General information | (EU) and interpretations issued by the IFRS \u00ae | |
These consolidated \ufb01nancial statements for | Interpretations Committee (IFRS IC) applica- | |
Elmera Group ASA for the year ended 31 | ble to companies reporting under IFRS. The | The Group has not early adopted any account- |
December 2023, was approved by the Board | consolidated \ufb01nancial statements also com- | ing standard, interpretation or amendment |
of Directors on 22 March 2024. | ply with IFRS as issued by the International | that has been issued but is not yet e\ufb00ective. |
Elmera Group ASA and its subsidiaries | Accounting Standards Board (IASB). | The Group will adopt new amendments and |
(together \u2018the Group\u2019, \u201cElmera\u201d or \u201cthe Elmera | interpretations, if relevant, when they become | |
Group\u201d) is a supplier of electrical power in | e\ufb00ective. | |
Norway, Sweden and Finland. The company | Below is a list of new amendments not yet | |
is listed on Oslo Stock Exchange. The Group\u2019s | The accounting policies adopted are consist- | e\ufb00ective: |
core business is the purchase, sale and portfo- | ent with those of the previous \ufb01nancial year, | \u00a0 |
lio management of electrical power to house- | except for the amendments to IFRS which | \u2022 Amendments to IFRS 16 \u2013 Lease liability in |
holds, private and public companies, and | have been implemented by the Group dur- | a sale and leaseback |
municipalities. The Group is also a provider of | ing the current \ufb01nancial year. Below we have | \u2022 Amendments to IAS 1 \u2013 Classi\ufb01cation |
mobile phone services to private customers | listed the amendments in IFRS which have | of Liabilities as Current or Non-current |
in Norway. | been applicable for the Group\u2019s\u00a02023\u00a0\ufb01nancial | Liabilities with Covenants |
Elmera Group ASA is incorporated and dom- | statements: | \u2022 Amendments to IAS 7 and IFRS 7 \u2013 |
iciled in Norway. The entity name was changed | Supplier Finance Arrangements | |
from Fjordkraft Holding ASA to Elmera Group | \u2022 Amendments to IFRS 17 \u2013 Insurance | \u2022 Amendments to IFRS 10 and IAS 28 \u2013 |
ASA in 2022. The address of its registered | Contracts and Initial Application of IFRS | Sale or Contribution of Assets between an |
o\ufb03ce is Folke Bernadottes Vei 38, 5147 | 17 and IFRS 9 \u2013 Comparative information | Investor and its Associate or Joint Venture. |
Bergen, Norway. | \u2022 Amendments to IAS 8 \u2013 De\ufb01nition of | Basis of consolidation |
This note discloses material accounting | Accounting Estimates | |
policy information for the accounting policies | \u2022 Amendments to IAS 12 \u2013 Deferred Tax | These consolidated \ufb01nancial statements |
adopted in the presentation of these consoli- | related to Assets and Liabilities arising | include the accounts of Elmera Group ASA |
dated \ufb01nancial statements to the extent they | from a Single Transaction | and its subsidiaries (note 25). |
have not been disclosed in the other notes | \u2022 Amendments to IAS 12 \u2013 International tax | Going concern |
below. These policies have been consistently | reform \u2013 pillar two model rules | |
applied to all the years presented, unless oth- | \u2022 Amendments to IAS 1 \u2013 Disclosure of | The Group\u2019s consolidated \ufb01nancial statements |
| erwise stated. | Accounting Policies and IFRS Practice | are prepared on a going concern basis. When |
Basis of preparation | Statement 2 | assessing this assumption, management has |
\u00a0 | assessed all available information about the | |
| These amendments have not had a material | future. This comprises information about net | |
These consolidated \ufb01nancial statements | impact on the Group\u2019s consolidated \ufb01nancial | cash \ufb02ows from existing customer contracts |
have been prepared in accordance with | statements in the current reporting period. | and other service contracts, debt service and |
International Financial Reporting Standards | obligations. After making such assessments, | |
(IFRS) as adopted by the European Union | management has a reasonable expectation |
tual criteria. If the acquisition cost at the time | cial statements are presented in Norwegian | revaluated. | exchange for those goods or services. |
of the acquisition exceeds the fair value of the | kroner (NOK), which is Elmera Group ASA\u2019s | The Group applies the following \ufb01ve step | |
acquired net assets (when the acquiring entity | functional and presentation currency. The | method outlined in IFRS15 Revenue from |
acquisition date, the excess amount is recog- | Sweden, and Euro for its branch operating | follows: | contract; | |
nised in pro\ufb01t or loss immediately. | in Finland. | \u2022 assets and liabilities for each statement of | 3. | determine the transaction price; |
Goodwill is not depreciated, but is tested | \ufb01nancial position presented are translated | 4. | allocate the transaction price to the per- | |
at least annually for impairment. In connec- | at the closing rate at the date of that state- | formance obligations in the contract; and |
respective performance obligation when (or | The carrying amount of deferred tax assets | current and deferred tax are also recognised |
as) the performance obligation is satis\ufb01ed. | is reviewed at each balance sheet date and | in other comprehensive income or directly in |
mation uncertainty attached to the volume | recognised if the temporary di\ufb00erence arises | in other comprehensive income. | Trade receivables, loans and other receivables |
apportioned to the various price segments | from the initial recognition of goodwill or from | The measurement of deferred tax liabilities | |
that requires judgment by management when | the initial recognition (other than in a business | and assets re\ufb02ects the tax consequences | |
| assessing. | combination) of other assets and liabilities in | that would follow from the manner in which | Trade receivables, loans and other receiva- |
Income tax | a transaction that a\ufb00ects neither the taxable | the Group expects, at the end of the report- | bles are recognised initially at fair value and |
pro\ufb01t nor the accounting pro\ufb01t. | ing period, to recover or settle the carrying | subsequently measured at amortised cost | |
Deferred tax liabilities are recognised for | amount of its assets and liabilities. Deferred | using the e\ufb00ective interest method, less pro- | |
taxable temporary di\ufb00erences arising on | tax assets and liabilities are o\ufb00set when there | vision for impairment. See note 6 and 8 for fur- |
the group is able to control the reversal of the | when they relate to income taxes levied by | and credit risk. | |
temporary di\ufb00erence and it is probable that | the same taxation authority and the Group | Financial assets | |
The tax currently payable is based on taxable | the temporary di\ufb00erence will not reverse in the | intends to settle its current tax assets and | |
pro\ufb01t for the year. Taxable pro\ufb01t di\ufb00ers from | foreseeable future. | liabilities on a net basis. | 1. Classi\ufb01cation |
net pro\ufb01t as reported in the income state- | Deferred tax assets arising from deduct- | The Group classi\ufb01es its \ufb01nancial assets in | |
ment because it excludes items of income | ible temporary di\ufb00erences associated with | the following measurement categories: |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
amount. These are included in the consoli- | To determine the incremental borrowing | \u2022 any initial direct costs, and | 2. Software |
dated statement of pro\ufb01t or loss. | rate, the Group: | \u2022 restoration costs. | Costs associated with maintaining software |
Leases | programs are recognised as an expense | ||
\u2022 where possible, uses recent third-party | Right-of-use assets are generally depreci- | as incurred. Development costs that are |
not have recent third party \ufb01nancing, and | software so that it will be available for use | |||||
\u2022 | \ufb01xed payments (including in-substance | \u2022 | makes adjustments speci\ufb01c to the lease, | \u2022 | management intends to complete the soft- | |
\ufb01xed payments), less any lease incentives | eg term, country, currency and security. | ware and use or sell it | ||||
receivable | Payments associated with short-term leases | \u2022 | there is an ability to use or sell the software |
lease, if the lease term re\ufb02ects the group | reassessed and adjusted against the right- | Intangible assets 1) Intangible assets acquired separately | able, and | |
exercising that option. | of-use asset. Lease payments are allocated | \u2022 | the expenditure attributable to the software | |
between principal and \ufb01nance cost. The | during its development can be reliably |
party \ufb01nancing was received | a purchase option, the right-of-use asset is | intangible assets if, and only if all of the fol- | |
\u2022 | uses a build-up approach that starts with a | depreciated over the underlying asset\u2019s useful | lowing conditions have been demonstrated: |
line method where estimated useful life is | assets in note 16. | measured. | cash \ufb02ow or other bene\ufb01ts that the asset is |
based on the expected customer churn rate. | expected to contribute to the generation of, | ||
Fixed price elements of customer contracts | 6. Goodwill | Directly attributable costs that are capitalised | through its use by the Group). |
are recorded as separate assets. | Goodwill is reported as an inde\ufb01nite life | as part of software includes directly related | For the purposes of assessing impairment, |
intangible asset at cost less accumulated | employee costs. | assets are grouped at the lowest levels for |
recognised as intangible assets at fair value | Development costs previously recognised as | but so that the increased carrying amount | ||
at the time of acquisition. The \ufb01xed price cus- | expenses are not recognised as an asset in a | does not exceed the carrying amount that | ||
tomer contracts have de\ufb01ned contract periods | subsequent period. | would have been determined had no impair- | ||
and are recognised at cost less deductions | 1. | Software | Refer to note 15 for details about amortisa- | ment loss been recognised for the asset (or |
tion value of the contracts are distributed over | identi\ufb01able and unique software products | Impairment of tangible and | ately in pro\ufb01t or loss. |
the remaining contract periods. | controlled by the Group are recognised as | ||
intangible assets if, and only if all of the fol- | intangible assets | Trade and other payables | |
lowing conditions have been demonstrated: | At each balance sheet date, the Group | These amounts represent liabilities for goods |
recognised initially at their fair value and sub- | Provisions | tracts are not intended to be settled within 12 | or through forward contracts are not su\ufb03cient |
sequently measured at amortised cost using | months of the reporting date. | to o\ufb00set estimated number of certi\ufb01cates to | |
| the e\ufb00ective interest method. | Provisions are recognised when the Group | be handed over to the government). | |
Borrowings and credit facilities | has a present obligation (legal or constructive) | The cancellation liability is presented within | |
as a result of a past event, and it is proba- | other current liabilities and any el-certi\ufb01cates |
redemption amount is recognised in pro\ufb01t or | settle the present obligation at the reporting | for every MWh of power sold to end users in | Employee bene\ufb01ts |
loss over the period of the borrowings using | date, taking into account the risks and uncer- | Norway and Sweden. |
covered by plan assets invested through an | (treasury shares) are deducted from equity. | dilutive potential ordinary shares. |
insurance company (funded plan). | No gain or loss is recognised in the income | Government grants |
the present value of the de\ufb01ned bene\ufb01t obli- | (a fund). The entity has no further payment | fying assets or in relation to qualifying expend- | |
gation at the end of the reporting period less | obligations once the contributions have been | Dividends | iture (e.g. the Research & Development tax |
unit credit method. | when they are due. | before the end of the reporting period but not | the Group will comply with the conditions |
The present value of the de\ufb01ned bene\ufb01t | Share-based compensation | distributed at the end of the reporting period. | attaching to them and that the grants will be |
obligation is determined by discounting the | Earnings per share | received. Government grants are recognised | |
estimated future cash out\ufb02ows using interest | Employee share options at Elmera Group rep- | in the consolidated statement of pro\ufb01t and |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
line method where estimated useful life is | assets in note 16. | measured. | cash \ufb02ow or other bene\ufb01ts that the asset is |
based on the expected customer churn rate. | expected to contribute to the generation of, | ||
Fixed price elements of customer contracts | 6. Goodwill | Directly attributable costs that are capitalised | through its use by the Group). |
are recorded as separate assets. | Goodwill is reported as an inde\ufb01nite life | as part of software includes directly related | For the purposes of assessing impairment, |
intangible asset at cost less accumulated | employee costs. | assets are grouped at the lowest levels for |
recognised as intangible assets at fair value | Development costs previously recognised as | but so that the increased carrying amount | ||
at the time of acquisition. The \ufb01xed price cus- | expenses are not recognised as an asset in a | does not exceed the carrying amount that | ||
tomer contracts have de\ufb01ned contract periods | subsequent period. | would have been determined had no impair- | ||
and are recognised at cost less deductions | 1. | Software | Refer to note 15 for details about amortisa- | ment loss been recognised for the asset (or |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| Financial assets at amortised cost | |||
| Trade receivables * | 6(a) | 1 360 019 | 1 722 161 |
| Other non-current \ufb01nancial assets | 6(a) | 133 665 | 48 285 |
| Cash and cash equivalents | 6(d) | 338 746 | 70 548 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | - | 2 077 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 281 063 | 4 231 590 |
| Firm commitments | 7,8 | 263 657 | - |
| Total \ufb01nancial assets | 3 377 150 | 6 074 662 | |
| * Excludes contract assets. |
| Liabilities at amortised cost | |||
| Trade and other payables | 6(b) | 3 246 231 | 5 828 373 |
| Overdraft facilities | 6(c) | - | 534 112 |
| Interest-bearing short term debt | 6(c) | 368 700 | 368 700 |
| Interest-bearing long term debt | 6(c) | 537 617 | 629 169 |
| Lease liability- long term | 24 | 40 945 | 49 477 |
| Lease liability- short term | 24 | 19 391 | 20 284 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | (2 735) | 72 772 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 366 362 | 3 112 556 |
| Firm commitments | 7,8 | 108 648 | - |
| Total \ufb01nancial liabilities | 5 685 159 | 10 615 440 |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| NOK in thousands | Gross amount | Gross amount set off | Net amount |
| Derivative \ufb01nancial instruments and \ufb01rm commitments | |||
| Electricity derivatives | 1 791 461 | (510 399) | 1 281 063 |
| Firm commitments | 165 473 | 98 184 | 263 657 |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 956 934 | (412 214) | 1 544 720 |
| NOK in thousands | Gross | Gross amount | Net |
| amount | set off | amount |
| Derivative \ufb01nancial instruments | |||
| Electricity derivatives | 1 874 025 | (510 399) | 1 363 627 |
| Firm commitments | 10 463 | 98 184 | 108 648 |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 884 489 | (412 214) | 1 472 275 |
| days | days | 180 days | amount | |||||
| Trade receivables - Power sales - Consumer customers | 2 514 | 252 | 100 | 592 | 197 | 7 116 | 10 772 | 216 335 |
| Trade receivables - Power sales - Business customers | 1 128 | 123 | 1 220 | 6 891 | 1 113 | 18 482 | 28 957 | 1 181 583 |
| Trade receivables - Mobile sales - Consumer customers | - | - | 38 | 34 | 48 | 97 | 217 | 2 047 |
| Total Loss allowance provision | 3 642 | 374 | 1 359 | 7 517 | 1 358 | 25 695 | 39 947 | 1 399 965 |
| 2022 | Loss allowance provision - Days past due | ||
| 91-120 121-180 More than | Total | Gross |
| Trade receivables - Power sales - Consumer customers | 3 956 | 849 | 436 | 1 404 | 545 | 17 170 | 24 360 | 428 187 |
| Trade receivables - Power sales - Business customers | 2 089 | 257 | 3 990 | 3 366 | 2 244 | 12 762 | 24 706 | 1 341 488 |
| Trade receivables - Mobile sales - Consumer customers | 14 | 0 | 38 | 33 | 57 | 201 | 342 | 1 894 |
| Total Loss allowance provision | 6 058 | 1 105 | 4 463 | 4 803 | 2 845 | 30 133 | 49 408 | 1 771 569 |
| NOK in thousands | 2023 | 2022 |
| Receivables written o\ufb00 | 53 174 | 39 518 |
| Movement in provision for impairment | (10 245) | 4 403 |
| Received payment on previously written o\ufb00 receiavbles | (8 316) | (3 663) |
| Net impairment expense recognised on trade receivables | 34 613 | 40 258 |
| Term loan | NIBOR 3 months + 1,75 % | 632 475 | 726 175 |
| Revolving credit facility | NIBOR 3 months + 1,75 % | 275 000 | 275 000 |
| Total principal amounts | 907 475 | 1 001 175 |
| NOK in thousands | Interest-bearing | Interest-bearing | Lease liability | Overdraft | Total |
| long term debt | short term debt | facilities |
| Balance at 1 January 2022 | 720 009 | 93 700 | 86 314 | - | 900 023 |
| Cash \ufb02ows | (93 700) | 275 000 | (20 245) | 534 112 | 695 167 |
| New leases | - | - | 3 638 | - | 3 638 |
| Foreign exchange adjustments | - | - | 54 | - | 54 |
| Other changes | 2 860 | - | - | - | 2 860 |
| Balance at 31 December 2022 | 629 169 | 368 700 | 69 761 | 534 112 | 1 601 741 |
| Balance at 1 January 2023 | 629 169 | 368 700 | 69 761 | 534 112 | 1 601 741 |
| Cash \ufb02ows | (93 700) | - | (20 606) | (534 112) | (648 418) |
| New leases | - | - | 11 077 | - | 11 077 |
| Foreign exchange adjustments | - | - | 105 | - | 105 |
| Other changes | 2 149 | - | - | - | 2 149 |
| Balance at 31 December 2023 | 537 617 | 368 700 | 60 336 | - | 966 653 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 1 433 738 | 110 982 | 1 544 720 |
| Total \ufb01nancial assets at fair value | - | 1 433 738 | 110 982 | 1 544 720 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 1 358 890 | 113 384 | 1 472 275 |
| Total \ufb01nancial liabilities at fair value | - | 1 358 890 | 113 384 | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 4 073 672 | 159 996 | 4 233 668 |
| Total \ufb01nancial assets at fair value | - | 4 073 672 | 159 996 | 4 233 668 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 3 032 664 | 152 663 | 3 185 327 |
| Total \ufb01nancial liabilities at fair value | - | 3 032 664 | 152 663 | 3 185 327 |
| transfers into and transfers out of fair value hier- | included in level 3. | ||
| archy levels at the end of the reporting period. | Valuation techniques used to determine fair values | \u2022 | Nordic system price for delivery periods |
| beyond the next 10 calendar years, | |||
| Level 1: The fair value of \ufb01nancial instruments | \u2022 | Area prices for price areas in Norway for | |
| traded in active markets (such as publicly | Speci\ufb01c valuation techniques used to value | delivery periods beyond the next 3 calendar | |
| traded derivatives, and trading and avail- | derivative \ufb01nancial instruments, in majority | years, | |
| able-for-sale securities) is based on quoted | electricity derivatives, include present value | \u2022 | Area prices for price areas in Sweden and |
| market prices at the end of the reporting period. | of future cash \ufb02ows based on forward power | Finland for delivery periods beyond the next | |
| The quoted market price used for \ufb01nancial | prices from Nasdaq Commodities at the bal- | 4 calendar years. | |
| assets held by the Group is the current bid | ance sheet date. In the case of material long- | ||
| price. These instruments are included in level 1. | term contracts, the cash \ufb02ows are discounted | The Group does not hold electricity deriva- | |
| at a discount rate calculated by using interest | tives with maturities beyond the next 10 calen- | ||
| Level 2: The fair value of \ufb01nancial instru- | rates on Government bonds with matching | dar years at 31 December 2023, hence all level | |
| ments that are not traded in an active market | maturities, added a risk premium of 0,2 per- | 3 derivatives are long term area price contracts. | |
| (for example, over-the-counter derivatives) is | centage points. Valuation method is used for | ||
| determined using valuation techniques which | bilateral forward contracts and option contracts | ||
| maximise the use of observable market data | associated with purchase and sale of electricity. | ||
| and relies as little as possible on entity-speci\ufb01c | Key inputs to the valuation are expected power | ||
| estimates. If all signi\ufb01cant inputs required to | prices (Nordic system price and area prices in | ||
| fair value of an instrument are observable, the | the power price areas in Norway, Sweden and | ||
| instrument is included in level 2. | Finland), contract prices and discount rates. |
| NOK in thousands | 10 % reduction | 10 % increase |
| Net e\ufb00ect from power prices | (481) | 481 |
| Derivative \ufb01nancial assets | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | - | 2 077 |
| Electricity derivatives - Customer cont racts | 118 924 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 444 722 | 2 745 315 |
| Electricity derivatives - Customer contracts | 717 417 | 1 486 276 |
| Other derivatives | - | - |
| Hedged item in fair value hedge | ||
| Firm commitments | 263 657 | - |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 544 720 | 4 233 668 |
| Derivative \ufb01nancial liabilities and \ufb01rm commitments | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | (2 735) | 72 772 |
| Electricity derivatives - Customer contracts | 273 933 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 401 027 | 129 552 |
| Electricity derivatives - Customer contracts | 691 402 | 2 982 676 |
| Other derivatives | - | 328 |
| Hedged item in fair value hedge | ||
| Firm commitments | 108 648 | - |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 472 275 | 3 185 327 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Trade and other payables* | 3 246 231 | - | - | - | - | 3 246 231 | 3 246 231 | |
| Overdraft facilities | - | - | - | - | - | - | - | |
| Interest-bearing short term debt** | - | 23 425 | 70 275 | 275 000 | - | 368 700 | 368 700 | |
| Interest-bearing long term debt | - | - | - | 538 775 | - | 538 775 | 537 617 | |
| Leasing liabilities | - | 4 867 | 14 602 | 43 775 | - | 63 244 | 60 336 | |
| Total | 3 246 231 | 28 292 | 84 877 | 857 550 | - | 4 216 949 | 4 212 884 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Electricity derivatives - Hedge contracts | - | 14 290 | 104 662 | 318 652 | 1 122 | 438 725 | 398 292 | |
| Electricity derivatives - Customer contracts | - | 204 794 | 284 928 | 500 081 | 32 584 | 1 022 388 | 965 335 | |
| Firm commitments | - | - | 8 051 | 101 233 | 8 976 | 118 260 | 108 648 | |
| Other derivatives | - | - | - | - | - | - | - | |
| Total | - | 219 085 | 397 642 | 919 966 | 42 681 | 1 579 373 | 1 472 275 |
| Cash \ufb02ow hedges - Change in fair value of hedging instruments where hedge accounting is applied | ||
| NOK in thousands | 2023 | 2022 |
| Cash \ufb02ow hedge of highly probable power purchase: | ||
| Ine\ufb00ective portion, recognised in P&L, total | 5 | (12 512) |
| E\ufb00ective portion, recognised in OCI, total | 73 424 | 20 781 |
| Change in fair value - Cash \ufb02ow hedges | 73 429 | 8 269 |
| ment | recognised in | recognised in | in MWh | quarter, | |||
| OCI | OCI, net of tax | in MWh | |||||
| 31 December 2023 | |||||||
| South Norway (NO1, NO2, NO5) | 270 | 270 | 211 | - | 21 641 | - | |
| Trondheim (NO3) | 2 309 | 2 309 | 1 801 | - | 20 554 | - | |
| Troms\u00f8 (NO4) | 156 | 156 | 122 | - | 2 137 | - | |
| 31 December 2023 - Total | 2 735 | 2 735 | 2 133 | - | 44 332 | - |
| 31 December 2022 | ||||||
| South Norway (NO1, NO2, NO5) | (71 809) | (71 809) | (56 011) | - | 60 944 | 146 |
| Trondheim (NO3) | 2 099 | 2 103 | 1 640 | (3) | 29 114 | 763 |
| Troms\u00f8 (NO4) | (984) | (983) | (766) | (2) | 7 894 | 967 |
| 31 December 2022 - Total | (70 694) | (70 689) | (55 137) | (5) | 97 952 | 1 876 |
| Opening balance 1 January | (55 137) | (71 347) |
| E\ufb00ective portion of unrealised change in fair value of hedging instruments | (68 642) | (381 080) |
| Realised (gains) and losses reclassi\ufb01ed to pro\ufb01t or loss | 142 064 | 401 862 |
| Deferred tax | (16 153) | (4 572) |
| Closing balance 31 December | 2 133 | (55 137) |
| Hedged items: | |||||
| Fixed price purchase contracts | Derivative \ufb01nancial instruments | 1 407 953 | 263 657 | 263 657 | 263 657 |
| (Firm commitments) | and \ufb01rm commitments (assets) | ||||
| Derivative \ufb01nancial instruments | 958 610 | (108 648) | (108 648) | (108 648) | |
| and \ufb01rm commitments (liabilities) |
| Hedging instruments: | |||||
| Fixed price sales contracts | Derivative \ufb01nancial instruments | 942 889 | 118 924 | - | 118 924 |
| (Electricity derivatives) | (liabilities) |
| Derivative \ufb01nancial instruments and \ufb01rm commitments (liabilities) | 1 423 674 | (273 933) | - | (273 933) |
| Fixed price sales contracts (Electricity derivatives) | 141 613 | 484 567 | 1 591 371 | 149 010 | 2 366 562 |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| Term loan | NIBOR 3 months + 1,75 % | 632 475 | 726 175 |
| Revolving credit facility | NIBOR 3 months + 1,75 % | 275 000 | 275 000 |
| Total principal amounts | 907 475 | 1 001 175 |
| NOK in thousands | Interest-bearing | Interest-bearing | Lease liability | Overdraft | Total |
| long term debt | short term debt | facilities |
| Balance at 1 January 2022 | 720 009 | 93 700 | 86 314 | - | 900 023 |
| Cash \ufb02ows | (93 700) | 275 000 | (20 245) | 534 112 | 695 167 |
| New leases | - | - | 3 638 | - | 3 638 |
| Foreign exchange adjustments | - | - | 54 | - | 54 |
| Other changes | 2 860 | - | - | - | 2 860 |
| Balance at 31 December 2022 | 629 169 | 368 700 | 69 761 | 534 112 | 1 601 741 |
| Balance at 1 January 2023 | 629 169 | 368 700 | 69 761 | 534 112 | 1 601 741 |
| Cash \ufb02ows | (93 700) | - | (20 606) | (534 112) | (648 418) |
| New leases | - | - | 11 077 | - | 11 077 |
| Foreign exchange adjustments | - | - | 105 | - | 105 |
| Other changes | 2 149 | - | - | - | 2 149 |
| Balance at 31 December 2023 | 537 617 | 368 700 | 60 336 | - | 966 653 |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| Tax payable on pro\ufb01t for the year | 82 874 | 64 831 |
| Adjustments to prior years tax payable | 17 | (208) |
| Adjustments to prior years deferred tax expense (income) | - | 208 |
| Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences | (41 860) | (9 986) |
| Tax expense recognised in statement of pro\ufb01t or loss | 41 030 | 54 846 |
| Tax payable on pro\ufb01t for the year | 82 874 | 64 831 |
| Tax payable on changes to pro\ufb01t for the previous year | (4) | - |
| Adjustments prior years tax payable | 41 | (14 325) |
| Current income tax liabilities recognised in balance sheet | 82 910 | 50 506 |
| Pro\ufb01t before tax | 237 577 | 128 692 |
| Income tax at statutory tax rate (22%) | 52 267 | 28 312 |
| Tax expense recognised in statement of pro\ufb01t or loss | 41 030 | 54 846 |
| Difference | 11 236 | (26 533) |
| Permanent di\ufb00erences | 216 | 3 107 |
| Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets | (11 508) | 23 442 |
| Adjustments prior years tax payable | 55 | (15) |
| Difference | (11 236) | 26 533 |
| 2023 | 2023 | 2023 | 2022 | |
| NOK in thousands | Norway | Sweden & Finland | Total | Total |
| Fixed assets/intangible assets | 210 564 | 149 776 | 360 340 | 436 020 |
| Receivables | (26 291) | - | (26 291) | (33 617) |
| Pension liabilities | (22 958) | - | (22 958) | (62 185) |
| Cost to obtain contracts | 132 963 | - | 132 963 | 192 420 |
| Provisions for onerous contracts | (3 809) | (89 454) | (93 263) | (1 069 575) |
| Other current liabilities | (2 544) | - | (2 544) | (5 115) |
| Derivative \ufb01nancial instruments | 2 161 | 69 939 | 72 100 | 1 048 203 |
| Leasing liabilities | (3 210) | (6) | (3 215) | (3 566) |
| Other | 17 138 | - | 17 138 | 6 322 |
| Losses carried forward | (12 245) | (2 091 352) | (2 103 597) | (2 005 484) |
| Temporary differences | 291 769 | (1 961 097) | (1 669 328) | (1 496 578) |
| Tax rate | 22% | 20,6% / 20% | ||
| Deferred tax/(tax asset) | 64 189 | (403 951) | (339 762) | (303 265) |
| Valuation allowance for deferred tax assets* | - | 385 139 | 385 139 | 368 555 |
| Deferred tax asset recognised in statement of \ufb01nancial position | - | 37 466 | 37 466 | 34 990 |
| Deferred tax recognised in statement of \ufb01nancial position | 64 189 | 18 654 | 82 843 | 100 280 |
| Net position | (64 189) | 18 812 | (45 377) | (65 290) |
| 2022 NOK in thousands | 2022 | in statement of pro\ufb01t or loss | in other comprehen- sive income | 2022 | |
| Fixed assets/intangible assets | 102 056 | (20 356) | 1 056 | 82 756 | |
| Receivables | (5 249) | (2 147) | - | (7 396) | |
| Pension liabilities | (20 644) | 5 945 | 1 018 | (13 681) | |
| Cost to obtain contracts | 43 707 | (1 375) | - | 42 332 | |
| Provisions for onerous contracts | (8 541) | (2 230) | - | (10 770) | |
| Other current liabilities | (1 179) | 53 | - | (1 125) | |
| Derivative \ufb01nancial instruments | (9 563) | 12 550 | 4 572 | 7 559 | |
| Leasing liabilities | (763) | (14) | - | (777) | |
| Other assets | 3 839 | (2 448) | - | 1 391 | |
| Losses carried forward | (35 136) | 35 | 101 | (35 000) | |
| Total | 68 528 | (9 986) | 6 747 | 65 290 |
| Tax payable on pro\ufb01t for the year | 82 874 | 64 831 |
| Adjustments to prior years tax payable | 17 | (208) |
| Adjustments to prior years deferred tax expense (income) | - | 208 |
| Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences | (41 860) | (9 986) |
| Tax expense recognised in statement of pro\ufb01t or loss | 41 030 | 54 846 |
| Tax payable on pro\ufb01t for the year | 82 874 | 64 831 |
| Tax payable on changes to pro\ufb01t for the previous year | (4) | - |
| Adjustments prior years tax payable | 41 | (14 325) |
| Current income tax liabilities recognised in balance sheet | 82 910 | 50 506 |
| Pro\ufb01t before tax | 237 577 | 128 692 |
| Income tax at statutory tax rate (22%) | 52 267 | 28 312 |
| Tax expense recognised in statement of pro\ufb01t or loss | 41 030 | 54 846 |
| Difference | 11 236 | (26 533) |
| Permanent di\ufb00erences | 216 | 3 107 |
| Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets | (11 508) | 23 442 |
| Adjustments prior years tax payable | 55 | (15) |
| Difference | (11 236) | 26 533 |
| 2023 | 2023 | 2023 | 2022 | |
| NOK in thousands | Norway | Sweden & Finland | Total | Total |
| Fixed assets/intangible assets | 210 564 | 149 776 | 360 340 | 436 020 |
| Receivables | (26 291) | - | (26 291) | (33 617) |
| Pension liabilities | (22 958) | - | (22 958) | (62 185) |
| Cost to obtain contracts | 132 963 | - | 132 963 | 192 420 |
| Provisions for onerous contracts | (3 809) | (89 454) | (93 263) | (1 069 575) |
| Other current liabilities | (2 544) | - | (2 544) | (5 115) |
| Derivative \ufb01nancial instruments | 2 161 | 69 939 | 72 100 | 1 048 203 |
| Leasing liabilities | (3 210) | (6) | (3 215) | (3 566) |
| Other | 17 138 | - | 17 138 | 6 322 |
| Losses carried forward | (12 245) | (2 091 352) | (2 103 597) | (2 005 484) |
| Temporary differences | 291 769 | (1 961 097) | (1 669 328) | (1 496 578) |
| Tax rate | 22% | 20,6% / 20% | ||
| Deferred tax/(tax asset) | 64 189 | (403 951) | (339 762) | (303 265) |
| Valuation allowance for deferred tax assets* | - | 385 139 | 385 139 | 368 555 |
| Deferred tax asset recognised in statement of \ufb01nancial position | - | 37 466 | 37 466 | 34 990 |
| Deferred tax recognised in statement of \ufb01nancial position | 64 189 | 18 654 | 82 843 | 100 280 |
| Net position | (64 189) | 18 812 | (45 377) | (65 290) |
| 2022 NOK in thousands | 2022 | in statement of pro\ufb01t or loss | in other comprehen- sive income | 2022 | |
| Fixed assets/intangible assets | 102 056 | (20 356) | 1 056 | 82 756 | |
| Receivables | (5 249) | (2 147) | - | (7 396) | |
| Pension liabilities | (20 644) | 5 945 | 1 018 | (13 681) | |
| Cost to obtain contracts | 43 707 | (1 375) | - | 42 332 | |
| Provisions for onerous contracts | (8 541) | (2 230) | - | (10 770) | |
| Other current liabilities | (1 179) | 53 | - | (1 125) | |
| Derivative \ufb01nancial instruments | (9 563) | 12 550 | 4 572 | 7 559 | |
| Leasing liabilities | (763) | (14) | - | (777) | |
| Other assets | 3 839 | (2 448) | - | 1 391 | |
| Losses carried forward | (35 136) | 35 | 101 | (35 000) | |
| Total | 68 528 | (9 986) | 6 747 | 65 290 |
| Balance as at 1 January | ||
| Balance as at 1 January | 295 980 | 287 728 |
| Additions | 140 991 | 237 550 |
| Amortisation during the year | (194 008) | (185 893) |
| Impairment* | 14 548 | (39 282) |
| Currency translation di\ufb00erences | 7 840 | (4 122) |
| Balance as at 31 December | 265 350 | 295 980 |
| NOK in thousands | Fixtures and | Computer | Construction | Total |
| equipment | equipment | in progress | ||
| Accumulated cost 1 January 2023 | 19 313 | 29 813 | 90 | 49 216 |
| Additions | - | 566 | 62 | 627 |
| Transferred from construction in progress | 152 | - | (152) | - |
| Currency translation di\ufb00erence | 125 | 117 | - | 241 |
| Accumulated cost 31 December 2023 | 19 589 | 30 495 | - | 50 085 |
| Accumulated depreciation 1 January 2023 | (14 226) | (26 790) | - | (41 017) |
| Depreciation for the year | (1 959) | (1 604) | - | (3 563) |
| Currency translation di\ufb00erence | (94) | (95) | - | (189) |
| Accumulated depreciation 31 December 2023 | (16 279) | (28 489) | - | (44 769) |
| Carrying amount 31 December 2023 | 3 310 | 2 006 | - | 5 315 |
| 2022 | |||||
| NOK in thousands | Fixtures and | Computer | Construction in | Total | |
| equipment | equipment | progress | |||
| Accumulated cost 1 January 2022 | 18 653 | 27 260 | 33 | 45 946 | |
| Additions | 675 | 2 593 | 57 | 3 325 | |
| Currency translation di\ufb00erence | (15) | (40) | - | (55) | |
| Accumulated cost 31 December 2022 | 19 313 | 29 813 | 90 | 49 216 |
| Accumulated depreciation 1 January 2022 | (11 996) | (25 852) | - | (37 849) |
| Depreciation for the year | (2 240) | (954) | - | (3 194) |
| Currency translation di\ufb00erence | 10 | 15 | - | 28 |
| Accumulated depreciation 31 December 2022 | (14 226) | (26 790) | - | (41 017) |
| Carrying amount 31 December 2022 | 5 087 | 3 023 | 90 | 8 198 |
| Useful life | 8 years (or lease | 3 years |
| term if shorter) | ||
| Depreciation method | Straight line | Straight line |
| Non-current intangible assets | |||||
| 2023 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2023 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 374 151 | 1 418 775 | 2 792 926 |
| Additions - Purchase | 8 174 | 41 471 | 274 | - | - | 49 919 | - | 49 919 |
| Additions - Internally generated | 1 605 | 601 | - | - | - | 2 206 | - | 2 206 |
| Additions from business combinations | - | - | - | - | - | - | - | - |
| Transferred from construction in progress | 37 983 | (37 983) | - | - | - | - | - | - |
| Government grants | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | (20 830) | - | (20 830) | - | (20 830) |
| Currency translation di\ufb00erences | 612 | 132 | 15 950 | 2 596 | 1 652 | 20 943 | 20 613 | 41 556 |
| Accumulated cost 31 December 2023 | 430 845 | 13 668 | 815 892 | 18 443 | 147 541 | 1 426 389 | 1 439 389 | 2 865 777 |
| Accumulated depreciation 1 January 2023 | (269 527) | - | (445 660) | (2 085) | (41 240) | (758 512) | - | (758 512) |
| Depreciation for the year | (45 560) | - | (115 731) | - | (7 427) | (168 717) | - | (168 717) |
| Disposals*** | - | - | - | 1 286 | - | 1 286 | - | 1 286 |
| Currency translation di\ufb00erences | (382) | - | (5 646) | (147) | - | (6 175) | - | (6 175) |
| Accumulated depreciation 31 December 2023 | (315 468) | - | (567 037) | (946) | (48 667) | (932 118) | - | (932 118) |
| Accumulated impairment 1 January 2023 | (22 724) | - | - | (34 591) | - | (57 315) | - | (57 315) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 19 544 | - | 19 544 | - | 19 544 |
| Currency translation di\ufb00erences | - | - | - | (2 450) | - | (2 450) | - | (2 450) |
| Accumulated impairment 31 December 2023 | (22 724) | - | - | (17 497) | - | (40 221) | - | (40 221) |
| Carrying amount 31 December 2023 | 92 654 | 13 668 | 248 855 | - | 98 874 | 454 051 | 1 439 389 | 1 893 440 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| Non-current intangible assets | |||||
| 2022 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2022 | 345 582 | 5 339 | 796 218 | 111 314 | 145 607 | 1 522 414 | 1 419 451 | 2 941 866 |
| Additions - Purchase | 8 910 | 32 439 | 4 | - | - | 41 353 | - | 41 353 |
| Additions - Internally generated | 858 | 105 | - | - | - | 963 | - | 963 |
| Transferred from construction in progress | 28 294 | (28 294) | - | - | - | - | - | - |
| Government grants | (1 308) | - | - | - | - | (1 308) | - | (1 308) |
| Disposals*** | - | - | - | (76 963) | - | (76 963) | - | (76 963) |
| Currency translation di\ufb00erences | 136 | (143) | 3 446 | 2 325 | 281 | 6 045 | (675) | 5 370 |
| Accumulated cost 31 December 2022 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 492 504 | 1 418 775 | 2 911 280 |
| Accumulated depreciation 1 January 2022 | (221 534) | - | (321 346) | (3 209) | (32 514) | (625 236) | - | (625 237) |
| Depreciation for the year | (47 861) | - | (123 977) | - | (8 726) | (180 565) | - | (180 565) |
| Disposals*** | - | - | - | 1 181 | - | 1 181 | - | 1 181 |
| Currency translation di\ufb00erences | (131) | - | (337) | (57) | - | (526) | - | (526) |
| Accumulated depreciation 31 December 2022 | (269 527) | - | (445 660) | (2 085) | (41 240) | (805 145) | - | (805 145) |
| Accumulated impairment 1 January 2022 | (22 724) | - | - | (108 106) | - | (202 550) | - | (202 550) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 75 782 | - | 75 782 | - | 75 782 |
| Currency translation di\ufb00erences | - | - | - | (2 267) | - | (2 267) | - | (2 267) |
| Accumulated impairment 31 December 2022 | (22 724) | - | - | (34 591) | - | (129 036) | - | (129 036) |
| Carrying amount 31 December 2022 | 90 221 | 9 446 | 354 007 | - | 104 648 | 558 324 | 1 418 775 | 1 977 100 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| Financial assets at amortised cost | |||
| Trade receivables * | 6(a) | 1 360 019 | 1 722 161 |
| Other non-current \ufb01nancial assets | 6(a) | 133 665 | 48 285 |
| Cash and cash equivalents | 6(d) | 338 746 | 70 548 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | - | 2 077 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 281 063 | 4 231 590 |
| Firm commitments | 7,8 | 263 657 | - |
| Total \ufb01nancial assets | 3 377 150 | 6 074 662 | |
| * Excludes contract assets. |
| Liabilities at amortised cost | |||
| Trade and other payables | 6(b) | 3 246 231 | 5 828 373 |
| Overdraft facilities | 6(c) | - | 534 112 |
| Interest-bearing short term debt | 6(c) | 368 700 | 368 700 |
| Interest-bearing long term debt | 6(c) | 537 617 | 629 169 |
| Lease liability- long term | 24 | 40 945 | 49 477 |
| Lease liability- short term | 24 | 19 391 | 20 284 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | (2 735) | 72 772 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 366 362 | 3 112 556 |
| Firm commitments | 7,8 | 108 648 | - |
| Total \ufb01nancial liabilities | 5 685 159 | 10 615 440 |
| NOK in thousands | Gross amount | Gross amount set off | Net amount |
| Derivative \ufb01nancial instruments and \ufb01rm commitments | |||
| Electricity derivatives | 1 791 461 | (510 399) | 1 281 063 |
| Firm commitments | 165 473 | 98 184 | 263 657 |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 956 934 | (412 214) | 1 544 720 |
| NOK in thousands | Gross | Gross amount | Net |
| amount | set off | amount |
| Derivative \ufb01nancial instruments | |||
| Electricity derivatives | 1 874 025 | (510 399) | 1 363 627 |
| Firm commitments | 10 463 | 98 184 | 108 648 |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 884 489 | (412 214) | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 1 433 738 | 110 982 | 1 544 720 |
| Total \ufb01nancial assets at fair value | - | 1 433 738 | 110 982 | 1 544 720 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 1 358 890 | 113 384 | 1 472 275 |
| Total \ufb01nancial liabilities at fair value | - | 1 358 890 | 113 384 | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 4 073 672 | 159 996 | 4 233 668 |
| Total \ufb01nancial assets at fair value | - | 4 073 672 | 159 996 | 4 233 668 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 3 032 664 | 152 663 | 3 185 327 |
| Total \ufb01nancial liabilities at fair value | - | 3 032 664 | 152 663 | 3 185 327 |
| transfers into and transfers out of fair value hier- | included in level 3. | ||
| archy levels at the end of the reporting period. | Valuation techniques used to determine fair values | \u2022 | Nordic system price for delivery periods |
| beyond the next 10 calendar years, | |||
| Level 1: The fair value of \ufb01nancial instruments | \u2022 | Area prices for price areas in Norway for | |
| traded in active markets (such as publicly | Speci\ufb01c valuation techniques used to value | delivery periods beyond the next 3 calendar | |
| traded derivatives, and trading and avail- | derivative \ufb01nancial instruments, in majority | years, | |
| able-for-sale securities) is based on quoted | electricity derivatives, include present value | \u2022 | Area prices for price areas in Sweden and |
| market prices at the end of the reporting period. | of future cash \ufb02ows based on forward power | Finland for delivery periods beyond the next | |
| The quoted market price used for \ufb01nancial | prices from Nasdaq Commodities at the bal- | 4 calendar years. | |
| assets held by the Group is the current bid | ance sheet date. In the case of material long- | ||
| price. These instruments are included in level 1. | term contracts, the cash \ufb02ows are discounted | The Group does not hold electricity deriva- | |
| at a discount rate calculated by using interest | tives with maturities beyond the next 10 calen- | ||
| Level 2: The fair value of \ufb01nancial instru- | rates on Government bonds with matching | dar years at 31 December 2023, hence all level | |
| ments that are not traded in an active market | maturities, added a risk premium of 0,2 per- | 3 derivatives are long term area price contracts. | |
| (for example, over-the-counter derivatives) is | centage points. Valuation method is used for | ||
| determined using valuation techniques which | bilateral forward contracts and option contracts | ||
| maximise the use of observable market data | associated with purchase and sale of electricity. | ||
| and relies as little as possible on entity-speci\ufb01c | Key inputs to the valuation are expected power | ||
| estimates. If all signi\ufb01cant inputs required to | prices (Nordic system price and area prices in | ||
| fair value of an instrument are observable, the | the power price areas in Norway, Sweden and | ||
| instrument is included in level 2. | Finland), contract prices and discount rates. |
| NOK in thousands | 10 % reduction | 10 % increase |
| Net e\ufb00ect from power prices | (481) | 481 |
| Derivative \ufb01nancial assets | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | - | 2 077 |
| Electricity derivatives - Customer cont racts | 118 924 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 444 722 | 2 745 315 |
| Electricity derivatives - Customer contracts | 717 417 | 1 486 276 |
| Other derivatives | - | - |
| Hedged item in fair value hedge | ||
| Firm commitments | 263 657 | - |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 544 720 | 4 233 668 |
| Derivative \ufb01nancial liabilities and \ufb01rm commitments | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | (2 735) | 72 772 |
| Electricity derivatives - Customer contracts | 273 933 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 401 027 | 129 552 |
| Electricity derivatives - Customer contracts | 691 402 | 2 982 676 |
| Other derivatives | - | 328 |
| Hedged item in fair value hedge | ||
| Firm commitments | 108 648 | - |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 472 275 | 3 185 327 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Electricity derivatives - Hedge contracts | - | 14 290 | 104 662 | 318 652 | 1 122 | 438 725 | 398 292 | |
| Electricity derivatives - Customer contracts | - | 204 794 | 284 928 | 500 081 | 32 584 | 1 022 388 | 965 335 | |
| Firm commitments | - | - | 8 051 | 101 233 | 8 976 | 118 260 | 108 648 | |
| Other derivatives | - | - | - | - | - | - | - | |
| Total | - | 219 085 | 397 642 | 919 966 | 42 681 | 1 579 373 | 1 472 275 |
| Cash \ufb02ow hedges - Change in fair value of hedging instruments where hedge accounting is applied | ||
| NOK in thousands | 2023 | 2022 |
| Cash \ufb02ow hedge of highly probable power purchase: | ||
| Ine\ufb00ective portion, recognised in P&L, total | 5 | (12 512) |
| E\ufb00ective portion, recognised in OCI, total | 73 424 | 20 781 |
| Change in fair value - Cash \ufb02ow hedges | 73 429 | 8 269 |
| ment | recognised in | recognised in | in MWh | quarter, | |||
| OCI | OCI, net of tax | in MWh | |||||
| 31 December 2023 | |||||||
| South Norway (NO1, NO2, NO5) | 270 | 270 | 211 | - | 21 641 | - | |
| Trondheim (NO3) | 2 309 | 2 309 | 1 801 | - | 20 554 | - | |
| Troms\u00f8 (NO4) | 156 | 156 | 122 | - | 2 137 | - | |
| 31 December 2023 - Total | 2 735 | 2 735 | 2 133 | - | 44 332 | - |
| 31 December 2022 | ||||||
| South Norway (NO1, NO2, NO5) | (71 809) | (71 809) | (56 011) | - | 60 944 | 146 |
| Trondheim (NO3) | 2 099 | 2 103 | 1 640 | (3) | 29 114 | 763 |
| Troms\u00f8 (NO4) | (984) | (983) | (766) | (2) | 7 894 | 967 |
| 31 December 2022 - Total | (70 694) | (70 689) | (55 137) | (5) | 97 952 | 1 876 |
| Opening balance 1 January | (55 137) | (71 347) |
| E\ufb00ective portion of unrealised change in fair value of hedging instruments | (68 642) | (381 080) |
| Realised (gains) and losses reclassi\ufb01ed to pro\ufb01t or loss | 142 064 | 401 862 |
| Deferred tax | (16 153) | (4 572) |
| Closing balance 31 December | 2 133 | (55 137) |
| Hedged items: | |||||
| Fixed price purchase contracts | Derivative \ufb01nancial instruments | 1 407 953 | 263 657 | 263 657 | 263 657 |
| (Firm commitments) | and \ufb01rm commitments (assets) | ||||
| Derivative \ufb01nancial instruments | 958 610 | (108 648) | (108 648) | (108 648) | |
| and \ufb01rm commitments (liabilities) |
| Hedging instruments: | |||||
| Fixed price sales contracts | Derivative \ufb01nancial instruments | 942 889 | 118 924 | - | 118 924 |
| (Electricity derivatives) | (liabilities) |
| Derivative \ufb01nancial instruments and \ufb01rm commitments (liabilities) | 1 423 674 | (273 933) | - | (273 933) |
| Fixed price sales contracts (Electricity derivatives) | 141 613 | 484 567 | 1 591 371 | 149 010 | 2 366 562 |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| Cash at bank and in hand | 338 746 | 70 548 |
| Total | 338 746 | 70 548 |
| Pro\ufb01t/(loss) attributable to equity holders of the Group (NOK in thousands) | 192 288 | 73 847 |
| Total comprehensive income attributable to equity holders of the Group (NOK in thousands) | 316 986 | 92 911 |
| Weighted average number of ordinary shares outstanding | 108 623 439 | 110 833 229 |
| Earnings per share in NOK | 1,77 | 0,67 |
| Total comprehensive income per share in NOK | 2,92 | 0,84 |
| Share options (see note 26) | 1 932 336 | 1 710 000 |
| Diluted earnings per share in NOK | 1,74 | 0,66 |
| Salaries | 348 669 | 322 878 |
| Social security | 55 354 | 44 091 |
| Pension expenses | 38 854 | 40 298 |
| Other bene\ufb01ts | 13 950 | 14 870 |
| Gross personnel expenses | 456 828 | 422 137 |
| - Capitalised R&D costs | (2 206) | (1 109) |
| Total personnel expenses | 454 622 | 421 029 |
| Liabilities in de\ufb01ned bene\ufb01t plans that are | for the employees in the companies Eidsiva | ||
| funded are covered through an insurance | Marked AS and Gudbrandsdal Energi AS. | ||
| company. | Eidsiva Marked AS was merged into Fjordkraft | ||
| The liability or asset recognised in the con- | AS in 2021. | The subsidiary Gudbrandsdal Energi AS | |
| solidated statement of \ufb01nancial position in | have de\ufb01ned contribution pension schemes | ||
| respect of a de\ufb01ned bene\ufb01t pension plan | which at the end of 2023 are covering 24 | ||
| is the present value of the de\ufb01ned bene\ufb01t | active members. The contribution rates for | ||
| obligation at the end of the reporting period, | the de\ufb01ned contribution plans are 6 per cent | ||
| less the fair value of plan assets if the plan is | At the end of 2023 the group companies | of salaries between 0 and 7,1 times G (where | |
| funded. The de\ufb01ned bene\ufb01t obligation is cal- | Elmera Group ASA, Fjordkraft AS and | G is the National Insurance scheme basic | |
| culated annually by independent actuaries. | Fjordkraft Mobil AS have a de\ufb01ned contribu- | amount, NOKt 118,62 in 2023), and 25,1 per | |
| tion pension scheme covering a total of 352 | cent of salaries between 7,1 and 12 times | ||
| active members and 4 pensioners. The con- | G. The pension schemes includes retirement | ||
| De\ufb01ned contribution plans\u00a0are\u00a0post-employ- | tribution rates for the de\ufb01ned contribution plan | pension, disability pension, spouse\u2019s pension | |
| ment bene\ufb01t plans\u00a0under which an entity pays | are set to 5 per cent of salaries between 0 and | and children\u2019s pension. | |
| \ufb01xed de\ufb01ned contributions into a separate | 7,1 times G (where G is the National Insurance | ||
| entity (a fund). | scheme basic amount, NOKt 118,62 in 2023), | ||
| Pension schemes in the Norwegian | and 15 per cent of salaries between 7,1 and | ||
| 12 times G. | At the end of 2023 the de\ufb01ned bene\ufb01t pen- | ||
| Description of the pension schemes | group entities | The de\ufb01ned-contribution pension scheme | sion scheme in BKK Pensjonskasse covers |
| Until the end of 2019 the Norwegian group | also includes disability pension, spouse\u2019s | 41 active members, 77 pensioners and 532 | |
| entities had a single de\ufb01ned bene\ufb01t pension | pension and children\u2019s pension. In addition, | deferred vested members.These numbers |
| obligatorisk tjenestepensjon). | members. Members who were enrolled in the | reaching the age of 67. | pension, spouse\u2019s pension and children\u2019s |
| de\ufb01ned contribution pension plan received | In addition to the above mentioned de\ufb01ned | pension. The scheme complies largely with | |
| a paid-up policy for earned entitlements | contribution plan (and if applicable the | the regulations enshrined in the Act on the |
| with a long employment time and a high age | transferred from KLP to BKK Pensjonskasse | Risk exposure | an increase in in\ufb02ation will also increase the |
| whom had their expected retirement pension | in 2022. | de\ufb01cit. | |
| reduced when being transferred out of the | Pension schemes in Switch Nordic Green AB | Through its de\ufb01ned bene\ufb01t occupational pen- | |
| de\ufb01ned bene\ufb01t scheme. This plan aims to | sion plans, the Group is exposed to a num- | ||
| counteract some of the e\ufb00ects that the intro- | ber of risks, the most signi\ufb01cant are detailed | The majority of the plan\u2019s obligations are to | |
| duction of life expectancy adjustment has had | The following pension schemes are appli- | below. | provide bene\ufb01ts for the life of the member, so |
| for public occupational pension schemes. The | cable for the employees in SNG, who are | increases in life expectancy will result in an | |
| scheme applies to a closed group of employ- | either employed in Sweden or at the branch | increase in the plan\u2019s liabilities. | |
| ees. The supplementary allowance was set | in Finland. | The plan liabilities are calculated using a | At the end of this note, a table showing |
| with \ufb01nal e\ufb00ect at the end of 2019, and the | discount rate set with reference to covered | sensitivity analysis of the most signi\ufb01cant | |
| supplement constitutes a \ufb01xed percentage of | bonds (\u201cObligasjoner med fortrinnsrett\u201d); if | assumptions is enclosed. |
| 2022 | |||
| NOK in thousands | Funded | Non-funded | Total |
| obligations | obligations | ||
| Accrued pension entitlement for the year | 1 404 | 3 769 | 5 173 |
| Payroll tax (PT) | 197 | 531 | 728 |
| Net interest expense / (income) | 4 554 | 1 215 | 5 769 |
| Expected return on plan assets | (4 355) | - | (4 355) |
| Expenses paid | 31 | - | 31 |
| Members' contribution | (168) | - | (168) |
| Total amount recognised in pro\ufb01t or loss | 1 664 | 5 515 | 7 179 |
| obligation | plan assets | of plan assets | obligation | ||
| At 1 January 2023 | 361 631 | 355 132 | 6 499 | 64 211 | 70 710 |
| Accrued pension entitlement for the year | 1 670 | - | 1 670 | 2 700 | 4 370 |
| Payroll tax (PT) | 227 | - | 227 | 377 | 604 |
| Interest expense (income) | 12 960 | - | 12 960 | 1 977 | 14 937 |
| Return on plan assets | - | 12 908 | (12 908) | - | (12 908) |
| Past service cost | - | - | - | - | - |
| Actuarial gains and losses | (22 940) | 2 597 | (25 537) | (5 878) | (31 414) |
| Bene\ufb01ts paid | (7 266) | (6 525) | (741) | - | (741) |
| Contribution | - | 19 347 | (19 347) | - | (19 347) |
| Members' contribution | - | 171 | (171) | - | (171) |
| Expenses paid | (2 189) | (2 223) | 34 | - | 34 |
| Settlement (gain) / loss recognized | 6 603 | - | 6 603 | (6 603) | - |
| Payroll tax of contribution | (168) | - | (168) | - | (168) |
| At 31 December 2023 | 350 528 | 381 407 | (30 879) | 56 784 | 25 906 |
