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"s7_notes__6__14": {
"value": "Otovo ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
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"s7_notes__6__5": {
"value": "Otovo ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__9": {
"value": "Torggata 7, 0181 Oslo.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__12": {
"value": "The consolidated financial statements of the Group have been prepared in accordance with IFRS\u00aeAccounting Standards and interpretations issued by the IFRS Interpretations Committee (IFRS IC)applicable to companies reporting under IFRS. The consolidated financial statements comply withIFRS as issued by the International Accounting Standards Board (IASB) and approved by the EU.The consolidated financial statements are based on the IFRS mandatory accounting standardseffective 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "None of the issued, not yet effective, accounting standards or amendments to such standards, have been early adopted or are expected to have significant effects for Otovo\u2019s financial reporting. Further, none of the recently issued IFRS Interpretations Committee agenda decisions by the Group are expected to significantly change Otovo\u2019s accounting policies or practices.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "Note 1. General information and basis for preparationGeneral informationOtovo ASA, the parent company of the Otovo Group is a public limited liability company incorporated and domiciled in Norway, with its head office in Torggata 7, 0181 Oslo. The Company is listed on the Oslo Stock Exchange (Oslo B\u00f8rs) and has the ticker \u201cOTOVO\u201d.The consolidated financial statements include the company, its subsidiaries (together referred to as the \"Group\") and the Group's share in associated companies. The Board of Directors authorised for issue the consolidated financial statements on 20 March 2024.The Group's business is primarily related to sale of and subscription services for solar panel installations and related products through an online sales platform, developed and maintained by Otovo.Basis for preparationThe consolidated financial statements of the Group have been prepared in accordance with IFRS\u00ae Accounting Standards and interpretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS. The consolidated financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB) and approved by the EU. The consolidated financial statements are based on the IFRS mandatory accounting standards effective 31 December 2023.The consolidated financial statements have been prepared based on the historical cost principle, with some exceptions, as detailed in the accounting policies set out below. Assets not at fair value are written down to their recoverable amount if the carrying value is higher. The recoverable amount is the higher of either the asset's value in use or its fair value less cost to sell. The consolidated financial statements are presented in Norwegian Krone (NOK), and rounded to the nearest thousand, unless otherwise indicated. NOK is the functional currency of the parent company. Otovo ASA has been granted permission from the Norwegian authorities to publish the Group accounts in English only.New and amended standards Otovo has not implemented any new accounting standards or otherwise made any changes to accounting policies during 2023.None of the issued, not yet effective, accounting standards or amendments to such standards, have been early adopted or are expected to have significant effects for Otovo\u2019s financial reporting. Further, none of the recently issued IFRS Interpretations Committee agenda decisions by the Group are expected to significantly change Otovo\u2019s accounting policies or practices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "Consolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "Consolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__35-1": {
"value": "revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Revenue recognition of subscription agreementsThe Group has entered into 20 year subscription agreements with customers for their use of solar panels provided by the Group. It requires judgement to determine whether the promise in the contract with the customer is to transfer a good or a service, or a series of distinct goods or services. The review of the contract has concluded that control over the assets has not been passed to the customer, and that the contracts do not contain a lease and are to be reported as service agreements in accordance with IFRS 15. The conclusion is based on the fact that the customer is not able to operate the asset throughout the period of use or impact the output of the solar panels. Neither is the customer able to design the assets in a way that predetermines how and for what purpose the asset will be used throughout the period of use. The customer is only able to choose between a few different classes of panels, and the number of panels, and will in reality receive a product that is predesigned by the Group. Revenues are recognised monthly in accordance with the invoiced subscription amount. The Group has also entered into 10 year subscription agreements with customers for their use of home batteries provided by the Group. The review of the contract has concluded that it conveys the right to control the use of an identified asset for a period of time in exchange for consideration, and that the contracts are to be reported as leases in accordance with IFRS 16. The conclusion is based on the fact that the customer has both the right to direct the identified asset\u2019s use and to obtain substantially all the economic benefits from that use. It requires judgement to determine whether the leases should be classified as operating leases or financial leases. The review of the contract has concluded that substantially all the risks and rewards incidental to ownership of the underlying assets have not been transferred for most of the Group\u2019s, and these leases are classified as operating leases. The conclusion is based on the fact that ownership of the asset is not transferred to the lessee by the end of the lease term, and that the lessee does not have the option to purchase the asset at a price lower than fair value. Further to this the lease term is not for the major part of the economic life of the asset, and the asset is not of a specialised nature. Revenues from operating leases are recognised monthly in accordance with the invoiced subscription amount. The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. Refer to note 2 for more information.",
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},
"s7_notes__6__29": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
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"s7_notes__6__28": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
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"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
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"s7_notes__6__24": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
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"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
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"s7_notes__6__21": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s7_notes__6__18": {
"value": "Note 2. Significant accounting principlesConsolidation principlesThe consolidated financial statements present the aggregated profit and loss and financial positioof Otovo ASA, including companies that are directly or indirectly controlled by Otovo ASA. The Groucontrols a company when it is exposed, or has rights, to variable returns from its involvement with thcompany and has the ability to affect those returns through its power over the company. In the instances where the Group has controlling interest while owning less than 100% of thsubsidiary, the subsidiary is still recognised with 100% line by line, while the non-controlling interestpart of profit after tax and equity are presented as a separate line. If the Group holds less than thmajority of the voting rights of a company, the Group may still have power, for example througcontractual arrangements. Subsidiaries are fully consolidated from the date control was achieveduntil the date when control was ceased. The comprehensive income for each component is assigneto the owners of the parent company and the non-controlling interests. This distribution is presenteon separate lines in the consolidated financial statements. Intercompany transactions, as well aunrealised revenue and expenses from intercompany transactions, are eliminated in thconsolidated financial statements. Unrealised gains or losses are eliminated to the extent in which does not affect the value.Business combinations and goodwillBusiness combinations that occur after 1 January 2020 are accounted for according to theacquisition method in IFRS 3. Under IFRS 3, the considerations are measured at the fair value oftransferred assets, equity and liabilities incurred. Goodwill is measured as the difference between theconsideration transferred and net identifiable assets. Identifiable assets, liabilities and contingentliabilities are calculated at fair value at the time of the acquisition. Transaction-related costs areexpensed as incurred.The allocation of the purchase price in business combinations may affect the impairment assessments of assets, including goodwill, in future periods.Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units (CGU), or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units.Goodwill is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired, by comparing the carrying amount of the CGU, including goodwill, with the recoverable amount of the CGU. The Group calculates the recoverable amount of the CGU by determining the higher of the fair value less cost to sell and its value in use. The key assumption for the value in use calculation is the forecasted cash flows during the forecast period. If the recoverable amount of the CGU is less than the carrying value of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is recognised immediately in the consolidated income statement and is not reversed in a subsequent period.Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesRevenueThe Group\u2019s revenue streams can be broken down as follows:Revenues from leases (lessor - operating lease)The Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. The batteries are guaranteed by the hardware producers to have 70-80% of original capacity at the end of the lease, and the estimated useful life of a home battery is 15 years or more. The customer has the right to purchase the battery during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Otovo has concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. Revenues from leases (lessor - finance lease)The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership of an underlying asset. Otherwise a lease is classified as an operating lease. Otovo has concluded that the Group has transferred substantially all the risks and rewards incidental to ownership of the batteries installed in Germany in 2023, and has classified the related subscription contracts as finance leases. At the inception of the lease the net present value of the minimum lease payments and any discounted unguaranteed residual value are recognised as a interest bearing receivable, split into a non-current and a current part. Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue is recognised at the point in time when the battery installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period. Finance income is recognised over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment.Revenues from leases are reported in the Group\u2019s subscription segment.Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Financial income and expensesInterest income or expense is recognised using the effective interest method. Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually. Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value. Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur. Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula. Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).Cash flow statementThe cash flow statement has been prepared according to the indirect method.Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "Foreign currency translation and transactionsThe consolidated financial statements are presented in NOK, which is Otovo ASA\u2019s functional currency. Foreign currency transactions are translated into the entities\u2019 functional currency using the exchange rates prevailing at the date of each transaction. Monetary assets and liabilities in foreign currencies are translated into the entities\u2019 functional currency using the exchange rates on the balance sheet date. Foreign currency exchange gains and losses resulting from the settlement of such transactions are recognised in the statement of profit and loss as foreign exchange gains/losses. The Group has foreign entities with functional currency other than NOK. At the reporting date, the assets and liabilities of foreign entities with functional currencies other than NOK are translated into NOK at the rate of exchange at the reporting date and their income statements are translated at the average exchange rates for the year. The translation differences arising from the translation are recognised in other comprehensive income until the disposal of the net investment, at which time they are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "Current/non-current classificationAn asset is classified as current when it is expected to be realised, or is intended for sale or consumption, in the Group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realised or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the Group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period or if the Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34-1": {
"value": "Reporting segmentsSegments in the Group are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, the Group Executive Management. The segment reporting is consistent with internal policies regarding allocation of resources and assessments of the Group\u2019s performance. Transactions between the operating segments are based on market prices.The Group\u2019s operating segments are Marketplace and Subscription SPV.The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Currently the subscription period for solar panels is 20 years, while it is 10 years for batteriesNote 6. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\", previously reported as \"Direct Purchase\", and \"Subscription SPV\". The Executive Management monitors the operating results of these business lines separately for the purposes of making decisions about resource allocation and performance assessment. The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Revenues and Cost of goods sold on sales to Group internal parties, using the assets in its subscription business, are eliminated in the Consolidated financial statements. Internal profits are eliminated against Property, plan and equipment, as the assets purchased by the Subscription segment are recognised in the balance sheet. Currently the subscription period for solar panels is 20 years while it is 10 years for batteries. Subscription for solar panel installations are classified as service agreements, while subscription contracts for batteries are classified either as operating leases or finance leases. Refer to note 2 for further information. The segment reporting is presented in the same manner as presented to the Executive Management. Information regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2023 2022 2023 2022 2023 2022 2023 2022Revenue996 209 637 501 14 341 - - -1 010 550 637 501Revenue internal 376 880 151 948 - - - 376 880 - 151 948 - -Other operating income 43 739 3 343 38 285 11 420 - - 83 026 14 763Other operating income 5 279 2 688 1 002 - - 6 281 - 2 688 - -internalTotal operating income 1 422 107 795 480 53 628 11 420 - 383 161 - 154 636 1 092 574 652 264Cost of goods sold 1 163 605 654 678 12 048 - - 366 003 - 131 527 809 649 523 151Payroll and related 346 924 218 552 251 565 97 - 347 272 219 117costsDepreciation, amortisation and 31 132 23 235 22 722 6 316 21 346 34 782 75 200 64 333impairmentOther operating 238 955 158 322 26 706 7 586 - 5 756 - 2 711 259 904 163 197expensesOperating profit/(loss) - 358 509 - 259 307 - 8 099 - 3 047 - 32 845 - 55 180 - 399 451 - 317 534Revenue external by product / service 2023 2022Solar panels and related products 996 209 637 501Finance lease 14 341 -Operating lease and service agreements 38 285 11 420Other operating income 43 739 3 343Total operating income 1 092 574 652 264Disaggregation of Total operating incomeThe reported Revenue is stemming from contracts with customers for their purchase of solar panels and batteries. The reported Other operating income is stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The remainder, is primarily relating to gain on disposals of EDEA AS and EDEA AB of approximately approximately NOK 38 million in 2023, and government grants. Total operating income from external customers is NOK 1 093 million, while it is NOK 383 million on intersegment sales. Intersegment sales is primarily sale of solar panels and related products from the Marketplace segment to the Subscription segment.Geographical distribution of external revenues based on customer locationGeographical information 2023 20221North464 092 268 0622DACH + Italy415 475 220 4523Benefrux120 115 110 3934Atlantic92 891 53 357Total revenue and other income 1 092 574 652 2645Assets by geographical location of the companyGeographical information 2023 20221North157 454 200 4252DACH + Italy154 224 54 5343Benefrux167 962 123 5174Atlantic144 007 99 9635Total non-current assets623 650 478 4401) Norway, Sweden and Poland, of which Norway is 213 172 (2023) and 161 574 (2022)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UK5) Non-current assets excluding deferred tax assets and other non-current financial assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36-1": {
