religion, political views, union affiliation, ethnic
background, disability, sexual orientation or marital status. Furthermore, we do
not tolerate any form of forced or compulsory labour, human trafficking or child
labour abuse. We support the principles of freedom of association and collective
bargaining. StrongPoint supports the principles underlying the Universal
Declaration of Human Rights, the International Covenant on Economic, Social
and Cultural Rights, and the International Covenant on Civil and Political Rights,
the UN Global Compact and ILO’s eight core conventions, and we expect our
suppliers to do the same.
StrongPoint has identified the key risk of human rights breaches to be related
to having third-party suppliers in China. StrongPoint has during 2024 reduced
our exposure as importer of goods from China. In 2024 there has been no
indication of serious violations to the StrongPoint Code of Conduct.
StrongPoint’s human rights management is based on the OECD Due Diligence
Guidance for Responsible Business Conduct.
Anti-corruption
StrongPoint has a zero tolerance for corruption. This includes all directors and
employees of the Group and companies and persons acting on behalf of the
Group. Donations, sponsorships and irregular gifts need approval according to
the ‘grandfather principle’. Also, as a stock listed company, StrongPoint has to
abide by strict regulations on conflict of interest, which is regulated in
employee contracts. Employees receive awareness training as and when
appropriate according to the business unit in which they work.
45
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Whistleblowing and reporting of potential misconduct
If an employee or external party comes across a possible breach of laws,
regulations or StrongPoint’s Code of Conduct, or any other possible unethical
business practice, this should be reported either in person or through the
company’s whistleblowing program. Concerns can also be raised by reporting to
an immediate superior, directly to anyone in the management team or directly to
the Audit Committee at StrongPoint. A message of concern cannot and will not
be used against the reporting employee in any way.
Examples of issues that should be reported includes:
• Breach of the StrongPoint Code of Conduct
• Breach of local labour laws, discrimination, harassment, or conditions that
impose a threat to the health and safety for employees, customers, partners
or other stakeholders
• Environmental crime
• Financial crime, such as fraud, corruption or theft
• Activities that might damage property or infrastructure
StrongPoint has not taken part in any legal proceedings related to business
ethics in 2024, nor has there been any confirmed cases of corruption. In 2024
there has been reported one case of misconduct. This was related to
inappropriate relations between co-workers. In our monthly employee survey,
we ask all employees the following question: “If I experienced serious
misconduct at work, I’m confident StrongPoint would take action to rectify the
situation”. The feedback (eNPS) score on this question is 12 points above the
external benchmark.
Working environment
StrongPoint will conduct its business in a manner designed to protect the
interests of its employees including their health and safety. StrongPoint abides
by all local laws and regulations in the countries where the company operates.
The overall responsibility of employment, including anti-discrimination and
equality process lies with the line manager, and is overlooked by Human
Resources, with input from employee representatives, and reviewed by the
Board of Directors. StrongPoint aims to provide a workplace with a good
working environment. The Group is implementing measures to promote the
employees’ professional development, prevent illness and accidents, and
improve the overall work environment.
Employee turnover in 2024 was 17.7%, up from 8.5% in 2023, driven by
necessary workforce reductions and reorganizations, along with geopolitical and
financial uncertainty in Europe.
All employees in the Group shall have standardised employment contracts and
are free to organise themselves in labour unions and organisations promoting
employee welfare. In 2024, StrongPoint has continued the use of Employee
Engagement tool, Peakon. The tool allows us to measure the employee
experience for all employees and managers in StrongPoint. They survey is run
every two months where all employees record their feedback on 56 questions
that cover 15 dimensions of their employment. The employee Net Promoter
Score in Peakon show good results when benchmarked against other
companies (the list of indicators are based on loyalty and satisfaction). At the
end of 2024 StrongPoint score was 32 (34 in 2023). This is 10 base points
better than the benchmark companies, and in the middle range of technology
companies. Approximately 52% of all employees score the company at 9 or 10
on a scale from 1 to 10.
Employee health and safety
Ensuring a safe and secure working environment is StrongPoint’s number one
priority. All employees are required to follow the company’s health and safety
guidelines as well as applicable laws to prevent harm to people and the
surrounding environment.
StrongPoint encourages its employees to participate in activities related to
health and wellbeing. Working conditions within the organisation shall meet or
exceed legal requirements in every country in which StrongPoint operates and
the company shall comply with the conventions of the UN Global Compact and
the International Labour Organization.
Hazards are identified and monitored to prevent accidents and occupational
illness and workplace guidelines are monitored to ensure a healthy, safe
environment.
The company’s ambition is to have zero injuries or incidents. However, it is
crucial that the company monitor potential breaches and health and safety
incidents that occur at StrongPoint sites in order to implement preventive
measures. Employees are encouraged to report health and safety breaches and
any work-related incidents that happen on StrongPoint’s sites to the nearest line
manager and he/she is responsible for the investigation. No employees were
injured at work and there were no major occupational accidents and no
work-related fatalities in 2024. Total sick leave in the company was at 1% in
2024, compared to 2.5% the previous year.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
46
StrongPoint ASA | Annual Report 2024
Material topic 3
Operational sustainability initiatives (OSI)
StrongPoint has set an ambition to drive sustainability in the grocery industry
through our product innovation and solution design. We have chosen to focus
on three areas where we know the positive impact can become significant on
either emissions or humans.
A. Reduction of warehouse energy consumption
B. Refurbishment and end-of-life treatment of check-out counters
C. Safeguarding shopworkers.
Operational sustainability initiative A:
Reduction of warehouse energy consumption
5-10% of all sold groceries are handled in a chilled or frozen environment. How
a retail grocery business transports and stores the products dramatically
impacts food quality and related food waste. Keeping an efficient cold chain is
essential both in terms of energy consumption and costs. Historically companies
have implemented energy management programs targeting energy efficiency
savings of 5% to 20% on energy bills. With such measures, the industry has
lowered warehouses’ general energy consumption benchmark by 15% - 30%*
over the past two decades. (*dependent on the size of the warehouse).
StrongPoint believes we can improve this significantly and achieve
much higher savings by introducing our AutoStore automation
warehouse solutions.
By reducing the needed space required for storage and retrieval operations,
organizations can construct smaller, more energy-efficient buildings, shrinking
the construction footprint by up to ¼. A reduced volume requires less energy to
cool down, and the cube storage model also has significantly less circulation
and temperature loss than standard cold storage rooms. The StrongPoint
solution needs no doors, trucks, lights, and workers inside to be operated,
saving money and the environment.
According to research (source: coldchainfederation.org.uk), a modern and
well-maintained cold store of 500,000 m3 would have a specific energy
consumption (SEC) of approximately 5kWh/m3/yr. This would be equivalent to
more than 500,000 kg CO2 per year. A possible reduction of 50% in emissions
with our solutions would be substantial for this operation.
Progress
In 2023 StrongPoint successfully managed to build the world’s first
AutoStore facility with frozen groceries storage capabilities. During 2024 it has
been handed over to the customer and put in full production. The projected
energy savings have been met. A broader commercial launch for other
customers is as planned for 2025.
In 2023 StrongPoint successfully managed to
build the world’s first AutoStore facility with
frozen groceries storage capabilities. During 2024
it has been handed over to the customer and put
in full production.
COMPANY TARGET:
2023 - introduce the concept to the markets in Norway, Sweden, and UK.
2023 - build and perform proof of concept in one facility.
2024 - in full operation and with a consistent reduction of minimum 50% CO2 eq.
2025 - commercial roll-out of new facilities (non-disclosed number).
47
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
COMPANY TARGET:
2023 - introduce the concept to selected grocery chains in Norway and Sweden.
2024 - build up internal competence and pilot.
2025 - introduction of solution to the Swedish market.
Operational sustainability initiative B:
Refurbishment and end-of-life treatment of checkout counters
In Europe, there are an estimated 78,000 grocery hyper and super-markets.
They are all set up with multiple checkout counters serving millions of
customers daily. The wear and tear on the equipment (i.e., conveyor belts,
structures, painting, electronics, and dividers) are lasting and lead to a need
for replacement.
Historically the checkout counters have been replaced by new ones, leaving
the old as waste. Our estimates show that a medium-sized check-out counter
has an LCA (Life Cycle Assessment) carbon footprint that could be reduced by
more than 70% with a more sustainable practice.
StrongPoint ALS has specialized in the recycling of counters. We believe this
could also be done in markets other than UK/ROI.
Having comprehensive management of existing assets allows grocers to
identify opportunities to extend the lifespan of the check-out counters through
deep cleaning, sanitisation, repairing, re-painting, and upgrading hardware.
Returned assets can be refurbished or upgraded and re-allocated to another
site to supplement the existing assets, or as a like-for-like replacement. This will
lessen the environmental impact by reducing waste sent to landfills and
removing the need to purchase from new.
However, everything has a finite lifespan. Anything that reaches the end of life
will be harvested for parts for maintenance purposes, and the remainder will be
disposed of in a controlled manner, in line with our environmental policies
and accreditations.
Progress
In 2024 StrongPoint has successfully refurbished more than 3,000 checkouts in
the UK and Ireland. Many of the checkouts are over 15 years old and have been
reworked several times. One large retailer in the UK has gone over
9 years without purchasing a single new checkout.
The concept has been showcased in Norway and Sweden and we are now
undergoing a proof-of-concept with one of the leading retailers of plants and
accessories in the Nordics. Our ambition is to have all products and processes
used to refurbish a checkout sourced locally in the Nordics, resulting in a much
lower environmental impact compared to buying a new product, which is often
imported from Asia.
In 2024 StrongPoint has successfully
refurbished more than 3,000 checkouts in the
UK and Ireland. Many of the checkouts are
over 15 years old and have been reworked
several times.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
48
StrongPoint ASA | Annual Report 2024
Operational sustainability initiative C:
Safeguarding shopworkers
Shopworkers are being attacked, threatened, and even killed while on duty in
retail and grocery stores. Armed robberies cause untold damage. Yet they are
occurring with worrying regularity.
Sainsbury’s, one of the leading grocery chains in the UK has informed the
UK’s Parliament’s Home Affairs Committee that it alone experienced 4,500
violent incidents involving a weapon in a year.
Historically, armed robbers used to target high-end banks. But since they have
securitised to such an extent that, for your average robber, it’s just too much
hard work, armed robbers have now chosen “softer targets” with less security,
such as convenience stores. Amateur criminals can now commit violent
incidents as often as professional gangs. The average armed robber now is a
lone male in his 30s using a knife, often committing crimes to fund
substance abuse.
StrongPoint has, since the introduction of CashGuard in 2003 and Vensafe
in 2012, been fighting crimes by safeguarding the money, products and
the workers.
Shopworkers are being attacked, threatened, and
even killed while on duty in retail and grocery
stores. Armed robberies cause untold damage.
Yet they are occurring with worrying regularity.
StrongPoint has, since the introduction of
CashGuard in 2003 and Vensafe in 2012, been
fighting crimes by safeguarding the money,
products and the workers.
IV. EU regulation on responsible business conduct and
The Norwegian Transparency Act
The Norwegian Transparency Act came into force on 1 July 2022. It amends
the Non-Financial Reporting Directive 2014/95/EU on Responsible Business
Conduct and is based on the recommendations in the UN Guiding Principles on
Business and Human Rights (UNGP) and the OECD Guidelines for
Multinational Enterprises.
The Transparency Act aims to promote enterprises’ respect for fundamental
human rights and decent working conditions in connection with the production of
goods and services and to ensure the general public access to information
regarding how enterprises address adverse impacts on fundamental human
rights and decent working conditions.
It applies to the company’s own business, suppliers, and the suppliers’
value chain.
StrongPoint shall, according to section 5 in the Transparency Act, publish an
account of the due diligence assessments, as done in this report. This report
also combines the reporting obligations under the Accounting Act §3-3c.
Duties and governance
StrongPoint follows the duties to carry out due diligence assessments to
understand the risk of possible breaches - and to introduce measures where
necessary. Furthermore, we have a duty to inform about what is used as a basis
for the due diligence assessments and the results.
Each StrongPoint business unit shall monitor its operations, and due diligence
assessments are carried out locally under guidance and collaboration with
StrongPoint ASA.
StrongPoint Technology and Sourcing are primary responsible for the follow up
of all suppliers.
We carry out due diligence assessments in connection with various business
decisions. This will in StrongPoint be done when establishing new business
areas, launching new products, or acquiring other businesses.
StrongPoint works according to a risk-based methodology, where risk
assessments and analyses are part of the management processes in the
company and are overlooked by the Board of Directors. StrongPoint also
includes the environment and anti-corruption in our transparency due
diligence assessment.
49
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Due diligence process description
The process for due diligence assessments in StrongPoint is based on the
“OECD guide for due diligence assessments for responsible business”.
A0. We establish a list of all suppliers and partners (up-stream and
down-stream). Based on the severity and probability of adverse impacts on
fundamental human rights and decent working conditions, we include the
extended supply chain.
A1. An overall risk assessment is carried out. Assessing the country of origin,
company size, raw materials and risk industries, and company legal structure.
Based on this assessment, a list of suppliers is produced where risks may be
related to human rights, decent working conditions, the environment, and anti-
corruption. If no significant risk is uncovered, the process stops and no further
actions are performed. In this assessment, we use pre-determined threshold
values and benchmarks against recognized and reliable international subject
matter sources (list found in the section below).
A2. We make a detailed assessment of the risk list from A1. It starts with us
looking at the findings from A1 against the documentation and the knowledge
StrongPoint has about the suppliers in question. Normally, the supplier’s risk
will be handled, and the supplier will receive a new low-risk status. For suppliers
where the risk has not been handled, we will obtain the necessary information
and documentation to map the risk better. We will then conduct a new risk
assessment where the supplier is normally involved. The supplier will receive
either a “low risk” or a “high risk” status. If the risk is high, the next step is to
make an action plan.
A3. Here, measures are drawn up and planned to reduce the risk uncovered in
A2. This can be local audits, contract changes, and measures that stop or
reduce the negative impact. Necessary internal and external resources are
involved, and an action plan is drawn up with those responsible.
A4. We have reached the time when the measures we have decided on in A3
are implemented. This is documented continuously to see that the measures are
having an effect.
A5. Evaluation and learning cycle. We confirm that the measures resolved
identified risks and reduced the negative impact. Conducts evaluation meetings
and suggests improvements to avoid similar situations in the future.
A6. All process steps and actions should be documented.
LIST OF ALL
SUPPLIERS
AND PARTNERS
INITIAL
RISK
SCREENING
DETAILED
RISK
ASSESSMENT
DEVELOP
AND
PLAN ACTIONS
EXECUTION
ON ACTION
PLAN
EVALUATE,
LEARN AND
EMBED CHANGES
DOCUMENTATION
• Adverse impact?
• Country risk
• Industrial risk
• Type and foundation of
the company
• Geographical distance
and cultural distance
• Relationship to
StrongPoint
(time and quality)
• Risk potential
(magnitude)
• Involve
• Survey
• Gather more
background info
• Cease, prevent and
mitigate
• Track implementation
of results
• Communicate how
impacts are addressed
• Cooperate in
remediation when
appropriate
YES YES
NO
ACTION
NO
ACTION
LOW
RISK?
LOW
RISK?
A0
A1 A2
A3 A4 A5
A6
NO NO
Table: Process description
50
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Assessment of risk
StrongPoint uses the following sources as a basis for its due diligence
assessments of suppliers:
Sources:
Freedom House: https://freedomhouse.org/reports/nations-transit/nationstransit-methodology
The International Trade Union Confederation (ITUC): https://www.ituc-csi.org/
EPI: https://epi.yale.edu/epi-results/2022/component/epi
Transparency International: https://www.transparency.org/
In the assessment we specifically look at the following:
1. Country risk
2. Industrial risk
3. Type and legal entity of the company
4. Geographical distance and cultural distance
5. Relationship to StrongPoint (time and quality)
6. Risk potential (magnitude)
An essential part of establishing a tool for our risk assessment has been to
determine threshold values for the different risk areas i.e., when is a country good
enough at safeguarding fundamental human rights or decent working
conditions? The above-mentioned assessment sources have recommendations
that StrongPoint has chosen to use. Based on a point scale from 0 to 100,
StrongPoint has the following threshold values as guidelines in our assessments:
When needed, we also use references from the following sources:
Global Slavery Index
Global Rights Index
Country Reports on Human Rights Practices
Human Rights Watch
UN: Working Group on Business and Human Rights
Universal Human Rights Index (UHRI)
Business Human Rights
Corporate Human Rights Benchmark
Theme Source Measures
Fundamental
Human Rights
Freedom House Measures political freedom and individual
rights. Political diversity, freedom of
expression, legal due process, and financial
dependencies and supression.
Decent working
conditions
International Trade Union
Confederation
Summarises data from unions on
employment conditions in different countries.
Measures the right to establish and join
labour unions, collective negotiations, and
the right to go on strike.
Environment Environmental
Performance Index
(EPI)
Measures different countries contribution and
impact on the environment. Environmental
health (40%): Polution in air, water and from
heavy metals. Eco-systems (60%): Bio-
diversity, de-foresting, fisheries, suage,
greenhouse emissions, and nitrogen
emissions from agriculture
Anti-corruption Transparency International Measures the extent of corruption in the
government sector in different countries
based on 12 expert opinions from institutions
and 16 surveys.
Source Threshold Explanation
Freedom House Minimum 35 Countries with score below 35 are
considered “Not Free”.
Countries with score above 35 are
considered “Partly Free” or “Free”.
International Trade Minimum 60 Scores below 60 are not considered
acceptable.
Environmental
Performance Index
(EPI)
Minimum 50 Scores are rated from red to green per
country. Red (not acceptable) is in the
range of 0-50.
Transparency
International
Minimum 50 Countries with score below 50 are
considered to be among the more
corrupt societies.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
51
StrongPoint ASA | Annual Report 2024
Due Diligence Account
StrongPoint will on a yearly basis, or if any significant
changes occur, update the due diligence account report
and publish this on our web pages before the 30th of
June each year.
Right to Information
The right to information is an integral part of the
Transparency Act. Any individual or organization has
the right to request information from StrongPoint on
how we as a company address actual and potential
adverse impacts, both in general or to specific products
or services. We have published information and
standard information request forms on our web pages.
Requests are routed to the SVP People and
Organization. They will be responded to in writing no
later than three weeks after receiving the request.
52
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
V. The Norwegian accounting act §3-3, and compliance
with EUs Non Financial Reporting Directive (NFRD)
Reference is made to the following statements, with description of the
company’s guidelines for handling such conditions including carried out due
diligence assessments:
• On environment - page 42-43 of this report
• On social conditions and working environment - page 44-45 of this report
• On equality and non-discrimination - page 52-54 of this report
• On compliance with human rights - page 44 of this report
• On combating corruption and bribery - page 44 of this report
• On the company’s business model - page 9 of this report
• On performance indicators and effects of the guidelines - page 53-54
of this report
StrongPoint will report according to the Corporate Sustainability Reporting
Directive (CSRD) from 2025.
VI. Statement on equality and non-discrimination
The following sections provide information on the status of diversity and
inclusion in StrongPoint and the activities being undertaken to identify and
analyze the risk of discrimination and actions to improve our D&I performance
under the Norwegian Equality and Anti-Discrimination Act.
Program statements
StrongPoint find diverse perspectives to be essential to delivering on our
long term strategic agenda. Diversity allows us to think, approach challenges
and solve problems differently. StrongPoint is committed to providing equitable
employment opportunities and treating all employees fairly and respectfully.
StrongPoint employees and business units shall only use merit, qualifications,
and other professional criteria as a basis for employee-related decisions, such
as recruitment, training, performance, compensation, and promotion. We strive
to develop programs and actions to encourage a diverse organization based on
the principle of equitable opportunities. StrongPoint is committed to the
principles of non-discrimination and does not tolerate any form of harassment or
bullying in the workplace.
We are working to ensure equal opportunities for all employees and prevent
discrimination based on gender, pregnancy, leave in connection with childbirth
or adoption, care responsibilities, ethnicity, religion, belief, disability, sexual
orientation, gender identity, gender expression, or combinations of these
grounds globally, and shall seek to prevent harassment, sexual harassment,
and gender-based violence.
All figures presented are for the Norwegian company StrongPoint ASA,
including all subsidiaries.
Identifying and mitigating D&I-related risks
We use our employee engagement surveys, StrongPoint Peakon eNPS pulse
surveys, to identify and monitor risks relating to diversity and inclusion. We also
use the internal grievance mechanism AlertLine to assess the risk of
discrimination and harassment in the organization and track relevant employee
data from our core employee system.
Our Peakon survey also allows us to assess employee engagement and
psychosocial risk indicators across different demographics, including gender,
age, and roles.
The index consists of seven diversity, inclusion, and equality related questions.
The Peakon index score is part of the Executive Management KPIs.
The business areas are expected to develop targets based on their scores, act
on the findings from the risk assessments, develop roadmaps, ensure
responsibility is taken, and report progress to eliminate discrimination. Every
quarter the executive team oversees trends and analyze root causes.
D&I is embedded in all people processes, including recruitment, onboarding,
and succession planning, and is included in all employee and leadership
development programs.
We have identified critical risk areas/obstacles for equality, diversity and
discrimination to be:
• Recruitment
• Culture
• Leadership
• Work-life balance
Recruiting employees from various countries, backgrounds, and cultures may
challenge how we communicate and follow up with employees. Regarding
leadership, poor gender balance can create a perception of unequal career
development opportunities and represent a talent retention risk. We also see
that StrongPoint’s growth strategy, combined with a performance-driven culture,
might create high expectations and workloads for employees, making work-life
balance challenging for some.
53
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
2024 performance
On recruitment, we have worked actively to improve gender balance on all
levels/departments/countries and promote the recruitment of qualified
individuals with disabilities or special needs requirements.
On Culture and Leadership, we have continued the focus and understanding
of our purpose and values (see page 6).
We have pushed for gender balance at all leadership events and diverse
leadership teams through systematic succession planning.
We are continuously tracking our population regarding work-life balance, and
our 2024 engagement survey showed increased scores in most BUs in
this area.
We have benchmarked executive payments and how it relates to gender
diversity. During the past year, we have continued to focus on aligning our
policies across the different business units and within the countries of operation.
We assess the compensation and benefit equality as part of the yearly
salary review and conduct a benchmark survey. We found only minor disparities
in 2024 and have adjusted them individually.
StrongPoint has steadily progressed in the D&I area the past years and is
satisfied with the trend.
In 2025 the company will especially focus on recruitment practices to support
the D&I agenda.
Average age of employees in StrongPoint is 42.5 years in 2024 (42.9 years in
2023). With female average age of 41.4 years old and males 42.7.
SP AB SP S.L.U.
SP Cash
Tech SL SP E-com AB SP AS ALS UK ALS Ireland
ALS
Bulgaria Hamari SP ASA
SP UAB
Group
SUM
StrongPoint
Average FTE: 83.1 32.0 12.3 26.2 47.8 50.0 13.0 13 5.5 4.0 207.1 494
Number of employees per 31.12.2024 80 29 11 25 45 57 14 15 5 4 212 497
Number of FTE per 31.12.2024 79.8 28.8 11.0 25.0 43.0 56.2 13.6 14.0 5.0 4.0 211.5 491.8
Sick leave 0.20% 0.74% 11.00% 0.150% 3.00% 0.60% 3.00% 5.20% 0% 0% 0.20% 1.00%
Number of women 15 6 3 8 5 13 3 7 2 1 49 112
Average salary men 555 488 407 725 875 680 674 199 962 2570 560 625
Average salary women 587 629 475 749 667 560 389 177 451 1250 507 536
Part time women 0 0 0 0 0 3 1 0 0 0 2 6
Part time men 0 0 0 0 0 0 0 0 0 0 0 0
- Of which number of involuntary part-time female employees 31.12 0 0 0 0 0 0 0 0 0 0 0 0
- Of which number of involuntary part-time male employees 31.12 0 0 0 0 0 0 0 0 0 0 0 0
Temporary employees 0 0 0 0 0 0 0 0 0 0
Parental leave 9/6,43
weeks
1/18
weeks
11/6,43
weeks
2/24
weeks
12/22
weeks
35/13,1
weeks
Table: Measures in 2024.
54
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Gender-related salary differences
StrongPoint policy is that all employees shall receive a total compensation that
is competitive and aligned with local industry standards. The compensation
should also be performance-oriented, transparent, fair and objective. Salaries in
the organisation are reviewed regularly (minimum every second year). Positions
and pay grades are established and compared both on a group and
individual level.
No significant gender-pay differentials were found, and this corresponded with
the general assessment of the previous years. Still, we adjusted salaries to
approximately 15 employees to align them with relevant pay groups.
Employees earning collective negotiated wages in Sweden also had no
significant gender-pay differentials. When setting up and comparing pay groups
we looked at and compared the need for knowledge, problem-solving,
accountability, and the overall working conditions for every position. Each
employee’s base salary, benefits, pension cost, short and long term incentives
were assessed (total remuneration).
The average salary of men was NOK 625,000 (NOK 580,000 in 2023), and
women NOK 536,000 (NOK 492,000 in 2023). The significant year-over-year
uplift is caused by inflation driving high salary increases, and a currency effect
since it is reported in NOK.
VII. Remuneration to the Chief Executive Officer (CEO)
and other senior executives report
The Board of Directors are required to, in accordance to the Public Limited
Liability Companies Act § 6-16 a and b and regulation 11.12.2020 no. 2730,
prepare principles and report on remuneration to the Chief Executive Officer
(CEO) and other senior executives. StrongPoint presents this report as a
separate document to the Annual General Meeting, and it is published on
our website.
Level/
Employee
groups Female Male Total
Female
average
total remu-
neration in
percent of
the median
Male
average
total remu-
neration in
percent of
the median
10-12 14 22 37 104% 96%
13 13 64 77 95% 102%
14 30 79 108 97% 101%
15 25 75 101 97% 100%
16 11 69 80 104% 102%
17 11 29 39 98% 105%
18-25 7 48 55 93% 103%
55
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Reference/Target 2024 goals Status 2025 goals Key actions
ENVIRONMENT AND CLIMATE Update the Double materiality
impact assessment.
Updated and reported Start reporting according to the
Corporate Sustainability Reporting
Directive (CSRD).
Implement a new reporting model
in all Business Units.
ENVIRONMENT AND CLIMATE Start mapping eligible activities as
described in the EU taxonomy.
Implemented.
ENVIRONMENT AND CLIMATE Plan and test Environmental
Product Declaration (EPD)/Life
Cycle assessment for the
refurbishment business
Deferred as part of cost-reduction
initiatives.
ENVIRONMENT AND CLIMATE Prepare a new goals structure in
2024/2025 as part of the Science
Based Targets Initiative.
Became member and started
verification process.
Report SBTi targets. Report and get approval of new
targets from SBTi.
PEOPLE AND WORKING ENVIRONMENT Establish e-learning platform. Deferred as part of cost-reduction
initiatives.
Establish learning platform cross
StrongPoint Group.
PEOPLE AND WORKING ENVIRONMENT IT security ISO certification
implemented in all StrongPoint.
Became certified in 2024. Re-certification.
OPERATIONAL SUSTAINABILITY INITIATIVES Document energy consumption in
Haugaland facility
Implemented.
Annex: Goals and status on progress
Our main indicators related to our three key prioritized sustainability focus areas:
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
56
StrongPoint ASA | Annual Report 2024
EXECUTIVE MANAGEMENT
JACOB
TVERAABAK
CEO
Jacob Tveraabak was previously
the CEO of Miklagruppen (Bavaria
Nordic), director of business
development at Rema 1000
and with McKinsey & Company
for 12 years. He is also the
co-founder of Nabobil.no.
Tveraabak has MSc degrees from
the Norwegian School of
Economics and Bocconi
University. He holds 250,146
shares and 1,000,000 options in
StrongPoint privately and through
a privately owned company.
MARIUS
DREFVELIN
CFO
Marius Drefvelin has been a group
CFO of several international tech
companies, including five years at
the listed company Techstep ASA.
Prior to this, he has been a financial
advisor in the transaction teams of
Deloitte and KPMG, as well as an
investment manager at Jebsen
Asset Management AS. Drefvelin
holds BSc degrees in Finance and
Economics from the University of
Utah and is a Certified European
Financial Analyst from the
Norwegian School of Economics.
He holds 21,364 shares and
275,000 options in StrongPoint.
KNUT OLAV
NYHUS OLSEN
SVP People &
Organization,
Marketing and
Communication
Knut Olav N. Olsen was
previously the position as Chief
People Officer in Canal Digital,
Telenor Satellite and Telenor
Pakistan. Previously also working
as CHRO in Skanska and EVP in
ISS Facility Services. Olsen holds a
master’s degree in law and a
finance degree from the University
of Bergen, with additional
management training from IMD and
INSEAD. He is the co-founder and
board member of Terrosa
Consulting. He holds 46,995 shares
and 350,000 options in StrongPoint.
JULIUS
STULPINAS
SVP Technology and
Supply Chain
Julius Stulpinas has 15 years of
experience within StrongPoint
related companies, leading and
transforming sales, service,
product development organizations
and teams. He has MSc degree of
Engineering from Kaunas University
of Technology and MBA from a
consortium of Baltic Management
Institute, HEC Paris, NHH
Norwegian School of Economics
and Copenhagen Business School.
He holds 49,321 shares and
325,000 options in StrongPoint.
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
57
StrongPoint ASA | Annual Report 2024
MAGNUS
ROSÉN
SVP Norway and
Sweden
Magnus Rosén has more than 20
years’ experience from retail in
various management roles,
including the role as business
director e-commerce at ICA.
Magnus have throughout his
career predominantly worked with
retail management, business
development and technology
development in the grocery retail
space. He holds 27,307 shares and
275,000 options in StrongPoint.
RIMANTAS
MAŽULIS
SVP Baltics & Finland
Rimantas Mažulis has 15 years of
experience in retail technologies
within StrongPoint. During that time,
he held various positions in retail
solution design & development
area. Rimantas Mažulis holds a
degree of Engineering Informatics
from Kaunas University of
Technology (2004) and currently
in progress with Executive MBA
(2022) master’s degree by a
consortium of Baltic Management
Institute, HEC Paris. He holds
44,951 shares and 400,000 options
in StrongPoint.
LORENA
GÓMEZ
SVP Spain
Lorena Gomez has extensive
experience in managing and
scaling sales in the retail sector
across Europe and has been sales
director for the retail technology
division at HMY Group, a
company she has been with since
2006. Since 2014 she was
responsible for the newly formed
Retail Technology division at the
Group level. Lorena Gomez holds a
degree in Industrial Design
Engineering from the University of
Zaragoza and a Master’s degree in
Innovation Management. She holds
35,119 shares and 300,000 options
in StrongPoint.
ALEX
EVELEIGH
SVP UK & Ireland
Alex Eveleigh started in StrongPoint
in January 2024. He has over 15
years of experience working in the
grocery retail industry, holding
senior positions at Asda, Aldi and
Ocado. In these roles he led teams
across various domains, including
in-store operations, online grocery
fulfillment, automation and robotics.
Most recently, he served as the VP
of Business Development &
Strategy and as the Director of
Growth at Takeoff Technologies, a
grocery e-commerce automation
company, where he oversaw sales,
strategy development,
implementation, and operations.
He holds 0 shares and 100,000
options in StrongPoint.
EXECUTIVE MANAGEMENT
58
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
2024
Board of Directors’ report
Events after the balance sheet date
No major events have occurred after the balance sheet date.
Segments
The Group reported on two segments in 2024: Scandinavia and International
incl. R&D. In addition, the financial statement includes detailed revenue
information for geographic and product segments.
The Group delivers proprietary solutions within In-store Productivity,
E-commerce, Payment Solutions and Checkout Efficiency, as well as tailor-
made retail solutions from leading third-party suppliers, including, Electronic
Shelf Labels (ESL), POS, ERP and Digi scales and wrapping systems. The
business governance is based on reported sales revenues, EBITDA and EBIT
for the two business areas Scandinavia and International incl. R&D.
Scandinavia
The business segment Scandinavia currently consists of the operating
business units in Norway and Sweden. The revenue also includes some
deliveries to other parts of the Nordics like Denmark and Iceland.
International incl. R&D
The business segment International incl. R&D consists of the operating
business units in the Baltics, Finland, Spain and UK/Ireland, in addition to
partner sales in the rest of Europe and rest of world. The ongoing R&D
activities for own products have been allocated to this area.
2024
FINANCIAL REVIEW
y Operating revenues for StrongPoint Group declined by 2%
to 1,309 MNOK (1,342).
y Earnings before interest, tax, depreciation and amortization
(EBITDA) amounted to 2 MNOK (-1), and profit after tax
was -32 MNOK (-34).
y Total assets per 31 December 2024 were 1,028 MNOK
(1,014) and equity was 465 MNOK. This resulted in an
equity ratio of 45 per cent.
y Net interest-bearing liabilities amounted to 60 MNOK at
the end of 2024.
y The Group has a cash pool arrangement that includes most
business units, ensuring efficient utilization of liquidity and
cash flow. Disposable funds end of year was 102 MNOK, of
which 20 MNOK was available credit facility. Cash flow from
operational activities was 93 MNOK (25), and working capital
decreased by 73 MNOK in 2024.