| of obligation | plan assets | of plan assets | obligation | ||
| At 1 January 2022 | 361 192 | 345 243 | 15 949 | 73 785 | 89 734 |
| Accrued pension entitlement for the year | 1 404 | - | 1 404 | 3 769 | 5 173 |
| Payroll tax (PT) | 197 | - | 197 | 531 | 728 |
| Interest expense (income) | 4 554 | - | 4 554 | 1 215 | 5 769 |
| Return on plan assets | - | 4 355 | (4 355) | - | (4 355) |
| Past service cost | - | - | - | - | - |
| Actuarial gains and losses | 3 364 | (5 998) | 9 362 | (13 990) | (4 628) |
| Bene\ufb01ts paid | (6 640) | (6 640) | - | (964) | (964) |
| Contribution | - | 20 423 | (20 423) | - | (20 423) |
| Members' contribution | - | 168 | (168) | - | (168) |
| Expenses paid | (2 387) | (2 418) | 31 | (136) | (105) |
| Payroll tax of contribution | (53) | - | (53) | - | (53) |
| At 31 December 2022 | 361 631 | 355 132 | 6 499 | 64 211 | 70 709 |
| NOK in thousands | 2023 | 2022 |
| Net actuarial gains/(losses) recognised in OCI during the year | 24 504 | 3 610 |
| Tax e\ufb00ects of actuarial gains/(losses) recognised in OCI | 6 911 | 1 018 |
| Signi\ufb01cant actuarial assumptions | 2023 | 2022 |
| Discount rate | 4,15 % | 3,60 % |
| Salary growth rate | 2,50 % | 3,75 % |
| Expected growth in base social security amount (G) | 3,50 % | 3,50 % |
| Estimated return on plan assets | 4,15 % | 3,60 % |
| Pension growth rate | 2,90 % | 2,75 % |
| CPA withdrawal | 25% when 62 yrs | 25% when 62 yrs |
| Demographic assumptions | K2013BE | K2013BE |
| Voluntary retirement | Before 45 yrs - 4,5% | Before 45 yrs - 4,5% |
| 45 yrs - 60 yrs - 2,0% | 45 yrs - 60 yrs - 2,0% | |
| After 60 yrs - 0% | After 60 yrs - 0% |
| Sensitivity of pension liabilities to changes in signi\ufb01cant \ufb01nancial assumptions | |||
| Change in pension cost | Change in employee de\ufb01ned | ||
| bene\ufb01t obligations | |||
| NOK in thousands | 1.00 % | -1.00 % | 1.00 % -1.00 % |
| Discount rate | (669) | 845 | (68 745) 90 425 |
| Salary growth rate | 270 | (243) | 5 759 (8 177) |
| Expected growth in base social security amount (G) | 569 | (473) | 84 783 (65 662) |
| Executive management 2023: | ||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December** | ||||
| Rolf Barmen (Chief Executive O\ufb03cer) 3 477 | 375* | 150 | 774 | 4 776 | - | ||
| Henning Nordgulen (Chief Financial O\ufb03cer) 2 693 | 12 | 150 | 360 | 3 215 | - | ||
| Roger Finnanger (Head of Business) 1 836 | 47 | 110 | 211 | 2 204 | - | ||
| Arnstein Flaskerud (Head of Strategy, Innovation, Sustainability and M&A) 2 007 | 47 | 120 | 324 | 2 498 | - | ||
| Solfrid K. Aase (Head of Alliance) 1 672 | 47 | 100 | 265 | 2 084 | - | ||
| Solfrid Fluge Andersen (Head of Power markets and energy supply) 1) 1 785 | 47 | 100 | 198 | 2 130 | - | ||
| Per Heiberg-Andersen (Executive Vice President Nordic) 1 672 | 47 | 100 | 178 | 1 997 | - | ||
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 2 550 | 70 | 150 | 298 | 3 068 | - | ||
| Jeanne K. Tjomsland (Head of HR and Communications) 2) 156 | - | 10 | 28 | 194 | - | ||
| Kari Marvik (Chief Information O\ufb03cer) 3) 142 | - | 8 | 9 | 159 | - | ||
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 4) 467 | 95 | - | 56 | 618 | - | ||
| Total remuneration executive management 2023 18 457 | 787 | 998 | 2 701 | 22 943 | - | ||
| *In 2023 the CEO received a discretionary bonus of NOKt 375 based on the Group\u2019s performance in 2022. In 2023 the Board of Directors have awarded the CEO a discretionary | |||||||
| bonus of NOKt 1 485 based on the Group\u2019s performance in 2023, which will be paid in 2024. | |||||||
| ** The Group\u2019s executive management had no outstanding personnel loans at year end in 2023. The Group discontinued the loan scheme for personnel loans in 2023. | |||||||
| 1) Head Of Operations until 30 November 2023 and Head of Power 3) From 1 December 2023 | |||||||
| Markets and Energy Supply from 1 December 2023 4) From 1 August 2022 until 31 May 2023 | |||||||
| 2) From 1 December 2023 | |||||||
| Executive management 2022: | |||||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December | |||
| Rolf Barmen (Chief Executive O\ufb03cer) | 3 311 | 500* | 150 | 846 | 4 807 | 294 |
| Henning Nordgulen (Chief Financial O\ufb03cer) 1) | 660 | - | 38 | 86 | 784 | - |
| Roger Finnanger (Head of Business) | 1 692 | 54 | 100 | 219 | 2 065 | - |
| Arnstein Flaskerud (Head of Strategy and M&A) | 1 934 | 67 | 120 | 430 | 2 551 | - |
| Solfrid K. Aase (Head of Service Companies) | 1 612 | 67 | 100 | 354 | 2 133 | - |
| Solfrid Fluge Andersen (Head of Operations) | 1 667 | 67 | 100 | 219 | 2 053 | - |
| Per Heiberg-Andersen (Head of Nordic and other end-user companies) | 1 662 | 67 | 100 | 173 | 2 002 | - |
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 2) | 467 | 50 | - | 53 | 570 | - |
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 3) | 995 | - | 60 | 127 | 1 182 | - |
| Birte Strander (Chief Financial O\ufb03cer) 4) | 792 | 54 | 50 | 183 | 1 079 | - |
| Jeanne K. Tjomsland (Head of HR, Communications and Sustainability) 5) | 1 021 | 67 | 70 | 237 | 1 395 | - |
| Christian Kalvenes (Head of Consumer) 6) | 592 | 54 | 37 | 68 | 751 | - |
| Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 5) | 1 016 | 54 | 70 | 199 | 1 339 | 290 |
| Total remuneration executive management 2022 | 17 421 | 1101 | 995 | 3194 | 22 711 | 584 |
| *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. |
| Steinar S\u00f8nsteby (Chair) | 605 | 545 |
| Live Bertha Haukvik (Board member) | 446 | 401 |
| Heidi Theresa Ose (Board member) | 400 | 360 |
| Per Oluf Solbraa (Board member) | 347 | 312 |
| Anne Marit Steen (Board member) 1) | 311 | - |
| Frank \u00d8kland (Board member, Employee representative) | 109 | 108 |
| Magnhild Uglem (Board member, Employee representative) 2) | - | - |
| Stian Madsen (Board member, Employee representative) 3) | - | - |
| Tone Wille (Board member) 4) | 101 | 312 |
| Elisabeth Norberg (Board member, Employee representative) 5) | 49 | 108 |
| Marianne Unhjem (Board member, Employee representative) 6) | 45 | 108 |
| Lisbet N\u00e6r\u00f8 (Chair of the Nomination committee) | 54 | 53 |
| Atle Kvamme (Member, Nomination committee) | 10 | 32 |
| Ragnhild Stolt-Nielsen (Member, Nomination committee) 7) | 10 | 32 |
| Brede Selseng (Member, Nomination committee) 8) | 23 | - |
| Total remuneration Board of directors | 2 551 | 2 371 |
| line with generally accepted customs locally. | percent of the Company`s outstanding shares, | determination of the remuneration takes into |
| The executive management may receive | (iii) the exercise price for share options shall | consideration the work load, comparable |
| certain limited bene\ufb01ts in kind, including | be set at market price at the time of allot- | companies and the general wages in the |
| company car/car arrangement, telephone, | ment, (iv), the exercise price shall be adjusted | Company. |
| internet access, and magazine/newspaper | for dividend paid before redemption, (v) the | Deviations from these guidelines |
| subscriptions. | share options have a cap on gains of three | |
| Purchase of shares | times the exercise price (before adjustments | The Board of Directors may, on recommen- |
| for dividend payments). The options can be | dation from the Remuneration Committee, in | |
| The management may participate in any | settled by the Company in cash if the share | the circumstances described below resolve |
| Company employee share purchase plans | price exceeds the cap set out in (v), and if so, | to deviate from any sections of these remu- |
| or similar plans on substantially on the same | based on the gain of such cap, which con- | neration guidelines: |
| terms as all employees. \u00a0 | stitutes the limit of maximum potential gain. | \u2022 upon change of the CEO; |
| Share-based incentive programs | Employment agreements | \u2022 upon material changes in Company\u2019s |
| organization, ownership and/or business | ||
| Share-based payments, settled in shares | The CEO and executive management have | \u2022 upon material change in the Company\u2019s |
| or cash, are used as part of the Company\u2019s | six month notice periods. | strategy; |
| incentive schemes. In the view of the Board | The CEO is entitled to a severance pay in | \u2022 upon changes in or amendments to the |
| of Directors, attractive share-based long-term | case of termination of employment by the | relevant laws, rules, or regulations; |
| incentive programs is an important part of the | Company for a period of 12 months after | \u2022 upon other exceptional circumstances |
| total compensation for the executive manage- | expiry of the ordinary notice period. During | where the deviation may be required to serve |
| ment, and which may be necessary to allow | employment and for 12 months after expiry | the long-term interests and sustainability of |
| the Company to retain and hire the talent it | of the notice period (or from the time of | the Company as a whole or to assure its via- |
| needs for further growth. | dismissal), the CEO is bound by the provi- | bility. |
| The executive management and key per- | sions on non-competition and recruiting the | Any deviation from these guidelines shall |
| sonnel shall be concerned with the value | Company\u2019s customers and employees in | be reported in the Remuneration Report for |
| development for the Company`s sharehold- | accordance with the provisions in chapter | the relevant year. |
| ers. A share option program may bind the | 14A of the Working Environment Act of 2005. | \u00a0The Board\u2019s declaration on determining |
| key employees to the Company and may also | Remuneration to employee elected board members | directors pay will be sent out or made availa- |
| contribute to a more cautious wage growth in | ble to the shareholders on the Company\u2019s web | |
| the years to come. | site, together with notice of the annual general | |
| The following speci\ufb01c limitations apply for | The level of remuneration to employee elected | meeting of the Company and the Company\u2019s |
| granting of share options in the Company: | board members for their role as board mem- | annual report and accounts. |
| Purchase of electrical power and el certi\ufb01cates | 15 420 220 | 24 804 557 |
| Other direct cost of sales | 180 595 | 295 188 |
| Change in provisions for onerous contracts | (1 048 166) | (39 256) |
| Unrealised gains and losses on derivative hedge contracts | 2 639 877 | (1 236 970) |
| Total direct cost of sales | 17 192 526 | 23 823 519 |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| Salaries | 348 669 | 322 878 |
| Social security | 55 354 | 44 091 |
| Pension expenses | 38 854 | 40 298 |
| Other bene\ufb01ts | 13 950 | 14 870 |
| Gross personnel expenses | 456 828 | 422 137 |
| - Capitalised R&D costs | (2 206) | (1 109) |
| Total personnel expenses | 454 622 | 421 029 |
| Other operating expenses | ||
| NOK in thousands | 2023 | 2022 |
| Sales and marketing costs | 90 132 | 135 526 |
| IT cost | 146 469 | 134 331 |
| Purchase of third- party services and external personnel | 82 877 | 107 011 |
| Net impairment expense on trade receivables and other losses | 32 007 | 35 317 |
| Professional fees * | 123 962 | 93 184 |
| Other operating costs | 66 830 | 69 577 |
| Total other operating expenses | 542 277 | 574 946 |
| * Includes legal fees, auditor, consultants. |
Auditor\u2019s remuneration | ||
NOK in thousands | 2023 | 2022 |
Statutory audit - Deloitte | 5 264 | 3 884 |
Other assurance services - Deloitte | 396 | 618 |
Other non-assurance services - Deloitte | 133 | 235 |
Total | 5 794 | 4 736 |
| NOK in thousands | 2023 | 2022 |
| Foreign exchange gain/(losses) | 7 686 | (3 351) |
| Other \ufb01nancial expenses | (12 241) | (9 311) |
| Total other \ufb01nancial items, net | (4 555) | (12 660) |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 1 433 738 | 110 982 | 1 544 720 |
| Total \ufb01nancial assets at fair value | - | 1 433 738 | 110 982 | 1 544 720 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 1 358 890 | 113 384 | 1 472 275 |
| Total \ufb01nancial liabilities at fair value | - | 1 358 890 | 113 384 | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 4 073 672 | 159 996 | 4 233 668 |
| Total \ufb01nancial assets at fair value | - | 4 073 672 | 159 996 | 4 233 668 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 3 032 664 | 152 663 | 3 185 327 |
| Total \ufb01nancial liabilities at fair value | - | 3 032 664 | 152 663 | 3 185 327 |
| transfers into and transfers out of fair value hier- | included in level 3. | ||
| archy levels at the end of the reporting period. | Valuation techniques used to determine fair values | \u2022 | Nordic system price for delivery periods |
| beyond the next 10 calendar years, | |||
| Level 1: The fair value of \ufb01nancial instruments | \u2022 | Area prices for price areas in Norway for | |
| traded in active markets (such as publicly | Speci\ufb01c valuation techniques used to value | delivery periods beyond the next 3 calendar | |
| traded derivatives, and trading and avail- | derivative \ufb01nancial instruments, in majority | years, | |
| able-for-sale securities) is based on quoted | electricity derivatives, include present value | \u2022 | Area prices for price areas in Sweden and |
| market prices at the end of the reporting period. | of future cash \ufb02ows based on forward power | Finland for delivery periods beyond the next | |
| The quoted market price used for \ufb01nancial | prices from Nasdaq Commodities at the bal- | 4 calendar years. | |
| assets held by the Group is the current bid | ance sheet date. In the case of material long- | ||
| price. These instruments are included in level 1. | term contracts, the cash \ufb02ows are discounted | The Group does not hold electricity deriva- | |
| at a discount rate calculated by using interest | tives with maturities beyond the next 10 calen- | ||
| Level 2: The fair value of \ufb01nancial instru- | rates on Government bonds with matching | dar years at 31 December 2023, hence all level | |
| ments that are not traded in an active market | maturities, added a risk premium of 0,2 per- | 3 derivatives are long term area price contracts. | |
| (for example, over-the-counter derivatives) is | centage points. Valuation method is used for | ||
| determined using valuation techniques which | bilateral forward contracts and option contracts | ||
| maximise the use of observable market data | associated with purchase and sale of electricity. | ||
| and relies as little as possible on entity-speci\ufb01c | Key inputs to the valuation are expected power | ||
| estimates. If all signi\ufb01cant inputs required to | prices (Nordic system price and area prices in | ||
| fair value of an instrument are observable, the | the power price areas in Norway, Sweden and | ||
| instrument is included in level 2. | Finland), contract prices and discount rates. |
| NOK in thousands | 10 % reduction | 10 % increase |
| Net e\ufb00ect from power prices | (481) | 481 |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| Financial assets at amortised cost | |||
| Trade receivables * | 6(a) | 1 360 019 | 1 722 161 |
| Other non-current \ufb01nancial assets | 6(a) | 133 665 | 48 285 |
| Cash and cash equivalents | 6(d) | 338 746 | 70 548 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | - | 2 077 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 281 063 | 4 231 590 |
| Firm commitments | 7,8 | 263 657 | - |
| Total \ufb01nancial assets | 3 377 150 | 6 074 662 | |
| * Excludes contract assets. |
| Liabilities at amortised cost | |||
| Trade and other payables | 6(b) | 3 246 231 | 5 828 373 |
| Overdraft facilities | 6(c) | - | 534 112 |
| Interest-bearing short term debt | 6(c) | 368 700 | 368 700 |
| Interest-bearing long term debt | 6(c) | 537 617 | 629 169 |
| Lease liability- long term | 24 | 40 945 | 49 477 |
| Lease liability- short term | 24 | 19 391 | 20 284 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | (2 735) | 72 772 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 366 362 | 3 112 556 |
| Firm commitments | 7,8 | 108 648 | - |
| Total \ufb01nancial liabilities | 5 685 159 | 10 615 440 |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| NOK in thousands | Gross amount | Gross amount set off | Net amount |
| Derivative \ufb01nancial instruments and \ufb01rm commitments | |||
| Electricity derivatives | 1 791 461 | (510 399) | 1 281 063 |
| Firm commitments | 165 473 | 98 184 | 263 657 |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 956 934 | (412 214) | 1 544 720 |
| NOK in thousands | Gross | Gross amount | Net |
| amount | set off | amount |
| Derivative \ufb01nancial instruments | |||
| Electricity derivatives | 1 874 025 | (510 399) | 1 363 627 |
| Firm commitments | 10 463 | 98 184 | 108 648 |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 884 489 | (412 214) | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 1 433 738 | 110 982 | 1 544 720 |
| Total \ufb01nancial assets at fair value | - | 1 433 738 | 110 982 | 1 544 720 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 1 358 890 | 113 384 | 1 472 275 |
| Total \ufb01nancial liabilities at fair value | - | 1 358 890 | 113 384 | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 4 073 672 | 159 996 | 4 233 668 |
| Total \ufb01nancial assets at fair value | - | 4 073 672 | 159 996 | 4 233 668 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 3 032 664 | 152 663 | 3 185 327 |
| Total \ufb01nancial liabilities at fair value | - | 3 032 664 | 152 663 | 3 185 327 |
| transfers into and transfers out of fair value hier- | included in level 3. | ||
| archy levels at the end of the reporting period. | Valuation techniques used to determine fair values | \u2022 | Nordic system price for delivery periods |
| beyond the next 10 calendar years, | |||
| Level 1: The fair value of \ufb01nancial instruments | \u2022 | Area prices for price areas in Norway for | |
| traded in active markets (such as publicly | Speci\ufb01c valuation techniques used to value | delivery periods beyond the next 3 calendar | |
| traded derivatives, and trading and avail- | derivative \ufb01nancial instruments, in majority | years, | |
| able-for-sale securities) is based on quoted | electricity derivatives, include present value | \u2022 | Area prices for price areas in Sweden and |
| market prices at the end of the reporting period. | of future cash \ufb02ows based on forward power | Finland for delivery periods beyond the next | |
| The quoted market price used for \ufb01nancial | prices from Nasdaq Commodities at the bal- | 4 calendar years. | |
| assets held by the Group is the current bid | ance sheet date. In the case of material long- | ||
| price. These instruments are included in level 1. | term contracts, the cash \ufb02ows are discounted | The Group does not hold electricity deriva- | |
| at a discount rate calculated by using interest | tives with maturities beyond the next 10 calen- | ||
| Level 2: The fair value of \ufb01nancial instru- | rates on Government bonds with matching | dar years at 31 December 2023, hence all level | |
| ments that are not traded in an active market | maturities, added a risk premium of 0,2 per- | 3 derivatives are long term area price contracts. | |
| (for example, over-the-counter derivatives) is | centage points. Valuation method is used for | ||
| determined using valuation techniques which | bilateral forward contracts and option contracts | ||
| maximise the use of observable market data | associated with purchase and sale of electricity. | ||
| and relies as little as possible on entity-speci\ufb01c | Key inputs to the valuation are expected power | ||
| estimates. If all signi\ufb01cant inputs required to | prices (Nordic system price and area prices in | ||
| fair value of an instrument are observable, the | the power price areas in Norway, Sweden and | ||
| instrument is included in level 2. | Finland), contract prices and discount rates. |
| NOK in thousands | 10 % reduction | 10 % increase |
| Net e\ufb00ect from power prices | (481) | 481 |
| Derivative \ufb01nancial assets | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | - | 2 077 |
| Electricity derivatives - Customer cont racts | 118 924 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 444 722 | 2 745 315 |
| Electricity derivatives - Customer contracts | 717 417 | 1 486 276 |
| Other derivatives | - | - |
| Hedged item in fair value hedge | ||
| Firm commitments | 263 657 | - |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 544 720 | 4 233 668 |
| Derivative \ufb01nancial liabilities and \ufb01rm commitments | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | (2 735) | 72 772 |
| Electricity derivatives - Customer contracts | 273 933 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 401 027 | 129 552 |
| Electricity derivatives - Customer contracts | 691 402 | 2 982 676 |
| Other derivatives | - | 328 |
| Hedged item in fair value hedge | ||
| Firm commitments | 108 648 | - |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 472 275 | 3 185 327 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Trade and other payables* | 3 246 231 | - | - | - | - | 3 246 231 | 3 246 231 | |
| Overdraft facilities | - | - | - | - | - | - | - | |
| Interest-bearing short term debt** | - | 23 425 | 70 275 | 275 000 | - | 368 700 | 368 700 | |
| Interest-bearing long term debt | - | - | - | 538 775 | - | 538 775 | 537 617 | |
| Leasing liabilities | - | 4 867 | 14 602 | 43 775 | - | 63 244 | 60 336 | |
| Total | 3 246 231 | 28 292 | 84 877 | 857 550 | - | 4 216 949 | 4 212 884 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Electricity derivatives - Hedge contracts | - | 14 290 | 104 662 | 318 652 | 1 122 | 438 725 | 398 292 | |
| Electricity derivatives - Customer contracts | - | 204 794 | 284 928 | 500 081 | 32 584 | 1 022 388 | 965 335 | |
| Firm commitments | - | - | 8 051 | 101 233 | 8 976 | 118 260 | 108 648 | |
| Other derivatives | - | - | - | - | - | - | - | |
| Total | - | 219 085 | 397 642 | 919 966 | 42 681 | 1 579 373 | 1 472 275 |
| Cash \ufb02ow hedges - Change in fair value of hedging instruments where hedge accounting is applied | ||
| NOK in thousands | 2023 | 2022 |
| Cash \ufb02ow hedge of highly probable power purchase: | ||
| Ine\ufb00ective portion, recognised in P&L, total | 5 | (12 512) |
| E\ufb00ective portion, recognised in OCI, total | 73 424 | 20 781 |
| Change in fair value - Cash \ufb02ow hedges | 73 429 | 8 269 |
| ment | recognised in | recognised in | in MWh | quarter, | |||
| OCI | OCI, net of tax | in MWh | |||||
| 31 December 2023 | |||||||
| South Norway (NO1, NO2, NO5) | 270 | 270 | 211 | - | 21 641 | - | |
| Trondheim (NO3) | 2 309 | 2 309 | 1 801 | - | 20 554 | - | |
| Troms\u00f8 (NO4) | 156 | 156 | 122 | - | 2 137 | - | |
| 31 December 2023 - Total | 2 735 | 2 735 | 2 133 | - | 44 332 | - |
| 31 December 2022 | ||||||
| South Norway (NO1, NO2, NO5) | (71 809) | (71 809) | (56 011) | - | 60 944 | 146 |
| Trondheim (NO3) | 2 099 | 2 103 | 1 640 | (3) | 29 114 | 763 |
| Troms\u00f8 (NO4) | (984) | (983) | (766) | (2) | 7 894 | 967 |
| 31 December 2022 - Total | (70 694) | (70 689) | (55 137) | (5) | 97 952 | 1 876 |
| Opening balance 1 January | (55 137) | (71 347) |
| E\ufb00ective portion of unrealised change in fair value of hedging instruments | (68 642) | (381 080) |
| Realised (gains) and losses reclassi\ufb01ed to pro\ufb01t or loss | 142 064 | 401 862 |
| Deferred tax | (16 153) | (4 572) |
| Closing balance 31 December | 2 133 | (55 137) |
| Hedged items: | |||||
| Fixed price purchase contracts | Derivative \ufb01nancial instruments | 1 407 953 | 263 657 | 263 657 | 263 657 |
| (Firm commitments) | and \ufb01rm commitments (assets) | ||||
| Derivative \ufb01nancial instruments | 958 610 | (108 648) | (108 648) | (108 648) | |
| and \ufb01rm commitments (liabilities) |
| Hedging instruments: | |||||
| Fixed price sales contracts | Derivative \ufb01nancial instruments | 942 889 | 118 924 | - | 118 924 |
| (Electricity derivatives) | (liabilities) |
| Derivative \ufb01nancial instruments and \ufb01rm commitments (liabilities) | 1 423 674 | (273 933) | - | (273 933) |
| Fixed price sales contracts (Electricity derivatives) | 141 613 | 484 567 | 1 591 371 | 149 010 | 2 366 562 |
through other comprehensive income. | impaired. Interest income from these \ufb01nan- | pro\ufb01t or loss. | or purchased for the purpose of hedging | |
Financial assets with embedded derivatives | cial assets is included in \ufb01nance income | Energy contracts and hedging activities | physical or \ufb01nancial customer contracts. | |
are considered in their entirety when deter- | using the e\ufb00ective interest rate method. | Hence electricity derivatives are only used | ||
mining whether their cash \ufb02ows are solely | for economic hedging purposes and not as | |||
payment of principal and interest.\u00a0 | 3. | Impairment | Energy contracts that are entered into and | speculative investments. However, where |
| NOK in thousands | 2023 | 2022 |
| Foreign exchange gain/(losses) | 7 686 | (3 351) |
| Other \ufb01nancial expenses | (12 241) | (9 311) |
| Total other \ufb01nancial items, net | (4 555) | (12 660) |
line method where estimated useful life is | assets in note 16. | measured. | cash \ufb02ow or other bene\ufb01ts that the asset is |
based on the expected customer churn rate. | expected to contribute to the generation of, | ||
Fixed price elements of customer contracts | 6. Goodwill | Directly attributable costs that are capitalised | through its use by the Group). |
are recorded as separate assets. | Goodwill is reported as an inde\ufb01nite life | as part of software includes directly related | For the purposes of assessing impairment, |
intangible asset at cost less accumulated | employee costs. | assets are grouped at the lowest levels for |
recognised as intangible assets at fair value | Development costs previously recognised as | but so that the increased carrying amount | ||
at the time of acquisition. The \ufb01xed price cus- | expenses are not recognised as an asset in a | does not exceed the carrying amount that | ||
tomer contracts have de\ufb01ned contract periods | subsequent period. | would have been determined had no impair- | ||
and are recognised at cost less deductions | 1. | Software | Refer to note 15 for details about amortisa- | ment loss been recognised for the asset (or |
| Non-current intangible assets | |||||
| 2023 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2023 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 374 151 | 1 418 775 | 2 792 926 |
| Additions - Purchase | 8 174 | 41 471 | 274 | - | - | 49 919 | - | 49 919 |
| Additions - Internally generated | 1 605 | 601 | - | - | - | 2 206 | - | 2 206 |
| Additions from business combinations | - | - | - | - | - | - | - | - |
| Transferred from construction in progress | 37 983 | (37 983) | - | - | - | - | - | - |
| Government grants | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | (20 830) | - | (20 830) | - | (20 830) |
| Currency translation di\ufb00erences | 612 | 132 | 15 950 | 2 596 | 1 652 | 20 943 | 20 613 | 41 556 |