"value": "Revenues from Contracts with Customers Revenues from contracts with customers primarily comprise sale of \u2022 Goods: solar panel installations and related products such as batteries\u2022 Services: subscriptions relating to use of solar panel installationsIn addition to selling solar panel installations the Group enters into 20 year subscription contracts with customers for their use of standard, mass produced solar panels installed at their premises. The estimated useful life of solar panels is 30-40 years or more. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.All major components of the solar panels installed are standardised, i.e. there is no tailor made solution that works only with that specific house or on that specific roof. The solar panels are guaranteed by the hardware producers to have no malfunctions in 12-15 years, and have a performance warranty of 25 years. The customer can choose amongst different panels standards but is not able to direct how and for what purpose the solar panel installation is used throughout the period of use. The contracts are classified as service agreements in accordance with IFRS 15.When the Group enters into an agreement with a customer, the goods and services promised in the contract are identified as separate performance obligations to the extent that the customer can benefit from the goods or services either on their own or together with other resources that are readily available to the customer, and that the goods and services are separately identifiable from other promises in the contract. Goods and services that do not meet the criteria to be identified as separate performance obligations are aggregated with other goods and/or services in the agreement, until a separate performance obligation is identified. Otovo\u2019s contracts with customers are for installation of a complete system of solar panels and related products, as well as subscription services for the use of solar panels. It is not possible to purchase neither the solar panels nor the installation services separately from Otovo and the solar panels are first delivered to the customer when the installation starts. The solar panels and the installation are highly interrelated as the customer can not benefit from either the solar panels or the installation in isolation.The Group provides standard guarantees for the period of up to 10 years from installation of the solar panels. These are guarantees that are either mandatory or expected by the customer and not a product that could have been sold separately, hence Otovo has concluded that the guarantee is not a separate performance obligation.The Group determines the transaction price to be the amount of consideration which it expects to be entitled in exchange for transferring the promised goods and services to the customer, net of discounts and sales related taxes. Sales related taxes are regarded as collected on behalf of the authorities. The Group adjusts the transaction price for a significant financing component if, at contract inception, the expected period between the transfer of a good or service to the customer and when the customer pays for that good or service is more than one year, unless the timing of the transfer of those goods or services is at the discretion of the customer (i.e. prepaid services). Prepayments are used in some markets to reduce credit risk. Due to the short time lag between prepayment and transfer of ownership the Group has concluded that the contract does not include a financing arrangement. In some of the Group\u2019s markets parts of the settlement from the customer is through non-cash consideration, the non-cash consideration is recognised at fair value at the transaction date. Payment terms are ranging from a few days to a few weeks, varying from market to market.New contracts are created for any modifications after installation, this is invoiced and recognised in revenues separately.Revenue is recognised when the respective performance obligations in the contract are satisfied and payment remains probable. Revenue from sales of solar panels and batteries is recognised at the point in time when the solar panel installation is completed and the related significant risks and rewards of ownership is transferred to the customer. Revenue from the provision of services is generally recognised over time when or as the Group performs the related service during the agreed service period.When another party is involved in providing goods or services to a customer, the Group evaluates whether it has an obligation to provide the specified goods or services itself (i.e. the Group is a principal) or to arrange for those goods or services to be provided by the other party (i.e. the Group is an agent). Where the Group acts as a principal, the revenues are recognised on a gross basis with any related expenses charged as costs. Where the Group acts as an agent, the expenses are offset against the revenues and the resulting net revenues represent the margins or commissions earned for providing services in the capacity of an agent. Solar panel installations are performed by a significant number of partners registered on Otovo\u2019s digital platform, though as it is the Group that has the primary responsibility for fulfilling the promise towards the customer revenues from installation of solar panels are recognised gross in the income statement.Note 22. Contracted future subscription paymentsAmounts in NOK thousand\"Subscription customers enters into a 20 year contract for PV systems, and 10 year contract for batteries, paying a monthly price that is adjusted for inflation annually. The existing subscription customers are contracted to pay the subscription SPV NOK 914m over the next 20 years, assuming 2% annual inflation for the remainder of the contract period, without accounting for churn. The customer has the right to purchase the solar panel installation during the contract period at residual value, which is considered to be above market value, or at the end of the contract period at market value. Dismantling expenses at the end of the contract period are to be covered by the customer.Swedish and Norwegian subscription portfolios were sold during the year and are excluded from contracted customer payments.Subscriptions customers have 20 year guarantees for PV systems, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur, if not covered by warranties from hardware producers or installation partners. \"202520272032EDEA Contracted customer payments NPV 2024Total-2026-2031-2043Non-discounted contracted 43 979 90 614 242 875 536 549 914 017 customer payments assuming 2% annual inflation adjustmentsNPV at 5% discount rate 589 286Note 25. Finance leaseAmounts in NOK thousandThe Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. Otovo has previously concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. The following amounts from the consolidated statement of profit and loss, if any, relates to finance leasesConsolidated statement of profit and loss 2023 2022Revenue 14 347 -Other operating income 11 -Cost of goods sold 12 048 -Financial income 441 -Net impact on Consolidated statement of profit and loss 2 751 -Consolidated statement of financial position 31 Dec 2023 31 Dec 2022- Less than one year 1 850 -- One to five years 7 400 -- More than five years 10 175 -Gross finance lease receivable 19 425 -Less unearned financial income -5 706 -Total finance lease receivables 13 719 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38-1": {
"value": "Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.Note 7. Employee benefitsAmounts in NOK thousandSpecification of payroll and related cost 2023 2022Salary/wages 278 612 174 556Employee tax 53 609 31 621Pension costs 8 598 7 624Other personnel costs 6 453 5 316Total payroll expense 347 272 219 117Full time equivalents 2023 2022Male 218 214Female 165 137Total 383 352Percentage female employees 43% 39%Remuneration to CEO, Executive Management and board members Share-2023 Salary Bonus PensionOther Totalbased CEO 2 581 263 125 - 8 2 977 Other members of 11 680 2 013 657 - 843 15 193 Executive ManagementBoard members - - - - 1 270 1 270 Total remuneration 14 261 2 276 782 - 2 121 19 440Share-2022 Salary Bonus PensionOther Totalbased CEO 2 232 869 100 239 9 3 449 Other members of 8 070 2 301 370 239 123 11 103 Executive ManagementBoard members - - - - 558 558Total remuneration 10 302 3 170 470 478 690 15 110Salary to CEO and other members of Group ManagementThe accumulated remuneration to the CEO and other members of Group Management consists of a fixed salary, standard pension- and insurance terms for employees and a variable salary. Additionally, the Group Management has received share-based payments. The main purpose of the system for management remuneration is to stimulate a strong and lasting profit oriented culture leading to an increasing value of the Company. Other members of Group Management consist of 7 persons, included in the table above with the remuneration for the period they were members of Group Management. The management team, excluding CEO, has on average consisted of 6 persons in 2023 and 2022. The Group Management are members of a collective pension and insurance scheme applicable to all employees in the country of employment. Loans to employees and board membersOne member of Group Management has been granted a loan. Refer to the remuneration report for further details. No guarantees have been given to members of the Management, the Board of Directors or other elected corporate bodies.Pension costs and obligationsThe Group has a defined contribution plan for some of its employees. The Group\u2019s payments are recognized in the profit or loss as an employee benefit expenses for the year to which the contribution applies. The company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods, and therefore does not record a pension liability in the balance sheet.The pension schemes of the Norwegian companies in the Group follow the requirements in the Act on Mandatory company pension.Shares, shares options, performance shares and retention shares held by CEO, other members of Group Management and Board of Directors, or by an entity controlled by theseShare Perform.Retention Total Name Role Sharesoptionssharesshares31.12.2023Andreas Thorsheim CEO 8 664 610 9 000 000 - 14 300 17 678 910Other members for Group Management 2 824 057 10 440 000 - 400 141 13 664 198ManagementChairman of the Peter Mellbye127 306 - - - 127 306boardJosefin Christina Landg\u00e5rd Board member 91 583 - - - 91 583Stine Halla Board member 28 653 - - - 28 653Julie Orzechowski Board member 14 326 222 000 - - 236 326Shares, shares options, performance shares and retention shares held by entities which have representation in the Board of DirectorsName Shares\u00c5 Energi Invest AS 87 732 581 Axel Johnson AB 68 655 978 OBOS BBL 7 261 870 Share-based paymentsThe Group has in place share option programmes where the employees have been granted options at the strike price in accordance with the market price at the time of issuance. The programs includes both existing and new employees who are awarded options based on an allocation into defined tiers proposed by Management and approved by the Board of Directors. The options vest with \u2153 each year the three years after the issuance. In December 2023 Otovo granted share options to management and key personnel and cancelled old option programs. The new grant is recognised at its grant-date fair value and the original grant is accounted for as a cancellation. The cancellation is accounted for as an acceleration of the vesting period and any amount unrecognised that would otherwise have been recognised was recognised immediately as an expense. The expense related to the cancellation was NOK 17.4 million. The cancelled options are included in \"Options forfeited\" in the below overview of outstanding options. Furthermore, a share purchase programme was established by the Group in 2020 where the participants subscribe to new shares as an initial investment, and receive performance shares after two years if the share price has doubled and retention shares after three and four years respectively if they are still employed with the Group. The share purchase program is discontinued, but but there are still outstanding retention shares.Expenses related to share-based payments included in total payroll expense 2023 2022Share-based payments 47 629 24 950Social security contribution -1 309 -5 128Total expenses related to share-based payments 46 320 19 822Overview of outstanding options (after share split) 2023 2022Outstanding options 1 January 4 740 007 1 586 160Options granted 32 396 000 5 562 499Options exercised -23 340 -1 180 826Options forfeited -9 539 333 -1 227 826Outstanding options 31 December 27 573 334 4 740 007Of which exercisable 5 000 79 996 Average share price at grant date (NOK per share) 3,55 22,73Weighted average remaining contractual life of outstanding options (years) 2,5 2,5Overview of outstanding performance and retention shares 2023 2022Outstanding shares 1 January 1 417 762 2 129 070Shares granted - -Shares released - \u2212Shares forfeited -343,832 \u2212711 308Outstanding shares 31 December 1,073,930 1 417 762Performance shares 31 December - 269 571Retention shares 31 December 1,073,930 1 148 191Total 1,073,930 1 417 762Weighted average remaining contractual life of performance shares - 1,3Weighted average remaining contractual life of retention shares 1.5 2,5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "Employee benefitsCurrent liabilities to employees, such as salary, are measured at an undiscounted basis and recognised in the period in which they are incurred. Pension contributions are paid into defined contribution pension plans and there are no outstanding pension liabilities at the time of the payments. Contributions made for the defined contribution pension plans are expensed in the period in which they are incurred.Share-based paymentsThe fair value of options granted under the share-based payments programme is recognised as an employee benefit expense with a corresponding increase in equity and other current liabilities. The Group has share-based payment programs to management and employees. The Group is obliged to withhold and pay an amount, and report the full amount, to local tax authorities for the employee\u2019s tax obligations associated with redemption of vested share options. In addition, the Group may be obliged to report and pay social security tax. These share-based payment programs, including tax, are considered as equity-settled share-based payments. In addition, the Group is obliged to make a provision for social security tax related to these programs, to be transferred to the tax authority, normally in cash. This part of the share-based payment arrangements is recognised as a cash-settled share-based payment. Equity-settled share-based payments are measured at fair value (excluding the effect of non-market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed over the vesting period, based on the Group\u2019s estimate of the shares that will eventually vest, adjusted for the effect of non-market based vesting conditions. Cash-settled share-based payments are measured at fair value of the liability. The liability is remeasured at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39-1": {
"value": "Financial income and expensesInterest income or expense is recognised using the effective interest method.Note 9. Financial income and expensesAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 12. The increase in interest income from 2022 to 2023 is related to cash balance from capital increases in 2023, while the increase in interest expense is related to debt financing of new subscription assets. Other financial expenses are primarily consisting of commitment fees and amortisation of arrangement fees relating to the new debt facility for financing of subscription assets. Refer to note 16 for more information about the facility. The increase in net currency gain is primarily attributable to internal loans denominated in EUR, resulting from the strengthening of EUR compared to NOK.Specification of financial income 2023 2022Interest income 4 309 1 017Net currency gain 20 587 10 625Other financial income 178 789Total financial income 25 074 12 431Specification of financial expenses 2023 2022Interest expenses 19 185 3 792Net currency loss - -Other financial expenses 10 048 288Total financial expenses 29 234 4 080",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__40": {
"value": "Income taxIncome tax expense includes taxes incurred during the year (tax payable) and changes in deferred tax and deferred tax assets.Deferred income tax is calculated on all temporary differences between the carrying amounts for reporting purposes and the taxable value at the reporting date. The tax calculations are based on the nominal tax rate. Deferred tax assets arise when the temporary differences provide taxable deduction in the future, and the deduction is expected to be used. Deferred income tax asset and liability are offset when there is a legally enforceable right to offset, and is related to income taxes levied by the same taxation authority for the same taxable entity or separate taxable entities where the intention is to settle taxable positions on a net basis.Tax payable and deferred tax/deferred tax assets are calculated at the tax rate based on the countries that Otovo is liable to pay tax.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Property, plant and equipmentProperty, plant and equipment are presented in the statement of financial position at cost, less accumulated depreciation and write-downs. Property, plant and equipment related to acquisitions are recognised at fair value on the date of acquisition. Material components of fixed assets with varying life expectancy are separately assessed in depreciation schedules. Straight line depreciation is used over the useful life of assets.Acquisition costs include costs directly related to the purchase of fixed assets, including purchase price and costs directly related to development and preparation of the assets' intended use. Repair and maintenance are expensed as incurred. If new parts are capitalised, replaced parts are derecognised and any remaining net carrying amount is recognised in operating profit (loss) as loss on disposal.An asset is derecognised at the point no future economic benefit can be identified. Gain or loss on sale of an asset is calculated as the difference between sales price and book value at the time of the sale. The gain is recognised under other income while the loss is recognised under other operating expenses. The expected useful life and residual value, which are used in the depreciation calculation of tangible fixed assets, are reviewed, and if necessary, adjusted annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "Leases (lessee)The Group leases office buildings and smaller equipment. Rental contracts are typically made for fixed periods of 6 months and above, but may have extension or termination options. Right-of-use assets and lease liabilities are initially recognised in the consolidated statement of financial position at present value of future lease payments. Lease payments are discounted with the Group's estimated incremental borrowing rate. Right-of-use assets are depreciated on a straight-line basis from the time of recognition to the first of either end of useful life or end of lease term. Extension options, which are assessed as reasonably certain to be exercised, are included in the lease term. Lease payments are split into payment of principal and interest. Interest on lease liabilities in each accounting period during the lease period will be the amount which presents a constant periodic interest for the lease liability's outstanding balance (annuity principle). The interest expense is included in Financial expenses. Payments associated with short-term leases and all leases of low-value assets are recognised on a straight-line basis as other operating expenses in the Consolidated Income Statement. Short-term leases are leases with a lease term of 12 months or less. Right-of-use assets are presented separately in the consolidated statement of financial position, and lease liabilities are classified as either current or non-current. Next year's payment of principal is classified as current. In the statement of cash flows, payments on lease principal is included in financing activities and interest is operating activities. The transaction of entering into new lease agreements has no cash flow effect.When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "Research and development costsThe development costs capitalised relate to the development of the software \u201cOtovo Cloud\u201d. The software is the platform used in the interface between the Group, its customers and potential customers, and installation partners. See further details in note 13.Development expenditures are capitalised only when the criteria for recognition is met, i.e. that it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, management has committed itself to complete the asset, the technical feasibility of completing the asset has been demonstrated and the cost can be measured reliably. The assets are amortised over their expected useful life once the assets are available for use. Costs incurred during the research stage of a project, as well as maintenance and training costs are expensed as incurred. Development costs that do not meet the criteria for capitalisation are expensed as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45-1": {