59
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Employees and organization
StrongPoint aims to be a workplace with a safe and positive working environment.
All employees receive a competitive total compensation aligned with local industry
standards. The Group has taken active measures aimed at promoting employees’
professional development, preventing sick leave and improving the overall working
environment. All employees in the Group have employment contracts that comply
with local market standards and legislation.
The Group had 497 employees as of 31 December 2024. Total sick leave in the
company were estimated at 1.0% in 2024 compared to 2.5% the previous year.
No employees were reported injured and there were no reported accidents
during the year.
The company has share incentive programs for the executive management and
all the employees. 186,746 shares were distributed in 2024.
The Group aims to be an inclusive workplace with equality between women and
men, based on qualifications, without regard to age, religion or origin. The Group’s
Board of Directors comprises 40% women.
There were 112 women among the Group’s 497 employees at the end of the
year. StrongPoint is an equal opportunity employer, and diversity and inclusion are
imperative to the way StrongPoint does business. More information on the status
of gender equality and how we comply with section 26 of the Equality and
Anti-Discrimination Act can be found under the ESG section on page 52 of the
annual report.
Product development
The Group owns intellectual property within cash management, checkout
efficiency and e-commerce. StrongPoint continues to invest in and maintain the
current solutions, as well as developing and funding new solutions. In 2024,
development costs of 30.9 MNOK were capitalized, comprising 27.9 MNOK
related to the development of a new cash management solution and 3.0 MNOK
related to our own POS solution (Tree Commerce).
Risk
Historically, the Group’s key markets have been robust and stable, as
investments in the retail grocery sector have not been significantly affected by
financial and macroeconomic changes. In 2024, however, the continued increase
in inflation and interest rates put additional pressure on the market condition,
resulting in lower customer spending. Moreover, global component shortages,
supply chain delays, pandemic restrictions and other international macro
instabilities may impact the Group’s financial performance. The Group managed
the risk by close dialogue with key suppliers and also used the strong liquidity
situation to increase inventory in order to reduce the risk of delay in future
deliveries.
The Group’s operations are exposed to currency risk, and in 2024 this had a
negative impact on the Scandinavian operations. Currency risk is managed
operationally in customer contracts, but there is a time lag between the currency
STRONGPOINT
SEGMENTS
The 2024 financial statements include two
reporting segments: Scandinavia and
International incl. R&D.
MNOK Year
Scandinavia 2024 2023
Norway 345.9 340.3
Sweden 302.9 293.6
Total Revenue 648.8 633.9
EBITDA 55.0 41.5
- In % 8.5 % 6.5%
EBT 49.5 35.1
- In % 7.6 % 5.5%
MNOK Year
International incl. R&D 2024 2023
Baltics & Finland 274.5 255.5
Spain 74.1 87.6
UK & Ireland 224.8 283.5
Rest of Europe 86.9 81.9
Total Revenue 660.3 708.5
EBITDA -26.6 -10.4
- In % -4.0 % -1.5%
EBT -72.2 -51.5
- In % -10.9% -7.3%
60
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
change and the increased (or decreased) price to customers. Receivables and
liabilities are exposed to financial risk, which is reduced by a thorough, action-
based follow-up on an ongoing basis. These matters also have implications for
liquidity risk. The Group has managed liquidity risk by closely monitoring anti-
cipated future operational cash flow, as well as available cash and credit facilities.
StrongPoint has a worldwide Directors’ and Officer’s liability insurance with a
limit of approx. 4% of revenue.
From an overall assessment of customer satisfaction, market position, market
demand and financial position, the Board of Directors considers that there is a
solid basis for continued operations, and the annual financial statements were
prepared with the assumption of a going concern.
In the opinion of the Board, the income statement, balance sheet and notes
presented are a true and fair view of the company’s position and profit from
activities in 2024. The Board of Directors are not aware of any other matters
relevant for assessing the company beside what is stated in the annual report.
Ownership and corporate governance
StrongPoint’s policy on corporate governance is presented in the Group’s Annual
Report and on the corporate website.
The policy contains information pursuant to Section 3-3b of the Accounting Act
and the Norwegian Code of Practice for Corporate Governance except some
noted deviations.
The Group’s ongoing business performance, organizational competence and
capacity and capital structure were the main focus of Board meetings in 2024. The
Board held eleven scheduled board meetings and six extraordinary meetings in
2024. All board members are considered to be independent board members, with
a 96% participation rate during the year.
Every year, the Board performs a board evaluation survey, which is discussed
and acted upon to constantly improve the work of the Board of Directors. Parts of
StrongPoint’s Group management team are also invited to participate in the
survey, and the results are also shared with the nomination committee.
StrongPoint ASA hired consultancy services valued at KNOK 100 from TLT
Leadership AS where Board member Ingeborg Hegstad owns 50% of the
company. There has not been any other transactions with any Board members
and employees in 2024.
The Board has three subcommittees: an audit committee, a nomination
committee and a remuneration committee. The audit committee comprises two
Board members. The committee reviewed quarterly and annual financial
statements, as well as the Group’s main risk categories. The committee also
assessed its internal controls, including internal controls related to financial
reporting, as well as the quality of risk management systems and audit work.
The nomination committee consists of three external members. The remuneration
committee consists of two Board members. The remuneration committee
continues to evaluate and benchmark the total remuneration program every year.
Ethics, environment and corporate social responsibility
Corporate social responsibility and sustainability are integral to StrongPoint’s
operations. This means economic, social and environmental aspects are
considered before making decisions. Broad confidence and credibility are
essential for StrongPoint to meet its business objectives. The Group has achieved
this by creating and maintaining a culture built on high ethical standards and
integrity. The policy includes information pursuant to Section 3-3c of the
Accounting Act.
StrongPoint’s operations follow established public procedures to prevent
pollution of the external environment and comply with relevant international and
local legislation and standards. Some subsidiaries sell and store products
classified as environmentally hazardous if the waste is not managed in
accordance with applicable regulations. Subsidiaries have contracts with
authorised return and recycling companies. There were no emissions of
environmentally harmful substances in 2024. StrongPoint’s customers have the
option to return products at the end of their life to ensure they are handled in an
environmentally responsible manner. StrongPoint´s focus on environment, social,
and governance (ESG) are reported separately in the annual report. In 2024, the
main topics were employee working environment, health and safety, product
innovation, quality and safety, corporate governance including ethics and anti
corruption and environment and climate, including emissions and waste
management.
StrongPoint works actively with suppliers to understand how climate changes
can influence the business and try to reduce the risk by identifying and
implementing alternative components, reduced production redundancy and reduce
emission by searching for more optimal transportation routes.
Corruption and whistleblowing
StrongPoint has zero tolerance for corruption. This applies to all employees,
companies and persons acting on behalf of the Group. StrongPoint’s zero
tolerance means, among other things, that no gratuities may be offered or
received, beyond a symbolic value, and no benefits may be received on behalf of
either the Group or any employee personally.
61
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
The Group has whistleblowing procedures in place. It is important to report
policy violations or inappropriate conduct in a responsible manner.
The audit committee is responsible to handle whistleblowing incidents reported
directly to the Board.
Shareholder relations
As of 31 December 2024, StrongPoint had a share capital of NOK 27,830,778
allocated to 44,888,352 shares with a face value of NOK 0.62. At the end of 2024,
the Group held 194,374 treasury shares at an average price of NOK 22.75. There
were 2,268 shareholders in the company at the end of 2024. The 20 largest
shareholders represented 53.8 per cent of total share capital. At the end of 2024,
288 shareholders owned 10,000 shares or more.
StrongPoint is not aware of any agreement between shareholders limiting the
ability to trade shares or exercising voting rights represented by shares in
the Group.
Outlook
StrongPoint’s E-Commerce and In-Store solutions and services are considered to
be well positioned at the crossroads of multi-channel retailing: online growth and
cost-cutting in retail stores.
From a North European and grocery focused starting point, StrongPoint will
pursue a three-step approach to geographical expansion and growth:
• Roll-out of the full portfolio of solutions in key markets, including Norway,
Sweden, Finland, the Baltics, UK&Ireland and Spain, utilizing our strong sales,
service and support organization, applying innovative tools and sharing of best
practices.
• Selling StrongPoint’s proprietary solutions in a selected number of countries
beyond key markets. The list of solutions includes grocery e-commerce,
self-checkout, shop fitting and cash management solutions.
• Utilizing StrongPoint´s market access platform for global retail technology
providers targeting leading retailers in the key markets, leveraging StrongPoint´s
strong market and one-stop-shop position.
As a foundation for creating shareholder value, StrongPoint growth strategy is
based on profitable and organic growth, M&A initiatives, cost control and a
solid balance sheet. The Group frequently presents its long term goals as part of a
Strategy Update Session.
The Board of Directors underlines that growth is not expected to be linear, and
investments in products and sales resources to enable growth, will influence the
EBITDA. The overall growth ambitions can further be influenced by global
component shortages, supply chain delays, pandemic restrictions and other
international macro and geopolitical instabilities. The Board also acknowledges
that the time from pilots to roll-outs and scale-up for new solutions is difficult to
predict, and this might sometimes be reflected in rather significant variations in the
reported numbers between the quarters.
Parent company - StrongPoint ASA
StrongPoint ASA is the holding company for the Group’s legal entities. The
company is listed on the Oslo Stock Exchange under the ticker “STRO”. The
parent company, StrongPoint ASA, has four employees.
StrongPoint ASA’s loss for the year was -6.9 MNOK compared to a profit of
7.1 MNOK in 2023.
Proposal for allocation of profit for the year:
The Board of Directors will propose to the general meeting the following
allocation of profit for the year in the parent company StrongPoint ASA for 2024:
Profit for the year:
NOK - 6,856,985.54
Transferred from other equity:
NOK 6,856,985.54
Oslo, 19 March 2025
Morthen Johannessen
Chairman
Ingeborg Molden Hegstad
Director
Cathrine Laksfoss
Director
Audun Nordtveit
Director
Pål Wibe
Director
Jacob Tveraabak
CEO
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
62
StrongPoint ASA | Annual Report 2024
BOARD OF DIRECTORS
MORTHEN
JOHANNESSEN
Chairman
Morthen Johannessen has more
than 20 years’ experience as CEO/
Managing director of
international businesses. In Tomra
he first served as CEO for the
European business, and later as
Group COO & head of the Global
Business Development division.
Prior to Tomra Morthen was CEO of
Pepsico`s beverage business in
Western-Europe. He currently
works as an industrial advisor and
professional board member of a
number of companies in various
industries. Johannessen holds a
Master of Business Administration
(HD) from CBS, Copenhagen. He
has been on the Board of
StrongPoint since April 2016, and
Chairman from April 2018. He holds
147,584 shares in StrongPoint.
INGEBORG
MOLDEN HEGSTAD
Director
Ingeborg Hegstad has 20 years of
experience from management
consulting, including McKinsey &
Company and Egon Zehnder. Since
2015 Hegstad has been a partner in
Imsight AS, offering strategy and
leadership advisory to executives,
teams and organizations. She has
experience from the Board of
Directors of Cxense ASA (2017-2019),
Q-Free ASA (2018-2021), Cyviz ASA
(2021-onwards) and Gjensidige
Mobility Group (2023-onwards).
Hegstad holds a Master of Business
and Administration from Norwegian
Business School BI (2000). She has
been a Board member in StrongPoint
since April 29, 2020. She holds 30,826
shares in StrongPoint.
AUDUN
NORDTVEIT
Director
Audun Nordtveit has more than 10
years’ experience from finance and
investment operations, including
with Norges Bank Investment
Management and UBS. Since 2018,
he has worked as an investment
manager at the investment
company Sole Active AS. Nordtveit
holds an M.Sc. of Industrial
Economics and Technology
Management from NTNU and an
MBA from Columbia Business
School. He has been a member of
the Board of StrongPoint since 27
April 2023. He holds 28,296 shares
in StrongPoint.
CATHRINE
LAKSFOSS
Director
Cathrine Laksfoss is CEO of
Schibsted Ecommerce &
Distribution as, and head of
Ecommerce development across
Schibsteds companies and
Schibsteds distribution activities.
She has led the transformation of
the traditional newspaper
distribution to an ecommerce
growth group by founding and
scaling growth companies. She is
Chair of Boards in Helthjem
Netthandel AS, morgenlevering.
no, Distribution Innovation AS and
serves on the boards of Bookis.no
and Dooris ab. She has previous
experience from Posten Bring and
management consulting and holds
an MBA from HEC Paris and a
Masters degree in marketing from
the Norwegian Business School.
She has been a Board member in
StrongPoint since April 28, 2022.
She holds 10,435 shares in
StrongPoint.
PÅL WIBE
DIRECTOR
Director
Pål Wibe has more than 30 years
experience from management
consulting and retail. 25 of those
years from different leadership
positions within retail in a unique
breadth of sectors from grocery to
travel retail to discount variety retail
in various forms and lately sport &
outdoor. He was the CEO of XXL
ASA from 2020-2022, the CEO of
Europris ASA from 2014-2020, the
CEO of Nille from 2006-2013 and
the CEO of Travel Retail Norway
from 2004-2006. He is now an
advisor, investor and Board
Member/Chair in different
companies from early stage tech
companies to larger retailers and
public corporations like Europris
ASA, Posten Bring AS, Forte Group
AS, AKA Eiendom AS, Holdbart AS
and Whiteaway Group AS (DK). He
has been on the Board of
StrongPoint since April 25, 2024. He
holds 3,868 shares in StrongPoint.
63
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Corporate Governance
Good corporate governance is vital to the success of
StrongPoint ASA. Thus, corporate governance is a key
concern for StrongPoint’s Board and employees, and in
StrongPoint ASA’s relations with its subsidiaries. The Board
has reviewed and updated the company’s corporate
governance practice. It is in line with the Accounting Act,
section 3-3b and the Norwegian Code of Practice for
Corporate Governance, except where deviations from the
Code are noted. The presentation adheres to the same
order of topics as the fifteen items in the Code.
StrongPoint is compliant to all item in the code except item 3:
The board has an authorization to make an overall capital increase of up to
9,000,000 shares that is not limited to a defined purpose. The shareholders’
preferential rights according to cf. section 10-14 of the Public Limited Liability
Companies Act can be disregarded. The board has authorization to acquire up
to 4,400,000 own shares that is not limited to a defined purpose.
1. Implementation and reporting on corporate governance
StrongPoint ASA’s corporate governance principles are determined by the Board
of Directors and are set forth in the company’s management documents. The
Board’s role is based on the principle of independence from the executive
management and the principle of equality and responsibility towards the
company’s shareholders. The company’s shares are freely tradable, and the
Board/executive management considers it a priority to focus on activities that
strengthen the liquidity of its shares. The company’s shareholder policy is based
on the principle of one share – one vote. Related to potential acquisitions and
restructuring situations, the Board will exercise particular concern so that all
shareholders’ investments and interests are considered closely. One of the
Board’s main tasks is to ensure that the company is based on an optimized
capital structure. Equity transactions, including authorizations for share capital
increases, are to be justified in terms of extent, form and timing. The Board and
executive management must ensure that the company’s information policies
ensure that information regarding the company is published correctly,
comprehensively and timely, contributing to a correct valuation of the company’s
shares. Further, the information policy should give shareholders the best
possible foundation for decisions related to investments and voting at
general meetings.
Values, ethical guidelines and guidelines for corporate social responsibility
The group’s operations shall be conducted in accordance with the company’s
values, ethical guidelines and guidelines for social responsibility determined by
the Board and Executive Management. In addition, we shall through our
activities contribute to a responsible business conduct. StrongPoint ASA’s
guidelines are presented on the company’s website.
2. Business
The company’s business objective is described in the company’s articles of
association. StrongPoint is a retail technology company that provides solutions
to make shops smarter, shopping experiences better and online grocery
shopping more efficient. The business objective ensures that shareholders have
control of the business and its risk profile, without limiting the Board or
management’s ability to carry out strategic and commercially appropriate
decisions within the defined purpose. The articles of association of
StrongPoint ASA are presented on the group’s website: strongpoint.com. The
company’s objectives and main strategies are presented in the annual report.
64
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
3. Equity and dividends
Equity
The Group’s equity as of 31 December 2024 amounted to 465.2 MNOK
corresponding to an equity ratio of 45.3 per cent.
The company’s share capital is NOK 27,830,778.24, divided into 44,888,352
shares with a nominal value of NOK 0.62.
Dividends
StrongPoint’s shareholders should over time get a competitive return on their
investment through a combination of cash dividends and increased value of
their shares.
When deciding the annual dividend level, the Board of directors will take into
consideration expected cash flow, investments in organic growth, plans for growth
through mergers and acquisitions, and needs for appropriate financial flexibility.
In addition to cash dividends, StrongPoint ASA may buy back shares as part of
its total distribution of capital to the shareholders.
Board authorizations
The Board’s proposals for future Board authorizations accord with the
recommendations with two exceptions. The first concerns the Board’s
authorization to increase share capital by up to 9,000,000 shares, which is not
limited to a defined purpose.
Secondly, the Board has an authorization to acquire treasury shares at par
value of up to NOK 2,728,000 and an overall capital increase of up to 4,400,000
shares. The authorization is not limited to a defined purpose.
The Board has asked the General Meeting for these authorizations to increase
the group’s maneuverability.
Both authorizations are valid until the next general meeting or 30 June 2025,
whichever comes first.
4. Equal treatment of shareholders and transactions with
close associates
The company has a single class of shares, and all shares carry the same rights
related to the company. Equal treatment of all shareholders is essential.
Transactions involving the company’s own shares are executed on the Oslo
Stock Exchange, except for the repurchase of minor shareholdings from
shareholders with 500 or fewer shares. In the event of material transactions
between the company and a shareholder, Board member, member of executive
management, or a party closely related to any of the beforementioned, the Board
will ensure that independent valuations are made available.
Board members and members of executive management shall report to the
Chairman of the Board and the group CEO if they directly or indirectly have
significant interests in agreements entered into by StrongPoint ASA or
companies in which StrongPoint ASA has significant interests. Additional
information on transactions with related parties appears in note 18 in the
consolidated accounts. Existing shareholders shall have pre-emptive rights to
subscribe for shares in the event of share capital increases, unless otherwise
indicated by special circumstances. If the pre-emptive rights of existing
shareholders are waived in a share capital increase, the reasons for this waiver
shall be explained by the Board of directors and be published through the Oslo
Stock Exchange distribution system and on the company website.
5. Freely negotiable shares
StrongPoint ASA’s shares are freely negotiable. There are no restrictions on
transferability in the company’s articles of association.
6. General meetings
Meeting notification, registration and participation
The company encourages all shareholders to participate at general meetings.
Notices of general meetings and comprehensive accompanying information are
made available to shareholders on the company’s website and sent to
shareholders within the deadlines stated in the Norwegian Public Limited
Liability Companies Act. The deadline for shareholders to register to attend a
general meeting is set as close to the date of the meeting as possible, normally
two or three days prior to the meeting. The company is of the opinion that no
adequate systems for handling electronic participation at general meetings are
currently available. Thus, the Board has decided not to allow such participation at
StrongPoint ASA’s general meetings. From 2020, the articles of association allow
for digital execution of general meetings, and regulates that votes in advance can
be registered. This allows for improved shareholder engagement cross borders.
65
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Proxy and votes in advance
When the general meeting is held digitally, the shareholders can send in votes in
advance. Shareholders who are unable to attend a meeting may vote by proxy.
The company has prepared forms that enable shareholders to vote on individual
issues. Procedures for using such forms are available on the company’s website.
The company does not appoint an independent proxy to vote on behalf of
shareholders. The company considers that shareholders’ interests are adequately
safeguarded by the option to participate through an appointed proxy or voting in
advance. Procedures for attendance registration and granting proxy are
presented in the notice, on the attendance and proxy form and on the
company website.
Meeting chair, voting, etc.
Board members, the chairman of the nomination committee, and the company’s
auditor are encouraged to attend general meetings. The general meeting is led by
the Chairman of the Board or someone elected by the general meeting.
The nomination committee focuses on composing a board that works as a
team, that meets legally established regulations as to equal gender
representation on boards of directors, and whose members’ experience and
qualifications complement each other. Minutes of general meetings are published
as soon as practical via the Oslo Stock Exchange distribution system and on the
company website.
7. Nomination committee
The company has a nomination committee, as stated in the articles of
associations, which consists of: Hilde Horn Gilen (Chairman), Inger Johanne
Solhaug and Are Juklestad Berg. The nomination committee consists of no fewer
than three members. Each member is normally elected for a two-year period. The
composition of the nomination committee should ensure the interests of
shareholders and independence from the Board and executive management.
Nomination committee members and its chairman are elected by the
company’s general meeting, which also determines remuneration payable to
committee members.
In accordance with StrongPoint ASA’s articles of association, the nomination
committee recommends candidates for election to the Board of Directors. In
addition, the nomination committee recommends a candidate for Chairman. The
nomination committee also makes recommendations on remuneration of Board
members. The nomination committee is to justify its recommendations, how it
takes care of the shareholders’ and the company’s need for expertise, capacity
and diversity. Care should be taken that the Board functions effectively as a
cooperative body. Proposals for Board candidates are to be submitted in
reasonable time before the general meeting. The annual general meeting will, in
accordance with the Code of Practice, be presented with the guidelines governing
the duties of the nomination committee for approval. The duties of the nomination
committee are found on the company website.
8. Corporate assembly and Board of Directors,
composition and independence
In accordance with the company’s articles of association, the Board comprises
between 5 and 11 members. Board members are elected for a period of one year.
The Board members are independent of the company’s executive management
and its significant business associates. No member of the company’s executive
management is a Board member. CEO Jacob Tveraabak has ownership
interests in StrongPoint ASA privately and trough his company Celo Industries
AS. The current composition of the Board is presented on the company website.
The Board members’ expertise is also presented. In 2024, the Board of Directors
had 17 meetings.
Board members’ shareholdings are presented in note 9 to the consolidated
accounts. Board members are encouraged to invest in the company’s shares,
and also receive shares as part of the remuneration. The Board members
represent a combination of expertise and experience from finance, industry and
organizations. The nomination committee’s reasoned proposal for candidates will
be presented on the company website.
9. The work of the Board of Directors
The Board of StrongPoint ASA annually adopts a plan for its work, emphasizing
goals, strategies and implementation. Also, the Board has adopted board
instructions that regulate areas of responsibility, tasks and division of roles of the
Board, the Chairman of the Board and the Chief Executive Officer. The Board
instructions also feature rules governing Board schedules, notice and chairing of
Board meetings, decision-making, the Chief Executive Officer’s duty and right to
disclose information to the Board, professional secrecy, impartiality and
other issues. The Board evaluates its own performance and expertise once a
year through a survey. The Board has an audit committee, which consists of
Chairman of the Board Morthen Johannessen and the Board member
66
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Audun Nordtveit. The Board evaluates the competence of the audit committee
members to be sufficient. The audit committee sets the agenda according to the
tasks set in Allmennaksjelovens §6-43. In 2024, there were 17 board meetings.
10. Risk management and internal control
The Board of Directors of StrongPoint ASA is ultimately responsible for the
group’s business operations and is to ensure that the company maintains solid
in-house control practices and appropriate risk management systems tailored to
the company’s business activities.
StrongPoint ASA is exposed to currency and interest risk, market risk, credit risk
and operational risk at its underlying companies. Management of operational risk
primarily takes place at each underlying operating company, reported to Group
management, and evaluated and handled to the best for the company.
StrongPoint takes an active role on Boards of Directors in subsidiaries. As a
rule, all companies have established effective risk management procedures.
Management of financial market exposure, including currency, interest and
counterparty risk, is presented in greater detail in note 17 to the parent company
accounts. StrongPoint has adopted a series of policies to support this, including:
• Financial reporting, financial and risk management.
• Ethics and social responsibility.
• Authorization conditions, including instructions for the Board and CEO, as well
as certification authority.
• Audit committee.
• Accounting manual regulating group accounting policies, risk accruals and
internal control.
The Audit committee and the Board reviews the company’s most important risk
areas and internal control systems and procedures, and the main elements of
these assessments are presented in the Board of Directors’ report. The audit
committee also serves as a preparatory group in connection with the quarterly
report and reviews the major events, the directors’ report, balance sheet, income
statement items and notes to the interim financial statements together with the
administration before the report is presented to the Board.
11. Remuneration of the Board
Board remuneration reflects the Board’s responsibility, expertise, time spent and
the complexity of the business. Remuneration does not depend on StrongPoint’s
financial performance. There are no option programs for any Board members.
20% of gross remuneration to the Board shall be used for share purchases until
the value of the shares corresponds to a minimum of one year’s gross
remuneration. The annual general meeting determines Board remuneration
following recommendations by the company’s nomination committee. Board
members are elected because of their expertise and knowledge. Directors or their
related companies should not undertake special assignments for the company in
addition to their Board appointments. However, if they do, the whole Board should
be informed. Fees for such assignments must be approved by the Board. All
remunerations are specified in the financial statement. Additional information on
remuneration paid to Board members for 2024 is presented in note 9 to the
consolidated accounts.
12. Remuneration of executive personnel
The Board has adopted guidelines for remuneration of executive management in
accordance with section 6-16a of the Norwegian Public Limited Liability
Companies Act. The Board of Directors determines the remuneration of the CEO.
StrongPoint ASA implemented a Long Term Incentive Program in 2020
represented as a Stock Option program. The program has ambition to both
motivate and retain executive management and key personnel to achieve the
overall strategic ambitions, and has been granted in the years 2020, 2021, 2022,
2023 and 2024. The company’s guidelines and further information on
remuneration for 2024 for members of StrongPoint’s executive management is
presented in note 9 to the consolidated accounts. Additional information will be
shared in a remuneration report to be presented to the General meeting in 2024.
Some members of StrongPoint’s executive management maintain the company’s
interests as board members of other StrongPoint companies. They do not
personally receive board remuneration for this. StrongPoint has a worldwide
Directors’ and Officer’s liability insurance with a limit of approx. 4% of revenue.
13. Information and communications
The company has prepared a policy for investor relations (IR), which determines
guidelines for contact with shareholders apart from the general meeting. The
company’s reporting of financial and other information is based on transparency
and equal treatment of interested parties.
The long-term purpose of StrongPoint’s IR activities is to ensure access to
capital at competitive terms for the company and correct pricing of shares for
shareholders. These goals are to be accomplished through accurate and timely
distribution of information that can affect the company’s share price; the company
67
StrongPoint ASA | Annual Report 2024
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
is also to comply with current rules, regulations and market practices, including
the requirement of equal treatment.
All stock exchange notices and press releases are published on the company’s
website. Stock exchange notices are also available at: newsweb.oslobors.no. All
information that is distributed to shareholders is published through the Oslo Stock
Exchange distribution system and on the company website.
The company intends to host public presentations of its financial reporting and
these meetings are webcasted simultaneously. The company’s financial calendar
is found on the company website.
14. Take-overs
In a bid situation, StrongPoint’s Board of Directors and management have an
independent responsibility to help ensure that shareholders are treated equally,
and that the company’s business activities are not disrupted unnecessarily. The
Board has a particular responsibility to ensure that shareholders are given
sufficient information and time to form a view of the offer. The Board of Directors
will not seek to hinder or obstruct take-over bids for the company’s activities or
shares unless there are particular reasons for this. An agreement with the bidder
to limit the company’s ability to obtain other offerings on the company’s shares
will only be entered into when it clearly can be attributed to the company and
shareholders’ common interest. The same applies to an agreement to
compensate the bidder if the offer is not completed. Any compensation shall be
limited to the cost the bidder has incurred in making the bid. Agreements between
the company and provider of importance for the market’s assessment of the offer
should be made public no later than the alert that the offer is made. In the event
of a take-over bid for the company’s shares, the company’s Board of Directors will
not exercise mandates or pass any resolutions with the intention of obstructing
the take-over bid unless this is approved by the general meeting following
announcement of the bid. If an offer is made for the company’s shares, the
company’s Board of Directors will issue a statement making a recommendation
as to whether shareholders should or should not accept the offer. The Board’s
statement on the offer will make it clear whether the views expressed are
unanimous, and if this is not the case it should explain the basis on which
specific members of the board have excluded themselves from the Board’s
statement. The Board will arrange a valuation from an independent expert. The
valuation will include an explanation and will be made public no later than at the
time of the public disclosure of the Board’s statement.
15. Auditor
The auditor participates in the Board meeting that decides the annual accounts.
The auditor audit material changes in the company’s accounting principles and
assessments of material accounting estimates with the Board.
Further, the auditor has provided the Board with written confirmation that the
requirement of independence is met. The Board and the audit committee meet
with the auditor without the presence of representatives of executive
management. The audit committee determines guidelines for executive
management’s access to use the auditor for services other than auditing and
receives an overview of services rendered by the auditor to the company.
Remuneration for auditing and other services are presented in note 5 to the
StrongPoint ASA accounts. Such details are presented to the annual
general meeting.
Oslo, 19 March 2025
Morthen Johannessen
Chairman
Ingeborg Molden Hegstad
Director
Cathrine Laksfoss
Director
Audun Nordtveit
Director
Pål Wibe
Director
Jacob Tveraabak
CEO
ABOUT STRONGPOINT
Key figures 2022-2024
CEO Statement
Our Purpose
Chair’s Perspective
Our Values
Our Strategy
2024 Highlights
PRODUCT SEGMENTS
E-Commerce Logistics
In-store Productivity
Payment Solutions
Checkout Efficiency
Shop Fitting
Other Retail Technology
MARKETS
Scandinavia
Baltics & Finland
Spain
UK & Ireland
Rest Of Europe
ESG
About The ESG Report
Material Changes
Annex: Goals And Status On Progress
GOVERNANCE
Board Of Directors’ Report
Corporate Governance
Investor Relations
FINANCIAL STATEMENTS
Consolidated Financial Statements
Financial Statements StrongPoint ASA
Auditor’s Report
Investor Relations
StrongPoint ASA strives to have an
open investor relations policy
towards its shareholders and the
market in general. The most
important events for shareholder
information and updates are the
quarterly presentations and the
Strategy Update Session.
In addition, StrongPoint uses its
website, meetings and direct
communication to provide investors
and analysts with relevant
information. Information for shareholders is
available at strongpoint.com and ose.no (ticker STRO).
StrongPoint ASA has frequent contact with investors and analysts to provide the best possible
information regarding the group’s financial situation and development. The market is informed
of orders and or contracts worth 10 MNOK or more, as well as orders that are considered
strategically important.
StrongPoint ASA is a public limited company and is established under Norwegian law. The
company is listed on the Oslo Stock Exchange. The Group’s issued share capital is NOK
27,830,778 allocated as 44,888,352 shares, each with a nominal value of NOK 0.62, all fully
paid and issued in accordance with Norwegian law. The company has one class of shares.
For more information
Marius Drefvelin
CFO
Tel: +47 95 89 56 90
E-mail: marius.drefvelin@strongpoint.com
Marius Drefvelin
CFO
68
StrongPoint ASA | Annual Report 2024
FINANCIAL CALENDAR 2025
Q1 – 29.04
Q2 – 11.07
Q3 – 17.10
Annual General Meeting – 29.04
Webcast will be available at our website www.strongpoint.com
from CET 07.00.
SHARE
INFORMATION
Jan Feb Mar Apr Mai Jun Jul Aug Sep Oct Nov Dec
Price
Volume
16
14
12
10
8
18
16
14
12
10
8
16
14
12
10
8
69
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Consolidated income statements of comprehensive income