| Accumulated cost 31 December 2023 | 430 845 | 13 668 | 815 892 | 18 443 | 147 541 | 1 426 389 | 1 439 389 | 2 865 777 |
| Accumulated depreciation 1 January 2023 | (269 527) | - | (445 660) | (2 085) | (41 240) | (758 512) | - | (758 512) |
| Depreciation for the year | (45 560) | - | (115 731) | - | (7 427) | (168 717) | - | (168 717) |
| Disposals*** | - | - | - | 1 286 | - | 1 286 | - | 1 286 |
| Currency translation di\ufb00erences | (382) | - | (5 646) | (147) | - | (6 175) | - | (6 175) |
| Accumulated depreciation 31 December 2023 | (315 468) | - | (567 037) | (946) | (48 667) | (932 118) | - | (932 118) |
| Accumulated impairment 1 January 2023 | (22 724) | - | - | (34 591) | - | (57 315) | - | (57 315) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 19 544 | - | 19 544 | - | 19 544 |
| Currency translation di\ufb00erences | - | - | - | (2 450) | - | (2 450) | - | (2 450) |
| Accumulated impairment 31 December 2023 | (22 724) | - | - | (17 497) | - | (40 221) | - | (40 221) |
| Carrying amount 31 December 2023 | 92 654 | 13 668 | 248 855 | - | 98 874 | 454 051 | 1 439 389 | 1 893 440 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| Non-current intangible assets | |||||
| 2022 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2022 | 345 582 | 5 339 | 796 218 | 111 314 | 145 607 | 1 522 414 | 1 419 451 | 2 941 866 |
| Additions - Purchase | 8 910 | 32 439 | 4 | - | - | 41 353 | - | 41 353 |
| Additions - Internally generated | 858 | 105 | - | - | - | 963 | - | 963 |
| Transferred from construction in progress | 28 294 | (28 294) | - | - | - | - | - | - |
| Government grants | (1 308) | - | - | - | - | (1 308) | - | (1 308) |
| Disposals*** | - | - | - | (76 963) | - | (76 963) | - | (76 963) |
| Currency translation di\ufb00erences | 136 | (143) | 3 446 | 2 325 | 281 | 6 045 | (675) | 5 370 |
| Accumulated cost 31 December 2022 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 492 504 | 1 418 775 | 2 911 280 |
| Accumulated depreciation 1 January 2022 | (221 534) | - | (321 346) | (3 209) | (32 514) | (625 236) | - | (625 237) |
| Depreciation for the year | (47 861) | - | (123 977) | - | (8 726) | (180 565) | - | (180 565) |
| Disposals*** | - | - | - | 1 181 | - | 1 181 | - | 1 181 |
| Currency translation di\ufb00erences | (131) | - | (337) | (57) | - | (526) | - | (526) |
| Accumulated depreciation 31 December 2022 | (269 527) | - | (445 660) | (2 085) | (41 240) | (805 145) | - | (805 145) |
| Accumulated impairment 1 January 2022 | (22 724) | - | - | (108 106) | - | (202 550) | - | (202 550) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 75 782 | - | 75 782 | - | 75 782 |
| Currency translation di\ufb00erences | - | - | - | (2 267) | - | (2 267) | - | (2 267) |
| Accumulated impairment 31 December 2022 | (22 724) | - | - | (34 591) | - | (129 036) | - | (129 036) |
| Carrying amount 31 December 2022 | 90 221 | 9 446 | 354 007 | - | 104 648 | 558 324 | 1 418 775 | 1 977 100 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| NOK in thousands | Goodwill | Intangible assets with | Goodwill | Intangible assets with |
| inde\ufb01nite useful life | inde\ufb01nite useful life | |||
| Consumer segment | 771 012 | 42 017 | 771 012 | 42 017 |
| Business segment | 353 235 | 19 250 | 353 235 | 19 250 |
| Nordic segment | 315 141 | 25 157 | 294 528 | 23 505 |
| Total | 1 439 389 | 86 424 | 1 418 775 | 84 772 |
| 2023 | ||||
| NOK in thousands | El-certi\ufb01cates | Guarantees of | Carbon credits | Total current |
| origination | intangible assets | |||
| Accumulated cost 1 January 2023 | 54 | 301 | 408 | 763 |
| Additions - Purchase | 8 166 | 77 972 | 7 162 | 93 300 |
| Disposals* | (8 198) | (75 372) | (6 639) | (90 209) |
| Accumulated cost 31 December 2023 | 23 | 2 900 | 931 | 3 854 |
| Carrying amount 31 December 2023 | 23 | 2 900 | 931 | 3 854 |
| 2022 | ||||
| NOK in thousands | El-certi\ufb01cates | Guarantees of | Total current | Total current |
| origination | intangible assets | intangible assets | ||
| Accumulated cost 1 January 2022 | 417 | 6 786 | 314 | 7 518 |
| Additions - Purchase | 9 032 | 29 494 | 3 516 | 42 041 |
| Disposals* | (9 394) | (35 979) | (3 422) | (48 795) |
| Accumulated cost 31 December 2022 | 54 | 301 | 408 | 763 |
| Carrying amount 31 December 2022 | 54 | 301 | 408 | 763 |
line method where estimated useful life is | assets in note 16. | measured. | cash \ufb02ow or other bene\ufb01ts that the asset is |
based on the expected customer churn rate. | expected to contribute to the generation of, | ||
Fixed price elements of customer contracts | 6. Goodwill | Directly attributable costs that are capitalised | through its use by the Group). |
are recorded as separate assets. | Goodwill is reported as an inde\ufb01nite life | as part of software includes directly related | For the purposes of assessing impairment, |
intangible asset at cost less accumulated | employee costs. | assets are grouped at the lowest levels for |
recognised as intangible assets at fair value | Development costs previously recognised as | but so that the increased carrying amount | ||
at the time of acquisition. The \ufb01xed price cus- | expenses are not recognised as an asset in a | does not exceed the carrying amount that | ||
tomer contracts have de\ufb01ned contract periods | subsequent period. | would have been determined had no impair- | ||
and are recognised at cost less deductions | 1. | Software | Refer to note 15 for details about amortisa- | ment loss been recognised for the asset (or |
| Non-current intangible assets | |||||
| 2023 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2023 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 374 151 | 1 418 775 | 2 792 926 |
| Additions - Purchase | 8 174 | 41 471 | 274 | - | - | 49 919 | - | 49 919 |
| Additions - Internally generated | 1 605 | 601 | - | - | - | 2 206 | - | 2 206 |
| Additions from business combinations | - | - | - | - | - | - | - | - |
| Transferred from construction in progress | 37 983 | (37 983) | - | - | - | - | - | - |
| Government grants | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | (20 830) | - | (20 830) | - | (20 830) |
| Currency translation di\ufb00erences | 612 | 132 | 15 950 | 2 596 | 1 652 | 20 943 | 20 613 | 41 556 |
| Accumulated cost 31 December 2023 | 430 845 | 13 668 | 815 892 | 18 443 | 147 541 | 1 426 389 | 1 439 389 | 2 865 777 |
| Accumulated depreciation 1 January 2023 | (269 527) | - | (445 660) | (2 085) | (41 240) | (758 512) | - | (758 512) |
| Depreciation for the year | (45 560) | - | (115 731) | - | (7 427) | (168 717) | - | (168 717) |
| Disposals*** | - | - | - | 1 286 | - | 1 286 | - | 1 286 |
| Currency translation di\ufb00erences | (382) | - | (5 646) | (147) | - | (6 175) | - | (6 175) |
| Accumulated depreciation 31 December 2023 | (315 468) | - | (567 037) | (946) | (48 667) | (932 118) | - | (932 118) |
| Accumulated impairment 1 January 2023 | (22 724) | - | - | (34 591) | - | (57 315) | - | (57 315) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 19 544 | - | 19 544 | - | 19 544 |
| Currency translation di\ufb00erences | - | - | - | (2 450) | - | (2 450) | - | (2 450) |
| Accumulated impairment 31 December 2023 | (22 724) | - | - | (17 497) | - | (40 221) | - | (40 221) |
| Carrying amount 31 December 2023 | 92 654 | 13 668 | 248 855 | - | 98 874 | 454 051 | 1 439 389 | 1 893 440 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| Non-current intangible assets | |||||
| 2022 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2022 | 345 582 | 5 339 | 796 218 | 111 314 | 145 607 | 1 522 414 | 1 419 451 | 2 941 866 |
| Additions - Purchase | 8 910 | 32 439 | 4 | - | - | 41 353 | - | 41 353 |
| Additions - Internally generated | 858 | 105 | - | - | - | 963 | - | 963 |
| Transferred from construction in progress | 28 294 | (28 294) | - | - | - | - | - | - |
| Government grants | (1 308) | - | - | - | - | (1 308) | - | (1 308) |
| Disposals*** | - | - | - | (76 963) | - | (76 963) | - | (76 963) |
| Currency translation di\ufb00erences | 136 | (143) | 3 446 | 2 325 | 281 | 6 045 | (675) | 5 370 |
| Accumulated cost 31 December 2022 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 492 504 | 1 418 775 | 2 911 280 |
| Accumulated depreciation 1 January 2022 | (221 534) | - | (321 346) | (3 209) | (32 514) | (625 236) | - | (625 237) |
| Depreciation for the year | (47 861) | - | (123 977) | - | (8 726) | (180 565) | - | (180 565) |
| Disposals*** | - | - | - | 1 181 | - | 1 181 | - | 1 181 |
| Currency translation di\ufb00erences | (131) | - | (337) | (57) | - | (526) | - | (526) |
| Accumulated depreciation 31 December 2022 | (269 527) | - | (445 660) | (2 085) | (41 240) | (805 145) | - | (805 145) |
| Accumulated impairment 1 January 2022 | (22 724) | - | - | (108 106) | - | (202 550) | - | (202 550) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 75 782 | - | 75 782 | - | 75 782 |
| Currency translation di\ufb00erences | - | - | - | (2 267) | - | (2 267) | - | (2 267) |
| Accumulated impairment 31 December 2022 | (22 724) | - | - | (34 591) | - | (129 036) | - | (129 036) |
| Carrying amount 31 December 2022 | 90 221 | 9 446 | 354 007 | - | 104 648 | 558 324 | 1 418 775 | 1 977 100 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| NOK in thousands | Goodwill | Intangible assets with | Goodwill | Intangible assets with |
| inde\ufb01nite useful life | inde\ufb01nite useful life | |||
| Consumer segment | 771 012 | 42 017 | 771 012 | 42 017 |
| Business segment | 353 235 | 19 250 | 353 235 | 19 250 |
| Nordic segment | 315 141 | 25 157 | 294 528 | 23 505 |
| Total | 1 439 389 | 86 424 | 1 418 775 | 84 772 |
| Type | Options |
| Grant Date | 15 February 2023 |
| The options vest in one tranche with vesting 15th of | |
| February 2026 | |
| Vesting conditions | The Employee must remain an employee of the |
| Company or an a\ufb03liated company at the end of the | |
| vesting period. |
| Expiry date | 14 February 2029 |
| Exercise price (NOK) | 14,50 |
| Total number outstanding | 359 000 |
| Type | Options |
| Grant Date | 15 February 2023 |
| Measurement date | 15 February 2023 |
| Share price (NOK) | 15,19 |
| Lifetime* (years) | 3,00 |
| Volatility | 45,63% |
| Risk-free interest rate* | 3,26% |
| Fair Value* (NOK) | 4,4288 |
| 01.01.2023 - 31.12.2023 | 01.01.2022 - 31.12.2022 |
| Shares Exercise Price (NOK) | Shares Exercise Price (NOK) |
| Outstanding at the beginning of period | 1 710 000 | 39 | 1 500 000 | 45 |
| Granted | 372 334 | 17 | 390 000 | 36 |
| Exercised | (26 664) | 19 | (50 000) | 24 |
| Cancelled | - | - | - | - |
| Forfeited | - | - | (130 000) | 53 |
| Expired | (110 000) | 21 | - | - |
| Adjusted quantity | - | - | - | - |
| Modi\ufb01cation / Dividends | (13 334) | 73 | - | - |
| Outstanding at the end of period | 1 932 336 | 34 | 1 710 000 | 39 |
| Vested outstanding | 943 336 | 32 | 790 000 | 22 |
| Vested and expected to vest | 1 932 336 | 34 | 1 710 000 | 39 |
| Intrinsic value of in-the-money outstanding at the end of the period | 1 012 336 | 13 105 162 | - | - |
| Intrinsic value vested outstanding at the end of the period | 633 336 | 6 726 362 | - | - |
| Outstanding instruments | Vested outstanding | ||||
| Exercise price | Outstanding per | Weighted average re- | Vested options per | Weighted Average | |
| 31 December 2023 | maining Contractual Life | 31 December 2023 | Exercise Price (NOK) | ||
| 0,00 - 25,00 | 379 000 | 5,13 | - | - | |
| 25,00 - 30,00 | - | - | - | - | |
| 30,00 - 35,00 | 603 336 | 1,17 | 603 336 | 33 | |
| 35,00 - 40,00 | 350 000 | 3,87 | 30 000 | 38 | |
| 40,00 - 45,00 | - | - | - | - | |
| 45,00 - 50,00 | - | - | - | - | |
| 50,00 - 55,00 | - | - | - | - | |
| 55,00 - 60,00 | - | - | - | - | |
| 60,00 - 65,00 | - | - | - | - | |
| 65,00 - 70,00 | 270 000 | 3,13 | 270000 | 68 | |
| 70,00 - | 330 000 | 3,88 | 40 000 | 79,7 | |
| Total | 1 932 336 | 3,17 | 943 336 | 45,19 |
| days | days | 180 days | amount | |||||
| Trade receivables - Power sales - Consumer customers | 2 514 | 252 | 100 | 592 | 197 | 7 116 | 10 772 | 216 335 |
| Trade receivables - Power sales - Business customers | 1 128 | 123 | 1 220 | 6 891 | 1 113 | 18 482 | 28 957 | 1 181 583 |
| Trade receivables - Mobile sales - Consumer customers | - | - | 38 | 34 | 48 | 97 | 217 | 2 047 |
| Total Loss allowance provision | 3 642 | 374 | 1 359 | 7 517 | 1 358 | 25 695 | 39 947 | 1 399 965 |
| 2022 | Loss allowance provision - Days past due | ||
| 91-120 121-180 More than | Total | Gross |
| Trade receivables - Power sales - Consumer customers | 3 956 | 849 | 436 | 1 404 | 545 | 17 170 | 24 360 | 428 187 |
| Trade receivables - Power sales - Business customers | 2 089 | 257 | 3 990 | 3 366 | 2 244 | 12 762 | 24 706 | 1 341 488 |
| Trade receivables - Mobile sales - Consumer customers | 14 | 0 | 38 | 33 | 57 | 201 | 342 | 1 894 |
| Total Loss allowance provision | 6 058 | 1 105 | 4 463 | 4 803 | 2 845 | 30 133 | 49 408 | 1 771 569 |
| NOK in thousands | 2023 | 2022 |
| Receivables written o\ufb00 | 53 174 | 39 518 |
| Movement in provision for impairment | (10 245) | 4 403 |
| Received payment on previously written o\ufb00 receiavbles | (8 316) | (3 663) |
| Net impairment expense recognised on trade receivables | 34 613 | 40 258 |
| days | days | 180 days | amount | |||||
| Trade receivables - Power sales - Consumer customers | 2 514 | 252 | 100 | 592 | 197 | 7 116 | 10 772 | 216 335 |
| Trade receivables - Power sales - Business customers | 1 128 | 123 | 1 220 | 6 891 | 1 113 | 18 482 | 28 957 | 1 181 583 |
| Trade receivables - Mobile sales - Consumer customers | - | - | 38 | 34 | 48 | 97 | 217 | 2 047 |
| Total Loss allowance provision | 3 642 | 374 | 1 359 | 7 517 | 1 358 | 25 695 | 39 947 | 1 399 965 |
| 2022 | Loss allowance provision - Days past due | ||
| 91-120 121-180 More than | Total | Gross |
| Trade receivables - Power sales - Consumer customers | 3 956 | 849 | 436 | 1 404 | 545 | 17 170 | 24 360 | 428 187 |
| Trade receivables - Power sales - Business customers | 2 089 | 257 | 3 990 | 3 366 | 2 244 | 12 762 | 24 706 | 1 341 488 |
| Trade receivables - Mobile sales - Consumer customers | 14 | 0 | 38 | 33 | 57 | 201 | 342 | 1 894 |
| Total Loss allowance provision | 6 058 | 1 105 | 4 463 | 4 803 | 2 845 | 30 133 | 49 408 | 1 771 569 |
| NOK in thousands | 2023 | 2022 |
| Receivables written o\ufb00 | 53 174 | 39 518 |
| Movement in provision for impairment | (10 245) | 4 403 |
| Received payment on previously written o\ufb00 receiavbles | (8 316) | (3 663) |
| Net impairment expense recognised on trade receivables | 34 613 | 40 258 |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| days | days | 180 days | amount | |||||
| Trade receivables - Power sales - Consumer customers | 2 514 | 252 | 100 | 592 | 197 | 7 116 | 10 772 | 216 335 |
| Trade receivables - Power sales - Business customers | 1 128 | 123 | 1 220 | 6 891 | 1 113 | 18 482 | 28 957 | 1 181 583 |
| Trade receivables - Mobile sales - Consumer customers | - | - | 38 | 34 | 48 | 97 | 217 | 2 047 |
| Total Loss allowance provision | 3 642 | 374 | 1 359 | 7 517 | 1 358 | 25 695 | 39 947 | 1 399 965 |
| 2022 | Loss allowance provision - Days past due | ||
| 91-120 121-180 More than | Total | Gross |
| Trade receivables - Power sales - Consumer customers | 3 956 | 849 | 436 | 1 404 | 545 | 17 170 | 24 360 | 428 187 |
| Trade receivables - Power sales - Business customers | 2 089 | 257 | 3 990 | 3 366 | 2 244 | 12 762 | 24 706 | 1 341 488 |
| Trade receivables - Mobile sales - Consumer customers | 14 | 0 | 38 | 33 | 57 | 201 | 342 | 1 894 |
| Total Loss allowance provision | 6 058 | 1 105 | 4 463 | 4 803 | 2 845 | 30 133 | 49 408 | 1 771 569 |
| NOK in thousands | 2023 | 2022 |
| Receivables written o\ufb00 | 53 174 | 39 518 |
| Movement in provision for impairment | (10 245) | 4 403 |
| Received payment on previously written o\ufb00 receiavbles | (8 316) | (3 663) |
| Net impairment expense recognised on trade receivables | 34 613 | 40 258 |
| Non-current intangible assets | |||||
| 2023 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2023 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 374 151 | 1 418 775 | 2 792 926 |
| Additions - Purchase | 8 174 | 41 471 | 274 | - | - | 49 919 | - | 49 919 |
| Additions - Internally generated | 1 605 | 601 | - | - | - | 2 206 | - | 2 206 |
| Additions from business combinations | - | - | - | - | - | - | - | - |
| Transferred from construction in progress | 37 983 | (37 983) | - | - | - | - | - | - |
| Government grants | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | (20 830) | - | (20 830) | - | (20 830) |
| Currency translation di\ufb00erences | 612 | 132 | 15 950 | 2 596 | 1 652 | 20 943 | 20 613 | 41 556 |
| Accumulated cost 31 December 2023 | 430 845 | 13 668 | 815 892 | 18 443 | 147 541 | 1 426 389 | 1 439 389 | 2 865 777 |
| Accumulated depreciation 1 January 2023 | (269 527) | - | (445 660) | (2 085) | (41 240) | (758 512) | - | (758 512) |
| Depreciation for the year | (45 560) | - | (115 731) | - | (7 427) | (168 717) | - | (168 717) |
| Disposals*** | - | - | - | 1 286 | - | 1 286 | - | 1 286 |
| Currency translation di\ufb00erences | (382) | - | (5 646) | (147) | - | (6 175) | - | (6 175) |
| Accumulated depreciation 31 December 2023 | (315 468) | - | (567 037) | (946) | (48 667) | (932 118) | - | (932 118) |
| Accumulated impairment 1 January 2023 | (22 724) | - | - | (34 591) | - | (57 315) | - | (57 315) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 19 544 | - | 19 544 | - | 19 544 |
| Currency translation di\ufb00erences | - | - | - | (2 450) | - | (2 450) | - | (2 450) |
| Accumulated impairment 31 December 2023 | (22 724) | - | - | (17 497) | - | (40 221) | - | (40 221) |
| Carrying amount 31 December 2023 | 92 654 | 13 668 | 248 855 | - | 98 874 | 454 051 | 1 439 389 | 1 893 440 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| Non-current intangible assets | |||||
| 2022 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2022 | 345 582 | 5 339 | 796 218 | 111 314 | 145 607 | 1 522 414 | 1 419 451 | 2 941 866 |
| Additions - Purchase | 8 910 | 32 439 | 4 | - | - | 41 353 | - | 41 353 |
| Additions - Internally generated | 858 | 105 | - | - | - | 963 | - | 963 |
| Transferred from construction in progress | 28 294 | (28 294) | - | - | - | - | - | - |
| Government grants | (1 308) | - | - | - | - | (1 308) | - | (1 308) |
| Disposals*** | - | - | - | (76 963) | - | (76 963) | - | (76 963) |
| Currency translation di\ufb00erences | 136 | (143) | 3 446 | 2 325 | 281 | 6 045 | (675) | 5 370 |
| Accumulated cost 31 December 2022 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 492 504 | 1 418 775 | 2 911 280 |
| Accumulated depreciation 1 January 2022 | (221 534) | - | (321 346) | (3 209) | (32 514) | (625 236) | - | (625 237) |
| Depreciation for the year | (47 861) | - | (123 977) | - | (8 726) | (180 565) | - | (180 565) |
| Disposals*** | - | - | - | 1 181 | - | 1 181 | - | 1 181 |
| Currency translation di\ufb00erences | (131) | - | (337) | (57) | - | (526) | - | (526) |
| Accumulated depreciation 31 December 2022 | (269 527) | - | (445 660) | (2 085) | (41 240) | (805 145) | - | (805 145) |
| Accumulated impairment 1 January 2022 | (22 724) | - | - | (108 106) | - | (202 550) | - | (202 550) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 75 782 | - | 75 782 | - | 75 782 |
| Currency translation di\ufb00erences | - | - | - | (2 267) | - | (2 267) | - | (2 267) |
| Accumulated impairment 31 December 2022 | (22 724) | - | - | (34 591) | - | (129 036) | - | (129 036) |
| Carrying amount 31 December 2022 | 90 221 | 9 446 | 354 007 | - | 104 648 | 558 324 | 1 418 775 | 1 977 100 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| NOK in thousands | Goodwill | Intangible assets with | Goodwill | Intangible assets with |
| inde\ufb01nite useful life | inde\ufb01nite useful life | |||
| Consumer segment | 771 012 | 42 017 | 771 012 | 42 017 |
| Business segment | 353 235 | 19 250 | 353 235 | 19 250 |
| Nordic segment | 315 141 | 25 157 | 294 528 | 23 505 |
| Total | 1 439 389 | 86 424 | 1 418 775 | 84 772 |
| NOK in thousands | 31 December 2023 | 31 December 2022 |
| Onerous contract provisions - Non-current | 68 383 | 784 239 |
| Onerous contract provisions - Current | 24 879 | 285 336 |
| Onerous contract provisions - Total | 93 263 | 1 069 575 |
| NOK in thousands | 2023 | 2022 |
| Opening balance 1 January | 1 069 575 | 1 089 027 |
| Release of provisions | (730 981) | (1 018 751) |
| New and changed provisions | (173 478) | 1 019 102 |
| Currency translation di\ufb00erence | (71 852) | (19 804) |
| Closing balance 31 December | 93 263 | 1 069 575 |
| NOK in thousands | 2023 | 2022 |
| Impairment and provisions for onerous contracts: | ||
| Change in provisions for onerous contracts | 1 048 166 | 39 256 |
| Impairment of cost to obtain contracts | 14 548 | (39 282) |
| Total depreciation, impairment and provisions for onerous contracts: | 1 062 714 | (26) |
| Unrealised gains and losses on derivative hedge contracts related to \ufb01xed price customer contracts | (1 029 437) | (6 439) |
| Net unrealised gain/loss recognised in statement of pro\ufb01t or loss | 33 277 | (6 465) |
line method where estimated useful life is | assets in note 16. | measured. | cash \ufb02ow or other bene\ufb01ts that the asset is |
based on the expected customer churn rate. | expected to contribute to the generation of, | ||
Fixed price elements of customer contracts | 6. Goodwill | Directly attributable costs that are capitalised | through its use by the Group). |
are recorded as separate assets. | Goodwill is reported as an inde\ufb01nite life | as part of software includes directly related | For the purposes of assessing impairment, |
intangible asset at cost less accumulated | employee costs. | assets are grouped at the lowest levels for |
recognised as intangible assets at fair value | Development costs previously recognised as | but so that the increased carrying amount | ||
at the time of acquisition. The \ufb01xed price cus- | expenses are not recognised as an asset in a | does not exceed the carrying amount that | ||
tomer contracts have de\ufb01ned contract periods | subsequent period. | would have been determined had no impair- | ||
and are recognised at cost less deductions | 1. | Software | Refer to note 15 for details about amortisa- | ment loss been recognised for the asset (or |
| Non-current intangible assets | |||||
| 2023 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2023 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 374 151 | 1 418 775 | 2 792 926 |
| Additions - Purchase | 8 174 | 41 471 | 274 | - | - | 49 919 | - | 49 919 |
| Additions - Internally generated | 1 605 | 601 | - | - | - | 2 206 | - | 2 206 |
| Additions from business combinations | - | - | - | - | - | - | - | - |
| Transferred from construction in progress | 37 983 | (37 983) | - | - | - | - | - | - |
| Government grants | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | (20 830) | - | (20 830) | - | (20 830) |
| Currency translation di\ufb00erences | 612 | 132 | 15 950 | 2 596 | 1 652 | 20 943 | 20 613 | 41 556 |
| Accumulated cost 31 December 2023 | 430 845 | 13 668 | 815 892 | 18 443 | 147 541 | 1 426 389 | 1 439 389 | 2 865 777 |
| Accumulated depreciation 1 January 2023 | (269 527) | - | (445 660) | (2 085) | (41 240) | (758 512) | - | (758 512) |
| Depreciation for the year | (45 560) | - | (115 731) | - | (7 427) | (168 717) | - | (168 717) |
| Disposals*** | - | - | - | 1 286 | - | 1 286 | - | 1 286 |
| Currency translation di\ufb00erences | (382) | - | (5 646) | (147) | - | (6 175) | - | (6 175) |
| Accumulated depreciation 31 December 2023 | (315 468) | - | (567 037) | (946) | (48 667) | (932 118) | - | (932 118) |
| Accumulated impairment 1 January 2023 | (22 724) | - | - | (34 591) | - | (57 315) | - | (57 315) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 19 544 | - | 19 544 | - | 19 544 |
| Currency translation di\ufb00erences | - | - | - | (2 450) | - | (2 450) | - | (2 450) |
| Accumulated impairment 31 December 2023 | (22 724) | - | - | (17 497) | - | (40 221) | - | (40 221) |
| Carrying amount 31 December 2023 | 92 654 | 13 668 | 248 855 | - | 98 874 | 454 051 | 1 439 389 | 1 893 440 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| Non-current intangible assets | |||||
| 2022 | |||||
| Software and | Fixed price | Other | Totalt non-cur- | Total |
| projects | contracts** | assets | Goodwill | assets | ||||
| Accumulated cost 1 January 2022 | 345 582 | 5 339 | 796 218 | 111 314 | 145 607 | 1 522 414 | 1 419 451 | 2 941 866 |
| Additions - Purchase | 8 910 | 32 439 | 4 | - | - | 41 353 | - | 41 353 |
| Additions - Internally generated | 858 | 105 | - | - | - | 963 | - | 963 |
| Transferred from construction in progress | 28 294 | (28 294) | - | - | - | - | - | - |
| Government grants | (1 308) | - | - | - | - | (1 308) | - | (1 308) |
| Disposals*** | - | - | - | (76 963) | - | (76 963) | - | (76 963) |
| Currency translation di\ufb00erences | 136 | (143) | 3 446 | 2 325 | 281 | 6 045 | (675) | 5 370 |
| Accumulated cost 31 December 2022 | 382 472 | 9 446 | 799 668 | 36 676 | 145 888 | 1 492 504 | 1 418 775 | 2 911 280 |
| Accumulated depreciation 1 January 2022 | (221 534) | - | (321 346) | (3 209) | (32 514) | (625 236) | - | (625 237) |
| Depreciation for the year | (47 861) | - | (123 977) | - | (8 726) | (180 565) | - | (180 565) |
| Disposals*** | - | - | - | 1 181 | - | 1 181 | - | 1 181 |
| Currency translation di\ufb00erences | (131) | - | (337) | (57) | - | (526) | - | (526) |
| Accumulated depreciation 31 December 2022 | (269 527) | - | (445 660) | (2 085) | (41 240) | (805 145) | - | (805 145) |
| Accumulated impairment 1 January 2022 | (22 724) | - | - | (108 106) | - | (202 550) | - | (202 550) |
| Impairment for the year | - | - | - | - | - | - | - | - |
| Disposals*** | - | - | - | 75 782 | - | 75 782 | - | 75 782 |
| Currency translation di\ufb00erences | - | - | - | (2 267) | - | (2 267) | - | (2 267) |
| Accumulated impairment 31 December 2022 | (22 724) | - | - | (34 591) | - | (129 036) | - | (129 036) |
| Carrying amount 31 December 2022 | 90 221 | 9 446 | 354 007 | - | 104 648 | 558 324 | 1 418 775 | 1 977 100 |
| Useful life | 3 years | 2-12 years | Up to 5 years | 3 years |
| Depreciation method | Straight line | Other*/ | Other** | Straight line |
| straight line |
| 2023 | ||||
| NOK in thousands | El-certi\ufb01cates | Guarantees of | Carbon credits | Total current |
| origination | intangible assets | |||
| Accumulated cost 1 January 2023 | 54 | 301 | 408 | 763 |
| Additions - Purchase | 8 166 | 77 972 | 7 162 | 93 300 |
| Disposals* | (8 198) | (75 372) | (6 639) | (90 209) |
| Accumulated cost 31 December 2023 | 23 | 2 900 | 931 | 3 854 |
| Carrying amount 31 December 2023 | 23 | 2 900 | 931 | 3 854 |
| 2022 | ||||
| NOK in thousands | El-certi\ufb01cates | Guarantees of | Total current | Total current |
| origination | intangible assets | intangible assets | ||
| Accumulated cost 1 January 2022 | 417 | 6 786 | 314 | 7 518 |
| Additions - Purchase | 9 032 | 29 494 | 3 516 | 42 041 |
| Disposals* | (9 394) | (35 979) | (3 422) | (48 795) |
| Accumulated cost 31 December 2022 | 54 | 301 | 408 | 763 |