"value": "Trade receivablesTrade receivables and other receivables are carried on the consolidated statement of financial position at amortised cost after deduction of provision for estimated losses. The Group measures expected losses on trade receivables by the use of an expected loss model in accordance with IFRS 9. The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Note 14. Trade receivablesAmounts in NOK thousand 31 Dec 2023 31 Dec 2022Trade receivables 49 017 46 667Provision for bad debt -2 821 -2 613Total trade receivables 46 196 44 054Trade receivables at 31 December - ageing 31 Dec 2023 31 Dec 2022Not due 14 762 19 5241\u201330 days past due 16 117 12 65531\u201360 days past due 1 422 4 30861\u201390 days past due 5 998 1 894More than 90 days past due 10 718 8 286Total trade receivables 49 017 46 667For the trade receivables that are not impaired or past due, there are no indicators at the date of the reporting that the debtors will not be able to meet their payment obligations. Expected losses for trade receivables past due are estimated based on payment history, the cause of the default, the collection methods available in the applicable markets and other relevant information. Refer to note 19 for further information about the Group's assessment of credit risk. Trade receivables denominated in currency 31 Dec 2023 31 Dec 2022NOK 4 055 14 468SEK 7 556 6 638EUR 25 231 24 760PLN 2 456 585CHF 8 960 -GBP 758 217Total trade receivables 49 017 46 667",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "Intangible assetsIntangible assets are measured at cost less any accumulated amortisation or impairment losses. Intangible assets acquired through business combinations are measured at fair value at the acquisition date. Intangible assets with finite useful lives are amortised using the straight-line method over estimated useful lives. Intangible assets are derecognized on disposal, or when no future economic benefits are expected to be derived. Gains or losses arising from derecognition are measured as the difference between the sales price and carrying value. The gains or losses are recognized as other operating income or other operating expenses in the consolidated statement of income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "Bank deposits and cash and cash equivalentsCash and cash equivalents consist of cash and short-term deposits as well as immediately available balances with banks and similar institutions. Short-term deposits are easily and readily convertible to a known amount of cash and have a maturity of not more than three months.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "Interest-bearing liabilitiesInterest-bearing liabilities are initially recognised at fair value less prepaid expenses that are directly attributable to the financial liability.After initial recognition, interest-bearing liabilities are measured at amortised cost using the effective interest-method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "ProvisionsProvisions such as workforce reductions, onerous contracts and legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are measured at management\u2019s best estimate of the expenditure required to settle the obligation at the reporting date and are discounted to present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "Warranty provisionsThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Subscriptions customers have 20 year guarantees for solar panel installations, 10 years for batteries, the guarantee is related to the performance of assets held and maintained by the Group. The Group\u2019s share of repair and replacement costs will be expensed as they occur.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50-1": {
"value": "Accounts payables and other payablesPayables are recognised when the counterparty has performed and there is a contractual obligation on the Group to pay, even if an invoice has not yet been received. Accounts payable are recognised when an invoice has been received. Accounts and other payables are recognised initially at fair value and subsequently measured at amortised cost. The anticipated maturity of these payables is short, so their carrying values are not discounted.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.23yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 763 9 534 - - - - -1Credit institutions & other 237 509 2 077 233 748 1 123 561 - -Trade payables 69 343 69 343 - - - - -Public duties payable 13 735 13 735 - - - - -Other current liabilities 145 632 145 632 - - - - -Total 482 983 240 321 233 748 1 123 561 - - Total as of< 12 345>531.12.22yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 619 7 918 5 158 3 544 - - -1Credit institutions & other135 136 9 464 9 134 8 945 8 588 8 064 90 941 Trade payables 71 473 71 473 - - - - -Public duties payable 27 415 27 415 - - - - -Other current liabilities 147 260 147 260 - - - - -Total 397 904 263 530 14 292 12 489 8 588 8 064 90 941 1) Borrowings from credit institutions and other interest-bearing liabilities",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "InventoryInventories comprise solar panels, batteries and related products such as inverters. Purchases are made to reduce supply chain risk. Otovo Group does not hold work in progress, spare parts and raw materials. Inventories are stated at the lower of cost and net realisable value, where the latter is the estimated selling price in the ordinary course of business less estimated completion and selling costs. Inventories are presented net of write-downs. Write-downs are recognised for the amount by which the carrying amount exceeds the net realisable value. Costs of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Cost is determined using the weighted average cost formula.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "Related partiesParties are defined as related parties if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. All transactions between the related parties are based on the principle of \u2018arm\u2019s length\u2019 (estimated market value).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "Cash flow statementThe cash flow statement has been prepared according to the indirect method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__54-1": {
"value": "Events after the balance sheet dateNew information about the Company's position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company's position on the balance sheet date, but which affect the company's future position are reported if it is of significance.Note 26. Events after the reporting periodEquity financingOn 2 January 2024 the Company announced a subsequent offering comprising up to 17,400,000 shares in the Company at a subscription price of NOK 3.45 per share, directed towards eligible shareholders that were not allocated shares in the private placement conducted on 9 November 2023. By the end of the subscription period, that expired on 9 January 2024, the Company had received valid subscriptions for 364,944 new shares. On 10 January the Company's board resolved to allocate a total of 364,944 new shares, raising gross proceeds of approx. NOK 1.26m. The capital increase related to the share issue, was registered on 17 January 2024.Otovo and Meyer Burger collaboration On 7 February 2024 the Company announced the launch of a partnership with Swiss solar module manufacturer Meyer Burger Technology Ltd, starting in February. As part of the initiative, Meyer Burger's high-quality solar products will be included in the Otovo marketplace as a European, sustainable module alternative. The alliance combines the traditional expertise of Meyer Burger with the agility of Otovo. Meyer Burger contributes its high-quality solar modules manufactured in Europe, while Otovo contributes its efficient and digital sales process. This symbiosis enables both companies to leverage their individual strengths to serve the European solar market more effectively and offer consumers a wider choice.Launching subscription product in United KingdomOtovo\u2019s Subscription entity in the United Kingdom, European Distributed Energy Assets Limited, has been authorized by the Financial Conduct Authority (\u201cFCA\u201d) to enter into regulated credit agreements as a lender in the United Kingdom. This is a requirement to offer subscriptions in the UK market. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "ImpairmentThe Group has made significant investments in property, plant and equipment, intangible assets, goodwill and other investments. Goodwill, intangible assets with indefinite useful life and intangible assets not yet in use are tested for impairment annually or more often if indicators of impairment exist, whereas other assets are tested for impairment when circumstances indicate there may be a potential impairment. Factors that indicate impairment which trigger impairment testing include the following: significant fall in market values; significant underperformance relative to historical or projected future operating results; significant changes in the use of the assets or the strategy for the overall business, including assets that are decided to be phased out or replaced and assets that are damaged or taken out of use; significant negative industry or economic trends; significant loss of market share; significant adverse political and/or regulatory development.In accordance with IAS 36 Impairment of assets the recoverable amounts of assets and companies is the higher of value in use and fair value less cost of disposal. Value in use, particularly when discounted cash flow methods are used, involves management judgement. There is estimation uncertainty, complexity and subjectivity related to the value in use determination, including determining appropriate cash-generating units, determining the discount rate, estimating future performance, revenue generating capacity of the assets, margins, political and regulatory risk, required maintenance capex, technological developments, and assumptions of the future market conditions. In some markets, certain expenses and capex are denominated in foreign currency and impacted by currency fluctuations. Recessionary effects and increased macroeconomic risks may impact the estimates of growth, future performance and discount rates used in estimating recoverable amounts of assets. Discount rates are impacted by several macroeconomic factors including borrowing rates, country risk, inflation assumptions and currency development. For assumptions used, external evidence has been taken into consideration. Refer to note 13 for further information about the assumptions used.The future developments of EBITDA margins, invested capital and growth, are important in the Group\u2019s impairment assessments, and the long-term estimates of EBITDA margins for each country are uncertain.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "Note 3. Use of estimates and judgementThe Group consolidated financial statements are prepared on the basis of uniform accounting principles for similar transactions and events. Unless otherwise stated the accounting policies as set out above have been consistently applied to all reporting periods presented. Presentation and classification of items in the financial statements is also consistent for the periods presented.The preparation of consolidated financial statements requires management to make judgements and assumptions that can significantly affect the amounts recognised in the financial statements. Additionally, major sources of estimation uncertainty at the end of the reporting period can have a significant risk of resulting in a material adjustment to the carrying amounts of assets or liabilities in future periods. Key sources of estimation uncertainty and critical judgements are continually evaluated and updated based on expectations about future events that are believed by Management to be reasonable under the circumstances. When applying the Group\u2019s accounting policies, Management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements.Areas where the use of assumptions and estimates are significant for the Group Accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "Non-cash considerationSubsidy related receivables are related to subsidy programs in Sweden and Italy where parts of the consideration from the customer is settled non-cash in the form of tax credit receivables. It requires judgement to estimate the fair value of the non-cash consideration. At the transaction date the fair value of the tax credit is calculated. The tax credit asset is reported as a current asset, pending settlement from a third party, and is included in Other receivables and prepayments at its fair value. The tax credit asset is remeasured at each reporting date and fair value adjustments are included in Other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "Share-based paymentsEstimating the fair value for share-based payment transactions requires judgement as to the use of the most appropriate valuation model, which depends on the terms and conditions of the option program agreements. Management has decided to use the BlackScholes option-pricing model. The estimate of the option\u2019s fair value requires Management judgement related to the definition and estimation of the inputs to the option-pricing model, which include the expected life of the share option, as well as the estimated volatility of the underlying share price and determination of the risk free rate of return. The assumptions and model used for estimating the fair value for share based payments are discussed in more detail in note 7 Employee benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "Deferred tax assetsDeferred tax assets are recognised for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that will be recognised, based upon the reliable evidence as to the estimated timing and amount of the future taxable profits. Further details are included in note 10 Income tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61-1": {
"value": "Note 4. Subsidiaries and changes to the Group structureOtovo ASA (the Company or Parent) and its subsidiaries (together the Group) operates an online marketplace for solar installations. On 6 October 2023, Otovo announced that its fully owned subsidiary EDEA MidCo AS entered into a share purchase agreement with Forte PV S.\u00e0.r.l part of a collective investment scheme managed by Swiss Life Asset Managers for the sale of its Norwegian and Swedish subscription portfolios. The deal was completed 15 November 2023. Refer to note 24 for further details about the transaction.As of year-end 2023 the Group consists of the subsidiaries presented in the table below. Reportable Parent Company Country Location Equity interestssegmentcompany 31 Dec31 Dec20232022Direct Otovo AB Sweden Stockholm 100% 100%Otovo ASApurchaseOtovo France Direct France Paris 100% 100%Otovo ASASASpurchaseDirect Otovo Iberic SL Spain Madrid 100% 100%Otovo ASApurchaseDirect Otovo Srl Italy Milan 100% 100%Otovo ASApurchaseDirect Otovo Sp. Z.o.o Poland Warsaw 100% 100%Otovo ASApurchaseDirect Otovo GmbH Germany Berlin 100% 100%Otovo ASApurchaseDirect Otovo GmbH Austria Wien 100% 100%Otovo ASApurchaseOtovo Direct Portugal Lisboa 100% 100%Otovo ASAUnipessoal LDApurchaseUnited Direct Otovo LimitedLondon 100% 100%Otovo ASAKingdompurchaseOtovo Schweiz Direct Switzerland Z\u00fcrich 100% 100%Otovo ASAGmbHpurchaseDirect Otovo B.V. Netherlands Amsterdam 100% 100%Otovo ASApurchaseDirect Otovo BE B.V. Belgium Brussels 100% 100%Otovo ASApurchaseOtovo Shared Direct Spain Madrid 100% 100%Otovo ASAServices SLpurchaseEuropean Distributed Norway Oslo 100 % 100 % Subscription Otovo ASAEnergy Assets Midco ASReportable Parent Company Country Location Equity interestssegmentcompany 31 Dec31 Dec20232022European Distributed European Distributed Energy Norway Oslo 0 % 100 % SubscriptionEnergy Assets ASAssets Midco ASEuropean Distributed European Distributed Energy Sweden Stockholm 0 % 100 % SubscriptionEnergy Assets ABAssets Midco ASEuropean Distributed Energy Edea Polska Sp. Z.o.o Poland Warsaw 100 % 100 % SubscriptionAssets Midco ASDistributed Energy European Distributed Energy Spain Madrid 100 % 100 % SubscriptionAssets SLUAssets Midco ASDistributed Energy European Distributed Energy France Paris 100 % 100 % SubscriptionAssets SARLAssets Midco ASEuropean Distributed European Distributed Energy Germany Berlin 100 % 100 % SubscriptionEnergy Assets GmbHAssets Midco ASEuropean Distributed Energy EDEA GmbH Austria Wien 100 % 100 % SubscriptionAssets Midco ASOtovo Energy Assets European Distributed Energy Portugal Lisboa 100 % 100 % SubscriptionUnipessoal LDAAssets Midco ASEuropean Distributed United European Distributed Energy London 100 % 100 % SubscriptionEnergy Assets LimitedKingdomAssets Midco ASEuropean Distributed European Distributed Energy Energy Assets Switzerland Z\u00fcrich 100 % 100 % SubscriptionAssets Midco ASSwitzerlandEuropean Distributed European Distributed Energy Netherlands Amsterdam 100 % 100 % SubscriptionEnergy Assets B.V.Assets Midco ASEuropean Distributed European Distributed Energy Belgium Brussels 100 % 100 % SubscriptionEnergy Assets BE B.V.Assets Midco ASNote 24. Closing of EDEA transactionDescription of the transactionOn 6 October 2023, Otovo announced that its fully owned subsidiary EDEA MidCo AS entered into a share purchase agreement with Forte PV S.\u00e0.r.l part of a collective investment scheme managed by Swiss Life Asset Managers for the sale of its Norwegian and Swedish subscription portfolios. The deal was completed 15 November 2023. The transaction involves 100% of the shares held by EDEA MidCo AS in its Norwegian and Swedish subsidiaries European Distributed Energy Assets AS and European Distributed Energy Assets AB. This comprises all subscription assets originated by Otovo in Norway and Sweden up until end of August 2023 and the cash flows pursuant to these assets. In addition, Otovo continues to enter into new subscription agreements on behalf of the portfolio companies sold. Otovo has also agreed to sell all solar rooftop projects originating in Scandinavia to the buyer until end of 2024 on the same terms, with a possible extension to September 2025 in case of delays in installations.Out of a total settlement of NOK 257 million, NOK 204 million was repayment of intercompany loans from EDEA MidCo AS to European Distributed Energy Assets AS and European Distributed Energy Assets AB. NOK 170 million of the repayment was used to settle external non-current liabilities related to Swedish and Norwegian subscription assets. NOK 54 million of the settlement was consideration for shares, of which NOK 7.5 million is held in an escrow account in Otovo\u2019s name, related to indemnities under the Share Purchase Agreement. The disposal consist primarily of subscription assets in Norway and Sweden, with a net book value at disposal of NOK 199 million, and related subscription contracts and receivables, as well as excess values directly allocated to the Norwegian and Swedish subscription business stemming from the acquisition of EDEA in December 2021. The net book value of disposed excess values was NOK 9 million, net of deferred tax. The subscription business in Norway and Sweden has been reported as part of the subscription segment. Refer to note 6 for more information. The gain on the transaction, based on the submitted completion accounts, is NOK 38 million, net of directly attributable costs of NOK 6.5 million. The gain has been included in Other operating income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "Note 5. Investments in associated companies and assets held for saleOn 21 December 2022, Otovo entered into an agreement with Gera Brazil Technologia Ltda. (Gera), for the sale of Otovo\u2019s stake in the Brazilian solar platform Holu. Holu was established as a joint venture with Gera in 2019 where Otovo owned 34%.. The transaction price is equal to the capital injected since 2019 plus an additional 5% premium. The contract was signed on 2 February 2023 and the sale closed on 3 February 2023. The sale resulted in a gain of NOK 13.8m and a positive cash effect of NOK 23.5m.The investment was reclassified from investments in associated companies to assets held for sale at 31 December 2022.Investment - Reconciliation 2023 2022At 1 January 9,748 3 360Additions - 15 411Disposals -9,748 -The Group's share of the associate's result after tax - -9 864Exchange difference - 841At 31 December - 9 748",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__63": {