KNOK | Note | 2024 | 2023
Operating revenue | 3 | 1,309,066 | 1,342,398
Cost of goods sold | 12 | 779,109 | 805,266
Payroll | 9 | 366,508 | 366,782
Share based compensation | 9 | 4,232 | 6,395
Other operating expenses | 5, 16, 27 | 157,179 | 165,244
Total operating expenses |  | 1,307,027 | 1,343,687
EBITDA |  | 2,039 | -1,288
Depreciation tangible assets | 10 | 29,261 | 26,996
Amortization intangible assets | 11 | 12,256 | 1 1,163
Total depreciations and impairments |  | 41,517 | 38,159
Operating profit |  | -39,478 | -39,448
Financial expenses | 8 | 22,588 | 17,646
Financial income | 6, 8 | 15,284 | 1 1,763
Total financial items |  | -7,304 | -5,884
Profit before tax |  | -46,783 | -45,331
Income tax expense | 26 | -14,853 | -1 1,132
Profit/loss after tax |  | -31,930 | -34,200

KNOK | Note | 2024 | 2023
Other comprehensive income net of tax |  |  |
Items that may be reclassified through profit or loss in later periods |  |  |
Exchange differences on foreign operations |  | 16,207 | 32,894
Total comprehensive income |  | -15,723 | -1,305
Earnings per share |  |  |
Earnings per share | 23 | -0.72 | -0.77
Diluted earnings per share | 23 | -0.66 | -0.72