| Carrying amount 31 December 2022 | 54 | 301 | 408 | 763 |
line method where estimated useful life is | assets in note 16. | measured. | cash \ufb02ow or other bene\ufb01ts that the asset is |
based on the expected customer churn rate. | expected to contribute to the generation of, | ||
Fixed price elements of customer contracts | 6. Goodwill | Directly attributable costs that are capitalised | through its use by the Group). |
are recorded as separate assets. | Goodwill is reported as an inde\ufb01nite life | as part of software includes directly related | For the purposes of assessing impairment, |
intangible asset at cost less accumulated | employee costs. | assets are grouped at the lowest levels for |
recognised as intangible assets at fair value | Development costs previously recognised as | but so that the increased carrying amount | ||
at the time of acquisition. The \ufb01xed price cus- | expenses are not recognised as an asset in a | does not exceed the carrying amount that | ||
tomer contracts have de\ufb01ned contract periods | subsequent period. | would have been determined had no impair- | ||
and are recognised at cost less deductions | 1. | Software | Refer to note 15 for details about amortisa- | ment loss been recognised for the asset (or |
| Name of entity | Place of business | Ownership interest | Principal activities |
| held by the Group | |||
| Fjordkraft AS | Bergen, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Tr\u00f8ndelagKraft AS | Trondheim, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Gudbrandsdal Energi AS | Nord-Fron, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Energismart Norge AS | Hamar, Norway | 100 % | Management, research and development of product and services |
| related to electrical power | |||
| Elmera Industrial Ownership AS | Bergen, Norway | 100 % | Portfolio management of electrical power and related products |
| AllRate AS | Bergen, Norway | 100 % | Management and services related to electrical power |
| Steddi Payments AS | Bergen, Norway | 100 % | Management and services related to electrical power |
| Elmera Nordic AS | Bergen, Norway | 100 % | Portfolio management of electrical power and related products |
| Switch Nordic Green AB | Stockholm, Sweden | 100 % | Purchase, sales and portfolio management of electrical power |
| Fjordkraft AB | Stockholm, Sweden/ Vaasa, Finland | 100 % | Portfolio management of electrical power and related products |
| Net sales | 84 258 |
| Operating pro\ufb01t | (3 977) |
| Pro\ufb01t/(loss) for the year | (3 020) |
| Net income attributable to non-controlling interests* | 4 258 |
| Non-current assets | 37 681 |
| Current assets | 66 438 |
| Non-current liabilities | - |
| Current liabilities | (48 336) |
| Net assets | 55 783 |
| Net cash from operating activities | 23 668 |
| Net cash used in investing activities | (8 696) |
| Net cash used in \ufb01nancing activities | - |
| Net change in cash and cash equivalents | 14 972 |
| Name of entity | Place of business | Principal activities | Ownership share | Ownership interests held by non-controlling interests |
| Fjordkraft Mobil AS | Bergen, Norway | Telecommunications services | 61 % | 39 % |
| NOK in thousands | Location | Ownership/ | Equity 2023 | Pro\ufb01t 2023 | Book value |
| voting right | |||||
| Metzum AS | Dale, Norway | 40 % | 21 451 | 913 | 21 147 |
| Sunpool AS | Bergen, Norway | 50 % | 122 | (378) | 337 |
| NOK in thousands | Location | Ownership/ | Equity 2023 | Pro\ufb01t 2023 | Book value |
| voting right | |||||
| Metzum AS | Dale, Norway | 40 % | 21 451 | 913 | 21 147 |
| Sunpool AS | Bergen, Norway | 50 % | 122 | (378) | 337 |
| NOK in thousands | Location | Ownership/ | Equity 2023 | Pro\ufb01t 2023 | Book value |
| voting right | |||||
| Metzum AS | Dale, Norway | 40 % | 21 451 | 913 | 21 147 |
| Sunpool AS | Bergen, Norway | 50 % | 122 | (378) | 337 |
| Non-current assets | ||
| Right of use assets | ||
| Property | 56 380 | 64 769 |
| Equipment | 309 | 643 |
| Cars | 432 | 782 |
| Total | 57 121 | 66 195 |
| Non-current liabilities | ||
| Lease liability long term | 40 945 | 49 477 |
| Current liabilities | ||
| Lease liability short term | 19 391 | 20 284 |
| Total | 60 336 | 69 761 |
| Depreciation right-of-use assets | ||
| Property | 19 102 | 19 250 |
| Equipment | 333 | 333 |
| Cars | 795 | 720 |
| Total | 20 230 | 20 303 |
| Interest expense lease liability | 1 621 | 1 934 |
| Expenses relating to short-term leases | 1 409 | 1 400 |
| Expenses relating to leases of low-value | 869 | 1 320 |
| NOK in thousands | Within 1 year | Between 1 and | More than | Total |
| 5 years | 5 years |
| Property | 18 923 | 43 536 | - | 62 458 |
| Equipment | 265 | 65 | - | 330 |
| Cars | 281 | 175 | - | 456 |
| Total | 19 469 | 43 775 | - | 63 244 |
| NOK in thousands | Fixtures and | Computer | Construction | Total |
| equipment | equipment | in progress | ||
| Accumulated cost 1 January 2023 | 19 313 | 29 813 | 90 | 49 216 |
| Additions | - | 566 | 62 | 627 |
| Transferred from construction in progress | 152 | - | (152) | - |
| Currency translation di\ufb00erence | 125 | 117 | - | 241 |
| Accumulated cost 31 December 2023 | 19 589 | 30 495 | - | 50 085 |
| Accumulated depreciation 1 January 2023 | (14 226) | (26 790) | - | (41 017) |
| Depreciation for the year | (1 959) | (1 604) | - | (3 563) |
| Currency translation di\ufb00erence | (94) | (95) | - | (189) |
| Accumulated depreciation 31 December 2023 | (16 279) | (28 489) | - | (44 769) |
| Carrying amount 31 December 2023 | 3 310 | 2 006 | - | 5 315 |
| 2022 | |||||
| NOK in thousands | Fixtures and | Computer | Construction in | Total | |
| equipment | equipment | progress | |||
| Accumulated cost 1 January 2022 | 18 653 | 27 260 | 33 | 45 946 | |
| Additions | 675 | 2 593 | 57 | 3 325 | |
| Currency translation di\ufb00erence | (15) | (40) | - | (55) | |
| Accumulated cost 31 December 2022 | 19 313 | 29 813 | 90 | 49 216 |
| Accumulated depreciation 1 January 2022 | (11 996) | (25 852) | - | (37 849) |
| Depreciation for the year | (2 240) | (954) | - | (3 194) |
| Currency translation di\ufb00erence | 10 | 15 | - | 28 |
| Accumulated depreciation 31 December 2022 | (14 226) | (26 790) | - | (41 017) |
| Carrying amount 31 December 2022 | 5 087 | 3 023 | 90 | 8 198 |
| Useful life | 8 years (or lease | 3 years |
| term if shorter) | ||
| Depreciation method | Straight line | Straight line |
| NOK in thousands | 31 December 2023 | 31 December 2022 |
| Onerous contract provisions - Non-current | 68 383 | 784 239 |
| Onerous contract provisions - Current | 24 879 | 285 336 |
| Onerous contract provisions - Total | 93 263 | 1 069 575 |
| NOK in thousands | 2023 | 2022 |
| Opening balance 1 January | 1 069 575 | 1 089 027 |
| Release of provisions | (730 981) | (1 018 751) |
| New and changed provisions | (173 478) | 1 019 102 |
| Currency translation di\ufb00erence | (71 852) | (19 804) |
| Closing balance 31 December | 93 263 | 1 069 575 |
| NOK in thousands | 2023 | 2022 |
| Impairment and provisions for onerous contracts: | ||
| Change in provisions for onerous contracts | 1 048 166 | 39 256 |
| Impairment of cost to obtain contracts | 14 548 | (39 282) |
| Total depreciation, impairment and provisions for onerous contracts: | 1 062 714 | (26) |
| Unrealised gains and losses on derivative hedge contracts related to \ufb01xed price customer contracts | (1 029 437) | (6 439) |
| Net unrealised gain/loss recognised in statement of pro\ufb01t or loss | 33 277 | (6 465) |
| Over time: | ||
| NOK in thousands | 2023 | 2022 |
| Revenue - Consumer segment | 7 340 946 | 13 025 916 |
| Revenue - Business segment | 7 650 047 | 11 041 944 |
| Revenue - Nordic | 1 873 940 | 2 228 015 |
| Revenue - New growth initiatives | 311 425 | 340 764 |
| Total | 17 176 358 | 26 636 639 |
| At a point in time: | ||
| Revenue - Consumer segment | 68 588 | 97 053 |
| Revenue - Business segment | 56 467 | 53 343 |
| Revenue - Nordic | - | - |
| Revenue - New growth initiatives | 21 482 | 19 242 |
| Total | 146 537 | 169 638 |
| Over time: | ||
| NOK in thousands | 2023 | 2022 |
| Estimate deviations | 8 965 | - |
| Unrealised gains and losses on derivative customer contracts | 1 554 634 | (1 284 761) |
| Total other revenue recognised over time | 1 563 599 | (1 284 761) |
| At a point in time: | ||
| Other revenue - Nordic Segment* | 34 104 | - |
| Total other revenue recognised at a point in time | 34 104 | - |
| Balance as at 1 January | ||
| Balance as at 1 January | 295 980 | 287 728 |
| Additions | 140 991 | 237 550 |
| Amortisation during the year | (194 008) | (185 893) |
| Impairment* | 14 548 | (39 282) |
| Currency translation di\ufb00erences | 7 840 | (4 122) |
| Balance as at 31 December | 265 350 | 295 980 |
Contract Balances | ||
The Group receives payments from its cus- | period until the Group performs its obliga- | The Group does not assess whether a con- |
tomers based on billing schedules estab- | tions under these arrangements. Amounts are | tract has a signi\ufb01cant \ufb01nancing component if |
lished in each contract. Up-front payments | recorded as accounts receivable when the | the expectation at contract inception is such |
and fees are recorded as deferred revenue | Group\u2019s right to consideration is unconditional | that the period between payment by the cus- |
upon receipt or when due, and may require | (when the customer obtains control of prom- | tomer and the transfer of the promised goods |
deferral of revenue recognition to a future | ised goods or services). | or services to the customer will be one year |
or less. |
| Balance as at 1 January | 5 829 272 | 3 831 626 |
| Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods | 8 965 | - |
| New contract assets during the period less transfer to receivables | (3 230 575) | 2 007 670 |
| Currency and other e\ufb00ects | 22 061 | (10 024) |
| Balance as at 31 December | 2 629 723 | 5 829 272 |
| Balance as at 1 January | 31 978 | 47 280 |
| Revenue recognised that was included in opening balance | (31 978) | (47 280) |
| New contract liabilities less transfer to revenue | 27 354 | 31 978 |
| Currency and other e\ufb00ects | - | - |
| Balance as at 31 December | 27 354 | 31 978 |
| Transaction Price Allocated to Future Performance Obligations | 1. The performance obligation is part of a | enue for year ended 31 December 2023 and |
| contract that has an original expected | 31 December 2022. | |
| IFRS 15 requires that the Group disclose the | duration of one year or less. | As of 31 December 2023 and 31 December |
| aggregate amount of transaction price that | 2. \u00a0The entity recognizes revenue from its sat- | 2022 the Group does not have signi\ufb01cant |
| is allocated to performance obligations that | isfaction of the performance obligations | customers that comprises more than 10% of |
| have not yet been satis\ufb01ed as 31 December | in the amount billable to the customer in | accounts receivable. |
| 2023 and 31 December 2022. The guidance | accordance with paragraph B16 of IFRS | |
| provides certain practical expedients that | 15. | |
| limit this requirement. Majority of the Groups | Concentrations of Credit Risk | |
| contracts meet either of the following prac- | ||
| tical expedients provided by IFRS 15 and | The Group does not have any customers that | |
| accordingly the Group has applied this prac- | comprised more than 10% of the Group\u2019s rev- | |
| tical expedient. |
| Name of entity | Place of business | Ownership interest | Principal activities |
| held by the Group | |||
| Fjordkraft AS | Bergen, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Tr\u00f8ndelagKraft AS | Trondheim, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Gudbrandsdal Energi AS | Nord-Fron, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Energismart Norge AS | Hamar, Norway | 100 % | Management, research and development of product and services |
| related to electrical power | |||
| Elmera Industrial Ownership AS | Bergen, Norway | 100 % | Portfolio management of electrical power and related products |
| AllRate AS | Bergen, Norway | 100 % | Management and services related to electrical power |
| Steddi Payments AS | Bergen, Norway | 100 % | Management and services related to electrical power |
| Elmera Nordic AS | Bergen, Norway | 100 % | Portfolio management of electrical power and related products |
| Switch Nordic Green AB | Stockholm, Sweden | 100 % | Purchase, sales and portfolio management of electrical power |
| Fjordkraft AB | Stockholm, Sweden/ Vaasa, Finland | 100 % | Portfolio management of electrical power and related products |
| Net sales | 84 258 |
| Operating pro\ufb01t | (3 977) |
| Pro\ufb01t/(loss) for the year | (3 020) |
| Net income attributable to non-controlling interests* | 4 258 |
| Non-current assets | 37 681 |
| Current assets | 66 438 |
| Non-current liabilities | - |
| Current liabilities | (48 336) |
| Net assets | 55 783 |
| Net cash from operating activities | 23 668 |
| Net cash used in investing activities | (8 696) |
| Net cash used in \ufb01nancing activities | - |
| Net change in cash and cash equivalents | 14 972 |
| Name of entity | Place of business | Principal activities | Ownership share | Ownership interests held by non-controlling interests |
| Fjordkraft Mobil AS | Bergen, Norway | Telecommunications services | 61 % | 39 % |
| NOK in thousands | 2023 | 2022 |
| Trade and other payables | 3 246 231 | 5 828 373 |
| days | days | 180 days | amount | |||||
| Trade receivables - Power sales - Consumer customers | 2 514 | 252 | 100 | 592 | 197 | 7 116 | 10 772 | 216 335 |
| Trade receivables - Power sales - Business customers | 1 128 | 123 | 1 220 | 6 891 | 1 113 | 18 482 | 28 957 | 1 181 583 |
| Trade receivables - Mobile sales - Consumer customers | - | - | 38 | 34 | 48 | 97 | 217 | 2 047 |
| Total Loss allowance provision | 3 642 | 374 | 1 359 | 7 517 | 1 358 | 25 695 | 39 947 | 1 399 965 |
| 2022 | Loss allowance provision - Days past due | ||
| 91-120 121-180 More than | Total | Gross |
| Trade receivables - Power sales - Consumer customers | 3 956 | 849 | 436 | 1 404 | 545 | 17 170 | 24 360 | 428 187 |
| Trade receivables - Power sales - Business customers | 2 089 | 257 | 3 990 | 3 366 | 2 244 | 12 762 | 24 706 | 1 341 488 |
| Trade receivables - Mobile sales - Consumer customers | 14 | 0 | 38 | 33 | 57 | 201 | 342 | 1 894 |
| Total Loss allowance provision | 6 058 | 1 105 | 4 463 | 4 803 | 2 845 | 30 133 | 49 408 | 1 771 569 |
| NOK in thousands | 2023 | 2022 |
| Receivables written o\ufb00 | 53 174 | 39 518 |
| Movement in provision for impairment | (10 245) | 4 403 |
| Received payment on previously written o\ufb00 receiavbles | (8 316) | (3 663) |
| Net impairment expense recognised on trade receivables | 34 613 | 40 258 |
| NOK in thousands | 2023 | 2022 |
| Loans to employees* | 10 837 | 14 076 |
| Other long term receivables from customers** | - | 21 686 |
| Capitalised transaction costs*** | 2 504 | 6 190 |
| Other**** | 120 324 | 6 333 |
| Total | 133 665 | 48 285 |
| Name of entity | Place of business | Ownership interest | Principal activities |
| held by the Group | |||
| Fjordkraft AS | Bergen, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Tr\u00f8ndelagKraft AS | Trondheim, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Gudbrandsdal Energi AS | Nord-Fron, Norway | 100 % | Purchase, sales and portfolio management of electrical power |
| Energismart Norge AS | Hamar, Norway | 100 % | Management, research and development of product and services |
| related to electrical power | |||
| Elmera Industrial Ownership AS | Bergen, Norway | 100 % | Portfolio management of electrical power and related products |
| AllRate AS | Bergen, Norway | 100 % | Management and services related to electrical power |
| Steddi Payments AS | Bergen, Norway | 100 % | Management and services related to electrical power |
| Elmera Nordic AS | Bergen, Norway | 100 % | Portfolio management of electrical power and related products |
| Switch Nordic Green AB | Stockholm, Sweden | 100 % | Purchase, sales and portfolio management of electrical power |
| Fjordkraft AB | Stockholm, Sweden/ Vaasa, Finland | 100 % | Portfolio management of electrical power and related products |
| Net sales | 84 258 |
| Operating pro\ufb01t | (3 977) |
| Pro\ufb01t/(loss) for the year | (3 020) |
| Net income attributable to non-controlling interests* | 4 258 |
| Non-current assets | 37 681 |
| Current assets | 66 438 |
| Non-current liabilities | - |
| Current liabilities | (48 336) |
| Net assets | 55 783 |
| Net cash from operating activities | 23 668 |
| Net cash used in investing activities | (8 696) |
| Net cash used in \ufb01nancing activities | - |
| Net change in cash and cash equivalents | 14 972 |
| Name of entity | Place of business | Principal activities | Ownership share | Ownership interests held by non-controlling interests |
| Fjordkraft Mobil AS | Bergen, Norway | Telecommunications services | 61 % | 39 % |
| Pro\ufb01t/(loss) attributable to equity holders of the Group (NOK in thousands) | 192 288 | 73 847 |
| Total comprehensive income attributable to equity holders of the Group (NOK in thousands) | 316 986 | 92 911 |
| Weighted average number of ordinary shares outstanding | 108 623 439 | 110 833 229 |
| Earnings per share in NOK | 1,77 | 0,67 |
| Total comprehensive income per share in NOK | 2,92 | 0,84 |
| Share options (see note 26) | 1 932 336 | 1 710 000 |
| Diluted earnings per share in NOK | 1,74 | 0,66 |
| ical experience and other factors, including | ferent product types and related market risks. | things, based on risk-free 10-year govern- |
| expectations of future events that may have | Fixed price customer contracts are | ment bond rate, observed market risk pre- |
| a \ufb01nancial impact on the entity and that are | assessed as onerous contracts if the esti- | mium, industry-speci\ufb01c risk premium and the |
| believed to be reasonable under the circum- | mated unavoidable costs of purchasing the | Group\u2019s cost of debt. For the calculation of the |
| stances. | estimated power volumes to be delivered on | in-perpetuity value, Gordon\u2019s growth model is |
| these contracts exceed the \ufb01xed price to be | used. According to Gordon\u2019s model, the termi- | |
| The areas involving signi\ufb01cant estimates or | received from the custumers. The hedged | nal value of a growing cash \ufb02ow is calculated |
| judgements are: | forward power prices in the corresponding | as the starting cash \ufb02ow divided by cost of |
| portfolios of derivative hedge contracts are | capital less the growth rate. Please see note | |
| however not taken into consideration when | 15 for more details regarding impairment test- | |
| At each reporting date, management | estimating the unavoidable costs as hedge | ing of goodwill at year end, including a sen- |
| assesses if there are contracts in which the | accounting is not applied. Please see note | sitivity analysis for signi\ufb01cant assumptions. |
| unavoidable costs of meeting the Group\u2019s | 18 for details of the movement in provisions | |
| obligations under the contract exceed the | for onerous contracts. | |
| economic bene\ufb01ts expected to be received | ||
| in accordance with IAS 37. | ||
| The Group has certain portfolios of \ufb01xed | Deferred tax assets include an amount which | |
| price power contracts with end user custom- | Goodwill and intangible assets with inde\ufb01nite | relates to carried-forward tax losses of the |
| ers, mainly in the Nordic segment, in which the | useful lives are tested for impairment at least | subsidiary Switch Nordic Green AB. The sub- |
| volume is not \ufb01xed. These customer contracts | once every year. Single assets can be tested | sidiary has incurred substantial accumulated |
| do not qualify to be recognised as \ufb01nancial | more often in case there are indications of | tax losses in its operations in both Sweden |
| instruments. The price risk in these \ufb01xed price | impairment. The recoverable amounts of the | and Finland in periods prior to when the Group |
| customer contracts are hedged with \ufb01nan- | cash-generating units are determined based | acquired this entity in November 2020. The |
| for employees born from 1963. | services. | NO5). The designated \ufb01nancial electricity | designated for hedging area price risks in |
| The cost of the de\ufb01ned bene\ufb01t pension | derivatives are in general forward contracts | forecast power purchases in NO3 and NO4, |
| from actual developments in the future. These | appropriate. | and / or | hedging instrument and the hedged item (all |
| include the determination of the discount rate, | iii) the di\ufb00erence between the Nordic system | variability in the area price) for the hedging | |
| future salary increases, mortality rates and | price and an area price (EPAD contract). | relationship to qualify for the hedge e\ufb00ective- | |
| future pension increases. Due to the complex- | ness requirement in IFRS 9.6.4.1.c. Due to | ||
| ities involved in the valuation and its long-term | Assessing whether the qualifying criterias for | changes in market conditions the correlation |
| provides the best match for the economic | system price forward contracts are the desig- | and NO5 has from 2022 changed towards |
| bene\ufb01ts the Group derives from these new | nated hedging instruments. | using area price forward contracts as hedg- |
| ical experience and other factors, including | ferent product types and related market risks. | things, based on risk-free 10-year govern- |
| expectations of future events that may have | Fixed price customer contracts are | ment bond rate, observed market risk pre- |
| a \ufb01nancial impact on the entity and that are | assessed as onerous contracts if the esti- | mium, industry-speci\ufb01c risk premium and the |
| believed to be reasonable under the circum- | mated unavoidable costs of purchasing the | Group\u2019s cost of debt. For the calculation of the |
| stances. | estimated power volumes to be delivered on | in-perpetuity value, Gordon\u2019s growth model is |
| these contracts exceed the \ufb01xed price to be | used. According to Gordon\u2019s model, the termi- | |
| The areas involving signi\ufb01cant estimates or | received from the custumers. The hedged | nal value of a growing cash \ufb02ow is calculated |
| judgements are: | forward power prices in the corresponding | as the starting cash \ufb02ow divided by cost of |
| portfolios of derivative hedge contracts are | capital less the growth rate. Please see note | |
| however not taken into consideration when | 15 for more details regarding impairment test- | |
| At each reporting date, management | estimating the unavoidable costs as hedge | ing of goodwill at year end, including a sen- |
| assesses if there are contracts in which the | accounting is not applied. Please see note | sitivity analysis for signi\ufb01cant assumptions. |
| unavoidable costs of meeting the Group\u2019s | 18 for details of the movement in provisions | |
| obligations under the contract exceed the | for onerous contracts. | |
| economic bene\ufb01ts expected to be received | ||
| in accordance with IAS 37. | ||
| The Group has certain portfolios of \ufb01xed | Deferred tax assets include an amount which | |
| price power contracts with end user custom- | Goodwill and intangible assets with inde\ufb01nite | relates to carried-forward tax losses of the |
| ers, mainly in the Nordic segment, in which the | useful lives are tested for impairment at least | subsidiary Switch Nordic Green AB. The sub- |
| volume is not \ufb01xed. These customer contracts | once every year. Single assets can be tested | sidiary has incurred substantial accumulated |
| do not qualify to be recognised as \ufb01nancial | more often in case there are indications of | tax losses in its operations in both Sweden |
| instruments. The price risk in these \ufb01xed price | impairment. The recoverable amounts of the | and Finland in periods prior to when the Group |
| customer contracts are hedged with \ufb01nan- | cash-generating units are determined based | acquired this entity in November 2020. The |
| for employees born from 1963. | services. | NO5). The designated \ufb01nancial electricity | designated for hedging area price risks in |
| The cost of the de\ufb01ned bene\ufb01t pension | derivatives are in general forward contracts | forecast power purchases in NO3 and NO4, |
| from actual developments in the future. These | appropriate. | and / or | hedging instrument and the hedged item (all |
| include the determination of the discount rate, | iii) the di\ufb00erence between the Nordic system | variability in the area price) for the hedging | |
| future salary increases, mortality rates and | price and an area price (EPAD contract). | relationship to qualify for the hedge e\ufb00ective- | |
| future pension increases. Due to the complex- | ness requirement in IFRS 9.6.4.1.c. Due to | ||
| ities involved in the valuation and its long-term | Assessing whether the qualifying criterias for | changes in market conditions the correlation |
| provides the best match for the economic | system price forward contracts are the desig- | and NO5 has from 2022 changed towards |
| bene\ufb01ts the Group derives from these new | nated hedging instruments. | using area price forward contracts as hedg- |
| ical experience and other factors, including | ferent product types and related market risks. | things, based on risk-free 10-year govern- |
| expectations of future events that may have | Fixed price customer contracts are | ment bond rate, observed market risk pre- |
| a \ufb01nancial impact on the entity and that are | assessed as onerous contracts if the esti- | mium, industry-speci\ufb01c risk premium and the |
| believed to be reasonable under the circum- | mated unavoidable costs of purchasing the | Group\u2019s cost of debt. For the calculation of the |
| stances. | estimated power volumes to be delivered on | in-perpetuity value, Gordon\u2019s growth model is |
| these contracts exceed the \ufb01xed price to be | used. According to Gordon\u2019s model, the termi- | |
| The areas involving signi\ufb01cant estimates or | received from the custumers. The hedged | nal value of a growing cash \ufb02ow is calculated |
| judgements are: | forward power prices in the corresponding | as the starting cash \ufb02ow divided by cost of |
| portfolios of derivative hedge contracts are | capital less the growth rate. Please see note | |
| however not taken into consideration when | 15 for more details regarding impairment test- | |
| At each reporting date, management | estimating the unavoidable costs as hedge | ing of goodwill at year end, including a sen- |
| assesses if there are contracts in which the | accounting is not applied. Please see note | sitivity analysis for signi\ufb01cant assumptions. |
| unavoidable costs of meeting the Group\u2019s | 18 for details of the movement in provisions | |
| obligations under the contract exceed the | for onerous contracts. | |
| economic bene\ufb01ts expected to be received | ||
| in accordance with IAS 37. | ||