"value": "Note 5. Investments in associated companies and assets held for saleOn 21 December 2022, Otovo entered into an agreement with Gera Brazil Technologia Ltda. (Gera), for the sale of Otovo\u2019s stake in the Brazilian solar platform Holu. Holu was established as a joint venture with Gera in 2019 where Otovo owned 34%.. The transaction price is equal to the capital injected since 2019 plus an additional 5% premium. The contract was signed on 2 February 2023 and the sale closed on 3 February 2023. The sale resulted in a gain of NOK 13.8m and a positive cash effect of NOK 23.5m.The investment was reclassified from investments in associated companies to assets held for sale at 31 December 2022.Investment - Reconciliation 2023 2022At 1 January 9,748 3 360Additions - 15 411Disposals -9,748 -The Group's share of the associate's result after tax - -9 864Exchange difference - 841At 31 December - 9 748",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "Note 5. Investments in associated companies and assets held for saleOn 21 December 2022, Otovo entered into an agreement with Gera Brazil Technologia Ltda. (Gera), for the sale of Otovo\u2019s stake in the Brazilian solar platform Holu. Holu was established as a joint venture with Gera in 2019 where Otovo owned 34%.. The transaction price is equal to the capital injected since 2019 plus an additional 5% premium. The contract was signed on 2 February 2023 and the sale closed on 3 February 2023. The sale resulted in a gain of NOK 13.8m and a positive cash effect of NOK 23.5m.The investment was reclassified from investments in associated companies to assets held for sale at 31 December 2022.Investment - Reconciliation 2023 2022At 1 January 9,748 3 360Additions - 15 411Disposals -9,748 -The Group's share of the associate's result after tax - -9 864Exchange difference - 841At 31 December - 9 748",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "Note 6. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\", previously reported as \"Direct Purchase\", and \"Subscription SPV\". The Executive Management monitors the operating results of these business lines separately for the purposes of making decisions about resource allocation and performance assessment. The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Revenues and Cost of goods sold on sales to Group internal parties, using the assets in its subscription business, are eliminated in the Consolidated financial statements. Internal profits are eliminated against Property, plan and equipment, as the assets purchased by the Subscription segment are recognised in the balance sheet. Currently the subscription period for solar panels is 20 years while it is 10 years for batteries. Subscription for solar panel installations are classified as service agreements, while subscription contracts for batteries are classified either as operating leases or finance leases. Refer to note 2 for further information. The segment reporting is presented in the same manner as presented to the Executive Management. Information regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2023 2022 2023 2022 2023 2022 2023 2022Revenue996 209 637 501 14 341 - - -1 010 550 637 501Revenue internal 376 880 151 948 - - - 376 880 - 151 948 - -Other operating income 43 739 3 343 38 285 11 420 - - 83 026 14 763Other operating income 5 279 2 688 1 002 - - 6 281 - 2 688 - -internalTotal operating income 1 422 107 795 480 53 628 11 420 - 383 161 - 154 636 1 092 574 652 264Cost of goods sold 1 163 605 654 678 12 048 - - 366 003 - 131 527 809 649 523 151Payroll and related 346 924 218 552 251 565 97 - 347 272 219 117costsDepreciation, amortisation and 31 132 23 235 22 722 6 316 21 346 34 782 75 200 64 333impairmentOther operating 238 955 158 322 26 706 7 586 - 5 756 - 2 711 259 904 163 197expensesOperating profit/(loss) - 358 509 - 259 307 - 8 099 - 3 047 - 32 845 - 55 180 - 399 451 - 317 534Revenue external by product / service 2023 2022Solar panels and related products 996 209 637 501Finance lease 14 341 -Operating lease and service agreements 38 285 11 420Other operating income 43 739 3 343Total operating income 1 092 574 652 264Disaggregation of Total operating incomeThe reported Revenue is stemming from contracts with customers for their purchase of solar panels and batteries. The reported Other operating income is stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The remainder, is primarily relating to gain on disposals of EDEA AS and EDEA AB of approximately approximately NOK 38 million in 2023, and government grants. Total operating income from external customers is NOK 1 093 million, while it is NOK 383 million on intersegment sales. Intersegment sales is primarily sale of solar panels and related products from the Marketplace segment to the Subscription segment.Geographical distribution of external revenues based on customer locationGeographical information 2023 20221North464 092 268 0622DACH + Italy415 475 220 4523Benefrux120 115 110 3934Atlantic92 891 53 357Total revenue and other income 1 092 574 652 2645Assets by geographical location of the companyGeographical information 2023 20221North157 454 200 4252DACH + Italy154 224 54 5343Benefrux167 962 123 5174Atlantic144 007 99 9635Total non-current assets623 650 478 4401) Norway, Sweden and Poland, of which Norway is 213 172 (2023) and 161 574 (2022)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UK5) Non-current assets excluding deferred tax assets and other non-current financial assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "Note 6. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\", previously reported as \"Direct Purchase\", and \"Subscription SPV\". The Executive Management monitors the operating results of these business lines separately for the purposes of making decisions about resource allocation and performance assessment. The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Revenues and Cost of goods sold on sales to Group internal parties, using the assets in its subscription business, are eliminated in the Consolidated financial statements. Internal profits are eliminated against Property, plan and equipment, as the assets purchased by the Subscription segment are recognised in the balance sheet. Currently the subscription period for solar panels is 20 years while it is 10 years for batteries. Subscription for solar panel installations are classified as service agreements, while subscription contracts for batteries are classified either as operating leases or finance leases. Refer to note 2 for further information. The segment reporting is presented in the same manner as presented to the Executive Management. Information regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2023 2022 2023 2022 2023 2022 2023 2022Revenue996 209 637 501 14 341 - - -1 010 550 637 501Revenue internal 376 880 151 948 - - - 376 880 - 151 948 - -Other operating income 43 739 3 343 38 285 11 420 - - 83 026 14 763Other operating income 5 279 2 688 1 002 - - 6 281 - 2 688 - -internalTotal operating income 1 422 107 795 480 53 628 11 420 - 383 161 - 154 636 1 092 574 652 264Cost of goods sold 1 163 605 654 678 12 048 - - 366 003 - 131 527 809 649 523 151Payroll and related 346 924 218 552 251 565 97 - 347 272 219 117costsDepreciation, amortisation and 31 132 23 235 22 722 6 316 21 346 34 782 75 200 64 333impairmentOther operating 238 955 158 322 26 706 7 586 - 5 756 - 2 711 259 904 163 197expensesOperating profit/(loss) - 358 509 - 259 307 - 8 099 - 3 047 - 32 845 - 55 180 - 399 451 - 317 534Revenue external by product / service 2023 2022Solar panels and related products 996 209 637 501Finance lease 14 341 -Operating lease and service agreements 38 285 11 420Other operating income 43 739 3 343Total operating income 1 092 574 652 264Disaggregation of Total operating incomeThe reported Revenue is stemming from contracts with customers for their purchase of solar panels and batteries. The reported Other operating income is stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The remainder, is primarily relating to gain on disposals of EDEA AS and EDEA AB of approximately approximately NOK 38 million in 2023, and government grants. Total operating income from external customers is NOK 1 093 million, while it is NOK 383 million on intersegment sales. Intersegment sales is primarily sale of solar panels and related products from the Marketplace segment to the Subscription segment.Geographical distribution of external revenues based on customer locationGeographical information 2023 20221North464 092 268 0622DACH + Italy415 475 220 4523Benefrux120 115 110 3934Atlantic92 891 53 357Total revenue and other income 1 092 574 652 2645Assets by geographical location of the companyGeographical information 2023 20221North157 454 200 4252DACH + Italy154 224 54 5343Benefrux167 962 123 5174Atlantic144 007 99 9635Total non-current assets623 650 478 4401) Norway, Sweden and Poland, of which Norway is 213 172 (2023) and 161 574 (2022)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UK5) Non-current assets excluding deferred tax assets and other non-current financial assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "Note 6. Reporting segment information and revenueAmounts in NOK thousandFor Management purposes the Group is organized into two reporting segment. \"Marketplace\", previously reported as \"Direct Purchase\", and \"Subscription SPV\". The Executive Management monitors the operating results of these business lines separately for the purposes of making decisions about resource allocation and performance assessment. The Marketplace segment consists of transactions relating to sale of solar panels and related products, while the Subscription segment consists of transactions related to customers subscribing to use solar panels and related products. Revenues and Cost of goods sold on sales to Group internal parties, using the assets in its subscription business, are eliminated in the Consolidated financial statements. Internal profits are eliminated against Property, plan and equipment, as the assets purchased by the Subscription segment are recognised in the balance sheet. Currently the subscription period for solar panels is 20 years while it is 10 years for batteries. Subscription for solar panel installations are classified as service agreements, while subscription contracts for batteries are classified either as operating leases or finance leases. Refer to note 2 for further information. The segment reporting is presented in the same manner as presented to the Executive Management. Information regarding reporting segments in the Group(NOK 000')Marketplace Subscription SPV Elimination Group total2023 2022 2023 2022 2023 2022 2023 2022Revenue996 209 637 501 14 341 - - -1 010 550 637 501Revenue internal 376 880 151 948 - - - 376 880 - 151 948 - -Other operating income 43 739 3 343 38 285 11 420 - - 83 026 14 763Other operating income 5 279 2 688 1 002 - - 6 281 - 2 688 - -internalTotal operating income 1 422 107 795 480 53 628 11 420 - 383 161 - 154 636 1 092 574 652 264Cost of goods sold 1 163 605 654 678 12 048 - - 366 003 - 131 527 809 649 523 151Payroll and related 346 924 218 552 251 565 97 - 347 272 219 117costsDepreciation, amortisation and 31 132 23 235 22 722 6 316 21 346 34 782 75 200 64 333impairmentOther operating 238 955 158 322 26 706 7 586 - 5 756 - 2 711 259 904 163 197expensesOperating profit/(loss) - 358 509 - 259 307 - 8 099 - 3 047 - 32 845 - 55 180 - 399 451 - 317 534Revenue external by product / service 2023 2022Solar panels and related products 996 209 637 501Finance lease 14 341 -Operating lease and service agreements 38 285 11 420Other operating income 43 739 3 343Total operating income 1 092 574 652 264Disaggregation of Total operating incomeThe reported Revenue is stemming from contracts with customers for their purchase of solar panels and batteries. The reported Other operating income is stemming from contracts with customer for their use of solar panels and batteries held by the Group, as reported in the subscription segment. The remainder, is primarily relating to gain on disposals of EDEA AS and EDEA AB of approximately approximately NOK 38 million in 2023, and government grants. Total operating income from external customers is NOK 1 093 million, while it is NOK 383 million on intersegment sales. Intersegment sales is primarily sale of solar panels and related products from the Marketplace segment to the Subscription segment.Geographical distribution of external revenues based on customer locationGeographical information 2023 20221North464 092 268 0622DACH + Italy415 475 220 4523Benefrux120 115 110 3934Atlantic92 891 53 357Total revenue and other income 1 092 574 652 2645Assets by geographical location of the companyGeographical information 2023 20221North157 454 200 4252DACH + Italy154 224 54 5343Benefrux167 962 123 5174Atlantic144 007 99 9635Total non-current assets623 650 478 4401) Norway, Sweden and Poland, of which Norway is 213 172 (2023) and 161 574 (2022)2) Italy, Germany, Switzerland and Austria3) France, the Netherlands and Belgium4) Spain, Portugal and the UK5) Non-current assets excluding deferred tax assets and other non-current financial assets",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "Note 7. Employee benefitsAmounts in NOK thousandSpecification of payroll and related cost 2023 2022Salary/wages 278 612 174 556Employee tax 53 609 31 621Pension costs 8 598 7 624Other personnel costs 6 453 5 316Total payroll expense 347 272 219 117Full time equivalents 2023 2022Male 218 214Female 165 137Total 383 352Percentage female employees 43% 39%Remuneration to CEO, Executive Management and board members Share-2023 Salary Bonus PensionOther Totalbased CEO 2 581 263 125 - 8 2 977 Other members of 11 680 2 013 657 - 843 15 193 Executive ManagementBoard members - - - - 1 270 1 270 Total remuneration 14 261 2 276 782 - 2 121 19 440Share-2022 Salary Bonus PensionOther Totalbased CEO 2 232 869 100 239 9 3 449 Other members of 8 070 2 301 370 239 123 11 103 Executive ManagementBoard members - - - - 558 558Total remuneration 10 302 3 170 470 478 690 15 110Salary to CEO and other members of Group ManagementThe accumulated remuneration to the CEO and other members of Group Management consists of a fixed salary, standard pension- and insurance terms for employees and a variable salary. Additionally, the Group Management has received share-based payments. The main purpose of the system for management remuneration is to stimulate a strong and lasting profit oriented culture leading to an increasing value of the Company. Other members of Group Management consist of 7 persons, included in the table above with the remuneration for the period they were members of Group Management. The management team, excluding CEO, has on average consisted of 6 persons in 2023 and 2022. The Group Management are members of a collective pension and insurance scheme applicable to all employees in the country of employment. Loans to employees and board membersOne member of Group Management has been granted a loan. Refer to the remuneration report for further details. No guarantees have been given to members of the Management, the Board of Directors or other elected corporate bodies.Pension costs and obligationsThe Group has a defined contribution plan for some of its employees. The Group\u2019s payments are recognized in the profit or loss as an employee benefit expenses for the year to which the contribution applies. The company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods, and therefore does not record a pension liability in the balance sheet.The pension schemes of the Norwegian companies in the Group follow the requirements in the Act on Mandatory company pension.Shares, shares options, performance shares and retention shares held by CEO, other members of Group Management and Board of Directors, or by an entity controlled by theseShare Perform.Retention Total Name Role Sharesoptionssharesshares31.12.2023Andreas Thorsheim CEO 8 664 610 9 000 000 - 14 300 17 678 910Other members for Group Management 2 824 057 10 440 000 - 400 141 13 664 198ManagementChairman of the Peter Mellbye127 306 - - - 127 306boardJosefin Christina Landg\u00e5rd Board member 91 583 - - - 91 583Stine Halla Board member 28 653 - - - 28 653Julie Orzechowski Board member 14 326 222 000 - - 236 326Shares, shares options, performance shares and retention shares held by entities which have representation in the Board of DirectorsName Shares\u00c5 Energi Invest AS 87 732 581 Axel Johnson AB 68 655 978 OBOS BBL 7 261 870 Share-based paymentsThe Group has in place share option programmes where the employees have been granted options at the strike price in accordance with the market price at the time of issuance. The programs includes both existing and new employees who are awarded options based on an allocation into defined tiers proposed by Management and approved by the Board of Directors. The options vest with \u2153 each year the three years after the issuance. In December 2023 Otovo granted share options to management and key personnel and cancelled old option programs. The new grant is recognised at its grant-date fair value and the original grant is accounted for as a cancellation. The cancellation is accounted for as an acceleration of the vesting period and any amount unrecognised that would otherwise have been recognised was recognised immediately as an expense. The expense related to the cancellation was NOK 17.4 million. The cancelled options are included in \"Options forfeited\" in the below overview of outstanding options. Furthermore, a share purchase programme was established by the Group in 2020 where the participants subscribe to new shares as an initial investment, and receive performance shares after two years if the share price has doubled and retention shares after three and four years respectively if they are still employed with the Group. The share purchase program is discontinued, but but there are still outstanding retention shares.Expenses related to share-based payments included in total payroll expense 2023 2022Share-based payments 47 629 24 950Social security contribution -1 309 -5 128Total expenses related to share-based payments 46 320 19 822Overview of outstanding options (after share split) 2023 2022Outstanding options 1 January 4 740 007 1 586 160Options granted 32 396 000 5 562 499Options exercised -23 340 -1 180 826Options forfeited -9 539 333 -1 227 826Outstanding options 31 December 27 573 334 4 740 007Of which exercisable 5 000 79 996 Average share price at grant date (NOK per share) 3,55 22,73Weighted average remaining contractual life of outstanding options (years) 2,5 2,5Overview of outstanding performance and retention shares 2023 2022Outstanding shares 1 January 1 417 762 2 129 070Shares granted - -Shares released - \u2212Shares forfeited -343,832 \u2212711 308Outstanding shares 31 December 1,073,930 1 417 762Performance shares 31 December - 269 571Retention shares 31 December 1,073,930 1 148 191Total 1,073,930 1 417 762Weighted average remaining contractual life of performance shares - 1,3Weighted average remaining contractual life of retention shares 1.5 2,5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "Specification of audit feesThe table below summarises audit fees, fees for further assurance services and tax services incurred by the Group during 2023 and 2022 from BDO. Fees include all companies in the Group. 2023 2022Audit fees 2 717 2 765Fees for further assurance services 178 415Fees for other services 54 269Fees for tax services - -Total fees to auditors 2 949 3 449The amounts in the tables for audit fees are the amounts expensed in 2023 and 2022. Amounts presented exclude VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "Note 8. Other operating expensesAmounts in NOK thousand 2023 2022Other expenses related to buildings and short-term/low value rent of equipment 14 427 5 7691External personnel and consultancy fees 79 592 72 856Media spend, advertising and partnerships 116 083 52 450System and software 18 321 13 758Other operating expenses 31 481 18 364Total other operating expenses 259 904 163 1971) Including audit fee, see specification belowSpecification of audit feesThe table below summarises audit fees, fees for further assurance services and tax services incurred by the Group during 2023 and 2022 from BDO. Fees include all companies in the Group. 