70
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Consolidated balance sheet

KNOK | Note | 31.12.2024 | 31.12.2023
ASSETS |  |  |
Intangible assets | 11 | 152,326 | 125,327
Goodwill | 11 | 179,875 | 174,325
Tangible assets | 10 | 29,748 | 30,397
Right-of-use assets | 10 | 96,647 | 99,568
Associated companies | 6 | 798 | 853
Other long term investments | 7 | 4,001 | 4,001
Other long term receivables | 13 | 896 | 1,372
Deferred tax assets | 26 | 45,979 | 31,106
Total fixed assets |  | 510,271 | 466,949
Inventories | 12 | 173,151 | 230,424
Accounts receivables | 13, 17 | 223,238 | 240,790
Prepaid expenses | 13 | 28,236 | 22,032
Other current receivables | 13 | 10,351 | 14,955
Cash and cash equivalents | 14 | 82,490 | 39,340
Total current assets |  | 517,467 | 547,541
TOTAL ASSETS |  | 1,027,738 | 1,014,490

KNOK | Note | 31.12.2024 | 31.12.2023
EQUITY AND LIABILITIES |  |  |
Share capital | 24 | 27,831 | 27,831
Treasury shares | 24 | -121 | -217
Other equity |  | 437,493 | 447,238
Total equity |  | 465,203 | 474,852
Long term interest-bearing liabilities | 15 | 1,318 | 4,983
Long term lease liabilities | 15 | 68,664 | 83,513
Other long term liabilities | 22 | 602 | 1,848
Deferred tax liabilities | 26 | 16,547 | 18,1 1 1
Total long term liabilities |  | 87,132 | 108,455
Current interest-bearing liabilities | 15 | 128,163 | 7,962
Bank overdraft | 15 | - | 94,153
Short term lease liabilities | 15 | 26,190 | 14,316
Accounts payable |  | 140,789 | 159,690
Tax payable | 26 | -4,557 | -10,603
Public duties payable |  | 27,927 | 33,871
Other short term liabilities | 22,27 | 156,890 | 131,794
Total short term liabilities |  | 475,403 | 431,183
TOTAL LIABILITIES |  | 562,535 | 539,638
TOTAL EQUITY AND LIABILITIES |  | 1,027,738 | 1,014,490

Oslo, 19 March 2025
Morthen Johannessen
Chairman
Ingeborg Molden Hegstad
Director
Cathrine Laksfoss
Director
Audun Nordtveit
Director
Pål Wibe
Director
Jacob Tveraabak
CEO
71
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Consolidated cash flow statement

KNOK | Note | 2024 | 2023
Ordinary profit before tax |  | -46,783 | -45,331
Net interest |  | 13,798 | 9,617
Tax paid |  | 4,953 | -26,047
Share of profit, associated companies | 6 | -245 | -191
Depreciation tangible assets | 10 | 29,261 | 26,996
Amortization intangible assets | 11 | 12,256 | 1 1,163
Gain/-loss on sale of tangible assets | 10 | -446 | -235
Change in inventories |  | 64,709 | 17,169
Change in accounts receivables |  | 27,868 | 52,485
Change in accounts payable |  | -24,871 | -170
Change in other accrued items |  | 12,604 | -20,275
Net cash flow from operational activities |  | 93,105 | 25,182
Payments for fixed assets | 10 | -8,581 | -17,643
Payment for intangible assets | 11 | -31,545 | -23,425
Sale of tangible assets (sales proceeds) | 10 | 756 | 467
Acquisition of subsidiaries, net of cash acquired | 4 | - | -2,357
Interest received | 8 | 3,503 | 1,604
Dividends received from associated companies | 6 | 300 | 300
Net cash flow from investment activities |  | -35,568 | -41,054

KNOK | Note | 2024 | 2023
Sale of own shares | 24 | 1,852 | 4,410
Payment long and short term debt | 15 | -6,501 | -1 1 1
Payment of leasing commitments | 15 | -22,534 | -24,444
New loan | 15 | 120,000 | -
Change in overdraft | 15 | -91,799 | 75,664
Interest paid | 8 | -17,301 | -1 1,221
Dividends paid |  | - | -39,935
Net cash flow from financing activities |  | -16,282 | 4,363
Net cash flow in the period |  | 41,255 | -1 1,510
Cash and cash equivalents at the start of the period |  | 39,340 | 47,248
Effect of foreign exchange rate fluctuations on foreign currency deposits |  | 1,896 | 3,602
Cash and cash equivalents at the end of the period | 14 | 82,490 | 39,340

72
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Consolidated statement of changes in equity
Other paid in equity are funds which can be allocated by the General Assembly.
1) The balance sheet is converted with the closing rate at the balance sheet date, while the income statement is converted with the average monthly exchange rate. The net effect of the translation is recognized as translation
differences in other comprehensive income and expenses. See exchange rates in note 21.

|  |  |  |  |  | Other equity |  |  |  |
|  | Share | Treasury | Other paid-in | Translation | Share Option | Other | Total | Minority | Total
KNOK | Note | capital | shares | equity | variances | Program | equity | equity | interest | equity
Equity at 31.12.2022 |  | 27,831 | -362 | 351,262 | 32,755 | 1 1,301 | 84,422 | 507,207 | - | 507,207
Profit for the year after tax |  |  |  |  |  |  | -32,231 | -32,231 | -1,968 | -34,200
Other comprehensive income and expenses 1) |  |  |  |  | 32,837 |  |  | 32,837 | 57 | 32,894
Total comprehensive income |  | - | - | - | 32,837 | - | -32,231 | 606 | -1,91 1 | -1,305
Sale of own shares | 24 |  | 74 |  |  |  | 2,444 | 2,518 |  | 2,518
Dividend 2022 paid in 2023 | 24 |  |  |  |  |  | -39,935 | -39,935 |  | -39,935
Acquisition of Hamari paid in shares | 4 |  | 72 |  |  |  | 1,821 | 1,892 |  | 1,892
Share Option Program | 9 |  |  |  |  | 4,475 |  | 4,475 |  | 4,475
Equity at 31.12.2023 |  | 27,831 | -217 | 351,262 | 65,592 | 15,776 | 16,521 | 476,763 | -1,91 1 | 474,852
Profit for the year after tax |  |  |  |  |  |  | -30,435 | -30,435 | -1,495 | -31,930
Other comprehensive income and expenses 1) |  |  |  |  | 16,327 |  |  | 16,327 | -120 | 16,207
Total comprehensive income |  | - | - | - | 16,327 | - | -30,435 | -14,108 | -1,615 | -15,723
Sale of own shares | 24 |  | 97 |  |  |  | 1,755 | 1,852 |  | 1,852
Share Option Program | 9 |  |  |  |  | 4,222 |  | 4,222 |  | 4,222
Equity at 31.12.2024 |  | 27,831 | -121 | 351,262 | 81,919 | 19,998 | -12,159 | 468,729 | -3,526 | 465,203

73
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 1: General information
StrongPoint ASA is based in Norway with registered office at Brynsengveien 10 in the municipality
of Oslo. The company is listed at the Oslo Stock Exchange with the ticker STRO. The group’s main
business is the development, sale and implementation of innovative, integrated technology solutions
to retailers especially within the grocery segment but also other segments like Do-It-Yourself or
pharmacies. The group has two reporting segments: ”Scandinavia” and ”International incl. R&D”.
The proposed annual financial statements are prepared with the assumption of a going concern
and were adopted by the board and CEO on the date shown on the signed balance sheet. The annual
financial statements will be approved by the ordinary general meeting 29 April 2025.
Note 2: Accounting principles
Basic principles
The consolidated financial statements are prepared in accordance with IFRS Accounting Standards
as adopted by the EU and associated interpretations and with additional Norwegian disclosure
requirements pursuant to the Accounting Act, Stock Exchange Regulations and stock exchange rules
applicable to financial statements completed by 31.12.2024. The consolidated financial statements
have been produced based on historical costs.
The consolidated financial statements are presented in thousand Norwegian kroner unless
otherwise stated.
Estimates and judgements
In preparing the consolidated financial statements, management makes various accounting estimates
and assumptions that form the basis of the presentation, recognition and measurement of
StrongPoint’s assets and liabilities.
Determining the carrying amounts of some assets and liabilities requires estimates and
assumptions concerning future events. Estimates and assumptions are based on historical experience
and other factors, which management assesses to be reasonable, but which by their nature involve
uncertainty and unpredictability. These assumptions may have to be revised as unexpected events or
circumstances may occur. The areas that involve a high degree of estimation uncertainty and usage
of management’s judgement are described in more detail in note 25.
Translation of foreign currency
The accounts of individual entities within the group are measured in the local currency in each country
(functional currencies). The functional currencies mainly consist of NOK, SEK, EUR and GBP. The
consolidated financial statements have been prepared in NOK, which is both the functional currency
and the reporting currency of the parent company and the Norwegian subsidiary.
The balance sheet is converted with the closing rate at the balance sheet date, while the income
statement is converted with the average monthly exchange rate. The net effect of the translation is
recognized as translation differences in other comprehensive income.
Equity and cost of equity
Share option program
The equity-settled share-based option program is a part of the total remuneration plan for the Group
management team. The option program is designed to align and incentivize management
performance with shareholder value creation and to attract and retain high calibre executive
management and key personnel.
The share options will be allocated to the Participants based on company- and individual goal
achievement, and at the Board’s discretion. The Board will take into consideration the company’s
goals and strategies as well as targeted performance for executive management, when granting
options. The option plan is a performance-based remuneration scheme reflecting the underlying long-
term value creation of the company. The limits for the allocation of share options to the Participants is
determined by the board, within the board mandates approved by the general meeting.
Provisions
If the effect is significant the provision is calculated by expected future cash flows and, if relevant, any
risks specifically linked to the obligation. Provisions for warranties are recognized when the
underlying products and services are sold. The provisions are based on historic warranty cost
weighted with probability.
Financial instruments
For Financial instruments we have the the following material accounting policies:
Financial assets
Initial recognition and measurement
The classification of financial assets at initial recognition depends on the financial asset’s
contractual cash flow characteristics and the Group’s business model for managing them. With the
exception of trade receivables that do not contain a significant financing component or for which the
Group has applied the practical expedient, the Group initially measures a financial asset at its fair
value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
74
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
• Financial assets at amortised cost (debt instruments)
• Financial assets at fair value through profit or loss
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently measured using the effective interest (EIR)
method and are subject to impairment. Gains and losses are recognised in profit or loss when the
asset is derecognised, modified or impaired.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Financial liabilities
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade
and other payables, loans and borrowings including bank overdrafts, and derivative
financial instruments.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
• Financial liabilities at fair value through profit or loss
• Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at fair value through profit or loss
Financial assets at fair value are carried in the balance sheet at fair value with net changes in fair
value recognised in the statement of profit or loss.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the effective interest rate method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as
through the effective interest rate amortisation process.
Borrowing costs
Borrowing costs are recorded when the borrowing costs occurs. Borrowing costs are capitalized when
directly related to the purchase or manufacture of a qualifying asset.
Government grants
Government grants are recognized if there are reasonable assurance that the company will meet the
criteria of the grant and the grant will be awarded. The recognition of operating grants shall be
recognized systematically during the grant period. In Norway we can apply for Skattefunn, where we
can get a 19% refund of R&D expenses related to spesific projects.
Cash flow statement
The cash flow statement is presented using the indirect method.
New standards and interpretations
No new principles with effects on recognition and measurement.
75
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 3: Segment information
Accounting policies
Revenue recognition
Long-term service and license agreements are recognized linearly over the contracted period.
The Group’s sales of products and services are considered to be separate performance obligations
according to IFRS 15. The assessment is supported by independence between product sales and
sales of services and that both types of sales are based on market prices without cross-subsidisation.
The performance obligation related to the sale of products is fulfilled upon installation by the customer
(at a point in time) and the performance obligation related to service agreements is fulfilled on a linear
basis over the contract period (over time).
The segment information is based on reported revenues, EBITDA, EBT and assets for the legal
entities included in the segment, with eliminations of internal items within the segment. Intra-group
items are included in the column Eliminations. Eliminations consists of internal sales with associated
costs, intercompany balances, goodwill, intangible assets and other group postings. Internal sales are
based on market prices.
Management fee invoiced from StrongPoint ASA to subsidiaries is not included in the
segment statements.
Segments
The Group has two segments: Scandinavia and International incl. R&D. The financial statements
include revenue information for both geographic and product information in the current reporting.
The business segment Scandinavia currently consist of the operating business units in Norway and
Sweden. The revenue also includes some deliveries to Denmark. The business segment
International incl. R&D consists of the operating business units in the Baltics, Finland, Spain and UK/
Ireland, in addition to partner sales in the rest of Europe and rest of world. The ongoing R&D activities
for own products have been allocated to this segment.
The Group delivers proprietary solutions within In-store Productivity, E-commerce, Payment
Solutions and Checkout Efficiency, as well as tailor-made retail solutions from leading third-party
suppliers, including Electronic Shelf Labels (ESL), POS, ERP and Digi scales and wrapping systems.
The group management has in the fiscal year 2024 governed the business based on
reported sales revenues, EBITDA and EBIT for the two business areas Scandinavia and International
incl. R&D.
Revenue per product segment