| The Group has certain portfolios of \ufb01xed | Deferred tax assets include an amount which | |
| price power contracts with end user custom- | Goodwill and intangible assets with inde\ufb01nite | relates to carried-forward tax losses of the |
| ers, mainly in the Nordic segment, in which the | useful lives are tested for impairment at least | subsidiary Switch Nordic Green AB. The sub- |
| volume is not \ufb01xed. These customer contracts | once every year. Single assets can be tested | sidiary has incurred substantial accumulated |
| do not qualify to be recognised as \ufb01nancial | more often in case there are indications of | tax losses in its operations in both Sweden |
| instruments. The price risk in these \ufb01xed price | impairment. The recoverable amounts of the | and Finland in periods prior to when the Group |
| customer contracts are hedged with \ufb01nan- | cash-generating units are determined based | acquired this entity in November 2020. The |
| for employees born from 1963. | services. | NO5). The designated \ufb01nancial electricity | designated for hedging area price risks in |
| The cost of the de\ufb01ned bene\ufb01t pension | derivatives are in general forward contracts | forecast power purchases in NO3 and NO4, |
| from actual developments in the future. These | appropriate. | and / or | hedging instrument and the hedged item (all |
| include the determination of the discount rate, | iii) the di\ufb00erence between the Nordic system | variability in the area price) for the hedging | |
| future salary increases, mortality rates and | price and an area price (EPAD contract). | relationship to qualify for the hedge e\ufb00ective- | |
| future pension increases. Due to the complex- | ness requirement in IFRS 9.6.4.1.c. Due to | ||
| ities involved in the valuation and its long-term | Assessing whether the qualifying criterias for | changes in market conditions the correlation |
| provides the best match for the economic | system price forward contracts are the desig- | and NO5 has from 2022 changed towards |
| bene\ufb01ts the Group derives from these new | nated hedging instruments. | using area price forward contracts as hedg- |
| Revenue adjusted** | 7 409 534 | 7 706 514 | 1 873 940 | 16 989 988 | 332 907 | 17 322 895 |
| Direct cost of sales adjusted | (6 588 585) | (7 157 803) | (1 667 498) | (15 413 886) | (176 011) | (15 589 897) |
| Net revenue adjusted | 820 949 | 548 711 | 206 442 | 1 576 102 | 156 896 | 1 732 998 |
| Personnel and other operating expenses adjusted | (468 820) | (251 824) | (114 829) | (835 473) | (120 915) | (956 388) |
| Depreciation and amortisation adjusted | (172 370) | (28 575) | (56 546) | (257 491) | (5 948) | (263 439) |
| Total operating expenses adjusted | (641 190) | (280 399) | (171 375) | (1 092 964) | (126 863) | (1 219 827) |
| Other one- o\ufb00 items | (6 434) |
| Depreciation of acquisitions * | (123 080) |
| Estimate deviations | (1 924) |
| Unrealised gains and losses on derivatives | (1 085 244) |
| Change in provisions for onerous contracts | 1 048 166 |
| Impairment of intangible assets and cost to obtain contracts | 14 548 |
| Operating pro\ufb01t (EBIT) | 359 202 |
| NOK in thousands | 2023 |
| Tr\u00f8nderEnergi Marked acquisition | (4 927) |
| Oppdal Everk Kraftomsetning acquisition | (1 275) |
| Vester\u00e5lskraft Str\u00f8m acquisition | (1 093) |
| Innlandskraft acquisition | (66 907) |
| Troms Kraft Str\u00f8m acquisition | (35 620) |
| Other customer acquisitions | (13 258) |
| Depreciation of acquisitions | (123 080) |
| Revenue adjusted** | 13 122 968 | 11 095 287 | 2 228 015 | 26 446 270 | 360 006 | 26 806 277 |
| Direct cost of sales adjusted | (12 215 674) | (10 535 045) | (2 100 425) | (24 851 144) | (244 130) | (25 095 275) |
| Net revenue adjusted | 907 294 | 560 242 | 127 590 | 1 595 126 | 115 876 | 1 711 002 |
| Personnel and other operating expenses adjusted | (565 940) | (209 153) | (114 243) | (889 336) | (103 979) | (993 315) |
| Depreciation and amortisation adjusted | (175 347) | (28 983) | (47 712) | (252 042) | (5 591) | (257 633) |
| Total operating expenses adjusted | (741 287) | (238 136) | (161 955) | (1 141 378) | (109 570) | (1 250 948) |
| Other one- o\ufb00 items | (2 660) |
| Depreciation of acquisitions * | (132 323) |
| Estimate deviations | (4 472) |
| Unrealised gains and losses on derivatives | (47 791) |
| Change in provisions for onerous contracts | 39 256 |
| Impairment of intangible assets and cost to obtain contracts | (39 282) |
| Operating pro\ufb01t (EBIT) | 272 781 |
| NOK in thousands | 2022 |
| Tr\u00f8nderEnergi Marked acquisition | (5 761) |
| Oppdal Everk Kraftomsetning acquisition | (1 702) |
| Vester\u00e5lskraft Str\u00f8m acquisition | (1 492) |
| Innlandskraft acquisition | (83 343) |
| Troms Kraft Str\u00f8m acquisition | (32 572) |
| Other customer acquisitions | (7 453) |
| Depreciation of acquisitions | (132 323) |
| ** Refer to note 4 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of pro\ufb01t or loss. |
| Revenue adjusted** | 7 409 534 | 7 706 514 | 1 873 940 | 16 989 988 | 332 907 | 17 322 895 |
| Direct cost of sales adjusted | (6 588 585) | (7 157 803) | (1 667 498) | (15 413 886) | (176 011) | (15 589 897) |
| Net revenue adjusted | 820 949 | 548 711 | 206 442 | 1 576 102 | 156 896 | 1 732 998 |
| Personnel and other operating expenses adjusted | (468 820) | (251 824) | (114 829) | (835 473) | (120 915) | (956 388) |
| Depreciation and amortisation adjusted | (172 370) | (28 575) | (56 546) | (257 491) | (5 948) | (263 439) |
| Total operating expenses adjusted | (641 190) | (280 399) | (171 375) | (1 092 964) | (126 863) | (1 219 827) |
| Other one- o\ufb00 items | (6 434) |
| Depreciation of acquisitions * | (123 080) |
| Estimate deviations | (1 924) |
| Unrealised gains and losses on derivatives | (1 085 244) |
| Change in provisions for onerous contracts | 1 048 166 |
| Impairment of intangible assets and cost to obtain contracts | 14 548 |
| Operating pro\ufb01t (EBIT) | 359 202 |
| NOK in thousands | 2023 |
| Tr\u00f8nderEnergi Marked acquisition | (4 927) |
| Oppdal Everk Kraftomsetning acquisition | (1 275) |
| Vester\u00e5lskraft Str\u00f8m acquisition | (1 093) |
| Innlandskraft acquisition | (66 907) |
| Troms Kraft Str\u00f8m acquisition | (35 620) |
| Other customer acquisitions | (13 258) |
| Depreciation of acquisitions | (123 080) |
| Revenue adjusted** | 13 122 968 | 11 095 287 | 2 228 015 | 26 446 270 | 360 006 | 26 806 277 |
| Direct cost of sales adjusted | (12 215 674) | (10 535 045) | (2 100 425) | (24 851 144) | (244 130) | (25 095 275) |
| Net revenue adjusted | 907 294 | 560 242 | 127 590 | 1 595 126 | 115 876 | 1 711 002 |
| Personnel and other operating expenses adjusted | (565 940) | (209 153) | (114 243) | (889 336) | (103 979) | (993 315) |
| Depreciation and amortisation adjusted | (175 347) | (28 983) | (47 712) | (252 042) | (5 591) | (257 633) |
| Total operating expenses adjusted | (741 287) | (238 136) | (161 955) | (1 141 378) | (109 570) | (1 250 948) |
| Other one- o\ufb00 items | (2 660) |
| Depreciation of acquisitions * | (132 323) |
| Estimate deviations | (4 472) |
| Unrealised gains and losses on derivatives | (47 791) |
| Change in provisions for onerous contracts | 39 256 |
| Impairment of intangible assets and cost to obtain contracts | (39 282) |
| Operating pro\ufb01t (EBIT) | 272 781 |
| NOK in thousands | 2022 |
| Tr\u00f8nderEnergi Marked acquisition | (5 761) |
| Oppdal Everk Kraftomsetning acquisition | (1 702) |
| Vester\u00e5lskraft Str\u00f8m acquisition | (1 492) |
| Innlandskraft acquisition | (83 343) |
| Troms Kraft Str\u00f8m acquisition | (32 572) |
| Other customer acquisitions | (7 453) |
| Depreciation of acquisitions | (132 323) |
| ** Refer to note 4 for a reconciliation of revenue from segments to reported revenue in the Consolidated statement of pro\ufb01t or loss. |
| Over time: | ||
| NOK in thousands | 2023 | 2022 |
| Revenue - Consumer segment | 7 340 946 | 13 025 916 |
| Revenue - Business segment | 7 650 047 | 11 041 944 |
| Revenue - Nordic | 1 873 940 | 2 228 015 |
| Revenue - New growth initiatives | 311 425 | 340 764 |
| Total | 17 176 358 | 26 636 639 |
| At a point in time: | ||
| Revenue - Consumer segment | 68 588 | 97 053 |
| Revenue - Business segment | 56 467 | 53 343 |
| Revenue - Nordic | - | - |
| Revenue - New growth initiatives | 21 482 | 19 242 |
| Total | 146 537 | 169 638 |
| Over time: | ||
| NOK in thousands | 2023 | 2022 |
| Estimate deviations | 8 965 | - |
| Unrealised gains and losses on derivative customer contracts | 1 554 634 | (1 284 761) |
| Total other revenue recognised over time | 1 563 599 | (1 284 761) |
| At a point in time: | ||
| Other revenue - Nordic Segment* | 34 104 | - |
| Total other revenue recognised at a point in time | 34 104 | - |
| Balance as at 1 January | ||
| Balance as at 1 January | 295 980 | 287 728 |
| Additions | 140 991 | 237 550 |
| Amortisation during the year | (194 008) | (185 893) |
| Impairment* | 14 548 | (39 282) |
| Currency translation di\ufb00erences | 7 840 | (4 122) |
| Balance as at 31 December | 265 350 | 295 980 |
Contract Balances | ||
The Group receives payments from its cus- | period until the Group performs its obliga- | The Group does not assess whether a con- |
tomers based on billing schedules estab- | tions under these arrangements. Amounts are | tract has a signi\ufb01cant \ufb01nancing component if |
lished in each contract. Up-front payments | recorded as accounts receivable when the | the expectation at contract inception is such |
and fees are recorded as deferred revenue | Group\u2019s right to consideration is unconditional | that the period between payment by the cus- |
upon receipt or when due, and may require | (when the customer obtains control of prom- | tomer and the transfer of the promised goods |
deferral of revenue recognition to a future | ised goods or services). | or services to the customer will be one year |
or less. |
| Balance as at 1 January | 5 829 272 | 3 831 626 |
| Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods | 8 965 | - |
| New contract assets during the period less transfer to receivables | (3 230 575) | 2 007 670 |
| Currency and other e\ufb00ects | 22 061 | (10 024) |
| Balance as at 31 December | 2 629 723 | 5 829 272 |
| Balance as at 1 January | 31 978 | 47 280 |
| Revenue recognised that was included in opening balance | (31 978) | (47 280) |
| New contract liabilities less transfer to revenue | 27 354 | 31 978 |
| Currency and other e\ufb00ects | - | - |
| Balance as at 31 December | 27 354 | 31 978 |
| Transaction Price Allocated to Future Performance Obligations | 1. The performance obligation is part of a | enue for year ended 31 December 2023 and |
| contract that has an original expected | 31 December 2022. | |
| IFRS 15 requires that the Group disclose the | duration of one year or less. | As of 31 December 2023 and 31 December |
| aggregate amount of transaction price that | 2. \u00a0The entity recognizes revenue from its sat- | 2022 the Group does not have signi\ufb01cant |
| is allocated to performance obligations that | isfaction of the performance obligations | customers that comprises more than 10% of |
| have not yet been satis\ufb01ed as 31 December | in the amount billable to the customer in | accounts receivable. |
| 2023 and 31 December 2022. The guidance | accordance with paragraph B16 of IFRS | |
| provides certain practical expedients that | 15. | |
| limit this requirement. Majority of the Groups | Concentrations of Credit Risk | |
| contracts meet either of the following prac- | ||
| tical expedients provided by IFRS 15 and | The Group does not have any customers that | |
| accordingly the Group has applied this prac- | comprised more than 10% of the Group\u2019s rev- | |
| tical expedient. |
| Balance as at 1 January | 5 829 272 | 3 831 626 |
| Revenue recognised from\u00a0performance obligations\u00a0satis\ufb01ed in previous periods | 8 965 | - |
| New contract assets during the period less transfer to receivables | (3 230 575) | 2 007 670 |
| Currency and other e\ufb00ects | 22 061 | (10 024) |
| Balance as at 31 December | 2 629 723 | 5 829 272 |
| Balance as at 1 January | 31 978 | 47 280 |
| Revenue recognised that was included in opening balance | (31 978) | (47 280) |
| New contract liabilities less transfer to revenue | 27 354 | 31 978 |
| Currency and other e\ufb00ects | - | - |
| Balance as at 31 December | 27 354 | 31 978 |
| Purchase of electrical power and el certi\ufb01cates | 15 420 220 | 24 804 557 |
| Other direct cost of sales | 180 595 | 295 188 |
| Change in provisions for onerous contracts | (1 048 166) | (39 256) |
| Unrealised gains and losses on derivative hedge contracts | 2 639 877 | (1 236 970) |
| Total direct cost of sales | 17 192 526 | 23 823 519 |
| Financial assets at amortised cost | |||
| Trade receivables * | 6(a) | 1 360 019 | 1 722 161 |
| Other non-current \ufb01nancial assets | 6(a) | 133 665 | 48 285 |
| Cash and cash equivalents | 6(d) | 338 746 | 70 548 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | - | 2 077 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 281 063 | 4 231 590 |
| Firm commitments | 7,8 | 263 657 | - |
| Total \ufb01nancial assets | 3 377 150 | 6 074 662 | |
| * Excludes contract assets. |
| Liabilities at amortised cost | |||
| Trade and other payables | 6(b) | 3 246 231 | 5 828 373 |
| Overdraft facilities | 6(c) | - | 534 112 |
| Interest-bearing short term debt | 6(c) | 368 700 | 368 700 |
| Interest-bearing long term debt | 6(c) | 537 617 | 629 169 |
| Lease liability- long term | 24 | 40 945 | 49 477 |
| Lease liability- short term | 24 | 19 391 | 20 284 |
| Derivative \ufb01nancial instruments | |||
| Derivative \ufb01nancial instruments at fair value through OCI | 7,8,9 | (2 735) | 72 772 |
| Derivative \ufb01nancial instruments at fair value through pro\ufb01t or loss | 7,8 | 1 366 362 | 3 112 556 |
| Firm commitments | 7,8 | 108 648 | - |
| Total \ufb01nancial liabilities | 5 685 159 | 10 615 440 |
| NOK in thousands | Gross amount | Gross amount set off | Net amount |
| Derivative \ufb01nancial instruments and \ufb01rm commitments | |||
| Electricity derivatives | 1 791 461 | (510 399) | 1 281 063 |
| Firm commitments | 165 473 | 98 184 | 263 657 |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 956 934 | (412 214) | 1 544 720 |
| NOK in thousands | Gross | Gross amount | Net |
| amount | set off | amount |
| Derivative \ufb01nancial instruments | |||
| Electricity derivatives | 1 874 025 | (510 399) | 1 363 627 |
| Firm commitments | 10 463 | 98 184 | 108 648 |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 884 489 | (412 214) | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 1 433 738 | 110 982 | 1 544 720 |
| Total \ufb01nancial assets at fair value | - | 1 433 738 | 110 982 | 1 544 720 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 1 358 890 | 113 384 | 1 472 275 |
| Total \ufb01nancial liabilities at fair value | - | 1 358 890 | 113 384 | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 4 073 672 | 159 996 | 4 233 668 |
| Total \ufb01nancial assets at fair value | - | 4 073 672 | 159 996 | 4 233 668 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 3 032 664 | 152 663 | 3 185 327 |
| Total \ufb01nancial liabilities at fair value | - | 3 032 664 | 152 663 | 3 185 327 |
| transfers into and transfers out of fair value hier- | included in level 3. | ||
| archy levels at the end of the reporting period. | Valuation techniques used to determine fair values | \u2022 | Nordic system price for delivery periods |
| beyond the next 10 calendar years, | |||
| Level 1: The fair value of \ufb01nancial instruments | \u2022 | Area prices for price areas in Norway for | |
| traded in active markets (such as publicly | Speci\ufb01c valuation techniques used to value | delivery periods beyond the next 3 calendar | |
| traded derivatives, and trading and avail- | derivative \ufb01nancial instruments, in majority | years, | |
| able-for-sale securities) is based on quoted | electricity derivatives, include present value | \u2022 | Area prices for price areas in Sweden and |
| market prices at the end of the reporting period. | of future cash \ufb02ows based on forward power | Finland for delivery periods beyond the next | |
| The quoted market price used for \ufb01nancial | prices from Nasdaq Commodities at the bal- | 4 calendar years. | |
| assets held by the Group is the current bid | ance sheet date. In the case of material long- | ||
| price. These instruments are included in level 1. | term contracts, the cash \ufb02ows are discounted | The Group does not hold electricity deriva- | |
| at a discount rate calculated by using interest | tives with maturities beyond the next 10 calen- | ||
| Level 2: The fair value of \ufb01nancial instru- | rates on Government bonds with matching | dar years at 31 December 2023, hence all level | |
| ments that are not traded in an active market | maturities, added a risk premium of 0,2 per- | 3 derivatives are long term area price contracts. | |
| (for example, over-the-counter derivatives) is | centage points. Valuation method is used for | ||
| determined using valuation techniques which | bilateral forward contracts and option contracts | ||
| maximise the use of observable market data | associated with purchase and sale of electricity. | ||
| and relies as little as possible on entity-speci\ufb01c | Key inputs to the valuation are expected power | ||
| estimates. If all signi\ufb01cant inputs required to | prices (Nordic system price and area prices in | ||
| fair value of an instrument are observable, the | the power price areas in Norway, Sweden and | ||
| instrument is included in level 2. | Finland), contract prices and discount rates. |
| NOK in thousands | 10 % reduction | 10 % increase |
| Net e\ufb00ect from power prices | (481) | 481 |
| Derivative \ufb01nancial assets | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | - | 2 077 |
| Electricity derivatives - Customer cont racts | 118 924 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 444 722 | 2 745 315 |
| Electricity derivatives - Customer contracts | 717 417 | 1 486 276 |
| Other derivatives | - | - |
| Hedged item in fair value hedge | ||
| Firm commitments | 263 657 | - |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 544 720 | 4 233 668 |
| Derivative \ufb01nancial liabilities and \ufb01rm commitments | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | (2 735) | 72 772 |
| Electricity derivatives - Customer contracts | 273 933 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 401 027 | 129 552 |
| Electricity derivatives - Customer contracts | 691 402 | 2 982 676 |
| Other derivatives | - | 328 |
| Hedged item in fair value hedge | ||
| Firm commitments | 108 648 | - |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 472 275 | 3 185 327 |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| NOK in thousands | 2023 | 2022 |
| Foreign exchange gain/(losses) | 7 686 | (3 351) |
| Other \ufb01nancial expenses | (12 241) | (9 311) |
| Total other \ufb01nancial items, net | (4 555) | (12 660) |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| NOK in thousands | 2023 | 2022 |
| Foreign exchange gain/(losses) | 7 686 | (3 351) |
| Other \ufb01nancial expenses | (12 241) | (9 311) |
| Total other \ufb01nancial items, net | (4 555) | (12 660) |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| NOK in thousands | 2023 | 2022 |
| Foreign exchange gain/(losses) | 7 686 | (3 351) |
| Other \ufb01nancial expenses | (12 241) | (9 311) |
| Total other \ufb01nancial items, net | (4 555) | (12 660) |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| Interest from assets held at amortised cost | 32 069 | 26 952 | |
| Interest expense from liabilites at amortised cost | (148 268) | (156 876) | |
| Net impairment expense recognised on trade receivables* | 6(a) | 34 613 | 40 258 |
| Unrealised gains and losses on derivative \ufb01nancial instruments ** | 4,5 | (1 085 244) | (47 791) |
| Total net foreign exchange gains(losses) recognised in other \ufb01nancial items | 11(b) | 2 185 | (3 351) |
| Total \ufb01nancial income and expense | (1 164 645) | (140 809) |
| NOK in thousands | 2023 | 2022 |
| Loans to employees* | 10 837 | 14 076 |
| Other long term receivables from customers** | - | 21 686 |
| Capitalised transaction costs*** | 2 504 | 6 190 |
| Other**** | 120 324 | 6 333 |
| Total | 133 665 | 48 285 |
| VAT receivable | - | 5 901 |
| Other prepaid costs | 11 968 | 58 128 |
| Prepaid taxes | 503 | 1 996 |
| Total other current assets | 12 471 | 66 025 |
| NOK in thousands | 2023 | 2022 |
| Loans to employees* | 10 837 | 14 076 |
| Other long term receivables from customers** | - | 21 686 |
| Capitalised transaction costs*** | 2 504 | 6 190 |
| Other**** | 120 324 | 6 333 |
| Total | 133 665 | 48 285 |
| Cash at bank and in hand | 338 746 | 70 548 |
| Total | 338 746 | 70 548 |
| NOK in thousands | Item in Statement of | Note | 31 December | 31 December |
| \ufb01nancial position | 2023 | 2022 | ||
| Collateral | ||||
| Security over trade receivables* | Trade receivables | 6 | 3 694 872 | 7 138 260 |
| Total collateral | 3 694 872 | 7 138 260 |
| Restricted assets | |||
| Restricted cash - Payroll tax deductions | Cash and cash equivalents | 22 | 21 |
| Total restricted assets | 22 | 21 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 1 433 738 | 110 982 | 1 544 720 |
| Total \ufb01nancial assets at fair value | - | 1 433 738 | 110 982 | 1 544 720 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 1 358 890 | 113 384 | 1 472 275 |
| Total \ufb01nancial liabilities at fair value | - | 1 358 890 | 113 384 | 1 472 275 |
| Financial assets | ||||
| Derivative \ufb01nancial instruments | - | 4 073 672 | 159 996 | 4 233 668 |
| Total \ufb01nancial assets at fair value | - | 4 073 672 | 159 996 | 4 233 668 |
| Financial liabilities | ||||
| Derivative \ufb01nancial instruments | - | 3 032 664 | 152 663 | 3 185 327 |
| Total \ufb01nancial liabilities at fair value | - | 3 032 664 | 152 663 | 3 185 327 |
| transfers into and transfers out of fair value hier- | included in level 3. | ||
| archy levels at the end of the reporting period. | Valuation techniques used to determine fair values | \u2022 | Nordic system price for delivery periods |
| beyond the next 10 calendar years, | |||
| Level 1: The fair value of \ufb01nancial instruments | \u2022 | Area prices for price areas in Norway for | |
| traded in active markets (such as publicly | Speci\ufb01c valuation techniques used to value | delivery periods beyond the next 3 calendar | |
| traded derivatives, and trading and avail- | derivative \ufb01nancial instruments, in majority | years, | |
| able-for-sale securities) is based on quoted | electricity derivatives, include present value | \u2022 | Area prices for price areas in Sweden and |
| market prices at the end of the reporting period. | of future cash \ufb02ows based on forward power | Finland for delivery periods beyond the next | |
| The quoted market price used for \ufb01nancial | prices from Nasdaq Commodities at the bal- | 4 calendar years. | |
| assets held by the Group is the current bid | ance sheet date. In the case of material long- | ||
| price. These instruments are included in level 1. | term contracts, the cash \ufb02ows are discounted | The Group does not hold electricity deriva- | |
| at a discount rate calculated by using interest | tives with maturities beyond the next 10 calen- | ||
| Level 2: The fair value of \ufb01nancial instru- | rates on Government bonds with matching | dar years at 31 December 2023, hence all level | |
| ments that are not traded in an active market | maturities, added a risk premium of 0,2 per- | 3 derivatives are long term area price contracts. | |
| (for example, over-the-counter derivatives) is | centage points. Valuation method is used for | ||
| determined using valuation techniques which | bilateral forward contracts and option contracts | ||
| maximise the use of observable market data | associated with purchase and sale of electricity. | ||
| and relies as little as possible on entity-speci\ufb01c | Key inputs to the valuation are expected power | ||
| estimates. If all signi\ufb01cant inputs required to | prices (Nordic system price and area prices in | ||
| fair value of an instrument are observable, the | the power price areas in Norway, Sweden and | ||
| instrument is included in level 2. | Finland), contract prices and discount rates. |
| NOK in thousands | 10 % reduction | 10 % increase |
| Net e\ufb00ect from power prices | (481) | 481 |
| ket risk \u2013 commodity prices\u201d. | market prices for electricity, but also to mar- | information about climate risk and how these | ||
| \u2022 | Climate risk | Elmera Group is operating in a renew- | ket prices of el-certi\ufb01cates and guarantees of | are managed. |
| \u2022 | Market risk | able industry and the demand for electric- | origination (GoOs). | When selling electricity to end users the |
| \u2022 | Credit risk | ity is expected to increase going forward. | The market price for electricity (spot price) | Group o\ufb00ers a large scale of di\ufb00erent product |
| \u2022 | Liquidity risk | Increased penetration of solar panels among | is the hourly price from the Nordic power | types with di\ufb00erent pricing structures. The |
| Climate risk | consumers can reduce the customers\u2019 con- | exchange Nord Pool Spot. Norway, Sweden, | product types vary from spot-priced products, | |
| sumption of electricity through the electricity | and Finland are geographically divided into | where the sales prices are connected to the |
| of extreme weather conditions could result | The Group\u2019s ESG-report contains more | to electricity costs, perceived as challenging |
| in signi\ufb01cant damage to grid owners\u2019 infra- | information about climate risk and how these | by many in both the private and corporate |
| structure, which could a\ufb00ect Elmera Group\u2019s | are managed. | sectors.\u00a0 |
| reputation in the event of prolonged power | Market risk | A higher ratio of renewable energy in the |
| outages. The Group\u2019s exposure to physical | power system also increases price volatility. | |
| risk is considered to be low. | Market risk is the risk of losses arising from | Production will vary according to weather con- |
| Transitional risk involves economic uncer- | movements in market prices. The Group is pri- | ditions. The price of electricity produced from |
| tainty related to the transition to a low-emis- | marily exposed to the market risks of changes | coal and gas is a\ufb00ected by high CO2 prices. |
| sion society, and is divided into four | in commodity prices, climate risk, interest | Weather conditions also a\ufb00ect the demand |
| categories: Technology, Market, Policy and | rates, security prices and foreign currency | side. Climate change therefore a\ufb00ects key |
| Reputation. | exchange rates. | factors such as price and volume. It also |
| As we are transitioning towards a low-emis- | drives regulation and increased reporting | |