2023 2022Audit fees 2 717 2 765Fees for further assurance services 178 415Fees for other services 54 269Fees for tax services - -Total fees to auditors 2 949 3 449The amounts in the tables for audit fees are the amounts expensed in 2023 and 2022. Amounts presented exclude VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "Note 9. Financial income and expensesAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 12. The increase in interest income from 2022 to 2023 is related to cash balance from capital increases in 2023, while the increase in interest expense is related to debt financing of new subscription assets. Other financial expenses are primarily consisting of commitment fees and amortisation of arrangement fees relating to the new debt facility for financing of subscription assets. Refer to note 16 for more information about the facility. The increase in net currency gain is primarily attributable to internal loans denominated in EUR, resulting from the strengthening of EUR compared to NOK.Specification of financial income 2023 2022Interest income 4 309 1 017Net currency gain 20 587 10 625Other financial income 178 789Total financial income 25 074 12 431Specification of financial expenses 2023 2022Interest expenses 19 185 3 792Net currency loss - -Other financial expenses 10 048 288Total financial expenses 29 234 4 080",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Note 9. Financial income and expensesAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 12. The increase in interest income from 2022 to 2023 is related to cash balance from capital increases in 2023, while the increase in interest expense is related to debt financing of new subscription assets. Other financial expenses are primarily consisting of commitment fees and amortisation of arrangement fees relating to the new debt facility for financing of subscription assets. Refer to note 16 for more information about the facility. The increase in net currency gain is primarily attributable to internal loans denominated in EUR, resulting from the strengthening of EUR compared to NOK.Specification of financial income 2023 2022Interest income 4 309 1 017Net currency gain 20 587 10 625Other financial income 178 789Total financial income 25 074 12 431Specification of financial expenses 2023 2022Interest expenses 19 185 3 792Net currency loss - -Other financial expenses 10 048 288Total financial expenses 29 234 4 080",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "Note 9. Financial income and expensesAmounts in NOK thousandInterest expenses relating to leasing agreements are included in the below and specified in note 12. The increase in interest income from 2022 to 2023 is related to cash balance from capital increases in 2023, while the increase in interest expense is related to debt financing of new subscription assets. Other financial expenses are primarily consisting of commitment fees and amortisation of arrangement fees relating to the new debt facility for financing of subscription assets. Refer to note 16 for more information about the facility. The increase in net currency gain is primarily attributable to internal loans denominated in EUR, resulting from the strengthening of EUR compared to NOK.Specification of financial income 2023 2022Interest income 4 309 1 017Net currency gain 20 587 10 625Other financial income 178 789Total financial income 25 074 12 431Specification of financial expenses 2023 2022Interest expenses 19 185 3 792Net currency loss - -Other financial expenses 10 048 288Total financial expenses 29 234 4 080",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"value": "Note 10. Income taxAmounts in NOK thousandIncome tax expense in the consolidated statement of income 2023 2022Income tax payable - -Changes in deferred tax / deferred tax asset -5 047 \u22127 781Tax assets not recognised in previous year - -Total income tax expense reported in the income statement -5 047 \u22127 781Reconciliation from nominal to effective tax rate 2023 2022Profit/(loss) before tax -389 820 \u2212319 047Estimated tax expense with nominal tax rate, 22% of profit/(loss) before -85 760 \u221270 190taxTax effect of the following items:22% of net permanent differences 2 492 3 996Other items -6 304 7 023Deferred tax asset not recognised current year 84 525 51 390Total income tax expense reported in the income statement -5 047 -7 781Effective tax rate 1,3% 2,4%The nominal tax rate in Norway was 22 % in 2022 and 2023. Subsidiaries outside Norway are subject to local tax rates in their country of operation.The tax expense is also dependent on whether or not to recognise a deferred tax asset from carry forward losses in the individual entity.All group entities have been loss making since inception and as a result a deferred tax asset is recognised only to the extent that the entity has sufficient taxable temporary differences.Specifications of temporary differences on wich deferred tax 2023 2022is recognisedIntangible assets -1 695 -8 165Right of use assets -3 067 -3 150Trade receivables 192 1 023Provisions 7 540 8 878Deferred gains / losses -253 96Lease liabilities 3 313 3 273Loss carried forward 214 163 125 215Not recognised deferred tax -222 303 -137 777Total -2 109 -9 607Changes in deferred tax 2023 2022Opening balance at 1 January -9 607 -17 388Recognised in current year's profit 5 047 7 781Deferred tax on disposals2 451 \u2212Balance at 31 December -2 109 \u22129 607The majority of tax losses carried forward relate to entities domiciled in countries where there are no time-limits related to when the tax losses may be utilized.The deferred tax liability is related to the excess values from the acquisition of EDEA, that the Group has not been able to net against other temporary differences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"value": "Note 11. Property, plant and equipmentAmounts in NOK thousandEquipment andSolar panels Batteries TotalmachineryAccumulated costAs of 1 January 2022 4 483 72 625 - 77 108Additions during the year 2 093 127 431 4 096 133 620Additions through acquisition of subsidiaries- - --Disposals -542 -2 308--2 850Translation differences 73 3 149 246 3 468As of 31 December 2022 6 107 200 897 4 342 211 346Additions during the year 2 281 339 609 27 559 369 449Additions through acquisition of subsidiaries- - --Disposals - -217 731 -488 -218 220Translation differences 105 4 024 392 4 520 As of 31 December 2023 8 493 326 799 31 804 367 095 Accumulated depreciation and impairment lossesAs of 1 January 2022 -2 561 -1 448 - -4 009Depreciation -979 -5 835 -100 -6 914Accumulated depreciation disposals 195 167-362Translation difference -4 -290--294As of 31 December 2022 -3 349 -7 406 -100 -10 855Depreciation -1,780 -18,402 -1,613 -21,795Impairment- -1,207 - -1,207Disposals- 10,430 - 29 10,401 Accumulated depreciation disposals - ---Translation difference 130 157 181 468 As of 31 December 2023 -4,999 -16,428 -1,561 -22,988Carrying amountAs of 31 December 2022 2 758 193 491 4 242 200 491As of 31 December 2023 3 494 310 371 30 243 344 108 Depreciation method Straight line Straight line Straight lineUseful life 3-10 years 20 years 10 yearsThe significant amount on disposals is related with the EDEA transaction, where Otovo sold Norwegian and Swedish subscription portfolios. Refer to note 24 for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__79-1": {
"value": "Note 12. LeasesAmounts in NOK thousandThe Group\u2019s lease agreements, where the Group is a lessee, mainly relates to the lease of office premises. Refer to note 8 for further details about expenses relating to short-term and low value leases.Overview of changes to right of use assets 2023 2022Opening balance 1 January 14 317 8 524 Depreciation -7 702 -5 941Additions 7 654 10 553Other / exchanges differences -330 1 181Balance per 31 December 13 939 14 317Overview of changes to lease liabilities 2023 2022Opening balance 1 January 14 877 8 839Payments -7 247 -5 722Additions 7 654 10 553Other / exchanges differences 227 1 208Balance per 31 December 15 058 14 877Lease liabilities non-current 6 696 6 130Lease liabilities current 8 362 8 747Total 15 058 14 877Maturity analysis: contractual, undiscounted cash flows31 December 2023 31 December 2022Current liabilitiesLess than one year 9 534 7 918Non-current liabilitiesOne to five years 7 229 8 701More than five years - -Total 16 763 16 619Amounts recognized in the consolidated statement of income2023 2022Depreciation 7 702 5 941Interest expense 823 726Total 8 525 6 667Amounts recognized in statement of cash flows 2023 2022Interest payments 823 726Payments of principal 7 247 5 722Total lease payments 8 070 6 448Note 25. Finance leaseAmounts in NOK thousandThe Group enters into 10 year subscription contracts with customers for their use of standard, mass produced home batteries installed at their premises. Otovo has previously concluded that the Group has not transferred substantially all the risks and rewards incidental to ownership of the batteries and has classified the subscription contracts for home batteries as operating leases. Operating lease payments are recognised as income on a straight-line basis in accordance with IFRS 16. The Group has changed contracts with new subscriptions customers in Germany as a result of local changes in VAT. The change was effective for installations completed starting from January 2023 and entails that the customer has the right to purchase the battery for 1 EUR at the end of the contract period. 1 EUR is expected to be sufficiently lower than fair value at the date the option becomes exercisable and it is considered to be reasonably certain that the option will be exercised. The change in option price at the end of the contract is shifting the Group\u2019s conclusion from operating lease to finance lease for the batteries installed in Germany in 2023 under the subscription model. The following amounts from the consolidated statement of profit and loss, if any, relates to finance leasesConsolidated statement of profit and loss 2023 2022Revenue 14 347 -Other operating income 11 -Cost of goods sold 12 048 -Financial income 441 -Net impact on Consolidated statement of profit and loss 2 751 -Consolidated statement of financial position 31 Dec 2023 31 Dec 2022- Less than one year 1 850 -- One to five years 7 400 -- More than five years 10 175 -Gross finance lease receivable 19 425 -Less unearned financial income -5 706 -Total finance lease receivables 13 719 -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "Note 13. Intangible assets and goodwillAmounts in NOK thousandOther Exclusivity Customer Goodwill Otovo CloudintangibleTotalagreementcontractsassetsAccumulated costAs of 1 January 2022 153 637 64 066 2 586 59 675 21 440 301 404Additions during the year - 28 495 1 375 - - 29 870Additions through - - - - - -acquisition of subsidiariesDisposals - - - - - -Reclassification - -380 - - - -380Translation difference 4 544 - 5 - - 4 549As of 31 December 2022 158 181 92 181 3 967 59 675 21 440 335 442Additions during the year - 36 187 516 - - 36 703Additions through - - - - - -acquisition of subsidiariesDisposals - - -7 -59 675 -11 577 -71 259Reclassification - - - - - -Translation difference 6 430 - -57 - - 6 373As of 31 December 2023 164 611 128 368 4 418 - 9 863 307 260Accumulated amortisation and impairment lossesAs of 1 January 2022 - -21 106 -175 -2 076 - -23 358Amortisation - -15 369 -753 -35 111 -257 -51 490Impairment - - - - - -Accumulated depreciation - - 7 - - 7disposalsReclassification - 380 - - - 380Translation difference - - - - - -As of 31 December 2022 - -36 095 -921 -37 1871 -257 -74 460Amortisation - -20 772 -928 -22 488 -257 -44 445Impairment - - - - - -Accumulated depreciation - - 4 59 675 240 59 919disposalsReclassification - - - - - -Translation difference - - -6 - - -6As of 31 December 2023 - -56,867 -1,851 - -275 -58,992Carrying amount As of 31 December 2022 158 181 56 086 3 045 24 488 121 183 260 983As of 31 December 2023 164 611 71 501 2 567 - 9 588 248 267Depreciation method - Straight line Straight line Straight line Straight line Useful life Indefinite 5 years 5 years 2 years 20 years Otovo CloudOtovo's business model is based on the self-developed system Otovo Cloud and related applications such as software for extracting and reading production data from various solar cell hardware.Otovo Cloud is a marketplace for solar system installers and supports the company's value chain from sales (compilation of map data, building data, solar radiation data and algorithmic bidding on solar cell projects) to planning (obtaining cost models from installers, choosing a installer and awarding projects), follow-up of projects and managing the project from sale the installer has been selected to the completion of the project (monitoring progress, obtaining documentation of the work performed and generating sales orders that will be sent to Netsuite as basis for invoicing).In addition, the system supports Otovo's customer relationship after the installation of the solar system by collecting, compiling and presenting production data from inverters. The system is scalable and is used across the markets in which the group operates, at the same time the company carries out significant development work to adapt the system to handle the variation in input and requirements that exist across the company's current and potential new markets and products. A significant part of the company's future value creation is expected to come as a result of further development and improvement of this system.Development and maintenance of the Otovo Cloud is handled by the Product team in Otovo. Direct payroll expenses relating to the Product team are split into development and maintenance, with payroll expenses relating to development being capitalised as an intangible asset and amortised.The additions from 2022 and 2023 are to a large extent explained by adding more countries and products to the platform. Additionally the different teams develop tools used to increase sales (adding partnerships to the platform, building functionality to run campaigns) or make internal processes more efficient (time savings) and more profitable (targeting the higher profitability lead, projects etc.). The capitalised amount is based on employee time sheets and the proportionate share of their time spent on development activities. The useful life of the asset and related amortisation expenses are based on management\u2019s estimates and the chosen amortisation method. Estimates may change due to technological developments and other factors and may result in changes in the estimated useful life and in the amortisation or depreciation charges. Technological developments are difficult to predict and the Group\u2019s views on the trends and pace of development may change over time. The useful lives are reviewed at least annually taking into consideration the factors mentioned above and all other important relevant factors.GoodwillThe goodwill stems from acquisition of subsidiary ISWT (now Otovo France) in 2019 and EDEA (subscription business) in 2021. The goodwill from both the ISWT purchase and the EDEA acquisition have been tested for impairment. Please refer to the below for further details. The goodwill is split as followsCompany name Allocated goodwill 2023 2022ISWT 98 741 92 311EDEA 65 870 65 870Total 164 611 158 181Impairment testingThe Group tests whether goodwill has suffered any impairment on an annual basis. The subsidiary ISWT is regarded as an individual cash-generating unit (CGU). The CGU for the goodwill from the EDEA aquistion is EDEA Group. The annual impairment test of goodwill is performed at CGU level. The recoverable amount is determined based on value-in-use calculations. The value in use is determined to be higher than its recoverable amount. The calculations use pre-tax cash flow projections based on financial budgets approved by the Board of Directors covering a five year period for ISWT. Five years has been used to reflect that the enity (ISWT) is in a development phase with change in management, replacing the founders of ISWT, change in business model and launch of new products and sales models. The calculation is based on historical performance and expected development in the market in which the entity operates. Cash flows beyond the five-year period are extrapolated using the estimated growth rates stated below. For EDEA, the projections are based on expected cashflows over the contract lifetime for subscription contracts that are active at the end of the reporting period. The subscriptions fees are inflation adjusted annually.SensitivityThe Group has calculated the impact on the impairment assessment resulting from increasing and/or decreasing key variables in the valuation model. For the scenarios examined, the Group concludes that there is significant headroom to carrying value for both goodwill assets. ISWT2023 2022Long term growth rate (%) 2% 2%Long term gross margin (%) 25% 25%Average annual growth rate used in cash flow projections (%) 35% 38%Discount rate pre tax (%) 14.1% 9.6% EDEA2023 2022Long term growth rate (%) 0% 0%Average annual growth rate used in cash flow projections (%) 2% 2%IRR (%) 13.6% 11.3%Discount rate pre tax (%) 8.1% 6.0%For ISWT the changed discount rate is reflecting increasing interest rates in Europe, and the longer term growth rate is also reduced. A 1.p.p change in discount rate has a +/- 9% change in NPV of future cash flows, while a 5 p.p. change in long-term growth rate has a 11% change in NPV of future cash flows.The goodwill arising from acquisition of EDEA has very significant headroom, also after disposal of EDEA AS and EDEA AB. For simplicity, the long term growth rate is set to 0% meaning we assume no deployment beyond 2024. The discount rate used is changed in 2023 reflecting higher interest rates in Europe. The IRR on capital deployed is changed accordingly reflecting higher payments from customers. A change in discount rate of 1.0 p.p. would lead to a +/- 7% in NPV of future cash flows, while a change in IRR of 1.0 p.p. would lead to a +/- 6% change in NPV of future cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "Note 15. Other receivables and prepaymentsAmounts in NOK thousandCurrent receivables 31 Dec 2023 31 Dec 2022Subsidy related receivables 14 349 114 623VAT receivables 33 528 24 181Prepaid expenses 17 524 10 180Receivables from associated companies - 278Other receivables 37 918 51 133Total other receivables and prepayments 103 319 200 395Subsidy related receivables are related to subsidy programs in Sweden and Italy where parts of the consideration from the customer is settled non-cash in the form of tax credit receivables.The tax credits were received as part of the settlement from customers for projects sold. The majority of the reduction in asset compared to 31 December 2022 is explained by changes in legislation, where the Italian government discontinued the possibility for consumers to resell tax credits issued under the Ecobonus scheme. The remaining balance is primarily relating to Swedish subsidy programs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"s7_notes__6__85-1": {