KNOK | 2024 | 2023
- Products | 292,870 | 219,693
- Services | 111,893 | 100,056
In-store Productivity | 404,763 | 319,749
- Products | 115,866 | 148,186
- Services | 120,557 | 111,285
Payment Solutions | 236,423 | 259,472
- Products | 121,591 | 117,564
- Services | 60,621 | 44,408
Check Out Efficiency | 182,212 | 161,972
- Products | 43,811 | 86,940
- Services | 70,639 | 39,666
E-commerce logistics | 114,451 | 126,606
- Products | - | -
- Services | 196,124 | 283,466
Shop Fittting | 196,124 | 283,466
- Products | 72,814 | 89,651
- Services | 102,279 | 101,483
Other retail technology | 175,093 | 191,132
- Products | 646,952 | 662,036
- Services | 662,114 | 680,362
Total sales revenue | 1,309,066 | 1,342,398

76
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Segment and geographical information
EBITDA is operating profit before depreciation, amortization interest and tax.
EBT is profit before tax.
Working capital is inventory plus accounts receivables minus accounts payables
There are no customers that represent 10% or more of revenues in the individual business areas in 2024 and 2023.
Revenue per customer is based on sales per legal entities.

| Scandinavia |  |  | International incl. R&D | ASA/Elim |  | Consolidated |
KNOK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
- Products | 222,360 | 230,437 |  |  |  |  | 222,360 | 230,437
- Services | 123,535 | 109,845 |  |  |  |  | 123,535 | 109,845
Norway | 345,895 | 340,282 | - | - | - | - | 345,895 | 340,282
- Products | 152,479 | 155,231 |  |  |  |  | 152,479 | 155,231
- Services | 150,409 | 138,364 |  |  |  |  | 150,409 | 138,364
Sweden | 302,888 | 293,595 | - | - | - | - | 302,888 | 293,595
- Products |  |  | 142,484 | 136,829 |  |  | 142,484 | 136,829
- Services |  |  | 131,969 | 118,713 |  |  | 131,969 | 118,713
Baltics & Finland | - | - | 274,453 | 255,542 | - | - | 274,453 | 255,542
- Products |  |  | 51,905 | 67,586 |  |  | 51,905 | 67,586
- Service |  |  | 22,187 | 19,985 |  |  | 22,187 | 19,985
Spain | - | - | 74,093 | 87,570 | - | - | 74,093 | 87,570
- Products |  |  | 1,037 | - |  |  | 1,037 | 0
- Services |  |  | 223,797 | 283,466 |  |  | 223,797 | 283,466
UK & Ireland | - | - | 224,834 | 283,466 | - | - | 224,834 | 283,466
- Products |  |  | 76,686 | 71,953 |  |  | 76,686 | 71,953
- Services |  |  | 10,218 | 9,990 |  |  | 10,218 | 9,990
Rest of Europe | - | - | 86,904 | 81,943 | - | - | 86,904 | 81,943
- Products | 374,838 | 385,668 | 272,113 | 276,368 | - | - | 646,952 | 662,036
- Services | 273,944 | 248,209 | 388,170 | 432,153 | - | - | 662,114 | 680,362
Total sales revenue | 648,783 | 633,877 | 660,284 | 708,522 | - | - | 1,309,066 | 1,342,398
EBITDA | 54,961 | 41,485 | -26,606 | -10,403 | -26,316 | -32,371 | 2,039 | -1,288
EBT | 49,502 | 35,119 | -72,239 | -51,475 | -24,045 | -28,975 | -46,783 | -45,331
Assets | 333,538 | 406,984 | 561,418 | 440,480 | 126,250 | 167,026 | 1,027,738 | 1,014,490
Liabilities | 112,905 | 201,103 | 503,112 | 401,269 | -60,014 | -62,734 | 562,535 | 539,638
Working capital | 125,722 | 185,989 | 149,341 | 149,687 | -19,464 | -24,153 | 255,600 | 311,524
Investment in fixed assets | 2,216 | 5,110 | 6,365 | 12,508 | - | 26 | 8,581 | 17,643

Note 4: Changes in the group structure
There have not been any changes in the group structure in 2024.
77
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 5: Other operating expenses
1) Of which TNOK 845 applies to auditors other than EY. Auditors fee are exclusive of VAT, with the exception of
transaction expenses.
Note 6: Investment in associated companies
StrongPoint ASA owns 49,9997% of the shares in Spok AS. StrongPoint does not have any defacto control. The company performs services on behalf of StrongPoint AS.
StrongPoint ASA had the following investments in associated companies per 31 December 2024:
An overview of financial information about the associated company, based on 100%:
Note 7: Shares in other companies
The shares are booked at fair value with level 3 in the fair value hierarchy. Any changes in the value
that can be reliably determined, will be booked through the P&L.
In March 2021, StrongPoint announced a partnership with humanoid robotics company 1X
Technologies, giving StrongPoint distribution rights within grocery retail in the countries in which we
operate. The shares owned in 1x Holding AS are not related to this distribution agreement.
The shares in Plata Capital Europe AS (former Settle Group AS) were written down to 0 in 2018 and
the fair value is evaluated to be unchanged.

KNOK | 2024 | 2023
Rent, electricity, cleaning | 17,337 | 16,962
Vehicles | 13,964 | 14,317
Other consultancy fees | 25,438 | 38,450
IT | 45,765 | 44,927
Travel | 13,222 | 11,632
Marketing | 10,329 | 9,984
Other costs | 31,125 | 28,972
Total | 157,179 | 165,244

Specification of recognized auditors fee: | 2024 | 2023
Fee for auditing services | 3,928 | 3,924
Fee for other services | 277 | 145
Total 1 | 4,206 | 4,069

|  |  |  |  |  | Dividend | Share of | Book
KNOK |  |  | Stake | Cost price | Book value | paid in | net profit | value
Entity | Country | Industry | 31.12.2024 | 31.12.2024 | 31.12.2023 | 2024 | 2024 | 31.12.2024
Spok AS | Norway | Service company | 50.0 % | 1,700 | 853 | -300 | 245 | 798
Total |  |  |  | 1,700 | 853 | -300 | 245 | 798

KNOK |  |  | 2024 |  |  |
| Current | Fixed |  |  |  | Profit for
Entity | assets | assets | Debt | Equity | Turnover | year
Spok AS | 5,304 | 1,442 | 3,658 | 1,596 | 14,954 | 361
Total | 5,304 | 1,442 | 3,658 | 1,596 | 14,954 | 361

KNOK | 2024 |  | 2023 |
| Cost | Market | Cost | Market
Company | price | value | price | value
Other long term investments: |  |  |  |
Plata Capital Europe AS | 476 | - | 476 | -
1X Holding AS | 4,001 | 4,001 | 4,001 | 4,001
Total | 4,477 | 4,001 | 4,477 | 4,001

78
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 8: Financial items
Currency differences relating to the payment of purchases are recorded as cost of goods and
constitutes a cost of KNOK 306 in 2024 (cost of KNOK 1,684 in 2023).
Currency differences relating to the payment of sales revenues are recorded as sales revenues and
constitutes a revenue of KNOK 1,905 in 2024 (cost of KNOK 953 in 2023).
1) Of which KNOK 1,686 in reversal of earn-out related to the aquisitoin of Hamari in 2023.
2) The interest expenses have increased due to higher interest rates and higher utilization of the overdraft.
3) Other financial expenses are primarily related to restructing of loans and financial liabilities.
Note 9: Payroll costs and number of employees
Salaries and remuneration for Executive Management Team and Directors
Remuneration to the Chief Executive Officer (CEO) and other senior executives will be presented in
a separate Renumeration report to the Annual General Meeting, and will be published on
our webpages.

KNOK | 2024 | 2023
Interest income | 3,503 | 1,604
Currency adjustment bank and unpaid receivables and liabilities | 9,466 | 9,818
Profit from associated companies | 245 | 191
Other financial income 1 | 2,070 | 150
Total financial income | 15,284 | 11,763
Interest expense 2 | -12,794 | -6,924
Interest expenses leasing IFRS 16 | -4,507 | -4,297
Currency adjustment bank and unpaid receivables and liabilities | 111 | -1,840
Other financial expenses 3 | -5,398 | -4,585
Total financial expenses | -22,588 | -17,646
Net financial items | -7,304 | -5,884

Accounting policies
a) Pension commitments
The employees in StrongPoint have pension schemes in line with local statutory and obligatory
company pension schemes, and are in general recognized as a defined contribution plan.
b) Bonus schemes
The group recognizes a provision and a cost for bonus schemes. The group recognizes a provision
where there are contractual obligations or a precedent that generates a self-imposed obligation.
c) Share program
The Group has a share program for the executive management where the CEO has the opportunity to
buy shares for up to NOK 1,000,000 per year with 20% discount with a 3 years lock-in period and the
other members have the opportunity to buy shares for up to NOK 500,000 per year with 20% discount
with a 3 years lock-in period. In addition, all permanent employees in a StrongPoint legal entity, are
offered to buy shares for up to NOK 35,000 per year with a 20% discount. The discount is recognized
as a personnel cost.

KNOK | 2024 | 2023
Salaries | 263,064 | 262,080
Severance packages | 8,864 | 8,382
Director's fee and Nomination Committee | 2,872 | 2,240
Social fee | 47,125 | 46,449
Pension costs | 16,353 | 15,728
Other payroll costs | 28,230 | 31,903
Total payroll costs | 366,508 | 366,782
Number of full-time employees employed during the year: | 494 | 514
Number of full-time employees at the end of the year: | 492 | 524

KNOK | 2024 | 2023
Board of Directors |  |
Director's fee | 2,050 | 2,082
Executive Management Team |  |
Salaries | 16,690 | 19,200
Bonus | 2,162 | 2,771
Company car | 1,092 | 1,022
Exercised options | 392 | 2,156
Other remuneration | 1,469 | 902
Pension expenses | 1,789 | 1,866
Total salaries and remuneration | 25,645 | 29,998

79
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
The following members of the Executive Management Team and Board of Directors
own shares or share options in the company per 31.12:
1) Morthen Johannessen ownes the shares privatly and through the company Motri AS.
2) Ingeborg Molden Hegstad ownes the shares privatly and through the company Imsight AS.
3) Jacob Tveraabak ownes the shares privately and through the company Celo Industries AS.
4) Member of the Board until 25 April 2024
Members of the Extended Group Management Team and key
employees have stock options:
Vesting conditions
* Weighted average parameters at grant of instrument
Outstanding instruments Year End - Option

| Shares per | Shares per | Options per | Options per
Name, position | 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23
Board of Directors |  |  |  |
Morthen Johannessen, Chairman 1 | 147,584 | 112,135 |  |
Ingeborg Molden Hegstad, Director 2 | 30,826 | 25,602 |  |
Cathrine Laksfoss, Director | 10,435 | 5,211 |  |
Audun Nordtveit, Director | 28,296 | 23,072 |  |
Pål Wibe, Director | 3,868 |  |  |
Peter Wirén, former Director 4 | - | 40,607 |  |
Total | 221,009 | 166,020 | - | -

| Shares per | Shares per | Options per | Options per
Name, position | 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23
Executive Management Team |  |  |  |
Jacob Tveraabak, CEO 3 | 250,146 | 230,843 | 1,000,000 | 750,000
Marius Drefvelin CFO from 01.09.23 | 21,364 | - | 275,000 | 150,000
Knut Olav Nyhus Olsen, SVP People | 46,995 | 31,227 | 350,000 | 275,000
& Organisation, and head of Marketing |  |  |  |
and Internal Communication |  |  |  |
Gisle Elvebakken, SVP Norway to 31.08.24 | - | 47,645 | - | 350,000
Julius Stulpinas, SVP Technology & | 49,321 | 38,365 | 325,000 | 250,000
supply chain |  |  |  |
Rimantas Mažulis, SVP Baltics | 44,951 | 30,523 | 400,000 | 325,000
Lorena Gómez, SVP Spain | 35,119 | 19,846 | 300,000 | 200,000
Chris Mackie, SVP E-commerce to 31.01.24 | - | 25,104 | - | 125,000
Magnus Rosén, SVP Sweden | 27,307 | 15,886 | 275,000 | 175,000
Alex Eveleigh, SVP UK & Ireland from 15.01.24 | - | - | 100,000 |
Total | 475,203 | 439,439 | 3,025,000 | 2,600,000

Total costs and Social Security Provisions (KNOK) | 2024 | 2023 |
Total IFRS cost | 4 222 | 6 827 |
Total Social security provisions | 10 | - | 432
| 4,232 |  | 6,395
Granted instruments | 2024 |  | 2023
Instrument | Option |  | Option
Quantity 31.12 (instruments) | 1 230 000 |  | 1 335 000
Quantity 31.12 (shares) | 1 230 000 |  | 1 335 000
Contractual life * | 5.00 |  | 5.00
Strike price * | 10.92 |  | 21.34
Share price * | 10.95 |  | 21.16
Expected lifetime * | 3.25 |  | 3.25
Volatility * | 40.44% |  | 43.11%
Interest rate * | 3.69% |  | 3.31%
Dividend * | 0.00 |  | 0.00
FV per instrument * | 3.58 |  | 7.07

Quantity and weighted average prices

|  | Weighted
| Number of | Average
Activity | instruments | Strike Price
Outstanding OB (01.01.2024) | 3,422,500 | 22.33
Granted | 1,230,000 | 10.92
Terminated | -557,500 | 21.95
Outstanding CB (31.12.2024) | 4,095,000 | 18.98
Vested CB | 1,772,500 | 23.06

80
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Method of valuation:
The fair value of share options granted is estimated at the date of grant using the Black-Scholes-
Merton Option Pricing Model. The model uses the following parameters: the exercise price, the life
of the option, the current price of the underlying shares, the expected volatility of the share price, the
dividends expected on the shares, and the risk-free interest rate for the life of the option. The measure
of volatility used in the option pricing models is the annualized standard deviation of the continuously
compounded rates of return on the share over a period of time.
Vesting requirements:
The vesting of the options is dependent on the participant still being employed at Strongpoint at the
time of the vesting.
Method of settlement:
All StrongPoint ASA options are intended to be settled in equity, but in the event that the Company is
not capable of delivering Shares following an exercise of Options, the Company shall fulfil its
obligations under this Agreement through a cash-out.
Vesting period
The options will vest over three years, with ¼ vesting after one year, ¼ after two years, and the
remaining 2/4 after three years. The split in vesting underpins the retention ambition of the program.
Any non-exercised options expire five years after grant.
Outstanding Instruments Overview

Strike | Number of | Weighted Average | Vested instruments
price | instruments | remaining contractual life | 31.12.2024
10.92 | 1,230,000 | 4.37 | -
14.68 | 500,000 | 0.84 | 500,000
18.00 | 150,000 | 3.67 | 37,500
21.77 | 890,000 | 3.36 | 222,500
21.91 | 625,000 | 2.36 | 312,500
30.23 | 700,000 | 1.35 | 700,000
Total | 4,095,000 |  | 1,772,500

81
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 10: Tangible assets
Tangible assets, company owned
Some equipment has been fully depreciated per 31 December 2024 but is still in use.
StrongPoint has no contractual purchasing obligations.

|  |  | Equipment | Total |  |  | Equipment | Total
KNOK | Land | Buildings | owned | 2024 | Land | Buildings | owned | 2023
Acquisition costs 01.01 | 825 | 8,731 | 94,764 | 104,320 | 825 | 8,731 | 79,880 | 89,436
Addition |  |  | 8,581 | 8,581 |  |  | 13,845 | 13,845
Divestment |  | -2,056 | -4,773 | -6,829 |  |  | -4,434 | -4,434
Currency exchange differences |  |  | 4,862 | 4,862 |  |  | 5,473 | 5,473
Acquisition costs 31.12 | 825 | 6,675 | 103,434 | 110,933 | 825 | 8,731 | 94,764 | 104,320
Accumulated depreciations 01.01 | -825 | -8,731 | -64,366 | -73,922 | -825 | -8,731 | -56,125 | -65,681
Depreciations |  |  | -5,649 | -5,649 |  |  | -4,537 | -4,537
Depreciations of the year regarding rental machines is booked as cost of gods sold |  |  | -4,417 | -4,417 |  |  | -4,308 | -4,308
Divestment |  | 2,056 | 4,467 | 6,523 |  |  | 4,330 | 4,330
Currency exchange differences |  |  | -3,720 | -3,720 |  |  | -3,727 | -3,727
Accumulated depreciations 31.12 | -825 | -6,675 | -73,686 | -81,186 | -825 | -8,731 | -64,366 | -73,922
Book value 31.12 | - | - | 29,748 | 29,748 | - | - | 30,397 | 30,397
Depreciation ratio |  |  | 10-33% |  |  |  | 10-33% |
Depreciation method |  |  | Linear |  |  |  | Linear |

Accounting policies
The acquisition cost of fixed assets are depreciated linearly according to the expected useful life of
the assets, which is:
• Fixtures and equipment 3–5 years
• Machinery 3-10 years
• Plant and property (production and warehouse facilities) 20 years
• Land values are not depreciated
Leasing contracts with a lifetime of more than one year and a value of KNOK 100 are booked as
IFRS 16 Leases as both right-of-use assets and liabilities. Operational leases with lower value or
shorter lifetime are booked as operational leases in the P&L. For lease contracts with a lease term
less than 12 months or a value of the underlying asset of less than KNOK 100, the group applies the
recognition exemptions and do not recognize these in the balance sheet.
82
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Tangible assets, right of use
See note 16 for information about the commitments related to the leasing.

| Right of use | Right of use cars | Total | Right of | Right of use cars | Total
KNOK | offices | and equipment | 2024 | use offices | and equipment | 2023
Acquisition costs 01.01 | 147,642 | 44,489 | 192,131 | 113,840 | 35,140 | 148,980
Addition | 10,477 | 5,651 | 16,129 | 25,872 | 6,841 | 32,713
Divestment | - | -899 | -899 | - | 371 | 371
Currency exchange differences | 6,351 | 1,255 | 7,607 | 7,930 | 2,136 | 10,067
Acquisition costs 31.12 | 164,470 | 50,496 | 214,967 | 147,642 | 44,489 | 192,131
Accumulated depreciations 01.01 | -62,815 | -29,748 | -92,562 | -44,795 | -21,486 | -66,281
Depreciations | -17,196 | -6,417 | -23,613 | -15,510 | -6,950 | -22,459
Currency exchange differences | -2,273 | 129 | -2,144 | -2,510 | -1,312 | -3,822
Accumulated depreciations 31.12 | -82,284 | -36,036 | -118,319 | -62,815 | -29,748 | -92,562
Book value 31.12 | 82,187 | 14,461 | 96,647 | 84,827 | 14,741 | 99,568
Depreciation ratio | 10-33% | 10-33% |  | 10-33% | 10-33% |

83
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 11: Intangible assets
In 2024 there have been expensed KNOK 39,549 (KNOK 49,770 in 2023) in research and development costs.
Intangible assets regarding brand are related to CashGuard and ALS.
Accounting policies
Intangible assets
Intangible assets are recognized at their cost price, less any accumulated write-downs and
amortization, and are considered periodically for impairment in case of any impairment indicators.
Any impairment losses are recognized as operating costs.
Intangible assets with definite lives are amortized over economic life and tested for impairment
when there are indications on this.
Goodwill and other intangible assets from acquisitions
Identifiable intangible assets from acquisitions are booked at fair value at the time of acquisition. This
includes items such as technology, brand and customer relationships. Brand value/trademarks are
not depreciated, but they are tested annually for impairment along with goodwill. The other items are
depreciated throughout their estimated useful life.
Development costs
Product development costs and research into new products and maintenance of existing products are
expensed as incurred except capitalization of intangible assets related to the new cash management
solution developed for a customer in Iberia and development costs related to our own POS solution
(Tree Commerce) in the Baltics. The development in Spain is performed through a new legal
company called StrongPoint Cash Tech S.L., which are consolidated from Q2 2023. The expenses
include in-house payroll costs and outsourced services. The expenses are reduced with any
government grants received related to this development. Government grants (Skattefunn) are
recognized where there is reasonable assurance that the grant will be received and all attached
conditions will be complied with.