| sion society, the mix of production sources will | requirements, as well as the demand for prod- |
| Derivative \ufb01nancial assets | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | - | 2 077 |
| Electricity derivatives - Customer cont racts | 118 924 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 444 722 | 2 745 315 |
| Electricity derivatives - Customer contracts | 717 417 | 1 486 276 |
| Other derivatives | - | - |
| Hedged item in fair value hedge | ||
| Firm commitments | 263 657 | - |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 544 720 | 4 233 668 |
| Derivative \ufb01nancial liabilities and \ufb01rm commitments | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | (2 735) | 72 772 |
| Electricity derivatives - Customer contracts | 273 933 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 401 027 | 129 552 |
| Electricity derivatives - Customer contracts | 691 402 | 2 982 676 |
| Other derivatives | - | 328 |
| Hedged item in fair value hedge | ||
| Firm commitments | 108 648 | - |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 472 275 | 3 185 327 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Trade and other payables* | 3 246 231 | - | - | - | - | 3 246 231 | 3 246 231 | |
| Overdraft facilities | - | - | - | - | - | - | - | |
| Interest-bearing short term debt** | - | 23 425 | 70 275 | 275 000 | - | 368 700 | 368 700 | |
| Interest-bearing long term debt | - | - | - | 538 775 | - | 538 775 | 537 617 | |
| Leasing liabilities | - | 4 867 | 14 602 | 43 775 | - | 63 244 | 60 336 | |
| Total | 3 246 231 | 28 292 | 84 877 | 857 550 | - | 4 216 949 | 4 212 884 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Electricity derivatives - Hedge contracts | - | 14 290 | 104 662 | 318 652 | 1 122 | 438 725 | 398 292 | |
| Electricity derivatives - Customer contracts | - | 204 794 | 284 928 | 500 081 | 32 584 | 1 022 388 | 965 335 | |
| Firm commitments | - | - | 8 051 | 101 233 | 8 976 | 118 260 | 108 648 | |
| Other derivatives | - | - | - | - | - | - | - | |
| Total | - | 219 085 | 397 642 | 919 966 | 42 681 | 1 579 373 | 1 472 275 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Trade and other payables* | 3 246 231 | - | - | - | - | 3 246 231 | 3 246 231 | |
| Overdraft facilities | - | - | - | - | - | - | - | |
| Interest-bearing short term debt** | - | 23 425 | 70 275 | 275 000 | - | 368 700 | 368 700 | |
| Interest-bearing long term debt | - | - | - | 538 775 | - | 538 775 | 537 617 | |
| Leasing liabilities | - | 4 867 | 14 602 | 43 775 | - | 63 244 | 60 336 | |
| Total | 3 246 231 | 28 292 | 84 877 | 857 550 | - | 4 216 949 | 4 212 884 |
| 31 December 2023 | ||||||||
| NOK in thousands | Less than | 1-3 months | 3 months to | 1-5 years | 5+ years | Total | Carrying | |
| 1 month | 1 year | amount | ||||||
| Electricity derivatives - Hedge contracts | - | 14 290 | 104 662 | 318 652 | 1 122 | 438 725 | 398 292 | |
| Electricity derivatives - Customer contracts | - | 204 794 | 284 928 | 500 081 | 32 584 | 1 022 388 | 965 335 | |
| Firm commitments | - | - | 8 051 | 101 233 | 8 976 | 118 260 | 108 648 | |
| Other derivatives | - | - | - | - | - | - | - | |
| Total | - | 219 085 | 397 642 | 919 966 | 42 681 | 1 579 373 | 1 472 275 |
| Derivative \ufb01nancial assets | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | - | 2 077 |
| Electricity derivatives - Customer cont racts | 118 924 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 444 722 | 2 745 315 |
| Electricity derivatives - Customer contracts | 717 417 | 1 486 276 |
| Other derivatives | - | - |
| Hedged item in fair value hedge | ||
| Firm commitments | 263 657 | - |
| Total derivative \ufb01nancial assets and \ufb01rm commitments | 1 544 720 | 4 233 668 |
| Derivative \ufb01nancial liabilities and \ufb01rm commitments | ||
| Designated as hedging instruments for accounting purposes | ||
| Electricity derivatives - Hedge contracts | (2 735) | 72 772 |
| Electricity derivatives - Customer contracts | 273 933 | - |
| Classi\ufb01ed as held for trading for accounting purpose | ||
| Electricity derivatives - Hedge contracts | 401 027 | 129 552 |
| Electricity derivatives - Customer contracts | 691 402 | 2 982 676 |
| Other derivatives | - | 328 |
| Hedged item in fair value hedge | ||
| Firm commitments | 108 648 | - |
| Total derivative \ufb01nancial liabilities and \ufb01rm commitments | 1 472 275 | 3 185 327 |
| Salaries | 348 669 | 322 878 |
| Social security | 55 354 | 44 091 |
| Pension expenses | 38 854 | 40 298 |
| Other bene\ufb01ts | 13 950 | 14 870 |
| Gross personnel expenses | 456 828 | 422 137 |
| - Capitalised R&D costs | (2 206) | (1 109) |
| Total personnel expenses | 454 622 | 421 029 |
| Liabilities in de\ufb01ned bene\ufb01t plans that are | for the employees in the companies Eidsiva | ||
| funded are covered through an insurance | Marked AS and Gudbrandsdal Energi AS. | ||
| company. | Eidsiva Marked AS was merged into Fjordkraft | ||
| The liability or asset recognised in the con- | AS in 2021. | The subsidiary Gudbrandsdal Energi AS | |
| solidated statement of \ufb01nancial position in | have de\ufb01ned contribution pension schemes | ||
| respect of a de\ufb01ned bene\ufb01t pension plan | which at the end of 2023 are covering 24 | ||
| is the present value of the de\ufb01ned bene\ufb01t | active members. The contribution rates for | ||
| obligation at the end of the reporting period, | the de\ufb01ned contribution plans are 6 per cent | ||
| less the fair value of plan assets if the plan is | At the end of 2023 the group companies | of salaries between 0 and 7,1 times G (where | |
| funded. The de\ufb01ned bene\ufb01t obligation is cal- | Elmera Group ASA, Fjordkraft AS and | G is the National Insurance scheme basic | |
| culated annually by independent actuaries. | Fjordkraft Mobil AS have a de\ufb01ned contribu- | amount, NOKt 118,62 in 2023), and 25,1 per | |
| tion pension scheme covering a total of 352 | cent of salaries between 7,1 and 12 times | ||
| active members and 4 pensioners. The con- | G. The pension schemes includes retirement | ||
| De\ufb01ned contribution plans\u00a0are\u00a0post-employ- | tribution rates for the de\ufb01ned contribution plan | pension, disability pension, spouse\u2019s pension | |
| ment bene\ufb01t plans\u00a0under which an entity pays | are set to 5 per cent of salaries between 0 and | and children\u2019s pension. | |
| \ufb01xed de\ufb01ned contributions into a separate | 7,1 times G (where G is the National Insurance | ||
| entity (a fund). | scheme basic amount, NOKt 118,62 in 2023), | ||
| Pension schemes in the Norwegian | and 15 per cent of salaries between 7,1 and | ||
| 12 times G. | At the end of 2023 the de\ufb01ned bene\ufb01t pen- | ||
| Description of the pension schemes | group entities | The de\ufb01ned-contribution pension scheme | sion scheme in BKK Pensjonskasse covers |
| Until the end of 2019 the Norwegian group | also includes disability pension, spouse\u2019s | 41 active members, 77 pensioners and 532 | |
| entities had a single de\ufb01ned bene\ufb01t pension | pension and children\u2019s pension. In addition, | deferred vested members.These numbers |
| obligatorisk tjenestepensjon). | members. Members who were enrolled in the | reaching the age of 67. | pension, spouse\u2019s pension and children\u2019s |
| de\ufb01ned contribution pension plan received | In addition to the above mentioned de\ufb01ned | pension. The scheme complies largely with | |
| a paid-up policy for earned entitlements | contribution plan (and if applicable the | the regulations enshrined in the Act on the |
| with a long employment time and a high age | transferred from KLP to BKK Pensjonskasse | Risk exposure | an increase in in\ufb02ation will also increase the |
| whom had their expected retirement pension | in 2022. | de\ufb01cit. | |
| reduced when being transferred out of the | Pension schemes in Switch Nordic Green AB | Through its de\ufb01ned bene\ufb01t occupational pen- | |
| de\ufb01ned bene\ufb01t scheme. This plan aims to | sion plans, the Group is exposed to a num- | ||
| counteract some of the e\ufb00ects that the intro- | ber of risks, the most signi\ufb01cant are detailed | The majority of the plan\u2019s obligations are to | |
| duction of life expectancy adjustment has had | The following pension schemes are appli- | below. | provide bene\ufb01ts for the life of the member, so |
| for public occupational pension schemes. The | cable for the employees in SNG, who are | increases in life expectancy will result in an | |
| scheme applies to a closed group of employ- | either employed in Sweden or at the branch | increase in the plan\u2019s liabilities. | |
| ees. The supplementary allowance was set | in Finland. | The plan liabilities are calculated using a | At the end of this note, a table showing |
| with \ufb01nal e\ufb00ect at the end of 2019, and the | discount rate set with reference to covered | sensitivity analysis of the most signi\ufb01cant | |
| supplement constitutes a \ufb01xed percentage of | bonds (\u201cObligasjoner med fortrinnsrett\u201d); if | assumptions is enclosed. |
| 2022 | |||
| NOK in thousands | Funded | Non-funded | Total |
| obligations | obligations | ||
| Accrued pension entitlement for the year | 1 404 | 3 769 | 5 173 |
| Payroll tax (PT) | 197 | 531 | 728 |
| Net interest expense / (income) | 4 554 | 1 215 | 5 769 |
| Expected return on plan assets | (4 355) | - | (4 355) |
| Expenses paid | 31 | - | 31 |
| Members' contribution | (168) | - | (168) |
| Total amount recognised in pro\ufb01t or loss | 1 664 | 5 515 | 7 179 |
| obligation | plan assets | of plan assets | obligation | ||
| At 1 January 2023 | 361 631 | 355 132 | 6 499 | 64 211 | 70 710 |
| Accrued pension entitlement for the year | 1 670 | - | 1 670 | 2 700 | 4 370 |
| Payroll tax (PT) | 227 | - | 227 | 377 | 604 |
| Interest expense (income) | 12 960 | - | 12 960 | 1 977 | 14 937 |
| Return on plan assets | - | 12 908 | (12 908) | - | (12 908) |
| Past service cost | - | - | - | - | - |
| Actuarial gains and losses | (22 940) | 2 597 | (25 537) | (5 878) | (31 414) |
| Bene\ufb01ts paid | (7 266) | (6 525) | (741) | - | (741) |
| Contribution | - | 19 347 | (19 347) | - | (19 347) |
| Members' contribution | - | 171 | (171) | - | (171) |
| Expenses paid | (2 189) | (2 223) | 34 | - | 34 |
| Settlement (gain) / loss recognized | 6 603 | - | 6 603 | (6 603) | - |
| Payroll tax of contribution | (168) | - | (168) | - | (168) |
| At 31 December 2023 | 350 528 | 381 407 | (30 879) | 56 784 | 25 906 |
| of obligation | plan assets | of plan assets | obligation | ||
| At 1 January 2022 | 361 192 | 345 243 | 15 949 | 73 785 | 89 734 |
| Accrued pension entitlement for the year | 1 404 | - | 1 404 | 3 769 | 5 173 |
| Payroll tax (PT) | 197 | - | 197 | 531 | 728 |
| Interest expense (income) | 4 554 | - | 4 554 | 1 215 | 5 769 |
| Return on plan assets | - | 4 355 | (4 355) | - | (4 355) |
| Past service cost | - | - | - | - | - |
| Actuarial gains and losses | 3 364 | (5 998) | 9 362 | (13 990) | (4 628) |
| Bene\ufb01ts paid | (6 640) | (6 640) | - | (964) | (964) |
| Contribution | - | 20 423 | (20 423) | - | (20 423) |
| Members' contribution | - | 168 | (168) | - | (168) |
| Expenses paid | (2 387) | (2 418) | 31 | (136) | (105) |
| Payroll tax of contribution | (53) | - | (53) | - | (53) |
| At 31 December 2022 | 361 631 | 355 132 | 6 499 | 64 211 | 70 709 |
| NOK in thousands | 2023 | 2022 |
| Net actuarial gains/(losses) recognised in OCI during the year | 24 504 | 3 610 |
| Tax e\ufb00ects of actuarial gains/(losses) recognised in OCI | 6 911 | 1 018 |
| Signi\ufb01cant actuarial assumptions | 2023 | 2022 |
| Discount rate | 4,15 % | 3,60 % |
| Salary growth rate | 2,50 % | 3,75 % |
| Expected growth in base social security amount (G) | 3,50 % | 3,50 % |
| Estimated return on plan assets | 4,15 % | 3,60 % |
| Pension growth rate | 2,90 % | 2,75 % |
| CPA withdrawal | 25% when 62 yrs | 25% when 62 yrs |
| Demographic assumptions | K2013BE | K2013BE |
| Voluntary retirement | Before 45 yrs - 4,5% | Before 45 yrs - 4,5% |
| 45 yrs - 60 yrs - 2,0% | 45 yrs - 60 yrs - 2,0% | |
| After 60 yrs - 0% | After 60 yrs - 0% |
| Sensitivity of pension liabilities to changes in signi\ufb01cant \ufb01nancial assumptions | |||
| Change in pension cost | Change in employee de\ufb01ned | ||
| bene\ufb01t obligations | |||
| NOK in thousands | 1.00 % | -1.00 % | 1.00 % -1.00 % |
| Discount rate | (669) | 845 | (68 745) 90 425 |
| Salary growth rate | 270 | (243) | 5 759 (8 177) |
| Expected growth in base social security amount (G) | 569 | (473) | 84 783 (65 662) |
| Executive management 2023: | ||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December** | ||||
| Rolf Barmen (Chief Executive O\ufb03cer) 3 477 | 375* | 150 | 774 | 4 776 | - | ||
| Henning Nordgulen (Chief Financial O\ufb03cer) 2 693 | 12 | 150 | 360 | 3 215 | - | ||
| Roger Finnanger (Head of Business) 1 836 | 47 | 110 | 211 | 2 204 | - | ||
| Arnstein Flaskerud (Head of Strategy, Innovation, Sustainability and M&A) 2 007 | 47 | 120 | 324 | 2 498 | - | ||
| Solfrid K. Aase (Head of Alliance) 1 672 | 47 | 100 | 265 | 2 084 | - | ||
| Solfrid Fluge Andersen (Head of Power markets and energy supply) 1) 1 785 | 47 | 100 | 198 | 2 130 | - | ||
| Per Heiberg-Andersen (Executive Vice President Nordic) 1 672 | 47 | 100 | 178 | 1 997 | - | ||
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 2 550 | 70 | 150 | 298 | 3 068 | - | ||
| Jeanne K. Tjomsland (Head of HR and Communications) 2) 156 | - | 10 | 28 | 194 | - | ||
| Kari Marvik (Chief Information O\ufb03cer) 3) 142 | - | 8 | 9 | 159 | - | ||
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 4) 467 | 95 | - | 56 | 618 | - | ||
| Total remuneration executive management 2023 18 457 | 787 | 998 | 2 701 | 22 943 | - | ||
| *In 2023 the CEO received a discretionary bonus of NOKt 375 based on the Group\u2019s performance in 2022. In 2023 the Board of Directors have awarded the CEO a discretionary | |||||||
| bonus of NOKt 1 485 based on the Group\u2019s performance in 2023, which will be paid in 2024. | |||||||
| ** The Group\u2019s executive management had no outstanding personnel loans at year end in 2023. The Group discontinued the loan scheme for personnel loans in 2023. | |||||||
| 1) Head Of Operations until 30 November 2023 and Head of Power 3) From 1 December 2023 | |||||||
| Markets and Energy Supply from 1 December 2023 4) From 1 August 2022 until 31 May 2023 | |||||||
| 2) From 1 December 2023 | |||||||
| Executive management 2022: | |||||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December | |||
| Rolf Barmen (Chief Executive O\ufb03cer) | 3 311 | 500* | 150 | 846 | 4 807 | 294 |
| Henning Nordgulen (Chief Financial O\ufb03cer) 1) | 660 | - | 38 | 86 | 784 | - |
| Roger Finnanger (Head of Business) | 1 692 | 54 | 100 | 219 | 2 065 | - |
| Arnstein Flaskerud (Head of Strategy and M&A) | 1 934 | 67 | 120 | 430 | 2 551 | - |
| Solfrid K. Aase (Head of Service Companies) | 1 612 | 67 | 100 | 354 | 2 133 | - |
| Solfrid Fluge Andersen (Head of Operations) | 1 667 | 67 | 100 | 219 | 2 053 | - |
| Per Heiberg-Andersen (Head of Nordic and other end-user companies) | 1 662 | 67 | 100 | 173 | 2 002 | - |
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 2) | 467 | 50 | - | 53 | 570 | - |
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 3) | 995 | - | 60 | 127 | 1 182 | - |
| Birte Strander (Chief Financial O\ufb03cer) 4) | 792 | 54 | 50 | 183 | 1 079 | - |
| Jeanne K. Tjomsland (Head of HR, Communications and Sustainability) 5) | 1 021 | 67 | 70 | 237 | 1 395 | - |
| Christian Kalvenes (Head of Consumer) 6) | 592 | 54 | 37 | 68 | 751 | - |
| Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 5) | 1 016 | 54 | 70 | 199 | 1 339 | 290 |
| Total remuneration executive management 2022 | 17 421 | 1101 | 995 | 3194 | 22 711 | 584 |
| *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. |
| Steinar S\u00f8nsteby (Chair) | 605 | 545 |
| Live Bertha Haukvik (Board member) | 446 | 401 |
| Heidi Theresa Ose (Board member) | 400 | 360 |
| Per Oluf Solbraa (Board member) | 347 | 312 |
| Anne Marit Steen (Board member) 1) | 311 | - |
| Frank \u00d8kland (Board member, Employee representative) | 109 | 108 |
| Magnhild Uglem (Board member, Employee representative) 2) | - | - |
| Stian Madsen (Board member, Employee representative) 3) | - | - |
| Tone Wille (Board member) 4) | 101 | 312 |
| Elisabeth Norberg (Board member, Employee representative) 5) | 49 | 108 |
| Marianne Unhjem (Board member, Employee representative) 6) | 45 | 108 |
| Lisbet N\u00e6r\u00f8 (Chair of the Nomination committee) | 54 | 53 |
| Atle Kvamme (Member, Nomination committee) | 10 | 32 |
| Ragnhild Stolt-Nielsen (Member, Nomination committee) 7) | 10 | 32 |
| Brede Selseng (Member, Nomination committee) 8) | 23 | - |
| Total remuneration Board of directors | 2 551 | 2 371 |
| line with generally accepted customs locally. | percent of the Company`s outstanding shares, | determination of the remuneration takes into |
| The executive management may receive | (iii) the exercise price for share options shall | consideration the work load, comparable |
| certain limited bene\ufb01ts in kind, including | be set at market price at the time of allot- | companies and the general wages in the |
| company car/car arrangement, telephone, | ment, (iv), the exercise price shall be adjusted | Company. |
| internet access, and magazine/newspaper | for dividend paid before redemption, (v) the | Deviations from these guidelines |
| subscriptions. | share options have a cap on gains of three | |
| Purchase of shares | times the exercise price (before adjustments | The Board of Directors may, on recommen- |
| for dividend payments). The options can be | dation from the Remuneration Committee, in | |
| The management may participate in any | settled by the Company in cash if the share | the circumstances described below resolve |
| Company employee share purchase plans | price exceeds the cap set out in (v), and if so, | to deviate from any sections of these remu- |
| or similar plans on substantially on the same | based on the gain of such cap, which con- | neration guidelines: |
| terms as all employees. \u00a0 | stitutes the limit of maximum potential gain. | \u2022 upon change of the CEO; |
| Share-based incentive programs | Employment agreements | \u2022 upon material changes in Company\u2019s |
| organization, ownership and/or business | ||
| Share-based payments, settled in shares | The CEO and executive management have | \u2022 upon material change in the Company\u2019s |
| or cash, are used as part of the Company\u2019s | six month notice periods. | strategy; |
| incentive schemes. In the view of the Board | The CEO is entitled to a severance pay in | \u2022 upon changes in or amendments to the |
| of Directors, attractive share-based long-term | case of termination of employment by the | relevant laws, rules, or regulations; |
| incentive programs is an important part of the | Company for a period of 12 months after | \u2022 upon other exceptional circumstances |
| total compensation for the executive manage- | expiry of the ordinary notice period. During | where the deviation may be required to serve |
| ment, and which may be necessary to allow | employment and for 12 months after expiry | the long-term interests and sustainability of |
| the Company to retain and hire the talent it | of the notice period (or from the time of | the Company as a whole or to assure its via- |
| needs for further growth. | dismissal), the CEO is bound by the provi- | bility. |
| The executive management and key per- | sions on non-competition and recruiting the | Any deviation from these guidelines shall |
| sonnel shall be concerned with the value | Company\u2019s customers and employees in | be reported in the Remuneration Report for |
| development for the Company`s sharehold- | accordance with the provisions in chapter | the relevant year. |
| ers. A share option program may bind the | 14A of the Working Environment Act of 2005. | \u00a0The Board\u2019s declaration on determining |
| key employees to the Company and may also | Remuneration to employee elected board members | directors pay will be sent out or made availa- |
| contribute to a more cautious wage growth in | ble to the shareholders on the Company\u2019s web | |
| the years to come. | site, together with notice of the annual general | |
| The following speci\ufb01c limitations apply for | The level of remuneration to employee elected | meeting of the Company and the Company\u2019s |
| granting of share options in the Company: | board members for their role as board mem- | annual report and accounts. |
| Other operating expenses | ||
| NOK in thousands | 2023 | 2022 |
| Sales and marketing costs | 90 132 | 135 526 |
| IT cost | 146 469 | 134 331 |
| Purchase of third- party services and external personnel | 82 877 | 107 011 |
| Net impairment expense on trade receivables and other losses | 32 007 | 35 317 |
| Professional fees * | 123 962 | 93 184 |
| Other operating costs | 66 830 | 69 577 |
| Total other operating expenses | 542 277 | 574 946 |
| * Includes legal fees, auditor, consultants. |
Auditor\u2019s remuneration | ||
NOK in thousands | 2023 | 2022 |
Statutory audit - Deloitte | 5 264 | 3 884 |
Other assurance services - Deloitte | 396 | 618 |
Other non-assurance services - Deloitte | 133 | 235 |
Total | 5 794 | 4 736 |
| NOK in thousands | 2023 | 2022 |
| Foreign exchange gain/(losses) | 7 686 | (3 351) |
| Other \ufb01nancial expenses | (12 241) | (9 311) |
| Total other \ufb01nancial items, net | (4 555) | (12 660) |
| Other operating expenses | ||
| NOK in thousands | 2023 | 2022 |
| Sales and marketing costs | 90 132 | 135 526 |
| IT cost | 146 469 | 134 331 |
| Purchase of third- party services and external personnel | 82 877 | 107 011 |
| Net impairment expense on trade receivables and other losses | 32 007 | 35 317 |
| Professional fees * | 123 962 | 93 184 |
| Other operating costs | 66 830 | 69 577 |
| Total other operating expenses | 542 277 | 574 946 |
| * Includes legal fees, auditor, consultants. |
Auditor\u2019s remuneration | ||
NOK in thousands | 2023 | 2022 |
Statutory audit - Deloitte | 5 264 | 3 884 |
Other assurance services - Deloitte | 396 | 618 |
Other non-assurance services - Deloitte | 133 | 235 |
Total | 5 794 | 4 736 |
| Other operating expenses | ||
| NOK in thousands | 2023 | 2022 |
| Sales and marketing costs | 90 132 | 135 526 |
| IT cost | 146 469 | 134 331 |
| Purchase of third- party services and external personnel | 82 877 | 107 011 |
| Net impairment expense on trade receivables and other losses | 32 007 | 35 317 |
| Professional fees * | 123 962 | 93 184 |
| Other operating costs | 66 830 | 69 577 |
| Total other operating expenses | 542 277 | 574 946 |
| * Includes legal fees, auditor, consultants. |
Auditor\u2019s remuneration | ||
NOK in thousands | 2023 | 2022 |
Statutory audit - Deloitte | 5 264 | 3 884 |
Other assurance services - Deloitte | 396 | 618 |
Other non-assurance services - Deloitte | 133 | 235 |
Total | 5 794 | 4 736 |
| Other operating expenses | ||
| NOK in thousands | 2023 | 2022 |
| Sales and marketing costs | 90 132 | 135 526 |
| IT cost | 146 469 | 134 331 |
| Purchase of third- party services and external personnel | 82 877 | 107 011 |
| Net impairment expense on trade receivables and other losses | 32 007 | 35 317 |
| Professional fees * | 123 962 | 93 184 |
| Other operating costs | 66 830 | 69 577 |
| Total other operating expenses | 542 277 | 574 946 |
| * Includes legal fees, auditor, consultants. |
Auditor\u2019s remuneration | ||
NOK in thousands | 2023 | 2022 |
Statutory audit - Deloitte | 5 264 | 3 884 |
Other assurance services - Deloitte | 396 | 618 |
Other non-assurance services - Deloitte | 133 | 235 |
Total | 5 794 | 4 736 |
| Tax payable on pro\ufb01t for the year | 82 874 | 64 831 |
| Adjustments to prior years tax payable | 17 | (208) |
| Adjustments to prior years deferred tax expense (income) | - | 208 |
| Change in deferred tax/(tax asset) from origination and reversal of temporary di\ufb00erences | (41 860) | (9 986) |
| Tax expense recognised in statement of pro\ufb01t or loss | 41 030 | 54 846 |
| Tax payable on pro\ufb01t for the year | 82 874 | 64 831 |
| Tax payable on changes to pro\ufb01t for the previous year | (4) | - |
| Adjustments prior years tax payable | 41 | (14 325) |
| Current income tax liabilities recognised in balance sheet | 82 910 | 50 506 |
| Pro\ufb01t before tax | 237 577 | 128 692 |
| Income tax at statutory tax rate (22%) | 52 267 | 28 312 |
| Tax expense recognised in statement of pro\ufb01t or loss | 41 030 | 54 846 |
| Difference | 11 236 | (26 533) |
| Permanent di\ufb00erences | 216 | 3 107 |
| Change in deferred tax/(tax asset) from change in valuation allowance for deferred tax assets | (11 508) | 23 442 |
| Adjustments prior years tax payable | 55 | (15) |
| Difference | (11 236) | 26 533 |
| 2023 | 2023 | 2023 | 2022 | |
| NOK in thousands | Norway | Sweden & Finland | Total | Total |
| Fixed assets/intangible assets | 210 564 | 149 776 | 360 340 | 436 020 |
| Receivables | (26 291) | - | (26 291) | (33 617) |
| Pension liabilities | (22 958) | - | (22 958) | (62 185) |
| Cost to obtain contracts | 132 963 | - | 132 963 | 192 420 |
| Provisions for onerous contracts | (3 809) | (89 454) | (93 263) | (1 069 575) |
| Other current liabilities | (2 544) | - | (2 544) | (5 115) |
| Derivative \ufb01nancial instruments | 2 161 | 69 939 | 72 100 | 1 048 203 |
| Leasing liabilities | (3 210) | (6) | (3 215) | (3 566) |
| Other | 17 138 | - | 17 138 | 6 322 |
| Losses carried forward | (12 245) | (2 091 352) | (2 103 597) | (2 005 484) |
| Temporary differences | 291 769 | (1 961 097) | (1 669 328) | (1 496 578) |
| Tax rate | 22% | 20,6% / 20% | ||
| Deferred tax/(tax asset) | 64 189 | (403 951) | (339 762) | (303 265) |
| Valuation allowance for deferred tax assets* | - | 385 139 | 385 139 | 368 555 |
| Deferred tax asset recognised in statement of \ufb01nancial position | - | 37 466 | 37 466 | 34 990 |
| Deferred tax recognised in statement of \ufb01nancial position | 64 189 | 18 654 | 82 843 | 100 280 |
| Net position | (64 189) | 18 812 | (45 377) | (65 290) |
| 2022 NOK in thousands | 2022 | in statement of pro\ufb01t or loss | in other comprehen- sive income | 2022 | |
| Fixed assets/intangible assets | 102 056 | (20 356) | 1 056 | 82 756 | |
| Receivables | (5 249) | (2 147) | - | (7 396) | |
| Pension liabilities | (20 644) | 5 945 | 1 018 | (13 681) | |
| Cost to obtain contracts | 43 707 | (1 375) | - | 42 332 | |
| Provisions for onerous contracts | (8 541) | (2 230) | - | (10 770) | |
| Other current liabilities | (1 179) | 53 | - | (1 125) | |
| Derivative \ufb01nancial instruments | (9 563) | 12 550 | 4 572 | 7 559 | |
| Leasing liabilities | (763) | (14) | - | (777) | |
| Other assets | 3 839 | (2 448) | - | 1 391 | |
| Losses carried forward | (35 136) | 35 | 101 | (35 000) | |
| Total | 68 528 | (9 986) | 6 747 | 65 290 |
| Number of | Nominal | Nominal value | Voting rights | Ownership | |
| shares | |||||
| Folketrygdfondet | 10 172 840 | 0,30 | 3 051 852 | 9,36 % | 8,90 % |