"value": "Note 16. Interest-bearing liabilitiesAmounts in NOK thousandAt the end the year the Group has 3 loans from Banque Publique d'Investissement (BPI), one loan from Innovasjon Norge and one loan to Nordea Bank Aps. In addition to this the Group has lease liabilities relating to office premises. Refer to note 12 for further details about the lease liabilities. As part of the loan agreement EDEA entered into with Nordea ABP in 2020, five draws on the facility was performed during the year 2022. Total outstanding amount at year end 2022 was MNOK 126, out of a committed facility of MNOK 150. Transaction costs incurred as part of the establishment of the facility and draws are amortised over the loan period. Outstanding nominal valueCurr At 31 Dec 2023Interest rate Maturityency(Currency) (NOK)BPI 1 EUR 5.27% April 2025 30 337BPI 2 EUR 1.25% September 2025 64 718BPI 3 EUR 2.81% March 2027 375 4 210DNB Bank ASA and EUR EURIBOR + 3.50% February 2025 20 684 232 243Sparebank 1 SR-bank ASATotal 237 508 Non-current Current31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022Interest-bearing liabilitiesBorrowings from credit institutions235 431125 672 2 0776 964Other interest-bearing liabilities - - - 2 500Total interest-bearing liabilities 235 431 125 672 2 077 9 46431 December 2023 31 December 2022Interest-bearing liabilities by currency Currency NOK Currency NOK amountamountamountamountEUR 21 153 237 508 12 633 132 636NOK - - 2 500 2 500Other currencies - - - -Total interest-bearing liabilities 21,153 237,508 15,133 135 136Interest-bearing liabilities - maturity 2023 2024 2025 2026 2027 2028 2029 TotalBorrowings from credit institutions and other 233 237 2 077 1 123 561 - -interest-bearing liabilities748 509 Total interest-bearing liabilities excl. prepaid 233 237 2 077 1 123 561 - -borrowing expenses748 509 Interest to be paid on interest-bearing liabilities 17 292 1 481 16 - - - 18 789 Total interest payments 17 292 1 481 16 - - - 18 789 235 256 Total future payments on interest-bearing liabilities 19 369 1 139 561 - -229 298 Interest-bearing liabilities - maturity 2022 2023 2024 2025 2026 2027 2028 TotalBorrowings from credit institutions and other 9 464 9 134 8 945 8 588 8 064 7 539 51 734interest-bearing liabilitiesTotal interest-bearing liabilities excl. prepaid 9 464 9 134 8 954 8 588 8 064 7 539 51 734borrowing expensesInterest to be paid on interest-bearing liabilities 8 131 7 540 6 961 6 406 5 884 5 396 40 318Total interest payments 8 131 7 540 6 961 6 406 5 884 5 396 40 318Total future payments on interest-bearing liabilities 17 595 16 674 15 906 14 994 13 948 12 935 92 052Financial CovenantsThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA contains financial covenants. The covenants covers the following ratios: loan to value, interest cover ratio and equity ratio. At year end, the Group is compliant with the financial covenants set out in the agreement. Change of ControlIn addition to the financial covenants, the debt facility agreement with DNB Bank ASA and Sparebank1 SR-Bank ASA contains a change of control clause. The clause will be triggered if 1) there is a change of control in Otovo ASA, or 2) Otovo ceases to own and control directly all of the shares add voting right in EDEA Midco, or 3) EDEA Midco ceases to own and control directly all of the share and voting rights in each of its subsidiaries.Security and GuaranteesThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA is secured by all outstanding shares in EDEA Midco and it subsidiaries, intra-group loans and credit, trade receivables, inventory and operating assets, all bank accounts, and guarantees provided by the Guarantors.Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2023 the movements relate to a new debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50m revolving credit facility to finance the subscription assets. The Group has repaid the former facility held with Nordea Bank. In 2022, the movement is a result of draws on debt facility held with Nordea Bank Aps, and down payment of debt facilities held with banks in France and Innovasjon Norge. Cash flow from financing activities is also affected by payments of principal amount of lease liabilities.2023 2022Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 135 136 14 877 150 013 11 885 8 839 20 724Cash flow from Financing activitiesProceeds from borrowings 423 293-423 293 125 629-125 629Repayments of borrowings -345 660-345 660 -3 159--3 159Payments of lease liabilities- 7 247 7 247--5 722 -5 722Net cash flow from financing 77 633 7 247 70 386 122 470 -5 722 116 748activitiesFX Rate effects 11 69622711 469 7811 2081 989New lease contracts-7 654 7 654-10 552 10 552Arrangement fees 13 008 -13 008- --Other changes 24 704 7 427 32 131 781 11 760 12 541Balance as of 31 December 237 473 15 058 252 531 135 136 14 877 150 013Non-current liabilities 235 431 6 696 242 127 125 672 6 130 131 802Current liabilities 2 077 8 362 10 439 9 464 8 747 18 211",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84-1": {
"value": "Note 16. Interest-bearing liabilitiesAmounts in NOK thousandAt the end the year the Group has 3 loans from Banque Publique d'Investissement (BPI), one loan from Innovasjon Norge and one loan to Nordea Bank Aps. In addition to this the Group has lease liabilities relating to office premises. Refer to note 12 for further details about the lease liabilities. As part of the loan agreement EDEA entered into with Nordea ABP in 2020, five draws on the facility was performed during the year 2022. Total outstanding amount at year end 2022 was MNOK 126, out of a committed facility of MNOK 150. Transaction costs incurred as part of the establishment of the facility and draws are amortised over the loan period. Outstanding nominal valueCurr At 31 Dec 2023Interest rate Maturityency(Currency) (NOK)BPI 1 EUR 5.27% April 2025 30 337BPI 2 EUR 1.25% September 2025 64 718BPI 3 EUR 2.81% March 2027 375 4 210DNB Bank ASA and EUR EURIBOR + 3.50% February 2025 20 684 232 243Sparebank 1 SR-bank ASATotal 237 508 Non-current Current31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022Interest-bearing liabilitiesBorrowings from credit institutions235 431125 672 2 0776 964Other interest-bearing liabilities - - - 2 500Total interest-bearing liabilities 235 431 125 672 2 077 9 46431 December 2023 31 December 2022Interest-bearing liabilities by currency Currency NOK Currency NOK amountamountamountamountEUR 21 153 237 508 12 633 132 636NOK - - 2 500 2 500Other currencies - - - -Total interest-bearing liabilities 21,153 237,508 15,133 135 136Interest-bearing liabilities - maturity 2023 2024 2025 2026 2027 2028 2029 TotalBorrowings from credit institutions and other 233 237 2 077 1 123 561 - -interest-bearing liabilities748 509 Total interest-bearing liabilities excl. prepaid 233 237 2 077 1 123 561 - -borrowing expenses748 509 Interest to be paid on interest-bearing liabilities 17 292 1 481 16 - - - 18 789 Total interest payments 17 292 1 481 16 - - - 18 789 235 256 Total future payments on interest-bearing liabilities 19 369 1 139 561 - -229 298 Interest-bearing liabilities - maturity 2022 2023 2024 2025 2026 2027 2028 TotalBorrowings from credit institutions and other 9 464 9 134 8 945 8 588 8 064 7 539 51 734interest-bearing liabilitiesTotal interest-bearing liabilities excl. prepaid 9 464 9 134 8 954 8 588 8 064 7 539 51 734borrowing expensesInterest to be paid on interest-bearing liabilities 8 131 7 540 6 961 6 406 5 884 5 396 40 318Total interest payments 8 131 7 540 6 961 6 406 5 884 5 396 40 318Total future payments on interest-bearing liabilities 17 595 16 674 15 906 14 994 13 948 12 935 92 052Financial CovenantsThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA contains financial covenants. The covenants covers the following ratios: loan to value, interest cover ratio and equity ratio. At year end, the Group is compliant with the financial covenants set out in the agreement. Change of ControlIn addition to the financial covenants, the debt facility agreement with DNB Bank ASA and Sparebank1 SR-Bank ASA contains a change of control clause. The clause will be triggered if 1) there is a change of control in Otovo ASA, or 2) Otovo ceases to own and control directly all of the shares add voting right in EDEA Midco, or 3) EDEA Midco ceases to own and control directly all of the share and voting rights in each of its subsidiaries.Security and GuaranteesThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA is secured by all outstanding shares in EDEA Midco and it subsidiaries, intra-group loans and credit, trade receivables, inventory and operating assets, all bank accounts, and guarantees provided by the Guarantors.Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2023 the movements relate to a new debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50m revolving credit facility to finance the subscription assets. The Group has repaid the former facility held with Nordea Bank. In 2022, the movement is a result of draws on debt facility held with Nordea Bank Aps, and down payment of debt facilities held with banks in France and Innovasjon Norge. Cash flow from financing activities is also affected by payments of principal amount of lease liabilities.2023 2022Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 135 136 14 877 150 013 11 885 8 839 20 724Cash flow from Financing activitiesProceeds from borrowings 423 293-423 293 125 629-125 629Repayments of borrowings -345 660-345 660 -3 159--3 159Payments of lease liabilities- 7 247 7 247--5 722 -5 722Net cash flow from financing 77 633 7 247 70 386 122 470 -5 722 116 748activitiesFX Rate effects 11 69622711 469 7811 2081 989New lease contracts-7 654 7 654-10 552 10 552Arrangement fees 13 008 -13 008- --Other changes 24 704 7 427 32 131 781 11 760 12 541Balance as of 31 December 237 473 15 058 252 531 135 136 14 877 150 013Non-current liabilities 235 431 6 696 242 127 125 672 6 130 131 802Current liabilities 2 077 8 362 10 439 9 464 8 747 18 211Note 18. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2023 31 Dec 2022Accrued wages and holiday pay 47 534 34 816Indirect taxes payable 13 735 27 415Accrued interest costs 4 052 3Other accruals 75 010 63 269Prepayments from customers 19 036 49 169Current portion of non-current debt 2 077 9 464Other current liabilities 0 3Total other current liabilities 161 444 184 139WarrantiesThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware. Refer to note 2 for further information about warranties.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Since the start of Otovo\u2019s operations the expenses relating to malfunctions one year or more after the installation date have been immaterial and according to information received by hardware producers and distributors is that they receive warranty claims on less than 1% of all panels sold.Note 19. Risk managementAmounts in NOK thousandThe Group\u2019s capital management policy is to have a capital structure which meets the demands of operations, reduces cost of capital and complies with financial covenants and future investments planned by the Group. The Group will adjust debt and equity to maintain and secure an optimal capital structure by continuously monitoring the total equity level and the equity ratio of the Group. The Group\u2019s activities are exposed to financial risks: credit risk, liquidity risk, currency risk and interest risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Overall the Group considers the financial risk to be acceptable.Credit riskCredit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group\u2019s credit risks largely arise from trade receivables, finance lease receivables and cash and cash equivalents. The counterparts for the Group\u2019s cash deposits are large banks which are considered to be solid. The Group assesses that there are no material credit risks associated with these deposits.Credit risk related to trade receivables and finance lease receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base and is further mitigated through the use of credit rating agencies ahead of sales, use of prepayments for customers or markets with higher risk, continuous monitoring of overdue invoices, all combined with the Group holding the right to reclaim the assets in case of payment default.An important element of the credit risk profile for the Group is that the subset of customers addressed are, as homeowners, already amongst the individuals with the most robust economy and credit ratings. According to Intrum, one of Europe\u2019s largest debt collection agencies, the default probability on a utility bill is 6 times lower for a customer owning a house than for customers who are not a homeowner. In addition, the single point exposure will be low, as the Group will have thousands of single counterparties across Europe.Finally, the solar system contract will be cost saving for customers in most markets, resulting in the outcome for the end customer if choosing not to pay the subscription contract being worse than paying. In addition this element is more prominent in markets with higher expected loss given defaults (LGD). I.e. the customer business case is often stronger in countries where the LGD is higher. Loss on receivables are recognized as displayed below. 2023 2022Loss on trade receivables 166 153Loss on trade receivables in % of Revenues 0.02% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2023 2022Marketplace 45 117 44 722Subscription 3 900 1 945Trade receivables at 31 December - ageing 2023 2022Not due 14 762 19 5241\u201330 days past due 16 117 12 65531\u201360 days past due 1 422 4 30861\u201390 days past due 5 998 1 894More than 90 days past due 10 718 8 286Total trade receivables 49 017 46 667Bad debt provision -2 821 -2 613The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Historical losses in the Group have been very low, as result of the measures implemented in order to reduce the credit risk. As an example prepayments are required for the whole or parts of the contract amount in some markets. This is reflecting the risk of default in those markets, and the local debt collection process and tools available in case of default.For Direct Purchase the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflect the Group\u2019s ability to collect once receivables are overdue. The residual value of the solar panels installations and batteries sold is included in the residual value, when relevant. For subscription customers the same method is used, however additional to estimating the expected credit loss for the trade receivables, the fixed assets (solar panel systems mounted on the subscription customers roof) related to customers with increased risk of payment default is assessed for impairment, as the fixed assets would ultimately be reclaimed and sold in the second hand market. The expected loss is based on experience from debt collection processes and estimated residual value for the products that can be reclaimed, both in current and previous years. The Group is however in an early stage of its commercial journey, with 2021 being the first year of operations in several of the markets, hence the Group has limited historical data. As a consequence of this the loss rates are frequently reviewed and updated to reflect the actual risk in each of the Group's markets.Liquidity riskLiquidity risk is the risk that the Group will have difficulties in paying its financial liabilities.The Group's subscription business is exposed to liquidity risk over time. The subscription business consists mainly of purchasing and installing solar systems and batteries at private individuals\u2019 houses, and entering into long term leasing contracts with these customers (20 years for PV and 10 years for batteries). At the start of 2023, announced financing package of NOK 250 million in equity and up to EUR 100 million in debt, to secure the Group\u2019s growth in subscription assets. Further in October the Group announced the disposal of Norwegian and Swedish subscription assets, which reduced the financing need for those portfolio for a period of time. In November the Group raised NOK 450 million in equity to bring the Group towards profitability. The Group's cash position is considered strong.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.23yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 763 9 534 - - - - -1Credit institutions & other 237 509 2 077 233 748 1 123 561 - -Trade payables 69 343 69 343 - - - - -Public duties payable 13 735 13 735 - - - - -Other current liabilities 145 632 145 632 - - - - -Total 482 983 240 321 233 748 1 123 561 - - Total as of< 12 345>531.12.22yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 619 7 918 5 158 3 544 - - -1Credit institutions & other135 136 9 464 9 134 8 945 8 588 8 064 90 941 Trade payables 71 473 71 473 - - - - -Public duties payable 27 415 27 415 - - - - -Other current liabilities 147 260 147 260 - - - - -Total 397 904 263 530 14 292 12 489 8 588 8 064 90 941 1) Borrowings from credit institutions and other interest-bearing liabilitiesCurrency riskThe Group is exposed to currency risk related to investments in foreign entities and proceeds from these investments that vary with changes in the foreign exchange rate. The net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using the average exchange rates for the period.To the extent possible, the Group intends to finance its operations through debt financing in the respective countries\u2019 currency. The Group\u2019s current policy is not to hedge its currency risk through FX futures or other derivatives.The currency risk for each of the Group\u2019s subsidiaries is limited as each entity has its revenues and costs in its local currency. Wholesale prices of materials may to a certain extent vary with variations in foreign exchange rates, that will influence prices to customers which again could affect the attractiveness of the product.SensitivityIf the following currencies had strengthened/weakened against the functional currency, it would have had the below effect on the Group\u2019s loss.Profit and loss Change in 2023 2022EUR +/- 10% 58 134 30 750 SEK +/- 10% 3 706 4 726 PLN +/- 10% 750 2 367 GBP +/- 10% 1 453 375CHF +/- 10% 2 347 1 207USD +/- 10% 3 284Total 66 393 39 709Interest rate riskEDEA, the subscription business, is financing its activities partly through a debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA, obtained in January 2023. Thus the Group is exposed to market risk related to fluctuations in interest rates and currencies in the countries where the Group has operations. The interest rates in the Group\u2019s financing agreements vary with the respective IBOR-rate. All customer contracts have a fixed, implicit interest rate that is set at the start of the contract period and not changed for the duration of the contract period (20 years for solar panel installations, 10 years for batteries). Consequently, the Group is exposed to the risk that its financing costs may increase, while its recurring revenues to a larger extent is based on fixed price contracts. This risk is mitigated in two ways. The monthly payments from the customers are subject to an annual CPI adjustment, which is expected to compensate for increasing financing costs to a large extent. In addition, the implicit interest rates in new customer contracts may be increased if the financing costs increase, giving higher recurring revenue in the future. Overall the risk related to interest rates has increased during 2022 and 2023, with the increased central banks rates. However, taking into consideration the mitigating effects of inflation adjustment and yield adjustment on new contracts (as described above), the Group has decided to maintain its\u2019 policy not to enter into interest rate swaps to hedge interest rate risk.See note 16 for further information about the debt facility.Note 21. Related party transactionsAmounts in NOK thousandThe investment in Holu was reclassified from investments in associated companies to assets held for sale in 2022. Otovo divested its share in Holu in 3 February 2023, transactions with Holu after this date are not considered to be related party transactions and are excluded from the table below.Refer to note 7 for information about related party transactions with CEO, other members of Group Management and board members.The following amounts from the consolidated statement of profit and loss, if any, relates to transaction with related parties throughout the current financial year:Consolidated statement of profit and loss 2023 2022Sale to Holu - 1 147Total revenues - 1 147Consolidated statement of financial position 31 Dec 2023 31 Dec 2022Trade Receivables - 1 021Other receivables and prepayments - 278Other current liabilities - -Net balances with related parties - 1 299",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__83": {
