Climate Change Data

NORBIT ASA

Climate Impact & Sustainability Data (2023)

Reporting Period: 2023

Environmental Metrics

ESG Focus Areas

  • Explore more sustainability opportunities
  • Deliver products and solutions adapted to the new reality of sustainability
  • Refinement of talents in an attractive place to work
  • Ensure safety under pressure with ethical business conduct

Environmental Achievements

  • Refurbishment of On-Board Units partnering with customers in the Norwegian market to refurbish On-Board Units. Selected large-scale clients return used tags to the production factory in Røros, where the tags are disassembled, and circuit boards are tested for reuse. Plastics and batteries are sorted and recycled.
  • No significant injuries or accidents were reported in 2023.

Social Achievements

  • Over 80 new colleagues were welcomed into the family in 2023.
  • Implemented an incentive share purchase programmes for all eligible employees in NORBIT for the fiscal year 2023.
  • Launched a leader development programme to build exceptional leaders who support, engage, and develop the people of NORBIT. By February 2024, 15 leaders have completed two programme modules, and 79 leaders have finished the initial module.

Governance Achievements

  • Updated supplier assessment methodology and governing documents in 2022 and focused on harmonising and implementing these updates across NORBIT in 2023.
  • Updated Code of Conduct in 2023 with a practical guide in Norwegian, English and Hungarian, illustrating accepted and unaccepted behaviors. An instructional video highlighting key points of the Code was also shared with all employees.

Climate Goals & Targets

Long-term Goals:
  • Deliver organic revenues in excess of NOK 2.75 billion, an EBIT margin of around 20 per cent and a return on capital employed of around 30 per cent by 2027.
Medium-term Goals:
  • Deliver revenues of NOK 1.7 – 1.8 billion in 2024.
Short-term Goals:
  • Identify new sectors and areas where we can make a positive impact on the environment and society through innovation and product development.
  • Continue to map activities according to the EU Taxonomy’s requirements.
  • Implement selected projects to increase the degree of alignment, for instance related to refurbishment, recyclability and design for long lifetime.
  • Revise and update environmental KPIs for the production facilities in accordance with EU Taxonomy requirements.
  • Establish greenhouse gas accounts according to the GHG Protocol.
  • Continue to design and operationalise circular business models for selected products.
  • Continue to refine, digitalise and scale employee life cycle processes such as recruitment, onboarding and offboarding.
  • Disseminate and implement the diversity and equality initiative developed autumn 2023.
  • Build upon the established leader development programme by introducing new sessions, exploring innovative formats such as video, and extending the programme to onboard and empower new leaders.
  • Implement new H&S policy and reporting system.
  • Continue to engage the people of NORBIT through new chapters of our “Life in NORBIT” video story.
  • Establish a learning and information sharing platform across all companies with relevant content.
  • Continue to harmonise and implement supplier assessment methodology and self assessment questionnaires across NORBIT.
  • Conduct risk assessments in operations and supply chain on a yearly basis.
  • Continue with regular training to ensure that the company’s values and ethical principles are understood by our employees.

Environmental Challenges

  • Shortage of supply of consumables/electronic components.
  • Price increases on raw materials components.
  • Increased competition in the markets.
  • Geopolitical risk impacting foreign trade and sourcing of components.
  • Financial risks including interest rate risk, currency risk, credit risk, and liquidity risk.
Mitigation Strategies
  • Maintained a strategy of keeping extra inventory of electronic components.
  • Evaluating the use of component equivalents in close dialogue with customers, as well as working with suppliers to secure the raw material components needed.
  • Taking appropriate measures to maintain acceptable margins in the face of inflation.
  • Diversifying business model, reducing dependencies on specific sectors.
  • Maintaining sufficient cash deposits and available committed credit lines.
  • Monthly rebalancing of short-term currency exposures to maintain a neutral currency position.

Supply Chain Management

Responsible Procurement
  • annual due diligence assessments aligned with the OECD Guidelines for Multinational Enterprises

Climate-Related Risks & Opportunities

Physical Risks
  • rising sea levels
  • changes in hydro power availability
  • power outages and transport challenges due to extreme weather events
Opportunities
  • deliver solutions relevant for the green transition, for instance related to electrification and digitalisation

Reporting Standards

Frameworks Used: EU Taxonomy, UN Global Compact

Certifications: ISO 14001, Eco-Lighthouse (Miljøfyrtårn)

UN Sustainable Development Goals

  • Goal 7
  • Goal 9
  • Goal 11
  • Goal 13
  • Goal 14
  • Goal 17

In 2023, seven of these goals were directly related to our revenue streams, with each goal having a significant influence on climate, environmental, infrastructure, and innovation initiatives.

Sustainable Products & Innovation

  • On-Board Units
  • enforcement modules for tachographs
  • satellite-based tolling
  • subsea sonars
  • security and environmental monitoring solutions