| Gudbrandsdal Energi Holding AS | 7 682 161 | 0,30 | 2 304 648 | 7,07 % | 6,72 % |
| Verdipapirfondet Nordea Norge Verdi | 4 315 545 | 0,30 | 1 294 664 | 3,97 % | 3,77 % |
| Vpf DNB Am Norske Aksjer | 4 036 705 | 0,30 | 1 211 012 | 3,71 % | 3,53 % |
| Verdipapirfondet Holberg Norge | 3 300 000 | 0,30 | 990 000 | 3,04 % | 2,89 % |
| Landkreditt Utbytte | 2 795 000 | 0,30 | 838 500 | 2,57 % | 2,44 % |
| Verdipapirfondet DNB smb | 2 600 076 | 0,30 | 780 023 | 2,39 % | 2,27 % |
| Verdipapirfondet Alfred Berg Gambak | 2 309 267 | 0,30 | 692 780 | 2,12 % | 2,02 % |
| Skandinaviska Enskilda Banken AB | 2 223 364 | 0,30 | 667 009 | 2,05 % | 1,94 % |
| The Bank of New York Mellon sa/nv | 2 220 000 | 0,30 | 666 000 | 2,04 % | 1,94 % |
| J.P. Morgan SE | 2 104 482 | 0,30 | 631 345 | 1,94 % | 1,84 % |
| Fjarde AP-Fonden | 1 900 000 | 0,30 | 570 000 | 1,75 % | 1,66 % |
| HSBC Bank PLC | 1 834 093 | 0,30 | 550 228 | 1,69 % | 1,60 % |
| Varde Norge AS | 1 829 639 | 0,30 | 548 892 | 1,68 % | 1,60 % |
| State Street Bank and Trust Company | 1 789 386 | 0,30 | 536 816 | 1,65 % | 1,56 % |
| Verdipapirfondet Storebrand Norge | 1 682 639 | 0,30 | 504 792 | 1,55 % | 1,47 % |
| Nordnet Bank AB | 1 539 909 | 0,30 | 461 973 | 1,42 % | 1,35 % |
| Verdipapirfondet Nordea Avkastning | 1 509 527 | 0,30 | 452 858 | 1,39 % | 1,32 % |
| Verdipapirfondet DNB Norge | 1 374 270 | 0,30 | 412 281 | 1,26 % | 1,20 % |
| Catilina Invest AS | 1 340 183 | 0,30 | 402 055 | 1,23 % | 1,17 % |
| Others | 50 112 525 | 0,30 | 15 033 758 | 46,11 % | 43,82 % |
| Total outstanding shares | 108 671 611 | 32 601 483 | 100 % | 95 % |
| Treasury shares | 5 680 189 | 0,30 | 1 704 057 | 0,00 % | 4,97 % |
| Total shares in issue | 114 351 800 | 34 305 540 | 100 % | 100 % |
| Share capital and share premium | |||
| NOK in thousands | Share capital | Share premium | Total |
| 31 December 2023 | 32 601 | 993 294 | 1 025 896 |
| 31 December 2022 | 32 590 | 993 294 | 1 025 884 |
| 31 December 2023 | Number of | Number of |
| shares | options | |
| Rolf Barmen (Chief Executive O\ufb03cer) | 69 052 | 250 000 |
| Henning Nordgulen (Chief Financial O\ufb03cer) | 50 000 | 50 000 |
| Roger Finnanger (Head of Business) | 3 378 | 140 000 |
| Arnstein Flaskerud (Head of Strategy, Innovation, Sustainability and M&A) | 50 760 | 140 000 |
| Solfrid K. Aase (Head of Alliance) | 11 156 | 130 000 |
| Solfrid Fluge Andersen (Head of Power markets and energy supply) 1) | 5 171 | 135 000 |
| Per Heiberg-Andersen (Executive Vice President Nordic) | 5 000 | 113 334 |
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) | 54 600 | 60 000 |
| Jeanne K. Tjomsland (Head of HR and Communications) 2) | 26 028 | 103 334 |
| Kari Marvik (Chief Information O\ufb03cer) 3) | - | 30 000 |
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 4) | 500 | - |
| Steinar S\u00f8nsteby (Chair) | 18 668 | - |
| Live Bertha Haukvik (Board member) | 6 870 | - |
| Heidi Theresa Ose (Board member) | 3 181 | - |
| Per Oluf Solbraa (Board member) | 4 254 | - |
| Anne Marit Steen (Board member) 5) | 6 681 | - |
| Frank \u00d8kland (Board member, Employee representative) | 1 149 | - |
| Magnhild Uglem (Board member, Employee representative) 6) | 1 261 | - |
| Stian Madsen (Board member, Employee representative) 7) | 2 009 | - |
| Tone Wille (Board member) 8) | - | - |
| Elisabeth Norberg (Board member, Employee representative) 9) | 3 225 | - |
| Marianne Unhjem (Board member, Employee representative) 10) | - | - |
| Lisbet N\u00e6r\u00f8 (Chair of the Nomination committee) | - | - |
| Atle Kvamme (Member, Nomination committee) | - | - |
| Brede Selseng (Member, Nomination committee) 11) | - | - |
| Total | 322 943 | 1 151 668 |
| Number of | Nominal | Nominal value | Voting rights | Ownership | |
| shares | |||||
| Folketrygdfondet | 10 172 840 | 0,30 | 3 051 852 | 9,36 % | 8,90 % |
| Gudbrandsdal Energi Holding AS | 7 682 161 | 0,30 | 2 304 648 | 7,07 % | 6,72 % |
| Verdipapirfondet Nordea Norge Verdi | 4 315 545 | 0,30 | 1 294 664 | 3,97 % | 3,77 % |
| Vpf DNB Am Norske Aksjer | 4 036 705 | 0,30 | 1 211 012 | 3,71 % | 3,53 % |
| Verdipapirfondet Holberg Norge | 3 300 000 | 0,30 | 990 000 | 3,04 % | 2,89 % |
| Landkreditt Utbytte | 2 795 000 | 0,30 | 838 500 | 2,57 % | 2,44 % |
| Verdipapirfondet DNB smb | 2 600 076 | 0,30 | 780 023 | 2,39 % | 2,27 % |
| Verdipapirfondet Alfred Berg Gambak | 2 309 267 | 0,30 | 692 780 | 2,12 % | 2,02 % |
| Skandinaviska Enskilda Banken AB | 2 223 364 | 0,30 | 667 009 | 2,05 % | 1,94 % |
| The Bank of New York Mellon sa/nv | 2 220 000 | 0,30 | 666 000 | 2,04 % | 1,94 % |
| J.P. Morgan SE | 2 104 482 | 0,30 | 631 345 | 1,94 % | 1,84 % |
| Fjarde AP-Fonden | 1 900 000 | 0,30 | 570 000 | 1,75 % | 1,66 % |
| HSBC Bank PLC | 1 834 093 | 0,30 | 550 228 | 1,69 % | 1,60 % |
| Varde Norge AS | 1 829 639 | 0,30 | 548 892 | 1,68 % | 1,60 % |
| State Street Bank and Trust Company | 1 789 386 | 0,30 | 536 816 | 1,65 % | 1,56 % |
| Verdipapirfondet Storebrand Norge | 1 682 639 | 0,30 | 504 792 | 1,55 % | 1,47 % |
| Nordnet Bank AB | 1 539 909 | 0,30 | 461 973 | 1,42 % | 1,35 % |
| Verdipapirfondet Nordea Avkastning | 1 509 527 | 0,30 | 452 858 | 1,39 % | 1,32 % |
| Verdipapirfondet DNB Norge | 1 374 270 | 0,30 | 412 281 | 1,26 % | 1,20 % |
| Catilina Invest AS | 1 340 183 | 0,30 | 402 055 | 1,23 % | 1,17 % |
| Others | 50 112 525 | 0,30 | 15 033 758 | 46,11 % | 43,82 % |
| Total outstanding shares | 108 671 611 | 32 601 483 | 100 % | 95 % |
| Treasury shares | 5 680 189 | 0,30 | 1 704 057 | 0,00 % | 4,97 % |
| Total shares in issue | 114 351 800 | 34 305 540 | 100 % | 100 % |
| Share capital and share premium | |||
| NOK in thousands | Share capital | Share premium | Total |
| 31 December 2023 | 32 601 | 993 294 | 1 025 896 |
| 31 December 2022 | 32 590 | 993 294 | 1 025 884 |
| 31 December 2023 | Number of | Number of |
| shares | options | |
| Rolf Barmen (Chief Executive O\ufb03cer) | 69 052 | 250 000 |
| Henning Nordgulen (Chief Financial O\ufb03cer) | 50 000 | 50 000 |
| Roger Finnanger (Head of Business) | 3 378 | 140 000 |
| Arnstein Flaskerud (Head of Strategy, Innovation, Sustainability and M&A) | 50 760 | 140 000 |
| Solfrid K. Aase (Head of Alliance) | 11 156 | 130 000 |
| Solfrid Fluge Andersen (Head of Power markets and energy supply) 1) | 5 171 | 135 000 |
| Per Heiberg-Andersen (Executive Vice President Nordic) | 5 000 | 113 334 |
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) | 54 600 | 60 000 |
| Jeanne K. Tjomsland (Head of HR and Communications) 2) | 26 028 | 103 334 |
| Kari Marvik (Chief Information O\ufb03cer) 3) | - | 30 000 |
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 4) | 500 | - |
| Steinar S\u00f8nsteby (Chair) | 18 668 | - |
| Live Bertha Haukvik (Board member) | 6 870 | - |
| Heidi Theresa Ose (Board member) | 3 181 | - |
| Per Oluf Solbraa (Board member) | 4 254 | - |
| Anne Marit Steen (Board member) 5) | 6 681 | - |
| Frank \u00d8kland (Board member, Employee representative) | 1 149 | - |
| Magnhild Uglem (Board member, Employee representative) 6) | 1 261 | - |
| Stian Madsen (Board member, Employee representative) 7) | 2 009 | - |
| Tone Wille (Board member) 8) | - | - |
| Elisabeth Norberg (Board member, Employee representative) 9) | 3 225 | - |
| Marianne Unhjem (Board member, Employee representative) 10) | - | - |
| Lisbet N\u00e6r\u00f8 (Chair of the Nomination committee) | - | - |
| Atle Kvamme (Member, Nomination committee) | - | - |
| Brede Selseng (Member, Nomination committee) 11) | - | - |
| Total | 322 943 | 1 151 668 |
| NOK in thousands | 31 December 2023 | 31 December 2022 |
| Onerous contract provisions - Non-current | 68 383 | 784 239 |
| Onerous contract provisions - Current | 24 879 | 285 336 |
| Onerous contract provisions - Total | 93 263 | 1 069 575 |
| NOK in thousands | 2023 | 2022 |
| Opening balance 1 January | 1 069 575 | 1 089 027 |
| Release of provisions | (730 981) | (1 018 751) |
| New and changed provisions | (173 478) | 1 019 102 |
| Currency translation di\ufb00erence | (71 852) | (19 804) |
| Closing balance 31 December | 93 263 | 1 069 575 |
| NOK in thousands | 2023 | 2022 |
| Impairment and provisions for onerous contracts: | ||
| Change in provisions for onerous contracts | 1 048 166 | 39 256 |
| Impairment of cost to obtain contracts | 14 548 | (39 282) |
| Total depreciation, impairment and provisions for onerous contracts: | 1 062 714 | (26) |
| Unrealised gains and losses on derivative hedge contracts related to \ufb01xed price customer contracts | (1 029 437) | (6 439) |
| Net unrealised gain/loss recognised in statement of pro\ufb01t or loss | 33 277 | (6 465) |
| El-certi\ufb01cate cancellation liabilities | 6 475 | 9 641 |
| Accrued power purchase | 373 463 | 731 799 |
| Prepayments from customers | 40 808 | 46 656 |
| Payroll liabilities | 68 988 | 58 537 |
| Other | 59 410 | 26 594 |
| Total Other current liabilities | 549 145 | 873 227 |
| El-certi\ufb01cate cancellation liabilities | 6 475 | 9 641 |
| Accrued power purchase | 373 463 | 731 799 |
| Prepayments from customers | 40 808 | 46 656 |
| Payroll liabilities | 68 988 | 58 537 |
| Other | 59 410 | 26 594 |
| Total Other current liabilities | 549 145 | 873 227 |
| El-certi\ufb01cate cancellation liabilities | 6 475 | 9 641 |
| Accrued power purchase | 373 463 | 731 799 |
| Prepayments from customers | 40 808 | 46 656 |
| Payroll liabilities | 68 988 | 58 537 |
| Other | 59 410 | 26 594 |
| Total Other current liabilities | 549 145 | 873 227 |
| VAT receivable | - | 5 901 |
| Other prepaid costs | 11 968 | 58 128 |
| Prepaid taxes | 503 | 1 996 |
| Total other current assets | 12 471 | 66 025 |
| VAT receivable | - | 5 901 |
| Other prepaid costs | 11 968 | 58 128 |
| Prepaid taxes | 503 | 1 996 |
| Total other current assets | 12 471 | 66 025 |
| Related party | Relation | Purpose of transactions | 2023 | 2022 |
| Telia Norge AS** | Other | Purchase of telecom services | 65 896 | - |
| Metzum AS | Associated company | Purchase of other services | 40 234 | 38 500 |
| Atea AS* | Other | Purchase of products and other services | 8 472 | 9 922 |
| Related party | Relation | Purpose of transactions | 2023 | 2022 |
| Metzum AS | Associated company | Research and development | 344 | 2 666 |
| Atea AS* | Other | Products and development | 925 | 481 |
| Related party | Relation | 31 December 2023 | 31 December 2022 | |
| Telia Norge AS** | Other | Telecom services | 29 809 | - |
| Metzum AS | Associated company | Research and development | 6 836 | 959 |
| Atea AS* | Other | Products and development | 1 943 | 138 |
| Executive management 2023: | ||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December** | ||||
| Rolf Barmen (Chief Executive O\ufb03cer) 3 477 | 375* | 150 | 774 | 4 776 | - | ||
| Henning Nordgulen (Chief Financial O\ufb03cer) 2 693 | 12 | 150 | 360 | 3 215 | - | ||
| Roger Finnanger (Head of Business) 1 836 | 47 | 110 | 211 | 2 204 | - | ||
| Arnstein Flaskerud (Head of Strategy, Innovation, Sustainability and M&A) 2 007 | 47 | 120 | 324 | 2 498 | - | ||
| Solfrid K. Aase (Head of Alliance) 1 672 | 47 | 100 | 265 | 2 084 | - | ||
| Solfrid Fluge Andersen (Head of Power markets and energy supply) 1) 1 785 | 47 | 100 | 198 | 2 130 | - | ||
| Per Heiberg-Andersen (Executive Vice President Nordic) 1 672 | 47 | 100 | 178 | 1 997 | - | ||
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 2 550 | 70 | 150 | 298 | 3 068 | - | ||
| Jeanne K. Tjomsland (Head of HR and Communications) 2) 156 | - | 10 | 28 | 194 | - | ||
| Kari Marvik (Chief Information O\ufb03cer) 3) 142 | - | 8 | 9 | 159 | - | ||
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 4) 467 | 95 | - | 56 | 618 | - | ||
| Total remuneration executive management 2023 18 457 | 787 | 998 | 2 701 | 22 943 | - | ||
| *In 2023 the CEO received a discretionary bonus of NOKt 375 based on the Group\u2019s performance in 2022. In 2023 the Board of Directors have awarded the CEO a discretionary | |||||||
| bonus of NOKt 1 485 based on the Group\u2019s performance in 2023, which will be paid in 2024. | |||||||
| ** The Group\u2019s executive management had no outstanding personnel loans at year end in 2023. The Group discontinued the loan scheme for personnel loans in 2023. | |||||||
| 1) Head Of Operations until 30 November 2023 and Head of Power 3) From 1 December 2023 | |||||||
| Markets and Energy Supply from 1 December 2023 4) From 1 August 2022 until 31 May 2023 | |||||||
| 2) From 1 December 2023 | |||||||
| Executive management 2022: | |||||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December | |||
| Rolf Barmen (Chief Executive O\ufb03cer) | 3 311 | 500* | 150 | 846 | 4 807 | 294 |
| Henning Nordgulen (Chief Financial O\ufb03cer) 1) | 660 | - | 38 | 86 | 784 | - |
| Roger Finnanger (Head of Business) | 1 692 | 54 | 100 | 219 | 2 065 | - |
| Arnstein Flaskerud (Head of Strategy and M&A) | 1 934 | 67 | 120 | 430 | 2 551 | - |
| Solfrid K. Aase (Head of Service Companies) | 1 612 | 67 | 100 | 354 | 2 133 | - |
| Solfrid Fluge Andersen (Head of Operations) | 1 667 | 67 | 100 | 219 | 2 053 | - |
| Per Heiberg-Andersen (Head of Nordic and other end-user companies) | 1 662 | 67 | 100 | 173 | 2 002 | - |
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 2) | 467 | 50 | - | 53 | 570 | - |
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 3) | 995 | - | 60 | 127 | 1 182 | - |
| Birte Strander (Chief Financial O\ufb03cer) 4) | 792 | 54 | 50 | 183 | 1 079 | - |
| Jeanne K. Tjomsland (Head of HR, Communications and Sustainability) 5) | 1 021 | 67 | 70 | 237 | 1 395 | - |
| Christian Kalvenes (Head of Consumer) 6) | 592 | 54 | 37 | 68 | 751 | - |
| Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 5) | 1 016 | 54 | 70 | 199 | 1 339 | 290 |
| Total remuneration executive management 2022 | 17 421 | 1101 | 995 | 3194 | 22 711 | 584 |
| *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. |
| Steinar S\u00f8nsteby (Chair) | 605 | 545 |
| Live Bertha Haukvik (Board member) | 446 | 401 |
| Heidi Theresa Ose (Board member) | 400 | 360 |
| Per Oluf Solbraa (Board member) | 347 | 312 |
| Anne Marit Steen (Board member) 1) | 311 | - |
| Frank \u00d8kland (Board member, Employee representative) | 109 | 108 |
| Magnhild Uglem (Board member, Employee representative) 2) | - | - |
| Stian Madsen (Board member, Employee representative) 3) | - | - |
| Tone Wille (Board member) 4) | 101 | 312 |
| Elisabeth Norberg (Board member, Employee representative) 5) | 49 | 108 |
| Marianne Unhjem (Board member, Employee representative) 6) | 45 | 108 |
| Lisbet N\u00e6r\u00f8 (Chair of the Nomination committee) | 54 | 53 |
| Atle Kvamme (Member, Nomination committee) | 10 | 32 |
| Ragnhild Stolt-Nielsen (Member, Nomination committee) 7) | 10 | 32 |
| Brede Selseng (Member, Nomination committee) 8) | 23 | - |
| Total remuneration Board of directors | 2 551 | 2 371 |
| line with generally accepted customs locally. | percent of the Company`s outstanding shares, | determination of the remuneration takes into |
| The executive management may receive | (iii) the exercise price for share options shall | consideration the work load, comparable |
| certain limited bene\ufb01ts in kind, including | be set at market price at the time of allot- | companies and the general wages in the |
| company car/car arrangement, telephone, | ment, (iv), the exercise price shall be adjusted | Company. |
| internet access, and magazine/newspaper | for dividend paid before redemption, (v) the | Deviations from these guidelines |
| subscriptions. | share options have a cap on gains of three | |
| Purchase of shares | times the exercise price (before adjustments | The Board of Directors may, on recommen- |
| for dividend payments). The options can be | dation from the Remuneration Committee, in | |
| The management may participate in any | settled by the Company in cash if the share | the circumstances described below resolve |
| Company employee share purchase plans | price exceeds the cap set out in (v), and if so, | to deviate from any sections of these remu- |
| or similar plans on substantially on the same | based on the gain of such cap, which con- | neration guidelines: |
| terms as all employees. \u00a0 | stitutes the limit of maximum potential gain. | \u2022 upon change of the CEO; |
| Share-based incentive programs | Employment agreements | \u2022 upon material changes in Company\u2019s |
| organization, ownership and/or business | ||
| Share-based payments, settled in shares | The CEO and executive management have | \u2022 upon material change in the Company\u2019s |
| or cash, are used as part of the Company\u2019s | six month notice periods. | strategy; |
| incentive schemes. In the view of the Board | The CEO is entitled to a severance pay in | \u2022 upon changes in or amendments to the |
| of Directors, attractive share-based long-term | case of termination of employment by the | relevant laws, rules, or regulations; |
| incentive programs is an important part of the | Company for a period of 12 months after | \u2022 upon other exceptional circumstances |
| total compensation for the executive manage- | expiry of the ordinary notice period. During | where the deviation may be required to serve |
| ment, and which may be necessary to allow | employment and for 12 months after expiry | the long-term interests and sustainability of |
| the Company to retain and hire the talent it | of the notice period (or from the time of | the Company as a whole or to assure its via- |
| needs for further growth. | dismissal), the CEO is bound by the provi- | bility. |
| The executive management and key per- | sions on non-competition and recruiting the | Any deviation from these guidelines shall |
| sonnel shall be concerned with the value | Company\u2019s customers and employees in | be reported in the Remuneration Report for |
| development for the Company`s sharehold- | accordance with the provisions in chapter | the relevant year. |
| ers. A share option program may bind the | 14A of the Working Environment Act of 2005. | \u00a0The Board\u2019s declaration on determining |
| key employees to the Company and may also | Remuneration to employee elected board members | directors pay will be sent out or made availa- |
| contribute to a more cautious wage growth in | ble to the shareholders on the Company\u2019s web | |
| the years to come. | site, together with notice of the annual general | |
| The following speci\ufb01c limitations apply for | The level of remuneration to employee elected | meeting of the Company and the Company\u2019s |
| granting of share options in the Company: | board members for their role as board mem- | annual report and accounts. |
| Executive management 2023: | ||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December** | ||||
| Rolf Barmen (Chief Executive O\ufb03cer) 3 477 | 375* | 150 | 774 | 4 776 | - | ||
| Henning Nordgulen (Chief Financial O\ufb03cer) 2 693 | 12 | 150 | 360 | 3 215 | - | ||
| Roger Finnanger (Head of Business) 1 836 | 47 | 110 | 211 | 2 204 | - | ||
| Arnstein Flaskerud (Head of Strategy, Innovation, Sustainability and M&A) 2 007 | 47 | 120 | 324 | 2 498 | - | ||
| Solfrid K. Aase (Head of Alliance) 1 672 | 47 | 100 | 265 | 2 084 | - | ||
| Solfrid Fluge Andersen (Head of Power markets and energy supply) 1) 1 785 | 47 | 100 | 198 | 2 130 | - | ||
| Per Heiberg-Andersen (Executive Vice President Nordic) 1 672 | 47 | 100 | 178 | 1 997 | - | ||
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 2 550 | 70 | 150 | 298 | 3 068 | - | ||
| Jeanne K. Tjomsland (Head of HR and Communications) 2) 156 | - | 10 | 28 | 194 | - | ||
| Kari Marvik (Chief Information O\ufb03cer) 3) 142 | - | 8 | 9 | 159 | - | ||
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 4) 467 | 95 | - | 56 | 618 | - | ||
| Total remuneration executive management 2023 18 457 | 787 | 998 | 2 701 | 22 943 | - | ||
| *In 2023 the CEO received a discretionary bonus of NOKt 375 based on the Group\u2019s performance in 2022. In 2023 the Board of Directors have awarded the CEO a discretionary | |||||||
| bonus of NOKt 1 485 based on the Group\u2019s performance in 2023, which will be paid in 2024. | |||||||
| ** The Group\u2019s executive management had no outstanding personnel loans at year end in 2023. The Group discontinued the loan scheme for personnel loans in 2023. | |||||||
| 1) Head Of Operations until 30 November 2023 and Head of Power 3) From 1 December 2023 | |||||||
| Markets and Energy Supply from 1 December 2023 4) From 1 August 2022 until 31 May 2023 | |||||||
| 2) From 1 December 2023 | |||||||
| Executive management 2022: | |||||||
| Other | Pension | Total | Loans |
| bene\ufb01ts | costs | neration | 31 December | |||
| Rolf Barmen (Chief Executive O\ufb03cer) | 3 311 | 500* | 150 | 846 | 4 807 | 294 |
| Henning Nordgulen (Chief Financial O\ufb03cer) 1) | 660 | - | 38 | 86 | 784 | - |
| Roger Finnanger (Head of Business) | 1 692 | 54 | 100 | 219 | 2 065 | - |
| Arnstein Flaskerud (Head of Strategy and M&A) | 1 934 | 67 | 120 | 430 | 2 551 | - |
| Solfrid K. Aase (Head of Service Companies) | 1 612 | 67 | 100 | 354 | 2 133 | - |
| Solfrid Fluge Andersen (Head of Operations) | 1 667 | 67 | 100 | 219 | 2 053 | - |
| Per Heiberg-Andersen (Head of Nordic and other end-user companies) | 1 662 | 67 | 100 | 173 | 2 002 | - |
| Marius Sveipe (Chief Executive O\ufb03cer, Gudbrandsdal Energi AS) 2) | 467 | 50 | - | 53 | 570 | - |
| Magnar \u00d8yhovden (Chief Executive O\ufb03cer, Fjordkraft AS) 3) | 995 | - | 60 | 127 | 1 182 | - |
| Birte Strander (Chief Financial O\ufb03cer) 4) | 792 | 54 | 50 | 183 | 1 079 | - |
| Jeanne K. Tjomsland (Head of HR, Communications and Sustainability) 5) | 1 021 | 67 | 70 | 237 | 1 395 | - |
| Christian Kalvenes (Head of Consumer) 6) | 592 | 54 | 37 | 68 | 751 | - |
| Alf-K\u00e5re Hjartnes (Chief Operating O\ufb03cer) 5) | 1 016 | 54 | 70 | 199 | 1 339 | 290 |
| Total remuneration executive management 2022 | 17 421 | 1101 | 995 | 3194 | 22 711 | 584 |
| *In 2022 the CEO received a discretionary bonus of NOKt 500 based on the Group\u2019s performance in 2021. |
| Steinar S\u00f8nsteby (Chair) | 605 | 545 |
| Live Bertha Haukvik (Board member) | 446 | 401 |
| Heidi Theresa Ose (Board member) | 400 | 360 |
| Per Oluf Solbraa (Board member) | 347 | 312 |
| Anne Marit Steen (Board member) 1) | 311 | - |
| Frank \u00d8kland (Board member, Employee representative) | 109 | 108 |
| Magnhild Uglem (Board member, Employee representative) 2) | - | - |
| Stian Madsen (Board member, Employee representative) 3) | - | - |
| Tone Wille (Board member) 4) | 101 | 312 |
| Elisabeth Norberg (Board member, Employee representative) 5) | 49 | 108 |
| Marianne Unhjem (Board member, Employee representative) 6) | 45 | 108 |
| Lisbet N\u00e6r\u00f8 (Chair of the Nomination committee) | 54 | 53 |
| Atle Kvamme (Member, Nomination committee) | 10 | 32 |
| Ragnhild Stolt-Nielsen (Member, Nomination committee) 7) | 10 | 32 |
| Brede Selseng (Member, Nomination committee) 8) | 23 | - |
| Total remuneration Board of directors | 2 551 | 2 371 |
| line with generally accepted customs locally. | percent of the Company`s outstanding shares, | determination of the remuneration takes into |
| The executive management may receive | (iii) the exercise price for share options shall | consideration the work load, comparable |
| certain limited bene\ufb01ts in kind, including | be set at market price at the time of allot- | companies and the general wages in the |
| company car/car arrangement, telephone, | ment, (iv), the exercise price shall be adjusted | Company. |
| internet access, and magazine/newspaper | for dividend paid before redemption, (v) the | Deviations from these guidelines |
| subscriptions. | share options have a cap on gains of three | |
| Purchase of shares | times the exercise price (before adjustments | The Board of Directors may, on recommen- |
| for dividend payments). The options can be | dation from the Remuneration Committee, in | |
| The management may participate in any | settled by the Company in cash if the share | the circumstances described below resolve |
| Company employee share purchase plans | price exceeds the cap set out in (v), and if so, | to deviate from any sections of these remu- |
| or similar plans on substantially on the same | based on the gain of such cap, which con- | neration guidelines: |
| terms as all employees. \u00a0 | stitutes the limit of maximum potential gain. | \u2022 upon change of the CEO; |
| Share-based incentive programs | Employment agreements | \u2022 upon material changes in Company\u2019s |
| organization, ownership and/or business | ||
| Share-based payments, settled in shares | The CEO and executive management have | \u2022 upon material change in the Company\u2019s |
| or cash, are used as part of the Company\u2019s | six month notice periods. | strategy; |
| incentive schemes. In the view of the Board | The CEO is entitled to a severance pay in | \u2022 upon changes in or amendments to the |
| of Directors, attractive share-based long-term | case of termination of employment by the | relevant laws, rules, or regulations; |
| incentive programs is an important part of the | Company for a period of 12 months after | \u2022 upon other exceptional circumstances |
| total compensation for the executive manage- | expiry of the ordinary notice period. During | where the deviation may be required to serve |
| ment, and which may be necessary to allow | employment and for 12 months after expiry | the long-term interests and sustainability of |
| the Company to retain and hire the talent it | of the notice period (or from the time of | the Company as a whole or to assure its via- |
| needs for further growth. | dismissal), the CEO is bound by the provi- | bility. |
| The executive management and key per- | sions on non-competition and recruiting the | Any deviation from these guidelines shall |
| sonnel shall be concerned with the value | Company\u2019s customers and employees in | be reported in the Remuneration Report for |
| development for the Company`s sharehold- | accordance with the provisions in chapter | the relevant year. |
| ers. A share option program may bind the | 14A of the Working Environment Act of 2005. | \u00a0The Board\u2019s declaration on determining |
| key employees to the Company and may also | Remuneration to employee elected board members | directors pay will be sent out or made availa- |
| contribute to a more cautious wage growth in | ble to the shareholders on the Company\u2019s web | |
| the years to come. | site, together with notice of the annual general | |
| The following speci\ufb01c limitations apply for | The level of remuneration to employee elected | meeting of the Company and the Company\u2019s |
| granting of share options in the Company: | board members for their role as board mem- | annual report and accounts. |
| NOK in thousands | Item in Statement of | Note | 31 December | 31 December |
| \ufb01nancial position | 2023 | 2022 | ||
| Collateral | ||||
| Security over trade receivables* | Trade receivables | 6 | 3 694 872 | 7 138 260 |
| Total collateral | 3 694 872 | 7 138 260 |
| Restricted assets | |||
| Restricted cash - Payroll tax deductions | Cash and cash equivalents | 22 | 21 |
| Total restricted assets | 22 | 21 |