"value": "Note 16. Interest-bearing liabilitiesAmounts in NOK thousandAt the end the year the Group has 3 loans from Banque Publique d'Investissement (BPI), one loan from Innovasjon Norge and one loan to Nordea Bank Aps. In addition to this the Group has lease liabilities relating to office premises. Refer to note 12 for further details about the lease liabilities. As part of the loan agreement EDEA entered into with Nordea ABP in 2020, five draws on the facility was performed during the year 2022. Total outstanding amount at year end 2022 was MNOK 126, out of a committed facility of MNOK 150. Transaction costs incurred as part of the establishment of the facility and draws are amortised over the loan period. Outstanding nominal valueCurr At 31 Dec 2023Interest rate Maturityency(Currency) (NOK)BPI 1 EUR 5.27% April 2025 30 337BPI 2 EUR 1.25% September 2025 64 718BPI 3 EUR 2.81% March 2027 375 4 210DNB Bank ASA and EUR EURIBOR + 3.50% February 2025 20 684 232 243Sparebank 1 SR-bank ASATotal 237 508 Non-current Current31 Dec 2023 31 Dec 2022 31 Dec 2023 31 Dec 2022Interest-bearing liabilitiesBorrowings from credit institutions235 431125 672 2 0776 964Other interest-bearing liabilities - - - 2 500Total interest-bearing liabilities 235 431 125 672 2 077 9 46431 December 2023 31 December 2022Interest-bearing liabilities by currency Currency NOK Currency NOK amountamountamountamountEUR 21 153 237 508 12 633 132 636NOK - - 2 500 2 500Other currencies - - - -Total interest-bearing liabilities 21,153 237,508 15,133 135 136Interest-bearing liabilities - maturity 2023 2024 2025 2026 2027 2028 2029 TotalBorrowings from credit institutions and other 233 237 2 077 1 123 561 - -interest-bearing liabilities748 509 Total interest-bearing liabilities excl. prepaid 233 237 2 077 1 123 561 - -borrowing expenses748 509 Interest to be paid on interest-bearing liabilities 17 292 1 481 16 - - - 18 789 Total interest payments 17 292 1 481 16 - - - 18 789 235 256 Total future payments on interest-bearing liabilities 19 369 1 139 561 - -229 298 Interest-bearing liabilities - maturity 2022 2023 2024 2025 2026 2027 2028 TotalBorrowings from credit institutions and other 9 464 9 134 8 945 8 588 8 064 7 539 51 734interest-bearing liabilitiesTotal interest-bearing liabilities excl. prepaid 9 464 9 134 8 954 8 588 8 064 7 539 51 734borrowing expensesInterest to be paid on interest-bearing liabilities 8 131 7 540 6 961 6 406 5 884 5 396 40 318Total interest payments 8 131 7 540 6 961 6 406 5 884 5 396 40 318Total future payments on interest-bearing liabilities 17 595 16 674 15 906 14 994 13 948 12 935 92 052Financial CovenantsThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA contains financial covenants. The covenants covers the following ratios: loan to value, interest cover ratio and equity ratio. At year end, the Group is compliant with the financial covenants set out in the agreement. Change of ControlIn addition to the financial covenants, the debt facility agreement with DNB Bank ASA and Sparebank1 SR-Bank ASA contains a change of control clause. The clause will be triggered if 1) there is a change of control in Otovo ASA, or 2) Otovo ceases to own and control directly all of the shares add voting right in EDEA Midco, or 3) EDEA Midco ceases to own and control directly all of the share and voting rights in each of its subsidiaries.Security and GuaranteesThe debt facility held with DNB Bank ASA and Sparebank1 SR-Bank ASA is secured by all outstanding shares in EDEA Midco and it subsidiaries, intra-group loans and credit, trade receivables, inventory and operating assets, all bank accounts, and guarantees provided by the Guarantors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "Note 17. Cash and cash equivalentsAmounts in NOK thousand 31 Dec 2023 31 Dec 2022Total cash and cash equivalents in the statement of financial 582 707 193 868position and in the statement of cash flowRestricted deposits related to employee tax deduction 4 674 4 446Restricted deposits related to escrow 7 566 -Total cash and cash equivalents net of restricted deposits 570 468 189 422Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2023 the movements relate to a new debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50m revolving credit facility to finance the subscription assets. The Group has repaid the former facility held with Nordea Bank. In 2022, the movement is a result of draws on debt facility held with Nordea Bank Aps, and down payment of debt facilities held with banks in France and Innovasjon Norge. Cash flow from financing activities is also affected by payments of principal amount of lease liabilities.2023 2022Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 135 136 14 877 150 013 11 885 8 839 20 724Cash flow from Financing activitiesProceeds from borrowings 423 293-423 293 125 629-125 629Repayments of borrowings -345 660-345 660 -3 159--3 159Payments of lease liabilities- 7 247 7 247--5 722 -5 722Net cash flow from financing 77 633 7 247 70 386 122 470 -5 722 116 748activitiesFX Rate effects 11 69622711 469 7811 2081 989New lease contracts-7 654 7 654-10 552 10 552Arrangement fees 13 008 -13 008- --Other changes 24 704 7 427 32 131 781 11 760 12 541Balance as of 31 December 237 473 15 058 252 531 135 136 14 877 150 013Non-current liabilities 235 431 6 696 242 127 125 672 6 130 131 802Current liabilities 2 077 8 362 10 439 9 464 8 747 18 211",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "Note 17. Cash and cash equivalentsAmounts in NOK thousand 31 Dec 2023 31 Dec 2022Total cash and cash equivalents in the statement of financial 582 707 193 868position and in the statement of cash flowRestricted deposits related to employee tax deduction 4 674 4 446Restricted deposits related to escrow 7 566 -Total cash and cash equivalents net of restricted deposits 570 468 189 422Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2023 the movements relate to a new debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50m revolving credit facility to finance the subscription assets. The Group has repaid the former facility held with Nordea Bank. In 2022, the movement is a result of draws on debt facility held with Nordea Bank Aps, and down payment of debt facilities held with banks in France and Innovasjon Norge. Cash flow from financing activities is also affected by payments of principal amount of lease liabilities.2023 2022Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 135 136 14 877 150 013 11 885 8 839 20 724Cash flow from Financing activitiesProceeds from borrowings 423 293-423 293 125 629-125 629Repayments of borrowings -345 660-345 660 -3 159--3 159Payments of lease liabilities- 7 247 7 247--5 722 -5 722Net cash flow from financing 77 633 7 247 70 386 122 470 -5 722 116 748activitiesFX Rate effects 11 69622711 469 7811 2081 989New lease contracts-7 654 7 654-10 552 10 552Arrangement fees 13 008 -13 008- --Other changes 24 704 7 427 32 131 781 11 760 12 541Balance as of 31 December 237 473 15 058 252 531 135 136 14 877 150 013Non-current liabilities 235 431 6 696 242 127 125 672 6 130 131 802Current liabilities 2 077 8 362 10 439 9 464 8 747 18 211",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__90": {
"value": "Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2023 the movements relate to a new debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50m revolving credit facility to finance the subscription assets. The Group has repaid the former facility held with Nordea Bank. In 2022, the movement is a result of draws on debt facility held with Nordea Bank Aps, and down payment of debt facilities held with banks in France and Innovasjon Norge. Cash flow from financing activities is also affected by payments of principal amount of lease liabilities.2023 2022Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 135 136 14 877 150 013 11 885 8 839 20 724Cash flow from Financing activitiesProceeds from borrowings 423 293-423 293 125 629-125 629Repayments of borrowings -345 660-345 660 -3 159--3 159Payments of lease liabilities- 7 247 7 247--5 722 -5 722Net cash flow from financing 77 633 7 247 70 386 122 470 -5 722 116 748activitiesFX Rate effects 11 69622711 469 7811 2081 989New lease contracts-7 654 7 654-10 552 10 552Arrangement fees 13 008 -13 008- --Other changes 24 704 7 427 32 131 781 11 760 12 541Balance as of 31 December 237 473 15 058 252 531 135 136 14 877 150 013Non-current liabilities 235 431 6 696 242 127 125 672 6 130 131 802Current liabilities 2 077 8 362 10 439 9 464 8 747 18 211",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__88": {
"value": "Cash flow from interest-bearing liabilitiesCash flow from financing activities consists of proceeds and repayments of borrowings. In 2023 the movements relate to a new debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA. The facility, obtained in January 2023, is a EUR 50m revolving credit facility to finance the subscription assets. The Group has repaid the former facility held with Nordea Bank. In 2022, the movement is a result of draws on debt facility held with Nordea Bank Aps, and down payment of debt facilities held with banks in France and Innovasjon Norge. Cash flow from financing activities is also affected by payments of principal amount of lease liabilities.2023 2022Reconciliation of Interest-bearing Interest-Interest-Lease Lease liabilitiesbearing Totalbearing TotalliabilitiesliabilitiesliabilitiesliabilitiesBalance as of 1 January 135 136 14 877 150 013 11 885 8 839 20 724Cash flow from Financing activitiesProceeds from borrowings 423 293-423 293 125 629-125 629Repayments of borrowings -345 660-345 660 -3 159--3 159Payments of lease liabilities- 7 247 7 247--5 722 -5 722Net cash flow from financing 77 633 7 247 70 386 122 470 -5 722 116 748activitiesFX Rate effects 11 69622711 469 7811 2081 989New lease contracts-7 654 7 654-10 552 10 552Arrangement fees 13 008 -13 008- --Other changes 24 704 7 427 32 131 781 11 760 12 541Balance as of 31 December 237 473 15 058 252 531 135 136 14 877 150 013Non-current liabilities 235 431 6 696 242 127 125 672 6 130 131 802Current liabilities 2 077 8 362 10 439 9 464 8 747 18 211",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "Note 18. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2023 31 Dec 2022Accrued wages and holiday pay 47 534 34 816Indirect taxes payable 13 735 27 415Accrued interest costs 4 052 3Other accruals 75 010 63 269Prepayments from customers 19 036 49 169Current portion of non-current debt 2 077 9 464Other current liabilities 0 3Total other current liabilities 161 444 184 139WarrantiesThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware. Refer to note 2 for further information about warranties.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Since the start of Otovo\u2019s operations the expenses relating to malfunctions one year or more after the installation date have been immaterial and according to information received by hardware producers and distributors is that they receive warranty claims on less than 1% of all panels sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "Note 18. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2023 31 Dec 2022Accrued wages and holiday pay 47 534 34 816Indirect taxes payable 13 735 27 415Accrued interest costs 4 052 3Other accruals 75 010 63 269Prepayments from customers 19 036 49 169Current portion of non-current debt 2 077 9 464Other current liabilities 0 3Total other current liabilities 161 444 184 139WarrantiesThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware. Refer to note 2 for further information about warranties.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Since the start of Otovo\u2019s operations the expenses relating to malfunctions one year or more after the installation date have been immaterial and according to information received by hardware producers and distributors is that they receive warranty claims on less than 1% of all panels sold.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__92": {
"value": "Note 18. Other liabilitiesAmounts in NOK thousandOther current liabilities 31 Dec 2023 31 Dec 2022Accrued wages and holiday pay 47 534 34 816Indirect taxes payable 13 735 27 415Accrued interest costs 4 052 3Other accruals 75 010 63 269Prepayments from customers 19 036 49 169Current portion of non-current debt 2 077 9 464Other current liabilities 0 3Total other current liabilities 161 444 184 139WarrantiesThe Group provides warranties for general repairs of defects that existed at the time of sale, as required by law. For the direct sales of solar panel installations and batteries the warranty period is up to 10 years, varying from market to market. The Group has back to back warranties with hardware producers and installation partners, but is ultimately responsible for solving the problem in the event that hardware producers fail to replace the defect hardware, or installation partners fail to resolve issues related to the quality of the work performed on the installation. The Group is also responsible for covering the installation work related to replacing defect hardware. Refer to note 2 for further information about warranties.As the replacement cost is not expected to be significant and it is difficult to prepare a reliable estimate, including the percentage of defect hardware or installations with quality issues, the timing of the issue and the Group\u2019s share of the expense, no accruals have been made. The Group\u2019s share of repair and replacement costs will be expensed as they occur.Since the start of Otovo\u2019s operations the expenses relating to malfunctions one year or more after the installation date have been immaterial and according to information received by hardware producers and distributors is that they receive warranty claims on less than 1% of all panels sold.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__98": {
"value": "credit risk, liquidity risk, currency risk and interest risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Overall the Group considers the financial risk to be acceptable.Credit riskCredit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group\u2019s credit risks largely arise from trade receivables, finance lease receivables and cash and cash equivalents. The counterparts for the Group\u2019s cash deposits are large banks which are considered to be solid. The Group assesses that there are no material credit risks associated with these deposits.Credit risk related to trade receivables and finance lease receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base and is further mitigated through the use of credit rating agencies ahead of sales, use of prepayments for customers or markets with higher risk, continuous monitoring of overdue invoices, all combined with the Group holding the right to reclaim the assets in case of payment default.An important element of the credit risk profile for the Group is that the subset of customers addressed are, as homeowners, already amongst the individuals with the most robust economy and credit ratings. According to Intrum, one of Europe\u2019s largest debt collection agencies, the default probability on a utility bill is 6 times lower for a customer owning a house than for customers who are not a homeowner. In addition, the single point exposure will be low, as the Group will have thousands of single counterparties across Europe.Finally, the solar system contract will be cost saving for customers in most markets, resulting in the outcome for the end customer if choosing not to pay the subscription contract being worse than paying. In addition this element is more prominent in markets with higher expected loss given defaults (LGD). I.e. the customer business case is often stronger in countries where the LGD is higher. Loss on receivables are recognized as displayed below. 2023 2022Loss on trade receivables 166 153Loss on trade receivables in % of Revenues 0.02% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2023 2022Marketplace 45 117 44 722Subscription 3 900 1 945Trade receivables at 31 December - ageing 2023 2022Not due 14 762 19 5241\u201330 days past due 16 117 12 65531\u201360 days past due 1 422 4 30861\u201390 days past due 5 998 1 894More than 90 days past due 10 718 8 286Total trade receivables 49 017 46 667Bad debt provision -2 821 -2 613The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Historical losses in the Group have been very low, as result of the measures implemented in order to reduce the credit risk. As an example prepayments are required for the whole or parts of the contract amount in some markets. This is reflecting the risk of default in those markets, and the local debt collection process and tools available in case of default.For Direct Purchase the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflect the Group\u2019s ability to collect once receivables are overdue. The residual value of the solar panels installations and batteries sold is included in the residual value, when relevant. For subscription customers the same method is used, however additional to estimating the expected credit loss for the trade receivables, the fixed assets (solar panel systems mounted on the subscription customers roof) related to customers with increased risk of payment default is assessed for impairment, as the fixed assets would ultimately be reclaimed and sold in the second hand market. The expected loss is based on experience from debt collection processes and estimated residual value for the products that can be reclaimed, both in current and previous years. The Group is however in an early stage of its commercial journey, with 2021 being the first year of operations in several of the markets, hence the Group has limited historical data. As a consequence of this the loss rates are frequently reviewed and updated to reflect the actual risk in each of the Group's markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "liquidity risk, currency risk and interest risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Overall the Group considers the financial risk to be acceptable.Credit riskCredit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group\u2019s credit risks largely arise from trade receivables, finance lease receivables and cash and cash equivalents. The counterparts for the Group\u2019s cash deposits are large banks which are considered to be solid. The Group assesses that there are no material credit risks associated with these deposits.Credit risk related to trade receivables and finance lease receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base and is further mitigated through the use of credit rating agencies ahead of sales, use of prepayments for customers or markets with higher risk, continuous monitoring of overdue invoices, all combined with the Group holding the right to reclaim the assets in case of payment default.An important element of the credit risk profile for the Group is that the subset of customers addressed are, as homeowners, already amongst the individuals with the most robust economy and credit ratings. According to Intrum, one of Europe\u2019s largest debt collection agencies, the default probability on a utility bill is 6 times lower for a customer owning a house than for customers who are not a homeowner. In addition, the single point exposure will be low, as the Group will have thousands of single counterparties across Europe.Finally, the solar system contract will be cost saving for customers in most markets, resulting in the outcome for the end customer if choosing not to pay the subscription contract being worse than paying. In addition this element is more prominent in markets with higher expected loss given defaults (LGD). I.e. the customer business case is often stronger in countries where the LGD is higher. Loss on receivables are recognized as displayed below. 2023 2022Loss on trade receivables 166 153Loss on trade receivables in % of Revenues 0.02% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2023 2022Marketplace 45 117 44 722Subscription 3 900 1 945Trade receivables at 31 December - ageing 2023 2022Not due 14 762 19 5241\u201330 days past due 16 117 12 65531\u201360 days past due 1 422 4 30861\u201390 days past due 5 998 1 894More than 90 days past due 10 718 8 286Total trade receivables 49 017 46 667Bad debt provision -2 821 -2 613The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Historical losses in the Group have been very low, as result of the measures implemented in order to reduce the credit risk. As an example prepayments are required for the whole or parts of the contract amount in some markets. This is reflecting the risk of default in those markets, and the local debt collection process and tools available in case of default.For Direct Purchase the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflect the Group\u2019s ability to collect once receivables are overdue. The residual value of the solar panels installations and batteries sold is included in the residual value, when relevant. For subscription customers the same method is used, however additional to estimating the expected credit loss for the trade receivables, the fixed assets (solar panel systems mounted on the subscription customers roof) related to customers with increased risk of payment default is assessed for impairment, as the fixed assets would ultimately be reclaimed and sold in the second hand market. The expected loss is based on experience from debt collection processes and estimated residual value for the products that can be reclaimed, both in current and previous years. The Group is however in an early stage of its commercial journey, with 2021 being the first year of operations in several of the markets, hence the Group has limited historical data. As a consequence of this the loss rates are frequently reviewed and updated to reflect the actual risk in each of the Group's markets.Liquidity riskLiquidity risk is the risk that the Group will have difficulties in paying its financial liabilities.The Group's subscription business is exposed to liquidity risk over time. The subscription business consists mainly of purchasing and installing solar systems and batteries at private individuals\u2019 houses, and entering into long term leasing contracts with these customers (20 years for PV and 10 years for batteries). At the start of 2023, announced financing package of NOK 250 million in equity and up to EUR 100 million in debt, to secure the Group\u2019s growth in subscription assets. Further in October the Group announced the disposal of Norwegian and Swedish subscription assets, which reduced the financing need for those portfolio for a period of time. In November the Group raised NOK 450 million in equity to bring the Group towards profitability. The Group's cash position is considered strong.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.23yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 763 9 534 - - - - -1Credit institutions & other 237 509 2 077 233 748 1 123 561 - -Trade payables 69 343 69 343 - - - - -Public duties payable 13 735 13 735 - - - - -Other current liabilities 145 632 145 632 - - - - -Total 482 983 240 321 233 748 1 123 561 - - Total as of< 12 345>531.12.22yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 619 7 918 5 158 3 544 - - -1Credit institutions & other135 136 9 464 9 134 8 945 8 588 8 064 90 941 Trade payables 71 473 71 473 - - - - -Public duties payable 27 415 27 415 - - - - -Other current liabilities 147 260 147 260 - - - - -Total 397 904 263 530 14 292 12 489 8 588 8 064 90 941 1) Borrowings from credit institutions and other interest-bearing liabilitiesCurrency riskThe Group is exposed to currency risk related to investments in foreign entities and proceeds from these investments that vary with changes in the foreign exchange rate. The net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using the average exchange rates for the period.To the extent possible, the Group intends to finance its operations through debt financing in the respective countries\u2019 currency. The Group\u2019s current policy is not to hedge its currency risk through FX futures or other derivatives.The currency risk for each of the Group\u2019s subsidiaries is limited as each entity has its revenues and costs in its local currency. Wholesale prices of materials may to a certain extent vary with variations in foreign exchange rates, that will influence prices to customers which again could affect the attractiveness of the product.SensitivityIf the following currencies had strengthened/weakened against the functional currency, it would have had the below effect on the Group\u2019s loss.Profit and loss Change in 2023 2022EUR +/- 10% 58 134 30 750 SEK +/- 10% 3 706 4 726 PLN +/- 10% 750 2 367 GBP +/- 10% 1 453 375CHF +/- 10% 2 347 1 207USD +/- 10% 3 284Total 66 393 39 709",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__97": {