|  |  |  |  | 2024 |  |  |  |  | 2023
Other intangible assets (KNOK) | Technology | Brand | Customer | Software | Total | Technology | Brand | Customer | Software | Total
Acquisition costs 01.01 | 147,040 | 31,502 | 95,834 | 13,174 | 287,550 | 107,510 | 31,502 | 92,425 | 9,376 | 240,813
Acquired by acquisition | - | - | - | - | - | 16,105 | - | 3,409 | - | 19,514
Investment | 27,916 | - | - | 3,628 | 31,545 | 23,425 | - | - | 3,798 | 27,223
Acquisition costs 31.12 | 174,957 | 31,502 | 95,834 | 16,802 | 319,095 | 147,040 | 31,502 | 95,834 | 13,174 | 287,550
Accumulated impairments and amortizations 01.01 | -105,655 | -3,371 | -51,581 | -8,390 | -168,998 | -105,655 | -1,164 | -42,632 | -8,383 | -157,834
Accumulated impairments and amortizations 31.12 | -105,655 | -5,679 | -61,521 | -8,398 | -181,254 | -105,655 | -3,371 | -51,581 | -8,390 | -168,998
Translation differences | 95 | 4,430 | 10,650 | -690 | 14,485 | -1,855 | 3,383 | 6,129 | -883 | 6,774
Book value 31.12 | 69,397 | 30,252 | 44,963 | 7,714 | 152,326 | 39,530 | 31,513 | 50,382 | 3,901 | 125,327
Amortizations of the year | - | -2,308 | -9,939 | -8 | -12,256 | - | -2,207 | -8,949 | -7 | -11,163
This year change in translation differences | 1,950 | 1,047 | 4,369 | 193 | 7,559 | 0 | 2,446 | 4,792 | 7 | 7,245
Amortizations schedule | 10 and 15 | Impairment | 1-7 years | 4-7 years |  | 10 and 15 | Impairment | 1-7 years | 4-7 years |
| years | test |  |  |  | years | test |  |  |
Amortizations ratio | 7-10% |  | 14-100% | 14-25% |  | 7-10% |  | 14-100% | 14-25% |

84
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Goodwill is not depreciated. Impairment tests are carried out every year. The impairment test per 31 December 2024 has been carried out with the segments Scandinavia and International incl. R&D as the
cash generating units.

|  |  | StrongPoint | StrongPoint | StrongPoint | StrongPoint |  |  | Total | Total
Goodwill (KNOK) | StrongPoint AS | StrongPoint AB | Technology AB | Baltic | S.L.U | E-com AB | ALS | Hamari | 2024 | 2023
Acquisition costs 01.01 | 15,976 | 2,612 | 81,127 | 23,318 | 4,431 | 25,889 | 38,268 | 2,914 | 194,535 | 191,620
Acquisition |  |  |  |  |  |  |  | - | - | 2,914
Acquisition costs 31.12 | 15,976 | 2,612 | 81,127 | 23,318 | 4,431 | 25,889 | 38,268 | 2,914 | 194,535 | 194,535
Accumulated impairment 01.01 | -14,689 | -229 | - | -23,345 | - | - | - | - | -38,263 | -38,263
Accumulated impairment 31.12 | -14,689 | -229 | - | -23,345 | - | - | - | - | -38,263 | -38,263
Translation differences | - | - | 11,478 | 3,254 | 1,408 | 1,172 | 6,148 | 144 | 23,604 | 18,054
Book value 31.12 | 1,286 | 2,383 | 92,605 | 3,227 | 5,839 | 27,060 | 44,416 | 3,058 | 179,875 | 174,325
This year change in translation differences | - | - | 1,466 | 152 | 274 | 429 | 3,085 | - | 5,407 | 11,492

|  |  | Goodwill (KNOK)
Acquired company | Cash generating unit | 31.12.2024 | 31.12.2023
StrongPoint AS | Scandinavia | 1,286 | 1,286
StrongPoint AB | Scandinavia | 2,383 | 2,383
StrongPoint Technology AB | Scandinavia | 92,605 | 91,139
StrongPoint UAB | International incl. R&D | 3,227 | 3,075
StrongPoint S.L.U | International incl. R&D | 5,839 | 5,564
StrongPoint E-com AB | Scandinavia | 27,060 | 26,632
StrongPoint ALS | International incl. R&D | 44,416 | 41,331
StrongPoint Hamari Oy | International incl. R&D | 3,058 | 2,914
Total goodwill |  | 179,875 | 174,325

85
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Impairment test of goodwill and intangible assets with indefinite useful life
Impairment tests are carried out in order to assess the prospects of each cash flow-generating unit
based on value in use. Value in use is measured against net book value for the cash flow-generating
entity. Key assumptions are a growth rate of 2.5% in net cash flow after five years of explicit plan and
a WACC after tax of 10,18%. Climate change is considered not to have a significant impact and is
taken into account in the cash flow.
The brands are considered to be indefinite due to the Groups strategy which contains a growth path
for the brands, and confirms the value of the IP in the balance sheet, as long term future cashflow
is expected.
The Group has used value in use to determine recoverable amounts for the cash flow-generating
entities. Value in use is determined by using the discounted cash flow method. The expected cash
flow is based on the business areas’ budgets and long term plans, which are approved by
StrongPoint’s executive management and the Board. Budgets and long-term plans cover a five-year
period (explicit prognosis period). Approved budgets and long-term plans are adjusted for cash flows
related to investments, future product improvements and new development, if the elements are
considered significant for the impairment test. After the five years of explicit plans a terminal value is
calculated based on 2.5% growth in net cash flow. To calculate value in use, the Group has used
anticipated cash flows after tax and, correspondingly, discount rates after tax. The recoverable
amount would not have been significantly different if cash flows before tax and the discount rate
before tax had been used. The WACC after tax has been stipulated using an iterative method and is
10.18%. The assumptions are based on historical results and observable market data.
Key assumptions
Discount rate
The discount rates are based on a weighted average cost of capital (WACC) method, whereby the
cost of equity and the cost of liabilities are weighted according to an estimated capital structure. The
discount rates reflect the market’s required return on investment at the time of the test and in the
industry to which the cash-generating unit belongs. The estimated capital structure is based on the
average capital structure in the industry in which the cash generating unit operates and an
assessment of what is a reasonable and prudent long-term capital structure. The CAPM model is
used to estimate the cost of equity. In accordance with the CAPM model, the cost of equity consists
of risk-free interest as well as an individual risk premium. The risk premium is the entity’s systematic
risk (beta), multiplied by the market’s risk premium. The risk-free interest is estimated on a 10-year
Norwegian government bond interest rate and is based on all cash flows being translated to NOK. The
cost of liabilities represents an expected long-term after-tax interest rate for comparable liabilities and
consists of risk-free interest and an interest spread. The pre tax discount rate is 12.82%.
Profit margin (EBITDA)
The profit margin is reviewed based on expectations of future development and historical
performance. This gives the Group good prospects for order intake and is a solid basis for
long-term growth.
Growth rate
Growth rates in the explicit prognosis period are based on management’s expectations of market
trends. The Group uses stable growth rates to extrapolate cash flows in excess of five years. The
long-term growth rate beyond five years is not higher than the expected long-term growth rate in the
industry in which the undertaking operates within.
Market shares and macro trends
Group entities monitors competition environment and market shares on a detailed level, both in the
local geography and from a product point of view. StrongPoint is a retail technology company and
exposed to global changes within technology development, international competition, supply change
and raw material distribution following political, climate or international trading challenges etc.
Expected changes in market shares or new competitive solutions that can influence future cash flow
from the business units are taken into account in the impairment test.
Risk
Group management and Board of directors monitors and acts upon risk within the following areas:
Strategic, operational, financial and sustainability/climate. Main assumptions in the impariment test
are adjusted to reflect the risk environment that the Group operates within.
Sensitivity analysis
In connection with impairment tests of goodwill and intangible assets, sensitivity analyses are carried
out. When applying long term annual growth rates of 8 to 10% on revenue and 5 to 6% on operating
costs, there is substantial impairment headroom. This corresponds to EBITDA margin of 6 to 9%
and is considered to be achievable in the long term. However, if assuming long term annual revenue
growth of 5 to 6% and the operating costs continuing to increase by 5%, the EBITDA margin will
convert to 3% and consequently lead to an impairment in both segments.
Estimation uncertainty
There will always be uncertainty related to the estimate of value in use. The assessments are
based on key assumptions as described above, and are to a large degree influenced by market data
for comparable companies, interest rates and other risk conditions. These calculations are based on
discounted future cash flows, in which judgement was used as regards future profit and operation.
Significant changes in the cash flows may affect the value of goodwill.
86
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 12: Inventories
Inventories are measured at the lower of cost and net realizable value.
The stock is pledged as security for loans, see note 15.
The cost of goods sold of KNOK 779,109 includes direct costs of goods with KNOK 639,014.
Note 13: Other receivables
Other receivables included MNOK 3.9 in expected government grants (Skattefunn) refunds for
development costs in 2024 (MNOK 4.6). This was booked as reduction of other operating expenses.
The provisions per 31.12.2024 are not directly related to individual customers.
Losses on bad debts are classified as other operating expenses in the income statement.

Inventories (KNOK) | 2024 | 2023
Inventories | 197,292 | 241,050
Provision for obsolete stock | -24,141 | -10,626
Total | 173,151 | 230,424

Provision for obsolete stock (KNOK) | 2024 | 2023
Provision for obsolete stock, opening balance | -10,626 | -10,416
Taken to income/charged to expense (-) change in provision | -13,515 | -210
Provision for obsolete stock, closing balance | -24,141 | -10,626

Accounting policies
Provisions for obsolescence are, where possible, made on an individual basis. If it is not possible
to carry out an individual assessment, provisions for obsolescence are made based on the current
inventory turnover rate.

Short term receivables (KNOK) | 2024 | 2023
Accounts receivables | 223,238 | 240,790
Prepaid expenses | 28,236 | 22,032
Other receivables | 10,351 | 14,955
Total short term receivables 31.12 | 261,826 | 277,777

Changes in provision for bad debts (KNOK) | 2024 | 2023
01.01 | 7,243 | 6,027
Applied provisions | - | -676
Reversed provisions | -393 | -594
New provision for bad debt | 903 | 2,486
Total 31.12 | 7,753 | 7,243

Aging of accounts receivables (KNOK) | 2024 | 2023
Not due | 180,683 | 154,583
0-3 months | 38,269 | 85,025
3-6 months | 3,837 | 1,182
6-12 months | 449 | -
Total 31.12 | 223,238 | 240,790

long term receivables (KNOK) | 2024 | 2023
Deposit rented offices | 896 | 1,372
Total long term receivables 31.12 | 896 | 1,372

Accounting policies
For account receivables, the Group applies a simplified approach in calculating Expected Credit
Losses (ECL)s. Therefore, the Group does not track changes in credit risk, but instead recognizes a
loss allowance based on lifetime ECLs at each reporting date. The carrying amount of the asset is
reduced using an allowance account and the amount of the loss is recognized in the
income statement.
Provisions are made when there is objective evidence that the Group will not be able to collect the
debts. Bad debts are written off when identified. It should, in minimum, be made provisions for: 50%
of the amounts ex VAT that has been due for 3 months or more, 80% of the amounts ex VAT that has
been due for 6 months or more, 100% of the amounts ex VAT that has been due for 12 months or
more. Changes in provision are booked as other operating expenses.
In 2024, Norway and The UK entered factoring arrangements. The financing arrangements have
contributed to lower outstanding accounts receivables per 31.12.2024.
87
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 15: Interest-bearing debt and secured debt
Debt per 31.12. and specification of terms. Figures in KNOK
1) The Groups’ main bank connection has loan covenants in relation equity %. The loan agreements are measured on a quarterly basis. See note 17 for more information. All loans are secured.
Distribution of long term and short term debts and liabilities:
Pledged assets per 31.12 and book value:
1) Företagsinnteckning is equivalent to a priority lien over the company’s assets
*The foreign companies liabilities are limited to the amount the guarantor at any time has drawn.
Change in liabilities arising from financing activities:
Note 14: Cash and cash equivalents
The Group had liquid assets (bank deposits and unused credit facilities) of MNOK 102,5 per
31.12.2024 (2023: MNOK 95.2). KNOK 3,107 are restricted funds pr. 31.12.2024
(2023: KNOK 2,865).
The Group has a cash pool arrangement allowing efficient distribution of cash between the different
business units. The total Group credit facility is MNOK 140, of which MNOK 120 was withdrawn per
31.12.2024.

KNOK | 2024 | 2023
Cash and bank deposits | 82,490 | 39,340
Overdraft | - | 94,153
Unused overdraft / credit facilities | 20,000 | 55,847

Type of loan | 2024 | 2023 | Borrowing terms | Average nominal interest for 2024
Multi-currency, group credit account ¹ | - | 94,153 | Overdraft limit MNOK 150, not time limited | 5.80%
Credit facilities | 120,000 | - | Repayment/renewal in 2025 | 10.49%
Long term loan | 5,229 | 8,646 | Quarterly repayments | 1.72%
Short term debt | 4,253 | 4,299 | Repayment in 2025 | 2.6%-7.99%
Financial leasing | 3,402 | 4,240 | Monthly and quarterly payments |
IFRS 16 car liabilities | 9,266 | 8,762 |  |
Total interest-bearing debt | 142,149 | 120,100 |  |
IFRS 16 rent liabilities | 82,186 | 84,827 |  |
Total interest-bearing debt and IFRS 16 rent liabilities | 224,336 | 204,927 |  |

KNOK | 2024 | 2023
Bank overdraft | - | 94,153
Current interest-bearing liabilities | 154,353 | 22,278
Due after one year | 69,983 | 88,496
Total interest-bearing debt and IFRS 16 rent liabilities | 224,336 | 204,927

Asset | 31.12.2024 | 31.12.2023
Operating equipment and inventories for StrongPoint AS | 48,360 | 100,960
Lien over Företagsinnteckning StrongPoint AB ¹ | 123,722 | 117,711
Co-surety Norway, Sweden, the Baltics and UK * | 120,000 | 150,000

|  |  | New | Currency |
KNOK | 31.12.2023 | CashFlow | contracts | differences | 31.12.2024
Interest-bearing liabilities | 107,098 | (98,300) | 120,000 | 684 | 129,482
Lease liabilities | 97,829 | (22,534) | 16,129 | 3,523 | 94,854
Total | 204,926 | (120,833) | 136,129 | 4,207 | 224,336

|  |  | New | Currency |
KNOK | 31.12.2022 | CashFlow | contracts | differences | 31.12.2023
Interest-bearing liabilities | 37,757 | 75,553 | - | (6,212) | 107,098
Lease liabilities | 81,203 | (24,444) | 32,713 | 8,357 | 97,829
Total | 118,960 | 51,109 | 32,713 | 2,145 | 204,927

Accounting policies
Cash includes cash in hand and cash deposits in banks.
Cash equivalents are held for the purpose of meeting short term commitments rather than for
investment or other purposes.
88
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 16: Leasing commitments
Tenancy agreements on premises has a lease-term of 0.5-9 years. Annual payment for these
premises is approx. KNOK 22,833.
Leasing contracts on vehicles has a lease-term of 1-9 years. Annual payment is approx.
KNOK 7,146.
Leasing contracts on inventory (copy machines, coffee machines etc.) has a lease-term of
1-5 years. Annual payment is approx. KNOK 765.
The numbers above includes approximately MNOK 1 as leasing expenses in the P&L regarding
contracts with a lifetime of less than one year and a value of less than KNOK 100. These contracts
are not booked as leasing commitments in the balance sheet.
In 2024 the present value of the lease payments has been calculated based on the lessee’s
incremental borrowing rate. The discount rate is 13.5%, included a risk premium of 9.5% business risk
and 4.0% risk free.
The carrying value of leasing are included in note 10.

Future minimum rent for the leasing contracts per |  |  | The present value of
31.12 is as follows: |  |  | future payments
KNOK | 2024 | 2023 | 2024
Within one year | 30,744 | 26,979 | 27,087
After one year, but within five years | 67,621 | 66,130 | 46,149
After more than five years | 15,738 | 17,307 | 7,362
Total | 114,104 | 110,417 | 80,598

89
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 17: Financial instruments
Financial risks
StrongPoint’s activities expose the group to exchange rate-, interest-, credit- and liquidity risks.
(i) Credit risks
The Group’s credit risk is related to the sale of goods and services on credit. In 2024, Norway entered
a factoring arrangement for the accounts receivables. We receive payment earlier and the credit risk
for these receivables are transferred to the factoring company.
The Group has established guidelines to ensure that sales are only made to customers who have
not had significant payment problems earlier and that the outstanding amount do not exceed credit
limits. Guidelines are implemented to prevent the company’s risk associated with loans and
guarantees related to employees and customers.
Per 31.12.2024 the Group had KNOK 223,238 in outstanding accounts receivables. Of this KNOK
42,555 were overdue, traditionally most of the overdue amount are paid a few days after period end.
The Group has historically had a low rate of loss on receivables. This year’s expenses in relation to
bad debts amounting to a revenue of KNOK 1,070, including realized losses and changes in the
provision for bad debts.
(ii) Interest rate risk
The company’s interest-bearing debt decreased in 2024.
The interest risk is measured by the group treasury department by simulating the effect of a change
in interest rates. The simulation illustrates the cash effect of a change in interest rates given the loan
size and the level of any existing interest rate hedging. The results from the simulation are used to
support decisions concerning the possible conclusion of fixed-rate contracts. In addition, the fact that
interest rates usually move opposite to the general economic development, and that floating rates
within certain limits can help to stabilize the group’s results.
As a result of this the group’s interest-bearing debt has a floating interest rate at year-end. It has not
been used fixed rate contracts or other hedging instruments in 2024 or 2023.
Based on the financial instruments in existence as of 31 December 2024, a general increase in
interest rates of two per cent will reduce pre-tax profits by KNOK 2,658.
The average effective rate of interest on financial instruments was as follows:
The interest rate on overdraft is based on 1 month NIBOR for the draft in NOK, and 1 month
DANBOR SEK and 1 month DANBOR EUR for the other currencies. The interest rate on the largest
long-term loan is fixed until 2026. The interest rate on the smaller loans is determined quarterly.
See note 15 for information about long-term loans and note 16 for information about liabilities in
relation to financial leasing agreements.
.
(iii) Liquidity risk
The Group manages liquidity risk by monitoring the expected future cash from operations and
available cash and credit facilities are adequate to serve the operational and financial obligations.
This is done by preparing cash flow forecasts 12 months ahead, and detailed monthly cash
monitoring, based on different outcomes in turnover and product mix. Capital tied up in the individual
business units are supervised, focusing on inventory, accounts receivable, financing and
accounts payable.
The group’s strategy is to have sufficient cash, cash equivalents or credit facilities available at any
time to be able to finance operations and investments for the next 6 months. Excess liquidity is mainly
located in the Groups Cash Pool which is netted against overdraft. Unused credit facilities are
described in note 14.
Disposable funds were 102.5 MNOK as of 31 December 2024, comprising cash and cash
equivalents of 82.5 MNOK and 20.0 MNOK remaining as undrawn from the Norion RCF. During the
fourth quarter, the refinancing from a bank overdraft of 150 MNOK with Danske Bank to Norion RCF
of 140 MNOK, was completed. As part of this new financing, there is a 30% equity covenant. As per
31 December 2024, the equity ratio was 46%.

Sensitivity currency exposure; | KNOK
Credit facilities | -1,200
Short term loans | -52
Long term loans | -43
Leasing | -127

An increase of 1% in the interest rate per 31 December 2024 would have resulted in the following
effects on the profit in the group;

KNOK | 2024 | 2023
Total interest-bearing debt | 142,149 | 120,100
Cash | 82,490 | 39,340
Net interest-bearing debt | 59,659 | 80,760
Total capital adjusted for Goodwill | 847,862 | 863,676
Debt ratio | 7% | 9%

| 2024 | 2023
Bank overdraft | 5.80% | 5.13%
Credit facilities | 10.49% |
Short term loans | 5.30% | 5.30%
Long term loans | 1.72% | 1.72%

90
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Overview of maturity structures of financial liabilities:
The payment of financial obligations is intended to be covered by the payment of accounts receivable,
sale of goods and services, and available cash and available credit facilities.
(iv) Currency risks
The Company has no material debt or bank deposits in foreign currency, except Euro, GBP,
Norwegian and Swedish kroner. The main exposure to foreign currency derived from accounts
payable and accounts receivable in connection with the purchase and sale of goods in foreign
currency, and contracts where the sales price is determined in a currency other than the cost of goods
sold. The Group is mainly exposed to fluctuations in the price of goods bought in foreign currencies,
primarily in SEK, USD, EUR and GBP, and sale of goods in EUR.
The company do not normally use forward contracts to hedge this exposure. Large currency
fluctuations are compensated by contracted agreement allowing adjusted sales prices accordingly.
(v) Financial investments
Excess liquidity is placed in the Group’s cashpool to reduce its short term interest-bearing debt. The
company uses a small degree of financial investments.
A change of 10% exchange rate per 31 December 2024 would have resulted in the following effects on
the profit in the group;

| Balance sheet |  |  |  |  |
KNOK | amount | 0-6 months | 6-12 months | 1-2 year | 2-3 year | more than 3 years
Secured loans (long and short term interest-bearing debt) | 129,482 | 125,601 | 2,563 | 1,318 | - | -
Secured loans, interest | IA | 96 | 30 | 11 | 0 | IA
Leasing | 94,854 | 13,095 | 13,095 | 20,489 | 13,673 | 34,503
Leasing, interest | IA | 2,221 | 2,202 | 3,334 | 2,435 | IA
Other long term debt | 602 |  |  | 602 |  |
Accounts payable | 140,789 | 140,789 | - | - | - | -
Net liabilities financial instruments | 365,727 | 281,803 | 17,890 | 25,755 | 16,107 | 34,503

Sensitivity currency exposure; | KNOK
SEK weakened by 10% against EUR | -1,440
SEK weakened by 10% against GBP | -
SEK weakened by 10% against USD | 1,519
NOK weakened by 10% against SEK | 188
NOK weakened by 10% against EUR | 283
NOK weakened by 10% against GBP | 30
NOK weakened by 10% against USD | 379

91
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
(vi) Capital structure
The Board aims to maintain a strong capital base in order to retain the trust of shareholders, creditors
and the market in order to continually develop the company. The Board want to create a balance
between higher return, which is made possible by higher borrowing levels, and the benefits and
security provided by a solid equity. The Board aims to ensure that StrongPoint shareholders will over
time gain a competitive return on their investment through a combination of cash dividends and
increased value of their shares. In determining the annual dividend, the Board will take into account
the expected cash flow, investments in organic growth, plans for growth through mergers and
acquisitions, and the need for adequate financial flexibility.
The level of net debt is measured in terms of cash flow.
(viii) Fair value measurement
The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities.
Due to their short term nature, the carrying value of current financial assets and liabilities is deemed
as reasonable approximation to the fair value of the financial assets and liabilities. As such, the
carrying amount is considered not to be significantly different from the fair value.
Based on characteristics of the financial instruments recognized in the consolidated financial
statements, these have been grouped in classes and categories as described below. The estimated
fair value corresponds substantially carrying value.
Other long term investments are classified as equity instruments designated at fair value,
according to IFRS 9.
The balance sheet value of cash and cash equivalents and overdrafts is approximate to the fair
value as these instruments have a short expiry period. Similarly, the balance sheet value of accounts
receivables and accounts payable is approximate to the fair value as they are agreed on
“ordinary” terms.
Book value of debt is deemed to be equivalent to market value, since the company should be able
to refinance the loan at the same rate in the market.
Note 18: Transactions with related parties
StrongPoint ASA hired consultancy services valued at KNOK 100 from TLT Leadership AS where
Board member Ingeborg Hegstad owns 50% of the company. There has not been any other
transactions with any Board members and employees in 2024.
Transactions with associated companies
The group carried out several transactions with Spok AS in 2024 and 2023. All transactions were
carried out as part of its ordinary activities and at ordinary business conditions.
The balance includes the following amounts resulting from transactions with the associated company:
The Group has no other binding future transactions with related parties.

|  |  | Fair value measurement using
|  |  | Significant
|  |  | unobservable
| Date of valuation | Total | inputs (Level 3)
Assets measured at fair value: |  |  |
Financial assets |  |  |
Cash | 31 December 2024 | 82,490 | 82,490
Accounts receivable | 31 December 2024 | 223,238 | 223,238
Other long-term investments | 31 December 2024 | 4,001 | 4,001
Financial debts |  |  |
Accounts payable | 31 December 2024 | -140,789 | -140,789
Bank loans | 31 December 2024 | -9,482 | -9,482

| 2024 |  | 2023 |
KNOK | Sale | Purchase | Sale | Purchase
Spok AS | 336 | 3,172 | 345 | 3,433

| 2024 |  | 2023 |
KNOK | Receivables | Debt | Receivables | Debt
Spok AS | - | 6 | - | 274

92
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 19: Post balance sheet events
No significant events have occurred after the balance sheet date.
Note 20: Overview of subsidiaries
The following subsidiaries are included in the consolidated accounts:
1) StrongPoint AS owns 100% of a company in Germany that is under liquidation.
2) StrongPoint UAB owns 100 % of its sales companies in Latvia and Estonia.
3) StrongPoint SLU owns 60% of StrongPoint Cash Tech S.L.
4) Air Link Group Ltd owns 100% of its sales companies in UK, Ireland and Belgium.
Note 21: Exchange rates
Profit or loss items in the subsidiaries are converted to NOK monthly, based on the average exchange rate of that month.
Balance sheet items for the subsidiaries are converted to NOK, based on the exchange rate per 31.12.2024.

Company | Adress | Main area of business | Share of votes | Stake
StrongPoint AS 1 | Oslo | Service and product provider | 100% | 100%
StrongPoint AB | Göteborg (Sweden) | Service and product provider | 100% | 100%
StrongPoint UAB 2 | Vilnius (Lithuania) | Service and product provider | 100% | 100%
StrongPoint S.L.U 3 | Spain | Service and product provider | 100% | 100%
StrongPoint E-com AB | Täby (Sweden) | Production and sales | 100% | 100%
Air Link Group Ltd 4 | Birmingham (UK) | Service and product provider | 100% | 100%
StrongPoint Hamari Oy | Finland | Service and product provider | 100% | 100%
StrongPoint Investering AS | Oslo | Investment company | 100% | 100%

|  |  |  |  |  |  | 2024 |  |  |  |  |  |  |  | 2023
|  |  |  |  |  | Average exchange rate |  |  |  |  |  |  | Exchange rate |  | Exchange rate
| January | February | March | April | May | June | July | August | September | October | November | December | 31.12. | Average | 31.12.
SEK | 1.006 | 1.012 | 1.019 | 1.008 | 0.998 | 1.012 | 1.016 | 1.029 | 1.038 | 1.034 | 1.014 | 1.021 | 1.029 | 0.996 | 1.013
Euro | 11.350 | 11.384 | 11.512 | 11.683 | 11.590 | 11.418 | 11.716 | 11.790 | 11.785 | 11.791 | 11.741 | 11.739 | 11.795 | 11.424 | 11.241
GBP | 13.218 | 13.320 | 13.460 | 13.639 | 13.549 | 13.489 | 13.893 | 13.846 | 14.027 | 14.122 | 14.081 | 14.177 | 14.225 | 13.136 | 12.934

93
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 22: Short and long term provisions
Note 23: Earnings per share
Note 24: Shareholder information
Overview of shareholders per 31.12.2024
StrongPoint ASA had per 31.12.2024 a share capital of NOK 27,830,778.24 spread over 44,888,352
shares with a nominal value of NOK 0.62.
All shares have equal voting rights.

KNOK | 2024 | 2023
Earnout Hamari | - | 1,686
Rental deposit | 602 | 162
Balance 31.12 | 602 | 1,848
Of which long term provisions | 602 | 1,848

KNOK | 2024 | 2023
Profit for the year | -31,930 | -34,200
Weighed average number of shares during the year |  |
Basic | 44,631,136 | 44,397,547
Effect of dilutive share based incentive plans | 4,095,000 | 3,422,500
Diluted | 48,726,136 | 47,820,047
Earnings per share (NOK) |  |
Basic | (0.72) | (0.77)
Diluted | (0.66) | (0.72)

Number of outstanding shares (numbers in thousand) | 2024 | 2023
01.01: Number of shares (after deductions for own shares) | 44,538 | 44,304
Sale of own shares during the year | 156 | 234
31.12: Number of shares (after deductions for 194 thousand own shares) | 44,694 | 44,538

The options are antidilutive due to the deficit in 2024.

No. | Name | No. of shares | %
1 | STRØMSTANGEN AS | 3,933,092 | 8.76
2 | TOHATT AS | 2,225,000 | 4.96
3 | SOLE ACTIVE AS | 2,221,717 | 4.95
4 | BANK PICTET & CIE (EUROPE) AG | 1,981,821 | 4.42
5 | ZETTERBERG, GEORG (incl. fully owned companies) | 1,400,000 | 3.12
6 | NORDNET BANK AB | 1,320,626 | 2.94
7 | AVANZA BANK AB | 1,299,363 | 2.89
8 | RING, JAN | 1,243,374 | 2.77
9 | VERDADERO AS | 1,081,285 | 2.41
10 | JAHATT AS | 1,080,850 | 2.41
11 | MUEN INVEST AS | 806,000 | 1.80
12 | EVENSEN, TOR COLKA | 803,000 | 1.79
13 | HSBC BANK PLC | 702,612 | 1.57
14 | WAALER AS | 700,000 | 1.56
15 | BANQUE PICTET & CIE SA | 670,033 | 1.49
16 | JOHANSEN, STEIN | 600,000 | 1.34
17 | MP PENSJON PK | 561,402 | 1.25
18 | SKANDINAVISKA ENSKILDA BANKEN AB | 520,185 | 1.16
19 | ALS KINGFISHER LIMITED | 506,156 | 1.13
20 | EUROPEAN RETAIL ENGINEERING LIMITED | 506,156 | 1.13
| Sum 20 largest shareholders | 24,162,672 | 53.83
| Sum 2 248 other shareholders | 20,725,680 | 46.17
| Sum all 2 268 shareholders | 44,888,352 | 100.00

94
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Per 31.12.2024 the Group owned 194,374 own shares. Cost price of these was KNOK 4,423, giving
an average share price of NOK 22.75.
Members of the Group management team have stock options. See note 9 for more information.
Note 25: Estimation uncertainties
When preparing the annual accounts in accordance with IFRS the company management has used
estimates based on best judgement and assumptions that are considered to be realistic. Situations or
changes in market conditions may occur that may lead to estimates being adjusted, thus affecting the
company’s assets, debts, equity and profit.
The company’s most significant accounting estimates are linked to
the following items:
• Business combinations
• Impairment of intangible assets
• Impairment assessment of goodwill
• Recognition of deferred tax on balance sheet
• Warranty provisions
StrongPoint must allocate the cost price of acquired entities to acquired assets and transferred debts
based on estimated fair value. Significant intangible assets that StrongPoint has recognized
includes customer contracts, customer base, brands, own technology and commitments in relation to
any royalty agreements entered into. Assumptions taken into account when valuing assets include,
but are not limited to, the replacement cost of fixed assets and fair value. The management’s
estimates of fair value are based on assumptions that are considered to be reasonable, but that are
by nature uncertain. As a result, the actual results may differ from the estimates. Depreciation periods
and amounts are given in note 11.
Management prepare a Key Audit Matter report to the Audit Committee at least every 6 months,
where major estimates are discussed and agreed.
Goodwill and brands as stated on the balance sheet are evaluated for impairment whenever there
are indications of impairment, at least annually. The valuation is based on value in use when
discounting expected future cash flows. The valuation is carried out with starting points in next year’s
budget and in a forecast for the next four years. Next, a terminal value is calculated based on 2.5%
growth in net cash flow. The most sensitive assumption used in the estimates is that of future turnover
growth, but EBITDA and discount rate are also important. The assumptions and sensitivity analysis
are detailed in note 11.
The management has used estimates and assessments when making provisions for obsolete stock
and future warranty costs. The provisions have been made with basis in a historical assessment of
provision requirements, past figures for returns and under-warranty repairs and the age distribution of
stock. Further details are provided in note 12 for stock and note 27 for warranty provisions.
Changes in share capital:

| Number of shares |  |  | Share capital
KNOK | 2024 | 2023 | 2024 | 2023
Ordinary shares 01.01 | 44,888 | 44,376 | 27,831 | 27,513
Ordinary shares 31.12 | 44,888 | 44,888 | 27,831 | 27,831

Own shares: |  |
Numbers in 1000 | 2024 | 2023
01.01 | 350 | 585
Sales of own shares | -156 | -234
31.12 | 194 | 350
Nominal value | 0.62 | 0.62
Own shares specified in equity (KNOK): | 121 | 217

95
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 26: Tax
Accounting policies
Current tax liabilities and assets are measured at the amount that is expected to be paid to or
recovered from the tax authorities. The tax rates and tax rules used to calculate the amounts are
those that have been adopted or substantively adopted by the end of the reporting period in the
countries in which the group operates and generates taxable income.
Deferred tax liabilities and assets are computed for all temporary differences between the carrying
amount of an asset or liability in the consolidated financial statements and their respective tax bases
and tax losses carried forward. For the calculation of deferred tax assets and liabilities, the nominal
tax rates expected to be applied when the asset is realized or the liability is paid will be used.
Deferred tax assets and deferred tax liabilities:
The Company has no liabilities / deferred tax assets that effect Total comprehensive income.
Per 31.12.2024 the group has losses carried forward of MNOK 103.4 in the Spanish entity.
Deferred tax assets of MNOK 25.9 (MNOK 19.4) associated with this is included in the balance sheet.

KNOK | 2024 | 2023
Tax payable | 1,422 | 3,891
Tax items relating to previous years | 77 | -
Change in deferred tax | -16,352 | -15,023
Tax expense | -14,853 | -11,132
Included as tax expense in the financial statements | -14,853 | -11,132
Reconciliation of the nominal tax rate | 22% | 22%

KNOK | 2024 | 2023
Profit before tax | -46,783 | -45,331
Tax calculated at a rate of 22% | -10,292 | -9,973
Taxes related to companies in other countries with other tax rate | -2,605 | -2,347
Change in tax rate in Lithuania | -83 | -
Non-taxable items (22% of permanent differences) | -2,236 | 884
Unrecognized deferred tax asset | 302 | 304
Effect corrections previous years 1 | 61 | -
Tax expense | -14,853 | -11,131

|  |  |  |  |  | Consolidated income
|  | Deferred tax assets |  | Deferred tax liabilities | statement
KNOK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023
Current assets | 692 | 665 | 3,026 | 3,756 | 787 | -926
Liabilities | 5,218 | 4,393 | -2,432 | -2,318 | -711 | -2,169
Fixed assets | 265 | 248 | -16,555 | -18,219 | -1,680 | -532
Losses carried forward | 39,804 | 25,800 | -586 | -1,331 | -14,748 | -11,397
Deferred tax | 45,979 | 31,106 | -16,547 | -18,111 | -16,352 | -15,023

Tax expense:
1) Reversal of provision of tax previous years.
96
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement
Consolidated statement of changes in equity
Note 1 General information
Note 2 Accounting principles
Note 3 Segment information
Note 4 Changes in the group structure
Note 5 Other operating expenses
Note 6 Investment in associated companies
Note 7 Shares in other companies
Note 8 Financial items
Note 9 Payroll costs and number of employees
Note 10 Tangible assets
Note 11 Intangible assets
Note 12 Inventories
Note 13 Other receivables
Note 14 Cash and cash equivalents
Note 15 Interest-bearing debt and secured debt
Note 16 Leasing commitments
Note 17 Financial instruments
Note 18 Transactions with related parties
Note 19 Post balance sheet events
Note 20 Overview of subsidiaries
Note 21 Exchange rates
Note 22 Short and long term provisions
Note 23 Earnings per share
Note 24 Shareholder information
Note 25 Estimation uncertainties
Note 26 Tax
Note 27 Other short term debt
Note 28 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Financial Statements StrongPoint ASA
Auditor’s Report
ABOUT STRONGPOINT
Note 28: Macro perspectives influencing the business
Economic conditions
Inflation and interest rates have started to come down during 2024, however this varies within the
markets in which we operate, consequently impacting our customers’ investment spend differently
across the regions.
Global supply chain and component shortages
The Group may be influenced by component shortages and other supply chain issues, as was seen
during the COVID 19 pandemic. StrongPoint works closely with suppliers to ensure as little effect on
customer deliveries as possible. There were no major shortages impacting the business during 2024.
Climate
Global climate changes influence both StrongPoint, customers and suppliers in different ways,
contributing to both risks and opportunities.
Climate risks are related especially to shortage of energy for the production and distribution of
goods, both proprietary solutions and third party products. If climate changes requires dramatic
changes in the energy consumption, this will influence StrongPoints ability to produce the products.
Hardware represents 55% of the business. Risk is also related to shortages on food, which will affect
the customers of StrongPoint, and shortages of raw materials for specific components. Management
does not see this as a risk in the short term.
Climate opportunities are linked to both StrongPoint solutions that can reduce energy consumption,
like AutoStore storage of frozen goods. StrongPoint ALS (UK/Ireland) is providing refurbishment of
interior or point of sales physical installation, and this can contribute positive to climate if utilized in
other markets.
Note 27: Other short term debt

KNOK | 2024 | 2023
Holiday pay owed | 20,840 | 20,328
Accrued expenses | 39,854 | 32,179
Deferred income | 81,645 | 62,520
Warranty provisions | 2,065 | 1,232
Other short term debt | 12,487 | 15,534
Total other short term debt | 156,890 | 131,794

Warranty provisions (KNOK) | 2024 | 2023
Balance 01.01 | 1,232 | 2,149
Provision | 1,945 | 1,215
Currency differences | 20 | 154
Used | -1,133 | -2,287
Balance 31.12 | 2,065 | 1,232
Of which warranties due within 1 year | 2,065 | 1,232