"value": "Note 19. Risk managementAmounts in NOK thousandThe Group\u2019s capital management policy is to have a capital structure which meets the demands of operations, reduces cost of capital and complies with financial covenants and future investments planned by the Group. The Group will adjust debt and equity to maintain and secure an optimal capital structure by continuously monitoring the total equity level and the equity ratio of the Group. The Group\u2019s activities are exposed to financial risks: credit risk, liquidity risk, currency risk and interest risk. The Group\u2019s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Overall the Group considers the financial risk to be acceptable.Credit riskCredit risk is the loss that the Group would suffer if a counterparty fails to perform its financial obligations. The Group\u2019s credit risks largely arise from trade receivables, finance lease receivables and cash and cash equivalents. The counterparts for the Group\u2019s cash deposits are large banks which are considered to be solid. The Group assesses that there are no material credit risks associated with these deposits.Credit risk related to trade receivables and finance lease receivables is assessed to be limited due to the high number of customers in the Group\u2019s customer base and is further mitigated through the use of credit rating agencies ahead of sales, use of prepayments for customers or markets with higher risk, continuous monitoring of overdue invoices, all combined with the Group holding the right to reclaim the assets in case of payment default.An important element of the credit risk profile for the Group is that the subset of customers addressed are, as homeowners, already amongst the individuals with the most robust economy and credit ratings. According to Intrum, one of Europe\u2019s largest debt collection agencies, the default probability on a utility bill is 6 times lower for a customer owning a house than for customers who are not a homeowner. In addition, the single point exposure will be low, as the Group will have thousands of single counterparties across Europe.Finally, the solar system contract will be cost saving for customers in most markets, resulting in the outcome for the end customer if choosing not to pay the subscription contract being worse than paying. In addition this element is more prominent in markets with higher expected loss given defaults (LGD). I.e. the customer business case is often stronger in countries where the LGD is higher. Loss on receivables are recognized as displayed below. 2023 2022Loss on trade receivables 166 153Loss on trade receivables in % of Revenues 0.02% 0.02%Trade receivablesAt 31 December the exposure to credit risk were separated into the following segments; 2023 2022Marketplace 45 117 44 722Subscription 3 900 1 945Trade receivables at 31 December - ageing 2023 2022Not due 14 762 19 5241\u201330 days past due 16 117 12 65531\u201360 days past due 1 422 4 30861\u201390 days past due 5 998 1 894More than 90 days past due 10 718 8 286Total trade receivables 49 017 46 667Bad debt provision -2 821 -2 613The Group applies the simplified approach to measuring expected credit losses, which uses a lifetime expected loss allowance for all trade receivables.Historical losses in the Group have been very low, as result of the measures implemented in order to reduce the credit risk. As an example prepayments are required for the whole or parts of the contract amount in some markets. This is reflecting the risk of default in those markets, and the local debt collection process and tools available in case of default.For Direct Purchase the customers are grouped into categories, market by market, and the expected credit loss is estimated category by category. The expected loss reflect the Group\u2019s ability to collect once receivables are overdue. The residual value of the solar panels installations and batteries sold is included in the residual value, when relevant. For subscription customers the same method is used, however additional to estimating the expected credit loss for the trade receivables, the fixed assets (solar panel systems mounted on the subscription customers roof) related to customers with increased risk of payment default is assessed for impairment, as the fixed assets would ultimately be reclaimed and sold in the second hand market. The expected loss is based on experience from debt collection processes and estimated residual value for the products that can be reclaimed, both in current and previous years. The Group is however in an early stage of its commercial journey, with 2021 being the first year of operations in several of the markets, hence the Group has limited historical data. As a consequence of this the loss rates are frequently reviewed and updated to reflect the actual risk in each of the Group's markets.Liquidity riskLiquidity risk is the risk that the Group will have difficulties in paying its financial liabilities.The Group's subscription business is exposed to liquidity risk over time. The subscription business consists mainly of purchasing and installing solar systems and batteries at private individuals\u2019 houses, and entering into long term leasing contracts with these customers (20 years for PV and 10 years for batteries). At the start of 2023, announced financing package of NOK 250 million in equity and up to EUR 100 million in debt, to secure the Group\u2019s growth in subscription assets. Further in October the Group announced the disposal of Norwegian and Swedish subscription assets, which reduced the financing need for those portfolio for a period of time. In November the Group raised NOK 450 million in equity to bring the Group towards profitability. The Group's cash position is considered strong.Maturity profile of the Group\u2019s liabilities (in nominal values) Total as of< 12 345>531.12.23yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 763 9 534 - - - - -1Credit institutions & other 237 509 2 077 233 748 1 123 561 - -Trade payables 69 343 69 343 - - - - -Public duties payable 13 735 13 735 - - - - -Other current liabilities 145 632 145 632 - - - - -Total 482 983 240 321 233 748 1 123 561 - - Total as of< 12 345>531.12.22yearyearsyearsyearsyearsyearsNon-derivative financial obligationsLeasing 16 619 7 918 5 158 3 544 - - -1Credit institutions & other135 136 9 464 9 134 8 945 8 588 8 064 90 941 Trade payables 71 473 71 473 - - - - -Public duties payable 27 415 27 415 - - - - -Other current liabilities 147 260 147 260 - - - - -Total 397 904 263 530 14 292 12 489 8 588 8 064 90 941 1) Borrowings from credit institutions and other interest-bearing liabilitiesCurrency riskThe Group is exposed to currency risk related to investments in foreign entities and proceeds from these investments that vary with changes in the foreign exchange rate. The net income of the Group is also affected by currency fluctuations, as the profit and losses from foreign operations are translated into NOK using the average exchange rates for the period.To the extent possible, the Group intends to finance its operations through debt financing in the respective countries\u2019 currency. The Group\u2019s current policy is not to hedge its currency risk through FX futures or other derivatives.The currency risk for each of the Group\u2019s subsidiaries is limited as each entity has its revenues and costs in its local currency. Wholesale prices of materials may to a certain extent vary with variations in foreign exchange rates, that will influence prices to customers which again could affect the attractiveness of the product.SensitivityIf the following currencies had strengthened/weakened against the functional currency, it would have had the below effect on the Group\u2019s loss.Profit and loss Change in 2023 2022EUR +/- 10% 58 134 30 750 SEK +/- 10% 3 706 4 726 PLN +/- 10% 750 2 367 GBP +/- 10% 1 453 375CHF +/- 10% 2 347 1 207USD +/- 10% 3 284Total 66 393 39 709Interest rate riskEDEA, the subscription business, is financing its activities partly through a debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA, obtained in January 2023. Thus the Group is exposed to market risk related to fluctuations in interest rates and currencies in the countries where the Group has operations. The interest rates in the Group\u2019s financing agreements vary with the respective IBOR-rate. All customer contracts have a fixed, implicit interest rate that is set at the start of the contract period and not changed for the duration of the contract period (20 years for solar panel installations, 10 years for batteries). Consequently, the Group is exposed to the risk that its financing costs may increase, while its recurring revenues to a larger extent is based on fixed price contracts. This risk is mitigated in two ways. The monthly payments from the customers are subject to an annual CPI adjustment, which is expected to compensate for increasing financing costs to a large extent. In addition, the implicit interest rates in new customer contracts may be increased if the financing costs increase, giving higher recurring revenue in the future. Overall the risk related to interest rates has increased during 2022 and 2023, with the increased central banks rates. However, taking into consideration the mitigating effects of inflation adjustment and yield adjustment on new contracts (as described above), the Group has decided to maintain its\u2019 policy not to enter into interest rate swaps to hedge interest rate risk.See note 16 for further information about the debt facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "Interest rate riskEDEA, the subscription business, is financing its activities partly through a debt facility from DNB Bank ASA and Sparebank 1 SR-bank ASA, obtained in January 2023. Thus the Group is exposed to market risk related to fluctuations in interest rates and currencies in the countries where the Group has operations. The interest rates in the Group\u2019s financing agreements vary with the respective IBOR-rate. All customer contracts have a fixed, implicit interest rate that is set at the start of the contract period and not changed for the duration of the contract period (20 years for solar panel installations, 10 years for batteries). Consequently, the Group is exposed to the risk that its financing costs may increase, while its recurring revenues to a larger extent is based on fixed price contracts. This risk is mitigated in two ways. The monthly payments from the customers are subject to an annual CPI adjustment, which is expected to compensate for increasing financing costs to a large extent. In addition, the implicit interest rates in new customer contracts may be increased if the financing costs increase, giving higher recurring revenue in the future. Overall the risk related to interest rates has increased during 2022 and 2023, with the increased central banks rates. However, taking into consideration the mitigating effects of inflation adjustment and yield adjustment on new contracts (as described above), the Group has decided to maintain its\u2019 policy not to enter into interest rate swaps to hedge interest rate risk.See note 16 for further information about the debt facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__102": {
"value": "Note 20. Share capital and shareholder informationOrdinary shares have a nominal value of NOK 0.01 each and all provide the same rights in the Company.The Company completed two private placements during 2023 and issued 143 million new shares, of which 130 million were issued in December. In total, NOK 680 million, net of transaction costs, was raised through the private placements.Share capital Number of shares Share price Carrying amountOrdinary shares 279 224 580 3 375 942 382 958The shareholders of Otovo ASA Number of shares % Total\u00c5 Energi Invest AS 87 732 581 31.42%Axel Johnson AB 68 655 978 24.59%Nysn\u00f8 Klimainvesteringer AS 19 306 931 6.91%Verdipapirfondet Holberg Global 10 297 826 3.69%Andmar Operations AS 8 664 610 3.10%2.60%Obos Bbl7 261 870Akershus Energi Sol AS 6 312 420 2.26%2.19%Morgan Stanley & co. LLC6 122 644Verdipapirfondet Dnb Gr\u00f8nt Norden 5 865 496 2.10%Bank Pictet & Cie (europe) AG 5 634 011 2.02%BNP Paribas 4 778 991 1.71%Citibank Europe Plc 3 214 702 1.15%Simvest AS 2 520 977 0.90%Beacon Group AS 1 962 730 0.70%Verdipapirfondet Dnb Milj\u00f8invest 1 933 451 0.69%Kverva Finans AS 1 466 598 0.53%Klaveness Marine Finance AS 1 408 466 0.50%N.A. Citibank 1 336 641 0.48%Er\u00f8y AS 1 217 916 0.44%Morgan Stanley & co. LLC 1 186 548 0.42%Remaining shareholders (less than 1%) 32 343 193 11.58%Showing holdings as of 31 December 2023Updated list of shareholders can be found at investor.otovo.com/stock-info",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__103": {
"value": "Note 21. Related party transactionsAmounts in NOK thousandThe investment in Holu was reclassified from investments in associated companies to assets held for sale in 2022. Otovo divested its share in Holu in 3 February 2023, transactions with Holu after this date are not considered to be related party transactions and are excluded from the table below.Refer to note 7 for information about related party transactions with CEO, other members of Group Management and board members.The following amounts from the consolidated statement of profit and loss, if any, relates to transaction with related parties throughout the current financial year:Consolidated statement of profit and loss 2023 2022Sale to Holu - 1 147Total revenues - 1 147Consolidated statement of financial position 31 Dec 2023 31 Dec 2022Trade Receivables - 1 021Other receivables and prepayments - 278Other current liabilities - -Net balances with related parties - 1 299",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__106": {
"value": "Note 23. Earnings per shareAmounts in NOK thousandBasic earnings per share amounts are calculated by dividing the profit after tax for the year attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year.Diluted earnings per share amounts are calculated by dividing the profit after tax for the year attributable to ordinary shareholders of the parent company by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on conversion of all the potentially dilutive ordinary shares into ordinary shares.The following reflects the profit and share data used in the basic and diluted earnings per share computations. 2023 2022Profit/(loss) after tax attributable to parent company shareholders 384 773 -309 498Number of shares outstanding at 1 January 136 214 346 114 273 977New shares issued during the year 143 010 234 21 940 369Number of shares outstanding at 31 December 279 224 580 136 214 346Weighted average number of shares during the year 158 611 409 125 244 162Earnings per share (in NOK) Basic -2.43 \u22122,47Diluted -2.43 \u22122,47Effect of dilution is 0 in both years as the Group is reporting a loss after tax. Retention share and share options granted could potentially dilute basic earnings per share in the future. Refer to note 7 for further details about these shares and options",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__107": {
"value": "Note 24. Closing of EDEA transactionDescription of the transactionOn 6 October 2023, Otovo announced that its fully owned subsidiary EDEA MidCo AS entered into a share purchase agreement with Forte PV S.\u00e0.r.l part of a collective investment scheme managed by Swiss Life Asset Managers for the sale of its Norwegian and Swedish subscription portfolios. The deal was completed 15 November 2023. The transaction involves 100% of the shares held by EDEA MidCo AS in its Norwegian and Swedish subsidiaries European Distributed Energy Assets AS and European Distributed Energy Assets AB. This comprises all subscription assets originated by Otovo in Norway and Sweden up until end of August 2023 and the cash flows pursuant to these assets. In addition, Otovo continues to enter into new subscription agreements on behalf of the portfolio companies sold. Otovo has also agreed to sell all solar rooftop projects originating in Scandinavia to the buyer until end of 2024 on the same terms, with a possible extension to September 2025 in case of delays in installations.Out of a total settlement of NOK 257 million, NOK 204 million was repayment of intercompany loans from EDEA MidCo AS to European Distributed Energy Assets AS and European Distributed Energy Assets AB. NOK 170 million of the repayment was used to settle external non-current liabilities related to Swedish and Norwegian subscription assets. NOK 54 million of the settlement was consideration for shares, of which NOK 7.5 million is held in an escrow account in Otovo\u2019s name, related to indemnities under the Share Purchase Agreement. The disposal consist primarily of subscription assets in Norway and Sweden, with a net book value at disposal of NOK 199 million, and related subscription contracts and receivables, as well as excess values directly allocated to the Norwegian and Swedish subscription business stemming from the acquisition of EDEA in December 2021. The net book value of disposed excess values was NOK 9 million, net of deferred tax. The subscription business in Norway and Sweden has been reported as part of the subscription segment. Refer to note 6 for more information. The gain on the transaction, based on the submitted completion accounts, is NOK 38 million, net of directly attributable costs of NOK 6.5 million. The gain has been included in Other operating income.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800GFRKV96MLT9G04",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}