97
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Income statement StrongPoint ASA
KNOK Note 2024 2023
Other operating income 3 14,486 17,392
Payroll 2 22,743 26,535
Depreciation 5 22 28
Other operating expenses 2 3,738 6,899
Total operating expenses 26,503 33,462
Operating profit -12,017 -16,070
Financial items 6 2,678 21,276
Profit before tax -9,339 5,206
Income tax expense 12 -2,482 -1,931
Net income -6,857 7,137
Distributions
Transfer to / from other equity 8 -6,857 7,137
Total distributions -6,857 7,137
98
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Balance sheet
KNOK Note 31.12.2024 31.12.2023
ASSETS
Tangible assets 5 14 36
Investments in subsidiaries 10 452,838 452,838
Loans to group companies 131,268 114,981
Other long term investments 11 1,700 1,700
Deferred tax 12 7,019 4,537
Total fixed assets 592,839 574,091
Accounts receivables 36 -
Group receivables 94,621 77,567
Prepaid expenses 6,134 3,715
Total current assets 100,791 81,281
TOTAL ASSETS 693,630 655,373
KNOK Note 31.12.2024 31.12.2023
EQUITY AND LIABILITIES
Share capital 7.8 27,831 27,831
Treasury shares 8 -121 -217
Other equity 8 378,988 379,867
Total equity 406,698 407,481
Current liabilities to credit institutions 9 278,101 234,334
Short term liabilities to group companies 539 660
Accounts payable 5,699 6,912
Public duties payable -44 361
Other short term liabilities 4 2,637 5,625
Total short term liabilities 286,932 247,892
TOTAL EQUITY AND LIABILITIES 693,630 655,373
Oslo, 19 March 2025
Morthen Johannessen
Chairman
Ingeborg Molden Hegstad
Director
Cathrine Laksfoss
Director
Audun Nordtveit
Director
Pål Wibe
Director
Jacob Tveraabak
CEO
99
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Cash flow statement
KNOK Note 2024 2023
Cash flow from operational activities
Ordinary profit before tax -9,339 5,206
Ordinary depreciation 5 22 28
Share Option Program 4,232 6,395
Profit/loss from divestment 6 - 1,420
Profit/loss from investment 6 -1,686 -
Change in accounts receivables -36 -
Change in accounts payable -1,213 -1,012
Change in short term group accounts -33,463 -51,411
Change in other accrued items -4,135 2,729
Net cash flow from operational activities -45,619 -36,645
Cash flow from investment activities
Payments for fixed assets 5 - -26
Net effect acquisitions - -3,266
Net cash flow from investment activities - -3,292
Cash flow from financing activities
Purchase / Sale of treasury shares 8 1,852 2,518
New interest bearing debt 120,000 -
Dividend paid - -39,935
Change in overdraft -76,233 77,354
Net cash flow from financing activities 45,619 39,937
Net cash flow in the period - -
Cash and cash equivalents at 01.01 - -
Cash and cash equivalents at 31.12 - -
100
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Note 1: Accounting principles
The financial statements, prepared by the company’s Board and management, should be interpreted
in light of the Directors’ report. The financial statements comprise income statement, balance sheet,
cash flow statement and notes and have been prepared in accordance with laws and generally
accepted accounting principles in Norway.
Basic Principles
Assets intended for permanent ownership or use are classified as fixed assets. Other assets are
classified as current assets. Receivables due within one year are classified as current assets. Similar
criteria are applied when classifying short term and long term liabilities.
Fixed assets are valued at the acquisition cost less accumulated depreciation. If the fair value of
fixed assets is lower than the carrying amount and the reduction is not expected to be temporary, it is
written down to fair value. Fixed assets with limited useful lives are depreciated using the straight line
method over their economic life.
Shares in other companies are recorded using the cost method. Dividends and group contributions
from subsidiaries are recognized in the year the amount is set aside as a liability in the paying
companies. Dividends from other companies are recognized in the year it is paid.
Tangible assets are capitalized and depreciated over the useful life if they have a useful life of more
than 3 years. Maintenance costs are expensed as incurred, while improvements are added to the
tangible assets and depreciated over the remaining useful life.
Current assets are valued at lower of cost or fair value.
Other long term liabilities and short-term liabilities are valued at nominal value.
Subsidiaries / associated companies
Subsidiaries and associated companies are valued at cost in the financial statements. The
investments are valued at acquisition cost for the shares unless impairment has been required. It is
written down to fair value if impairment is not considered to be temporary and it is deemed necessary
by generally accepted accounting principles. Impairment losses are reversed when the reasons for
the impairment no longer exists.
Dividends, group contributions and other distributions from subsidiaries are recognized in the same
year as it is booked in the subsidiary’s accounts.
Foreign currency
Transactions in foreign currencies are translated at the exchange rate on the transaction date.
Monetary items in foreign currencies are translated into Norwegian kroner by using the exchange rate
at the balance sheet date. Non-monetary items measured at historical cost in a foreign currency are
translated into Norwegian kroner at the exchange rate on the transaction date. Non-monetary items
measured at fair value in a foreign currency are translated using the exchange rate at the time of
measurement. Changes in foreign currency exchange rates are recorded in the accounting period
under other financial items.
Intangible assets
Intangible assets purchased individually are capitalized at cost. Intangible assets obtained through
acquisitions are capitalized at cost when the criteria for capitalization are met.
Intangible assets with a limited useful life are depreciated according to a schedule. Intangible assets
are written down to fair value if the expected economic benefits do not cover the carrying value and
any remaining production expenses.
Pensions
The company has a statutory obligatory company pension sheme for its employees. The company
pension scheme meets the requirements of the law.
Receivables
Accounts receivables and other receivables are stated at nominal value less provisions for expected
losses. Provisions for losses are based on an individual assessment of each receivable. For others
receivables, a general provision is made to cover any expected losses.
Bank deposits, cash etc.
Cash and cash equivalents include cash, bank deposits and other forms of payment that become due
within three months of acquisition.
Tax
Tax related to equity transactions are recorded in equity. Tax expensed comprises tax payable (tax on
the taxable income for the year) and changes in net deferred tax. Deferred tax is calculated at 22% on
the basis of temporary differences between accounting and tax values and tax losses carried forward
at year end. Taxable and deductible temporary differences that reverse or may reverse in the same
period are netted. Other deductible temporary differences is not assessed, but recognized on the
balance sheet if it is likely that the company can utilize them and net recorded if appropriate. Deferred
tax and deferred tax assets are presented at net value in the balance sheet.
Cash flow statement
The cash flow statement is prepared using the indirect method. Cash and cash equivalents include
cash, bank deposits and other short term liquid investments.
101
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Note 2: Payroll, number of employees, benefits, loans to
employees, etc.
With regard to salary and remuneration to the Executive Management Team and Board members,
reference is made to Note 9 Salaries and remuneration for Executive Management Team and
Directors in the consolidated financial statements and the separate Remuneration report.
Remuneration to Ernst & Young for audit and audit-related services in 2024 was KNOK 593 (against
KNOK 650 in 2023). Remuneration for other services was KNOK 123 (against KNOK 115 in 2023).
Note 3: Other operating income
Note 4: Other short term debt
Note 5: Tangible assets
Note 6: Other financial items
Payroll (KNOK) 2024 2023
Salaries 14,901 16,055
Social fee 2,346 2,777
Pension costs 1,009 941
Share based compensation 4,232 6,395
Other benefits 256 367
Total 22,743 26,535
Number of full-time equivalents employed during the year: 4 4
Number of employees at the end of the year: 4 4
KNOK 2024 2023
Received management fee from Norwegian subsidiaries 3,600 4,350
Received management fee from Swedish subsidiaries 3,656 4,350
Received management fee from other subsidiaries 7,230 8,692
Total operating income 14,486 17,392
KNOK 2024 2023
Holiday pay owed 1,092 986
Accrued expenses 1,545 2,954
Earnout Hamari - 1,686
Total other short term debt 2,637 5,625
KNOK 2024 2023
Acquisition costs 01.01 2,009 1,983
Acquired - 26
Acquisition costs 31.12 2,009 2,009
Accumulated depreciations 01.01 1,973 1,945
Depreciations of the year 22 28
Accumulated depreciations 31.12 1,995 1,973
Book value as at 31.12 14 36
Useful economic life 3 years
Depreciation method Linear
KNOK 2024 2023
Interest income from group companies 9,063 5,734
Other interest income 1,880 1,605
Group contributions received from subsidiaries 194 -
Dividend received from associated companies 300 300
Currency gains 9,631 9,617
Dividend from subsidiaries - 16,954
Reversal of earnout 1,686 -
Total financial income 22,754 34,210
Other interest expenses 17,526 10,601
Currency loss 858 742
Loss on investment in subsidiaries - 1,420
Other financial expenses 1,693 170
Total financial expenses 20,077 12,933
Net financial items 2,678 21,276
102
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Note 7: Share capital and shareholder information
The company’s share capital per 31.12.2024 comprises the following share classes:
Overview of shareholders per 31.12.2024
Note 8: Equity
Own shares:
Per 31.12.2024 the company owned 194,374 own shares. Cost price of these was KNOK 4,422.8,
giving an average share price of NOK 22.75.
Number Nominal value Book value
Shares 44,888,352 0.62 27,830,778
Total 44,888,352 27,830,778
No. Name No. of shares %
1 STRØMSTANGEN AS 3,933,092 8.8
2 TOHATT AS 2,225,000 5.0
3 SOLE ACTIVE AS 2,221,717 4.9
4 BANK PICTET & CIE (EUROPE) AG 1,981,821 4.4
5 ZETTERBERG, GEORG (incl. fully owned companies) 1,400,000 3.1
6 NORDNET BANK AB 1,320,626 2.9
7 AVANZA BANK AB 1,299,363 2.9
8 RING, JAN 1,243,374 2.8
9 VERDADERO AS 1,081,285 2.4
10 JAHATT AS 1,080,850 2.4
11 MUEN INVEST AS 806,000 1.8
12 EVENSEN, TOR COLKA 803,000 1.8
13 HSBC BANK PLC 702,612 1.6
14 WAALER AS 700,000 1.6
15 BANQUE PICTET & CIE SA 670,033 1.5
16 JOHANSEN, STEIN 600,000 1.3
17 MP PENSJON PK 561,402 1.3
18 SKANDINAVISKA ENSKILDA BANKEN AB 520,185 1.2
19 ALS KINGFISHER LIMITED 506,156 1.1
20 EUROPEAN RETAIL ENGINEERING LIMITED 506,156 1.1
Sum 20 largest shareholders 24,162,672 53.8
Sum 2 248 other shareholders 20,725,680 46.2
Sum all 2 268 shareholders 44,888,352 100.0
Share
capital
Treasury
shares
Share
Option
Program
Other
equity Total
KNOK
Equity per 01.01 27,831 -217 15,776 364,088 407,481
Change of equity for the year:
Sale of own shares 97 1,755 1,852
Share Option Program 4,222 4,222
Profit for the year -6,857 -6,857
Equity per 31.12 27,831 -121 19,998 358,985 406,698
Numbers in thousand 2024 2023
01.01 350 585
Sale of own shares -156 -234
31.12 194 350
Nominal value 0.62 0.62
Treasury shares specified in equity (KNOK) 121 217
103
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Note 9: Interest-bearing debt
Debts and terms of borrowing
During the fourth quarter, the refinancing from a bank overdraft of 150 MNOK with Danske Bank to Norion RCF of
140 MNOK, was completed. 120 MNOK was withdrawn per 31.12.2024. As part of this new financing, there is a 30% equity
covenant. As per 31 December 2024, the groups equity ratio was 46%. The loans are secured.
Loan security per 31.12.2024
*The foreign companies liabilities are limited to the amount the guarantor at any time has drawn.
Note 10: Shares in subsidiaries
Note 11: Other long term investment
Distribution repayment loans (KNOK) 2024 2023
Due within one year 120,000 -
Debt, not time-restricted (group credit account) 158,101 234,334
Total short term liabilities to credit institutions 278,101 234,334
Lender (KNOK) 2024 2023 Borrowing terms Interest terms
Multi-currency, group credit account 158,101 234,334 Overdraft internal not time
limited
5.80 %
Credit facilities 120,000 - Repayment/renewal in 2025 10.49 %
Total interest-bearing debt 278,101 234,334
Asset (NOK)
Book value / nominal
security
Co-surety Norway, Sweden, The Baltics and UK * 120,000
Company Address Main area of business Stake Book Value
StrongPoint AS Oslo Service and product provider 100% 37,942
StrongPoint AB Göteborg (Sweden) Service and product provider 100% 139,224
StrongPoint UAB Vilnius (Lithuania) Service and product provider 100% 20,348
StrongPoint S.L.U. Madrid (Spain) Service and product provider 100% 69,033
StrongPoint E-com AB Täby (Sweden) Service and product provider 100% 58,864
Air Link Group Ltd Birmingham (UK) Service and product provider 100% 116,488
StrongPoint Investering AS Oslo Investment company 100% 4,001
StrongPoint Hamari Oy Finland Service and product provider 100% 6,939
Total 452,838
Company Main area of business Stake Book Value
Spok AS Service company 50% 1,700
Total 1,700
104
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Note 12: Tax expense
Deferred tax assets are recognized on the balance sheet, as they are expected to be utilised through
future group contribution from subsidiaries in Norway.
Note 13: Cash and cash equivalents
The parent company shares a credit facility with the rest of the group. The group as whole may
withdraw up to KNOK 140 000 from the group’s credit facility.
Note 14: Macro perspectives influencing the business
Economic conditions
Inflation and interest rates have started to come down during 2024, however this varies within the
markets in which we operate, consequently impacting our customers’ investment spend differently
across the regions.
Global supply chain and component shortages
The Group may be influenced by component shortages and other supply chain issues, as was seen
during the COVID 19 pandemic. StrongPoint works closely with suppliers to ensure as little effect on
customer deliveries as possible. There were no major shortages impacting the business
during 2024.
Climate
Global climate changes influence both StrongPoint, customers and suppliers in different ways,
contributing to both risks and opportunities.
Climate risks are related especially to shortage of energy for the production and distribution of
goods, both proprietary solutions and third party products. If climate changes requires dramatic
changes in the energy consumption, this will influence StrongPoints ability to produce the products.
Hardware represents 55% of the business. Risk is also related to shortages on food, which will affect
the customers of StrongPoint, and shortages of raw materials for specific components. Management
does not see this as a risk in the short term.
Climate opportunities are linked to both StrongPoint solutions that can reduce energy consumption,
like AutoStore storage of frozen goods. StrongPoint ALS (UK/Ireland) is providing refurbishment of
interior or point of sales physical installation, and this can contribute positive to climate if utilized in
other markets.
Tax expenses for the year are as follows (KNOK): 2024 2023
Change in deferred tax -2,482 -1,931
Tax expense -2,482 -1,931
Reconciliation from nominal to actual tax rate (KNOK): 2024 2023
Ordinary profit before tax -9,339 5,206
Expected income tax based on nominal rate of tax 22% -2,055 1,145
Tax effect of the following items:
Permanent differences -427 -3,076
Tax expense -2,482 -1,931
Effective tax rate 26.6 % -37.1 %
Overview of deferred tax assets (KNOK): 2024 2023
Fixed assets -121 -150
Liabilities -22,359 -18,128
Profit and loss account 53 66
Losses carried forward -9,476 -2,410
Net negative differences -31,904 -20,621
Deferred tax assets 7,019 4,537
KNOK 2024 2023
Unused overdraft facility 66,952 55,847
Cash and cash flow in the cash flow statement - -
105
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Responsibility statement
We confirm that, to the best of our knowledge, the consolidated financial statements for the year
ended 31 December 2024 have been prepared in accordance with IFRS as adopted by the EU, that
the financial statements for the parent company for the year ended 31 December 2024 have been
prepared in accordance with the Norwegian Accounting Act, that they give a true and fair view of the
Company’s and Group’s assets, liabilities, financial position and results of operations, and that the
Report of the Board of Directors gives a true and fair review of the development, performance and
financial position of the Company and the Group and includes a description of the principle risks and
uncertainties that they face.
Oslo, 19 March 2025
Morthen Johannessen
Chairman
Ingeborg Molden Hegstad
Director
Cathrine Laksfoss
Director
Audun Nordtveit
Director
Pål Wibe
Director
Jacob Tveraabak
CEO
106
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Auditor’s report
Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
To the General Meeting in Strongpoint ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Strongpoint ASA (the Company) which comprise:
 The financial statements of the company, which comprise the balance sheet as at 31 December
2024 and income statement, and cash flows statement for the year then ended and notes to the
financial statements, including a summary of significant accounting policies, and
 The financial statements of the group, which comprise the balance sheet as at 31 December 2024,
the statement of comprehensive income, cash flow statement and statement of changes in equity
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 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 cash flows for the year then ended in
accordance with IFRS Accounting Standards as adopted by the EU.
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 in accordance with
the requirements of the 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 the Company for 25 years from the election by the general meeting of the
shareholders for the accounting year 2000.
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 for 2024. 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.
2
Independent auditor's report - Strongpoint ASA 2024
A member firm of Ernst & Young Global Limited
Impairment of goodwill and brands with indefinite useful life
Basis for the key audit matter
Total goodwill and intangible assets in the
consolidated financial statement amounts to
MNOK 332,2 in 2024, which is 32,5% of total
assets. Management performs an annual
impairment test of goodwill and brands with
indefinite useful life. Impairment loss is
recognized if the carrying value exceeds the
recoverable amount. Recoverable amount is
measured as value in use calculated based on
discounted future cash flows. The estimates
require insight and judgement from management
and uncertainty will exist with respect to
technological development and market conditions.
The impairment of goodwill and brands with
indefinite useful life was a key audit matter due to
the size of the items and the judgment involved in
the estimated future cash flows.
Our audit response
We evaluated the impairment model used and
checked the calculation for mathematically
accuracy. We assessed management’s
assumptions used in the calculations, including
discount rate and estimated future cash flows.
Management’s assumptions regarding future cash
flows were compared to historical actual numbers
and budgets and plans for future periods. The
weighted average cost of capital used as discount
rate in the impairment assessment was compared
to external data on risk-free rate of interest,
market risk premiums, beta and capital structure
in comparable entities. Sensitivity in changes in
main assumptions were analyzed and reviewed.
We refer to note 11 and note 25 in the
consolidated financial statement.
Other information
The Board of Directors and the CEO (management) are responsible for the information in the Board of
Directors’ report and the other information presented with the financial statements. The other information
comprises annual report, statements on Corporate Governance and report on payments to governments.
Our opinion on the financial statements does not cover the information in the Board of Directors’ report and
the other information presented with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the information in the
Board of Directors’ report and for the other information presented with the financial statements. The
purpose is to consider if there is material inconsistency between the information in the Board of Directors’
report and the other information presented with the financial statements and the financial statements or our
knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for the
other information presented with the financial statements otherwise appears to be materially misstated. We
are required to report that fact if there is a material misstatement in the Board of Directors’ report and the
other information presented with 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
 is consistent with the financial statements and
 contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate
Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of the financial statements of the Company that give a true
and fair view in accordance with simplified application of international accounting standards according to
section 3-9 of the Norwegian Accounting Act, 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
107
StrongPoint ASA | Annual Report 2024
FINANCIAL STATEMENTS
STRONGPOINT ASA
Income statement StrongPoint ASA
Balance sheet
Cash flow statement
Note 1 Accounting principles
Note 2 Payroll, number of employees etc
Note 3 Other operating income
Note 4 Other short term debt
Note 5 Tangible assets
Note 6 Other financial items
Note 7 Share capital and shareholder information
Note 8 Equity
Note 9 Interest-bearing debt
Note 10 Shares in subsidiaries
Note 11 Other long term investment
Note 12 Tax expense
Note 13 Cash and cash equivalents
Note 14 Macro perspectives influencing the business
FINANCIAL STATEMENTS
Consolidated Financial Statements
Auditor’s Report
ABOUT STRONGPOINT
Auditor’s report
3
Independent auditor's report - Strongpoint ASA 2024
A member firm of Ernst & Young Global Limited
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
and using the going concern basis of accounting unless management either intends to liquidate the
Company or 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 the 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, 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 fair presentation.
 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, related safeguards.
4
Independent auditor's report - Strongpoint ASA 2024
A member firm of Ernst & Young Global Limited
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 requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Strongpoint 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 strongpoint-2024-12-31-0-en.zip, 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
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with the
ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL
tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-
readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Oslo, 20 March 2025
ERNST & YOUNG AS
The auditor's report is signed electronically
Finn Espen Sellæg
State Authorised Public Accountant (Norway)
StrongPoint ASA | Brynsengveien 10, 0667 Oslo | Tel: +47 934 03 254 | strongpoint.com